Document:

Exhibit 10.1

                              EMPLOYMENT AGREEMENT

                  This AGREEMENT is entered into on September 25, 2006 by and
between Sonia Clark (the "Executive") and Align Technology, Inc., a Delaware
corporation (the "Company").

                  1.       Duties and Scope of Employment.
                           ------------------------------

                              (a)  Position.  For the term of her employment
    under this Agreement ("Employment"), the Company agrees to employ the
    Executive in the position of Vice President, Human Resources. The Executive
    shall report to the Chief Executive Officer (the "CEO"). The Executive
    accepts such employment and agrees to discharge all of the duties normally
    associated with said position, and to faithfully and to the best of her
    abilities perform such other services consistent with her position as Vice
    President, Human Resources as may from time to time be assigned to him by
    the CEO.

                              (b)  Obligations  to the Company.  During the term
    of her Employment, the Executive shall devote her full business efforts and
    time to the Company. The Executive agrees not to actively engage in any
    other employment, occupation or consulting activity for any direct or
    indirect remuneration without the prior approval of the CEO, provided,
    however, that the Executive may, without the approval of the CEO, serve in
    any capacity with any civic, educational or charitable organization. The
    Executive may own, as a passive investor, no more than one percent (1%) of
    any class of the outstanding securities of any publicly traded corporation.

                              (c)  No  Conflicting  Obligations.  The  Executive
    represents and warrants to the Company that she is under no obligations or
    commitments, whether contractual or otherwise, that are inconsistent with
    her obligations under this Agreement. The Executive represents and warrants
    that she will not use or disclose, in connection with her employment by the
    Company, any trade secrets or other proprietary information or intellectual
    property in which the Executive or any other person has any right, title or
    interest and that her employment by the Company as contemplated by this
    Agreement will not infringe or violate the rights of any other person or
    entity. The Executive represents and warrants to the Company that she has
    returned all property and confidential information belonging to any prior
    employers.

                              (d)  Commencement  Date. The Executive  commenced
    full-time Employment on September 25, 2006.

                  2.       Cash and Incentive Compensation.
                           -------------------------------

                              (a)  Salary.  The Company shall pay the Executive
    as compensation for her services a base salary at a gross annual rate of
    $250,000, payable in accordance with the Company's standard payroll
    schedule. The compensation specified in this Subsection (a), together with
    any adjustments by the Company from time to time, is referred to in this
    Agreement as "Base Salary."

                                       1.
<PAGE>

                              (b)  Target  Bonus.  The  Executive  shall be
    eligible to participate in an annual bonus program that will provide her
    with an opportunity to earn a potential annual bonus equal to 60% of the
    Executive's Base Salary. The amount of the bonus shall be based upon the
    performance of the Executive, as set by the individual performance
    objectives described in this Subsection, and the Company in each calendar
    year, and shall be paid by no later than January 31 of the following year,
    contingent on the Executive remaining employed by the Company as of such
    date. The Executive's individual performance objectives and those of the
    Company's shall be set by the CEO after consultation with the Executive by
    no later than March 31, of each calendar year. Any bonus awarded or paid to
    the Executive will be subject to the discretion of the Board; provided,
    however, that for calendar year 2006, the Company guarantees that Executive
    will be paid a prorated bonus based on the number of days of such year that
    the Executive was employed by the Company equal to $37,500.

                              (c)  Incentive  Awards.  The  Executive  shall be
    eligible for an annual incentive stock option grant and/or restricted stock
    unit award subject to the approval of the Board. The per share exercise
    price of the option will be equal to the per share fair market value of the
    common stock on the date of grant, as determined by the Board of Directors.
    The term of such option shall be ten (10) years, subject to earlier
    expiration in the event of the termination of the Executive's Employment.
    The Executive shall vest in 25% of the option shares after the first twelve
    (12) months of continuous service and shall vest in the remaining option
    shares in equal monthly installments over the next three (3) years of
    continuous service. Each restricted stock unit award vests 25% on the one
    year anniversary of the date of grant with 6.25% vesting quarterly
    thereafter. The grant of each such option and/or restricted stock unit shall
    be subject to the other terms and conditions set forth in the Company's 2005
    Incentive Plan and in the Company's standard form of stock option agreement
    and restricted stock unit agreement, as applicable.

                  3.       Vacation and Executive Benefits. During the term of
                           -------------------------------
her Employment, the Executive shall be eligible for 17 days vacation per year,
in accordance with the Company's standard policy for senior management, as it
may be amended from time to time. During the term of her Employment, the
Executive shall be eligible to participate in any employee benefit plans
maintained by the Company for senior management, subject in each case to the
generally applicable terms and conditions of the plan in question and to the
determinations of any person or committee administering such plan.

                  4.       Business Expenses. During the term of her Employment,
                           -----------------
the Executive shall be authorized to incur necessary and reasonable travel,
entertainment and other business expenses in connection with her duties
hereunder. The Company shall reimburse the Executive for such expenses upon
presentation of an itemized account and appropriate supporting documentation,
all in accordance with the Company's generally applicable policies.

                  5.       Term of Employment.
                           ------------------

                              (a)  Basic Rule. The Company agrees to continue
    the Executive's Employment, and the Executive agrees to remain in Employment
    with the Company, from the commencement date set forth in Section 1(d) until
    the date when the Executive's Employment terminates pursuant to Subsection
    (b) below. The Executive's Employment with the Company shall be "at will,"
    and either the Executive or the Company may terminate the Executive's
    Employment at any time, for any reason, with or without Cause. Any contrary
    representations, which may have been made to the Executive shall be
    superseded by this Agreement. This Agreement shall constitute the full and
    complete agreement between the Executive and the Company on the "at will"
    nature of the Executive's Employment, which may only be changed in an
    express written agreement signed by the Executive and a duly authorized
    officer of the Company.

                                       2.
<PAGE>

                              (b)  Termination.  The  Company may terminate the
    Executive's Employment at any time and for any reason (or no reason), and
    with or without Cause, by giving the Executive notice in writing. The
    Executive may terminate her Employment by giving the Company fourteen (14)
    days advance notice in writing. The Executive's Employment shall terminate
    automatically in the event of her death or Permanent Disability. For
    purposes of this Agreement, "Permanent Disability" shall mean that the
    Executive has become so physically or mentally disabled as to be incapable
    of satisfactorily performing the duties under this Agreement for a period of
    one hundred eighty (180) consecutive calendar days.

                              (c)  Rights Upon  Termination.  Except as
    expressly provided in Section 6, upon the termination of the Executive's
    Employment pursuant to this Section 5, the Executive shall only be entitled
    to the compensation, benefits and reimbursements described in Sections 2, 3
    and 4 for the period preceding the effective date of the termination. The
    payments under this Agreement shall fully discharge all responsibilities of
    the Company to the Executive.

                              (d)  Termination of Agreement.  The  termination
    of this Agreement shall not limit or otherwise affect any of the Executive's
    obligations under Section 7.

                  6.       Termination Benefits.
                           --------------------

                              (a)  General  Release.  Any  other  provision  of
    this Agreement notwithstanding, Subsections (b), (c) or (d) below shall not
    apply unless the Executive (i) has executed a general release in a form
    prescribed by the Company of all known and unknown claims that he may then
    have against the Company or persons affiliated with the Company, and (ii)
    has agreed not to prosecute any legal action or other proceeding based upon
    any of such claims.

                              (b)  Termination  without Cause.  If, during the
    term of this Agreement, and not in connection with a Change of Control as
    addressed in Subsection (c) below, the Company terminates Executive's
    employment without Cause or Executive resigns for Good Reason, then:

                                    (i)     the  Executive  shall  immediately
         vest in an additional number of shares under all outstanding options
         and restricted stock units as if she had performed twelve (12)
         additional months of service; and.

                                    (ii)    the  Company  shall  pay  the
         Executive, in a lump sum upon the effectiveness of the General Release
         to be executed by Executive in accordance with Section 6(a) above, an
         amount equal to: (x) the then current year's Target Bonus prorated for
         the number of days of Executive is employed in said year; (y) one
         year's Base Salary; and (z) the greater of the then current year's
         Target Bonus or the actual prior year's bonus. The Executive's Base
         Salary shall be paid at the rate in effect at the time of the
         termination of Employment.

                              (c)  Upon a Change of Control.  In the event of
    the occurrence of a Change in Control while the Executive is employed by the
    Company:

                                    (i)     the  Executive  shall  immediately
         vest in an additional number of shares under all outstanding options
         and restricted stock units as if she had performed twelve (12)
         additional months of service; and

                                       3.
<PAGE>

                                    (ii)    if within  twelve (12) months
         following the occurrence of the Change of Control, one of the following
         events occurs:

                                            (A) the  Executive's  employment is
                                            terminated by the Company  without
                                            Cause; or

                                            (B) the Executive resigns for Good
                                            Reason

                                    then  the  Executive  shall  immediately
         vest as to all shares under all outstanding options and restricted
         stock units and the Company shall pay the Executive, in a lump sum, an
         amount equal to: (i) the then current year's Target Bonus prorated for
         the number of days of Executive is employed in said year; (ii) one
         year's Base Salary; and (iii) the greater of the then current year's
         Target Bonus or the actual prior year's bonus. The Executive's Base
         Salary shall be paid at the rate in effect at the time of the
         termination of Employment.

                              (d)  Health Insurance.  If Subsection (b) or (c)
    above applies, and if the Executive elects to continue her health insurance
    coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985,
    as amended ("COBRA") following the termination of his Employment, then the
    Company shall pay the Executive's monthly premium under COBRA until the
    earliest of (i) 12 months following the termination of the Executive's
    Employment, or (ii) the date upon which the Executive commences employment
    with an entity other than the Company.

                              (e)  Definition of  "Cause."  For  all purposes
    under this Agreement, "Cause" shall mean any of the following:

                                    (i)     Unauthorized  use or  disclosure  of
         the confidential information or trade secrets of the Company;

                                    (ii)    Any breach of this  Agreement or the
         Employee Proprietary Information and Inventions Agreement between the
         Executive and the Company;

                                    (iii)   Conviction  of,  or a plea of
         "guilty" or "no contest" to, a felony under the laws of the United
         States or any state thereof;

                                    (iv)    Misappropriation  of the  assets of
         the Company or any act of fraud or embezzlement by Executive, or any
         act of dishonesty by Executive in connection with the performance of
         her duties for the Company that adversely affects the business or
         affairs of the Company; or

                                    (v)     Intentional  misconduct or the
         Executive's failure to satisfactorily perform his/her duties after
         having received written notice of such failure and at least thirty (30)
         days to cure such failure.

                  The foregoing shall not be deemed an exclusive list of all
acts or omissions that the Company may consider as grounds for the termination
of the Executive's Employment.

                              (f)  Definition  of "Good  Reason."  For  all
    purposes under this Agreement, the Executive's resignation for "Good Reason"
    shall mean the Executive's resignation within ninety (90) days the
    occurrence of any one or more of the following events:

                                       4.
<PAGE>

                                    (i)     The  Executive's   position,
         authority  or   responsibilities   being significantly reduced;

                                    (ii)    The  Executive   being  asked  to
         relocate her principal place of employment such that her commuting
         distance from her residence prior to the Change of Control is increased
         by over thirty-five (35) miles;

                                    (iii)   The Executive's annual Base Salary
                  or bonus being reduced; or

                                    (iv)    The Executive's benefits being
                  materially reduced.

                              (g)  Definition  of "Change of  Control."  For
    all purposes under this Agreement, "Change of Control" shall mean any of the
    following:

                                    (i)     a sale of all or substantially all
         of the assets of the Company;

                                    (ii)    the  acquisition  of more than fifty
         percent (50%) of the common stock of the Company (with all classes or
         series thereof treated as a single class) by any person or group of
         persons;

                                    (iii)   a  reorganization  of the Company
         wherein the holders of common stock of the Company receive stock in
         another company (other than a subsidiary of the Company), a merger of
         the Company with another company wherein there is a fifty percent (50%)
         or greater change in the ownership of the common stock of the Company
         as a result of such merger, or any other transaction in which the
         Company (other than as the parent corporation) is consolidated for
         federal income tax purposes or is eligible to be consolidated for
         federal income tax purposes with another corporation; or

                                    (iv)    in the  event  that  the  common
         stock is traded on an established securities market, a public
         announcement that any person has acquired or has the right to acquire
         beneficial ownership of more than fifty percent (50%) of the
         then-outstanding common stock and for this purpose the terms "person"
         and "beneficial ownership" shall have the meanings provided in Section
         13(d) of the Securities and Exchange Act of 1934 or related rules
         promulgated by the Securities and Exchange Commission, or the
         commencement of or public announcement of an intention to make a tender
         offer or exchange offer for more than fifty percent (50%) of the then
         outstanding Common Stock.

                              (h)  Section 409A.  Notwithstanding  anything to
    the contrary in this Agreement, any cash severance payments otherwise due to
    Executive pursuant to this Section 6 or otherwise on or within the six-month
    period following Executive's termination will accrue during such six-month
    period and will become payable in a lump sum payment on the date six (6)
    months and one (1) day following the date of Executive's termination,
    provided, that such cash severance payments will be paid earlier, at the
    times and on the terms set forth in the applicable provisions of this
    Section 6, if the Company reasonably determines that the imposition of
    additional tax under Section 409A of the Internal Revenue Code of 1986, as
    amended ("Code Section 409A"), will not apply to an earlier payment of such
    cash severance payments. In addition, this Agreement will be deemed amended
    to the extent necessary to avoid imposition of any additional tax or income
    recognition prior to actual payment to Executive under Code Section 409A and
    any temporary, proposed or final Treasury Regulations and guidance
    promulgated thereunder and the parties agree to cooperate with each other
    and to take reasonably necessary steps in this regard.

                                       5.
<PAGE>

                  7.       Non-Solicitation and Non-Disclosure.
                           -----------------------------------

                              (a)  Non-Solicitation.  During the period
    commencing on the date of this Agreement and continuing until the first
    anniversary of the date when the Executive's Employment terminated for any
    reason, the Executive shall not directly or indirectly, personally or
    through others, solicit or attempt to solicit (on the Executive's own behalf
    or on behalf of any other person or entity) the employment of any employee
    of the Company or any of the Company's affiliates.

                              (b)  Proprietary  Information.  As a  condition
    of employment, the Executive has entered into a Proprietary Information and
    Inventions Agreement with the Company, attached to this Agreement as Exhibit
    A, which is incorporated herein by reference.

                  8.       Successors.
                           ----------

                              (a)  Company's  Successors.  This  Agreement shall
    be binding upon any successor (whether direct or indirect and whether by
    purchase, lease, merger, consolidation, liquidation or otherwise) to all or
    substantially all of the Company's business and/or assets. For all purposes
    under this Agreement, the term "Company" shall include any successor to the
    Company's business and/or assets which becomes bound by this Agreement.

                              (b)  Executive's  Successors.   This  Agreement
    and all rights of the Executive hereunder shall inure to the benefit of, and
    be enforceable by, the Executive's personal or legal representatives,
    executors, administrators, successors, heirs, distributees, devisees and
    legatees.

                  9.       Miscellaneous Provisions.
                           ------------------------

                              (a)  Notice.  Notices and all other communications
    contemplated by this Agreement shall be in writing and shall be deemed to
    have been duly given when personally delivered or when mailed by overnight
    courier, U.S. registered or certified mail, return receipt requested and
    postage prepaid. In the case of the Executive, mailed notices shall be
    addressed to him at the home address which he most recently communicated to
    the Company in writing. In the case of the Company, mailed notices shall be
    addressed to its corporate headquarters, and all notices shall be directed
    to the attention of its Secretary.

                              (b)  Modifications  and Waivers.  No provision of
    this Agreement shall be modified, waived or discharged unless the
    modification, waiver or discharge is agreed to in writing and signed by the
    Executive and by an authorized officer of the Company (other than the
    Executive). No waiver by either party of any breach of, or of compliance
    with, any condition or provision of this Agreement by the other party shall
    be considered a waiver of any other condition or provision or of the same
    condition or provision at another time.

                              (c)  Whole  Agreement.   No  other  agreements,
    representations or understandings (whether oral or written) which are not
    expressly set forth in this Agreement have been made or entered into by
    either party with respect to the subject matter of this Agreement. This
    Agreement and the Proprietary Information and Inventions Agreement contain
    the entire understanding of the parties with respect to the subject matter
    hereof.

                              (d)  Withholding  Taxes.  All payments made under
    this Agreement shall be subject to reduction to reflect taxes or other
    charges required to be withheld by law.

                                       6.
<PAGE>

                              (e)  Choice of Law. The validity,  interpretation,
    construction and performance of this Agreement shall be governed by the laws
    of the State of California (except provisions governing the choice of law).

                              (f)  Severability. The invalidity or
    unenforceability of any provision or provisions of this Agreement shal not
    affect the validity or enforceability of any other provision hereof, which
    shall remain in full force and effect.

                              (g)  Arbitration.  Each party agrees that any and
    all disputes which arise out of or relate to the Executive's employment, the
    termination of the Executive's employment, or the terms of this Agreement
    shall be resolved through final and binding arbitration. Such arbitration
    shall be in lieu of any trial before a judge and/or jury, and the Executive
    and Company expressly waive all rights to have such disputes resolved via
    trial before a judge and/or jury. Such disputes shall include, without
    limitation, claims for breach of contract or of the covenant of good faith
    and fair dealing, claims of discrimination, claims under any federal, state
    or local law or regulation now in existence or hereinafter enacted and as
    amended from time to time concerning in any way the subject of the
    Executive's employment with the Company or its termination. The only claims
    not covered by this Agreement to arbitrate disputes are: (i) claims for
    benefits under the unemployment insurance benefits; (ii) claims for workers'
    compensation benefits under any of the Company's workers' compensation
    insurance policy or fund; (iii) claims arising from or relating to the
    non-competition provisions of this Agreement; and (iv) claims concerning the
    validity, infringement, ownership, or enforceability of any trade secret,
    patent right, copyright, trademark or any other intellectual property right,
    and any claim pursuant to or under any existing
    confidential/proprietary/trade secrets information and inventions
    agreement(s) such as, but not limited to, the Proprietary Information and
    Inventions Agreement. With respect to such disputes, they shall not be
    subject to arbitration; rather, they will be resolved pursuant to applicable
    law.

                  Arbitration shall be conducted in accordance with the National
Rules for the Resolution of Employment Disputes of the American Arbitration
Association ("AAA Rules"), provided, however, that the arbitrator shall allow
the discovery authorized by California Code of Civil Procedure section 1282, et
seq., or any other discovery required by applicable law in arbitration
proceedings, including, but not limited to, discovery available under the
applicable state and/or federal arbitration statutes. Also, to the extent that
any of the AAA Rules or anything in this arbitration section conflicts with any
arbitration procedures required by applicable law, the arbitration procedures
required by applicable law shall govern.

                  Arbitration will be conducted in Santa Clara County,
California or, if the Executive does not reside within 100 miles of Santa Clara
County at the time the dispute arises, then the arbitration may take place in
the largest metropolitan area within 50 miles of the Executive's place of
residence when the dispute arises.

                  During the course of the arbitration, the Executive and the
Company will each bear equally the arbitrator's fee and any other type of
expense or cost of arbitration, unless applicable law requires otherwise, and
each shall bear their own respective attorneys' fees incurred in connection with
the arbitration. The arbitrator will not have authority to award attorneys' fees
unless a statute or contract at issue in the dispute authorizes the award of
attorneys' fees to the prevailing party. In such case, the arbitrator shall have
the authority to make an award of attorneys' fees as required or permitted by
the applicable statute or contract. If there is a dispute as to whether the
Executive or the Company is the prevailing party in the arbitration, the
arbitrator will decide this issue.

                                       7.
<PAGE>

                  The arbitrator shall issue a written award that sets forth the
essential findings of fact and conclusions of law on which the award is based.
The arbitrator shall have the authority to award any relief authorized by law in
connection with the asserted claims or disputes. The arbitrator's award shall be
subject to correction, confirmation, or vacation, as provided by applicable law
setting forth the standard of judicial review of arbitration awards. Judgment
upon the arbitrator's award may be entered in any court having jurisdiction
thereof.

                              (h)  No Assignment.  This Agreement and all rights
    and obligations of the Executive hereunder are personal to the Executive and
    may not be transferred or assigned by the Executive at any time. The Company
    may assign its rights under this Agreement to any entity that assumes the
    Company's obligations hereunder in connection with any sale or transfer of
    all or a substantial portion of the Company's assets to such entity.

                              (i)  Counterparts.  This Agreement may be executed
    in two or more counterparts, each of which shall be deemed an original, but
    all of which together shall constitute one and the same instrument.

                  [The remainder of this page intentionally left blank.]

                                       8.
<PAGE>

                  IN WITNESS WHEREOF, each of the parties has executed this
Agreement, in the case of the Company by its duly authorized officer, as of the
day and year first above written.

                                                   SONIA CLARK

                                                          /s/ Sonia Clark
                                                          ----------------------

                                                   ALIGN TECHNOLOGY, INC.

                                                          /s/ Thomas M. Prescott
                                                          ----------------------
                                                   By:    Thomas M. Prescott
                                                   Title: President and CEO

                                       9.
<PAGE>

                                    EXHIBIT A
                                    ---------

                PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT
                                   (ATTACHED)

                                       10.
<PAGE>

                             ALIGN TECHNOLOGY, INC.

                        EMPLOYEE PROPRIETARY INFORMATION
                            AND INVENTIONS AGREEMENT

                           In consideration of my employment or continued
employment by ALIGN TECHNOLOGY, INC. (the "Company"), and the compensation now
and hereafter paid to me, I hereby agree as follows:

1.       PROPRIETARY INFORMATION. At all times during my employment and
thereafter, I will hold in strictest confidence and will not disclose, use,
lecture upon or publish any of the Company's Proprietary Information (defined
below), except as such disclosure, use or publication may be required in
connection with my work for the Company, or unless an officer of the Company
expressly authorizes such in writing. "Proprietary Information" shall mean any
and all confidential and/or proprietary knowledge, data or information of the
Company, its affiliated entities, customers and suppliers, including but not
limited to information relating to products, processes, know-how, designs,
formulas, methods, developmental or experimental work, improvements,
discoveries, inventions, ideas, source and object codes, data, programs, other
works of authorship, and plans for research and development. During my
employment by the Company I will not improperly use or disclose any confidential
information or trade secrets, if any, of any former employer or any other person
to whom I have an obligation of confidentiality, and I will not bring onto the
premises of the Company any unpublished documents or any property belonging to
any former employer or any other person to whom I have an obligation of
confidentiality unless consented to in writing by that former employer or
person.

2.       ASSIGNMENT OF INVENTIONS.

         2.1.     Proprietary Rights. The term "Proprietary Rights" shall mean
all trade secret, patent, copyright, mask work and other intellectual property
rights throughout the world.

         2.2.     Inventions. The term "Inventions" shall mean all trade
secrets, inventions, mask works, ideas, processes, formulas, source and object
codes, data, programs, other works of authorship, know-how, improvements,
discoveries, developments, designs and techniques.

         2.3.     Prior Inventions. I have set forth on Exhibit B (Previous
Inventions) attached hereto a complete list of all Inventions that I have, alone
or jointly with others, made prior to the commencement of my employment with the
Company that I consider to be my property or the property of third parties and
that I wish to have excluded from the scope of this Agreement (collectively
referred to as "Prior Inventions"). If no such disclosure is attached, I
represent that there are no Prior Inventions. If, in the course of my employment
with the Company, I incorporate a Prior Invention into a Company product,
process or machine, the Company is hereby granted and shall have a nonexclusive,
royalty-free, irrevocable, perpetual, worldwide license (with rights to
sublicense through multiple tiers of sublicensees) to make, have made, modify,
use and sell such Prior Invention. Notwithstanding the foregoing, I agree that I
will not incorporate, or permit to be incorporated, Prior Inventions in any
Company Inventions without the Company's prior written consent.

         2.4.     Assignment of Inventions. Subject to Section 2.6 and except
for those Inventions which I can prove qualify fully under the provisions of
California Labor Code 2870 (as set forth in Exhibit A), I hereby assign and
agree to assign in the future (when any such Inventions or Proprietary Rights
are first reduced to practice or first fixed in a tangible medium, as
applicable) to the Company all my right, title and interest in and to any and
all Inventions (and all Proprietary Rights with respect thereto). I will, at the
Company's request, promptly execute a written assignment to the Company of any
such Company Invention, and I will preserve any such Invention as part of the
Proprietary Information of the Company (the "Company Inventions").

         2.5.     Obligation to Keep Company Informed. I will promptly and fully
disclose in writing to the Company all Inventions during my employment and for
one (1) year after my employment, including any that may be covered by Section
2870. I agree to assist in every proper way and to execute those documents and
take such acts as are reasonably requested by the Company to obtain, sustain and
from time to time enforce patents, copyrights and other rights and protections
relating to Inventions in the United States or any other country.

                                       11.
<PAGE>

         2.6.     Government or Third Party. I also agree to assign all my
right, title and interest in and to any particular Company Invention to a third
party, including without limitation the United States, as directed by the
Company.

3.       NO CONFLICTING OBLIGATION. I REPRESENT that my performance of all the
terms of this Agreement and as an employee of the Company does not and will not
breach any agreement to keep in confidence information acquired by me in
confidence or in trust prior to my employment by the Company. I have not entered
into, and I agree I will not enter into, any agreement either written or oral in
conflict herewith.

4.       RETURN OF COMPANY DOCUMENTS. Upon termination of my employment with the
Company for any reason whatsoever, voluntarily or involuntarily, and at any
earlier time the Company requests, I will deliver to the person designated by
the Company all originals and copies of all documents and other property of the
Company in my possession, under my control or to which I may have access. I will
not reproduce or appropriate for my own use, or for the use of others, any
property, Proprietary Information or Company Inventions.

5.       LEGAL AND EQUITABLE REMEDIES. Because my services are personal and
unique and because I may have access to and become acquainted with the
Proprietary Information of the Company, the Company shall have the right to
enforce this Agreement and any of its provisions by injunction, specific
performance or other equitable relief, without bond and without prejudice to any
other rights and remedies that the Company may have for a breach of this
Agreement.

6.       NOTICES. Any notices required or permitted hereunder shall be given to
the appropriate party at the address specified below or at such other address as
the party shall specify in writing. Such notice shall be deemed given upon
personal delivery to the appropriate address or if sent by certified or
registered mail, three (3) days after the date of mailing.

7.       EMPLOYMENT. I agree and understand that nothing in this Agreement shall
confer any right with respect to continuation of employment by the Company, nor
shall it interfere in any way with my right or the Company's right to terminate
my employment at any time, with or without cause.

GENERAL PROVISIONS. This Agreement will be governed by and construed according
to the laws of the State of California, as such laws are applied to agreements
entered into and to be performed entirely within California between California
residents. In case any one or more of the provisions contained in this Agreement
shall, for any reason, be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect the
other provisions of this Agreement, and this Agreement shall be construed as if
such invalid, illegal or unenforceable provision had never been contained
herein. This Agreement will be binding upon my heirs, executors, administrators
and other legal representatives and will be for the benefit of the Company, its
successors, and its assigns. The provisions of this Agreement shall survive the
termination of my employment and the assignment of this Agreement by the Company
to any successor in interest or other assignee. No waiver by the Company of any
breach of this Agreement shall be a waiver of any preceding or succeeding
breach. No waiver by the Company of any right under this Agreement shall be
construed as a waiver of any other right. The obligations pursuant to Sections 1
and 2 of this Agreement shall apply to any time during which I was previously
employed, or am in the future employed, by the Company as a consultant if no
other agreement governs nondisclosure and assignment of inventions during such
period. This Agreement is the final, complete and exclusive agreement of the
parties with respect to the subject matter hereof and supersedes and merges all
prior discussions between us. No modification of or amendment to this Agreement,
nor any waiver of any rights under this Agreement, will be effective unless in
writing and signed by the party to be charged. Any subsequent change or changes
in my duties, salary or compensation will not affect the validity or scope of
this Agreement.

                                       12.
<PAGE>

         This Agreement shall be effective as of the first day of my employment
with the Company.

Dated: ____________

------------------------------------
(Signature)

------------------------------------
(Printed Name)

ACCEPTED AND AGREED TO:
ALIGN TECHNOLOGY, INC.

By:
        ----------------------------

Title:
        ----------------------------

------------------------------------
(Address)

------------------------------------

Dated: _____________

                                       13.
<PAGE>

                                    EXHIBIT A

                         LIMITED EXCLUSION NOTIFICATION

         THIS IS TO NOTIFY you in accordance with Section 2872 of the California
Labor Code that the foregoing Agreement between you and the Company does not
require you to assign or offer to assign to the Company any invention that you
developed entirely on your own time without using the Company's equipment,
supplies, facilities or trade secret information except for those inventions
that either:

         1.       Relate at the time of conception or reduction to practice of
the invention to the Company's business, or actual or demonstrably anticipated
research or development of the Company;

         2.       Result from any work performed by you for the Company.

To the extent a provision in the foregoing Agreement purports to require you to
assign an invention otherwise excluded from the preceding paragraph, the
provision is against the public policy of this state and is unenforceable.

         This limited exclusion does not apply to any patent or invention
covered by a contract between the Company and the United States or any of its
agencies requiring full title to such patent or invention to be in the United
States.

         I ACKNOWLEDGE RECEIPT of a copy of this notification.

                                               By:
                                                      --------------------------
                                                      (PRINTED NAME OF EMPLOYEE)

                                               Date:
                                                      --------------------------

WITNESSED BY:

--------------------------------
(PRINTED NAME OF REPRESENTATIVE)

                                       A-1.
<PAGE>

                                    EXHIBIT B

TO:      ALIGN TECHNOLOGY, INC.

FROM:
         ----------------------
DATE:
         ----------------------
SUBJECT: Previous Inventions

<PAGE>

1.       Except as listed in Section 2 below, the following is a complete list
of all inventions or improvements relevant to the subject matter of my
employment by ALIGN TECHNOLOGY, INC. (the "Company") that have been made or
conceived or first reduced to practice by me alone or jointly with others prior
to my engagement by the Company:

         [ ]      No inventions or improvements.

         [ ]      See below:

                  --------------------------------------------------------------

                  --------------------------------------------------------------

                  --------------------------------------------------------------

[ ]      Additional sheets attached.

2.       Due to a prior confidentiality agreement, I cannot complete the
disclosure under Section 1 above with respect to inventions or improvements
generally listed below, the proprietary rights and duty of confidentiality with
respect to which I owe to the following party(ies):

        INVENTION OR IMPROVEMENT        PARTY(IES)           RELATIONSHIP

1.
        ------------------------     --------------        ------------------
2.
        ------------------------     --------------        ------------------
3.
        ------------------------     --------------        ------------------

[ ]     Additional sheets attached.

                                       2.EX-10.1

MASTER REPURCHASE AGREEMENT

Between

UBS REAL ESTATE SECURITIES INC., as Buyer

and

RAIT FINANCE I, LLC, as Seller

1

Dated as of September 20, 2006

TABLE OF CONTENTS

Page

	1.	 	APPLICABILITY

	2.	 	DEFINITIONS

	3.	 	INITIATION; TERMINATION

	4.	 	MARGIN AMOUNT MAINTENANCE

	5.	 	INCOME PAYMENTS

	6.	 	REQUIREMENTS OF LAW

	7.	 	TAXES.

	8.	 	SECURITY INTEREST

	9.	 	PAYMENT, TRANSFER AND CUSTODY

	10.	 	HYPOTHECATION OR PLEDGE OF PURCHASED ASSETS

	11.	 	SELLER REPRESENTATIONS

	12.	 	COVENANTS OF SELLER

	13.	 	EVENTS OF DEFAULT

	14.	 	REMEDIES

	15.	 	INDEMNIFICATION AND EXPENSES

	16.	 	RECORDING OF COMMUNICATIONS

	17.	 	SINGLE AGREEMENT

	18.	 	NOTICES AND OTHER COMMUNICATIONS

	19.	 	ENTIRE AGREEMENT; SEVERABILITY; MODIFICATIONS

	20.	 	NON-ASSIGNABILITY

	21.	 	TERMINABILITY

	22.	 	GOVERNING LAW

	23.	 	SUBMISSION TO JURISDICTION; WAIVERS

	24.	 	NO WAIVERS, ETC.

	25.	 	SERVICING

	26.	 	INTENT

	27.	 	PERIODIC DUE DILIGENCE REVIEW

	28.	 	BUYER’S APPOINTMENT AS ATTORNEY-IN-FACT

	29.	 	MISCELLANEOUS

	30.	 	CONFIDENTIALITY

	31.	 	CONFLICTS

	32.	 	SET-OFF

2

EXHIBITS

	 	 	 	SCHEDULE 1 Representations and Warranties Re: Mortgage Loans

	 	 	 
	EXHIBIT I

EXHIBIT II

EXHIBIT III

EXHIBIT IV

EXHIBIT V

EXHIBIT VI

EXHIBIT VII

EXHIBIT VIII

EXHIBIT IX

	 	Transaction Request

Seller Asset Schedule Fields

Form of Opinion Letter

UCC Filing Jurisdictions

Form of Account Agreement

Distribution Worksheet

Form of Servicer Notice

Form of Section 7 Certificate

Form of Escrow Agreement

3

MASTER REPURCHASE AGREEMENT

This is a MASTER REPURCHASE AGREEMENT, dated as of September 20, 2006, between RAIT FINANCE I,
LLC, a Delaware limited liability company, and UBS REAL ESTATE SECURITIES INC., a Delaware
corporation.

	1.	 	APPLICABILITY

From time to time the Buyer is prepared to consider entering into transactions in which
Seller agrees to transfer to Buyer Mortgage Loans and Mezzanine Loans against the transfer
of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such
Mortgage Loans and Mezzanine Loans on demand by Buyer or at a date certain not later than
364 days after the date of transfer, against the transfer of funds by Seller. Each such
transaction shall be referred to herein as a “Transaction” and shall be governed by
this Agreement, unless otherwise agreed in writing.

	2.	 	DEFINITIONS

As used herein, the following terms shall have the following meanings (all terms defined in
this Section 2 or in other provisions of this Agreement in the singular to have the same
meanings when used in the plural and vice versa). Terms otherwise not
defined herein shall have the meanings assigned thereto in the Custodial Agreement.

“Accepted Servicing Practices” The procedures that the Servicer follows in the
servicing and administration of, and in the same manner in which, and with the same care,
skill, prudence and diligence with which the Servicer services and administers, loans
similar to the Eligible Assets, and giving due consideration to customary and usual
standards of practice of prudent institutional multifamily and commercial mortgage lenders,
loan servicers and asset managers and with a view to the maximization of timely recovery of
principal and interest on the Eligible Assets but without regard to:

(i) any relationship that the Servicer, any subservicer or any Affiliate of the
Servicer or any subservicer may have with any borrower or any Affiliate of any
Borrower;

(ii) the Servicer’s or any subservicer’s obligations to make Servicing Advances with
respect to the Eligible Assets; or

(iii) the Servicer’s or any subservicer’s right to receive compensation for its
services under any servicing agreement or with respect to any particular
transaction.

“Account Agreement” shall mean a letter agreement among Seller, Servicer, Buyer, and
the Bank substantially in the form of Exhibit V attached hereto.

