Document:

EX-10.21

 Exhibit 10.21 

BLACKSTONE MORTGAGE TRUST, INC. 

2018 MANAGER INCENTIVE PLAN 

1. Purpose. The purpose of the Blackstone Mortgage Trust, Inc. 2018 Manager Incentive Plan is to provide a means through which the
Company and its Affiliates may attract and retain key personnel and to provide a means whereby the Manager and its Affiliates can acquire and maintain an equity interest in the Company, or be paid incentive compensation measured by reference to the
value of Common Stock, thereby strengthening their commitment to the welfare of the Company and aligning their interests with those of the Company’s stockholders.  

2. Definitions. The following definitions shall be applicable throughout the Plan. 

(a) “Absolute Share Limit” has the meaning given such term in Section 5(b) of the Plan. 

(b) “Affiliate” means, with respect to any Person, (i) any other Person that directly or indirectly controls, is
controlled by or is under common control with such Person and/or (ii) to the extent provided by the Committee, any person or entity in which such Person has a significant interest. The term “control” (including, with correlative
meaning, the terms “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting or other securities, by contract or otherwise. 
 (c) “Award” means,
individually or collectively, any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit and Other Stock-Based Award granted under the Plan. 

(d) “Award Agreement” means the document or documents by which each Award is evidenced, which may be in written or electronic
form. 
 (e) “Board” means the Board of Directors of the Company. 

(f) “Change in Control” means: 

(i) the acquisition (whether by purchase, merger, consolidation, combination or other similar transaction) by any Person of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of either (A) the then outstanding shares of Common Stock, taking
into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock or (B) the
combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of
this Plan, the following acquisitions shall not constitute a Change in Control: (I) any acquisition by the Company or any Affiliate of the Company; (II) any acquisition by any employee benefit plan sponsored or maintained by the Company or
any Affiliate of the Company; or (III) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of Persons including the Participant (or any entity controlled by the Participant or any group of
Persons including the Participant); 

 (ii) during any period of 24 months, individuals who, at the beginning of
such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof, whose election or
nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such
person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an
actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened
solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; 

(iii) the sale, transfer or other disposition of all or substantially all of the business or assets of the Company and its
Subsidiaries to any Person that is not an Affiliate of the Company; or 
 (iv) the consummation of a reorganization,
recapitalization, merger, consolidation, or other similar transaction involving the Company (a “Business Combination”), unless immediately following such Business Combination 50% or more of the total voting power of the entity
resulting from such Business Combination (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the board of directors (or the analogous
governing body) of such resulting entity), is held by the holders of the Outstanding Company Voting Securities immediately prior to such Business Combination. 

(g) “Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any
section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance. 

(h) “Committee” means a committee of the Board appointed by the Board to administer the Plan or, if no such committee has been
appointed, the Board, or the Board to act in lieu of any such committee. 
 (i) “Common Stock” means the Class A Common
Stock of the Company, par value $0.01 per share (and any stock or other securities into which such Common Stock may be converted or into which it may be exchanged). 

(j) “Company” means Blackstone Mortgage Trust, Inc., a Maryland corporation, and any successor thereto. 

  
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 (k) “Date of Grant” means the date on which the granting of an Award is
authorized, or such other date as may be specified in such authorization. 
 (l) “Effective Date” means April 18, 2018,
the date on which the Plan was adopted by the Board, subject to obtaining the approval of the Company’s stockholders, provided, however, that no fully vested and transferable shares of Common Stock may be issued pursuant to any Awards
unless and until the Plan is approved by the Company’s stockholders. 
 (m) “Eligible Director” means a person
who is (i) a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act, with respect to actions intended to obtain an exemption from
Section 16(b) of the Exchange Act and (ii) an “independent” director under the rules of the NYSE or any other securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, or a person meeting
any similar requirement under any successor rule or regulation. 
 (n) “Eligible Person” means the Manager or any of its
Affiliates. 
 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto.
Reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions to such
section, rules, regulations or guidance. 
 (p) “Exercise Price” has the meaning given such term in Section 7(b) of the
Plan. 
 (q) “Fair Market Value” means, on a given date, (i) if the Common Stock is listed on a national securities
exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on that date, then on the last preceding date on which such sales were
reported; (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last sale basis, the average between the closing bid price and ask price reported on such date, or, if
there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer quotation system on a last sale basis,
the amount determined by the Committee or the Board to be the fair market value of the Common Stock. 
 (r) “GAAP” has the
meaning given such term in Section 7(d) of the Plan. 
 (s) “Indemnifiable Person” has the meaning given such term in
Section 4(e) of the Plan. 
 (t) “Management Agreement” means that certain Management Agreement, dated as of
March 26, 2013, by and between the Company and the Manager, as may be amended, restated, supplemented, replaced or otherwise modified from time to time, pursuant to which the Manager provides management services to the Company and its
Subsidiaries. 

  
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 (u) “Manager” means BXMT Advisors L.L.C., a Delaware limited liability
company. 
 (v) “Manager Sale” means: 

(i) the acquisition (whether by purchase, merger, consolidation, combination or other similar transaction) by any Person of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of the Membership Interests ; provided, however, that for purposes
of this Plan, the following acquisitions shall not constitute a Manager Sale: (I) any acquisition by the Manager or any Affiliate of the Manager; (II) any acquisition by any employee benefit plan sponsored or maintained by the Manager or
any Affiliate of the Manager; or (III) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of Persons including the Participant (or any entity controlled by the Participant or any group of
Persons including the Participant) (each of the entities in (I), (II) and (III) being referred to herein as an “Affiliated Entity”); 

(ii) the sale, transfer or other disposition of all or substantially all of the business or assets of the Manager to any Person
that is not an Affiliated Entity; or 
 (iii) the consummation of a reorganization, recapitalization, merger, consolidation,
or other similar transaction involving the Manager (a “Business Combination”), unless immediately following such Business Combination 50% or more of the total voting power of the entity resulting from such Business Combination is
held by Blackstone Real Estate Special Situations Advisors L.L.C. or one or more of its Affiliates. 
 (w) “Membership
Interests” means the limited liability company interests of the Manager (and any interests, units or other securities into which such Membership Interests may be converted or into which they may be exchanged). 

(x) “NYSE” means the New York Stock Exchange. 

(y) “Option” means an Award granted under Section 7 of the Plan. Options granted under the Plan are not intended to
qualify as “incentive stock options” within the meaning of Section 422 of the Code. 
 (z) “Option Period”
has the meaning given such term in Section 7(c) of the Plan. 
 (aa) “Other Stock-Based Award” means an Award that is
granted under Section 10 of the Plan. 
 (bb) “Participant” means an Eligible Person who has been selected by the
Committee or the Board to participate in the Plan and to receive an Award pursuant to the Plan. 
 (cc) “Person” means any
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act). 

  
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 (dd) “Plan” means this Blackstone Mortgage Trust, Inc. 2018 Manager
Incentive Plan, as it may be amended and restated from time to time. 
 (ee) “Prior Plans” means the Blackstone Mortgage
Trust, Inc. 2013 Stock Incentive Plan, the Blackstone Mortgage Trust, Inc. 2013 Manager Incentive Plan, the Blackstone Mortgage Trust, Inc. 2016 Stock Incentive Plan and the Blackstone Mortgage Trust, Inc. 2016 Manager Incentive Plan. 

(ff) “Qualifying Termination” means a (i) Termination by action of the Company (other than as a result of the breach by
the Manager of the Management Agreement), (ii) Termination by action of the Manager as a result of the breach by the Company of the Management Agreement, or (iii) Manager Sale. 

(gg) “Restricted Period” means the period of time determined by the Committee during which an Award is subject to restrictions
or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned. 

(hh) “Restricted Stock” means Common Stock, subject to certain specified restrictions (which may include, without limitation,
a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan. 

(ii) “Restricted Stock Unit” means an unfunded and unsecured promise to deliver shares of Common Stock, cash, other securities
or other property, subject to certain restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9
of the Plan. 
 (jj) “SAR Period” has the meaning given such term in Section 8(c) of the Plan. 

(kk) “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any
section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations
or guidance. 
 (ll) “Stock Appreciation Right” or “SAR” means an Award granted under Section 8 of the
Plan. 
 (mm) “Strike Price” has the meaning given such term in Section 8(b) of the Plan. 

(nn) “Subsidiary” means, with respect to any specified Person: 

(i) any corporation, association or other business entity of which more than 50% of the total voting power of shares of such
entity’s voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

  
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 (ii) any partnership (or any comparable foreign entity) (A) the sole
general partner (or functional equivalent thereof) or the managing general partner of which is such Person or Subsidiary of such Person, or (B) the only general partners (or functional equivalents thereof) of which are that Person or one or
more Subsidiaries of that Person (or any combination thereof). 
 (oo) “Termination” means the termination of the
Manager’s services to the Company and its Affiliates under the Management Agreement. 
 3. Effective Date; Duration. The Plan
shall be effective as of the Effective Date. The expiration date of the Plan, on and after which date no Awards may be granted hereunder, shall be the tenth (10th) anniversary of the Effective
Date; provided, however, that such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards. No additional Awards may be granted under the Prior Plans on or following
the Effective Date. 
 4. Administration. 

(a) The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule
16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan) or the rules of the NYSE or any other securities exchange or inter-dealer quotation system on which the
Common Stock is listed or quoted, it is intended that each member of the Committee shall, at the time such member takes any action with respect to an Award under the Plan that is intended to qualify for the exemptions provided by Rule 16b-3 promulgated under the Exchange Act be an Eligible Director. However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that
is otherwise validly granted under the Plan. 
 (b) Subject to the provisions of the Plan and applicable law, the Committee shall have the
sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan or pursuant to the authorization of the Board, to: (i) designate Participants; (ii) determine the type or types of
Awards to be granted to a Participant; (iii) determine the number of shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the
terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled in, or exercised for, cash, shares of Common Stock, other securities, other Awards or other property, or canceled,
forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, shares of Common Stock,
other securities, other Awards or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any
inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such
agents as the Committee shall deem appropriate for the proper administration of the Plan; and (ix) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

  
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 (c) Except to the extent prohibited by applicable law or the applicable rules and
regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members
and may delegate all or any part of its responsibilities and powers to any Person or Persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the
Committee may delegate to one or more officers of the Company or any Subsidiary the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of, or which is allocated to, the
Committee herein, and which may be so delegated as a matter of law. 
 (d) Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations, and other decisions under or with respect to the Plan, any Award or any Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon
all Persons, including, without limitation, the Company, any Affiliate of the Company, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company. 

(e) No member of the Board, the Committee or any employee or agent of the Company (each such Person, an “Indemnifiable
Person”) shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan or any Award hereunder (unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person
shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any
action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken or determination made with respect to the Plan or any Award
hereunder and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding
against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance
if it shall ultimately be determined, as provided below, that the Indemnifiable Person is not entitled to be indemnified); provided, that the Company shall have the right, at its own expense, to assume and defend any such action, suit or
proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not become available to
an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts, omissions or determinations of such Indemnifiable
Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s fraud or willful criminal act or 

  
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omission or that such right of indemnification is otherwise prohibited by law or by the Company’s Charter or Bylaws. The foregoing right of indemnification shall not be exclusive of or
otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled under the Company’s Charter or Bylaws, as a matter of law, under an individual indemnification agreement or contract or otherwise, or
any other power that the Company may have to indemnify such Indemnifiable Persons or hold such Indemnifiable Persons harmless. 
 (f)
Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions by the Board shall be
subject to the applicable rules of the NYSE or any other securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted. In any such case, the Board shall have all the authority granted to the Committee under the
Plan. 
 5. Grant of Awards; Shares Subject to the Plan; Limitations. 

(a) The Committee may, from time to time, grant Awards to one or more Eligible Persons. All Awards granted under the Plan shall vest and become
exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee. 
 (b) Awards granted under
the Plan shall be subject to the following limitations: (i) subject to Section 11 of the Plan, no more than 5,000,000 shares of Common Stock, less any shares of Common Stock issued or subject to awards granted under the Blackstone Mortgage
Trust, Inc. 2018 Stock Incentive Plan (the “Absolute Share Limit”) shall be available for Awards under the Plan and (ii) subject to Section 11 of the Plan, grants of Awards in respect of no more than 1,000,000 shares of
Common Stock may be made to any individual Eligible Person during any single fiscal year of the Company. 
 (c) To the extent that an Award
expires or is canceled, forfeited or terminated without delivery to the Participant of the full number of shares of Common Stock to which the Award related, the undelivered shares will be returned to the Absolute Share Limit and will again be
available for grant under the Plan. Shares of Common Stock shall be deemed to have been issued in settlement of Awards if the Fair Market Value equivalent of such shares is paid in cash; provided, however, that no shares shall be deemed to
have been issued in settlement of a SAR that only provides for settlement in cash and settles only in cash. In no event shall (i) shares tendered or withheld on the exercise of Options or other Award for the payment of the exercise or purchase
price or withholding taxes, (ii) shares not issued upon the settlement of a SAR that settles in shares of Common Stock (or could settle in shares of Common Stock), or (iii) shares purchased on the open market with cash proceeds from the
exercise of Options, again become available for other Awards under the Plan. 
 (d) Shares of Common Stock issued by the Company in
settlement of Awards may be authorized and unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase or a combination of the foregoing. 

6. Eligibility. Participation in the Plan shall be limited to Eligible Persons. 

  
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 7. Options. 

(a) General. Each Option granted under the Plan shall be evidenced by an Award Agreement, which agreement need not be the same for each
Participant. Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

(b) Exercise Price. The exercise price (“Exercise Price”) per share of Common Stock for each Option shall not be less
than 100% of the Fair Market Value of such share (determined as of the Date of Grant). 
 (c) Vesting and Expiration. Options shall
vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee. Except as set forth in Sections 11 and 13(g) hereto, the Committee shall not accelerate vesting of an Option. Options
shall expire after such period, as may be determined by the Committee, not to exceed ten (10) years from the Date of Grant (the “Option Period”); provided, that if the Option Period would expire at a time when trading in
the shares of Common Stock is prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), then the Option Period shall be automatically extended until the thirtieth (30th) day following the expiration of such prohibition. 
 (d) Method of Exercise and Form
of Payment. No shares of Common Stock shall be issued pursuant to any exercise of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any
Federal, state, local and non-U.S. income and any other applicable taxes required to be withheld. Options which have become exercisable may be exercised by delivery of written or electronic notice of exercise
to the Company (or telephonic instructions to the extent provided by the Committee) in accordance with the terms of the Option accompanied by payment of the Exercise Price. The Exercise Price shall be payable: (i) in cash, check, cash
equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of
Common Stock in lieu of actual delivery of such shares to the Company); provided, that such shares of Common Stock are not subject to any pledge or other security interest and have been held by the Participant for at least six (6) months
(or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles (“GAAP”)); or (ii) by such other method as the Committee may
permit, in its sole discretion, including, without limitation (A) in other property having a fair market value on the date of exercise equal to the Exercise Price; (B) if there is a public market for the shares of Common Stock at such
time, by means of a broker-assisted “cashless exercise” pursuant to which the Company is delivered (including telephonically to the extent permitted by the Committee) a copy of irrevocable instructions to a stockbroker to sell the shares
of Common Stock otherwise issuable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price; or (C) a “net exercise” procedure effected by withholding the minimum number of shares of
Common Stock otherwise issuable in respect of an Option that are needed to pay the Exercise Price and all applicable required withholding taxes. Any fractional shares of Common Stock shall be settled in cash. 

  
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 (e) Compliance With Laws, etc. Notwithstanding the foregoing, in no event shall a
Participant be permitted to exercise an Option in a manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, as it may be amended from time to time, or any other applicable law or the applicable rules and regulations of
the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded. 

8. Stock Appreciation Rights. 

(a) General. Each SAR granted under the Plan shall be evidenced by an Award Agreement. Each SAR so granted shall be subject to the
conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may award
SARs to Eligible Persons independent of any Option. 
 (b) Strike Price. The strike price (“Strike Price”) per share
of Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of Grant). Notwithstanding the foregoing, a SAR granted in tandem with (or in substitution for) an Option previously granted
shall have a Strike Price equal to the Exercise Price of the corresponding Option. 
 (c) Vesting and Expiration. A SAR granted in
connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. Solely in the case of a SAR that may be settled in Common Stock, a SAR granted
independent of an Option: 
 (i) shall vest and become exercisable in such manner and on such date or dates or upon such
event or events as determined by the Committee; and 
 (ii) shall expire in such manner and on such date or dates or upon
such event or events as determined by the Committee and shall expire after such period, as may be determined by the Committee, not to exceed ten (10) years from the Date of Grant (the “SAR Period”); provided that if the
SAR Period would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), then the SAR Period shall be automatically extended until the
30th day following the expiration of such prohibition. 
 Solely in the case of a SAR that may be settled in Common Stock, except as set forth in Sections 11
or 13(g) hereto, the Committee shall not accelerate vesting of any such SAR. 
 (d) Method of Exercise. SARs which have become
exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded. 

(e) Payment. Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the
SAR that is being exercised multiplied by the excess, if any, of the Fair Market Value of one (1) share of Common Stock on the 

  
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exercise date over the Strike Price, less an amount equal to any Federal, state, local and non-U.S. income and any other applicable taxes required to be
withheld. The Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination thereof, as determined by the Committee in its sole discretion. Any fractional shares of Common Stock shall be settled in
cash. 
 (f) Substitution of SARs for Options. The Committee shall have the power in its sole discretion to substitute, without the
consent of the affected Participant or any holder or beneficiary of SARs, SARs settled in shares of Common Stock (or settled in shares or cash in the sole discretion of the Committee) for outstanding Options, provided that (i) the substitution
shall not otherwise result in a modification of the terms of any such Option, (ii) the number of shares of Common Stock underlying the substituted SARs shall be the same as the number of shares of Common Stock underlying such Options and
(iii) the Strike Price of the substituted SARs shall be equal to the Exercise Price of such Options; provided, however, that if, in the opinion of the Company’s independent public auditors, the foregoing provision creates adverse
accounting consequences for the Company, such provision shall be considered null and void. 
 9. Restricted Stock and Restricted Stock
Units. 
 (a) General. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement. Each
Restricted Stock and Restricted Stock Unit so granted shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

(b) Stock Certificates and Book-Entry; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee
shall cause a stock certificate registered in the name of the Participant to be issued or shall cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s directions and,
if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than issued to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally
execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable; and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a
Participant shall fail to execute and deliver (in a manner permitted under Section 13(a) of the Plan or as otherwise determined by the Committee) an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and
blank stock power within the amount of time specified by the Committee, the Award shall be null and void. Subject to the restrictions set forth in this Section 9 and the applicable Award Agreement, a Participant generally shall have the rights
and privileges of a stockholder as to shares of Restricted Stock, including, without limitation, the right to vote such Restricted Stock; provided, that if the lapsing of restrictions with respect to any grant of Restricted Stock is
contingent on satisfaction of performance conditions (other than, or in addition to, the passage of time), any dividends payable on such shares of Restricted Stock shall be held by the Company and delivered (without interest) to the Participant
within fifteen (15) days following the date on which the restrictions on such Restricted Stock lapse (and the right to any such accumulated dividends shall be forfeited upon the forfeiture of the Restricted Stock to which such dividends
relate). To the extent shares of Restricted Stock are forfeited, any stock certificates issued to the Participant 

  
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evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation on
the part of the Company. A Participant shall have no rights or privileges as a stockholder as to Restricted Stock Units. 
 (c)
Vesting. Restricted Stock and Restricted Stock Units shall vest, and any applicable Restricted Period shall lapse, in such manner and on such date or dates or upon such event or events as determined by the Committee. Except as set forth in
Sections 11 or 13(g) hereto, the Committee shall not accelerate vesting of Restricted Stock or Restricted Stock Units. 
 (d) Issuance
of Restricted Stock and Settlement of Restricted Stock Units. 
 (i) Upon the expiration of the Restricted Period
with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow
arrangement is used, upon such expiration, the Company shall issue to the Participant, or the Participant’s beneficiary, without charge, the stock certificate (or, if applicable, a notice evidencing a book-entry notation) evidencing the shares
of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired (rounded down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable to any
particular share of Restricted Stock shall be distributed to the Participant in cash or, in the sole discretion of the Committee, in shares of Common Stock having a Fair Market Value (on the date of distribution) equal to the amount of such
dividends, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends. 