“Act of Insolvency” shall mean, with respect to any Person, (i) the filing of a
petition, commencing, or authorizing the commencement of any case or proceeding under any
bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law relating to
the protection of creditors, or suffering any such petition or proceeding to be commenced by
another which is consented to, not timely contested or results in entry of an order for
relief; (ii) the seeking or consenting to the appointment of a receiver, trustee, custodian
or similar official for such Person or any substantial part of the property of such Person;
(iii) the appointment of a receiver, conservator, or manager for such Person by any
governmental agency or authority having the jurisdiction to do so; (iv) the making or
offering by such Person of a composition with its creditors or a general assignment for the
benefit of creditors; (v) the admission by such Person of its inability to pay its debts or
discharge its obligations as they become due or mature; or (vi) that any governmental
authority or agency or any person, agency or entity acting or purporting to act under
governmental authority shall have taken any action to condemn, seize or appropriate, or to
assume custody or control of, all or any substantial part of the property of such Person, or
shall have taken any action to displace the management of such Person or to curtail its
authority in the conduct of the business of such Person.

“Affiliate” shall mean with respect to any Person, any “affiliate” of such Person,
as such term is defined in the Bankruptcy Code.

“Affiliated Hedge Counterparty” The Buyer, or any Affiliate of the Buyer, in its
capacity as a party to any Interest Rate Protection Agreement with the Seller, or any
Affiliate of the Seller.

“Agreement” shall mean this Master Repurchase Agreement, as the same may be further
amended, supplemented or otherwise modified in accordance with the terms hereof.

“ALTA” The American Land Title Association.

“Allocated Underlying Debt” With respect to an Underlying Mortgaged Property, any
senior or pari passu Indebtedness secured directly or indirectly by such Underlying
Mortgaged Property, including, without limitation, any preferred equity interest or
mezzanine debt that is senior to, or pari passu with, the related Eligible Asset in right of
payment or priority.

“Asset Schedule and Exception Report” shall have the meaning assigned thereto in the
Custodial Agreement.

“Asset Value” shall mean as of any date of determination with respect to each
Eligible Asset, the lesser of (a) the Purchase Percentage applicable to such Eligible Asset
multiplied by the lesser of (x) the Market Value of such Eligible Asset as of such date and
(y) the Seller Price and (b) the outstanding principal balance of such Eligible Asset as of
such date; provided, that, the following additional limitations on Asset Value shall apply:

(1) after giving effect to any requested Transaction, the aggregate Asset Value of all
Mezzanine Loans owned hereunder by Buyer as of such date of determination may not exceed the
Mezzanine Sub-Limit at any time; and

(2) the Asset Value shall be deemed to be zero with respect to each Purchased Asset
(i) in respect of which there is a breach of a representation and warranty set forth in
Schedule 1 (assuming each representation and warranty is made as of the date the
Asset Value is determined), (ii) in respect of which there is a delinquency in the payment
of principal and/or interest which continues for a period in excess of twenty nine (29)
calendar days (without regard to any applicable grace periods) or for which there is a
non-monetary default under the related Mortgage Asset File Documents, (iii) which has not
been repurchased by Seller by the earlier to occur of (A) the Termination Date and (B) the
180th day after the date on which it is first purchased by Buyer, (iv) which has
been released from the possession of Custodian under the Custodial Agreement for a period in
excess of ten (10) calendar days, (v) in the case of a Table-Funded Mortgage Asset, in
respect of which the complete Mortgage Asset File has not been delivered to the Custodian in
accordance with the terms of this Agreement and the Custodial Agreement on the second
Business Day following the Purchase Date, or (vi) which is determined by Buyer in good faith
not to be an Eligible Asset.

“Assignment of Leases” With respect to any Mortgage, an assignment of leases
thereunder, notice of transfer or equivalent instrument in recordable form, sufficient under
the laws of the jurisdiction wherein the Underlying Mortgaged Property is located to reflect
the assignment of leases.

“Assignment of Mortgage” With respect to any Mortgage, an assignment of the
Mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under
the laws of the jurisdiction wherein the related Underlying Mortgaged Property is located to
reflect the assignment of the Mortgage to Buyer.

“Bailee” The title company or settlement attorney involved with the transactions,
which party shall be acceptable to the Buyer in its sole discretion,

“Bailee Agreement” A Bailee Agreement substantially in the form of Annex 13 to the
Custodial Agreement.

“Bailee’s Trust Receipt” A Trust Receipt in the form of Attachment to the Bailee
Agreement.

“Bank” shall mean The Bancorp Bank, a Delaware charter state member bank, and its
successors in interest, or such other depository institution as may be acceptable to Buyer
in its sole discretion exercised in good faith, and their respective successors in interest.

“Bankruptcy Code” shall mean the United States Bankruptcy Code of 1978, as amended
from time to time.

“Basic Mortgage Documents” The meaning specified in the Custodial Agreement.

“Borrower Reserve Payments” Any payments made by a borrower under the applicable
Mortgage Loan Documents or Mezzanine Loan Documents, as applicable, which, pursuant to the
terms of such Mortgage Loan Documents or Mezzanine Loan Documents, as applicable, are
required to be deposited into escrow or into a reserve to be used for a specific purpose
(e.g., tax and insurance escrows) or amounts that are designated for specific purposes other
than payments of debt service or other amounts due to Seller, such as, without limitation,
payment of property related expenses or, in the case of a Mezzanine Loan, debt service
payments on the indebtedness senior to such Mezzanine Loan.

“Business Day” shall mean any day other than (i) a Saturday or Sunday or (ii) a day
on which banks in the State of New York (or state in which any of Custodian, Seller or Buyer
is located) is authorized or obligated by law or executive order to be closed.

“Buyer” shall mean UBS Real Estate Securities Inc., a Delaware corporation, its
successors in interest and assigns and, with respect to Section 7, its participants.

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

“Cash” shall mean all cash and Cash Equivalents, as shown on the balance sheet of
Seller prepared in accordance with GAAP.

“Cash Equivalents” shall mean (a) securities with maturities of 90 days or less from
the date of acquisition issued or fully guaranteed or insured by the United States
Government or any agency thereof, (b) certificates of deposit and eurodollar time deposits
with maturities of 90 days or less from the date of acquisition and overnight bank deposits
of any commercial bank having capital and surplus in excess of $500,000,000, (c) repurchase
obligations of any commercial bank satisfying the requirements of clause (b) of this
definition, having a term of not more than seven days with respect to securities issued or
fully guaranteed or insured by the United States Government, (d) commercial paper of a
domestic issuer rated at least A-1 or the equivalent thereof by Standard and Poor’s Ratings
Group (“S&P”) or P-1 or the equivalent thereof by Moody’s Investors Service, Inc.
(“Moody’s”) and in either case maturing within 90 days after the day of acquisition,
(e) securities with maturities of 90 days or less from the date of acquisition issued or
fully guaranteed by any state, commonwealth or territory of the United States, by any
political subdivision or taxing authority of any such state, commonwealth or territory or by
any foreign government, the securities of which state, commonwealth, territory, political
subdivision, taxing authority or foreign government (as the case may be) are rated at least
A by S&P or A by Moody’s, (f) securities with maturities of 90 days or less from the date of
acquisition backed by standby letters of credit issued by any commercial bank satisfying the
requirements of clause (b) of this definition or (g) shares of money market mutual or
similar funds which invest exclusively in assets satisfying the requirements of clauses (a)
through (f) of this definition.

“Capital Lease Obligations” shall mean, for any Person, all obligations of such
Person to pay rent or other amounts under a lease of (or other agreement conveying the right
to use) Property to the extent such obligations are required to be classified and accounted
for as a capital lease on a balance sheet of such Person under GAAP, and, for purposes of
this Agreement, the amount of such obligations shall be the capitalized amount thereof,
determined in accordance with GAAP.

“CDO Transaction” shall mean the issuance of collateralized debt obligations for
which Buyer or an Affiliate is an underwriter and the collateral is comprised of the
Purchased Assets.

“Class” shall mean either Mortgage Loan or Mezzanine Loan.

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

“Collection Account” shall mean the account established by the Bank subject to an
Account Agreement, into which all Income shall be deposited by the Servicer.

“Commerce Bank Facility” shall mean that certain Loan and Security Agreement, dated
December 29, 2005, as may be amended from time to time, between RAIT Partnership, L.P. and
Commerce Bank, N.A., and all other documents or agreements executed in connection therewith,
or replacement facilities with substantially similar terms (including, but not limited to,
amounts and rates) with financial institutions approved by Buyer.

“Commonly Controlled Entity” shall mean an entity, whether or not incorporated,
which is under common control with Seller within the meaning of Section 4001 of ERISA or is
part of a group which includes Seller and which is treated as a single employer under
Section 414 of the Code.

“Confirmation” shall have the meaning specified in Section 3(c).

“Custodial Agreement” shall mean that custodial agreement, dated as of the date
hereof, by and among Buyer, Seller and Custodian, as the same shall be modified and
supplemented and in effect from time to time.

“Custodial Identification Certificate” shall have the meaning assigned thereto in
the Custodial Agreement.

“Custodian” shall mean LaSalle Bank National Association, a national banking
association, and its successors in interest, as custodian under the Custodial Agreement, and
any successor Custodian under the Custodial Agreement.

“Default” shall mean an Event of Default or an event that with notice or lapse of
time or both would become an Event of Default.

“Distribution Worksheet” means a worksheet setting forth the amounts and recipients
of remittances to be made on the next succeeding Payment Date, substantially in the form of
Exhibit VI.

“Dollars” and “$” shall mean lawful money of the United States of America.

“Due Diligence Review” shall mean the performance by Buyer of any or all of the
reviews permitted under Section 27 with respect to any or all of the Mortgage Loans or
Mezzanine Loans, as desired by Buyer from time to time.

“Effective Date” shall mean the date upon which the conditions precedent set forth
in Section 3(a) shall have been satisfied.

“Electronic Transmission” shall mean the delivery of information in an electronic
format acceptable to the applicable recipient thereof. An Electronic Transmission shall be
considered written notice for all purposes hereof (except when a request or notice by its
terms requires execution). Any document that requires signature that is delivered by
Electronic Transmission via email that includes the sender’s name shall satisfy such
signature requirement so long as no record of insufficient delivery is received; provided
that with respect to Electronic Transmissions from Buyer to Seller, such Electronic Delivery
must be addressed to each of kfrappier@raitinvestmenttrust.com, jsalmon@tabernacapital.com
and rlicht@tabernacapital.com.

“Eligible Asset” shall mean a Mortgage Loan or Mezzanine Loan, (i) as to which the
representations and warranties in Schedule 1 attached hereto are true and correct,
(ii) the Underlying Mortgaged Property for which is included in the categories for Types of
Mortgaged Property, (iii) is not a construction loan or construction note of any sort;
provided that, for the purposes of this definition, with the consent of the Buyer, the
funded portion of any loan made to renovate or rehabilitate an existing building shall not
be deemed a construction loan, (iv) has been approved by Buyer in its sole discretion, (v)
in the case of a Mortgage Loan, is evidenced by an original Mortgage Note, (vi) will not
cause the Seller to violate the Sub-Limit requirements of this Agreement; (vii) with respect
to each Mortgage Loan, has an LTV not in excess of 90.0%, (viii) with respect to each
Mezzanine Loan, has an LTV not in excess of 90.0% and (x) with respect to each Mortgage
Loan, has a maximum Purchase Price of $75,000,000.

“Eligible Investments” shall mean any one or more of the obligations and securities
listed below which investment provides for a date of maturity not later than one day prior
to the Payment Date in each month (or such other date as permitted under this Agreement):

(i) direct obligations of, and obligations fully guaranteed as to timely payment of
principal and interest by, the United States of America or any agency or
instrumentality of the United States of America the obligations of which are backed
by the full faith and credit of the United States of America (“Direct
Obligations”);

(ii) federal funds, demand and time deposits in, certificates of deposits of, or
bankers’ acceptances issued by, any depository institution or trust company
(including U.S. subsidiaries of foreign depositories) incorporated or organized
under the laws of the United States of America or any state thereof and subject to
supervision and examination by federal or state banking authorities, so long as at
the time of such investment or the contractual commitment providing for such
investment the commercial paper or other short term debt obligations of such
depository institution or trust company (or, in the case of a depository institution
or trust company which is the principal subsidiary of a holding company, the
commercial paper or other short term debt or deposit obligations of such holding
company or deposit institution, as the case may be) have been rated by each Rating
Agency in its highest short term rating category or one of its two highest long term
rating categories;

(iii) repurchase agreements collateralized by Direct Obligations or securities
guaranteed by Fannie Mae or Freddie Mac with any registered broker/dealer subject to
Securities Investors’ Protection Corporation jurisdiction or any commercial bank
insured by the FDIC, if such broker/dealer or bank has an uninsured, unsecured and
unguaranteed obligation rated by each Rating Agency in its highest short term rating
category;

(iv) securities bearing interest or sold at a discount issued by any corporation
incorporated under the laws of the United States of America or any state thereof
which have a credit rating from each Rating Agency, at the time of investment or the
contractual commitment providing for such investment, at least equal to one of the
two highest long term credit rating categories of each Rating Agency; provided,
however, that securities issued by any particular corporation will not be Eligible
Investments to the extent that investment therein will cause the then outstanding
principal amount of securities issued by such corporation to exceed 20% of the
aggregate principal amount of all Eligible Investments in the Collection Account;
provided, further, that such securities will not be Eligible Investments if they are
published as being under review with negative implications from either Rating
Agency;

(v) commercial paper (including both non interest bearing discount obligations and
interest bearing obligations payable on demand or on a specified date not more than
180 days after the date of issuance thereof) rated by each Rating Agency in its
highest short term rating category;

(vi) certificates or receipts representing direct ownership interests in future
interest or principal payments on obligations of the United States of America or its
agencies or instrumentalities (which obligations are backed by the full faith and
credit of the United States of America) held by a custodian in safekeeping on behalf
of the holders of such receipts; and

(vii) any other demand, money market, common trust fund or time deposit or
obligation, or interest bearing or other security or investment rated in the highest
rating category by each Rating Agency;

provided, however, that (a) any such instrument shall be acceptable to the Rating Agencies,
and (b) no such instrument shall be an Eligible Investment if such instrument evidences
either (i) a right to receive only interest payments with respect to the obligations
underlying such instrument, or (ii) both principal and interest payments derived from
obligations underlying such instrument and the principal and interest payments with respect
to such instrument provide a yield to maturity of greater than 120% of the yield to maturity
at par of such underlying obligations.

“Environmental Laws” Any federal, state, foreign or local statute, law, rule,
regulation, ordinance, code, guideline, written policy and rule of common law now or
hereafter in effect and in each case as amended, and any judicial or administrative
interpretation thereof, including any judicial or administrative order, consent decree or
judgment, relating to the environment, employee health and safety or Hazardous Materials,
including, without limitation, CERCLA; RCRA; the Federal Water Pollution Control Act, 33
U.S.C. § 1251 et seq.; the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq.; the Clean
Air Act, 42 U.S.C. § 7401 et seq.; the Safe Drinking Water Act, 42 U.S.C. § 3803 et seq.;
the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq.; the Emergency Planning and the
Community Right-to-Know Act of 1986, 42 U.S.C. § 11001 et seq.; the Hazardous Material
Transportation Act, 49 U.S.C. § 1801 et seq. and the Occupational Safety and Health Act, 29
U.S.C. § 651 et seq.; and any state and local or foreign counterparts or equivalents, in
each case as amended from time to time.

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended
from time to time.

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

“Escrow Agreement” shall mean an escrow agreement substantially in the form of
Exhibit IX attached hereto.

“Eurodollar Period” shall mean, with respect to any Transaction, (i) initially, the
period commencing on the Purchase Date with respect to such Transaction and ending on but
excluding the earlier of the related Repurchase Date or Payment Date in the next succeeding
month, and (ii) thereafter, each period commencing on the Payment Date of a month and ending
on but excluding the earliest of the related Repurchase Date, the Payment Date of the next
succeeding month or the Termination Date.

“Eurodollar Rate” shall mean, with respect to each Eurodollar Period a Transaction
is outstanding (and reset on each Payment Date), the rate per annum equal to the rate
appearing at page 3750 of the Telerate Screen as one-month LIBOR at or about 9:00 a.m., New
York City time, on the first day of such Eurodollar Period (and if such date is not a
Business Day, the Eurodollar Rate in effect on the Business Day immediately preceding such
date), and if such rate shall not be so quoted, the average rate per annum at which three
mutually acceptable banks are offered Dollar deposits at or about 8:00 a.m., New York City
time, on such date by prime banks in the interbank eurodollar market where the eurodollar
and foreign currency exchange operations in respect of its Transactions are then being
conducted for delivery on such day for a period of thirty (30) days and in an amount
comparable to the amount of the Transactions to be outstanding on such day. The Eurodollar
Rate shall be reset by Buyer as described above and Buyer’s determination of Eurodollar Rate
shall be conclusive upon the parties absent manifest error on the part of Buyer.

“Event of Default” has the meaning specified in Section 12.

“Excluded Taxes” has the meaning specified in Section 7(e).

“Existing Financing Facilities” shall mean the Key Bank Facility, the M&I Bank
Facility and the Commerce Bank Facility.

“Fitch” shall mean Fitch, Inc., or its successor in interest.

“Foreclosed Loan” A Eligible Asset with respect to which the Underlying Mortgaged
Property has been foreclosed upon by the Seller.

“GAAP” shall mean generally accepted accounting principles as in effect from time to
time in the United States.

“Governmental Authority” shall mean any nation or government, any state or other
political subdivision thereof, any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government and any court or
arbitrator having jurisdiction over Seller, any of its Subsidiaries or any of their
properties.

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

“Guarantee” shall mean, as to any Person, any obligation of such Person directly or
indirectly guaranteeing any Indebtedness of any other Person or in any manner providing for
the payment of any Indebtedness of any other Person or otherwise protecting the holder of
such Indebtedness against loss (whether by virtue of partnership arrangements, by agreement
to keep-well another Person, to purchase assets, goods, securities or services, or to agree
to take-or-pay arrangement or otherwise); provided that the term “Guarantee” shall not
include (i) endorsements for collection or deposit in the ordinary course of business, or
(ii) obligations to make servicing advances for delinquent taxes and insurance, or other
obligations in respect of a Mortgaged Property, or other principal and interest advances
made in the ordinary course of servicing the Mortgage Loans or Mezzanine Loans. The amount
of any Guarantee of a Person shall be deemed to be an amount equal to the stated or
determinable amount of the primary obligation in respect of which such Guarantee is made or,
if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by such Person in good faith. The terms “Guarantee” and
“Guaranteed” used as verbs shall have correlative meanings.

“Guarantor” shall mean RAIT Investment Trust, a Maryland trust and its successors in
interest.

“Income” shall mean, with respect to any Eligible Asset at any time, all collections
and proceeds on or in respect of the Eligible Asset, including, without limitation, any
principal thereof then payable and all interest or other distributions payable thereon less
any related servicing fee(s) charged by Servicer. Income shall not include any Borrower
Reserve Payments.

“Indebtedness” shall mean, for any Person: (a) obligations created, issued or
incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt
securities or the sale of Property to another Person subject to an understanding or
agreement, contingent or otherwise, to repurchase such Property from such Person);
(b) obligations of such Person to pay the deferred purchase or acquisition price of Property
or services, other than trade accounts payable (other than for borrowed money) arising, and
accrued expenses incurred, in the ordinary course of business so long as such trade accounts
payable are payable within 90 days of the date the respective goods are delivered or the
respective services are rendered; (c) Indebtedness of others secured by a Lien on the
Property of such Person, whether or not the respective Indebtedness so secured has been
assumed by such Person; (d) obligations (contingent or otherwise) of such Person in respect
of letters of credit or similar instruments issued or accepted by banks and other financial
institutions for account of such Person; (e) obligations of such Person under repurchase
agreements, sale/buy-back agreements or like arrangements; (f) Indebtedness of others
Guaranteed by such Person; (g) all obligations of such Person incurred in connection with
the acquisition or carrying of fixed assets by such Person; (h) Indebtedness of general
partnerships of which such Person is secondarily or contingently liable (other than by
endorsement of instruments in the course of collection), whether by reason of any agreement
to acquire such indebtedness to supply or advance sums or otherwise; and (i) Capital Lease
Obligations of such Person.

“Interest Rate Protection Agreement” With respect to any or all of the Eligible
Assets, any futures contract, options related contract, short sale of US Treasury securities
or any interest rate swap, cap, floor or collar agreement or any other similar arrangement
providing for protection against fluctuations in interest rates or the exchange of nominal
interest obligations, either generally or under specific contingencies and the terms of
which are acceptable to Buyer in its sole discretion.

“Initial Termination Date” shall mean the later of November 1, 2006 or the date
occurring two months from the Effective Date hereunder.

“Key Bank Facility” shall mean that certain Revolving Credit Agreement, dated
October 24, 2005, as may be amended from time to time, among RAIT Investment Trust, RAIT
Partnership, L.P., the Lenders named therein, Key Bank National Association as
administrative agent, Bank of America, N.A., as syndication agent and Key Bank Capital
Markets as sole lead arranger, and all other documents or agreements executed in connection
therewith, or replacement facilities with substantially similar terms (including, but not
limited to, amounts and rates) with financial institutions approved by Buyer.

“Late Payment Fee” has the meaning specified in Section 5(b).

“Lien” Any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), preference, priority or other security agreement of
any kind or nature whatsoever (including, without limitation, any conditional sale or other
title retention agreement, any financing or similar statement or notice filed under the UCC
or any other similar recording or notice statute, and any lease having substantially the
same effect as any of the foregoing).

“Loan-to-Value Ratio” or “LTV” With respect to any Eligible Asset, at the
time of determination, the ratio of (a) the outstanding principal amount of such Eligible
Asset at such time plus the amount of any Allocated Underlying Debt for such Eligible Asset
at such time (including any prepayment premiums and assumption fees) to (b) the market value
of the related Underlying Mortgaged Property at such time, as determined by reference to a
third-party appraisal, meeting the standards required by FIRREA, of such Underlying
Mortgaged Property (which appraisal may, at the election of Buyer, be the appraisal in place
at the time such Eligible Asset is sold to Buyer hereunder), as such determination of market
value may be adjusted by Buyer in its sole discretion.

“M&I Bank Facility” shall mean that certain First Amended and Restated Credit and
Security Agreement, dated February 27, 2006, as may be amended from time to time, between
RAIT Partnership, L.P. and M&I Marshall & Ilsley Bank, and all other documents or agreements
executed in connection therewith, or replacement facilities with substantially similar terms
(including, but not limited to, amounts and rates) with financial institutions approved by
Buyer.

“Margin Base” shall mean the aggregate Asset Value of all Purchased Assets which are
Eligible Assets.

“Margin Deficit” has the meaning specified in Section 4.

“Market Value” shall mean, as of the Purchase Date or, as set forth in the last
sentence of this paragraph, such later date, in respect of any Eligible Asset and any
related Interest Rate Protection Agreements, the price at which such Eligible Asset and any
related Interest Rate Protection Agreements could readily be sold as determined in Buyer’s
sole discretion, which price may be determined to be zero. Buyer’s determination of Market
Value shall be conclusive upon the parties absent manifest error on the part of Buyer. Buyer
shall determine the Market Value of each Eligible Asset and any related Interest Rate
Protection Agreements on or prior to the Purchase Date. On any date after (a) with respect
to Mezzanine Loans or Mortgage Loans that pay a fixed rate of interest, the earlier of (i)
Initial Termination Date or (ii) the date Buyer determines in its sole discretion that the
Market Value of any Purchased Asset has declined by 5% or more since the Market Value on the
initial Purchase Date, or (b) with respect to Mezzanine Loans or Mortgage Loans that pay a
floating rate of interest, the Initial Termination Date, Buyer shall have the right,
exercised in its sole discretion, to redetermine the Market Value of any Eligible Asset or
Purchased Asset and any related Interest Rate Protection Agreements on any day.

“Material Adverse Effect” shall mean a material adverse effect on (a) the Property,
business, operations or financial condition of Seller or Guarantor, (b) the ability of
either Seller or Guarantor to perform its obligations under any of the Repurchase Documents
to which it is a party, (c) the validity or enforceability of any of the Repurchase
Documents, (d) the rights and remedies of Buyer under any of the Repurchase Documents,
(e) the timely payment of any amounts payable under the Repurchase Documents, or (f) the
Asset Value or liquidity of the Purchased Assets.

“Materials of Environmental Concern” Any toxic mold, any petroleum (including,
without limitation, crude oil or any fraction thereof) or petroleum products (including,
without limitation, gasoline) or any hazardous or toxic substances, materials or wastes,
defined as such in or regulated under any Environmental Law, including, without limitation,
asbestos, polychlorinated biphenyls, and urea-formaldehyde insulation.

“Maximum Amount” shall mean $160,000,000.

“Mezzanine Loan” A performing mezzanine loan secured by pledges of all the Capital
Stock of a Mortgagor that directly or indirectly owns income producing commercial real
estate which is a Type of Mortgaged Property, taking into account, in the calculation of the
LTV of such Mezzanine Loan, any reserves established for payment of interest, and taking
into account any senior or pari passu Indebtedness secured directly or indirectly by the
applicable Underlying Mortgaged Property, including, without limitation, any preferred
equity interest or mezzanine debt that is senior to, or pari passu with, the related
Eligible Asset in right of payment or priority.

“Mezzanine Note” The original executed promissory note or other evidence of
Mezzanine Loan indebtedness.

“Mezzanine Sub-Limit” shall mean, as of any date of determination, an amount equal
to 35% of the aggregate balance of all Transactions outstanding, subject to a maximum amount
of $70,000,000.

“Moody’s” shall mean Moody’s Investors Service, Inc., and any successor thereto.

“Mortgage” Each mortgage, assignment of rents, security agreement and fixture
filing, or deed of trust, assignment of rents, security agreement and fixture filing, or
similar instrument creating and evidencing a lien on real property and other property and
rights incidental thereto.

“Mortgage Asset File” shall have the meaning assigned thereto in the Custodial
Agreement.

“Mortgage Asset File Documents” The meaning specified in the Custodial Agreement.

“Mortgage Loan” shall mean a performing first priority commercial real estate whole
loan or an A note, which whole loan or A note includes, without limitation, (i) a Mortgage
Note and related Mortgage, and (ii) all right, title and interest of Seller in and to the
Mortgaged Property covered by such Mortgage, subject, in the case of any A note, to a
related intercreditor agreement, which whole loan or A note Custodian has been instructed to
hold for Buyer pursuant to the Custodial Agreement. The whole loan or the whole loan
related to such A note LTV must take into account any reserves established for payment of
interest, and any senior or pari passu Indebtedness secured directly or indirectly by the
applicable Underlying Mortgaged Property, including, without limitation, any preferred
equity interest or mezzanine debt that is senior to, or pari passu with, the related
Eligible Asset in right of payment or priority.

“Mortgage Note” The original executed promissory note or other evidence of the
indebtedness of a Mortgagor with respect to a commercial mortgage loan.

“Mortgaged Property” The real property (including all improvements, buildings,
fixtures, building equipment and personal property thereon and all additions, alterations
and replacements made at any time with respect to the foregoing) and all other collateral
securing repayment of the debt evidenced by a Mezzanine Note or a Mortgage Note.

“Mortgagee” The record holder of a Mortgage Note secured by a Mortgage.

“Mortgagor” The obligor or obligors on a Mortgage Note, including any person who
has assumed or guaranteed the obligations of the obligor thereunder.

“Multiemployer Plan” shall mean a multiemployer plan defined as such in
Section 3(37) of ERISA to which contributions have been or are required to be made by
Seller, Guarantor or any ERISA Affiliate and that is covered by Title IV of ERISA.

“Net Income” shall mean, with respect to any Person for any period, the net income
of such Person for such period as determined in accordance with GAAP.

“Non-Excluded Taxes” has the meaning specified in Section 7(a) hereof.

“Non-Exempt Buyer” has the meaning specified in Section 7(e) hereof.

“Other Taxes” has the meaning specified in Section 7(b) hereof.

“Payment Calculation Date” shall mean the date two Business Days prior to the
Payment Date.

“Payment Date” shall mean the 1st day of each month or if such day is not a Business
Day, then the next Business Day.

“PBGC” shall mean the Pension Benefit Guaranty Corporation or any entity succeeding
to any or all of its functions under ERISA.

“Periodic Advance Repurchase Payment” has the meaning specified in Section 5(g).

“Permitted Liens” Any of the following as to which no enforcement, collection,
execution, levy or foreclosure proceeding shall have been commenced: (a) Liens for state,
municipal or other local taxes if such taxes shall not at the time be due and payable, and
(b) Liens granted pursuant to or by the Repurchase Documents.

“Person” shall mean any individual, corporation, company, voluntary association,
partnership, joint venture, limited liability company, trust, unincorporated association or
government (or any agency, instrumentality or political subdivision thereof).

“Plan” shall mean an employee benefit or other plan established or maintained by any
Seller, Guarantor or any ERISA Affiliate and covered by Title IV of ERISA, other than a
Multiemployer Plan.

“Post-Default Rate” shall mean, in respect of any day any amount under this
Agreement or any other Repurchase Document remains unpaid when due to Buyer at the stated
Repurchase Date or otherwise when due (a “Post-Default Day”), a rate per annum on a
360 day per year basis during the period from and including the due date to but excluding
the date on which such amount is paid in full equal to the Eurodollar Rate applicable to
such Transaction on such Post-Default Day plus 5% per annum.

“Price Differential” means, with respect to any Transaction hereunder as of any
date, the aggregate amount obtained by daily application of the Pricing Rate for such
Transaction to the Purchase Price for such Transaction on a 360 day per year basis for the
actual number of days during the related Eurodollar Period.

“Pricing Rate” shall mean with respect to any Class of Eligible Assets and any date
of determination a rate per annum equal to the sum of (a) the Eurodollar Rate applicable on
such date plus (b) the Pricing Spread for such Class applicable on such date.

“Pricing Spread” shall mean (i) at any time prior to the Initial Termination Date,
1.0% per annum, (ii) at any time thereafter through but not including the date that the CDO
Transaction prices, an amount equal to 1.0% per annum plus an amount equal to the product of
(a) 0.25% per annum and (b) the number of Payment Days occurring from and including the
Initial Termination Date through and including the date of determination and (iii) on and
after the date that the CDO Transaction prices, 1.0% per annum.

“Prime Rate” shall mean the prime rate announced to be in effect from time to time,
as published as the average rate in The Wall Street Journal.

“Property” shall mean any right or interest in or to property of any kind
whatsoever, whether real, personal or mixed and whether tangible or intangible.

“Purchase Agreement” Any purchase agreement by and between Seller and any third
party, including without limitation, any Affiliate of Seller, pursuant to which Seller has
purchased assets subsequently sold to Buyer hereunder.

“Purchase Date” shall mean the date on which Purchased Assets are transferred by
Seller to Buyer or its designee (including Custodian).

“Purchase Percentage” shall mean (a) with respect to Mortgage Loans or Mezzanine
Loans that pay a fixed rate of interest, 75% and (b) with respect to Mortgage Loans or
Mezzanine Loans that pay a floating rate of interest, 80%.

“Purchase Price” shall mean on each Purchase Date, the sum of the price at which
Purchased Assets are transferred by Seller to Buyer or its designee (including Custodian)
which shall equal the Asset Value for such Purchased Assets on the Purchase Date.

“Purchased Assets” shall mean the Eligible Assets sold by Seller to Buyer in a
Transaction.

“Purchased Items” has the meaning specified in Section 7.

“RAIT Guarantee” shall mean that certain guarantee, dated as of the date hereof,
made by the Guarantor in favor of the Buyer, as may be amended from time to time

“Rating Agency” shall mean any of Fitch, Moody’s or S&P, or their respective
successors designated by the Purchaser.

“Regulations T, U and X” shall mean Regulations T, U and X of the Board of Governors
of the Federal Reserve System (or any successor), as the same may be modified and
supplemented and in effect from time to time.

“REIT” shall mean a real estate investment trust, as defined in Section 856(a) of
the Code.

“REO Property” Real property acquired by a Seller, including a Mortgaged Property
acquired through foreclosure of a Eligible Asset or by deed in lieu of such foreclosure.

“Reportable Event” shall mean any of the events set forth in Section 4043(b) of
ERISA or a successor provision thereof, other than those events as to which the thirty day
notice period is waived under subsections .13, .14, .16, .18, .19 or .20 of PBGC Reg. § 2615
or one or more successor provision thereof.

“Repurchase Date” shall mean the date on which Seller is to repurchase the Purchased
Assets from Buyer as specified in the related Confirmation including any date determined by
application of the provisions of Sections 3 or 13; provided that in no event shall the
Repurchase Date be in excess of 364 days after the Purchase Date.

“Repurchase Documents” shall mean this Agreement, the Custodial Agreement, the RAIT
Guarantee and the Account Agreement, all Interest Rate Protection Agreements (if any), and
all other documents or agreements executed in connection therewith.

“Repurchase Obligations” shall have the meaning specified in Section 8(b).

“Repurchase Price” means the price at which Purchased Assets are to be transferred
from Buyer or its designee (including Custodian) to Seller upon termination of a
Transaction, which will be determined in each case as of the date of such determination
(including Transactions terminable upon demand) as (a) the sum of (i) the Purchase Price
(ii) the Price Differential and (iii) any amounts which would be payable to (a positive
amount) an Affiliated Hedge Counterparty under any related Interest Rate Protection
Agreement if such Interest Rate Protection Agreement entered into by Seller were terminated
on the date of determination, in each case as of the date of such determination, less (b)
the sum of all cash, Income and Periodic Advance Repurchase Payments (including Late Payment
Fees, if any) actually received by Buyer pursuant to Sections 5.

“Requirement of Law” As to any Person, the certificate of incorporation and by laws
or other organizational or governing documents of such Person, and any law, treaty, rule or
regulation or determination of an arbitrator or a court or other Governmental Authority, in
each case applicable to or binding upon such Person or any of its property or to which such
Person or any of its property is subject.

“Responsible Officer” shall mean, as to any Person, the chief executive officer, the
chief financial officer, the treasurer or the chief operating officer of such Person.

“S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw Hill
Companies Inc., and any successor thereto.

“Section 7 Certificate” has the meaning specified in Section 7 (e)(2) hereof.

“Security Agreement” With respect to any Eligible Asset, any contract, instrument
or other document related to security for repayment or payment thereof (other than the
related Mortgage and Mezzanine Note), executed by the Mortgagor or other applicable party
(in the case of a Mezzanine Loan) and/or others in connection with such Eligible Asset,
including without limitation, any security agreement, guaranty, title insurance policy,
hazard insurance policy, chattel mortgage, letter of credit or certificate of deposit or
other pledged accounts, and any other documents and records relating to any of the
foregoing.

“Seller” shall mean RAIT Finance I, LLC a Delaware limited liability company, and
its successors in interest.

“Seller Asset Schedule” shall mean the schedule of Eligible Assets setting forth the
information set forth on Exhibit II.

“Seller-Related Obligations” With respect to the Seller, any obligations of the
Seller hereunder and under any other arrangement between the Seller, Guarantor or an
Affiliate of the Seller or Guarantor on the one hand and Buyer or an Affiliate of Buyer on
the other hand (including, without limitation, any Interest Rate Protection Agreement
entered into with any Affiliated Hedge Counterparty and all amounts, if any, anticipated to
be paid to the Buyer by an Affiliated Hedge Counterparty, as provided for in the definition
of Repurchase Price).