(ii) Unless otherwise provided by the Committee in an Award Agreement or otherwise, upon the expiration of the Restricted
Period with respect to any outstanding Restricted Stock Units, the Company shall issue to the Participant or the Participant’s beneficiary, without charge, one (1) share of Common Stock (or other securities or other property, as
applicable) for each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion, elect to (A) pay cash or part cash and part shares of Common Stock in lieu of issuing only shares of Common
Stock in respect of such Restricted Stock Units; or (B) defer the issuance of shares of Common Stock (or cash or part cash and part shares of Common Stock, as the case may be) beyond the expiration of the Restricted Period if such extension
would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of issuing shares of Common Stock in respect of such Restricted Stock Units, the amount of such payment shall be equal to the Fair Market
Value per share of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units. To the extent provided in an Award Agreement, the holder of outstanding Restricted Stock Units shall be entitled to
be credited with dividend equivalent payments (upon the payment by the Company of dividends on shares of Common Stock) either in cash or, in the sole discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the
amount of such dividends (and interest may, in the sole discretion of the Committee, be credited on the amount of cash dividend equivalents at a 

  
 12 

 
rate and subject to such terms as determined by the Committee), which accumulated dividend equivalents (and interest thereon, if applicable) shall be payable at the same time as the underlying
Restricted Stock Units are settled following the date on which the Restricted Period lapses with respect to such Restricted Stock Units, and, if such Restricted Stock Units are forfeited, the Participant shall have no right to such dividend
equivalent payments (or interest thereon, if applicable). 
 (e) Legends on Restricted Stock. Each certificate, if any, or book entry
representing Restricted Stock awarded under the Plan, if any, shall bear a legend or book entry notation substantially in the form of the following, in addition to any other information the Company deems appropriate, until the lapse of all
restrictions with respect to such shares of Common Stock: 
 TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED
PURSUANT TO THE TERMS OF THE BLACKSTONE MORTGAGE TRUST, INC. 2018 MANAGER INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT, BETWEEN BLACKSTONE MORTGAGE TRUST, INC. AND PARTICIPANT. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE
PRINCIPAL EXECUTIVE OFFICES OF BLACKSTONE MORTGAGE TRUST, INC. 
 10. Other Stock-Based Awards. The Committee may issue unrestricted
Common Stock, rights to receive grants of Awards at a future date, and other Awards denominated in or based upon Common Stock (including, without limitation, performance shares or performance units), under the Plan to Eligible Persons, alone or in
tandem with other Awards, in such amounts and dependent on such conditions as the Committee shall from time to time in its sole discretion determine. Each Other Stock-Based Award granted under the Plan shall be evidenced by an Award Agreement. Each
Other Stock-Based Award so granted shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement or other form evidencing such Award, including, without limitation, those set forth in
Section 13(a) of the Plan. Except as set forth in Sections 11 or 13(g) hereto, the Committee shall not accelerate vesting. 
 11.
Changes in Capital Structure and Similar Events. Notwithstanding any other provision in this Plan to the contrary, the following provisions shall apply to all Awards granted hereunder: 

(a) General. In the event of (i) any dividend (other than regular cash dividends) or other distribution (whether in the form of
cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up,
split-off, spin-off, combination, repurchase or exchange of shares of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire
shares of Common Stock or other securities of the Company, or other similar corporate transaction or event that affects the shares of Common Stock (including, without limitation, a Change in Control); or (ii) unusual or nonrecurring events
(including, without limitation, a Change in Control) affecting the Company, any Affiliate of the Company, or the financial 

  
 13 

 
statements of the Company or any Affiliate of the Company, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or
inter-dealer quotation system, accounting principles or law, such that in either case an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate, then the Committee shall make any such proportionate
substitution or adjustment, if any, as it deems equitable, including without limitation, adjusting any or all of (A) the Absolute Share Limit, or any other limit applicable under the Plan with respect to the number of Awards which may be
granted hereunder; (B) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) which may be issued in respect of Awards or with respect to which Awards may be granted
under the Plan (including, without limitation, adjusting any or all of the limitations under Section 5 of the Plan) and (C) the terms of any outstanding Award, including, without limitation, (I) the number of shares of Common Stock or
other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate; (II) the Exercise Price or Strike Price with respect to any Award; or (III) any
applicable performance measures; provided, that in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor pronouncement
thereto)), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment under this Section 11 shall be conclusive and binding for all purposes. 

(b) Change in Control. Without limiting the foregoing, in connection with any Change in Control, the Committee may, in its sole
discretion, provide for any one or more of the following: 
 (i) substitution or assumption of Awards, or to the extent the
surviving entity (or Affiliate thereof) is unwilling to permit substitution or assumption of the Awards, full acceleration of the vesting of any time-vested Awards, and acceleration of any performance-vested Awards (based on actual performance
through the date of such Change in Control and on a pro-rata basis); and/or 
 (ii)
cancellation of any one or more outstanding Awards and payment to the holders of such Awards that are vested as of such cancellation (including, without limitation, any Awards that would vest as a result of the occurrence of such event but for such
cancellation, including as provided in Section 11(b)(i) above), the value of such Awards, if any, as determined by the Committee (which value, if applicable, may be based upon the price per share of Common Stock received or to be received by
other stockholders of the Company in such event), including, without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee)
of the shares of Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR (it being understood that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal
to, or in excess of, the Fair Market Value of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor). 

  
 14 

 For purposes of clause (i) above, substitution of an Award may include conversion of the shares of
Common Stock underlying such Award into shares of the buyer (or Affiliate thereof), or, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code, into cash, property or other securities having an
equivalent value as the Award (as determined consistent with clause (ii) above), which conversion shall not affect any continued vesting requirements of the Award. For the avoidance of doubt, any such substitution of an Award shall not provide
for the acceleration of any vesting requirements of the Award and no Awards shall vest solely as a result of such substitution. Payments to holders pursuant to clause (ii) above shall be made in cash or, in the sole discretion of the Committee,
in the form of such other consideration necessary for a Participant to receive property, cash, or securities (or combination thereof) as such Participant would have been entitled to receive upon the occurrence of the transaction if the Participant
had been, immediately prior to such transaction, the holder of the number of shares of Common Stock covered by the Award at such time (less any applicable Exercise Price or Strike Price). 

(c) No Automatic Acceleration on Change in Control. No Award Agreement shall provide for automatic acceleration of the vesting of any
time-vested Awards or performance-vested Awards upon a Change in Control. 
 (d) Other Requirements. Prior to any payment or
adjustment contemplated under this Section 11, the Committee may require a Participant to (i) represent and warrant as to the unencumbered title to the Participant’s Awards; (ii) bear such Participant’s pro rata share of any
post-closing indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Common Stock, subject to any limitations or
reductions as may be necessary to comply with Section 409A of the Code; and (iii) deliver customary transfer documentation as reasonably determined by the Committee. 

(e) Fractional Shares. Any adjustment provided under this Section 11 may provide for the elimination of any fractional share
that might otherwise become subject to an Award. 
 12. Amendments and Termination. 

(a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion
thereof at any time; provided, that no such amendment, alteration, suspension, discontinuance or termination shall be made without stockholder approval if (i) such stockholder approval is necessary to comply with any regulatory
requirement applicable to the Plan (including, without limitation, as necessary to comply with any rules or regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company may be listed or quoted) or
for changes in GAAP to new accounting standards; (ii) it would materially increase the number of securities which may be issued under the Plan (except for increases pursuant to Section 5 or 11 of the Plan); (iii) it would materially expand
the category of Eligible Persons, extend the period during which new Awards may be granted under the Plan or change the method of determining the Exercise Price or Strike Price; or (iv) delete or limit the prohibition on repricing as provided
in Section 12(c) below; provided, further, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award
theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary. Notwithstanding the foregoing, no amendment shall be made to Section 12(c) of the Plan without stockholder
approval. 

  
 15 

 (b) Amendment of Award Agreements. The Committee may, to the extent consistent with
the Plan and the terms of any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award Agreement, prospectively
or retroactively (including after a Termination); provided, that, other than pursuant to Section 11 or the terms of an Award Agreement, any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that
would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant; provided, further, that, except as set
forth in Sections 11 or 13(g) hereto, the Committee shall not alter or amend any Award in a manner that would accelerate the vesting of such Award. 

(c) No Repricing. Notwithstanding anything in the Plan to the contrary, without stockholder approval, except as otherwise permitted
under Section 11 of the Plan, (i) no amendment or modification of the Plan or any Award Agreement may reduce the Exercise Price of any Option or the Strike Price of any SAR or delete or limit the prohibition on repricing as provided by
this Section 12(c); (ii) the Committee may not cancel any outstanding Option or SAR (including such Awards with an Exercise Price or Strike Price, as applicable, with a value above the current Fair Market Value of such Award) and replace it
with a new Option or SAR (with a lower Exercise Price or Strike Price, as the case may be) or other Award or cash payment that is greater than the intrinsic value (if any) of the cancelled Option or SAR; and (iii) the Committee may not take any
other action which is considered a “repricing” for purposes of the stockholder approval rules of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted. 

13. General. 
 (a)
Award Agreements. Each Award under the Plan shall be evidenced by an Award Agreement, which shall be delivered to the Participant to whom such Award was granted and shall specify the terms and conditions of the Award and any rules applicable
thereto, including, without limitation, the effect on such Award upon a Termination, or of such other events as may be determined by the Committee. For purposes of the Plan, an Award Agreement may be in any such form (written or electronic) as
determined by the Committee (including, without limitation, a Board or Committee resolution, a notice, a certificate or a letter) evidencing the Award. The Committee need not require an Award Agreement to be signed by the Participant or a duly
authorized representative of the Company. 
 (b) Nontransferability. 

(i) Each Award shall be exercisable only by such Participant to whom such Award was granted. No Award may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or its
Affiliates. 

  
 16 

 (ii) Notwithstanding the foregoing, the Committee may, in its sole
discretion, permit Awards to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of the Plan, to any other Eligible Person;
provided, that no Awards may be transferred to a third-party financial institution. 
 (c) Dividends and Dividend Equivalents.
The Committee may, in its sole discretion, provide a Participant as part of an Award with dividends, dividend equivalents, or similar payments in respect of Awards, payable in cash, shares of Common Stock, other securities, other Awards or other
property, on a current or deferred basis, on such terms and conditions as may be determined by the Committee in its sole discretion, including, without limitation, payment directly to the Participant, withholding of such amounts by the Company
subject to vesting of the Award or reinvestment in additional shares of Common Stock, Restricted Stock or other Awards; provided, that no dividends, dividend equivalents or other similar payments shall be payable in respect of outstanding
(i) Options or SARs; or (ii) unearned Awards subject to performance conditions (other than, or in addition to, the passage of time) (although dividends, dividend equivalents or other similar payments may be accumulated in respect of
unearned Awards and paid within fifteen (15) days after such Awards are earned and become payable or distributable). 
 (d) Tax
Withholding. 
 (i) As a condition to the grant of any Award, it shall be required that a Participant satisfy, when such
taxes are otherwise due with respect to such Award, through a cash payment by the Participant, or in the discretion of the Committee, through deduction or withholding from any payment of any kind otherwise due to the Participant, or through such
other arrangements as are satisfactory to the Committee, the amount of all federal, state, and local income and other applicable taxes of any kind required or permitted to be withheld in connection with such Award. 

(ii) Without limiting the generality of clause (i) above, the Committee may (but is not obligated to), in its sole
discretion, permit a Participant to satisfy, in whole or in part, the foregoing withholding liability by (A) the delivery of shares of Common Stock (which are not subject to any pledge or other security interest) that have been held by the
Participant for at least six (6) months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying GAAP) having a Fair Market Value equal to such withholding liability; or
(B) having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares with a Fair Market Value equal to such withholding liability,
provided that with respect to shares withheld pursuant to clause (B), the number of such shares may not have a Fair Market Value greater than the minimum required statutory withholding liability unless determined by the Committee not to result in
adverse accounting consequences. 

  
 17 

 (e) Data Protection. By participating in the Plan or accepting any rights granted
under it, each Participant consents to the collection and processing of data relating to the Participant so that the Company and its Affiliates can fulfill their obligations and exercise their rights under the Plan and generally administer and
manage the Plan. This data will include, but may not be limited to, data about participation in the Plan and shares offered or received, purchased, or sold under the Plan from time to time and other appropriate financial and other data (such as the
date on which the Awards were granted) about the Participant and the Participant’s participation in the Plan. 
 (f) No Claim to
Awards; No Rights to Continued Service; Waiver. No Eligible Person shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no
obligation for uniformity of treatment of Participants or holders of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant
and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the service of the
Company or its Affiliates, nor shall it be construed as giving any Participant any rights to continued service on the Board. 
 (g)
Termination. In the event of a Qualifying Termination, and notwithstanding any provision of the Plan to the contrary, all outstanding unvested Awards shall vest in full as of such Qualifying Termination. In the event of a Termination (other
than a Qualifying Termination), including by action of the Manager (other than as a result of the breach by the Company of the Management Agreement) or by action of the Company as a result of the breach by the Manager of the Management Agreement,
all vesting with respect to all outstanding unvested Awards shall cease, and all such outstanding unvested Awards shall be forfeited to the Company for no consideration as of the date of such Termination; provided, that, notwithstanding
anything contained in the Plan to the contrary, in connection with any Termination, the Committee shall reasonably determine whether or not to permit a Participant to retain, vest or continue to vest in an Award notwithstanding such Termination.

 (h) No Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no Person shall be
entitled to the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder until such shares have been issued or delivered to such Person. 

(i) Government and Other Regulations. 

(i) The obligation of the Company to settle Awards in shares of Common Stock or other consideration shall be subject to all
applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell,
and shall be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless
the Company has received an opinion of counsel (if the 

  
 18 

 
Company has requested such an opinion), satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms
and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have
the authority to provide that all shares of Common Stock or other securities of the Company or any Affiliate of the Company issued under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem
advisable under the Plan, the applicable Award Agreement, the Federal securities laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system on which the
securities of the Company are listed or quoted and any other applicable Federal, state, local or non-U.S. laws, rules, regulations and other requirements, and, without limiting the generality of Section 9
of the Plan, the Committee may cause a legend or legends to be put on certificates representing shares of Common Stock or other securities of the Company or any Affiliate of the Company issued under the Plan to make appropriate reference to such
restrictions or may cause such Common Stock or other securities of the Company or any Affiliate of the Company issued under the Plan in book-entry form to be held subject to the Company’s instructions or subject to appropriate stop-transfer
orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that the Committee, in its sole discretion, deems necessary or
advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject. 

(ii) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or
contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets, the Company’s issuance of Common Stock to the Participant, the
Participant’s acquisition of Common Stock from the Company and/or the Participant’s sale of Common Stock to the public markets, illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award in
accordance with the foregoing, the Company shall, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code, (A) pay to the Participant an amount equal to the excess of (I) the aggregate Fair
Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or issued, as applicable); over (II) the aggregate
Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of issuance of shares of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as
practicable following the cancellation of such Award or portion thereof, or (B) in the case of Restricted Stock, Restricted Stock Units or Other Stock-Based Awards, provide the Participant with a cash payment or equity subject to deferred
vesting and delivery consistent with the vesting restrictions applicable to such Restricted Stock, Restricted Stock Units or Other Stock-Based Awards, or the underlying shares in respect thereof. 

  
 19 

 (j) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor the
submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the
granting of equity-based awards otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases. 

(k) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company or any Affiliate of the Company, on the one hand, and a Participant or other Person, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying
any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company be obligated to maintain separate bank accounts, books,
records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that
insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other service providers under general law. 

(l) Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act,
as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any information, opinion, report, or statement, including any financial statement or other financial data, prepared or presented by any
officer or employee of the Company whom the Committee reasonably believes to be reliable and competent in the matters presented; a lawyer, certified public accountant, or other person, as to a matter which the Committee reasonably believes to be
within the person’s professional or expert competence; another committee of the Board on which a Committee member does not serve, as to matters within its designated authority, if the Committee reasonably believes such committee to merit
confidence; and/or any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself or herself. 

(m) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Maryland applicable
to contracts made and performed wholly within the State of Maryland, without giving effect to the conflict of laws provisions thereof. 
 (n)
Severability. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under
any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the
intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

  
 20 

 (o) Obligations Binding on Successors. The obligations of the Company under the Plan
shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and
business of the Company. 
 (p) Section 409A of the Code. 

(i) Notwithstanding any provision of the Plan to the contrary, it is intended that the provisions of the Plan comply with
Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible
and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the Plan or any other plan maintained by the Company (including any taxes and penalties under Section 409A of
the Code), and neither the Company nor any Affiliate of the Company shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With respect to any Award that is
considered “deferred compensation” subject to Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases) shall mean “separation from service” within the
meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as separate payments. 

(ii) Notwithstanding anything in the Plan to the contrary, if a Participant is a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code and which would otherwise be payable upon the Participant’s
“separation from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six (6) months after the date of such Participant’s “separation from service” or, if
earlier, the date of the Participant’s death. Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a
business day. 
 (iii) Unless otherwise provided by the Committee in an Award Agreement or otherwise, in the event that the
timing of payments in respect of any Award (that would otherwise be considered “deferred compensation” subject to Section 409A of the Code) would be accelerated upon the occurrence of a Change in Control, no such acceleration shall be
permitted unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation
pursuant to Section 409A of the Code and any Treasury Regulations promulgated thereunder. 
 (q) Clawback/Forfeiture.
Notwithstanding anything to the contrary contained herein, an Award agreement may provide that the Committee may in its sole discretion cancel such Award if the Participant has engaged in or engages in detrimental activity that is in conflict with
or adverse to the interest of the Company or any Affiliate of the Company, including, without 

  
 21 

 
limitation, fraud or conduct contributing to any financial restatements or irregularities, as determined by the Committee in its sole discretion. The Committee may also provide in an Award
Agreement that if the Participant otherwise has engaged in or engages in any activity referred to in the preceding sentence, all of the Participant’s outstanding awards will be cancelled and/or the Participant will forfeit any gain realized on
the vesting or exercise of such Award, and must repay the gain to the Company. The Committee may also provide in an Award agreement that if the Participant receives any amount in excess of what the Participant should have received under the terms of
the Award for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other administrative error), then the Participant shall be required to repay any such excess amount to the Company. Without
limiting the foregoing, all Awards shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with applicable law. 

(r) Expenses; Gender; Titles and Headings. The expenses of administering the Plan shall be borne by the Company and its
Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan,
rather than such titles or headings, shall control. 
 *            
*             * 

  
 22EX-10.36

 Exhibit 10.36 

THIRD AMENDED AND RESTATED 
 MASTER
REPURCHASE AGREEMENT 
 Dated as of October 12, 2018 

among 
 PARLEX 2 FINANCE, LLC,

 PARLEX 2A FINCO, LLC, 

PARLEX 2 UK FINCO, LLC, 
 PARLEX 2
EUR FINCO, LLC, 
 PARLEX 2 AU FINCO, LLC, 

and any other Person when such Person joins as a Seller under 

this Agreement from time to time 

individually and/or collectively, as the context requires, as Seller, 

and 
 CITIBANK, N.A., 

as Buyer 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
			
	 1.
	 	 APPLICABILITY
	  	 	1	 
			
	 2.
	 	 DEFINITIONS
	  	 	1	 
			
	 3.
	 	 INITIATION; CONFIRMATION; TERMINATION; FEES
	  	 	34	 
			
	 4.
	 	 MARGIN MAINTENANCE
	  	 	41	 
			
	 5.
	 	 INCOME PAYMENTS AND PRINCIPAL PAYMENTS
	  	 	46	 
			
	 6.
	 	 SECURITY INTEREST
	  	 	50	 
			
	 7.
	 	 PAYMENT, TRANSFER AND CUSTODY
	  	 	51	 
			
	 8.
	 	 SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED LOANS
	  	 	56	 
			
	 9.
	 	 INTENTIONALLY OMITTED
	  	 	56	 
			
	 10.
	 	 REPRESENTATIONS
	  	 	56	 
			
	 11.
	 	 NEGATIVE COVENANTS OF SELLER
	  	 	61	 
			
	 12.
	 	 AFFIRMATIVE COVENANTS OF SELLER
	  	 	62	 
			
	 13.
	 	 SINGLE-PURPOSE ENTITY
	  	 	65	 
			
	 14.
	 	 EVENTS OF DEFAULT; REMEDIES
	  	 	67	 
			
	 15.
	 	 SINGLE AGREEMENT
	  	 	73	 
			
	 16.
	 	 RECORDING OF COMMUNICATIONS
	  	 	73	 
			
	 17.
	 	 NOTICES AND OTHER COMMUNICATIONS
	  	 	74	 
			
	 18.
	 	 ENTIRE AGREEMENT; SEVERABILITY
	  	 	74	 
			
	 19.
	 	 NON-ASSIGNABILITY
	  	 	74	 
			
	 20.
	 	 GOVERNING LAW
	  	 	76	 
			
	 21.
	 	 NO WAIVERS, ETC.
	  	 	76	 
			
	 22.
	 	 USE OF EMPLOYEE PLAN ASSETS
	  	 	76	 
			
	 23.
	 	 INTENT
	  	 	76	 
			
	 24.
	 	 DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS
	  	 	78	 
			
	 25.
	 	 CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	  	 	79	 
			
	 26.
	 	 NO RELIANCE
	  	 	80	 
			
	 27.
	 	 INDEMNITY
	  	 	80	 
			
	 28.
	 	 DUE DILIGENCE
	  	 	81	 
			
	 29.
	 	 SERVICING
	  	 	82	 

  
 i 

							
			
	 30.
	 	 MISCELLANEOUS
	  	 	83	 
			
	 31.
	 	 TAXES
	  	 	84	 
			
	 32.
	 	 JOINT AND SEVERAL OBLIGATIONS
	  	 	87	 

  

  
 ii 

 ANNEXES AND EXHIBITS 

 

			
		
	ANNEX I	  	Names and Addresses for Communications between Parties and Wire Instructions
		
	SCHEDULE I	  	Prohibited Transferees
		
	EXHIBIT I	  	Form of Confirmation
		
	EXHIBIT II	  	Authorized Representatives of Seller
		
	EXHIBIT III	  	Form of Custodial Delivery
		
	EXHIBIT IV	  	Eligible Loan Due Diligence Checklist
		
	EXHIBIT V-A	  	Form of Power of Attorney for U.S. Purchased Loans
		
	EXHIBIT V-B	  	Form of Power of Attorney for Foreign Purchased Loans
		
	EXHIBIT VI-I	  	Representations and Warranties Regarding Each Individual Purchased Loan Which Is Not a Foreign Purchased Loan (AU) or a Participation Interest in a Whole Loan
		
	EXHIBIT VI-II	  	Representations and Warranties Regarding Each Individual Purchased Loan Which Is a Participation Interest in a Whole Loan
		
	EXHIBIT VI-III	  	Representations and Warranties Regarding Each Individual Purchased Loan Which Is a Foreign Purchased Loan (AU)
		
	EXHIBIT VII	  	Collateral Tape
		
	EXHIBIT VIII	  	Form of Transaction Request
		
	EXHIBIT IX	  	Form of Request for Margin Excess
		
	EXHIBIT X	  	Form of Irrevocable Direction Letter
		
	EXHIBIT XI	  	Form of Joinder Agreement
		
	EXHIBIT XII	  	Form of Facility Asset Chart

  
 iii 

 THIRD AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT, dated as of October 12, 2018,
by and among PARLEX 2 FINANCE, LLC, a Delaware limited liability company (“Parlex 2”), PARLEX 2A FINCO, LLC, a Delaware limited liability company (“Parlex 2A”), PARLEX 2 UK FINCO, LLC, a Delaware limited liability
company (“Parlex 2 UK”), PARLEX 2 EUR FINCO, LLC, a Delaware limited liability company (“Parlex 2 EUR”), PARLEX 2 AU FINCO, LLC, a Delaware limited liability company (“Parlex 2 AU”, and together
with Parlex 2, Parlex 2A, Parlex 2 UK, Parlex 2 AU and any other Person when such Person joins as a Seller hereunder from time to time, individually and/or collectively as the context may require, “Seller”) and CITIBANK, N.A., a
national banking association (“Buyer”). 
  