“Seller Price” With respect to any Eligible Asset at any time, an amount, as
certified by Seller, equal to the price which Seller paid for such Eligible Asset as it may
be reasonably marked down by Seller from time to time, including any loss/price adjustments,
less an amount equal to the sum of all principal paydowns paid and realized losses or other
write downs recognized relating to such Eligible Asset.

“Servicer” shall have the meaning specified in Section 25.

“Servicer Account” shall mean any account established by Servicer in connection with
the servicing of the Purchased Assets.

“Servicer Notice” shall mean the notice from Seller to Servicer, substantially in
the form of Exhibit VII attached hereto.

“Servicing Agreement” has the meaning specified in Section 25.

“Servicing File” With respect to each Eligible Asset, the file retained by Servicer
consisting of originals of all documents in the Mortgage Asset File which are not delivered
to a the Custodian and copies of all documents in the Mortgage Asset File set forth in
Section 2 of the Custodial Agreement.

“Servicing Records” has the meaning specified in Section 25.

“Sub-Limit” shall mean the Mezzanine Sub-Limit.

“Subsidiary” shall mean, with respect to any Person, any corporation, partnership,
limited liability company or other entity of which at least a majority of the securities or
other ownership interests having by the terms thereof ordinary voting power to elect a
majority of the board of directors or other persons performing similar functions of such
corporation, partnership, limited liability company or other entity (irrespective of whether
or not at the time securities or other ownership interests of any other class or classes of
such corporation, partnership or other entity shall have or might have voting power by
reason of the happening of any contingency) is at the time directly or indirectly owned or
controlled by such Person or one or more Subsidiaries of such Person or by such Person and
one or more Subsidiaries of such Person.

“Table-Funded Mortgage Asset” shall mean a Mortgage Loan or Mezzanine Loan that is
an Eligible Asset which is sold to the Buyer simultaneously with the origination or
acquisition thereof, which origination or acquisition, pursuant to the Seller’s request, is
financed with the Purchase Price and paid directly to a title company or other settlement
agent, in each case, approved in writing by the Buyer in its sole discretion, for
disbursement to the parties entitled thereto in connection with such origination or
acquisition. A Purchased Asset shall cease to be a Table-Funded Mortgage Asset after the
Custodian has delivered a Trust Receipt to the Buyer certifying its receipt of the Mortgage
Asset File therefor.

“Table Funded Trust Receipt” A Trust Receipt in the form of Annex 2 to the Custodial
Agreement.

“Taxes” has the meaning specified in Section 7(a) hereof.

“Termination Date” shall mean the date the Initial Termination Date or such earlier
date on which this Agreement shall terminate in accordance with the provisions hereof or by
operation of law, as may be extended pursuant to Section 3(k).

“Transaction” has the meaning specified in Section 1.

“Transaction Request” means a request from Seller to Buyer, in the form attached as
Exhibit I hereto, to enter into a Transaction, which may be delivered via Electronic
Transmission.

“Transfer Documents” The documents executed by the Seller with respect to a
Purchased Asset which transfer title to such Purchased Asset to the Buyer, including,
without limitation, any Assignment of Mortgage and UCC–3 assignments.

“True Sale Opinion” A “true sale” opinion of outside counsel to Seller in form and
substance satisfactory to Buyer.

“Trust Receipt” shall mean a trust receipt issued by Custodian to Buyer confirming
Custodian’s possession of certain Mortgage Asset Files which are held by Custodian for the
benefit of Buyer or the registered holder of such trust receipt.

“Type” With respect to a Mortgaged Property, such Mortgaged Property’s
classification as one of the following: (a) multifamily, (b) retail, (c) office, (d)
industrial, (e) hotel, (f) mobile home parks or (g) self-storage facilities.

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

“UCC Financing Statement” A financing statement on Form UCC-1 or the proper
national UCC form, naming Buyer as “Secured Party” and Seller as “Debtor” and describing the
Purchased Items.

“Underlying Mortgage Loan” With respect to any Mortgage Loan or Mezzanine Loan, a
mortgage loan made in respect of the related Underlying Mortgaged Property.

“Underlying Mortgaged Property” In the case of (a) a Mortgage Loan, the Mortgaged
Property securing such Mortgage Loan and (b) a Mezzanine Loan, the Mortgaged Property that
is held by the Person the Capital Stock of which is pledged as collateral security for such
Mezzanine Loan.

“Underwriting Package” Any material internal document prepared by a Seller for its
evaluation of a Eligible Asset, to include at a minimum the data required in the relevant
Confirmation. In addition, with respect to any Eligible Asset, the Underwriting Package
shall include, to the extent applicable, (i) a copy of an appraisal meeting the standards of
FIRREA, (ii) an environmental report indicating no material environmental condition for
which recommended reserves have not been established, (iii) a copy of the related property
condition report, (iv) the current occupancy report (including tenant stack and rent roll),
(v) a minimum of two (2) years of property level financial statements to the extent
available, (vi) current financial statement of the sponsor of the obligor on the commercial
mortgage loan, (vii) in the case of an Eligible Asset that is not a Table-Funded Mortgage
Asset, a copy of the complete Eligible Asset File, (viii) in the case of each Eligible Asset
that is a Table-Funded Mortgage Asset, (a) if such Eligible Asset is a Mortgage Loan, a copy
of the related note, Mortgage, Assignment of Mortgage (if any), title policy (or binding
commitment to issue a title policy if no title policy has been issued) for such Eligible
Asset and evidence of any hazard, earthquake, terrorism and other insurance on the related
Underlying Mortgaged Property and (b) if such eligible Asset is a Mezzanine Loan, with
respect to a Eligible Asset consisting of a Mezzanine Loan, a copy of the related Mezzanine
Note, a copy of the related pledge agreement, a copy of the related intercreditor agreement
and copies of any assignments; (ix) any other financial analysis, site inspection, market
studies, and any other diligence conducted by Seller, (x) an internal document or credit
committee memorandum setting forth all material information actually known to Seller
relating to the Eligible Asset and all related financial analysis, (xi) aging of all
accounts receivable and accounts payable to the extent available and (xii) such further
documents or information as Buyer may request in good faith.

	3.	 	INITIATION; TERMINATION

	(a)	 	Conditions Precedent to Initial Transaction. In the event Buyer chooses, in its sole
discretion, to enter into a transaction pursuant to Section 3(c) below, Buyer’s obligation to
enter into the initial Transaction hereunder is subject to the satisfaction, immediately prior
to or concurrently with the making of such Transaction, of the condition precedent that Buyer
shall have received from Seller any fees and expenses payable hereunder, and all of the
following documents, each of which shall be satisfactory in form and substance to Buyer and
its counsel:

	 	(1)	 	Master Repurchase Agreement. This Master Repurchase Agreement duly
completed and executed by the parties thereto. In addition, Seller shall have taken
such other action as Buyer shall have requested in good faith in order to perfect the
security interests created pursuant to this Agreement, including filing of UCC
financing statements in form and substance satisfactory to Buyer;

	 	(2)	 	Custodial Agreement. The Custodial Agreement, duly executed and
delivered by each party thereto. In addition, Seller shall have taken such other
action as Buyer shall have requested in good faith in order to transfer the Purchased
Assets pursuant to this Agreement;

	 	(3)	 	Account Agreement. An Account Agreement, duly executed and delivered
by the parties thereto;

	 	(4)	 	Opinions of Counsel. An opinion or opinions of outside counsel to each
of Seller and Guarantor, substantially in the form of Exhibit III;

	 	(5)	 	Organizational Documents. A good standing certificate and certified
copies of the charter and by-laws (or equivalent documents) of each of Seller and
Guarantor and of all corporate or other authority for Seller and Guarantor with respect
to the execution, delivery and performance of the Repurchase Documents and each other
document to be delivered by Seller or Guarantor, as applicable, from time to time in
connection herewith (and Buyer may conclusively rely on such certificate until it
receives notice in writing from Seller or Guarantor, as applicable, to the contrary);

	 	(6)	 	RAIT Guarantee. The RAIT Guarantee, duly executed and delivered by the
Guarantor;

	 	(7)	 	Consents and Waivers. Any and all consents and waivers required under
the Existing Financing Facilities;

	 	(8)	 	UCC Financing Statements. UCC Financing Statements in form and
substance satisfactory to Buyer naming Seller as Debtor and Buyer as Secured Party and
describing the Purchased Items;

	 	(9)	 	Interest Rate Protection Agreements. Copies of any Interest Rate
Protection Agreements, each certified as a true, correct and complete copy of the
original;

	 	(10)	 	Servicing Agreement(s). Any Servicing Agreement, certified as a true,
correct and complete copy of the original, with a letter attached thereto acknowledged
by the applicable Servicer directing Servicer to remit all payments on account of the
Purchased Assets directly to the Collection Account;

	 	(11)	 	Servicing Notice. A Servicing Notice, duly executed by the parties
thereto from each Servicer; and

	 	(12)	 	Other Documents. Such other documents as Buyer may reasonably request,
in form and substance reasonably acceptable to Buyer.

	(b)	 	Conditions Precedent to all Transactions. In the event Buyer chooses, in its sole
discretion, to enter into a transaction pursuant to Section 3(c) below, Buyer’s obligation to
enter into each Transaction (including the initial Transaction) is subject to the satisfaction
of the following further conditions precedent, both immediately prior to entering into such
Transaction and also after giving effect to the consummation thereof and the intended use of
the proceeds of the sale:

	 	(1)	 	Seller shall have delivered a Transaction Request via Electronic Transmission,
a Seller Asset Schedule and an Underwriting Package in accordance with the procedures
set forth in Section 3(c).

	 	(2)	 	no Default or Event of Default shall have occurred and be continuing under the
Repurchase Documents;

	 	(3)	 	after giving effect to the requested Transaction, the aggregate outstanding
Purchase Price of the Transactions outstanding shall not exceed the Maximum Amount;

	 	(4)	 	both immediately prior to the requested Transaction and also after giving
effect thereto and to the intended use thereof, the representations and warranties made
by Seller in Section 10, shall be true, correct and complete on and as of such Purchase
Date in all material respects with the same force and effect as if made on and as of
such date (or, if any such representation or warranty is expressly stated to have been
made as of a specific date, as of such specific date);

	 	(5)	 	after giving effect to the requested Transaction, the aggregate outstanding
Purchase Price of the Transactions outstanding shall not exceed the Asset Value of all
the Purchased Assets subject to outstanding Transactions;

	 	(6)	 	subject to Buyer’s right to perform one or more Due Diligence Reviews pursuant
to Section 27, Buyer shall have completed its due diligence review of the Underwriting
Package for each Purchased Asset, and such other documents, records, agreements,
instruments, mortgaged properties or information relating to such Purchased Asset as
Buyer in its sole discretion deems appropriate to review and such review shall be
satisfactory to Buyer in its sole discretion;

	 	(7)	 	with respect to any Eligible Asset to be purchased hereunder on the related
Purchase Date which is not serviced by Seller, Seller shall have provided to Buyer a
copy of the related Servicing Agreement, certified as a true, correct and complete copy
of the original, together with a Servicer Notice, fully executed by Seller and
Servicer;

	 	(8)	 	Buyer shall have received (i) all fees and expenses of counsel to Buyer as
contemplated by Section 15(b) and (ii) to the extent Seller is required hereunder to
reimburse Buyer for such amounts, all reasonable costs and expenses incurred by Buyer
in connection with the entering into of any Transaction hereunder, including, without
limitation, costs associated with appraisal review and due diligence, recording or
other administrative expenses necessary or incidental to the execution of any
Transaction hereunder;

	 	(9)	 	Buyer shall have approved, in its sole discretion, such Eligible Asset;

	 	(10)	 	With respect to any Table-Funded Mortgage Asset, Buyer shall have received a
duly executed Escrow Agreement;

	 	(11)	 	With respect to each Eligible Asset which is a Table-Funded Mortgage Asset, the
related Mortgage Asset File has been delivered to the Bailee in accordance with the
terms of the related Bailee Agreement, and on or prior to the Purchase Date the Bailee
shall have delivered to the Custodian (with a copy to the Buyer) the Purchase Date File
and Bailee Trust Receipt and Certification in accordance with the terms of the related
Bailee Agreement, the insured closing letter (if any), the escrow instructions (if
any), a fully executed Bailee Agreement and such other evidence satisfactory to the
Buyer in its discretion that all documents necessary to effect a transfer of the
Purchased Assets to the Buyer have been delivered to Bailee;

	 	(12)	 	none of the following shall have occurred and/or be continuing:

(A) in the good faith determination of Buyer an event or events shall
have occurred resulting in the effective absence of a “repo market” or
comparable “lending market” for financing debt obligations secured by
mortgage loans substantially similar to the Mortgage Loans, mezzanine loans
substantially similar to the Mezzanine Loans or securities or an event or
events shall have occurred in the good faith determination of Buyer
resulting in Buyer not being able to finance Purchased Assets through the
“repo market” or “lending market” with traditional counterparties at rates
which would have been reasonable prior to the occurrence of such event or
events; or

(B) in the good faith determination of Buyer, an event or events shall
have occurred resulting in the effective absence of a “securities market”
for securities backed by mortgage loans substantially similar to the
Mortgage Loans or mezzanine loans substantially similar to the Mezzanine
Loans or an event or events shall have occurred, in the good faith
determination of Buyer, resulting in Buyer not being able to sell securities
backed by mortgage loans or mezzanine loans at prices which would have been
reasonable prior to such event or events;

	 	(13)	 	With respect to each Eligible Asset that is not a Table-Funded Mortgage Asset,
Buyer shall have received from Custodian on each Purchase Date an Asset Schedule and
Exception Report, dated the Purchase Date, duly completed and with exceptions
acceptable to Buyer in its sole discretion in respect of Eligible Assets to be
purchased hereunder on such Business Day. With respect to each Table-Funded Mortgage
Asset, the Buyer shall have received from the Custodian a Table-Funded Trust Receipt no
later than 1:00 p.m. on the Purchase Date, which documents shall be acceptable to the
Buyer in its sole discretion;

	 	(14)	 	Buyer shall have received from Seller a Warehouse Lender’s Release Letter
substantially in the form attached to the Custodial Agreement (or such other form
acceptable to Buyer) or a Seller’s Release Letter substantially in the form attached to
the Custodial Agreement (or such other form acceptable to Buyer) covering each Eligible
Asset to be sold to Buyer;

	 	(15)	 	prior to the purchase of any Eligible Asset acquired (by purchase or otherwise)
by Seller from any third party other than RAIT Partnership, L.P. (“RAIT LP”),
including without limitation, any Affiliate of Seller, Buyer shall have received a True
Sale Opinion;

	 	(16)	 	the Seller shall have assigned to the Buyer, all of the Seller’s rights under
each Interest Rate Protection Agreement in respect of a Purchased Asset and no
“termination event”, “event of default” or “potential event of default” (however
denominated) shall have occurred and be continuing under any such Interest Rate
Protection Agreement;

	 	(17)	 	Buyer shall not have determined that the introduction of, or a change in, any
Requirement of Law or in the interpretation or administration of any Requirement of Law
applicable to Buyer has made it unlawful, and no Governmental Authority shall have
asserted that it is unlawful, for Buyer to enter into Transactions;

	 	(18)	 	Each Eligible Asset that is a Mortgage Loan has a Purchase Price in excess of
$1,000,000; and

	 	(19)	 	the Repurchase Date for such Transaction is not later than the Termination
Date.

Each Transaction Request delivered by Seller hereunder shall constitute a certification by
Seller that all the conditions set forth in this Section 3(b) have been satisfied (both as
of the date of such notice or request and as of the date of such purchase).

	(c)	 	From time to time, in the sole discretion of Buyer, Buyer will purchase from Seller certain
Eligible Assets that have been either originated by Seller or purchased by Seller from other
originators. This Agreement is not a commitment by Buyer to enter into Transactions with
Seller but rather sets forth the procedures to be used in connection with periodic requests
for Buyer to enter into Transactions with Seller. Seller hereby acknowledges that Buyer is
under no obligation to agree to enter into, or to enter into, any Transaction pursuant to this
Agreement.

With respect to each Eligible Asset that is not a Table-Funded Mortgage Asset, Seller shall
request a Transaction by delivering to Custodian and Buyer via Electronic Transmission a
request in the form of Exhibit I attached hereto (a “Transaction Request”),
a Seller Asset Schedule and the Underwriting Package. Such Transaction Request shall be
delivered no later than 12:00 noon (eastern time) five (5) Business Days prior to the
requested Purchase Date; provided, that if such delivery is made after 12:00 noon (eastern
time) it shall be deemed to have been delivered on the next succeeding Business Day and the
requested Purchase Date shall be deemed to be the date that is five (5) Business Days
thereafter. Such Transaction Request shall describe the Purchased Assets in a Seller Asset
Schedule and set forth (i) the proposed Purchase Date, (ii) the proposed Purchase Price,
(iii) the proposed Repurchase Date, (iv) the Pricing Rate applicable to the Transaction,
(v) the applicable Purchase Percentages, (vi) the applicable Class or Classes for each
Eligible Asset for which Seller is requesting the Transaction and (vii) additional terms or
conditions not inconsistent with this Agreement. In the event the Seller Asset Schedule
provided by Seller contains erroneous computer data, is not formatted properly or the
computer fields are otherwise improperly aligned, Buyer shall provide written or electronic
notice to Seller describing such error and Seller shall correct the computer data, reformat
the Seller Asset Schedule or properly align the computer fields. The Seller shall hold
Buyer harmless for such correction, reformatting or realigning, as applicable.

With respect to each Eligible Asset that is a Table-Funded Mortgage Asset, the Seller shall
request a Transaction by delivering to the Buyer (or Bailee on its behalf) a Transaction
Request (with a copy to the Custodian) via Electronic Transmission. Such Transaction
Request shall be delivered no later than 12:00 noon (eastern time) five (5) Business Days
prior to the requested Purchase Date (or in the case of a Table-Funded Asset that is a
Mezzanine Loan, seven (7) Business Days) and it shall be accompanied by a Seller Asset
Schedule and Underwriting Package; provided, that if such delivery is made after 12:00 noon
(eastern time) it shall be deemed to have been delivered on the next succeeding Business Day
and the requested Purchase Date shall be deemed to be the date that is five (5) Business
Days (or in the case of a Table-Funded Asset that is a Mezzanine Loan, seven (7) Business
Days) thereafter. Each such Transaction Request shall describe the Mortgage Assets proposed
to be purchased, set forth (i) the proposed Purchase Date, (ii) the proposed Purchase Price,
(iii) the proposed Repurchase Date, (iv) the Pricing Rate applicable to the Transaction,
(v) the applicable Purchase Percentages, (vi) the applicable Class or Classes for each
Eligible Asset for which Seller is requesting the Transaction and (vii) additional terms or
conditions not inconsistent with this Agreement. Any items in the Underwriting Package that
have been changed or updated since the original date of delivery shall be delivered no later
than 12:00 noon (eastern time) on the requested Purchase Date (or such later date as may be
deemed to be the Purchase Date pursuant to the following sentence) to Bailee to be held in
escrow on behalf of Buyer pending finalization of the Transaction; provided, that if such
items are delivered after 12:00 noon (eastern time) on such requested Purchase Date, the
Buyer may, in its sole discretion, decline to enter into the requested Transaction or may
deem the Purchase Date to be the Business Day immediately following the date on which the
Buyer (or Bailee on the Buyer’s behalf) received the complete Underwriting Package.

Unless otherwise agreed in writing, upon receipt of the Transaction Request, Buyer may,
subject to its right to perform due diligence in accordance with Section 3(b)(6), in its
sole discretion, agree to enter into the requested Transaction and such agreement shall be
evidenced by a Confirmation to be delivered to Seller on the Purchase Date as described
below. Buyer shall, if it determines in its sole discretion to consider entering into a
requested Transaction, deliver a proposed draft confirmation to Seller no more than four (4)
Business Days after the receipt of the complete Underwriting Package. Such draft
confirmation shall be preliminary and set forth proposed terms that shall not be binding
upon Buyer. The delivery of a preliminary draft confirmation shall in no event be deemed a
determination by Buyer to enter into any proposed Transaction.

On each Purchase Date, Buyer shall forward to Seller a final confirmation (a
“Confirmation”) by Electronic Transmission setting forth with respect to each
Transaction to be funded on such date, (1) the loan number, (2) the Purchase Price for such
Purchased Assets, (3) the Market Value of the related Eligible Assets as of the date of such
Confirmation, (4) the outstanding principal amount of the related Eligible Assets, (5) the
Repurchase Date, (6) the Pricing Rate and (7) the Class designations of such Purchased
Assets. Buyer shall forward to Seller a revised Confirmation by Electronic Transmission
notifying Seller as to any changes made by Buyer in the Pricing Spread or Purchase
Percentage pursuant to the terms hereof.

In the event Seller disagrees with any terms of the Confirmation, Seller shall notify Buyer
in writing of such disagreement within one (1) Business Day after receipt of such
Confirmation unless a corrected Confirmation is sent by Buyer. An objection sent by Seller
must state specifically that it is an objection, must specify the provision(s) being
objected to by Seller, must set forth such provision(s) in the manner that Seller believes
they should be stated, and must be received by Buyer no more than one (1) Business Day after
the Confirmation was received by Seller.

	(d)	 	Any Confirmation by Buyer shall be deemed to have been received by Seller on the date
actually received by Seller.

	(e)	 	Except as set forth in Section 3(c), each Confirmation, together with this Agreement, shall
constitute conclusive evidence of the terms agreed between Buyer and Seller with respect to
the Transaction to which the Confirmation relates, and Seller’s acceptance of the related
proceeds shall constitute Seller’s agreement to the terms of such Confirmation. It is the
intention of the parties that each Confirmation shall not be separate from this Agreement but
shall be made a part of this Agreement.

	(f)	 	On the Repurchase Date, termination of a Transaction will be effected by transfer to Seller
or its designee of the same Purchased Assets Seller sold to Buyer in a Transaction (and any
Income in respect thereof received by Buyer not previously credited or transferred to, or
applied to the obligations of, Seller pursuant to Section 5) which amount shall be netted
against the simultaneous receipt of the Repurchase Price by Buyer. To the extent a net amount
is owed to one party, the other party shall pay such amount to such party. Seller is
obligated to obtain the Mortgage Asset Files from Buyer or its designee (including Custodian)
at Seller’s expense on the Repurchase Date.

	(g)	 	In no event shall a Transaction be entered into when any Default or Event of Default has
occurred and is continuing or when the Repurchase Date for such Transaction would be later
than the Termination Date.

	(h)	 	Seller shall deliver to Custodian the Mortgage Asset File pertaining to each Eligible Asset
to be purchased by Buyer no later than the time set forth in the Custodial Agreement.

	(i)	 	With respect to Table-Funded Mortgage Assets, Buyer or its designee shall have received on or
before the Purchase Date the related Bailee Trust Receipt and Certification, as required
pursuant to the Bailee Agreement. With respect to each Eligible Asset which is not a
Table-Funded Mortgage Asset, pursuant to the Custodial Agreement, Custodian shall deliver to
Buyer and Seller an Asset Schedule and Exception Report with respect to the Eligible Assets
which Seller has requested Buyer purchase on such Purchase Date and no later than 5 p.m., New
York City time, on each Purchase Date, Custodian shall deliver to Buyer a Trust Receipt in
respect of all such Eligible Assets purchased by Buyer on such Purchase Date. In the case of
a Table-Funded Mortgage Asset, on the second (2nd) Business Day following the Custodian’s
receipt of the related Mortgage Loan Documents comprising the Mortgage Asset File, the
Custodian shall deliver to the Buyer a Trust Receipt certifying its receipt of the documents
required to be delivered pursuant to the Custodial Agreement, together with an Asset Schedule
and Exception Report relating to the Basic Mortgage Documents, with any exceptions identified
by the Custodian as of the date and time of delivery of such Asset Schedule and Exception
Report. Subject to the provisions of this Section 3, the Purchase Price for each Eligible
Asset will be made available to Seller by Buyer transferring the aggregate amount of such
Purchase Price to (i) the Seller or the entity named in the related Warehouse Lender’s Release
Letter in the case of an Eligible Asset that is not a Table-Funded Mortgage Asset and (ii) the
settlement agent that executed the related Escrow Agreement in the case of each Table-Funded
Mortgage Asset.

	(j)	 	Seller may repurchase Purchased Assets without penalty or premium, but subject to the last
sentence of this Section 3(j), on any date. The Repurchase Price payable for the repurchase
of any such Purchased Asset shall be reduced as provided in Section 5(d). If Seller intends
to make such a repurchase, Seller shall give 4 Business Day’s prior written notice thereof to
Buyer, designating the Purchased Assets to be repurchased. If such notice is given, the
amount specified in such notice shall be due and payable on the date specified therein, and,
on receipt, such amount shall be applied to the Repurchase Price for the designated Purchased
Assets. The amount of the original Purchase Price of the Purchased Assets thus repurchased
shall be available for subsequent Transactions subject to the terms of this Agreement. If any
Purchased Asset is repurchased on any date other than the Repurchase Date for such
Transaction, Seller shall pay to Buyer any amount determined by Buyer, in its sole discretion
exercised in good faith, as necessary to compensate Buyer for any additional losses, costs or
expenses which it actually incurs as a result of such repurchase, including, without
limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of
deposits or other funds acquired by Buyer to fund or maintain such Transaction. Buyer shall
deliver to Seller such reasonable documentation or explanation of such additional loss, cost
or expense as Buyer has in its possession or can obtain without undue effort or expense.

	(k)	 	At the request of Seller made at least 20 Business Days prior to the Initial Termination
Date, Buyer may in its sole discretion extend the Termination Date for a period of no less
than 3 additional months or such longer period to be determined by Buyer in its sole
discretion by giving written notice of such extension to Seller no later than ten (10) days
after Buyer’s receipt of Seller’s request. Any failure by Buyer to deliver such notice of
extension shall be deemed to be Buyer’s determination not to extend the then current
Termination Date.

	4.	 	MARGIN AMOUNT MAINTENANCE

	(a)	 	If at any time the Margin Base is less than the aggregate Purchase Price for all outstanding
Transactions (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice
is more particularly set forth below, a “Margin Deficit Notice”) require Seller to
transfer to Buyer or its designee (including Custodian) Cash to be applied to reduce the
Purchase Price with respect to all outstanding Transactions such that the aggregate Asset
Value of the Purchased Assets will thereupon equal or exceed the aggregate Purchase Price for
all outstanding Transactions. If Buyer delivers a Margin Deficit Notice to Seller on or prior
to 10 a.m., New York City time, on any Business Day, then Seller shall transfer such cash to
Buyer no later than 4 p.m. New York City time, on such Business Day. In the event Buyer
delivers a Margin Deficit Notice to Seller after 10 a.m., New York City time, on any Business
Day, Seller shall be required to transfer such cash no later than 4 p.m., New York City time,
on the subsequent Business Day. All Cash transferred to Buyer pursuant to this Section 4(a)
shall be deposited in the account set forth in Section 9(a) hereof.

	(b)	 	Buyer’s election, in its sole discretion, not to deliver a Margin Deficit Notice at any time
there is a Margin Deficit shall not in any way limit or impair its right to deliver a Margin
Deficit Notice at any time a Margin Deficit exists.

	5.	 	INCOME PAYMENTS

	(a)	 	The Collection Account shall be established by the Seller in accordance with the terms and
conditions of the Account Agreement concurrently with the execution and delivery of this
Agreement by Seller and Buyer. Buyer shall have sole dominion and control over the Collection
Account. All Income (other than amounts deposited in escrow accounts pursuant to Accepted
Servicing Practices) in respect of the Purchased Assets and any payments in respect of
associated Interest Rate Protection Agreements shall be deposited into the Collection Account
within two (2) Business Days of receipt by Servicer and shall be remitted by Servicer from the
Collection Account in accordance with this Agreement. All such Income shall be held in trust
for Buyer, shall, subject to Section 7(h), constitute the property of Buyer and once deposited
into the Collection Account shall not be commingled with other property of Seller, any
Affiliate of Seller, or Servicer. Such amounts shall only be invested in Eligible
Investments.

	(b)	 	Servicer shall deposit all Income (other than amounts deposited in escrow accounts), derived
from the Purchased Assets, whether constituting collections thereon or proceeds of sale
thereof, into the Collection Account within two (2) Business Days of receipt by Servicer.

	(c)	 	In addition, with respect to each Purchased Asset, Seller shall deliver to the Custodian an
Servicer Notice from Buyer, signed by the Servicer, with respect to such Purchased Asset,
instructing the Servicer, as applicable, to remit all sums required to be remitted to the
holder of such Purchased Asset under the loan documents to the Collection Account or as
otherwise directed in a written notice signed by Buyer. With respect to Third Party
Servicers, the parties shall comply with Section 25 hereof.

	(d)	 	Funds deposited in the Collection Account during any Eurodollar Period shall be held therein
until the next Payment Date. On or before 3:00 p.m. (New York time) on the Payment
Calculation Date, Servicer shall deliver to Buyer and the Bank a Distribution Worksheet.
Subject to the terms of the Account Agreement, Seller shall (or Seller shall cause Servicer
to) withdraw any funds on deposit in the Collection Account and distribute such funds as
follows:

	 	(1)	 	first, to Buyer in payment of any accrued and unpaid Price Differential to the
extent not previously paid by Seller to Buyer;

	 	(2)	 	second, without limiting the rights of Buyer under Section 4 of this Agreement,
to Buyer, in the amount of any unpaid Margin Deficit;

	 	(3)	 	third, to the payment of any amounts (other than breakage costs) then due and
payable to an Affiliated Hedge Counterparty under any Interest Rate Protection
Agreement related to such Purchased Asset;

	 	(4)	 	fourth, to Buyer in reduction of the Purchase Price of each Purchased Asset,
the full amount of any payments of principal or other invested amount received on or
with respect to such Purchased Asset;

	 	(5)	 	fifth, to the payment of all other accrued and unpaid costs and fees payable to
Buyer pursuant to this Agreement; and

	 	(6)	 	sixth, any remainder shall be paid to Seller.

	(e)	 	Notwithstanding the preceding provisions, if an Event of Default shall have occurred and be
continuing hereunder, all funds in the Collection Account shall be withdrawn and applied:

	 	(1)	 	first, in the same order of priority as Sections (d)(1), (2) and (3) above;

	 	(2)	 	second, to reduction of the Repurchase Price until reduced to zero;

	 	(3)	 	third, to payment of all costs and fees and any other Obligations payable to
Buyer pursuant to this Agreement; and

	 	(4)	 	fourth, any remainder shall be paid to Seller.

	(f)	 	Buyer shall offset against the accrued and outstanding Price Differential all Price
Differential payments actually received by Buyer hereunder, excluding any amounts paid
pursuant to any Price Differential payments made at an amount equal to the Post Default Rate
in excess of the Pricing Rate.

	(g)	 	Notwithstanding that, subject to Section 7(h), Buyer and Seller intend that the Transactions
hereunder be sales to Buyer of the Purchased Assets, Seller shall pay to Buyer the accreted
value of the Price Differential (less any amount of such Price Differential previously paid by
Seller to Buyer) of each Transaction through but not including the Payment Calculation Date
(each such payment, a “Periodic Advance Repurchase Payment”) on each Payment Date.
Buyer shall deliver to Seller, via Electronic Transmission, notice of the required Periodic
Advance Repurchase Payment on or prior to the second Business Day preceding each Payment Date.
If Seller fails to make all or part of the Periodic Advance Repurchase Payment by 5:00 p.m.,
New York City time, on the Payment Date, Seller shall be obligated to pay to Buyer (in
addition to, and together with, the Periodic Advance Repurchase Payment) interest on the
unpaid amount of the Periodic Advance Repurchase Payment at a rate per annum equal to the
Post-Default Rate (the “Late Payment Fee”) until the overdue Periodic Advance
Repurchase Payment is received in full by Buyer.

	(h)	 	Seller shall hold or cause to be held for the benefit of, and in trust for, Buyer all income,
including without limitation all Income received by or on behalf of Seller with respect to
such Purchased Assets. All such Income shall be held in trust for Buyer, shall, subject to
Section 7(h) constitute the property of Buyer and shall not be commingled with other property
of Seller, any affiliate of Seller or the applicable Servicer except as expressly permitted
above in this Section 5. Funds deposited in the Collection Account during any month shall be
held therein, in trust for Buyer.

	(i)	 	Buyer shall offset against the Repurchase Price of each such Transaction all Income and
Periodic Advance Repurchase Payments actually received by Buyer for such Transaction pursuant
to Sections 5(g) as of the applicable Repurchase Date, respectively, excluding any Late
Payment Fees paid pursuant to Section 5(g); it being understood that the Late Payment Fees are
properties of Buyer that are not subject to offset against the Repurchase Price.

	6.	 	REQUIREMENTS OF LAW

	(a)	 	If any Requirement of Law (other than with respect to any amendment made to the Buyer’s
certificate of incorporation and by laws or other organizational or governing documents) or
any change in the interpretation or application thereof or compliance by the Buyer with any
request or directive (whether or not having the force of law) from any central bank or other
Governmental Authority made subsequent to the date hereof:

	 	(1)	 	shall subject the Buyer to any Tax or increased Tax of any kind whatsoever with
respect to this Repurchase Agreement or any Transaction or change the basis of taxation
of payments to the Buyer in respect thereof;

	 	(2)	 	shall impose, modify or hold applicable any reserve, special deposit,
compulsory loan or similar requirement against assets held by, deposits or other
liabilities in or for the account of, advances, or other extensions of credit by, or
any other acquisition of funds by, any office of the Buyer which is not otherwise
included in the determination of the Eurodollar Rate hereunder;

	 	(3)	 	shall impose on the Buyer any other condition;

	(b)	 	and the result of any of the foregoing is to increase the cost to the Buyer, by an amount
which the Buyer deems to be material, of entering, continuing or maintaining any Transaction
or to reduce any amount due or owing hereunder in respect thereof, then, in any such case, the
Seller shall promptly pay the Buyer such additional amount or amounts as calculated by the
Buyer in good faith as will compensate the Buyer for such increased cost or reduced amount
receivable.

	(c)	 	If the Buyer shall have determined that the adoption of or any change in any Requirement of
Law (other than with respect to any amendment made to the Buyer’s certificate of incorporation
and by laws or other organizational or governing documents) regarding capital adequacy or in
the interpretation or application thereof or compliance by the Buyer or any corporation
controlling the Buyer with any request or directive regarding capital adequacy (whether or not
having the force of law) from any Governmental Authority made subsequent to the date hereof
shall have the effect of reducing the rate of return on the Buyer’s or such corporation’s
capital as a consequence of its obligations hereunder to a level below that which the Buyer or
such corporation could have achieved but for such adoption, change or compliance (taking into
consideration the Buyer’s or such corporation’s policies with respect to capital adequacy) by
an amount deemed by the Buyer to be material, then from time to time, the Seller shall
promptly pay to the Buyer such additional amount or amounts as will compensate the Buyer for
such reduction.