	1.	 APPLICABILITY 

From time to time during the Facility Availability Period, the parties hereto may enter into transactions in which Seller agrees to transfer to
Buyer Purchased Loans against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such Purchased Loans at a date certain, against the transfer of funds by Seller. Each such transaction shall be referred to
herein as a “Transaction” and, unless otherwise agreed in writing, shall be governed by this Agreement, including any supplemental terms or conditions contained in any exhibits identified herein as applicable hereunder. 

This Agreement amends, restates and replaces in its entirety that certain Second Amended and Restated Master Repurchase Agreement, dated as of
March 31, 2017 (the “Second Amendment and Restatement Date”), by and among Parlex 2, Parlex 2A, Parlex 2 UK, Parlex 2 EUR and Buyer, as amended by that certain First Amendment to Second Amended and Restated Master Repurchase
Agreement, dated as of December 21, 2017, by and among Parlex 2, Parlex 2A, Parlex 2 UK, Parlex 2 EUR, Guarantor and Buyer, and as further amendment by that certain Second Amendment to Second Amended and Restated Master Repurchase Agreement,
dated as of March 30, 2018, by and among Parlex 2, Parlex 2A, Parlex 2 UK, Parlex 2 EUR, Guarantor and Buyer (collectively, the “Original Agreement”). Seller and Buyer acknowledge and agree that the Original Agreement shall be
void and of no force or effect from and after the date hereof. All Transactions (as defined in the Original Agreement) outstanding under the Original Agreement as of the Third Amendment and Restatement Date shall be deemed to be Transactions (as
defined in this Agreement) outstanding under this Agreement and all Confirmations (as defined in the Original Agreement) under the Original Agreement as of the Third Amendment and Restatement Date shall be deemed to be Confirmations under this
Agreement (and, accordingly, in each case, subject to the terms and conditions hereof) and all references in any Transaction Document (including, without limitation, any and all Confirmations and assignment documentation executed pursuant to the
Original Agreement) to “the Agreement” or any similar formulation intended to refer to the Original Agreement shall be deemed to be references to this Agreement. 
  

	2.	 DEFINITIONS 

“Accelerated Repurchase Date” shall have the meaning specified in Section 14(b)(i) of this Agreement. 

 “Acceptable Attorney” means (i) Ropes & Gray LLP, (ii) a
firm of solicitors regulated by the Solicitors Regulation Authority (with respect to any Foreign Purchased Loan secured by Mortgaged Property located in England) reasonably acceptable to Buyer, (iii) Herbert Smith Freehills LLP, or
(iv) any other attorney-at-law or law firm reasonably acceptable to Buyer, or notary (if required in the relevant jurisdiction) that has, in the case of each of
(i) through (iv) herein, delivered at Seller’s request an Attorney’s Bailee Letter, as applicable. 
 “Accepted
Servicing Practices” shall have the meaning given to such term in the Servicing Agreement (or, if not defined therein, shall mean with respect to any Purchased Loan, those mortgage servicing practices of prudent mortgage lending
institutions which service whole mortgage loans (and senior interests in whole mortgage loans) in the jurisdiction where the related Mortgaged Property is located). 

“Account Security Agreement” shall mean, with respect to a Foreign Purchased Loan, an agreement creating security over a bank
account maintained by the related Mortgagor. 
 “Act of Insolvency” shall mean, with respect to any Person, (a) the
filing of a decree or order for relief by a court having jurisdiction over such Person or any substantial part of its assets or property in an involuntary case under any applicable Insolvency Law now or hereafter in effect which (i) results in
the entry of an order for relief or (ii) is not dismissed within 90 days, (b) the appointment by a court having jurisdiction over such Person or any substantial part of its assets or property, of a receiver, liquidator, assignee, custodian,
trustee, sequestrator, administration or similar official for such Person or for any substantial part of its assets or property and such appointment shall remain unstayed and in effect for a period of 90 days, (c) an order by a court having
jurisdiction over such Person or any substantial part of its assets or property ordering the winding up or liquidation of such Person’s affairs, and such order shall remain unstayed and in effect for a period of 90 days, (d) the
commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, (e) the consent by such Person to the entry of an order for relief in an involuntary case under any Insolvency Law, (f) the
consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its assets or property, (g) the making by
such Person of any general assignment for the benefit of creditors, or (h) the admission in writing in connection with a legal proceeding of the inability of such Person to pay its debts generally as they become due. 

“Actual Knowledge” shall mean, as of any date of determination, the then current actual knowledge of Stephen Plavin, Thomas
C. Ruffing and Douglas Armer, without duty of further inquiry or investigation; provided, that if any such individual ceases to be an officer of or in the employ of Seller and/or Guarantor after the date of this Agreement in a capacity
comparable to the capacity occupied as of the date of this Agreement, then Seller shall designate promptly another individual reasonably acceptable to Buyer for purposes of satisfying this definition. 

“Affiliate” shall mean, when used with respect to any specified Person, any other Person directly or indirectly Controlling,
Controlled by, or under common Control with, such Person. 
 “AFSL” shall have the meaning specified in Section 24(d)
of this Agreement. 

  
 2 

 “Agreement” shall mean this Third Amended and Restated Master Repurchase
Agreement, dated as of the date first set forth above, by and among Parlex 2, Parlex 2A, Parlex 2 UK, Parlex 2 EUR, Parlex 2 AU and Citibank, N.A., as such agreement may be amended, modified, supplemented, and/or restated and in effect from time to
time. 
 “Alternative Rate” shall have the meaning specified in the Fee Agreement. 

“Alternative Rate Transaction” shall mean, with respect to any Pricing Rate Period, any Transaction with respect to which the
Pricing Rate for such Pricing Rate Period is determined with reference to the Alternative Rate. 
 “ANZVPS” shall mean the
Australia and New Zealand Valuation and Property Standards published by the Australian Property Institute and the Property Institute of New Zealand. 

“Applicable Currency” means U.S. Dollars, Pounds Sterling, Euro, AU Dollars or such other currency permitted by Buyer, in its
sole discretion, as applicable. 
 “Applicable Spread” shall mean, with respect to each Transaction: 

(i) so long as no Event of Default shall have occurred and be continuing, the number of basis points (i.e., 1 basis point
equals 0.01%) determined in accordance with the Pricing Matrix, and confirmed in the related Confirmation; or 
 (ii) after
the occurrence and during the continuance of an Event of Default, the applicable incremental per annum rate described in clause (i) of this definition, as applicable, plus 400 basis points (4.00%). 

It is understood and agreed that no improvement or decline in the LTV (Loan UPB) after the applicable Purchase Date for a Purchased Loan shall
result in any adjustment to the Applicable Spread for such Purchased Loan. 
 “Applicable Standard of Discretion” shall
mean: (a) at any time the Maximum LTV (Purchase Price) of a Purchased Loan is less than or equal to the LTV (Loan UPB) of such Purchased Loan as of the Purchase Date, Buyer’s commercially reasonable discretion, and (b) at any time the
Maximum LTV (Purchase Price) of a Purchased Loan is greater than the LTV (Loan UPB) of such Purchased Loan as of the Purchase Date, Buyer’s sole discretion. 

“Appraisal” shall mean an Appraisal Regime-compliant appraisal addressed to Buyer, Seller or Guarantor (or, in the case of a
Purchased Loan (AU), the facility agent or the security trustee in respect of that Purchased Loan (AU)), and, where it is market practice in the jurisdiction where the relevant Mortgaged Property is located, the successors and assigns of the
addressee (and, if not addressed to Buyer, containing reliance language acceptable to Buyer (acting reasonably and having regard to market practice for appraisals in the jurisdiction in which the relevant Mortgaged Property is located), which
language shall be made available by Seller to and approved by Buyer prior to the applicable Purchase Date) and reasonably satisfactory to Buyer of the related Mortgaged Property from a third party appraiser. 

  
 3 

 “Appraisal Regime” shall mean: (a) with respect to U.S. Purchased
Loans, FIRREA, and (b) with respect to Foreign Purchased Loans, RICS, ANZVPS or its equivalent in any applicable jurisdiction, as applicable. 

“ARD Loan” shall mean any loan that provides that if the unamortized principal balance thereof is not repaid by a date
certain set forth in the related loan documents, such loan will accrue additional interest at the rate specified in the related Mortgage Note and the related Mortgagor is required to apply certain excess monthly cash flow generated by the related
Mortgaged Property to the repayment of the outstanding principal balance on such Mortgage Loan. 
 “Assignment Documents in
Blank” shall mean, (a) for each Purchased Loan that is not a Participation Interest, the (i) allonge in blank (in the case of a U.S. Purchased Loan), (ii) Transfer Certificate duly executed by Seller or transferor (howsoever
described) with the name of the transferee (howsoever described) and dated in blank (in the case of a Foreign Purchased Loan), (iii) omnibus assignment in blank, (iv) except in the case of each Purchased Loan that is a Senior Interest,
Assignment of Mortgage in blank, (v) except in the case of each Purchased Loan that is a Senior Interest or a Foreign Purchased Loan (AU), assignment of Assignment of Leases in blank, and/or (vi) equivalent of each of the foregoing (except
with respect to the Transfer Certificate referenced in clause (ii) herein, for which there shall be no equivalent) in the relevant non-U.S. jurisdiction and where so required by Buyer, duly executed by
Seller with the name of the transferee or assignee (howsoever described) and dated in blank (in the case of a Foreign Purchased Loan) and (b) for each Purchased Loan that is a Participation Interest, (i) an endorsement in blank in respect
of the related participation certificate and (ii) an assignment and assumption agreement in blank. 
 “Assignment of
Leases” shall mean, with respect to any Mortgage (other than in the case of any Foreign Purchased Loan (AU)), an assignment of leases thereunder, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of
the jurisdiction wherein the Mortgaged Property is located to reflect the assignment of leases, subject to the terms, covenants and provisions of this Agreement. 

“Assignment of Mortgage” shall mean, with respect to any Mortgage, an assignment of the mortgage, notice of transfer or
equivalent instrument in recordable or registerable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the assignment and pledge of the Mortgage, subject to the terms, covenants and
provisions of this Agreement. 
 “Attorney’s Bailee Letter ” shall mean a letter from an Acceptable Attorney, in form
and substance reasonably acceptable to Buyer, wherein such Acceptable Attorney in possession of a Purchased Loan File (i) acknowledges receipt of such Purchased Loan File, (ii) confirms that such Acceptable Attorney is holding the same as
bailee (in the case of U.S. Purchased Loans) or agent (in the case of Foreign Purchased Loans), of Buyer, or solicitor of Seller (in the case of Foreign Purchased Loans (AU)), as applicable, under such letter and (iii) agrees that such
Acceptable Attorney shall deliver such Purchased Loan File to the Custodian by not later than the third (3rd) Business Day (or, in the case of a Foreign Purchased Loan (AU), the tenth (10th) Business Day) following the Purchase Date for the related Purchased Loan. 

  
 4 

 “AU Dollar” and “A$” shall mean the lawful currency of the
Commonwealth of Australia. 
 “AU Reference Banks” shall mean (i) the Commonwealth Bank of Australia,
(ii) Westpac Banking Corporation, (iii) Australia and New Zealand Banking Group Limited, (iv) National Australia Bank Limited, and (v) such other Person as Buyer and Seller may agree. 

“Bankruptcy Code” shall mean Title 11 of the United States Code (11 U.S.C. § 101, et seq.), as amended, modified
or replaced from time to time. 
 “Basel II” shall mean the International Convergence of Capital Measurement and Capital
Standards, a Revised Framework published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III). 

“Basel III” shall mean: 

(i) the agreements on capital requirements, a leverage ratio and liquidity standards contained in Basel III: A global regulatory framework for
more resilient banks and banking systems, Basel III: International framework for liquidity risk measurement, standards and monitoring and Guidance for national authorities operating the countercyclical capital buffer published by the Basel Committee
on Banking Supervision in December 2010, each as amended, supplemented or restated; 
 (ii) the rules for global systemically important banks
contained in Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated;
and 
 (iii) any further guidance or standards published by the Basel Committee on Banking Supervision relating to Basel III. 

“BBSY Rate” shall mean, with respect to any Pricing Rate Period related to any Foreign Purchased Loan (AU), the Australian
Bank Bill Swap Reference Rate (bid) administered by ASX Benchmarks Pty Limited (or any other person which takes over administration of that rate) for a period equal in length to the relevant Pricing Rate Period displayed on the Thomson Reuters
screen BBSY page (or such other page as may replace that page on that service, or the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters) as of 10.:30 a.m., Sydney time, on the
related Pricing Rate Determination Date (the “BBSY Screen Rate”). 
 If no BBSY Screen Rate is available for any Pricing
Rate Period, and such Pricing Rate Period is longer than the minimum period for which a BBSY Screen Rate is displayed, the BBSY Rate for such Pricing Rate Period shall be the rate which results from interpolating on a linear basis between: 

  
 5 

 (i) the BBSY Screen Rate for the longest period (for which the BBSY Screen Rate is
available) which is less than such Pricing Rate Period; and 
 (ii) the BBSY Screen Rate for the shortest period (for which the BBSY Screen
Rate is available) which exceeds such Pricing Rate Period (the “Interpolated BBSY Screen Rate”). 
 If no BBSY Screen Rate
is available for any Pricing Rate Period and it is not possible to calculate an Interpolated BBSY Screen Rate for such Pricing Rate Period, Buyer shall request each of the AU Reference Banks quote the buying for bills of exchange accepted by a
leading Australian bank for amounts of not less than the Repurchase Price of the applicable Transaction for a period equal to the relevant Pricing Rate Period, as of 10:30 a.m., Sydney time, on the related Pricing Rate Determination Date. 

If at least one such offered quotation is provided, the BBSY Rate with respect to the relevant Pricing Rate Period shall be (i) where
more than one offered quotation is provided by the AU Reference Banks, the arithmetic mean (rounded upwards to four decimal places) of all of such offered quotations or (ii) where only one offered quotation is provided by the AU Reference
Banks, such offered quotation (rounded upwards to four decimal places). 
 If at or about noon, London time, on the related Pricing Rate
Determination Date, no AU Reference Banks have provided quotations, then BBSY with respect to the relevant Pricing Rate Period shall be the rate determined by Buyer, as a percentage rate per annum, of the cost to Buyer of funding an amount not less
than the Repurchase Price for the applicable Transaction in AU Dollars from whatever source it may reasonably select. 
 The BBSY Rate shall
be determined by Buyer or its agent, which determination shall be conclusive absent manifest error. If the calculation of the BBSY Rate with respect to a Pricing Rate Period results in a BBSY Rate of less than zero (0), BBSY shall be deemed to be
zero (0) for all purposes of this Agreement with respect to such Pricing Rate Period. 
 “Blocked Account Agreement”
shall mean, individually or collectively, as the context may require, (i) that certain Deposit Account Control Agreement, dated as of June 12, 2013, among Buyer, Parlex 2, Servicer and the Depository, relating to the Cash Management
Account established by Parlex 2, as the same may be amended, modified and/or restated from time to time, (ii) that certain Deposit Account Control Agreement, dated as of January 31, 2014, among Buyer, Parlex 2A, Servicer and the
Depository, relating to the Cash Management Account established by Parlex 2A, as the same may be amended, modified and/or restated from time to time, (iii) that certain Deposit Account Control Agreement, dated as of the Second Amendment and
Restatement Date, among Buyer, Parlex 2 UK, Servicer and the Depository, relating to the Cash Management Account established by Parlex 2 UK, as the same may be amended, modified and/or restated from time to time, (iv) that certain Deposit
Account Control Agreement, dated as of the Second Amendment and Restatement Date, among Buyer, Parlex 2 EUR, Servicer and the Depository, relating to the Cash Management Account established by Parlex 2 EUR, as the same may be amended, modified
and/or restated from time to time, (v) that certain Deposit Account Control Agreement, dated as of the Third Amendment and Restatement Date, among Buyer, Parlex 2 AU, Servicer and the Depository, relating to the Cash Management Account
established 

  
 6 

 by Parlex 2 AU, as the same may be amended, modified and/or restated from time to time, and (vi) each
additional Deposit Account Control Agreement entered into among a new Seller admitted to this Agreement pursuant to a Joinder Agreement, Buyer, Servicer and the Depository and relating to a Cash Management Account established pursuant to this
Agreement by such new Seller, as the same may be amended, modified and/or restated from time to time. 
 “Business Day”
shall mean a day other than (i) a Saturday or Sunday, (ii) a day on which the New York Stock Exchange or Federal Reserve Bank of New York is authorized or obligated by law or executive order to be closed and (iii) a day on which
commercial banks in the States of New York, Pennsylvania, Kansas or Minnesota or in London, England, Sydney, Australia, or, as it relates to a specific Foreign Purchased Loan, the relevant non-U.S.
jurisdiction in which the Mortgaged Property securing the related Foreign Purchased Loan is located or the laws of which otherwise govern the Purchased Loan Documents relating to the subject Foreign Purchased Loan (or as otherwise designated in the
Purchased Loan Documents relating to the subject Foreign Purchased Loan and stated in the related Confirmation) are authorized or obligated by law or executive order to be closed. When used with respect to a Pricing Rate Determination Date,
“Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banks in London, England are closed for interbank or foreign exchange transactions. 

“Buyer” shall mean Citibank, N.A., or any successor or assign. 

“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. 
 “Capital
Stock” shall mean 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 Management Account” shall mean, individually or collectively, as the context may require, with respect to each Seller,
a segregated interest bearing account, in the name of such Seller for the benefit of Buyer, established at the Depository and subject to a Blocked Account Agreement. 

“Change of Control” shall mean any of the following events shall have occurred without the prior approval of Buyer: 

(i) Guarantor shall no longer own, directly or indirectly, 100% of the ownership interest in Seller and Control, directly or indirectly,
Seller; 
 (ii) any merger, reorganization or consolidation of Guarantor where Guarantor is not the surviving entity; or 

(iii) any conveyance, transfer, lease or disposal of all or substantially all assets of any Seller or Guarantor to any Person or entity other
than an Affiliate of such entity. 

  
 7 

 “CLO” shall mean the collateral loan obligation bond transaction issued
pursuant to the CLO Indenture. 
 “CLO Indenture” shall mean that certain Indenture, dated as of December 21, 2017 by
and among BXMT 2017-FL1, Ltd., as Issuer, BXMT 2017-FL1, LLC, as Co-Issuer, 42-16 CLO L
SELL, LLC, as Advancing Agent and Wells Fargo Bank, National Association as Trustee and as Note Administrator, as the same may be amended, modified and/or restated from time to time. 

“CLO Participation A-1” shall have the meaning assigned to such term in each CLO
Participation Agreement. 
 “CLO Participation A-2” shall have the meaning assigned
to such term in each CLO Participation Agreement. 
 “CLO Participation Agreements” shall mean, individually or
collectively as the context requires, that certain (i) Participation Agreement and Future-Funding Indemnification Agreement, dated as of December 21, 2017, by and among 42-16 CLO L SELL, LLC, a
Delaware corporation (the “Mortgage Lender” and the “Initial CLO Participation A-1 Holder”), 42-16 CLO L SELL, LLC, a Delaware
corporation (the “Initial CLO Participation A-2 Holder”), Wells Fargo Bank, National Association (the “CLO Participation Custodial Agent”) and Blackstone Mortgage Trust, Inc.,
a Maryland corporation (the “Future Funding Indemnitor”) with respect to the Purchased Loan known as “SunTrust Center”, (ii) Participation Agreement and Future-Funding Indemnification Agreement, dated as of
December 21, 2017, by and among Mortgage Lender, Initial CLO Participation A-1 Holder, Initial CLO Participation A-2 Holder, CLO Participation Custodial Agent and
Future Funding Indemnitor with respect to the Purchased Loan known as “Douglass Entrance”, (iii) Participation Agreement and Future-Funding Indemnification Agreement, dated as of December 21, 2017, by and among Mortgage Lender,
Initial CLO Participation A-1 Holder, Initial CLO Participation A-2 Holder, CLO Participation Custodial Agent and Future Funding Indemnitor with respect to the Purchased
Loan known as “Ambassador Waikiki II” and (iv) Participation Agreement and Future-Funding Indemnification Agreement, dated as of December 21, 2017, by and among Mortgage Lender, Initial CLO Participation A-1 Holder, Initial CLO Participation A-2 Holder, CLO Participation Custodial Agent and Future Funding Indemnitor with respect to the Purchased Loan known as “Torrance
Portfolio”, as each may be amended, modified and/or restated from time to time. 
 “CLO Servicing Agreement” shall
have the meaning assigned to such term in the CLO Participation Agreements, as the same may be amended, modified and/or restated from time to time. 