	(d)	 	If Buyer becomes entitled to claim any additional amounts pursuant to this Section, it shall
promptly notify Seller of the event by reason of which it has become so entitled. A
certificate as to any additional amounts payable pursuant to this Section 6(d) submitted by
Buyer to Seller shall be conclusive in the absence of manifest error. Buyer shall deliver to
Seller such reasonable documentation or explanation of such additional amounts as Buyer has in
its possession or can obtain without undue effort or expense.

	7.	 	TAXES.

	(a)	 	Any and all payments by the Seller under or in respect of this Repurchase Agreement or any
other Repurchase Documents to which the Seller is a party shall be made free and clear of, and
without deduction or withholding for or on account of, any and all present or future taxes,
levies, imposts, deductions, charges or withholdings, and all liabilities (including
penalties, interest and additions to tax) with respect thereto, whether now or hereafter
imposed, levied, collected, withheld or assessed by any taxation authority or other
Governmental Authority (collectively, “Taxes”), unless required by law. If the Seller
shall be required under any applicable Requirement of Law to deduct or withhold any Taxes from
or in respect of any sum payable under or in respect of this Repurchase Agreement or any of
the other Repurchase Documents to the Buyer, (i) Seller shall make all such deductions and
withholdings in respect of Taxes, (ii) Seller shall pay the full amount deducted or withheld
in respect of Taxes to the relevant taxation authority or other Governmental Authority in
accordance with any applicable Requirement of Law, and (iii) the sum payable by Seller shall
be increased as may be necessary so that after Seller has made all required deductions and
withholdings (including deductions and withholdings applicable to additional amounts payable
under this Section 7) such Buyer receives an amount equal to the sum it would have received
had no such deductions or withholdings been made in respect of Non-Excluded Taxes. For
purposes of this Repurchase Agreement the term “Non-Excluded Taxes” are Taxes other
than, in the case of a Buyer, (i) Taxes that are imposed on its overall Net Income on a net
income basis (and franchise taxes imposed in lieu thereof) by the jurisdiction under the laws
of which such Buyer is organized or of its applicable lending office, or any political
subdivision thereof, unless Buyer becomes subject to such Tax as a result of such Buyer having
executed, delivered or performed its obligations or received payments under, or enforced, this
Repurchase Agreement or any of the other Repurchase Documents (in which case such Taxes will
be treated as Non-Excluded Taxes) and (ii) branch profit taxes imposed by the United States of
America.

	(b)	 	In addition, Seller hereby agrees to pay any present or future stamp, recording, documentary,
excise, property or value-added taxes, or similar taxes, charges or levies that arise from any
payment made under or in respect of this Repurchase Agreement or any other Repurchase Document
or from the execution, delivery or registration of, any performance under, or otherwise with
respect to, this Repurchase Agreement or any other Repurchase Document (collectively,
“Other Taxes”).

	(c)	 	Seller hereby agrees to indemnify Buyer for, and to hold it harmless against, the full amount
of Non-Excluded Taxes and Other Taxes, and the full amount of Taxes of any kind imposed by any
jurisdiction on amounts payable under this Section 7 imposed on or paid by such Buyer and any
liability (including penalties, additions to tax, interest and expenses) arising therefrom or
with respect thereto. The indemnity by Seller provided for in this Section 7(c) shall apply
and be made whether or not the Non-Excluded Taxes or Other Taxes for which indemnification
hereunder is sought have been correctly or legally asserted. Amounts payable by Seller under
the indemnity set forth in this Section 7(c) shall be paid within ten (10) days from the date
on which Buyer makes written demand therefor.

	(d)	 	Within thirty (30) days after the date of any payment of Taxes, Seller (or any Person making
such payment on behalf of Seller) shall furnish to Buyer for its own account a certified copy
of the original official receipt evidencing payment thereof. For purposes of subsection (e)
of this Section 7, the terms “United States” and “United States person” shall
have the meanings specified in Section 7701 of the Internal Revenue Code.

	(e)	 	Each Buyer (including for avoidance of doubt any assignee, successor or participant) that
either (i) is not incorporated under the laws of the United States, any State thereof, or the
District of Columbia or (ii) whose name does not include “Incorporated,” “Inc.,”
“Corporation,” “Corp.,” “P.C.,” “insurance company,” or “assurance company” (a “Non-Exempt
Buyer”) shall deliver or cause to be delivered to Seller the following properly completed
and duly executed documents:

	 	(1)	 	in the case of a Non-Exempt Buyer that is not a United States person, a
complete and executed (x) U.S. Internal Revenue Form W-8BEN with Part II completed in
which Buyer claims the benefits of a tax treaty with the United States providing for a
zero or reduced rate of withholding (or any successor forms thereto), including all
appropriate attachments or (y) a U.S. Internal Revenue Service Form W-8ECI (or any
successor forms thereto); or

	 	(2)	 	in the case of an individual, (x) a complete and executed U.S. Internal Revenue
Service Form W-8BEN (or any successor forms thereto) and a certificate substantially in
the form of Exhibit VIII (a “Section 7 Certificate”) or (y) a complete and
executed U.S. Internal Revenue Service Form W-9 (or any successor forms thereto); or

	 	(3)	 	in the case of a Non-Exempt Buyer that is organized under the laws of the
United States, any State thereof, or the District of Columbia, a complete and executed
U.S. Internal Revenue Service Form W-9 (or any successor forms thereto), including all
appropriate attachments; or

	 	(4)	 	in the case of a Non-Exempt Buyer that (x) is not organized under the laws of
the United States, any State thereof, or the District of Columbia and (y) is treated as
a corporation for U.S. federal income tax purposes, a complete and executed U.S.
Internal Revenue Service Form W-8BEN claiming a zero rate of withholding (or any
successor forms thereto) and a Section 7 Certificate; or

	 	(5)	 	in the case of a Non-Exempt Buyer that (A) is treated as a partnership or other
non-corporate entity, and (B) is not organized under the laws of the United States, any
State thereof, or the District of Columbia, (x)(i) a complete and executed U.S.
Internal Revenue Service Form W-8IMY (or any successor forms thereto) (including all
required documents and attachments) and (ii) a Section 7 Certificate, and (y) without
duplication, with respect to each of its beneficial owners and the beneficial owners of
such beneficial owners looking through chains of owners to individuals or entities that
are treated as corporations for U.S. federal income tax purposes (all such owners,
“beneficial owners”), the documents that would be required by clause (1), (2),
(3), (4), (6), (7) and/or this clause (5) with respect to each such beneficial owner if
such beneficial owner were Buyer, provided, however, that no such documents will be
required with respect to a beneficial owner to the extent the actual Buyer is
determined to be in compliance with the requirements for certification on behalf of its
beneficial owner as may be provided in applicable U.S. Treasury regulations, or the
requirements of this clause (5) are otherwise determined to be unnecessary, all such
determinations under this clause (5) to be made in the sole discretion of Seller
exercised in good faith, provided, however, that Buyer shall be provided an opportunity
to establish such compliance as reasonable; or

	 	(6)	 	in the case of a Non-Exempt Buyer that is disregarded for U.S. federal income
tax purposes, the document that would be required by clause (1), (2), (3), (4), (5),
(7) and/or this clause (6) of this Section 7(e) with respect to its beneficial owner if
such beneficial owner were the Buyer; or

	 	(7)	 	in the case of a Non-Exempt Buyer that (A) is not a United States person and
(B) is acting in the capacity as an “intermediary” (as defined in U.S. Treasury
Regulations), (x)(i) a U.S. Internal Revenue Service Form W-8IMY (or any successor form
thereto) (including all required documents and attachments) and (ii) a Section 7
Certificate, and (y) if the intermediary is a “non-qualified intermediary” (as defined
in U.S. Treasury Regulations), from each person upon whose behalf the “non-qualified
intermediary” is acting the documents that would be required by clause (1), (2), (3),
(4), (5), (6), and/or this clause (7) with respect to each such person if each such
person were Buyer.

If the forms referred to above in this Section 7(e) that are provided by a Buyer at the time
such Buyer first becomes a party to this Repurchase Agreement or, with respect to a grant of
a participation, the effective date thereof, indicate a United States interest withholding
tax rate in excess of zero, withholding tax at such rate shall be treated as Taxes other
than “Non-Excluded Taxes” (“Excluded Taxes”) and shall not qualify as Non-Excluded
Taxes unless and until such Buyer provides the appropriate form certifying that a lesser
rate applies, whereupon withholding tax at such lesser rate shall be considered Excluded
Taxes solely for the periods governed by such form. If, however, on the date a Person
becomes an assignee, successor or participant to this Repurchase Agreement, Buyer transferor
was entitled to indemnification or additional amounts under this Section 7, then the Buyer
assignee, successor or participant shall be entitled to indemnification or additional
amounts to the extent (and only to the extent), that the Buyer transferor was entitled to
such indemnification or additional amounts for Non-Excluded Taxes, and the Buyer assignee,
successor or participant shall be entitled to additional indemnification or additional
amounts for any other or additional Non-Excluded Taxes.

	(f)	 	For any period with respect to which Buyer has failed to provide Seller with the appropriate
form, certificate or other document described in subsection (e) of this Section 7 (other than
(i) if such failure is due to a change in any applicable Requirement of Law, or in the
interpretation or application thereof, occurring after the date on which a form, certificate
or other document originally was required to be provided, (ii) if such form, certificate or
other document otherwise is not required under subsection (e) of this Section 7, or (iii) if
it is legally inadvisable or otherwise commercially disadvantageous for such Buyer to deliver
such form, certificate or other document), such Buyer shall not be entitled to indemnification
or additional amounts under subsection (a) or (c) of this Section 7 with respect to
Non-Excluded Taxes imposed by the United States by reason of such failure; provided, however,
that should a Buyer become subject to Non-Excluded Taxes because of its failure to deliver a
form, certificate or other document required hereunder, Seller shall take such steps as such
Buyer shall reasonably request, to assist such Buyer in recovering such Non-Excluded Taxes.

	(g)	 	Without prejudice to the survival of any other agreement of the Seller hereunder, the
agreements and obligations of the Seller contained in this Section 7 shall survive the
termination of this Repurchase Agreement. Nothing contained in this Section 7 shall require
the Buyer to make available any of its tax returns or any other information that it deems to
be confidential or proprietary.

	(h)	 	Each party to this Repurchase Agreement acknowledges that it is its intent for purposes of
U.S. federal, state and local income and franchise taxes, to treat the Transaction as
indebtedness of the Seller that is secured by the Purchased Assets and the Purchased Assets as
owned by the Seller for U.S. federal, state and local income and franchise tax purposes in the
absence of a Default by the Seller. All parties to this Repurchase Agreement agree to such
treatment and agree to take no action inconsistent with this treatment, unless required by
law.

	8.	 	SECURITY INTEREST

	(a)	 	Each of the following items or types of property, whether now owned or hereafter acquired,
now existing or hereafter created and wherever located, is hereinafter referred to as the
“Purchased Items”: all Eligible Assets, all rights under each Purchase Agreement (but
not the obligations thereunder), all Mortgage Asset Files, including without limitation all
promissory notes included therein, all Servicing Records relating to the Eligible Assets, all
Servicing Agreements relating to the Eligible Assets and any other collateral pledged or
otherwise relating to such Eligible Assets, together with all files, documents, instruments,
surveys, certificates, correspondence, appraisals, computer programs, computer storage media,
accounting records and other books and records relating thereto, all mortgage guaranties and
insurance (issued by governmental agencies or otherwise) and any mortgage insurance
certificate or other document evidencing such mortgage guaranties or insurance relating to any
Eligible Asset, all servicing fees to which the Seller is entitled and servicing and other
rights relating to the Eligible Assets, all Servicer Accounts in which such Seller has any
interest established pursuant to any Servicing Agreement and all amounts on deposit therein,
from time to time, or any other agreements or contracts relating to, constituting, or
otherwise governing, any or all of the foregoing to the extent they relate to the Purchased
Assets including the right to receive principal and interest payments with respect to the
Purchased Assets and the right to enforce such payments, the Collection Account and all monies
and investment property from time to time on deposit in, or credited to, the Collection
Account, all Interest Rate Protection Agreements, if any, all “general intangibles”,
“accounts”, “chattel paper”, “deposit accounts”, “instruments” and “investment property” as
defined in the UCC relating to or constituting any and all of the foregoing, and any and all
replacements, substitutions, distributions on or proceeds of any and all of the foregoing

	(b)	 	Buyer and Seller intend that the Transactions hereunder be sales to Buyer of the Purchased
Assets (other than for accounting and tax purposes) and not loans from Buyer to Seller secured
by the Purchased Assets. However, in order to preserve Buyer’s rights under this Agreement in
the event that a court or other forum recharacterizes the Transactions hereunder as loans and
as security for the performance by Seller of all of Seller’s obligations to Buyer hereunder
and the Transactions entered into hereunder (“Repurchase Obligations”) and the
Seller-Related Obligations, Seller hereby assigns, pledges and grants a security interest in
all of its right, title and interest in, to and under the Purchased Items and the Purchased
Assets to Buyer, for the ratable benefit of the Buyer and the Affiliate Hedge Counterparties,
to secure the Repurchase Obligations and the Seller-Related Obligations, including without
limitation the repayment of all amounts owing to Buyer hereunder and, as security for the
performance by the Seller of all of the Seller’s obligations to the Affiliated Hedge
Counterparties under the Interest Rate Protection Agreements and this Agreement, the Seller
hereby assigns, pledges and grants to the Buyer, as agent for and on behalf of the Affiliated
Hedge Counterparties, a pari passu security interest, subject to the payment priorities set
forth in this Agreement, in all of the Seller’s right, title and interest in, to and under the
Purchased Items and the Purchased Assets. The Seller agrees to mark its computer records and
files to the extent practicable to evidence the interests granted to Buyer hereunder. All
Purchased Items shall secure the payment of all obligations of the Seller now or hereafter
existing under this Agreement and each Interest Rate Protection Agreement that is with an
Affiliated Hedge Counterparty, including, without limitation, the Seller’s obligation to
repurchase Purchased Assets, or if such obligation is so recharacterized as a loan, to repay
such loan, for the Repurchase Price and to pay any and all other amounts owing to Buyer
hereunder.

	(c)	 	Pursuant to the Custodial Agreement, Custodian shall hold the Mortgage Asset Files as
exclusive bailee and agent for Buyer pursuant to the terms of the Custodial Agreement and
shall deliver to Buyer Trust Receipts each to the effect that Custodian has reviewed such
Mortgage Asset Files in the manner and to the extent required by the Custodial Agreement and
identifying any deficiencies in such Mortgage Asset Files as so reviewed.

	(d)	 	With respect to any portion of the Purchased Items which consist of “securities” or “security
entitlements” (as defined in the UCC), (x) in the case of any security represented by a
“security certificate” (within the meaning of the UCC), the Custodian shall hold such security
certificate, registered in the name of the Custodian or indorsed to the Custodian in blank (in
the case of a security in “registered form” (within the meaning of the UCC)) and (y) in the
case of a security entitlement, cause the relevant “securities intermediary” (as defined in
the UCC) to indicate by book-entry the credit thereof to a “securities account” (as defined in
the UCC), as to which the Custodian is the “entitlement holder” (as defined in the UCC).

	(e)	 	In addition to and without limiting the generality of the foregoing, the Seller hereby grants
to Buyer a security interest in each Interest Rate Protection Agreement, if any, relating to
the Purchased Assets to secure the Repurchase Obligations and the Seller-Related Obligations.

	(f)	 	The Buyer agrees to act as agent for and on behalf of the Affiliated Hedge Counterparties
with respect to the security interest granted hereby to secure the Seller’s obligations to the
Affiliated Hedge Counterparties, including, without limitation, with respect to the Purchased
Assets and the Mortgage Asset Files held by the Custodian pursuant to the Custodial Agreement.

	9.	 	PAYMENT, TRANSFER AND CUSTODY

	(a)	 	Unless otherwise mutually agreed in writing, all transfers of funds to be made by Seller
hereunder shall be made in Dollars, in immediately available funds, without deduction, set-off
or counterclaim, to Buyer at the following account maintained by Buyer; Account No. 101WA 256
616 002, Bank: UBS AG, Stamford, Connecticut, ABA No. 026 007 993, FBO: UBS Real Estate
Securities, Inc., not later than 3 p.m., New York City time, on the date on which such payment
shall become due (and each such payment made after such time shall be deemed to have been made
on the next succeeding Business Day). Seller acknowledges that it has no rights of withdrawal
from the foregoing account.

	(b)	 	On the Purchase Date for each Transaction, ownership of the Purchased Assets shall be
transferred to Buyer or its designee (including Custodian) against the simultaneous transfer
of the Purchase Price as set forth in Section 11 of the Custodial Agreement not later than
6 p.m., New York City time, simultaneously with the delivery to Custodian of (i) the Purchased
Assets relating to each Transaction in the case of Purchased Assets that are not Table-Funded
Mortgage Assets or (ii) the Bailee Agreement relating to each Transaction in the case of
Table-Funded Mortgage Assets. Seller hereby sells, transfers, conveys and assigns to Buyer or
its designee (including Custodian) without recourse, but subject to the terms of this
Agreement, all the right, title and interest of Seller in and to the Purchased Assets together
with all right, title and interest in and to the proceeds of any related Purchased Items.

	(c)	 	In connection with such sale, transfer, conveyance and assignment, on or prior to each
Purchase Date, Seller shall deliver or cause to be delivered and released to Buyer or its
designee (including Custodian) (i) the Custodial Identification Certificate and (ii) the
documents identified in the Custodial Agreement.

	(d)	 	Any Mortgage Asset Files not delivered to Buyer or its designee (including Custodian) are and
shall be held in trust by Seller or its designee for the benefit of Buyer as the owner
thereof. Seller or its designee shall maintain a copy of the Mortgage Asset File and the
originals of the Mortgage Asset File not delivered to Buyer or its designee (including
Custodian). The possession of the Mortgage Asset File by Seller or its designee is at the
will of Buyer for the sole purpose of servicing the related Purchased Asset, and such
retention and possession by Seller or its designee is in a custodial capacity only. Each
Mortgage Asset File retained or held by Seller or its designee shall be segregated on Seller’s
books and records from the other assets of Seller or its designee and the books and records of
Seller or its designee shall be marked appropriately to reflect clearly the sale of the
related Purchased Asset to Buyer. Seller or its designee shall release its custody of the
Mortgage Asset File only in accordance with written instructions from Buyer, unless such
release is required as incidental to the servicing of the Purchased Assets or is in connection
with a repurchase of any Purchased Asset by Seller.

	10.	 	HYPOTHECATION OR PLEDGE OF PURCHASED ASSETS

Title to all Purchased Assets and Purchased Items shall pass to Buyer and Buyer shall have
free and unrestricted use of all Purchased Assets and Purchased Items. Nothing in this
Agreement shall preclude Buyer from engaging in repurchase transactions with the Purchased
Assets and Purchased Items or otherwise pledging, repledging, transferring, hypothecating,
or rehypothecating the Purchased Assets and Purchased Items, all on terms that Buyer may
determine in its sole discretion, subject to Section 7(h) above; provided,
however, that no such transaction shall relieve Buyer of its obligations to transfer
Purchased Assets and Purchased Items to Seller pursuant to Sections 3 and 5 or of Buyer’s
obligation to credit or pay Income to, or apply Income to the obligations of Seller pursuant
to Section 5 hereof; provided further that no such transactions will be
treated as a sale for tax and accounting purposes. Nothing contained in this Agreement
shall obligate Buyer to segregate any Purchased Assets and Purchased Items delivered to
Buyer by Seller.

	11.	 	SELLER REPRESENTATIONS

Seller represents and warrants to Buyer that as of the Purchase Date for the purchase of any
Purchased Assets by Buyer from Seller and as of the date of this Agreement and any Transaction
hereunder and at all times while the Repurchase Documents and any Transaction hereunder is in full
force and effect:

	(a)	 	Acting as Principal. Seller will engage in such Transactions as principal (or, if
agreed in writing in advance of any Transaction by the other party hereto, as agent for a
disclosed principal);

	(b)	 	Solvency. Neither the Repurchase Documents nor any Transaction thereunder are
entered into in contemplation of insolvency or with intent to hinder, delay or defraud any of
Seller’s or Guarantor’s creditors. The transfer of the Mortgage Loans and Mezzanine Loans
subject hereto and the obligation to repurchase such Mortgage Loans and Mezzanine Loans is not
undertaken with the intent to hinder, delay or defraud any of Seller’s or Guarantor’s
creditors. Neither Seller nor Guarantor is insolvent within the meaning of 11 U.S.C.
Section 101(32) or any successor provision thereof and the transfer and sale of the Mortgage
Loans and Mezzanine Loans pursuant hereto and the obligation to repurchase such Mortgage Loans
and Mezzanine Loans (i) will not cause Seller or Guarantor to become insolvent, (ii) will not
result in Seller or Guarantor having unreasonably small capital, and (iii) will not result in
debts that would be beyond Seller’s or Guarantor’s ability to pay as the same mature.
Guarantor directly owns 100% of the equity of Seller. Seller received reasonably equivalent
value in exchange for the transfer and sale of the Purchased Assets and Purchased Items
subject hereto;

	(c)	 	No Broker.  Neither Seller nor Guarantor has dealt with any broker, investment
banker, agent, or other person, except for Buyer, who may be entitled to any commission or
compensation in connection with the sale of Purchased Assets pursuant to this Agreement;

	(d)	 	Ability to Perform. Neither Seller nor Guarantor believes, nor does it have any
reason or cause to believe, that it cannot perform each and every covenant contained in the
Repurchase Documents applicable to it to which it is a party;

	(e)	 	No Defaults. No Default or Event of Default has occurred and is continuing
hereunder;

	(f)	 	Legal Name; Existence; Organizational Identification Number. Seller’s exact legal
name is, and since its organization has been, RAIT Financial I, LLC. Seller (a) is, and since
its organization has been, a limited liability company duly and exclusively organized, validly
existing and in good standing under the laws of Delaware; (b) has all requisite corporate or
other power, and has all governmental licenses, authorizations, consents and approvals
necessary to own its assets and carry on its business as now being or as proposed to be
conducted, except where the lack of such licenses, authorizations, consents and approvals
would not be reasonably likely to have a Material Adverse Effect; and (c) is qualified to do
business and is in good standing in all other jurisdictions in which the nature of the
business conducted by it makes such qualification necessary, except where failure so to
qualify could not be reasonably likely (either individually or in the aggregate) to have a
Material Adverse Effect. Seller’s organizational identification number assigned by the state
of Delaware is 20-5540498. Guarantor (a) is a real estate investment trust duly and
exclusively organized, validly existing and in good standing under the laws of Maryland;
(b) has all requisite corporate or other power, and has all governmental licenses,
authorizations, consents and approvals necessary to own its assets and carry on its business
as now being or as proposed to be conducted, except where the lack of such licenses,
authorizations, consents and approvals would not be reasonably likely to have a Material
Adverse Effect; and (c) is qualified to do business and is in good standing in all other
jurisdictions in which the nature of the business conducted by it makes such qualification
necessary, except where failure so to qualify could not be reasonably likely (either
individually or in the aggregate) to have a Material Adverse Effect. RAIT LP is the direct
owner of all equity of the Seller.

	(g)	 	Financial Condition. Seller has heretofore furnished to Buyer (a) a copy of the
consolidated balance sheet of the Guarantor as of December 31, 2005 and the related
consolidated statements of income and retained earnings and of cash flows for such fiscal
year, reported on by Grant Thornton, LLP and such copies are complete and correct and present
fairly the financial condition of the Guarantor as at such date, and the results of its
operations and its cash flow for such fiscal year and (b) the consolidated balance sheet of
the Guarantor for the six-month period ended June 30, 2006 and its consolidated balance sheet
as of June 30, 2006 and the related consolidated statements of income and retained earnings
and of cash flows for such period, certified by a responsible officer, copies of which have
heretofore been furnished to UBS, are complete and correct and present fairly the financial
condition of the Guarantor as of such date, and the results of its operations and its cash
flows for such periods (subject to normal year-end audit adjustments). All such financial
statements, including the related schedules and notes thereto, have been prepared in
accordance with GAAP applied consistently throughout the periods involved (except as approved
by such accountants or responsible officer, as the case may be, and as disclosed therein). At
the date of the most recent balance sheet referred to above, the Guarantor had no material
guarantee obligation, contingent liability or liability for taxes, or any long-term lease or
unusual forward or long-term commitment, including, without limitation, any interest rate or
foreign currency swap or exchange transaction or other financial derivative, which is not
reflected in the foregoing statements or in the notes thereto. During the period from June
30, 2006, to and including the date hereof there has been no sale, transfer or other
disposition by the Guarantor of any material part of its business or property and no purchase
or other acquisition of any business or property (including any capital stock of any other
Person) material in relation to the financial condition of the Guarantor at June 30, 2006
other than mortgage loans, mezzanine loans and other similar loans to third parties in the
ordinary course of business.

	(h)	 	Litigation. There are no actions, suits, arbitrations, investigations (including,
without limitation, any of the foregoing which are pending or, to Seller’s knowledge,
threatened) or other legal or arbitrable proceedings affecting Seller, Guarantor or any of
their respective Subsidiaries or affecting any of the Property of any of them before any
Governmental Authority which (i) questions or challenges the validity or enforceability of the
Repurchase Documents or any action to be taken in connection with the transactions
contemplated hereby, (ii) makes a claim or claims in an aggregate amount greater than
$10,000,000, or (iii) individually or in the aggregate, if adversely determined, could
reasonably be likely to have a Material Adverse Effect.

	(i)	 	No Breach. Neither (a) the execution and delivery of the Repurchase Documents nor
(b) the consummation of the transactions therein contemplated to be entered into by Seller or
Guarantor in compliance with the terms and provisions thereof will conflict with or result in
a breach of the organizational documents of Seller or Guarantor, or any applicable law, rule
or regulation, or any order, writ, injunction or decree of any Governmental Authority, or any
Servicing Agreement or other material agreement or instrument to which Seller, Guarantor or
any of their respective Subsidiaries is a party or by which any of them or any of their
Property is bound or to which any of them is subject, or constitute a default under any such
material agreement or instrument or result in the creation or imposition of any Lien (except
for the Liens created pursuant to the Repurchase Documents) upon any Property of Seller or
Guarantor, or any of their respective Subsidiaries pursuant to the terms of any such agreement
or instrument.

	(j)	 	Action. Each of Seller and Guarantor has all necessary corporate or other power,
authority and legal right to execute, deliver and perform its obligations under each of the
Repurchase Documents, as applicable; the execution, delivery and performance by Seller or
Guarantor, as applicable, of each of the Repurchase Documents have been duly authorized by all
necessary corporate or other action on its part; and each Repurchase Document has been duly
and validly executed and delivered by Seller or Guarantor, as applicable, and constitutes a
legal, valid and binding obligation of Seller or Guarantor, as applicable, enforceable against
Seller or Guarantor, as applicable, in accordance with its terms.

	(k)	 	Approvals. No authorizations, approvals or consents of, and no filings or
registrations with, any Governmental Authority or any securities exchange are necessary for
the execution, delivery or performance by Seller or Guarantor of the Repurchase Documents or
for the legality, validity or enforceability thereof, except for filings and recordings in
respect of the Liens created pursuant to the Repurchase Documents.

	(l)	 	Margin Regulations. Neither any Transaction hereunder, nor the use of the proceeds
thereof, will violate or be inconsistent with the provisions of Regulation T, U or X.

	(m)	 	Taxes. Seller, Guarantor and their respective Subsidiaries have filed all Federal
income tax returns and all other material tax returns that are required to be filed by them
and have paid all taxes due pursuant to such returns or pursuant to any assessment received by
them or any of their respective Subsidiaries, except for any such taxes as are being
appropriately contested in good faith by appropriate proceedings diligently conducted and with
respect to which adequate reserves have been provided. The charges, accruals and reserves on
the books of Seller, Guarantor and their respective Subsidiaries in respect of taxes and other
governmental charges are, in the opinion of Seller, adequate.

	(n)	 	Investment Company Act. None of Seller, Guarantor nor any of their respective
Subsidiaries is an “investment company”, or a company “controlled” by an “investment company,”
within the meaning of the Investment Company Act of 1940, as amended.

	(o)	 	Purchased Assets.

	 	(1)	 	Seller has not assigned, pledged, or otherwise conveyed or encumbered any
Mortgage Loan or Mezzanine Loan to any other Person, except for such assignment,
pledge, conveyances or encumbrances that will be extinguished simultaneously with the
purchase hereunder of such Mortgage Loan or Mezzanine Loan, and immediately prior to
the sale of such Mortgage Loan or Mezzanine Loan to Buyer, Seller was the sole legal
and beneficial owner of such Mortgage Loan or Mezzanine Loan and had good and
marketable title thereto, free and clear of all Liens, in each case except for Liens to
be released simultaneously with the sale to Buyer hereunder. No Mortgage Loan or
Mezzanine Loan sold to Buyer hereunder was acquired (by purchase or otherwise) by
Seller from an Affiliate of Seller other than RAIT LP unless a True Sale Opinion has
been delivered to Buyer.

	 	(2)	 	The provisions of this Agreement are effective to either constitute a sale of
Purchased Items to Buyer or to create in favor of Buyer a valid and fully perfected
first priority security interest in all right, title and interest of Seller in, to and
under the Purchased Items.

	 	(3)	 	Upon receipt by Custodian of each Mortgage Note and Mezzanine Note, endorsed in
blank by a duly authorized officer of Seller, either a purchase shall have been
completed by Buyer of each Mortgage Note or Mezzanine Note, as applicable, or Buyer
shall have a valid and fully perfected first priority security interest in the
applicable Mortgage Note or Mezzanine Note and in such Seller’s interest in the related
Mortgaged Property or Mezzanine Collateral, as applicable.

	 	(4)	 	Upon the filing of financing statements on Form UCC-1 naming Buyer as “Secured
Party”, Seller as “Debtor” and describing the Purchased Items, in the jurisdictions and
recording offices listed on Exhibit IV attached hereto, the security interests
granted hereunder in the Purchased Items will constitute valid and fully perfected
security interests under the Uniform Commercial Code in all right, title and interest
of Seller in, to and under such Purchased Items, which can be perfected by filing under
the Uniform Commercial Code.

	 	(5)	 	Upon execution and delivery of the Account Agreement, Buyer shall either be the
owner of, or have a valid and fully perfected first priority security interest in, the
investment property and all deposit accounts comprising Purchased Items.

	 	(6)	 	With respect to each Purchased Asset, each of the representations and
warranties on Schedule 1 is true and correct.

	(p)	 	Location of Books and Records. The location where Seller keeps its books and
records, including all computer tapes and records related to the Purchased Items is its chief
executive office.

	(q)	 	Interest Rate Protection Agreements. To the actual knowledge of Seller, as of the
date of this Agreement and as of the Purchase Date for the purchase of any Purchased Assets
subject to an Interest Rate Protection Agreement, each such Interest Rate Protection Agreement
is in full force and effect in accordance with its terms and no default or event of default
exists thereunder.

	(r)	 	Servicing Agreements. Seller has delivered to Buyer all Servicing Agreements with
respect to the Purchased Assets and no default or event of default exists thereunder.

	(s)	 	Existing Financing Facilities. All credit facilities, repurchase facilities or
substantially similar facilities of Seller which are presently in effect are listed under the
definition of “Existing Financing Facilities” and no defaults or events of default exist
thereunder. The financial covenants hereunder are at least equal to those Seller makes under
each of the Existing Financing Facilities. Seller shall give Buyer prior notification if any
amendment to any financial covenant in any Existing Financing Facility increases the
obligations or requirements of Seller thereunder, and such changed financial covenant shall,
with no further action of Seller or Buyer, automatically become a part hereof and be
incorporated herein upon the effectiveness of such amendment in the other Existing Financing
Facility.

	(t)	 	True and Complete Disclosure. The information, reports, financial statements,
exhibits and schedules furnished in writing by or on behalf of Seller or Guarantor to Buyer in
connection with the negotiation, preparation or delivery of this Agreement and the other
Repurchase Documents or included herein or therein or delivered pursuant hereto or thereto,
when taken as a whole, do not contain any untrue statement of material fact or omit to state
any material fact necessary to make the statements herein or therein, in light of the
circumstances under which they were made, not misleading. All written information furnished
after the date hereof by or on behalf of each of Seller and Guarantor to Buyer in connection
with this Agreement and the other Repurchase Documents and the transactions contemplated
hereby and thereby will be true, complete and accurate in every material respect, or (in the
case of projections) based on reasonable estimates, on the date as of which such information
is stated or certified. There is no fact known to a Responsible Officer of Seller, after due
inquiry, that could reasonably be expected to have a Material Adverse Effect that has not been
disclosed herein, in the other Repurchase Documents or in a report, financial statement,
exhibit, schedule, disclosure letter or other writing furnished to Buyer for use in connection
with the transactions contemplated hereby or thereby.

	(u)	 	ERISA. Each Plan to which Seller, Guarantor or any of their respective Subsidiaries
make direct contributions, and, to the knowledge of Seller, each other Plan and each
Multiemployer Plan, is in compliance in all material respects with, and has been administered
in all material respects in compliance with, the applicable provisions of ERISA, the Code and
any other Federal or State law. No event or condition has occurred and is continuing as to
which Seller or Guarantor would be under an obligation to furnish a report to Buyer under
Section 12(a)(4).

	(v)	 	No Reliance. Each of Seller and Guarantor has made its own independent decisions to
enter into the Repurchase Documents and each Transaction and as to whether such Transaction is
appropriate and proper for it based upon its own judgment and upon advice from such advisors
(including without limitation, legal counsel and accountants) as it has deemed necessary.
Neither Seller nor Guarantor is relying upon any advice from Buyer as to any aspect of the
Transactions, including without limitation, the legal, accounting or tax treatment of such
Transactions.

	(w)	 	Compliance with Anti-Money Laundering Laws. Each of Seller and Guarantor has
complied with all applicable anti-money laundering laws and regulations, including without
limitation the USA Patriot Act of 2001 (collectively, the “Anti-Money Laundering
Laws”) applicable to it.

	(x)	 	Other Security Agreements. Seller has not become bound under Section 9-203(d) of the
UCC by a Security Agreement previously entered into by another Person.

	(y)	 	REIT. RAIT Investment Trust has not engaged in any material “prohibited
transactions” as defined in Section 857(b)(6)(B)(iii) and (C) of the Code. RAIT Investment
Trust for its current “tax year” (as defined in the Code) is and for all prior tax years
subsequent to its election to be a real estate investment trust has been entitled to a
dividends paid deduction under the requirements of Section 857 of the Code with respect to any
dividends paid by it with respect to each such year for which it claims a deduction in its
Form 1120-REIT filed with the United States Internal Revenue Service for such year.