“Code” shall mean The Internal Revenue Code of 1986 and the regulations promulgated and rulings issued thereunder, in each
case as amended, modified or replaced from time to time. 
 “Collateral” shall have the meaning specified in Section 6
of this Agreement. 

  
 8 

 “Collateral Tape” shall mean, with respect to each Eligible Loan, the tape
containing the fields of information set forth in Exhibit VII attached hereto and any other similar information with respect to a Foreign Purchased Loan. 

“Column A” shall have the meaning specified in the definition of Facility Asset Chart. 

“Column B” shall have the meaning specified in the definition of Facility Asset Chart. 

“Column C” shall have the meaning specified in the definition of Facility Asset Chart. 

“Column D” shall have the meaning specified in the definition of Facility Asset Chart. 

“Column E” shall have the meaning specified in the definition of Facility Asset Chart. 

“Concentration Limit” shall mean, unless otherwise agreed to in writing by Buyer (including, without limitation, in a
Confirmation), the test that shall be satisfied at any applicable date of determination, if the aggregate outstanding Purchase Price with respect to all Purchased Loans which are Participation Interests shall not exceed 33% of the Facility Amount
(i) which outstanding Purchase Price for Foreign Purchased Loans shall for purposes of such calculations be converted to U.S. Dollars based on the Purchase Date Spot Rate (U.S. Dollars) for such Foreign Purchased Loan, and (ii) excluding
for purposes of such calculation each CLO Participation A-1 issued pursuant to a CLO Participation Agreement for which no Concentration Limit shall be applicable. 

“Confirmation” shall have the meaning specified in Section 3(b) of this Agreement. 

“Connection Income Taxes” shall mean Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 
 “Control” shall mean the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or by contract and “Controlling” and “Controlled” shall have meanings
correlative thereto. 
 “Current Appraisal” shall mean, as of any date of determination, an Appraisal approved by Buyer
dated within six (6) months (or such greater number of months as Buyer may approve in its sole discretion) of such date of determination. 

“Custodial Agreement” shall mean, individually or collectively, as the context may require, (i) that certain Second
Amended and Restated Custodial Agreement, dated as of the Third Amendment and Restatement Date, among the Custodian, Sellers and Buyer, as the same may be further amended, modified and/or restated from time to time, and (ii) each additional
Custodial Agreement entered into among a new Seller admitted to this Agreement pursuant to a Joinder Agreement, the Custodian and Buyer, as the same may be amended, modified and/or restated from time to time. 

  
 9 

 “Custodial Delivery” shall mean the form executed by Seller in order to
deliver the Purchased Loan Schedule and the Purchased Loan File to Buyer or its designee (including the Custodian) pursuant to Section 7 hereof, a form of which is attached hereto as Exhibit III. 

“Custodian” shall mean U.S. Bank, National Association, or any successor Custodian appointed by Buyer with the prior written
consent of Seller (which consent shall not be unreasonably withheld or delayed). 
 “Debt Yield (Loan UPB)” shall mean,
with respect to each Purchased Loan or proposed Purchased Loan, as of any date of determination, the net cash flow debt yield equal to the percentage equivalent of the quotient obtained by dividing (a) the in place underwritten net cash flow of
the related Mortgaged Property, as determined by Buyer in its good faith business judgment, by (b) the unpaid principal balance of such Purchased Loan or proposed Purchased Loan, as applicable, on such date of determination. 

“Debt Yield (Purchase Price)” shall mean, with respect to each Purchased Loan, as of any date of determination, the net cash
flow debt yield equal to the percentage equivalent of the quotient obtained by dividing (a) the in place underwritten net cash flow of the related Mortgaged Property, as determined by Buyer in its good faith business judgment, by (b) the
outstanding Purchase Price of such Purchased Loan on such date of determination. 
 “Default” shall mean any event which,
with the giving of notice, the passage of time, or both, would constitute an Event of Default. 
 “Defeasance” shall have
the meaning specified in Exhibit VI-I. 
 “Depository” shall mean PNC Bank, or any
successor Depository appointed by Seller with the prior written consent of Buyer (which consent shall not be unreasonably withheld or delayed). 

“Due Date (Foreign Purchased Loan (AU))” shall have the meaning given to the term “Due Date” in the Servicing
Agreement referenced in clause (v) of the definition of Servicing Agreement. 
 “Due Diligence Package” shall mean:
(i) the Collateral Tape, (ii) the items on the Eligible Loan Due Diligence Checklist, in each case to the extent applicable and (iii) such other documents or information as Buyer or its counsel shall reasonably deem necessary. 

“Early Repurchase Date” shall have the meaning specified in Section 3(d) of this Agreement. 

“Eligible Loan Due Diligence Checklist” shall mean the due diligence materials set forth in Exhibit IV attached hereto and
any other similar information with respect to a Foreign Purchased Loan. 

  
 10 

 “Eligible Loans” shall mean fixed or floating rate whole mortgage loans
(“Whole Loans”) or senior interests (including “A” notes in an “A/B” note structure) in such Whole Loans (“Senior Interests”) or certificated participation interests in such Whole Loans or Senior
Interests which are (1) denominated in an Applicable Currency and (2) secured by stabilized or un-stabilized multi-family or commercial properties (including, but not limited to, office, retail,
industrial and hotel properties, but excluding, with respect to potential Foreign Purchased Loans, development and heavy restructuring facilities), which have been approved by Buyer in its sole discretion as a Purchased Loan and which satisfy all of
the following criteria as of the applicable Purchase Date: 
 (a) the Debt Yield (Loan UPB) is equal to or greater than 6.00%, 

(b) the LTV (Loan UPB) is 75.00% or less (or such higher percentage as Buyer may agree to in its sole discretion), 

(c) the LTV (Aggregate Loan UPB) is 80.00% or less, 

(d) a term of not more than five (5) years, and 

(e) in the event the maturity date of the subject Whole Loan or Senior Interests (or participation interests therein) shall be later than three
(3) years (inclusive of all extension terms) after the expiration of the Facility Availability Period, then the conditions precedent to the exercise of any option that would extend the maturity date of such Whole Loan or Senior Interests (or
participation interests therein) beyond such three (3) year period shall include extension conditions satisfactory to Buyer, including but not limited to, enhanced credit metrics relative to those in place at the time of such Purchased
Loan’s origination. 
 Eligible Loans shall also include such other loans and debt instruments (or interests in such loans and debt instruments) as
Buyer may approve from time to time in its sole discretion, subject to terms and conditions and document delivery requirements as may be established by Buyer. 

“Environmental Law” shall mean, any federal, state, foreign or local statute, law, rule, regulation, ordinance, code 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 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, and the regulations
promulgated thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and, as of the relevant date, any subsequent provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor. 

  
 11 

 “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 of ERISA and Section 412 of the
Code and the lien created under Section 303(k) of ERISA and Section 430(k) of the Code, described in Section 414(m) or (o) of the Code of which Seller is a member. 

“ESA” shall have the meaning specified in Exhibit VI-I. 

“EURIBOR” shall mean, with respect to each Pricing Rate Period, the Euro interbank offered rate administered by the European
Money Markets Institute (or any other person which takes over the administration of that rate), for a three month period, that appears (a) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays
that rate) or (b) on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters, in each case as of 11:00 a.m., Brussels time, on the related Pricing Rate Determination Date
(the “EURIBOR Screen Rate”). If such page or service ceases to be available, Buyer may specify another page or service displaying the relevant rate after consultation with Seller. 

If the EURIBOR Screen Rate is not available, Buyer shall request the principal London office of the Reference Banks to provide (i) (other than
where clause (ii) below applies) the rate at which the relevant Reference Bank believes one prime bank is quoting to another prime bank for interbank term deposits in euro within the Participating Member States for amounts of not less than the
Repurchase Price of the applicable Transaction for the three month period; or (ii) if different, the rate (if any and applied to the relevant Reference Bank and the three month period) which contributors to the EURIBOR Screen Rate are asked to
submit to the relevant administrator, in each case, as of 11:00 a.m., Brussels time, on the related Pricing Rate Determination Date. 
 If
at least one such offered quotation is provided, EURIBOR with respect to the relevant Pricing Rate Period related to a Foreign Purchased Loan (GBP) shall be (i) where more than one offered quotation is provided by the Reference Banks, the
arithmetic mean (rounded upwards to four decimal places) of all of such offered quotations or (ii) where only one offered quotation is provided by the Reference Banks, such offered quotation (rounded upwards to four decimal places). 

If at or about noon, London time, on the related Pricing Rate Determination Date, no Reference Banks have provided quotations, then EURIBOR
with respect to the relevant Pricing Rate Period related to a Foreign Purchased Loan (GBP) shall be the rate determined by Buyer, as a percentage rate per annum, of the cost to Buyer of funding an amount not less than the Repurchase Price for the
applicable Transaction from whatever source it may reasonably select. 
 EUBIROR shall be determined by Buyer or its agent, which
determination shall be conclusive absent manifest error. If the calculation of EURIBOR with respect to a Pricing Rate Period results in a EURIBOR rate of less than zero (0), EURIBOR shall be deemed to be zero (0) for all purposes of this
Agreement with respect to such Pricing Rate Period. 

  
 12 

 “EURIBO Rate” shall mean, with respect to any Pricing Rate Period
pertaining to a Transaction for which EURIBOR is the applicable Pricing Rate, a rate per annum determined for such Pricing Rate Period in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 

                    
EURIBOR                     
 1
– Reserve Requirement 
 “EURIBOR Screen Rate” shall have the meaning set forth in the definition of EURIBOR. 