	12.	 	COVENANTS OF SELLER

On and as of the date of this Agreement and each Purchase Date and until this Agreement is
no longer in force with respect to any Transaction, Seller covenants that:

	(a)	 	Financial Statements. Seller shall deliver to Buyer:

	 	(1)	 	as soon as available and in any event within forty (40) calendar days after the
end of each calendar quarter, (i) the unaudited consolidated balance sheets of
Guarantor and its consolidated Subsidiaries as at the end of such period and the
related unaudited consolidated statements of income and retained earnings and of cash
flows for Guarantor and its consolidated Subsidiaries for such period and the portion
of the fiscal year through the end of such period, and (ii) the unaudited consolidated
balance sheets of Seller and its consolidated Subsidiaries as at the end of such period
and the related unaudited consolidated statements of income and retained earnings and
of cash flows for Seller and its consolidated Subsidiaries for such period and the
portion of the fiscal year through the end of such period, in each case accompanied by
a certificate of a Responsible Officer of Seller, which certificate shall state that
said consolidated financial statements fairly present in all material respects the
consolidated financial condition and results of operations of Guarantor or Seller, as
applicable, and its consolidated Subsidiaries in accordance with GAAP, consistently
applied, as at the end of, and for, such period (subject to normal year-end
adjustments);

	 	(2)	 	as soon as available and in any event within ninety (90) days after the end of
each fiscal year (i) of Guarantor, the consolidated balance sheets of Guarantor and its
consolidated Subsidiaries as at the end of such fiscal year and the related
consolidated statements of income and retained earnings and of cash flows for Guarantor
and its consolidated Subsidiaries for such year, setting forth in each case in
comparative form the figures for the previous year, accompanied by an opinion thereon
of independent certified public accountants of recognized national standing, which
opinion shall not be qualified as to scope of audit or going concern and shall state
that said consolidated financial statements fairly present the consolidated financial
condition and results of operations of Guarantor and its respective consolidated
Subsidiaries as at the end of, and for, such fiscal year in accordance with GAAP, and a
certificate of such accountants stating that, in making the examination necessary for
their opinion, they obtained no knowledge, except as specifically stated, of any
Default or Event of Default and (ii) of Seller, the consolidated balance sheets of
Seller and its consolidated Subsidiaries as at the end of such fiscal year and the
related consolidated statements of income and retained earnings and of cash flows for
Seller and its consolidated Subsidiaries for such year, setting forth in each case in
comparative form the figures for the previous year, to the extent applicable;

	 	(3)	 	from time to time such other information regarding the financial condition,
operations, or business of Seller or Guarantor as Buyer may reasonably request; and

	 	(4)	 	as soon as reasonably possible, and in any event within thirty (30) days after
a Responsible Officer of Seller knows, or with respect to any Plan or Multiemployer
Plan to which Seller, Guarantor or any of their respective Subsidiaries makes direct
contributions, has reason to believe, that any of the events or conditions specified
below with respect to any Plan or Multiemployer Plan has occurred or exists, a
statement signed by a senior financial officer of Seller setting forth details
respecting such event or condition and the action, if any, that Seller, Guarantor or
its ERISA Affiliate proposes to take with respect thereto (and a copy of any report or
notice required to be filed with or given to PBGC by Seller or an ERISA Affiliate with
respect to such event or condition):

(A) any reportable event, as defined in Section 4043(c) of ERISA or any
successor provision thereof and the regulations issued thereunder, with
respect to a Plan, as to which PBGC has not by regulation waived the
requirement of Section 4043(a) of ERISA that it be notified within
thirty (30) days of the occurrence of such event (provided that a
failure to meet the minimum funding standard of Section 412 of the Code or
Section 302 of ERISA or any successor provision thereof, including without
limitation the failure to make on or before its due date a required
installment under Section 412(m) of the Code or Section 302(e) of ERISA or
any successor provision thereof, shall be a reportable event regardless of
the issuance of any waivers in accordance with Section 412(d) of the Code or
any successor provision thereof); and any request for a waiver under
Section 412(d) of the Code or any successor provision thereof for any Plan;

(B) the distribution under Section 4041(c) of ERISA or any successor
provision thereof of a notice of intent to terminate any Plan or any action
taken by Seller or an ERISA Affiliate to terminate any Plan;

(C) the institution by PBGC of proceedings under Section 4042 of ERISA
or any successor provision thereof for the termination of, or the
appointment of a trustee to administer, any Plan, or the receipt by Seller,
Guarantor or any ERISA Affiliate of a notice from a Multiemployer Plan that
such action has been taken by PBGC with respect to such Multiemployer Plan;

(D) the complete or partial withdrawal from a Multiemployer Plan by
Seller, Guarantor or any ERISA Affiliate that results in liability under
Section 4201 or 4204 of ERISA or any successor provision thereof (including
the obligation to satisfy secondary liability as a result of a purchaser
default) that would have a Material Adverse Effect or the receipt by Seller,
Guarantor or any ERISA Affiliate of notice from a Multiemployer Plan that it
is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA
or any successor provision thereof or that it intends to terminate or has
terminated under Section 4041A of ERISA or any successor provision thereof;

(E) the institution of a proceeding by a fiduciary of any Multiemployer
Plan against Seller or any ERISA Affiliate to enforce Section 515 of ERISA
or any successor provision thereof, which proceeding is not dismissed within
thirty (30) days; and

(F) the adoption of an amendment to any Plan that would result in the
loss of tax-exempt status of the trust of which such Plan is a part if
Seller or an ERISA Affiliate fails to provide timely security to such Plan
in accordance with the provisions of Section 401(a)(29) of the Code or
Section 307 of ERISA or any successor provision thereof.

Seller will furnish to Buyer, at the time Seller furnishes each set of financial statements
pursuant to paragraphs (a)(1) and (a)(2) above, a certificate of a Responsible Officer of
Seller to the effect that, to the best of such Responsible Officer’s knowledge, Seller
during such fiscal period or year has observed or performed in all material respects all of
its covenants and other agreements, and satisfied every condition, contained in this
Agreement and the other Repurchase Documents to be observed, performed or satisfied by it,
and that such Responsible Officer has obtained no knowledge of any Default or Event of
Default except as specified in such certificate (and, if any Default or Event of Default has
occurred and is continuing, describing the same in reasonable detail and describing the
action Seller has taken or proposes to take with respect thereto).

Notwithstanding the foregoing, documents required to be delivered in accordance with
Sections 12(a)(1) and 12(a)(2) (to the extent any such documents are included in materials
filed with the Securities and Exchange Commission) may be delivered electronically and, if
so delivered, shall be deemed to have been delivered on the date on which Seller or
Guarantor posts such documents, or provides a link thereto, on Guarantor’s website on the
Internet at the website address www.raitinvestmenttrust.com, provided that Seller shall
notify the Buyer by Electronic Transmission of the posting of any such documents.

	(b)	 	Litigation. Seller will promptly, and in any event within ten (10) days after
service of process on any of the following, give to Buyer notice of all litigation, actions,
suits, arbitrations, investigations (including, without limitation, any of the foregoing which
are pending or, to Seller’s knowledge, threatened) or other legal or arbitrable proceedings
affecting Seller, Guarantor or any of their respective Subsidiaries or affecting any of the
Property of any of them before any Governmental Authority that (i) questions or challenges the
validity or enforceability of any of the Repurchase Documents or any action to be taken in
connection with the transactions contemplated hereby, (ii) makes a claim or claims in an
aggregate amount greater than $500,000, or (iii) which, individually or in the aggregate, if
adversely determined, could be reasonably likely to have a Material Adverse Effect.

	(c)	 	Existence, etc. Seller shall, with respect to itself, and shall cause Guarantor to,
with respect to Guarantor:

	 	(1)	 	preserve and maintain its legal existence and all of its material rights,
privileges, licenses and franchises necessary for the operation of its business
(provided that nothing in this Section 12(c)(1) shall prohibit any transaction
expressly permitted under Section 12(d));

	 	(2)	 	comply with the requirements of all applicable laws, rules, regulations and
orders of Governmental Authorities (including, without limitation, all environmental
laws) if failure to comply with such requirements could be reasonably likely (either
individually or in the aggregate) to have a Material Adverse Effect;

	 	(3)	 	keep adequate records and books of account, in which complete entries will be
made in accordance with GAAP consistently applied;

	 	(4)	 	not (i) cause or permit any change to be made in its name, organizational
identification number, identity or corporate structure, each as described in
Section 10(f) or (ii) change its jurisdiction of organization, unless it shall have
provided Buyer thirty (30) days’ prior written notice of such change and shall have
first taken all action required by Buyer for the purpose of perfecting or protecting
the lien and security interest of Buyer established hereunder;

	 	(5)	 	pay and discharge all taxes, assessments and governmental charges or levies
imposed on it or on its income or profits or on any of its Property prior to the date
on which penalties attach thereto, except for any such tax, assessment, charge or levy
the payment of which is being contested in good faith and by proper proceedings and
against which adequate reserves are being maintained; and

	 	(6)	 	permit representatives of Buyer, upon reasonable notice (unless a Default shall
have occurred and is continuing, in which case, no prior notice shall be required),
during normal business hours, to examine, copy and make extracts from its books and
records, to inspect any of its Properties, and to discuss its business and affairs with
its officers, all to the extent reasonably requested by Buyer.

	(d)	 	Prohibition of Fundamental Changes. Neither Seller nor Guarantor shall enter into
any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve
itself (or suffer any liquidation, winding up or dissolution) or sell all or substantially all
of its assets; provided, that either Seller or Guarantor may merge or consolidate with
(i) any wholly owned subsidiary of itself, or (ii) any other Person if Seller or Guarantor, as
applicable, is the surviving corporation; and provided, further, that if after
giving effect thereto, no Default would exist hereunder. Notwithstanding anything herein or
in any related documents to the contrary, the proposed merger and related actions involving
the Guarantor, RT Sub Inc., a Maryland corporation and a wholly owned subsidiary of the
Guarantor, and Taberna Realty Finance Trust, a Maryland real estate investment trust,
described in the Guarantor’s Registration Statement on Form S-4 (file no. 333-136197) are
permissible hereunder.

	(e)	 	Margin Deficit. If at any time there exists a Margin Deficit Seller shall cure same
in accordance with Section 4.

	(f)	 	Notices. Seller shall give notice to Buyer:

	 	(1)	 	promptly upon receipt of notice or knowledge of the occurrence of any Default
or Event of Default;

	 	(2)	 	with respect to any Purchased Asset, promptly upon receipt of any principal
prepayment (in full or partial) of such Purchased Asset;

	 	(3)	 	with respect to any Purchased Asset hereunder, promptly upon receipt of notice
or knowledge that the Underlying Mortgaged Property has been damaged by waste, fire,
earthquake or earth movement, flood, tornado or other casualty, or otherwise damaged so
as to affect adversely the Asset Value of such Purchased Asset;

	 	(4)	 	promptly upon receipt of notice or knowledge of (i) any material default
related to any Purchased Item, (ii) any Lien or security interest on, or claim asserted
against, any Purchased Item (other than the Lien created hereby) or (iii) any event or
change in circumstances which could reasonably be expected to have a Material Adverse
Effect;

	 	(5)	 	promptly upon any material change in the market value of any or all of Seller’s
or Guarantor’s assets which could reasonably be expected to have a Material Adverse
Effect;

	 	(6)	 	no later than five Business Days after the end of each such month, of all
amounts borrowed under the Existing Financing Facilities during such month; provided
that if and to the extent Seller has not delivered such statements on or prior to the
fifth Business Day after the end of any month, Buyer shall request such statements;

	 	(7)	 	upon any material amendment to the Existing Financing Facilities, any decrease
in the gross amount available to be borrowed thereunder, or any change in custodian or
custodial arrangements relating thereto; and

	 	(8)	 	promptly upon the occurrence of any default or event of default under the
Existing Financing Facilities.

Each notice pursuant to this Section shall be accompanied by a statement of a Responsible
Officer of Seller setting forth details of the occurrence referred to therein and stating
what action Seller has taken or proposes to take with respect thereto.

	(g)	 	Reports. Within 2 days after completion by Seller (or Servicer on its behalf) but in
no event more than 15 calendar days of the end of each month, Seller shall provide Buyer with
a monthly report, which report shall include, among other items, (i) a monthly summary report
prepared by Seller or an Affiliate summarizing property financial information for each
Underlying Mortgaged Property and loan performance for each Purchased Asset based on
information provided by each borrower under the related Purchase Asset, (ii) the information
and reports provided by each borrower under the related Purchase Asset, plus (iii) any such
additional reports as Buyer may reasonably request with respect to Seller or any Servicer’s
servicing portfolio or pending originations of Mortgage Loans or Mezzanine Loans.

	(h)	 	[Reserved].

	(i)	 	Transactions with Affiliates. Seller shall not enter into any transaction with an
Affiliate, including without limitation (x) any purchase, sale, lease or exchange of property
or the rendering of any service, with any Affiliate (except for (i) the acquisition of equity
or stock or warrants of an Affiliate and (ii) the payment of dividends, in either case, in the
ordinary course of business, and (iii) the purchase or sale of loans in the ordinary course of
business which is a true sale and does not constitute a fraudulent conveyance) unless such
transaction is not otherwise expressly prohibited under this Agreement, upon fair and
reasonable terms no less favorable to Seller than it would obtain in a comparable arm’s length
transaction with a Person which is not an Affiliate, or (y) make a payment that is not
otherwise permitted by this Section 12(i) to any Affiliate. In no event shall Seller transfer
to Buyer hereunder any Mortgage Loan or Mezzanine Loan acquired by Seller from an Affiliate of
Seller other than RAIT LP unless a True Sale Opinion has been delivered to Buyer prior to such
sale.

	(j)	 	Limitation on Liens. Immediately upon notice of a Lien or any circumstance which
could give rise to a Lien on the Purchased Items, Seller will defend the Purchased Items
against, and will take such other action as is necessary to remove, any Lien, security
interest or claim on or to the Purchased Items (other than any security interest created under
this Agreement), and Seller will defend the right, title and interest of Buyer in and to any
of the Purchased Items against the claims and demands of all persons whomsoever.

	(k)	 	Limitations on Guarantees. Seller shall not create, incur, assume or suffer to exist
any Guarantees for which Seller is guarantor.

	(l)	 	Limitation on Distributions. After the occurrence and during the continuation of any
Default, Seller shall not make any payment on account of, or set apart assets for, a sinking
or other analogous fund for the purchase, redemption, defeasance, retirement or other
acquisition of any equity or partnership interest of Seller, whether now or hereafter
outstanding, or make any other distribution in respect thereof, either directly or indirectly,
whether in cash or property or in obligations of Seller.

	(m)	 	[Reserved].

	(n)	 	[Reserved].

	(o)	 	[Reserved].

	(p)	 	Servicer; Servicing Tape. Seller shall provide to Buyer via Electronic Transmission,
a remittance report on a monthly basis by no later than the 12th day of each month (the
“Reporting Date”) containing servicing information, including without limitation those
fields reasonably requested by Buyer from time to time, on a loan-by-loan basis and in the
aggregate, with respect to the Purchased Assets serviced hereunder by Seller or any Servicer
for the month (or any portion thereof) prior to the Reporting Date (such remittance report, an
“Asset Tape”). Seller shall not cause the Purchased Assets to be serviced by any
servicer other than a servicer expressly approved in writing by Buyer, which approval shall be
deemed granted by Buyer with respect to Seller with the execution of this Agreement.

	(q)	 	Required Filings. Seller shall promptly provide Buyer with copies of all documents
which Seller, Guarantor or any of their respective Subsidiaries is required to file with any
regulatory body in accordance with its regulations. Notwithstanding the foregoing, documents
required to be delivered in accordance with this paragraph (to the extent any such documents
are included in materials filed with the Securities and Exchange Commission) may be delivered
electronically and, if so delivered, shall be deemed to have been delivered on the date on
which Seller or Guarantor posts such documents, or provides a link thereto, on Guarantor’s
website on the Internet at the website address www.raitinvestmenttrust.com, provided that
Seller shall notify the Buyer by Electronic Transmission of the posting of any such documents.

	(r)	 	Remittance of Prepayments. Seller shall remit or cause to be remitted to Buyer, with
sufficient detail via Electronic Transmission to enable Buyer to appropriately identify the
Mortgage Loan or Mezzanine Loan to which any amount remitted applies, all full or partial
principal prepayments on any Purchased Asset that Seller or Servicer has received no later
than one (1) Business Day following the date such prepayment was received.

	(s)	 	Custodial Agreement, RAIT Guarantee and Account Agreement. Seller shall (or shall
cause Guarantor to) maintain each of the Custodial Agreement, the RAIT Guarantee and Account
Agreement in full force and effect and shall not amend or modify any of the Custodial
Agreement, the RAIT Guarantee or the Account Agreement or waive compliance with any provisions
thereunder without the prior written consent of Buyer.

	(t)	 	Compliance Report. Simultaneously with the delivery to the holder of each Existing
Financing Facility, Seller shall provide Buyer with a compliance report, demonstrating
compliance with all financial covenants under each Existing Financing Facility. Such
compliance report shall be delivered by seller to Buyer in accordance with Section 18 and
shall also be delivered by Seller to Buyer at 1285 Avenue of the Americas, 11th floor, New
York, New York 10019, Attn: Scott Liebman, Telecopier No.: 212.713.4062, Telephone No.:
212.713.9968, Email: Scott-C.Liebman@ubs.com.

	(u)	 	Sub-Limits. Seller shall not sell to Buyer any Eligible Assets if, after giving
effect to such Transaction, the aggregate principal balance of all Purchased Assets are in
excess of any Sub-Limit as set forth in the definition of “Asset Value”.

	(v)	 	Inconsistent Agreements. Neither Seller nor Guarantor will, and will not permit any
of their respective Subsidiaries to, directly or indirectly, enter into any agreement
containing any provision which would be violated or breached by any Transaction hereunder or
by the performance by Seller or Guarantor of its obligations under any Repurchase Document.

	(w)	 	Escrow Imbalance. Seller will, no later than five (5) Business Days after learning
(from any source) of any material imbalance in any escrow account, fully and completely
correct and eliminate such imbalance including, without limitation, depositing its own funds
into such account to eliminate any overdrawal or deficit.

	(x)	 	Independence of Covenants. All covenants hereunder shall be given independent effect
so that if a particular action or condition is not permitted by any of such covenants, the
fact that it would be permitted by an exception to, or be otherwise within the limitations of,
another covenant shall not avoid the occurrence of an Event of Default or Default if such
action is taken or condition exists.

	13.	 	EVENTS OF DEFAULT

If any of the following events (each, an “Event of Default”) occur, Seller and Buyer
shall have the rights set forth in Section 14, as applicable:

	(a)	 	Seller shall default in the payment of any Repurchase Price due or any amount under Section 5
when due (whether at stated maturity, upon acceleration or at mandatory or optional
prepayment); or

	(b)	 	Seller shall default in the payment of any other amount payable by it hereunder or under any
other Repurchase Document after notification by Buyer of such default, and such default shall
have continued unremedied for one (1) Business Day; or

	(c)	 	any representation, warranty or certification made or deemed made herein or in any other
Repurchase Document by Seller or any certificate furnished to Buyer pursuant to the provisions
hereof or thereof or any information with respect to the Mortgage Loans or Mezzanine Loans
furnished in writing by on behalf of Seller or Guarantor shall prove to have been false or
misleading in any material respect as of the time made or furnished (other than the
representations and warranties made pursuant to Sections 11(o)(1), 11(o)(3) or 11(o)(6), which
shall be considered solely for the purpose of determining the Asset Value of the Purchased
Assets, unless (i) Seller shall have made any such representations and warranties with actual
knowledge that they were materially false or misleading at the time made; or (ii) any such
representations and warranties have been determined in good faith by Buyer in its sole
discretion to be materially false or misleading on a regular basis); or

	(d)	 	Seller shall fail to comply with the requirements of Section 12(c), through Section 12(f), or
Sections 11(g) through 11(n), 11(o)(2), 11(o)(4), 11(o)(5), 11(p) through 11(s); or except as
otherwise set forth in Sections 12(a), 12(b), 12(c), or 12(d), Seller shall fail to observe or
perform any other covenant or agreement contained in this Agreement or any other Repurchase
Document and such failure to observe or perform shall continue unremedied for a period of
10 Business Days; or

	(e)	 	a final judgment or judgments for the payment of money in excess of $5,000,000 in the
aggregate shall be rendered against Seller, Guarantor or any of their respective Affiliates by
one or more courts, administrative tribunals or other bodies having jurisdiction and the same
shall not be satisfied, discharged (or provision shall not be made for such discharge) or
bonded, or a stay of execution thereof shall not be procured, within 30 days from the date of
entry thereof; or

	(f)	 	an Act of Insolvency shall have occurred with respect to Seller, Guarantor or any of their
respective Affiliates; or

	(g)	 	the Custodial Agreement, the Account Agreement, the RAIT Guarantee or any other Repurchase
Document shall for whatever reason be terminated or cease to be in full force and effect other
than after the final payment of all obligations due hereunder in accordance with the terms
hereof, or the enforceability thereof shall be contested by Seller or Guarantor; or

	(h)	 	Seller shall grant, or suffer to exist, any Lien on any Purchased Item (except any Lien in
favor of Buyer); or the Purchased Items shall not have been sold to Buyer free and clear of
any Liens in favor of any Person other than Buyer, or the Liens contemplated hereby shall
cease or fail to be first priority perfected Liens on any Purchased Items in favor of Buyer or
shall be Liens in favor of any Person other than Buyer; or

	(i)	 	Seller, Guarantor or any of their respective Affiliates shall be in default under (i) any
Indebtedness of Seller, Guarantor or of such Affiliate which default (1) involves the failure
to pay a matured obligation in excess of $1,000,000, or (2) permits the acceleration of the
maturity of obligations in excess of $1,000,000 by any other party to or beneficiary with
respect to such Indebtedness, (ii) any other contract to which Seller, Guarantor or such
Affiliate is a party which default (1) involves the failure to pay a matured obligation in
excess of $1,000,000, or (2) permits the acceleration of the maturity of obligations in excess
of $1,000,000 by any other party to or beneficiary of such contract, or (iii) any
Seller-Related Obligation; or

	(j)	 	any material adverse change in the Property, business or financial condition of Seller or
Guarantor or any of their respective Affiliates shall occur, in each case as determined by
Buyer in its sole discretion, or any other condition shall exist which, in Buyer’s sole
discretion, constitutes a material impairment of Seller’s or Guarantor’s ability to perform
its obligations under this Agreement or any other Repurchase Document; or

	(k)	 	(i) any Person shall engage in any “prohibited transaction” (as defined in Section 406 of
ERISA or Section 4975 of the Code) involving any Plan, (ii) any material “accumulated funding
deficiency” (as defined in Section 302 of ERISA), whether or not waived, shall exist with
respect to any Plan or any Lien in favor of the PBGC or a Plan shall arise on the assets of
Seller, Guarantor or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with
respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be
appointed, to administer or to terminate, any Plan, which Reportable Event or commencement of
proceedings or appointment of a trustee is, in the reasonable opinion of Buyer, likely to
result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Plan shall
terminate for purposes of Title IV of ERISA, (v) Seller, Guarantor or any Commonly Controlled
Entity shall, or in the reasonable opinion of Buyer is likely to, incur any liability in
connection with a withdrawal from, or the insolvency or reorganization of, a Multiemployer
Plan or (vi) any other event or condition shall occur or exist with respect to a Plan; and in
each case in clauses (i) through (vi) above, such event or condition, together with all other
such events or conditions, if any, could reasonably be expected to have a Material Adverse
Effect; or

	(l)	 	upon any event of default would constitute an event of default under the Existing Financing
Facilities; or

	(m)	 	upon any material adverse change in the terms of, or  any material reduction in amounts
available to, Seller, Guarantor or their respective Affiliates, under any of the Existing
Financing Facilities; or

	(n)	 	upon the failure of RAIT Investment Trust to at any time to continue to be (i) qualified as a
real estate investment trust as defined in Section 856 of the Code and (ii) entitled to a
dividend paid deduction under Section 857 of the Code with respect to dividends paid by it
with respect to each taxable year for which it claims a deduction on its Form 1120 – REIT
filed with the United States Internal Revenue Service for such year, or the entering into by
RAIT Investment Trust of any material “prohibited transactions” as defined in Sections 857(b)
and 856(c) of the Code; or

	(o)	 	upon the failure by RAIT Investment Trust to satisfy any of the following asset or income
tests:

	 	(1)	 	At the close of each taxable year, at least 75 percent of RAIT Investment
Trust’s gross income consists of qualifying income within the meaning of Section 856(c)
of the Code.

	 	(2)	 	At the close of each taxable year, at least 95 percent of RAIT Investment
Trust’s gross income consists of qualifying income within the meaning of Section
856(c)(2) of the Code.

	 	(3)	 	At the close of each quarter of RAIT Investment Trust’s taxable years, at least
75 percent of the value of RAIT Investment Trust’s total assets (as determined in
accordance with Treasury Regulations Section 1.856-2(d)) has consisted of and will
consist of real estate assets within the meaning of Sections 856(c)(4) and 856(c)(5)(B)
of the Code, cash and cash items (including receivables which arise in the ordinary
course of RAIT Investment Trust’s operations, but not including receivables purchased
from another person), and government securities; unless (a) the test described in this
paragraph (3) has been satisfied at the end of the immediately preceding quarter of the
RAIT Investment Trust’s taxable year, (b) such test is not satisfied as the result of
the acquisition of a security or other property during the current quarter of RAIT
Investment Trust’s taxable year, (c) such test is satisfied within the 30-day period
provided under Section 856(4) of the Code, (d) the Guarantor delivers within 14 days of
the end of the current quarter of the Guarantor’s taxable year to Buyer notice that
such test is not satisfied, and (e) an officer of the Guarantor certifies as to such
satisfaction within such 30-day period, and provides documentation, reasonably
satisfactory to Buyer evidencing such satisfaction.

	 	(4)	 	At the close of each quarter of each of RAIT Investment Trust’s taxable years,
(i) not more than 25 percent of RAIT Investment Trust’s total asset value will be
represented by securities (other than those described in paragraph 3), (ii) not more
than 20 percent of RAIT Investment Trust’s total asset value will be represented by
securities of one or more taxable REIT subsidiaries, and (iii) (a) not more than 5
percent of the value of RAIT Investment Trust’s total assets will be represented by
securities of any one issuer (other than Government securities and securities of
taxable REIT subsidiaries and securities of qualified REIT subsidiaries within the
meaning of Section 856(i) of the Code), and (b) RAIT Investment Trust will not hold
securities possessing more than 10 percent of the total voting power or value of the
outstanding securities of any one issuer (other than government securities, securities
of taxable REIT subsidiaries, and securities of a qualified REIT subsidiary within the
meaning of Section 856(i) of the Code); unless (a) the tests described in this
paragraph (4) have been satisfied at the end of the immediately preceding quarter of
the RAIT Investment Trust’s taxable year, (B) any of the tests described in this
paragraph (4) is not satisfied as the result of the acquisition of a security or other
property during the current quarter of the Guarantor’s taxable year, (C) such test is
satisfied within the 30-day period as provided under Section 856(c)(4) of the Code,
(D) the Guarantor delivers within 14 days of the end of the current quarter of the
Guarantor’s taxable year to Buyer notice that such test is not satisfied, and (E) an
officer of the Guarantor certifies as to such satisfaction within such 30-day period,
and provides documentation, reasonably satisfactory to Buyer evidencing such
satisfaction.

	14.	 	REMEDIES

	(a)	 	If an Event of Default occurs and is continuing, the following rights and remedies are
available to Buyer; provided, that an Event of Default shall be deemed to be continuing unless
cured in accordance with the terms hereof (and notice and satisfactory evidence of such cure
is provided to Buyer) or expressly waived by Buyer in writing.

	 	(1)	 	At the option of Buyer, exercised by written notice to Seller (which option
shall be deemed to have been exercised, even if no notice is given, immediately upon
the occurrence of an Act of Insolvency of Seller), the Repurchase Date for each
Transaction hereunder, if it has not already occurred, shall be deemed immediately to
occur. Buyer shall (except upon the occurrence of an Act of Insolvency of Seller) give
notice to Seller of the exercise of such option as promptly as practicable.

	 	(2)	 	If Buyer exercises or is deemed to have exercised the option referred to in
subsection (a)(1) of this Section 14,

(A) (i) Seller’s obligations in such Transactions to repurchase all
Purchased Assets, at the Repurchase Price therefor on the Repurchase Date,
and to pay all other amounts owed by Seller hereunder, shall thereupon
become immediately due and payable, (ii) all Income paid after such exercise
or deemed exercise shall be retained by Buyer and applied to the aggregate
unpaid Repurchase Prices and any other amounts owed by Seller hereunder, and
(iii) Seller shall immediately deliver to Buyer any Purchased Assets subject
to such Transactions then in Seller’s possession or control;

(B) to the extent permitted by applicable law, the Repurchase Price
with respect to each such Transaction shall be increased by the aggregate
amount obtained by daily application of, on a 360 day per year basis for the
actual number of days during the period from and including the date of the
exercise or deemed exercise of such option to but excluding the date of
payment of the Repurchase Price, (x) the Post-Default Rate to (y) the
Repurchase Price for such Transaction as of the Repurchase Date (decreased
as of any day by (i) any amounts actually in the possession of Buyer
pursuant to clause (C) of this subsection, (ii) any proceeds from the sale
of Purchased Assets applied to the Repurchase Price pursuant to
subsection (a)(4) of this Section 14, and (iii) any amounts applied to the
Repurchase Price pursuant to subsection (a)(4) of this Section 14); and

(C) all Income actually received by Buyer pursuant to Section 5
(excluding any Late Payment Fees paid pursuant to Section 5(b)) shall be
applied to the aggregate unpaid Repurchase Price owed by Seller.

	 	(3)	 	Upon the occurrence of one or more Events of Default, Buyer shall have the
right to obtain physical possession of the Servicing Records (subject to the provisions
of the Custodial Agreement) and all other files of Seller relating to the Purchased
Assets and all documents relating to the Purchased Assets which are then or may
thereafter come in to the possession of Seller or any third party acting for Seller and
Seller shall deliver to Buyer such assignments as Buyer shall request and Buyer shall
have the right to appoint any Person to act as Servicer for the Purchased Assets;
provide that any obligation of Seller or an Affiliate of Seller to act as Servicer
hereunder (other than the obligation to cooperate with Buyer and any successor servicer
to transfer servicing of the Purchased Asset to such successor servicer) shall
immediately terminate upon such appointment, and neither Seller nor its Affiliate shall
have any liability for the actions (or failure to act) of any successor servicer.
Buyer shall be entitled to specific performance of all agreements of Seller contained
in the Repurchase Documents.

	 	(4)	 	At any time on the Business Day following notice to Seller (which notice may be
the notice given under subsection (a)(1) of this Section 14), in the event Seller has
not repurchased all Purchased Assets, Buyer may (A) immediately sell, without demand or
further notice of any kind, at a public or private sale (including, without limitation,
a sale using internet sites that provide for the auction of assets similar to the
Purchased Assets or that have the reasonable capability of doing so, or that match
buyers and sellers of similar assets) and at such price or prices as Buyer may deem
satisfactory any or all Purchased Assets subject to such Transactions hereunder and
apply the proceeds thereof to the aggregate unpaid Repurchase Price and any other
amounts owing by Seller hereunder or (B) in its sole discretion elect, in lieu of
selling all or a portion of such Purchased Assets, to give Seller credit for such
Purchased Assets in an amount equal to the Market Value of the Purchased Assets against
the aggregate unpaid Repurchase Price and any other amounts owing by Seller hereunder.
The proceeds of any disposition of Purchased Assets shall be applied first to the costs
and expenses incurred by Buyer in connection with Seller’s default; second to costs of
related covering and/or related hedging transactions; third to the Repurchase Price;
and fourth to any other outstanding obligation of Seller to Buyer or its Affiliates.
In connection with any sale pursuant to clause (A) of this subsection (a)(4), Buyer may
(i) sell any such Purchased Assets without giving any warranties and (ii) specifically
disclaim or modify any warranties of title or the like, and this procedure shall not be
considered to adversely effect the commercial reasonableness of any such sale of
Purchased Assets. Neither Seller nor an Affiliate of Seller shall have any obligation
hereunder to act as Servicer with respect to any Purchased Asset sold pursuant to this
paragraph (4) after the date of such sale (other than the obligation to cooperate with
Buyer and any successor servicer to transfer servicing of the Purchased Asset to such
successor servicer) and Buyer shall make no representation to any purchaser of a
Purchased Asset to the contrary without the prior written consent of Seller, which
shall not be unreasonably withheld.

	 	(5)	 	Subject to the foregoing, Seller agrees that Buyer may obtain an injunction or
an order of specific performance to compel Seller to fulfill its obligations as set
forth in Section 25, if Seller fails or refuses to perform its obligations as set forth
therein.

	 	(6)	 	Seller shall be liable to Buyer, payable as and when incurred by Buyer, for
(A) the amount of all actual and documented out-of-pocket expenses, including legal or
other expenses incurred by Buyer in connection with or as a consequence of an Event of
Default, and (B) all costs incurred in connection with hedging or covering
transactions.

	 	(7)	 	Buyer shall have, in addition to its rights hereunder, any rights otherwise
available to it under any other agreement or applicable law.

	(b)	 	Buyer may exercise one or more of the remedies available to Buyer immediately upon the
occurrence of an Event of Default and, except to the extent provided in subsections (a)(1) and
(4) of this Section 14, at any time thereafter without notice to Seller. All rights and
remedies arising under this Agreement as amended from time to time hereunder are cumulative
and not exclusive of any other rights or remedies which Buyer may have.

	(c)	 	Buyer may enforce its rights and remedies hereunder without prior judicial process or
hearing, and Seller hereby expressly waives any defenses Seller might otherwise have to
require Buyer to enforce its rights by judicial process. Seller also waives any defense
(other than a defense of payment or performance) Seller might otherwise have arising from the
use of nonjudicial process, enforcement and sale of all or any portion of the Purchased Items,
or from any other election of remedies. Seller recognizes that nonjudicial remedies are
consistent with the usages of the trade, are responsive to commercial necessity and are the
result of a bargain at arm’s-length.

	(d)	 	To the extent permitted by applicable law, Seller shall be liable to Buyer for interest on
any amounts owing by Seller hereunder, from the date Seller becomes liable for such amounts
hereunder until such amounts are (i) paid in full by Seller or (ii) satisfied in full by the
exercise of Buyer’s rights hereunder. Interest on any sum payable by Seller to Buyer under
this paragraph 13(d) shall be at a rate equal to the Post-Default Rate.

	15.	 	INDEMNIFICATION AND EXPENSES

	(a)	 	Seller agrees to hold Buyer and its Affiliates and their present and former respective
officers, directors, employees, agents, advisors and other representatives (each, an
“Indemnified Party”) harmless from and indemnify any Indemnified Party against all
liabilities, losses, damages, judgments, costs and expenses of any kind which may be imposed
on, incurred by or asserted against such Indemnified Party (including counsel’s fees and
disbursements) (collectively, “Costs”), relating to or arising out of this Agreement,
any other Repurchase Document or any transaction contemplated hereby or thereby, or any
amendment, supplement or modification of, or any waiver or consent under or in respect of,
this Agreement, any other Repurchase Document or any transaction contemplated hereby or
thereby, that, in each case, results from anything other than the Indemnified Party’s gross
negligence, material breach of any law, rule or regulation applicable to such Indemnified
Party or willful misconduct. Without limiting the generality of the foregoing, Seller agrees
to hold any Indemnified Party harmless from and indemnify such Indemnified Party against all
Costs with respect to all Mortgage Loans or Mezzanine Loans relating to or arising out of any
violation or alleged violation of any environmental law, rule or regulation or any consumer
credit laws, including without limitation the federal Truth in Lending Act and/or the federal
Real Estate Settlement Procedures Act, that, in each case, results from anything other than
the Indemnified Party’s gross negligence material breach of any law, rule or regulation
applicable to such Indemnified Party or willful misconduct. In any suit, proceeding or action
brought by an Indemnified Party in connection with any Mortgage Loan or Mezzanine Loan for any
sum owing thereunder, or to enforce any provisions of any Mortgage Loan or Mezzanine Loan,
Seller will save, indemnify and hold such Indemnified Party harmless from and against all
expense, loss or damage suffered by reason of any defense, set-off, counterclaim, recoupment
or reduction or liability whatsoever of the account debtor or obligor thereunder, arising out
of a breach by Seller of any obligation thereunder or arising out of any other agreement,
indebtedness or liability at any time owing to or in favor of such account debtor or obligor
or its successors from Seller. Seller also agrees to reimburse an Indemnified Party as and
when billed by such Indemnified Party for all the Indemnified Party’s costs and expenses
incurred in connection with the enforcement or the preservation of Buyer’s rights under this
Agreement, any other Repurchase Document or any transaction contemplated hereby or thereby,
including without limitation the fees and disbursements of its counsel.

	(b)	 	Seller agrees to pay as and when billed by Buyer all of the out-of-pocket costs and expenses
(including legal fees) incurred by Buyer in connection with the development, preparation and
execution of, and any amendment, supplement or modification to, this Agreement, any other
Repurchase Document or any other documents prepared in connection herewith or therewith.
Seller agrees to pay as and when billed by Buyer all of the out-of-pocket costs and expenses
incurred in connection with the consummation and administration of the transactions
contemplated hereby and thereby including without limitation all fees, disbursements and
expenses of counsel to Buyer, the fees and expenses of third parties retained by Buyer in
connection with due diligence hereunder, the costs of reviewing operating statements and
travel costs of personnel of Buyer, which amounts shall be deducted from the Purchase Price
paid for the first Transaction and, if any such amounts are outstanding at such time, any
subsequent Transaction hereunder. Subject to the limitations set forth in Section 27, Seller
agrees to pay Buyer all the out of pocket due diligence, inspection, appraisals, testing and
review costs and expenses incurred by Buyer with respect to Mortgage Loans or Mezzanine Loans
submitted by Seller for purchase under this Agreement, including, but not limited to, those
out of pocket costs and expenses incurred by Buyer pursuant to Sections 24 and 26.

	16.	 	RECORDING OF COMMUNICATIONS

Buyer and Seller shall have the right (but not the obligation) from time to time to make or
cause to be made tape recordings of communications between its employees and those of the
other party with respect to Transactions upon prior notice to the other party of such
recording. Buyer and Seller consent to the admissibility of such tape recordings in any
court, arbitration, or other proceedings. The parties agree that a duly authenticated
transcript of such a tape recording shall be deemed to be a writing conclusively evidencing
the parties’ agreement.

	17.	 	SINGLE AGREEMENT

Buyer and Seller acknowledge that, and have entered hereinto and will enter into each
Transaction hereunder in consideration of and in reliance upon the fact that, all
Transactions hereunder constitute a single business and contractual relationship and that
each has been entered into in consideration of the other Transactions. Accordingly, each of
Buyer and Seller agrees (i) to perform all of its obligations in respect of each Transaction
hereunder, and that a default in the performance of any such obligations shall constitute a
default by it in respect of all Transactions hereunder, (ii) that each of them shall be
entitled to set off claims and apply property held by them in respect of any Transaction
against obligations owing to them in respect of any other Transaction hereunder; (iii) that
payments, deliveries, and other transfers made by either of them in respect of any
Transaction shall be deemed to have been made in consideration of payments, deliveries, and
other transfers in respect of any other Transactions hereunder, and the obligations to make
any such payments, deliveries, and other transfers may be applied against each other and
netted and (iv) to promptly provide notice to the other after any such set off or
application.

	18.	 	NOTICES AND OTHER COMMUNICATIONS

Except as otherwise expressly permitted by this Agreement, all notices, requests and other
communications provided for herein and under the Custodial Agreement (including without
limitation any modifications of, or waivers, requests or consents under, this Agreement)
shall be given or made in writing delivered to the intended recipient at the “Address for
Notices” specified below its name on the signature pages hereof or thereof or, if via email,
as specified in the definition of Electronic Transmission); or, as to any party, at such
other address as shall be designated by such party in a written notice to each other party.
Except as otherwise provided in this Agreement and except for notices given under Section 3
(which shall be effective only on receipt), all such communications shall be deemed to have
been duly given when transmitted by email or personally delivered or, in the case of a
mailed notice, upon receipt.

	19.	 	ENTIRE AGREEMENT; SEVERABILITY; MODIFICATIONS

This Agreement together with the other Repurchase Documents and the Account Agreement
constitute the entire understanding between Buyer and Seller with respect to the subject
matter it covers and shall supersede any existing agreements between the parties containing
general terms and conditions for repurchase transactions involving Purchased Assets. By
acceptance of this Agreement, Buyer and Seller acknowledge that they have not made, and are
not relying upon, any statements, representations, promises or undertakings not contained in
this Agreement. Each provision and agreement herein shall be treated as separate and
independent from any other provision or agreement herein and shall be enforceable
notwithstanding the unenforceability of any such other provision or agreement. No
amendment, modification or release from any provision of this Agreement shall be effective
unless in writing and executed by or on behalf of the party or parties to be charged
therewith and shall be effective only in the specific instance and for the specific purpose
for which given.

	20.	 	NON-ASSIGNABILITY

The rights and obligations of the parties under this Agreement and under any Transaction
shall not be assigned by Seller without the prior written consent of Buyer, and any
attempted assignment without such consent shall be null and void. Subject to the foregoing,
this Agreement and any Transactions shall be binding upon and shall inure to the benefit of
the parties and their respective successors and assigns. Nothing in this Agreement express
or implied, shall give to any person, other than the parties to this Agreement and their
successors hereunder, any benefit of any legal or equitable right, power, remedy or claim
under this Agreement.

	21.	 	TERMINABILITY

Except as set forth below, this Agreement may be terminated by Seller upon giving 30 days
written notice to Buyer, or by Buyer immediately upon giving written notice to Seller except
that this Agreement shall, notwithstanding such notice, remain applicable to any Transaction
then outstanding. Each representation and warranty made or deemed to be made by entering
into a Transaction, herein or pursuant hereto shall survive the making of such
representation and warranty, and Buyer shall not be deemed to have waived any Default that
may arise because any such representation or warranty shall have proved to be false or
misleading, notwithstanding that Buyer may have had notice or knowledge or reason to believe
that such representation or warranty was false or misleading at the time the Transaction was
made. Notwithstanding any such termination or the occurrence of an Event of Default, all of
the representations and warranties and covenants hereunder shall continue and survive. The
obligations of Seller under Section 15 shall survive the termination of this Agreement.

	22.	 	GOVERNING LAW

THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES.

	23.	 	SUBMISSION TO JURISDICTION; WAIVERS

EACH OF BUYER AND SELLER HEREBY IRREVOCABLY AND UNCONDITIONALLY:

	 	(A)	 	SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT AND THE OTHER REPURCHASE DOCUMENTS, OR FOR RECOGNITION AND
ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE PERSONAL JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, THE FEDERAL
COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND
APPELLATE COURTS FROM ANY THEREOF;

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

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

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

	 	(E)	 	WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY
OTHER REPURCHASE DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

	24.	 	NO WAIVERS, ETC.

No failure on the part of Buyer to exercise and no delay in exercising, and no course of
dealing with respect to, any right, power or privilege under any Repurchase Document shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, power or
privilege under any Repurchase Document preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. The remedies provided herein are
cumulative and not exclusive of any remedies provided by law. An Event of Default shall be
deemed to be continuing unless cured or expressly waived by Buyer in writing.

	25.	 	SERVICING

	(a)	 	Seller covenants to maintain or cause the servicing of the Purchased Assets to be maintained
in conformity with Accepted Servicing Practices. In the event that the preceding language is
interpreted as constituting one or more servicing contracts, each such servicing contract
shall terminate automatically upon the earliest of (i) an Event of Default, (ii) the date on
which this Agreement terminates or (iii) the transfer of servicing approved by Buyer.

	(b)	 	If the Purchased Assets are serviced by Seller, Seller agrees that Buyer is the owner of all
servicing records, including but not limited to any and all servicing agreements, files,
documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance
coverage, insurance policies, appraisals, other closing documentation, payment history
records, and any other records relating to or evidencing the servicing of the Purchased Assets
(the “Servicing Records”). Seller covenants to safeguard such Servicing Records and
to deliver them promptly to Buyer or its designee (including Custodian) at Buyer’s request.

	(c)	 	If the Purchased Assets are serviced by a person other than Seller (such third party the
“Servicer”), Seller (i) shall, in accordance with Section (3)(b)(7), provide a copy of
the servicing agreement to Buyer, which shall be in form and substance acceptable to Buyer
(the “Servicing Agreement”), and shall provide a Servicer Notice to Buyer
substantially in the form of Exhibit VII hereto, fully executed by Seller and
Servicer; and (ii) hereby irrevocably assigns to Buyer and Buyer’s successors and assigns all
right, title and interest of Seller in, to and under, and the benefits of, any Servicing
Agreement with respect to the Purchased Assets. Seller agrees that no Person shall assume the
servicing obligations with respect to the Purchased Assets as successor to Servicer unless
such successor is approved in writing by Buyer prior to such assumption of servicing
obligations.

	(d)	 	If the servicer of the Purchased Assets is Seller, upon the occurrence of an Event of
Default, Buyer shall have the right to terminate Seller as servicer of the Purchased Assets
and transfer servicing to Buyer’s designated Servicer, at no cost or expense to Buyer, at any
time thereafter. If the Servicer of the Purchased Assets is not Seller, Buyer shall have the
right, as contemplated in the applicable Servicer Notice, upon the occurrence of an Event of
Default, to terminate any applicable Servicing Agreement and transfer servicing to Buyer’s
designated Servicer, at no cost or expense to Buyer, it being agreed that Seller will pay any
and all fees required to terminate such Servicing Agreement and to effectuate the transfer of
servicing to Buyer’s designated Servicer, as well as any servicing fees and expenses payable
to such Servicer.

	(e)	 	After the Purchase Date, until the repurchase of any Purchased Asset, Seller shall have the
right to modify or alter the terms of such Purchased Asset in accordance with Accepted
Servicing Practices.

	(f)	 	In the event Seller or its Affiliate is servicing the Purchased Assets, Seller shall permit
Buyer, upon 1 Business Day’s notice, during normal business hours, to inspect Seller’s or its
Affiliate’s servicing facilities, as the case may be, for the purpose of satisfying Buyer that
Seller or its Affiliate, as the case may be, has the ability to service the Purchased Assets
as provided in this Agreement.

	26.	 	INTENT

	(a)	 	The parties recognize that each Transaction is a “repurchase agreement” as that term
is defined in Section 101 of Title 11 of the United States Code, as amended (except insofar as
the type of Purchased Assets subject to such Transaction or the term of such Transaction would
render such definition inapplicable), and a “securities contract” as that term is
defined in Section 741 of Title 11 of the United States Code, as amended (except insofar as
the type of Purchased Assets subject to such Transaction would render such definition
inapplicable).

	(b)	 	It is understood that either party’s right to liquidate Purchased Assets delivered to it in
connection with Transactions hereunder or to exercise any other remedies pursuant to
Section 17 hereof is a contractual right to liquidate such Transaction as described in
Sections 555 and 559 of Title 11 of the United States Code, as amended.

	(c)	 	The parties agree and acknowledge that if a party hereto is an “insured depository
institution,” as such term is defined in the Federal Deposit Insurance Act, as amended
(“FDIA”), then each Transaction hereunder is a “qualified financial contract,”
as that term is defined in FDIA and any rules, orders or policy statements thereunder (except
insofar as the type of Purchased Assets subject to such Transaction would render such
definition inapplicable). The parties acknowledge that they have been advised that in the
case of Transactions in which one of the parties is an “insured depository institution” as
that term is defined in Section 1813(c)(2) of Title 12 of the United States Code, as amended,
funds held by the financial institution pursuant to a Transaction hereunder are not a deposit
and therefore are not insured by the Federal Deposit Insurance Corporation, the Savings
Association Insurance Fund or the Bank Insurance Fund, as applicable.

	(d)	 	It is understood that this Agreement constitutes a “netting contract” as defined in
and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991
(“FDICIA”) and each payment entitlement and payment obligation under any Transaction
hereunder shall constitute a “covered contractual payment entitlement” or “covered
contractual payment obligation”, respectively, as defined in and subject to FDICIA (except
insofar as one or both of the parties is not a “financial institution” as that term is
defined in FDICIA or regulations promulgated thereunder).

	27.	 	PERIODIC DUE DILIGENCE REVIEW

Seller acknowledges that Buyer has the right to perform continuing due diligence reviews
with respect to the Mortgage Loans and Mezzanine Loans, for purposes of verifying compliance
with the representations, warranties and specifications made hereunder, or otherwise, and
Seller agrees that upon reasonable (but no less than one (1) Business Day’s) prior notice
unless an Event of Default shall have occurred, in which case no notice is required, to
Seller, Buyer or its authorized representatives will be permitted during normal business
hours to examine, inspect, and make copies and extracts of, the Mortgage Asset Files and any
and all documents, records, agreements, instruments or information relating to such Mortgage
Loans and Mezzanine Loans in the possession or under the control of Seller and/or Custodian.
Seller also shall make available to Buyer a knowledgeable financial or accounting officer
for the purpose of answering questions respecting the Mortgage Asset Files and the Mortgage
Loans and Mezzanine Loans. Without limiting the generality of the foregoing, Seller
acknowledges that Buyer may purchase Mortgage Loans and Mezzanine Loans from Seller based
solely upon the information provided by Seller to Buyer in the Seller Asset Schedule and the
representations, warranties and covenants contained herein, and that Buyer, at its option,
has the right at any time to conduct a partial or complete due diligence review on some or
all of the Mortgage Loans and Mezzanine Loans purchased in a Transaction, including without
limitation ordering new credit reports and new appraisals on the related Mortgaged
Properties and otherwise re-generating the information used to originate such Mortgage Loans
and Mezzanine Loans. Buyer may underwrite such Mortgage Loans and Mezzanine Loans itself or
engage a mutually agreed upon third party underwriter to perform such underwriting. Seller
agrees to cooperate with Buyer and any third party underwriter in connection with such
underwriting, including, but not limited to, providing Buyer and any third party underwriter
with access to any and all documents, records, agreements, instruments or information
relating to such Mortgage Loans and Mezzanine Loans in the possession, or under the control,
of Seller. Buyer shall pay all out-of-pocket costs and expenses incurred by Buyer in
connection with Buyer’s activities pursuant to this Section 27 (“Due Diligence
Costs”); provided that, (i) in the event that a Default or an Event of Default shall
have occurred or (ii) in the event that Buyer shall determine the need to confirm compliance
with local, state or federal laws concerning the regulation of predatory lending practices,
Seller shall reimburse Buyer for all Due Diligence Costs for any and all reasonable
out-of-pocket costs and expenses incurred by Buyer in connection with Buyer’s activities
pursuant to this Section 27.

	28.	 	BUYER’S APPOINTMENT AS ATTORNEY-IN-FACT

	(a)	 	Upon the occurrence and during the continuation of an Event of Default hereunder, Seller
hereby irrevocably constitutes and appoints Buyer and any officer or agent thereof, with full
power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and
authority in the place and stead of Seller and in the name of Seller or in its own name, from
time to time in Buyer’s discretion, solely for the purpose of carrying out Seller’s
obligations pursuant to the terms of this Agreement, to take any and all appropriate action
and to execute any and all documents and instruments which may be reasonably necessary or
desirable to accomplish the purposes of this Agreement, and, without limiting the generality
of the foregoing, Seller hereby gives Buyer the power and right, on behalf of Seller, without
assent by, but with notice to, Seller, to do the following:

	 	(1)	 	in the name of Seller, or in its own name, or otherwise, to take possession of
and endorse and collect any checks, drafts, notes, acceptances or other instruments for
the payment of moneys due under any mortgage insurance or with respect to any other
Purchased Items and to file any claim or to take any other action or proceeding in any
court of law or equity or otherwise deemed appropriate by Buyer for the purpose of
collecting any and all such moneys due under any such mortgage insurance or with
respect to any other Purchased Items whenever payable;

	 	(2)	 	to pay or discharge taxes and Liens levied or placed on or threatened against
the Purchased Items;

	 	(3)	 	(A) to direct any party liable for any payment under any Purchased Items to
make payment of any and all moneys due or to become due thereunder directly to Buyer or
as Buyer shall direct; (B) to ask or demand for, collect, receive payment of and
receipt for, any and all moneys, claims and other amounts due or to become due at any
time in respect of or arising out of any Purchased Items; (C) to sign and endorse any
invoices, assignments, verifications, notices and other documents in connection with
any Purchased Items; (D) to commence and prosecute any suits, actions or proceedings at
law or in equity in any court of competent jurisdiction to collect the Purchased Items
or any proceeds thereof and to enforce any other right in respect of any Purchased
Items; (E) to defend any suit, action or proceeding brought against Seller with respect
to any Purchased Items; (F) to settle, compromise or adjust any suit, action or
proceeding described in clause (E) above and, in connection therewith, to give such
discharges or releases as Buyer may deem appropriate; and (G) generally, to sell,
transfer, pledge and make any agreement with respect to or otherwise deal with any
Purchased Items as fully and completely as though Buyer were the absolute owner thereof
for all purposes, and to do, at Buyer’s option and Seller’s expense, at any time, and
from time to time, all acts and things which Buyer deems necessary to protect, preserve
or realize upon the Purchased Items and Buyer’s Liens thereon and to effect the intent
of this Agreement, all as fully and effectively as such Seller might do;

	 	(4)	 	to direct the actions of Custodian with respect to the Purchased Items under
the Custodial Agreement; and

	 	(5)	 	to execute, from time to time, in connection with any sale provided for in
Section 14, any endorsements, assignments or other instruments of conveyance or
transfer with respect to the Purchased Items.

Seller hereby ratifies all that said attorneys shall lawfully do or cause to be done by
virtue hereof. This power of attorney is a power coupled with an interest and shall be
irrevocable.

	(b)	 	The powers conferred on Buyer hereunder are solely to protect Buyer’s interests in the
Purchased Items and Purchase Assets and shall not impose any duty upon it to exercise any such
powers. Buyer shall be accountable only for amounts that it actually receives as a result of
the exercise of such powers, and neither it nor any of its officers, directors, employees or
agents shall be responsible to Seller for any act or failure to act hereunder, except for its
or their own gross negligence or willful misconduct.

	29.	 	MISCELLANEOUS

	(a)	 	If there is any conflict between the terms of this Agreement or any Transaction entered into
hereunder and the Custodial Agreement, this Agreement shall prevail.

	(b)	 	This Agreement may be executed in any number of counterparts, all of which taken together
shall constitute one and the same instrument, and any of the parties hereto may execute this
Agreement by signing any such counterpart.

	(c)	 	The captions and headings appearing herein are for included solely for convenience of
reference and are not intended to affect the interpretation of any provision of this
Agreement.

	(d)	 	As used herein, and any certificate or other document made or delivered pursuant hereto,
accounting terms relating to Seller not defined in Section 2, and accounting terms partly
defined in Section 2, to the extent not defined, shall have the respective meanings given to
them under GAAP.

	(e)	 	The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement, and section, schedule and exhibit references are to this Agreement unless otherwise
specified.

	(f)	 	The meanings given to terms defined herein shall be equally applicable to both the singular
and plural forms of such terms.

	(g)	 	Terms defined by reference to any document other than this Agreement shall have the
respective meanings specified therefor without regard to the effectiveness of the referenced
document.

	(h)	 	Seller hereby acknowledges that:

	 	(1)	 	it has been advised by counsel in the negotiation, execution and delivery of
this Agreement and the other Repurchase Documents;

	 	(2)	 	Buyer has no fiduciary relationship to Seller; and

	 	(3)	 	no joint venture exists between Buyer and Seller.

	30.	 	CONFIDENTIALITY

Each of Buyer and Seller hereby acknowledges and agrees that all information regarding the
terms set forth in any of the Repurchase Documents or the Transactions contemplated thereby
(the “Confidential Terms”) shall be kept confidential and shall not be divulged to
any party without the prior written consent of such other party except to the extent that
(i) it is necessary to do so in working with legal counsel, auditors, taxing authorities or
other governmental agencies or regulatory bodies or in order to comply with any applicable
federal or state laws, rules or regulations or to maintain compliance with Existing
Financing Facilities (provided that Seller shall not disclose the Pricing Rate or Pricing
Spread in order to maintain compliance with Existing Financing Facilities) (ii) any of the
Confidential Terms are in the public domain other than due to a breach of this covenant,
(iii) in the event of a Default or an Event of Default Buyer in good faith determines such
information to be necessary or desirable to disclose in connection with the marketing and
sales of the Purchased Assets or otherwise to enforce or exercise Buyer’s rights hereunder
or (iv) Buyer determines it necessary to disclose such information to its counterparties or
agents in connection with Buyer’s rights under Section 10. The provisions set forth in this
Section 30 shall survive the termination of this Agreement for a period of one year
following such termination. Notwithstanding the foregoing or anything to the contrary
contained herein or in any other Repurchase Document, the parties hereto may disclose to any
and all Persons, without limitation of any kind, the federal income tax treatment of the
Transactions, any fact relevant to understanding the federal tax treatment of the
Transactions, and all materials of any kind (including opinions or other tax analyses)
relating to such federal income tax treatment.

	31.	 	CONFLICTS

In the event of any conflict between the terms of this Agreement, any other Repurchase
Document and any Confirmation, the documents shall control in the following order of
priority: first, the terms of the Confirmation shall prevail, then the terms of
this Agreement shall prevail, and then the terms of the other Repurchase Documents shall
prevail.

	32.	 	SET-OFF

In addition to any rights and remedies of Buyer provided by this Agreement and by law, Buyer
shall have the right, without prior notice to Seller, any such notice being expressly waived
by Seller to the extent permitted by applicable law, upon any amount becoming due and
payable by Seller to Buyer hereunder or otherwise (whether at the stated maturity, by
acceleration or otherwise) to set-off and appropriate and apply against such amount any and
all monies and other property of Seller, any and all deposits (general or special, time or
demand, provisional or final), in any currency, and any and all other credits, indebtedness
or claims, in any currency, in each case whether direct or indirect, absolute or contingent,
matured or unmatured, and in each case at any time held or owing by Buyer or any Affiliate
thereof to or for the credit or the account of Seller. Buyer agrees promptly to notify
Seller after any such set-off and application made by Buyer; provided that the failure to
give such notice shall not affect the validity of such set-off and application.

[SIGNATURE PAGE FOLLOWS]

4

IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date set
forth above.

	 	 	 
	BUYER:

	 	

	 
	 	 
	 

	 
	 	 
	UBS REAL ESTATE SECURITIES INC.

	 
	 	 
	By:

	 	/s/ Scott C. Liebman
	
 
	 	 

	 	 	Name: Scott C. Liebman

Title: Managing Director

	 	 	 	By:
/s/ Jeffrey N. Lavine

	 	 	Name: Jeffrey N. Lavine

Title: Managing Director

	 	 	 	 	 
	Address for Notices:
	 	 	 	 
	—
	 	with a copy to:

	1285 Avenue of the Americas,
	 	 	—	 
	11th Floor
	 	1285 Avenue of the Americas, 11th Floor
	New York, NY 10019
	 	New York, NY 10019

	Attn: Greg Walker
	 	Attn: Jeffrey N. Lavine

	Telecopier No.: (212) 713-1153
	 	Telecopier No.: (212) 713-4062

	Telephone No.: (212) 713-8501
	 	Telephone No.: (212) 713-9736

	Email: greg.walker@ubs.com
	 	Email: jeffrey.lavine@ubs.com

	 
	 	1285 Avenue of the Americas, 11th Floor
	 
	 	New York, NY 10019

	 
	 	Attn: Scott C. Liebman

	 
	 	Telecopier No.: (212) 713-4062

	 
	 	Telephone No.: (212) 713-9968

	 
	 	Email: scott-c.liebman@ubs.com

	 
	 	Cadwalader Wickersham & Taft LLP

	 
	 	One World Financial Center

	 
	 	New York, NY  10281

	 
	 	Attn: Michael Gambro

	 
	 	Telecopier No.: (212) 504-6666

	 
	 	Telephone No.: (212) 504-6825

	 
	 	Email: michael.gambro@cwt.com

	 	 	 	SELLER:

	 	 	 	RAIT
FINANCE I, LLC

	 	 	 	By:
RAIT Partnership, L.P., its sole member

	 	 	 	By:
RAIT General, Inc., a Maryland
corporation, its general partner

	 	 	 	By:
/s/ Ellen J. DiStefano

	 	 	Name: Ellen J. DiStefano

Title: Executive Vice President & Chief

Financial Officer

	 	 	 	Address for Notices:

1818 Market Street, 28th Floor

Philadelphia, PA 19103

Attn: Ken Frappier

Telecopier No.: (215) 861-7920

Telephone No: (215) 861-7900

Email:

5

Schedule 1(a)

REPRESENTATIONS AND WARRANTIES

RE: PURCHASED ASSETS CONSISTING OF MORTGAGE LOANS

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

	 	(1)	 	The Mortgage Loan is either a whole loan and not a participation interest in a
whole loan, a senior participation interest in a whole loan, or an A note interest in a
whole loan.

	 	(2)	 	As of the Purchase Date, such Mortgage Loan complies in all material respects
with, or is exempt from, all requirements of federal, state or local law relating to
such Mortgage Loan.

	 	(3)	 	Immediately prior to the sale, transfer and assignment to the Buyers thereof,
Seller had good and marketable title to, and was the sole owner and holder of, such
Mortgage Loan, and Seller is transferring such Mortgage Loan free and clear of any and
all liens, pledges, encumbrances, charges, security interests or any other ownership
interests of any nature encumbering such Mortgage Loan. Upon consummation of the
purchase contemplated to occur in respect of such Mortgage Loan on the Purchase Date
therefor, Seller will have validly and effectively conveyed to the Buyer all legal and
beneficial interest in and to such Mortgage Loan free and clear of any pledge, lien,
encumbrance or security interest.

	 	(4)	 	No fraudulent acts were committed by Seller in connection with its acquisition
or origination of such Mortgage Loan nor were any fraudulent acts committed by any
Person in connection with the origination of such Mortgage Loan.

	 	(5)	 	All information contained in the related Underwriting Package (or as otherwise
provided to the Buyer) in respect of such Mortgage Loan is accurate and complete in all
material respects.

	 	(6)	 	Except as included in the Underwriting Package, Seller is not a party to any
document, instrument or agreement, and there is no document, that by its terms modifies
or affects the rights and obligations of any holder of such Mortgage Loan and Seller
has not consented to any material change or waiver to any term or provision of any such
document, instrument or agreement and no such change or waiver exists.

	 	(7)	 	Such Mortgage Loan is presently outstanding. Except for amounts held in escrow
by Seller, the proceeds thereof have been fully disbursed other than amounts required
under the applicable Mortgage Loan Documents for future advances thereunder.

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

	 	(9)	 	Other than consents and approvals obtained as of the related Purchase Date, no
consent or approval by any Person is required in connection with Seller’s sale and/or
the Buyer’s acquisition of such Mortgage Loan, for the exercise by the Buyer of any
rights or remedies in respect of such Mortgage Loan or for the Buyer’s sale, pledge or
other disposition of such Mortgage Loan. Except for purchase options upon the
occurrence of a default that are set forth in an Intercreditor Agreement included in
this Mortgage Asset File, no third party holds any “right of first refusal”, “right of
first negotiation”, “right of first offer”, purchase option, or other similar rights of
any kind, and no other impediment exists to any such transfer or exercise of rights or
remedies.

	 	(10)	 	No consent, approval, authorization or order of, or registration or filing with
(other than the filing or recording of the assignment of the recorded Mortgage Loan
Documents in the applicable jurisdiction), or notice to, any court or governmental
agency or body having jurisdiction or regulatory authority is required for any transfer
or assignment by the holder of such Mortgage Loan.

	 	(11)	 	Seller has not received written notice of any outstanding liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind for which the holder of such Mortgage Loan is or may become
obligated.

	 	(12)	 	Seller has not advanced funds other than pursuant to the Mortgage Loan
Documents, or knowingly received any advance of funds from a party other than the
Mortgagor relating to such Mortgage Loan, directly or indirectly, for the payment of
any amount required by such Mortgage Loan.

	 	(13)	 	Each related Mortgage Note, Mortgage, Assignment of Leases (if a document
separate from the Mortgage) and other agreement executed by the related Mortgagor in
connection with such Mortgage Loan is legal, valid and binding obligation of the
related Mortgagor (subject to any non-recourse provisions therein and any state
anti-deficiency or market value limit deficiency legislation), enforceable in
accordance with its terms, except (i) that certain provisions contained in such
Mortgage Loan documents are or may be unenforceable in whole or in part under
applicable state or federal laws, but neither the application of any such laws to any
such provision nor the inclusion of any such provisions renders any of the Mortgage
Loan documents invalid as a whole and such Mortgage Loan documents taken as a whole are
enforceable to the extent necessary and customary for the practical realization of the
rights and benefits afforded thereby and (ii) as such enforcement may be limited by
bankruptcy, insolvency, receivership, reorganization, moratorium, redemption,
liquidation or other laws relating to or affecting the enforcement of creditors’ rights
generally, or by general principles of equity (regardless of whether such enforcement
is considered in a proceeding in equity or at law). The related Mortgage Note and
Mortgage contain no provision limiting the right or ability of Seller to assign,
transfer and convey the related Mortgage Loan to any other Person. With respect to any
Underlying Mortgaged Property that has tenants, there exists as either part of the
Mortgage or as a separate document, an assignment of leases.

	 	(14)	 	As of the date of its origination, there was no valid offset, defense,
counterclaim, abatement or right to rescission with respect to any related Mortgage
Note, Mortgage or other agreements executed in connection therewith, and, as of the
Purchase Date, there is no valid offset, defense, counterclaim or right to rescission
with respect to any such Mortgage Note, Mortgage or other agreements, except in each
case, with respect to the enforceability of any provisions requiring the payment of
default interest, late fees, additional interest, prepayment premiums or yield
maintenance charges.

	 	(15)	 	Reserved.

	 	(16)	 	Each related assignment of Mortgage and assignment of Assignment of Leases from
Seller in blank constitutes the legal, valid and binding first priority assignment from
Seller (assuming the insertion of the name of the Buyers’ designee), except as such
enforcement may be limited by bankruptcy, insolvency, receivership, reorganization,
moratorium, redemption, liquidation or other laws relating to or affecting the
enforcement of creditors’ rights generally, or by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity or at
law). Each Mortgage and Assignment of Leases is freely assignable.

	 	(17)	 	The Mortgage Loan is secured by one or more Mortgages and each such Mortgage is
a valid and enforceable first lien on the related Underlying Mortgaged Property subject
only to the exceptions set forth in paragraph (13) above and the following title
exceptions (each such title exception, a “Title Exception”, and collectively, the
“Title Exceptions”): (a) the lien of current real property taxes, water charges, sewer
rents and assessments not yet due and payable, (b) covenants, conditions and
restrictions, rights of way, easements and other matters of public record, none of
which, individually or in the aggregate, materially and adversely interferes with the
current use of the Underlying Mortgaged Property or the security intended to be
provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under
the Mortgage Loan when they become due or materially and adversely affects the value of
the Underlying Mortgaged Property, (c) the exceptions (general and specific) and
exclusions set forth in the applicable policy described in paragraph (21) below or
appearing of record, none of which, individually or in the aggregate, materially and
adversely interferes with the current use of the Underlying Mortgaged Property or the
security intended to be provided by such Mortgage or with the Mortgagor’s ability to
pay its obligations under the Mortgage Loan when they become due or materially and
adversely affects the value of the Underlying Mortgaged Property, (d) other matters to
which like properties are commonly subject, none of which, individually or in the
aggregate, materially and adversely interferes with the current use of the Underlying
Mortgaged Property or the security intended to be provided by such Mortgage or with the
Mortgagor’s ability to pay its obligations under the Mortgage Loan when they become due
or materially and adversely affects the value of the Underlying Mortgaged Property, (e)
the right of tenants (whether under ground leases, space leases or operating leases) at
the Underlying Mortgaged Property to remain following a foreclosure or similar
proceeding (provided that such tenants are performing under such leases) and (f) if
such Mortgage Loan is cross-collateralized with any other Mortgage Loan, the lien of
the Mortgage for such other Mortgage Loan, none of which, individually or in the
aggregate, materially and adversely interferes with the current use of the Underlying
Mortgaged Property or the security intended to be provided by such Mortgage or with the
Mortgagor’s ability to pay its obligations under the Mortgage Loan when they become due
or materially and adversely affects the value of the Underlying Mortgaged Property.
Except with respect to cross-collateralized and cross-defaulted Mortgage Loans and as
provided below, there are no mortgage loans that are senior or pari passu with respect
to the related Underlying Mortgaged Property or such Mortgage Loan.

	 	(18)	 	UCC Financing Statements have been filed and/or recorded (or, if not filed
and/or recorded, have been delivered to the title company for submission in proper form
for filing and recording), in all public places necessary to perfect a valid security
interest in all items of personal property located on the Underlying Mortgaged Property
that are owned by the Mortgagor and either (i) are reasonably necessary to operate the
Underlying Mortgaged Property or (ii) are (as indicated in the appraisal obtained in
connection with the origination of the related Mortgage Loan) material to the value of
the Underlying Mortgaged Property (other than any personal property subject to a
purchase money security interest or a sale and leaseback financing arrangement
permitted under the terms of such Mortgage Loan or any other personal property leases
applicable to such personal property), to the extent perfection may be effected
pursuant to applicable law by recording or filing, and the Mortgages, security
agreements, chattel mortgages or equivalent documents related to and delivered in
connection with the related Mortgage Loan establish and create a valid and enforceable
lien and priority security interest on such items of personalty except as such
enforcement may be limited by bankruptcy, insolvency, receivership, reorganization,
moratorium, redemption, liquidation or other laws relating to or affecting the
enforcement of creditor’s rights generally, or by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity or at
law). Notwithstanding any of the foregoing, no representation is made as to the
perfection of any security interest in rents or other personal property to the extent
that possession or control of such items or actions other than the filing of UCC
Financing Statements are required in order to effect such perfection.

	 	(19)	 	All real estate taxes and governmental assessments, or installments thereof,
which would be a lien on the Underlying Mortgaged Property and that prior to the
Purchase Date have become delinquent in respect of the Underlying Mortgaged Property
have been paid, or an escrow of funds in an amount sufficient to cover such payments
has been established. For purposes of this representation and warranty, real estate
taxes and governmental assessments and installments thereof shall not be considered
delinquent until the earlier of (a) the date on which interest and/or penalties would
first be payable thereon and (b) the date on which enforcement action is entitled to be
taken by the related taxing authority.

	 	(20)	 	As of the Purchase Date, the related Underlying Mortgaged Property was free and
clear of any material damage (other than deferred maintenance for which escrows were
established at origination) that would affect materially and adversely the value of
such Underlying Mortgaged Property as security for the Mortgage Loan and there was no
proceeding pending or, based solely upon the delivery of written notice thereof from
the appropriate condemning authority, threatened for the total or partial condemnation
of such Underlying Mortgaged Property.

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

	 	(22)	 	As of the date of its origination, all insurance coverage required under each
related Mortgage, which insurance covered such risks as were customarily acceptable to
prudent commercial and multifamily mortgage lending institutions lending on the
security of property comparable to the related Underlying Mortgaged Property in the
jurisdiction in which such Underlying Mortgaged Property is located, and with respect
to a fire and extended perils insurance policy, is in an amount (subject to a customary
deductible) at least equal to the lesser of (i) the replacement cost of improvements
located on such Underlying Mortgaged Property, or (ii) the outstanding principal
balance of the Mortgage Loan, and in any event, the amount necessary to prevent
operation of any co-insurance provisions; and, except if such Underlying Mortgaged
Property is operated as a mobile home park, is also covered by business interruption or
rental loss insurance, in an amount at least equal to 12 months of operations of the
related Underlying Mortgaged Property, all of which was in full force and effect with
respect to the related Underlying Mortgaged Property; and all insurance coverage
required under each Mortgage, which insurance covers such risks and is in such amounts
as are customarily acceptable to prudent commercial and multifamily mortgage lending
institutions lending on the security of property comparable to the related Underlying
Mortgaged Property in the jurisdiction in which such Underlying Mortgaged Property is
located, is in full force and effect with respect to the related Underlying Mortgaged
Property; all premiums due and payable through the Purchase Date have been paid; and no
notice of termination or cancellation with respect to any such insurance policy has
been received by Seller; and except for certain amounts not greater than amounts that
would be considered prudent by an institutional commercial and/or multifamily mortgage
lender with respect to a similar Mortgage Loan and that are set forth in the related
Mortgage, any insurance proceeds in respect of a casualty loss, will be applied either
(i) to the repair or restoration of all or part of the related Underlying Mortgaged
Property or (ii) the reduction of the outstanding principal balance of the Mortgage
Loan, subject in either case to requirements with respect to leases at the related
Underlying Mortgaged Property and to other exceptions customarily provided for by
prudent institutional lenders for similar loans. The Underlying Mortgaged Property is
also covered by comprehensive general liability insurance against claims for personal
and bodily injury, death or property damage occurring on, in or about the related
Underlying Mortgaged Property, in an amount customarily required by prudent
institutional lenders. An architectural or engineering consultant has performed an
analysis of the Underlying Mortgaged Properties located in seismic zone 3 or 4 in order
to evaluate the structural and seismic condition of such property, for the sole purpose
of assessing the probable maximum loss (“PML”) for the Underlying Mortgaged Property in
the event of an earthquake. In such instance, the PML was based on a 475 year lookback
with a 10% probability of exceedance in a 50 year period. If the resulting report
concluded that the PML would exceed 20% of the amount of the replacement costs of the
improvements, earthquake insurance on such Underlying Mortgaged Property was obtained
by an insurer rated at least A-:V by A.M. Best Company or “BBB-” (or the equivalent)
from S&P and Fitch or “Baa3” (or the equivalent) from Moody’s. If the Underlying
Mortgaged Property is located in Florida or within 25 miles of the coast of Texas,
Louisiana, Mississippi, Alabama, Georgia, North Carolina or South Carolina such
Underlying Mortgaged Property is insured by windstorm insurance in an amount at least
equal to the lesser of (i) the outstanding principal balance of such Mortgage Loan and
(ii) 100% of the full insurable value, or 100% of the replacement cost, of the
improvements located on the related Underlying Mortgaged Property unless such insurance
is not available at commercially reasonable rates.

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

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

	 	(24)	 	As of the Purchase Date, such Mortgage Loan is not, and in the prior twelve
(12) months (or since the date of origination if such Mortgage Loan has been originated
within the past twelve (12) months), has not been, thirty (30) days or more past due
(after giving effect to all grace periods available to the related Mortgagor) in
respect of any scheduled payment.

	 	(25)	 	Each related Mortgage does not provide for or permit, without the prior written
consent of the holder of the Mortgage Note, the related Underlying Mortgaged Property
to secure any other promissory note or obligation except as expressly described in such
Mortgage.

	 	(26)	 	Reserved.

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

	 	(28)	 	Each related Mortgage and Assignment of Leases, together with applicable state
law, contains customary and enforceable provisions for comparable mortgaged properties
similarly situated such as to render the rights and remedies of the holder thereof
adequate for the practical realization against the Underlying Mortgaged Property of the
benefits of the security, including realization by judicial or, if applicable,
non-judicial foreclosure, subject to the effects of bankruptcy, insolvency,
receivership, reorganization, moratorium, redemption, liquidation or other laws
relating to or affecting the enforcement of creditors’ rights generally, or by general
principles of equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law).

	 	(29)	 	No Mortgagor is a debtor in any state or federal bankruptcy or insolvency
proceeding.

	 	(30)	 	No Mortgage Loan has capitalized interest included in its principal balance
unless disclosed to Buyer in writing prior to the initial Purchase Date, or provides
for any shared appreciation rights or other equity participation therein and no
contingent or additional interest contingent on cash flow or, except for ARD Loans,
negative amortization is due thereon.

	 	(31)	 	Subject to certain exceptions, which are customarily acceptable to prudent
commercial and multifamily mortgage lending institutions lending on the security of
property comparable to the related Underlying Mortgaged Property, each related Mortgage
or loan agreement contains provisions for the acceleration of the payment of the unpaid
principal balance of such Mortgage Loan if, without complying with the requirements of
the Mortgage or loan agreement, (a) the related Underlying Mortgaged Property, or any
controlling interest in the related Mortgagor, is directly transferred or sold (other
than by reason of family and estate planning transfers, transfers by devise, descent or
operation of law upon the death of a member, general partner or shareholder of the
related borrower and transfers of less than a controlling interest (as such term is
defined in the related Mortgage Loan documents) in a mortgagor, issuance of
non-controlling new equity interests, transfers among existing members, partners or
shareholders in the Mortgagor or an affiliate thereof, transfers among affiliated
Mortgagors with respect to Mortgage Loan that are cross-collateralized or
cross-defaulted with other mortgage loans or multi-property Mortgage Loans or transfers
of a similar nature to the foregoing meeting the requirements of the Mortgage Loan
(such as pledges of ownership interests that do not result in a change of control) or a
substitution or release of collateral within the parameters of paragraph (34) below),
or (b) the related Underlying Mortgaged Property or controlling interest in the
borrower is encumbered in connection with subordinate financing by a lien or security
interest against the related Underlying Mortgaged Property, other than any existing
permitted additional debt. The Mortgage Loan documents require the borrower to pay all
reasonable costs incurred by the Mortgagor with respect to any transfer, assumption or
encumbrance requiring lender’s approval.

	 	(32)	 	Except as set forth in the related Mortgage Loan documents delivered to the
Buyer or its designee, the terms of the related Mortgage Note(s) and Mortgage(s) have
not been waived, modified, altered, satisfied, impaired, canceled, subordinated or
rescinded in any manner that materially interferes with the security intended to be
provided by such Mortgage and no such waiver, modification, alteration, satisfaction,
impairment, cancellation, subordination or rescission has occurred since the date upon
which the due diligence file related to the applicable Mortgage Loan was delivered to
the Buyer or its designee.

	 	(33)	 	Each related Underlying Mortgaged Property was inspected by or on behalf of the
related originator or an affiliate during the 12 month period prior to the related
origination date.

	 	(34)	 	Since origination, no material portion of the related Underlying Mortgaged
Property has been released from the lien of the related Mortgage in any manner that
materially and adversely affects the value of the Mortgage Loan or materially
interferes with the security intended to be provided by such Mortgage, and, except with
respect to Mortgage Loans (a) that permit defeasance by means of substituting for the
Underlying Mortgaged Property (or, in the case of a Mortgage Loan secured by multiple
Underlying Mortgaged Properties, one or more of such Underlying Mortgaged Properties)
“government securities” as defined in the Investment Company Act of 1940, as amended,
sufficient to pay the Mortgage Loans (or portions thereof) in accordance with its
terms, (b) where a release of the portion of the Underlying Mortgaged Property was
contemplated at origination and such portion was not considered material for purposes
of underwriting the Mortgage Loan, (c) where release is conditional upon the
satisfaction of certain underwriting and legal requirements and the payment of a
release price that represents adequate consideration for such Underlying Mortgaged
Property or the portion thereof that is being released, (d) that permit the related
Mortgagor to substitute a replacement property in compliance with REMIC Provisions or
(e) that permit the release(s) of unimproved out-parcels or other portions of the
Underlying Mortgaged Property that will not have a material adverse effect on the
underwritten value of the security for the Mortgage Loan or that were not allocated to
any value in the underwriting during the origination of the Mortgage Loan, the terms of
the related Mortgage do not provide for release of any portion of the Underlying
Mortgaged Property from the lien of the Mortgage except in consideration of payment in
full therefor.

	 	(35)	 	There are no material violations of any applicable zoning ordinances, building
codes or land laws applicable to the Underlying Mortgaged Property or the use and
occupancy thereof that (i) are not insured by an ALTA lender’s title insurance policy
(or a binding commitment therefor), or its equivalent as adopted in the applicable
jurisdiction, or a law and ordinance insurance policy or (ii) would have a material
adverse effect on the value, operation or net operating income of the Underlying
Mortgaged Property. The Mortgage Loan documents require the Underlying Mortgaged
Property to comply with all applicable laws and ordinances.

	 	(36)	 	None of the material improvements that were included for the purposes of
determining the appraised value of the related Underlying Mortgaged Property at the
time of the origination of the Mortgage Loan lies outside of the boundaries and
building restriction lines of such property (except Underlying Mortgaged Properties
that are legal non-conforming uses), to an extent that would have a material adverse
affect on the value of the Underlying Mortgaged Property or related Mortgagor’s use and
operation of such Underlying Mortgaged Property (unless affirmatively covered by title
insurance) and no improvements on adjoining properties encroached upon such Underlying
Mortgaged Property to any material and adverse extent (unless affirmatively covered by
title insurance).

	 	(37)	 	The related Mortgagor has covenanted in its organizational documents and/or the
Mortgage Loan documents to own no significant asset other than the related Underlying
Mortgaged Properties, as applicable, and assets incidental to its ownership and
operation of such Underlying Mortgaged Properties, and to hold itself out as being a
legal entity, separate and apart from any other Person.

	 	(38)	 	[Reserved].

	 	(39)	 	As of the Purchase Date, there was no pending action, suit or proceeding, or
governmental investigation of which it has received notice, against the Mortgagor or
the related Underlying Mortgaged Property the adverse outcome of which could reasonably
be expected to materially and adversely affect such Mortgagor’s ability to pay
principal, interest or any other amounts due under such Mortgage Loan or the security
intended to be provided by the Mortgage Loan documents or the current use of the
Underlying Mortgaged Property.

	 	(40)	 	As of the Purchase Date, if the related Mortgage is a deed of trust, a trustee,
duly qualified under applicable law to serve as such, has either been properly
designated and serving under such Mortgage or may be substituted in accordance with the
Mortgage and applicable law.

	 	(41)	 	The Mortgage Loan and the interest (exclusive of any default interest, late
charges or prepayment premiums) contracted for complied as of the date of origination
with, or is exempt from, applicable state or federal laws, regulations and other
requirements pertaining to usury.

	 	(42)	 	Each Mortgage Loan that is cross-collateralized is cross-collateralized only
with other Mortgage Loans sold pursuant to this Agreement.

	 	(43)	 	The improvements located on the Underlying Mortgaged Property are either not
located in a federally designated special flood hazard area or, if so located, the
Mortgagor is required to maintain or the Mortgagee maintains, flood insurance with
respect to such improvements and such policy is in full force and effect in an amount
no less than the lesser of (i) the original principal balance of the Mortgage Loan,
(ii) the value of such improvements on the related Underlying Mortgaged Property
located in such flood hazard area or (iii) the maximum allowed under the related
federal flood insurance program.

	 	(44)	 	All escrow deposits and payments required pursuant to the Mortgage Loan as of
the Purchase Date required to be deposited with Seller in accordance with the Mortgage
Loan documents have been so deposited, are in the possession, or under the control, of
Seller or its agent and there are no deficiencies in connection therewith.

	 	(45)	 	As of the Purchase Date, the related Mortgagor, the related lessee, franchisor
or operator was in possession of all material licenses, permits and authorizations then
required for use of the related Underlying Mortgaged Property by the related Mortgagor.
The Mortgage Loan documents require the borrower to maintain all such licenses,
permits and authorizations.

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

	 	(47)	 	Except for Mortgagors under Mortgage Loans the Underlying Mortgaged Property
with respect to which includes a Ground Lease, the related Mortgagor (or its affiliate)
has title in the fee simple interest in each related Underlying Mortgaged Property.

	 	(48)	 	The Mortgage Loan documents for such Mortgage Loan provide that such Mortgage
Loan is non-recourse to the related Mortgagor except that the related Mortgagor and an
additional guarantor accepts responsibility for any loss incurred due to fraud on the
part of the Mortgagor, other intentional material misrepresentation and other customary
matters. Furthermore, the Mortgage Loan documents for each Mortgage Loan provide that
the related Mortgagor and an additional guarantor shall be liable to the lender for
losses incurred due to the misapplication or misappropriation of rents collected in
advance or received by the related Mortgagor after the occurrence of an event of
default and not paid to the Mortgagee or applied to the Underlying Mortgaged Property
in the ordinary course of business, misapplication or conversion by the Mortgagor of
insurance proceeds or condemnation awards or breach of the environmental covenants in
the related Mortgage Loan documents.

	 	(49)	 	Subject to the exceptions set forth in paragraph (13) and upon possession of
the Underlying Mortgaged Property as required under applicable state law, any
Assignment of Leases set forth in the Mortgage or separate from the related Mortgage
and related to and delivered in connection with such Mortgage Loan establishes and
creates a valid, subsisting and enforceable lien and security interest in the related
Mortgagor’s interest in all leases, subleases, licenses or other agreements pursuant to
which any Person is entitled to occupy, use or possess all or any portion of the real
property.

	 	(50)	 	Reserved.

	 	(51)	 	If such Mortgage Loan contains a provision for any defeasance of mortgage
collateral, such Mortgage Loan permits defeasance (1) no earlier than two years after
any securitization of such Mortgage Loan and (2) only with substitute collateral
constituting “government securities” within the meaning of Treasury Regulations Section
1.860G-2(a)(8)(i) in an amount sufficient to make all scheduled payments under the
Mortgage Note. Such Mortgage Loan was not originated with the intent to collateralize
a REMIC offering with obligations that are not real estate mortgages. In addition, if
such Mortgage contains such a defeasance provision, it provides (or otherwise contains
provisions pursuant to which the holder can require) that an opinion be provided to the
effect that such holder has a first priority perfected security interest in the
defeasance collateral. The related Mortgage Loan documents permit the lender to charge
all of its reasonable expenses associated with a defeasance to the Mortgagor (including
rating agencies’ fees, accounting fees and attorneys’ fees), and provide that the
related Mortgagor must deliver (or otherwise, the Mortgage Loan documents contain
certain provisions pursuant to which the lender can require) (a) an accountant’s
certification as to the adequacy of the defeasance collateral to make payments under
the related Mortgage Loan for the remainder of its term, (b) an opinion of counsel that
the defeasance complies with all applicable REMIC Provisions, and (c) assurances from
S&P, Fitch, and Moody’s that the defeasance will not result in the withdrawal,
downgrade or qualification of the ratings assigned to any certificates backed by the
related Mortgage Loan. Notwithstanding the foregoing, some of the Mortgage Loan
documents may not affirmatively contain all such requirements, but such requirements
are effectively present in such documents due to the general obligation to comply with
the REMIC Provisions and/or deliver a REMIC opinion of counsel.

	 	(52)	 	To the extent required under applicable law as of the date of origination, and
necessary for the enforceability or collectability of the Mortgage Loan, the originator
of such Mortgage Loan was authorized to do business in the jurisdiction in which the
related Underlying Mortgaged Property is located at all times when it originated and
held the Mortgage Loan.

	 	(53)	 	Neither Seller nor any affiliate thereof has any obligation to make any capital
contributions to the Mortgagor under the Mortgage Loan.

	 	(54)	 	The related Underlying Mortgaged Property is not encumbered, and none of the
Mortgage Loan documents permits the related Underlying Mortgaged Property to be
encumbered subsequent to the Purchase Date without the prior written consent of the
holder of such Mortgage Loan, by any lien securing the payment of money junior to or of
equal priority with, or superior to, the lien of the related Mortgage (other than Title
Exceptions, taxes, assessments and contested mechanics and materialmens liens that
become payable after the Purchase Date of the related Mortgage Loan).

	 	(55)	 	Each related Underlying Mortgaged Property constitutes one or more complete
separate tax lots (or the related Mortgagor has covenanted to obtain separate tax lots
and a Person has indemnified the Mortgagee for any loss suffered in connection
therewith or an escrow of funds in an amount sufficient to pay taxes resulting from a
breach thereof has been established) or is subject to an endorsement under the related
title insurance policy.

	 	(56)	 	An appraisal of the related Underlying Mortgaged Property was conducted in
connection with the origination of such Mortgage Loan; and such appraisal satisfied
either (A) the requirements of the “Uniform Standards of Professional Appraisal
Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation, or
(B) the guidelines in Title XI of the Financial Institutions Reform, Recovery and
Enforcement Act or 1989, in either case as in effect on the date such Mortgage Loan was
originated.

	 	(57)	 	The related Mortgage Loan documents require the Mortgagor to provide the
Mortgagee with certain financial information at the times required under the related
Mortgage Loan documents.

	 	(58)	 	The related Underlying Mortgaged Property is served by public utilities, water
and sewer (or septic facilities) and otherwise appropriate for the use in which the
Underlying Mortgaged Property is currently being utilized.

	 	(59)	 	Each Underlying Mortgaged Property is free and clear of any and all mechanics’
and materialmen’s liens that are prior or equal to the lien of the related Mortgage,
and no rights are outstanding that under law could give rise to any such lien that
would be prior or equal to the lien of the related Mortgage except, in each case, for
liens insured against by the Title Policy referred to herein.

	 	(60)	 	With respect to each related Underlying Mortgaged Property consisting of a
Ground Lease, Seller represents and warrants the following with respect to the related
Ground Lease:

(A) Such Ground Lease or a memorandum thereof has been or will be duly
recorded no later than 30 days after the Purchase Date and such Ground Lease
permits the interest of the lessee thereunder to be encumbered by the
related Mortgage or, if consent of the lessor thereunder is required, it has
been obtained prior to the Purchase Date.

(B) Upon the foreclosure of the Mortgage Loan (or acceptance of a deed
in lieu thereof), the Mortgagor’s interest in such Ground Lease is
assignable to the Mortgagee under the leasehold estate and its assigns
without the consent of the lessor thereunder (or, if any such consent is
required, it has been obtained prior to the Purchase Date).

(C) Such Ground Lease may not be amended, modified, canceled or
terminated without the prior written consent of the Mortgagee and any such
action without such consent is not binding on the Mortgagee, its successors
or assigns, except termination or cancellation if (i) an event of default
occurs under the Ground Lease, (ii) notice thereof is provided to the
Mortgagee and (iii) such default is curable by the Mortgagee as provided in
the Ground Lease but remains uncured beyond the applicable cure period.

(D) Such Ground Lease is in full force and effect, there is no material
default under such Ground Lease, and there is no event that, with the
passage of time or with notice and the expiration of any grace or cure
period, would constitute a material default under such Ground Lease.

(E) The Ground Lease or ancillary agreement between the lessor and the
lessee requires the lessor to give notice of any default by the lessee to
the Mortgagee. The Ground Lease or ancillary agreement further provides
that no default notice given is effective against the Mortgagee unless a
copy has been given to the Mortgagee in a manner described in the Ground
Lease or ancillary agreement.

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

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

(H) Such Ground Lease has an original term (together with any
extension options, whether or not currently exercised, set forth therein all
of which can be exercised by the Mortgagee if the Mortgagee acquires the
lessee’s rights under the Ground Lease) that extends not less than 20 years
beyond the stated maturity date.

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

(J) The Ground Lease does not impose any restrictions on subletting
that would be viewed as commercially unreasonable by a prudent commercial
lender.

(K) The ground lessor under such Ground Lease is required to enter into
a new lease upon termination of the Ground Lease for any reason, including
the rejection of the Ground Lease in bankruptcy.

6

Schedule 1(b)

REPRESENTATIONS AND WARRANTIES

RE: PURCHASED ASSETS CONSISTING OF MEZZANINE LOANS

Seller represents and warrants to the Buyer, with respect to each Purchased Asset that is a
Mezzanine Loan, that except as specifically disclosed to and approved by the Buyer in accordance
with the Agreement, as of the Purchase Date for each such Purchased Asset and at all times while
the Repurchase Documents remain in effect, or any Transaction under the Agreement remains
outstanding, the representations set forth on this Schedule 1(b) shall be true and correct in all
material respects. For purposes of this Schedule 1(b) and the representations and warranties set
forth herein, a breach of a representation or warranty shall be deemed to have been cured with
respect to a Purchased Asset that is a Mezzanine Loan if and when Seller has taken or caused to be
taken action such that the event, circumstance or condition that gave rise to such breach no longer
affects such Purchased Asset.

	 	(1)	 	The Mezzanine Loan is a performing mezzanine loan secured by a pledge, directly
or indirectly, of all of the Capital Stock of a Mortgagor that owns income producing
commercial real estate.

	 	(2)	 	As of the Purchase Date, such Mezzanine Loan complies in all material respects
with, or is exempt from, all requirements of federal, state or local law relating to
such Mezzanine Loan.

	 	(3)	 	Immediately prior to the sale, transfer and assignment to the Buyer thereof,
Seller had good title to, and was the sole owner and holder of, such Mezzanine Loan,
and Seller is transferring such Mezzanine Loan free and clear of any and all liens,
pledges, encumbrances, charges, security interests or any other ownership interests of
any nature encumbering such Mezzanine Loan (subject to the acknowledgment set forth in
Section 8.01(o)(i) of the Master Repurchase Agreement, that such Mortgage Asset is or
may become subject to fees, costs and expenses associated with the services and duties
of a trustee or a servicer that are customary practice to the industry, so long as such
fees, costs and expenses do not constitute a Lien). Upon consummation of the purchase
contemplated to occur in respect of such Mezzanine Loan on the Purchase Date therefor,
Seller will have validly and effectively conveyed to the Buyer all legal and beneficial
interest in and to such Mezzanine Loan free and clear of any pledge, lien, encumbrance
or security interest.

	 	(4)	 	No fraudulent acts were committed by Seller in connection with its acquisition
or origination of such Mezzanine Loan nor were any fraudulent acts committed by any
Person in connection with the origination of such Mezzanine Loan.

	 	(5)	 	All information contained in the related Underwriting Package (or as otherwise
provided to the Buyer) in respect of such Mezzanine Loan is accurate and complete in
all material respects.

	 	(6)	 	Except as included in the Underwriting Package, Seller is not a party to any
document, instrument or agreement, and there is no document, that by its terms modifies
or affects the rights and obligations of any holder of such Mezzanine Loan and Seller
has not consented to any material change or waiver to any term or provision of any such
document, instrument or agreement and no such change or waiver exists.

	 	(7)	 	Such Mezzanine Loan is presently outstanding. Except for amounts held in
escrow by Seller, the proceeds thereof have been fully disbursed other than amounts
required under the applicable Mezzanine Loan Documents for future advances thereunder.

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

	 	(9)	 	Other than consents and approvals obtained as of the related Purchase Date, no
consent or approval by any Person is required in connection with Seller’s sale and/or
the Buyer’s acquisition of such Mezzanine Loan, for the exercise by the Buyer of any
rights or remedies in respect of such Mezzanine Loan or for the Buyer’s sale, pledge or
other disposition of such Mezzanine Loan. Except for purchase options upon the
occurrence of a default that are set forth in an Intercreditor Agreement included in
the Mortgage Asset File, no third party holds any “right of first refusal”, “right of
first negotiation”, “right of first offer”, purchase option, or other similar rights of
any kind, and no other impediment exists to any such transfer or exercise of rights or
remedies.

	 	(10)	 	The Mezzanine Collateral is secured by a pledge of equity ownership interests
in the related borrower under the Underlying Mortgage Loan or a direct or indirect
owner of the related borrower and the security interest created thereby has been fully
perfected in favor of Seller as Mezzanine Lender.

	 	(11)	 	The Underlying Property Owner has been duly organized and is validly existing
and in good standing under the laws of its jurisdiction of organization, with requisite
power and authority to own its assets and to transact the business in which it is now
engaged, the sole purpose of the Underlying Property Owner under its organizational
documents is to own, finance, sell or otherwise manage the Properties and to engage in
any and all activities related or incidental thereto, and the Mortgaged Properties
constitute the sole assets of the Underlying Property Owner.

	 	(12)	 	The Underlying Property Owner has good and marketable title to the Underlying
Mortgaged Property, no claims under the title policies insuring the Underlying Property
Owner’s title to the Properties have been made, and the Underlying Property Owner has
not received any written notice regarding any material violation of any easement,
restrictive covenant or similar instrument affecting the Underlying Mortgaged Property.

	 	(13)	 	The representations and warranties made by the borrower (the “Mezzanine
Borrower”) in the documentation related to the Mezzanine Loan (collectively, the
“Mezzanine Loan Documents”) were true and correct in all material respects as of the
date such representations and warranties were stated to be true therein, and there has
been no adverse change with respect to the Mezzanine Loan, the Mezzanine Borrower, the
Underlying Mortgaged Property or the Underlying Property Owner that would render any
such representation or warranty not true or correct in any material respect as of the
Purchase Date.

	 	(14)	 	The Mezzanine Loan Documents provide for the acceleration of the payment of the
unpaid principal balance of the Mezzanine Loan if (i) the related borrower voluntarily
transfers or encumbers all or any portion of any related Mezzanine Collateral, or (ii)
any direct or indirect interest in the related borrower is voluntarily transferred or
assigned, other than, in each case, as permitted under the terms and conditions of the
related loan documents.

	 	(15)	 	Pursuant to the terms of the Mezzanine Loan Documents: (a) except as provided
in any Intercreditor Agreement contained in the Mortgage Asset File, no material terms
of any related Mortgage may be waived, canceled, subordinated or modified in any
material respect and no material portion of such Mortgage or the Underlying Mortgaged
Property may be released without the consent of the holder of the Mezzanine Loan; (b)
no material leases may be entered into by the Underlying Property Owner with respect to
the Underlying Mortgaged Property without the consent of the holder of the Mezzanine
Loan; (c) the holder of the Mezzanine Loan is entitled to approve the budget of the
Underlying Property Owner as it relates to the Underlying Mortgaged Property; and (d)
the holder of the Mezzanine Loan’s consent is required prior to the Underlying Property
Owner incurring any additional indebtedness.

	 	(16)	 	There is no (i) monetary default, breach or violation with respect to such
Mezzanine Loan, the Underlying Mortgage Loan or any other obligation of the owner of
the Underlying Mortgaged Property (the “Underlying Property Owner”), (ii) material
non-monetary default, breach or violation with respect to such Mezzanine Loan, the
Underlying Mortgage Loan or any other obligation of the Underlying Property Owner or
(iii) event that, with the passage of time or with notice and the expiration of any
grace or cure period, would constitute a default, breach, violation or event of
acceleration.

	 	(17)	 	No default or event of default has occurred under any agreement pertaining to
any lien or other interest that ranks pari passu with or senior to the interests of the
holder of such Mezzanine Loan or with respect to any Underlying Mortgage Loan or other
indebtedness in respect of the related Underlying Mortgaged Property and there is no
provision in any agreement related to any such lien, interest or loan that would
provide for any increase in the principal amount of any such lien, other interest or
loan.

	 	(18)	 	Seller’s security interest in the Mezzanine Loan is covered by a UCC-9
insurance policy (the “UCC-9 Policy”) in the maximum principal amount of the Mezzanine
Loan insuring that the related pledge is a valid first priority lien on the collateral
pledged in respect of such Mezzanine Loan (the “Mezzanine Collateral”), subject only to
the exceptions stated therein (or a pro forma title policy or marked up title insurance
commitment on which the required premium has been paid exists that evidences that such
UCC-9 Policy will be issued), such UCC-9 Policy (or, if it has yet to be issued, the
coverage to be provided thereby) is in full force and effect, no material claims have
been made thereunder and no claims have been paid thereunder, Seller has not done, by
act or omission, anything that would materially impair the coverage under the UCC-9
Policy and as of the Purchase Date, the UCC-9 Policy (or, if it has yet to be issued,
the coverage to be provided thereby) will inure to the benefit of the Buyer without the
consent of or notice to the insurer.

	 	(19)	 	The Mezzanine Loan, and each party involved in the origination of the Mezzanine
Loan, complied as of the date of origination with, or was exempt from, applicable state
or federal laws, regulations and other requirements pertaining to usury.

	 	(20)	 	Seller has delivered to the Buyer or its designee or the Bailee the original
promissory note made in respect of such Mezzanine Loan, together with an original
assignment thereof executed by Seller in blank.

	 	(21)	 	The Seller has not received any written notice that the Mezzanine Loan may be
subject to reduction or disallowance for any reason, including without limitation, any
setoff, right of recoupment, defense, counterclaim or impairment of any kind.

	 	(22)	 	The Seller has no obligation to make additional loans to, make guarantees on
behalf of, or otherwise extend credit to, or make any of the foregoing for the benefit
of, the Mezzanine Borrower or any other person under or in connection with the
Mezzanine Loan.

	 	(23)	 	The servicing and collection practices used by the servicer of the Mezzanine
Loan, and the origination practices of the related originator, have been in all
respects legal, proper and prudent and have met customary industry standards by prudent
institutional commercial mezzanine lenders and mezzanine loan servicers except to the
extent that, in connection with its origination, such standards were modified as
reflected in the documentation delivered to the Buyer.

	 	(24)	 	If applicable, the ground lessor consented to and acknowledged that (i) the
Mezzanine Loan is permitted / approved, (ii) any foreclosure of the Mezzanine Loan and
related change in ownership of the ground lessee will not require the consent of the
ground lessor or constitute a default under the ground lease, (iii) copies of default
notices would be sent to Mezzanine Lender and (iv) it would accept cure from Mezzanine
Lender on behalf of the ground lessee.

	 	(25)	 	To the extent Seller was granted a security interest with respect to the
Mezzanine Loan, such interest (i) was given for due consideration, (ii) has attached,
(iii) is perfected (or will be perfected upon the filing of the UCC financing
statements that have been delivered by the Seller to the title company or UCC-9 Policy
issuer for filing in the proper jurisdiction), (iv) is a first priority Lien, and (v)
has been appropriately assigned to the Buyer by the Underlying Property Owner.

	 	(26)	 	No consent, approval, authorization or order of, or registration or filing with
(other than the filing or recording of the assignment of the recorded Mezzanine Loan
Documents in the applicable jurisdiction), or notice to, any court or governmental
agency or body having jurisdiction or regulatory authority is required for any transfer
or assignment by the holder of such Mezzanine Loan.

	 	(27)	 	Seller has not received written notice of any outstanding liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind for which the holder of such Mezzanine Loan is or may become
obligated.

	 	(28)	 	Seller has not advanced funds other than pursuant to the Mezzanine Loan
documents, or knowingly received any advance of funds from a party other than the
borrower relating to such Mezzanine Loan, directly or indirectly, for the payment of
any amount required by such Mezzanine Loan.

	 	(29)	 	All real estate taxes and governmental assessments, or installments thereof,
which would be a lien on any related Underlying Mortgaged Property and that prior to
the Purchase Date for the related Purchased Asset have become delinquent in respect of
such Underlying Mortgaged Property have been paid, or an escrow of funds in an amount
sufficient to cover such payments has been established. For purposes of this
representation and warranty, real estate taxes and governmental assessments and
installments thereof shall not be considered delinquent until the earlier of (a) the
date on which interest and/or penalties would first be payable thereon and (b) the date
on which enforcement action is entitled to be taken by the related taxing authority.

	 	(30)	 	As of the Purchase Date for the related Purchased Asset, each related
Underlying Mortgaged Property was free and clear of any material damage (other than
deferred maintenance for which escrows were established at origination) that would
affect materially and adversely the value of such Underlying Mortgaged Property as
security for the related Underlying Mortgage Loan and there was no proceeding pending
or, based solely upon the delivery of written notice thereof from the appropriate
condemning authority, threatened for the total or partial condemnation of such
Underlying Mortgaged Property.

	 	(31)	 	As of the date of origination of the Mezzanine Loan, all insurance coverage
required under the Mezzanine Loan Documents and/or any Mortgage Loan related to the
Underlying Mortgaged Property, which insurance covered such risks as were customarily
acceptable to prudent commercial and multifamily mortgage lending institutions lending
on the security of property comparable to the related Underlying Mortgaged Property in
the jurisdiction in which such Underlying Mortgaged Property is located, and with
respect to a fire and extended perils insurance policy, is in an amount (subject to a
customary deductible) at least equal to the lesser of (i) the replacement cost of
improvements located on such Underlying Mortgaged Property, or (ii) the outstanding
principal balance of the Underlying Mortgage Loan, and in any event, the amount
necessary to prevent operation of any co-insurance provisions; and, except if such
Underlying Mortgaged Property is operated as a mobile home park, is also covered by
business interruption or rental loss insurance, in an amount at least equal to 12
months of operations of the related Underlying Mortgaged Property, all of which was in
full force and effect with respect to each related Underlying Mortgaged Property; and,
as of the Purchase Date for the related Purchased Asset, all insurance coverage
required under the Mezzanine Loan Documents and/or any Underlying Mortgage Loan related
to the Underlying Mortgaged Property, which insurance covers such risks and is in such
amounts as are customarily acceptable to prudent commercial and multifamily mortgage
lending institutions lending on the security of property comparable to the related
Underlying Mortgaged Property in the jurisdiction in which such Underlying Mortgaged
Property is located, is in full force and effect with respect to each related
Underlying Mortgaged Property; all premiums due and payable through the Purchase Date
for the related Purchased Asset have been paid; and no notice of termination or
cancellation with respect to any such insurance policy has been received by Seller; and
except for certain amounts not greater than amounts that would be considered prudent by
an institutional commercial and/or multifamily mortgage lender with respect to a
similar mortgage loan and that are set forth in the Mezzanine Loan Documents and/or any
Underlying Mortgage Loan related to the Underlying Mortgaged Property, any insurance
proceeds in respect of a casualty loss, will be applied either (i) to the repair or
restoration of all or part of the related Underlying Mortgaged Property or (ii) the
reduction of the outstanding principal balance of the Underlying Mortgage Loan, subject
in either case to requirements with respect to leases at the related Underlying
Mortgaged Property and to other exceptions customarily provided for by prudent
institutional lenders for similar loans. The Underlying Mortgaged Property is also
covered by comprehensive general liability insurance against claims for personal and
bodily injury, death or property damage occurring on, in or about the related
Underlying Mortgaged Property, in an amount customarily required by prudent
institutional lenders. An architectural or engineering consultant has performed an
analysis of the Underlying Mortgaged Properties located in seismic zone 3 or 4 in order
to evaluate the structural and seismic condition of such property, for the sole purpose
of assessing the probable maximum loss (“PML”) for the Underlying Mortgaged Property in
the event of an earthquake. In such instance, the PML was based on a 475 year lookback
with a 10% probability of exceedance in a 50 year period. If the resulting report
concluded that the PML would exceed 20% of the amount of the replacement costs of the
improvements, earthquake insurance on such Underlying Mortgaged Property was obtained
by an insurer rated at least A-:V by A.M. Best Company or “BBB-” (or the equivalent)
from S&P and Fitch or “Baa3” (or the equivalent) from Moody’s. If the Underlying
Mortgaged Property is located in Florida or within 25 miles of the coast of Texas,
Louisiana, Mississippi, Alabama, Georgia, North Carolina or South Carolina such
Underlying Mortgaged Property is insured by windstorm insurance in an amount at least
equal to the lesser of (i) the outstanding principal balance of such Underlying
Mortgage Loan and (ii) 100% of the full insurable value, or 100% of the replacement
cost of the improvements located on the related Underlying Mortgaged Property unless
such insurance is not available at commercially reasonable rates.

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

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

	 	(34)	 	No borrower under the Mezzanine Loan nor any Mortgagor under any Underlying
Mortgage Loan is a debtor in any state or federal bankruptcy or insolvency proceeding.

	 	(35)	 	Each related Underlying Mortgaged Property was inspected by or on behalf of the
related originator or an affiliate during the 12 month period prior to the related
origination date.

	 	(36)	 	There are no material violations of any applicable zoning ordinances, building
codes and land laws applicable to the Underlying Mortgaged Property or the use and
occupancy thereof that (i) are not insured by an ALTA lender’s title insurance policy
(or a binding commitment therefor), or its equivalent as adopted in the applicable
jurisdiction, or a law and ordinance insurance policy or (ii) would have a material
adverse effect on the value, operation or net operating income of the Underlying
Mortgaged Property. The Mezzanine Loan Documents or the Underlying Mortgage Loan
documents require the Underlying Mortgaged Property to comply with all applicable laws
and ordinances.

	 	(37)	 	None of the material improvements that were included for the purposes of
determining the appraised value of any related Underlying Mortgaged Property at the
time of the origination of the Mezzanine Loan or any related Underlying Mortgage Loan
lies outside of the boundaries and building restriction lines of such property (except
Underlying Mortgaged Properties that are legal non-conforming uses), to an extent that
would have a material adverse affect on the value of the Underlying Mortgaged Property
or the related Mortgagor’s use and operation of such Underlying Mortgaged Property
(unless affirmatively covered by title insurance) and no improvements on adjoining
properties encroached upon such Underlying Mortgaged Property to any material and
adverse extent (unless affirmatively covered by title insurance).

	 	(38)	 	As of the Purchase Date for the related Purchased Asset, there was no pending
action, suit or proceeding, or governmental investigation of which the Seller has
received notice, against the Mortgagor or the related Underlying Mortgaged Property the
adverse outcome of which could reasonably be expected to materially and adversely
affect the Mezzanine Loan or the Underlying Mortgage Loan.

	 	(39)	 	The improvements located on the Underlying Mortgaged Property are either not
located in a federally designated special flood hazard area or, if so located, the
Mortgagor is required to maintain or the Mortgagee maintains, flood insurance with
respect to such improvements and such policy is in full force and effect in an amount
no less than the lesser of (i) the original principal balance of the Underlying
Mortgage Loan, (ii) the value of such improvements on the related Underlying Mortgaged
Property located in such flood hazard area or (iii) the maximum allowed under the
related federal flood insurance program.

	 	(40)	 	Except for Mortgagors under Underlying Mortgage Loans the Underlying Mortgaged
Property with respect to which includes a Ground Lease, the related Mortgagor (or its
affiliate) has title in the fee simple interest in each related Underlying Mortgaged
Property.

	 	(41)	 	The related Underlying Mortgaged Property is not encumbered other than pursuant
to the Mortgage, and none of the Mezzanine Loan Documents or any Underlying Mortgage
Loan documents permits the related Underlying Mortgaged Property to be encumbered
subsequent to the Purchase Date of the related Purchased Asset without the prior
written consent of the holder thereof, by any lien securing the payment of money junior
to or of equal priority with, or superior to, the lien of the related Mortgage (other
than Title Exceptions, taxes, assessments and contested mechanics and materialmens
liens and other liens that arise by operation of law that become payable after such
Purchase Date).

	 	(42)	 	Each related Underlying Mortgaged Property constitutes one or more complete
separate tax lots (or the related Mortgagor has covenanted to obtain separate tax lots
and a Person has indemnified the Mortgagee for any loss suffered in connection
therewith or an escrow of funds in an amount sufficient to pay taxes resulting from a
breach thereof has been established) or is subject to an endorsement under the related
title insurance policy.

	 	(43)	 	An appraisal of the related Underlying Mortgaged Property was conducted in
connection with the origination of the Underlying Mortgage Loan; and such appraisal
satisfied either (A) the requirements of the “Uniform Standards of Professional
Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal
Foundation, or (B) the guidelines in Title XI of the Financial Institutions Reform,
Recovery and Enforcement Act or 1989, in either case as in effect on the date such
Underlying Mortgage Loan was originated.

	 	(44)	 	The related Underlying Mortgaged Property is served by public utilities, water
and sewer (or septic facilities) and otherwise appropriate for the use in which the
Underlying Mortgaged Property is currently being utilized.

	 	(45)	 	Each Underlying Mortgaged Property is free and clear of any and all mechanics’
and materialmen’s liens that are prior or equal to the lien of the related Mortgage,
and no rights are outstanding that under law could give rise to any such lien that
would be prior or equal to the lien of the related Mortgage except, in each case, for
liens insured against by the Title Policy referred to herein.

	 	(46)	 	With respect to each related Underlying Mortgaged Property consisting of a
Ground Lease, Seller represents and warrants the following with respect to the related
Ground Lease:

(A) Such Ground Lease or a memorandum thereof has been or will be duly
recorded no later than 30 days after the Purchase Date of the related
Purchased Asset.

(B) The foreclosure of the Mezzanine Loan Collateral shall not
constitute a default under the Ground Lease, and if the Ground Lessor’s
consent is required to Mezzanine Lender’s foreclosure upon the Mezzanine
Loan Collateral, it has been obtained prior to the Purchase Date).

(C) The Mezzanine Loan Documents provide that Mezzanine Borrower shall
not permit Underlying Mortgage Borrower to amend, modify, cancel or
terminate the Ground Lease without the prior consent of Mezzanine Lender.

(D) Such Ground Lease is in full force and effect, there is no material
default under such Ground Lease, and there is no event that, with the
passage of time or with notice and the expiration of any grace or cure
period, would constitute a material default under such Ground Lease.

(E) Intentionally Omitted.

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

(G) Intentionally Omitted.

(H) Such Ground Lease has an original term (together with any
extension options, whether or not currently exercised, set forth therein all
of which can be exercised by the Mortgagee if the Mortgagee acquires the
lessee’s rights under the Ground Lease) that extends not less than 20 years
beyond the stated maturity date.

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

(J) The Ground Lease does not impose any restrictions on subletting
that would be viewed as commercially unreasonable by a prudent commercial
lender.

(K) The ground lessor under such Ground Lease is required to enter into
a new lease upon termination of the Ground Lease for any reason, including
the rejection of the Ground Lease in bankruptcy.

7

(1)EXHIBIT I

FORM OF TRANSACTION REQUEST

[Date]

UBS Real Estate Securities Inc.

1285 Avenue of the Americas

New York, New York 10019

Attention:

Confirmation No.:     

Ladies/Gentlemen:

This letter is a request for you to purchase from us the Eligible Assets listed in Appendix I
hereto, pursuant to the Master Repurchase Agreement governing purchases and sales of Eligible
Assets between us, dated as of September 20, 2006 (the “Agreement”), as follows:

Requested Purchase Date:

Eligible Assets requested to be Purchased: See Appendix I hereto.

[Appendix I to Transaction Request Letter will list Mortgage Loans]

Aggregate Principal Amount of Eligible Assets requested to be purchased:

Purchase Price:

Pricing Rate:

Repurchase Date:

Repurchase Price:

Purchase Percentage:

Names and addresses for communications:

	 	 	 	Buyer:

UBS Real Estate Securities Inc.

1285 Avenue of the Americas, 11th Floor

New York, NY 10019

Attention: Scott C. Liebman

Email: scott-c.liebman@ubs.com

	 	 	 	with a copy to:

Attention: Greg Walker

Email: greg.walker@ubs.com

	 	 	 	Seller:

RAIT Finance I, LLC

1818 Market Street, 28th Floor

Philadelphia, PA 19103

Attention: Ken Frappier

Email:

This Transaction Request constitutes certification by Seller that:

	 	1.	 	No Default or Event of Default has occurred and is continuing on the date hereof
nor will occur after giving effect to such Transaction as a result of such Transaction.

	 	2.	 	Each of the conditions precedent set forth in Section 3 with respect to the
Transaction has been satisfied.

	 	3.	 	Each of the representations and warranties made by Seller in or pursuant to the
Agreement is true and correct in all material respects on and as of such date and as of
the date hereof (or, if any such representation or warranty is expressly stated to have
been made as of a specific date, as of such specific date).

	 	4.	 	Seller is in compliance with all governmental licenses and authorizations and is
qualified to do business and is in good standing in all required jurisdictions except
where such failure to comply would not have a Material Adverse Effect.

All capitalized terms used herein shall have the meaning assigned thereto in the Agreement.

8

RAIT FINANCE I, LLC

By: RAIT Partnership, L.P., its sole member

By: RAIT General, Inc., a Maryland corporation, its general partner

	 	 	By:

Name:

Title:

9

EXHIBIT II

SELLER ASSET SCHEDULE FIELDS

(a) Loan Name

(b) Property Name

(c) Address, City, State

(d) Borrower/Sponsor Name

(e) Collateral (1st, 2nd, mezz, etc.)

(f) Loan commitment

(g) Initial Funding

(h) Holdbacks (may include cap exp, interest, etc.)

(i) Fixed/floating

(j) Index

(k) Spread

(l) Amortization (if applicable)

(m) Hedging (if applicable)

(n) Origination Date

(o) Maturity Date

(p) Extensions

10

EXHIBIT III

FORM OF OPINIONS

UBS Real Estate Securities Inc.

1285 Avenue of the Americas

New York, NY 10019

Dear Sirs and Mesdames:

You have requested our opinion as counsel to [     ], a [     ] organized and
existing under the laws of [     ] (the “Seller”) and RAIT Investment Trust, a
[     ],organized and existing under the laws of [     ] (the “Guarantor”) with
respect to certain matters in connection with that certain Master Repurchase Agreement governing
purchases and sales of certain Mortgage Loans, dated as of the date hereof (the “Repurchase
Agreement”), by and between Seller and UBS Real Estate Securities Inc. (the “Buyer”),
that certain Guarantee, dated as of the date hereof (the “Guarantee”) made by Guarantor in
favor of Buyer and the Custodial Agreement, dated as of the date hereof (the “Custodial
Agreement”) among Seller, Buyer and [     ] as custodian. Capitalized terms not
otherwise defined herein have the meanings set forth in the Repurchase Agreement.

[We] [I] have examined the following documents:

	 	1.	 	the Repurchase Agreement;

	 	2.	 	the Custodial Agreement;

	 	3.	 	the Guarantee;

	 	4.	 	the Account Agreement;

	 	5.	 	unfiled copies of the financing statements listed on
Schedule 1 (collectively, the “Financing Statements”) naming
Seller as Debtor and Buyer as Secured Party and describing the Purchased Items
(as defined in the Master Repurchase Agreement) as to which security interests
may be perfected by filing under the Uniform Commercial Code of the States
listed on Schedule 1 attached hereto (the “Filing Collateral”),
which I understand will be filed in the filing offices listed on Schedule
1 (the “Filing Offices”);

	 	6.	 	the reports listed on Schedule 2 attached hereto as to
UCC financing statements (collectively, the “UCC Search Report”); and

	 	7.	 	such other documents, records and papers as we have deemed
necessary and relevant as a basis for this opinion.

The Repurchase Agreement, the Guarantee, the Account Agreement and the Custodial Agreement are
hereinafter collectively referred to as the “Governing Agreements.” To the extent [we] [I]
have deemed necessary and proper, [we] [I] have relied upon the representations and warranties of
Seller and Guarantor contained in the Repurchase Agreement. [We] [I] have assumed the authenticity
of all documents submitted to me [us] as originals, the genuineness of all signatures, the legal
capacity of natural persons and the conformity to the originals of all documents.

Based upon the foregoing, it is [our] [my] opinion that:

1. Seller is a [     ] duly organized, validly existing and in good standing under the
laws of the [State of      ] and is qualified to transact business in, and is in good
standing under, the laws of the [State of      ]. Guarantor is a [     ] duly
organized, validly existing and in good standing under the laws of the [State of      ]
and is qualified to transact business in, and is in good standing under, the laws of the [State of
     ].

2. The execution, delivery and performance by each of Seller and Guarantor of the Governing
Agreements to which it is a party, and the sales by Seller and the pledge of the Purchased Items
under the Repurchase Agreement have been duly authorized by all necessary corporate action on the
part of Seller or Guarantor, as applicable. Each of Seller and Guarantor has all necessary
corporate or other power, authority and legal right to enter into, execute, deliver and perform its
obligations under each of the Governing Agreements to which it is a party. Each of the Governing
Agreements have been duly executed and delivered by Seller or Guarantor, as applicable, and are
legal, valid and binding agreements enforceable in accordance with their respective terms against
Seller or Guarantor, as applicable, subject to bankruptcy laws and other similar laws of general
application affecting rights of creditors and subject to the application of the rules of equity,
including those respecting the availability of specific performance, none of which will materially
interfere with the realization of the benefits provided thereunder or with Buyer’s purchase of the
Purchased Assets and/or security interest in the Purchased Assets.

3. No consent, approval, authorization or order of, and no filing or registration with, any
court or governmental agency or regulatory body is required on the part of either Seller or
Guarantor for the execution, delivery or performance by Seller or Guarantor of the Governing
Agreements to which it is a party or for the sales by Seller under the Repurchase Agreement or the
sale of the Purchased Items to Buyer and/or granting of a security interest to Buyer in the
Purchased Items, pursuant to the Repurchase Agreement.

4. The execution, delivery and performance by Seller and Guarantor of, and the consummation of
the transactions contemplated by the Governing Agreements to which it is a party do not and will
not (a) violate any provision of Seller’s or Guarantor’s charter or by-laws, (b) violate any
applicable law, rule or regulation, (c) violate any order, writ, injunction or decree of any court
or governmental authority or agency or any arbitral award applicable to Seller or (d) result in a
breach of, constitute a default under, require any consent under, or result in the acceleration or
required prepayment of any indebtedness pursuant to the terms of, any agreement or instrument to
which Seller or Guarantor is a party or by which it is bound or to which it is subject, or (except
for the Liens created pursuant to the Repurchase Agreement) result in the creation or imposition of
any Lien upon any Property of Seller pursuant to the terms of any such agreement or instrument.

5. There is no action, suit, proceeding or investigation pending or, to the best of [our] [my]
knowledge, threatened against either Seller or Guarantor which, in [our] [my] judgment, either in
any one instance or in the aggregate, could be reasonably likely to result in any material adverse
change in the properties, business or financial condition, or prospects of Seller or Guarantor or
in any material impairment of the right or ability of Seller or Guarantor to carry on its business
substantially as now conducted or in any material liability on the part of Seller or Guarantor or
which would draw into question the validity of the Governing Agreements to which it is a party or
the Mortgage Loans or of any action taken or to be taken in connection with the transactions
contemplated thereby, or which could be reasonably likely to impair materially the ability of
Seller to perform under the terms of the Governing Agreements to which it is a party or the
Mortgage Loans.

6. The Repurchase Agreement is effective to create, in favor of Buyer, either a valid sale of
the Purchased Items to Buyer or a valid security interest under the Uniform Commercial Code in all
of the right, title and interest of Seller in, to and under the Purchased Items as collateral
security for the payment of Seller’s obligations under the Repurchase Agreement, except that
(a) such security interests will continue in Purchased Items after its sale, exchange or other
disposition only to the extent provided in Section 9-315 of the Uniform Commercial Code, (b) the
security interests in Purchased Items in which Seller acquires rights after the commencement of a
case under the Bankruptcy Code in respect of Seller may be limited by Section 552 of the Bankruptcy
Code.

7. When the Mortgage Notes are delivered to Custodian, endorsed in blank by a duly authorized
officer of Seller, the security interest referred to in Section 6 above in the Mortgage Notes will
constitute a fully perfected first priority security interest in all right, title and interest of
Seller therein. When the Mezzanine Notes are delivered to Custodian, endorsed in blank by a duly
authorized officer of Seller, the security interest referred to in Section 6 above in the Mezzanine
Notes will constitute a fully perfected first priority security interest in all right, title and
interest of Seller therein.

8. Assuming the Bank has (i) opened the Collection Account for the benefit of Buyer and (ii)
agreed to collect items therefor, Buyer, as the customer with respect to the related Collection
Account, will have a perfected security interest therein under the Uniform Commercial Code.

9. (a) Upon the filing of financing statements on Form UCC-1 naming Buyer as “Secured Party”
and Seller as “Debtor”, and describing the Purchased Items, in the jurisdictions and recording
offices listed on Schedule 1 attached hereto, the security interests referred to in
Section 6 above will constitute fully perfected security interests under the Uniform Commercial
Code in all right, title and interest of Seller in, to and under such Purchased Items, which can be
perfected by filing under the Uniform Commercial Code, or, will demonstrate a completion of the
sale of the Mortgage Loans to Buyer.

(b) The UCC Search Report sets forth the proper filing offices and the proper debtors
necessary to identify those Persons who have on file in the jurisdictions listed on
Schedule 1 financing statements covering the Purchased Items as of the dates and times
specified on Schedule 2. The UCC Search Report identifies no Person who has filed in any
Filing Office a financing statement describing the Purchased Items prior to the effective dates of
the UCC Search Report.

10. Neither the Seller nor the Guarantor is an “investment company”, or a company “controlled”
by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.

	 	 	 	Very
truly yours,

11

EXHIBIT IV

UCC FILING JURISDICTIONS

Delaware Secretary of State

12

EXHIBIT V

[FORM OF ACCOUNT AGREEMENT]

September 20, 2006

RAIT FINANCE I, LLC, as Seller

1818 Market Street, 28th Floor

Philadelphia, PA 19103

Attn: Ken Frappier

The Bancorp Bank, as Bank

405 Silverside Road, Suite 105

Wilmington, Delaware 19809

Attn:

	 	 	 	Re: Collection Account established by RAIT Finance I, LLC (the
“Seller”) at The Bancorp Bank (the “Bank”) pursuant to that
certain Master Repurchase Agreement (as amended, supplemented or otherwise
modified from time to time, the “Repurchase Agreement”), dated
September [ ], 2006, between UBS Real Estate Securities Inc. (the
“Buyer”) and Seller.	 

Ladies and Gentlemen:

Seller has entered into a Repurchase Agreement pursuant to which Buyer may from time to time
purchase mortgage loans and mezzanine loans (the “Purchased Assets”) secured by, among
other things, the payments made by borrowers on account of Purchased Assets sold to Buyer under the
Repurchase Agreement. As a requirement of such transactions, the Servicer is required to forward
all such payments daily to Buyer at the Collection Account identified below within one (1) Business
Day of receipt. Capitalized terms used herein but not defined herein have the meaning given
thereto in the Repurchase Agreement.

Servicer, on behalf of Seller, has established a collection account, Account
No. [      ], for the account of Buyer, with the Bank, ABA# [     ] (the
“Collection Account”) which the Bank maintains in the name of, and in trust for, Buyer as
the Bank’s customer. Seller has granted to Buyer a security interest in all payments deposited in
the Collection Account with respect to the Purchased Assets sold to Buyer under the Repurchase
Agreement.

In the event the Bank receives written notice from Buyer that a default or an event of default
has occurred and is continuing under the Repurchase Agreement (a “Notice of Event of
Default”) from Buyer, the Bank shall in no event (a) transfer funds from the Collection Account
to Servicer, Seller or any other person other than pursuant to Buyer’s direction, (b) act on the
instruction of Servicer, Seller or any person other than Buyer or (c) cause or permit withdrawals
from the Collection Account in any manner not approved by Buyer in writing. Until receipt of a
Notice of an Event of Default, Servicer and Seller shall be permitted to withdraw funds or cause
funds to be transferred from the Collection Account without Buyer’s approval.

The Bank hereby waives any right that the Bank may now or hereafter have to security interest,
bank’s or other possessory liens, rights to offset or other claims against the funds in the
Collection Account.

In addition, the Bank acknowledges that (a) Seller has granted to Buyer a security interest in
all of Seller’s right, title and interest in and to any funds from time to time on deposit in the
Collection Account with respect to the Purchased Assets sold to Buyer under the Repurchase
Agreement, (b) that such funds are received by the Bank in trust for the benefit of Buyer and,
except as provided below, are for application against Seller’s obligations to Buyer, and (c) that
the Bank shall comply with Buyer’s instructions regarding the disposition of funds in the
Collection Account in accordance with Buyer’s instructions, without the consent of Servicer or
Seller until the Bank receives notice from Buyer that it has released its lien on the Collection
Account and all funds deposited therein.

All bank statements in respect to the Collection Account shall be sent to Buyer at:

UBS Real Estate Securities Inc.

1285 Avenue of the Americas, 11th Floor

New York, NY 10019

Attention: Greg Walker

Email: Greg.Walker@ubs.com

	 	 	 	with copies to Seller at:

RAIT FINANCE I, LLC

1818 Market Street, 28th Floor

Philadelphia, PA 19103

Attention: Ken Frappier

Email:kfrappier@raitinvestmenttrust.com

Funds deposited in the Collection Account during any Eurodollar Period shall be held therein
until the next Payment Date. On or before 3:00 p.m. (New York time) on the Payment Calculation
Date, Servicer shall deliver to Buyer and the Bank a Distribution Worksheet. Subject to the terms
of the Account Agreement, Seller shall withdraw any funds on deposit in the Collection Account and
distribute such funds as follows:

(1) first, to Buyer in payment of any accrued and unpaid Price Differential to the extent not
previously paid by Seller to Buyer;

(2) second, without limiting the rights of Buyer under Section 4 of this Agreement, to Buyer,
in the amount of any unpaid Margin Deficit;

(3) third, to the payment of any amounts (other than breakage costs) then due and payable to
an Affiliated Hedge Counterparty under any Interest Rate Protection Agreement related to such
Purchased Asset;

(4) fourth, to Buyer in reduction of the Purchase Price of each Purchased Asset, the full
amount of any payments of principal or other invested amount received on or with respect to such
Purchased Asset;

(5) fifth, to the payment of all other accrued and unpaid costs and fees payable to Buyer
pursuant to this Agreement; and

(6) sixth, any remainder shall be paid to Seller.

This account agreement shall be governed and construed in accordance with the laws of the
State of New York without regard to conflicts of law principles and the parties hereto agree that
for the purposes hereof New York shall be the Bank’s jurisdiction for purposes of Article 9 of the
UCC.

13

Kindly acknowledge your agreement with the terms of this agreement by signing the enclosed
copy of this letter and returning it to the undersigned.

	 	 	 	Very
truly yours,

	 	 	 	UBS
REAL ESTATE SECURITIES INC.

	 	 	 	By:

Name:

Title:

Agreed and acknowledged:

RAIT FINANCE I, LLC, as Seller

By: RAIT Partnership, L.P., its sole member

By: RAIT General, Inc., a Maryland corporation, its general partner

By:

Name:

Title:

RAIT PARTNERSHIP, L.P., as Servicer

By: RAIT General, Inc., a Maryland corporation, its general partner

By:

Name:

Title:

Agreed and acknowledged:

THE BANCORP BANK, as Bank

By:

Name:

Title:

14

EXHIBIT VI

DISTRIBUTION WORKSHEET

15

EXHIBIT VII

[FORM OF SERVICER NOTICE]

September 20, 2006

[SERVICER], as Servicer

[ADDRESS]

Attention:

	 	 	 	Re: Master Repurchase Agreement, dated as of September 20, 2006 (the
“Agreement”), by and between RAIT FINANCE I, LLC (the
“Seller”) and [Buyer] (the “Buyer”).	 

Ladies and Gentlemen:

[SERVICER] (the “Servicer”) is servicing certain mortgage loans and mezzanine loans for
Seller pursuant to certain [name servicing agreements] (the “Servicing Agreement”) between
Servicer and Seller. Pursuant to the Agreement between Buyer and Seller, Servicer is hereby
notified that Seller has sold to Buyer certain mortgage loans which are serviced by Servicer.
Terms used herein but not defined herein shall have the meaning given thereto in the Agreement.

Servicer covenants to service the Purchased Assets in accordance with Accepted Servicing Practices.
In the event that the preceding language is interpreted as constituting one or more servicing
contracts, each such servicing contract shall terminate automatically upon the earliest of (i) an
event of default under the Agreement, (ii) the date on which the Agreement terminates or (iii) the
transfer of servicing approved by Buyer.

Servicer agrees that Buyer is the owner of all servicing records, including but not limited to any
and all servicing agreements, files, documents, records, data bases, computer tapes, copies of
computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing
documentation, payment history records, and any other records relating to or evidencing the
servicing of the Purchased Assets (the “Servicing Records”). Servicer covenants to
safeguard such Servicing Records and to deliver them promptly to Buyer or its designee (including
Custodian) at Buyer’s request.

After the Purchase Date, until the repurchase of any Purchased Asset, Servicer shall have the right
to modify or alter the terms of such Mortgage Loan in accordance with Accepted Servicing Practices.

Servicer shall permit Buyer, upon 1 Business Day’s notice, during normal business hours, to inspect
Servicer’s or its Affiliate’s servicing facilities, as the case may be, for the purpose of
satisfying Buyer that Servicer or its Affiliate, as the case may be, has the ability to service the
Purchased Assets as provided herein.

Upon receipt of a written notice (a “Default Notice”) from Buyer in which Buyer shall (a)
represent that a default or an event of default has occurred with respect to Seller’s obligations
to Buyer and (b) identify the mortgage loans and mezzanine loans (the “Purchased Assets”)
which are then owned by Buyer under the Agreement, Servicer shall segregate all amounts collected
on account of such Purchased Assets, hold them in trust for the sole and exclusive benefit of
Buyer, and remit such collections to the Collection Account within 1 Business Day of receipt.
Following receipt of such Default Notice, Servicer shall follow the instructions of Buyer with
respect to the Purchased Assets, and shall deliver to Buyer any information with respect to the
Purchased Assets reasonably requested by Buyer.

Upon a receipt of a Default Notice, Buyer shall have the right to terminate the Servicer as
servicer of the Purchased Assets and transfer servicing to its designee, at no cost or expense to
Buyer, and Seller shall pay any and all fees required to terminate the Servicer and to effectuate
the transfer of servicing to the designee of Buyer.

Notwithstanding any contrary information which may be delivered to Servicer by Seller, Servicer may
conclusively rely on any information or Default Notice delivered by Buyer, and Seller shall
indemnify and hold Servicer harmless for any and all claims asserted against it for any actions
taken in good faith by Servicer in connection with the delivery of such information or Default
Notice.

16

Please acknowledge receipt of this instruction letter by signing in the signature block below and
forwarding an executed copy to Buyer promptly upon receipt. Any notices to Buyer should be
delivered to the following address: 1285 Avenue of the Americas, 11th Floor, New York
10019, Attention: Greg Walker.

	 	 	 	Very
truly yours,

	 	 	 	RAIT
FINANCE I, LLC

	 	 	 	By:
RAIT Partnership, L.P., its sole member

	 	 	 	By:
RAIT General, Inc., a Maryland
corporation, its general partner

	 	 	 	By:

Name:

Title:

ACKNOWLEDGED AND AGREED:

as Servicer

	 	 	By:	 

Title:

Telephone:

Facsimile:

17

EXHIBIT VIII

FORM OF SECTION 7 CERTIFICATE

Reference is hereby made to the Repurchase Agreement dated as of      (as
amended, restated, supplemented or otherwise modified from time to time, the “Agreement”),
among [•] (the “Seller”) and UBS Real Estate Securities Inc. (the “Buyer”).
Pursuant to the provisions of Section 7 of the Agreement, the undersigned hereby certifies that:

	 	(q)	 	It is a      natural individual person,      treated as a
corporation for U.S. federal income tax purposes,      disregarded for federal
income tax purposes (in which case a copy of this Section 7 Certificate is
attached in respect of its sole beneficial owner), or      treated as a
partnership for U.S. federal income tax purposes (one must be checked).

	 	(r)	 	It is the beneficial owner of amounts received pursuant to the
Agreement.

	 	(s)	 	It is not a bank, as such term is used in section
881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the
“Code”), or the Agreement is not, with respect to the
undersigned, a loan agreement entered into in the ordinary course of its trade
or business, within the meaning of such section.

	 	(t)	 	It is not a 10-percent shareholder of the Seller within the
meaning of section 871(h)(3) or 881(c)(3)(B) of the Code.

	 	(u)	 	It is not a controlled foreign corporation that is related to
the Seller within the meaning of section 881(c)(3)(C) of the Code.

	 	(v)	 	Amounts paid to it under the Repurchase Documents are not
effectively connected with its conduct of a trade or business in the United
States.

	 	 	 	[NAME
OF UNDERSIGNED]

	 	 	 	By:
     

	 	 	 	Title:      

18

Date: _______________, ______EXHIBIT IX

FORM OF ESCROW AGREEMENT

[Date]

VIA FAX

UBS Real Estate Securities Inc.

1285 Avenue of the Americas, 11th Floor

New York, NY 10019

Attention:

	 	 	 	Re: Re: Acquisition of [Describe Asset] (the “Asset”) by [Name
of Seller] (the “Seller”)	 

Ladies and Gentlemen:

This letter shall constitute the instructions to be followed by [SETTLEMENT AGENT] (the
“Settlement Agent”) in connection with the Seller’s acquisition of the Asset, which shall
be financed pursuant to the terms of that certain Master Repurchase Agreement, dated as of
September [     ], 2006 (as amended, restated, supplemented, or otherwise modified and in effect from
time to time, the “Master Repurchase Agreement”) by and among the Seller and UBS Real
Estate Securities Inc. (the “Buyer”). Capitalized terms used but not otherwise defined
herein shall have the meanings assigned thereto in the Master Repurchase Agreement.

By its execution of this agreement, the Settlement Agent agrees to act as exclusive agent and
bailee for the Buyer with respect to the transaction described herein.

Upon notification that the Settlement Agent has received the Table Funded Purchased Asset
Documents (defined in Paragraph 3 below), the Buyer will wire or cause to be wired on [Purchase
Date] (the “Purchase Date”) an amount equal to $[     ] (the “Proceeds”), which Proceeds
shall be disbursed by the Settlement Agent as set forth on the settlement statement attached as
Exhibit A hereto (the “Disbursement Instructions”), to the account of the Settlement Agent
(the “Escrow Account”) in accordance with the following instructions:

Bank:

ABA No.:

Account No.:

Reference:

Before the Proceeds may be disbursed by the Settlement Agent, the Settlement Agent shall be
unconditionally obligated and prepared to comply with all requirements of this letter and shall
have received each of the following Asset Loan Documents (collectively, the “Table Funded
Purchased Asset Documents”):

[List documents to be collected by Settlement Agent]

Upon receipt by the Settlement Agent of the Table Funded Purchased Asset Documents and the
Proceeds, the Settlement Agent shall do each of the following in the order specified:

Disburse the Proceeds in accordance with the Disbursement Instructions.

Deliver the Table Funded Purchased Asset Documents via overnight mail to the Custodian at the
following address:

[Custodian name, address]

Notify the Buyer that all of the foregoing actions have been completed.

All costs and expenses incurred in carrying out these instructions shall be borne by the
Seller, and the Settlement Agent shall not look to any other party for reimbursement of, or
liability for, such costs and expenses.

The Settlement Agent hereby agrees (i) that the Settlement Agent has obtained whatever
assurances it deems necessary from the appropriate parties to firmly bind itself to fully and
completely carry out the instructions set forth herein and (ii) that the Buyer and the Buyers are
entitled to rely on the terms and provisions of this agreement in wiring the Proceeds and shall be
intended third party beneficiaries hereof.

If for any reason the Proceeds are funded by the Buyer to the Settlement Agent and the funds
have not been disbursed by the Settlement Agent as specified herein on or before 5:00 P.M. (New
York City time) on the Purchase Date, the Settlement Agent shall contact the Buyer immediately for
further instructions. In the event that the Settlement Agent is advised to return the Proceeds to
the Buyer, the Settlement Agent agrees to do so on demand in accordance with the instructions
provided by the Buyer, without regard to any contrary instructions from the Seller. If the
Seller’s acquisition of the Asset is delayed, the Settlement Agent will return the Table Funded
Purchased Asset Documents to the Seller unless otherwise instructed by the Buyer.

If the Seller’s acquisition of the Asset is delayed, it is understood by the Seller that
interest shall accrue on the principal amount wired to the Escrow Account, at the rate which would
have applied under the Master Repurchase Agreement if the acquisition had been completed, from the
time such amount is received in the Escrow Account until it is returned to the Buyer, and the
Seller shall be liable for all such accrued interest.

[SIGNATURES FOLLOW]

19

[SETTLEMENT AGENT]

	 	 	 	By:

Name:

Title:

	 	 	 
	 
	 	 
	 
	 	 
	Address for Notices:

	 	with a copy to:
	

[Address]

	 	[Address]

Attn:
	Attn:

	 	Telecopier No.:
	Telecopier No.:

	 	Telephone No.:
	Telephone No.:

	 	Email:
	Email:

	 	

ACCEPTED AND AGREED TO:

[SELLER]

	 	 	By:

Name:

Title:

	 	 	 	 	 
	 
	 	 	 	 
	Address for Notices:
	 	with a copy to:

	—
	 	1818 Market Street, 28th Floor
	1818 Market Street, 28th Floor
	 	Philadelphia, PA  19103

	Philadelphia, PA 19103
	 	Attn:

	Attn: Ken Frappier
	 	Telecopier No.:

	Telecopier No.: (215) 861-7920
	 	Telephone No.:

	Telephone No.: (215) 861-7900
	 	Email:

	Email:
	 	 	 	 

UBS REAL ESTATE SECURITIES INC.

	 	 	By:

Name:

Title:

	 	 	 
	Address for Notices:

	 	

	

	 	with a copy to:
	1285 Avenue of the Americas,

11th Floor

New York, NY 10019

Attn: Greg Walker

Telecopier No.: (212) 713-1153

Telephone No.: (212) 713-8501

Email: greg.walker@ubs.com

	 	1285 Avenue of the Americas, 11th Floor

New York, NY 10019

Attn:[ ]

Telecopier No.: [ ]

Telephone No.: [ ]

Email: [ ]

	 
	 	 

20

Exhibit A

SETTLEMENT STATEMENT

21

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