“Euros” and “€” shall mean the lawful currency of the member states of the European Union that have
adopted and retain the single currency in accordance with the Treaty establishing the European Community, as amended from time to time; provided that if any member state or states ceases to have such single currency as its lawful currency
(such member state(s) being the “Exiting State(s)”), Euro and € shall, for the avoidance of doubt, mean for all purposes of this Agreement the single currency adopted and retained as the lawful currency of the remaining
member states and shall not include any successor currency introduced by the Exiting State(s). 
 “Event of Default” shall
have the meaning specified in Section 14(a) of this Agreement. 
 “Excluded Taxes” shall mean, any of the following
Taxes imposed on or with respect to payment to Buyer or required to be withheld or deducted from such payment, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, Taxes imposed on or measured by net worth
(however denominated) and branch profits Taxes, in each case, (i) imposed as a result of Buyer being organized under the laws of, or having its principal office or the office from which it books the Transactions located in, the jurisdiction imposing
such Taxes (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of Buyer with respect to an interest in the Transactions
pursuant to a law in effect on the date on which such Party (i) acquires such interest in the Transactions or (ii) changes its principal office or the office from which it books the Transactions, except in each case to the extent that,
pursuant to Section 31, amounts with respect to such Taxes were payable either to such Buyer’s assignor immediately before such Buyer became a party hereto or to such Buyer immediately before it changed the office from which it books the
Transactions, (c) Taxes attributable to Buyer’s failure to comply with Section 31 of this Agreement, (d) Taxes attributable to Buyer’s failure to comply with its obligations under Sections 19(c), 19(d) or 23(i) of this
Agreement, (e) any withholding Taxes imposed under FATCA, (f) any U.S. federal backup withholding Taxes imposed under Section 3406 of the Code, (g) an Australian Tax required to be withheld or deducted from any interest or other
payment under Division 11A of Part III of the Income Tax Assessment Act 1936 (Cth) or the Income Tax Assessment Act 1997 (Cth) or Subdivision 12-F of Schedule 1 to the Taxation Administration
Act 1953 (Cth), and (h) any interest, additions to tax or penalties in respect of the foregoing. 
 “Exit
Fee” shall have the meaning specified in the Fee Agreement. 

  
 13 

 “Extension Fee” shall have the meaning specified in the Fee Agreement. 

“Facility Amount” shall mean, subject to Section 30(j) of this Agreement, One Billion Dollars ($1,000,000,000);
provided that whenever under this Agreement Seller and Buyer are required or otherwise need to calculate whether the Facility Amount has been or would be exceeded, then all applicable amounts for Foreign Purchased Loans necessary for such
calculation shall be converted to U.S. Dollars based on the Purchase Date Spot Rate (U.S. Dollars) for such Foreign Purchased Loan for all purposes of such calculation. 

“Facility Asset Chart” shall mean a chart in the form of Exhibit XII to this Agreement setting forth, as of any date of
determination, with respect to each Purchased Loan, (i) the current outstanding Purchase Price (under the heading “Current Outstanding Buyer Purchase Prices” and referred to herein as “Column A”), (ii) the current
Margin Excess (Other) (under the heading “Current Margin Excess (Other)” and referred to herein as “Column B”), (iii) the available Margin Excess (Future Funding) (under the heading “Adjusted Margin Excess (Future
Fundings)” and referred to herein as “Column C”), (iv) the Maximum Purchase Price (under the heading “Total of A, B, C” and referred to herein as “Column D”), and (v) the potentially available
Margin Excess (Future Funding) (under the heading “Potential Margin Excess (Future Fundings)” and referred to herein as “Column E”). 

“Facility Availability Period” shall mean the period commencing on June 12, 2013 and ending on October 12, 2021 (or
if such day is not a Business Day, the next succeeding Business Day). Notwithstanding anything herein to the contrary, at any time during the Facility Availability Period, Seller may request an extension of the Facility Availability Period which
extension shall be in Buyer’s sole discretion and subject to terms and conditions determined by Buyer in its sole discretion. 

“Facility Expiration Date” shall mean the last day of the Facility Availability Period; provided, that the Facility
Expiration Date shall be extendible by Seller on an annual basis thereafter (i.e. for consecutive twelve (12) month periods), subject to the following: 

(a) Seller delivers to Buyer a written request of the extension of the Facility Expiration Date no earlier than ninety (90) nor later than
thirty (30) days before the then current Facility Expiration Date, 
 (b) no Default or Event of Default has occurred and is continuing
on the date the request to extend is delivered or on the then current Facility Expiration Date, 
 (c) no Margin Deficit exists that has not
been satisfied, 
 (d) the Concentration Limit is satisfied on the date the request to extend is delivered and on the then current Facility
Expiration Date (except to the extent waived or otherwise approved by Buyer), and 
 (e) Seller shall have paid to Buyer the Extension Fee on
or before the then current Facility Expiration Date. 

  
 14 

 “FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date
of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and, for the avoidance of doubt, any
agreements entered into pursuant to any of the foregoing. 
 “FCA Regulations” shall have the meaning specified in
Section 23(a) of this Agreement. 
 “FDIA” shall have the meaning specified in Section 23(f) of this Agreement.

 “FDICIA” shall have the meaning specified in Section 23(g) of this Agreement. 

“Fee Agreement” shall mean: (i) that certain Fifth Amended and Restated Fee Letter, dated as of the Third Amendment and
Restatement Date, between Seller and Buyer, as the same may be amended, modified and/or restated from time to time (including through a Joinder Agreement), and (ii) each additional Fee Letter entered into among a new Seller admitted to this
Agreement pursuant to a Joinder Agreement, the Custodian and Buyer, as the same may be amended, modified and/or restated from time to time. 

“Filings” shall have the meaning specified in Section 6. 

“Financing Lease” shall mean any lease of property, real or personal, the obligations of the lessee in respect of which are
required in accordance with GAAP to be capitalized on a balance sheet of the lessee. 
 “FIRREA” shall mean the Financial
Institutions, Reform, Recovery and Enforcement Act of 1989. 
 “First Amendment and Restatement Date” shall mean
July 28, 2014. 
 “Foreign Assignment Agreement” shall mean, with respect to a Foreign Purchased Loan, a security
agreement or a security deed between the applicable Seller and Buyer pursuant to which such Seller assigns by way of security to Buyer all of its right, title and interest under and in relation to each related Purchased Loan Document relating to
such Foreign Purchased Loan (including its rights against any Security Agent) and any professional report delivered with respect to a Foreign Purchased Loan that is addressed to or capable of being relied on by such Seller. 

“Foreign Purchased Loan” shall mean: (i) with respect to any Transaction, an Eligible Loan secured by Mortgaged Property
located outside of the United States of America or any territory thereof and which is sold by the applicable Seller to Buyer in such Transaction and (ii) with respect to the Transactions for Foreign Purchased Loans in general, all Eligible
Loans secured by Mortgaged Property located outside of the United States of America or any territory thereof and which are sold by the applicable Sellers to Buyer. 

“Foreign Purchased Loan (AU)” shall mean a Foreign Purchased Loan denominated in AU Dollars. 

  
 15 

 “Foreign Purchased Loan (EUR)” shall mean a Foreign Purchased Loan
denominated in Euros. 
 “Foreign Purchased Loan (GBP)” shall mean a Foreign Purchased Loan denominated in Pounds Sterling.

 “Foreign Sanctions Authority” shall mean the Financial Conduct Authority, the Foreign & Commonwealth Office, Her
Majesty’s Treasury of the United Kingdom, the Department of Foreign Affairs and Trade of Australia, the United Nations or any other analogous Governmental Authority in any applicable non-U.S. jurisdiction
in which a Mortgaged Property securing a Purchased Loan is located. 
 “Foreign Sanctions List” shall mean any sanctions or
“black” list maintained by a Foreign Sanctions Authority. 
 “Funding Fee” shall have the meaning specified in
the Fee Agreement. 
 “Future Funding Conditions Precedent” shall have the meaning specified in Section 4(c). 

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

 “Governmental Authority” shall mean any national or federal government, any state, regional, local or other political
subdivision thereof with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

 “Ground Lease” shall have the meaning specified in Exhibit VI-I. 

“Guarantor” shall mean Blackstone Mortgage Trust, Inc., a Maryland corporation (or, following a substitution consummated in
accordance with Section 9, Successor Guarantor). 
 “Guaranty” shall mean the Limited Guaranty, dated as of
June 12, 2013, from Guarantor in favor of Buyer, as amended by that certain First Amendment to Limited Guaranty, dated as of November 20, 2013, from Guarantor in favor of Buyer, as further amended by that certain Second Amendment to
Limited Guaranty, dated as of February 24, 2014, from Guarantor in favor of Buyer, as further amended by that certain Third Amendment to Limited Guaranty, dated as of the Second Amendment and Restatement Date, from Guarantor in favor of Buyer,
as further amended by that certain Fourth Amendment to Limited Guaranty, dated as of the Third Amendment and Restatement Date, as the same may be further amended, modified and/or restated from time to time. 

“Hedging Transactions” shall mean, with respect to any Purchased Loan that is a fixed rate loan, any short sale of U.S.
Treasury Securities or mortgage- related securities, futures contract (including Eurodollar futures) or options contract or any interest rate swap, cap or collar agreement or similar arrangements providing for protection against fluctuations in
interest rates 

  
 16 

 or the exchange of nominal interest obligations, either generally or under specific contingencies, entered
into by Seller with either (x) Buyer or an Affiliate of Buyer or (y) one or more other counterparties reasonably acceptable to Buyer and, in the case of clause (y) only, assigned by Seller to Buyer as additional collateral for the
applicable Transaction. 
 “Income” shall mean, with respect to any Purchased Loan at any time, the sum of (x) any
principal thereof and all interest, dividends or other distributions thereon and (y) all net sale proceeds received by Seller in connection with a sale of such Purchased Loan to a Person other than Buyer. 

“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 ninety (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; contingent or future funding obligations under any Purchased Loan or any obligations senior to, or pari passu with, any Purchased Loan; (e) Capital Lease Obligations of such Person; and (f) obligations of such Person
under repurchase agreements or like arrangements; (g) Indebtedness of others guaranteed by such Person to the extent of such guarantee; and (h) all obligations of such Person incurred in connection with the acquisition or carrying of fixed
assets by such Person. Notwithstanding the foregoing, nonrecourse Indebtedness owing pursuant to a securitization transaction such as a REMIC securitization, a collateralized loan obligation transaction or other similar securitization shall not be
considered Indebtedness for any person. 
 “Indemnified Amounts” and “Indemnified Parties” shall have the
meaning specified in Section 27 of this Agreement. 
 “Indemnified Taxes” shall mean: (a) Taxes, other than
Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Seller under any Transaction Document and (b) Other Taxes. 

“Independent Director” shall mean a duly appointed manager or member of the board of directors (or managers) of the relevant
entity who shall not have been, at the time of such appointment or at any time while serving as a director or manager of the relevant entity and may not have been at any time in the preceding five (5) years, (a) a direct or indirect legal or
beneficial owner in such entity or any of its Affiliates, (b) a creditor, supplier, employee, officer, director (other than in its capacity as Independent Director), family member, manager or contractor of such entity or any of its Affiliates,
or (c) a Person who controls (directly, indirectly or otherwise) such entity or any of its Affiliates or any creditor, supplier, employee, officer, director, family member, manager or contractor of such Person or any of its Affiliates. 

  
 17 

 “Index Rate” shall mean the EURIBO Rate, LIBO Rate or BBSY Rate, as
applicable. 
 “Insolvency Laws” shall mean the Bankruptcy Code and all other applicable liquidation, conservatorship,
bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension or payments and similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 

“Insurance Rating Requirements” shall have the meaning specified in Exhibit VI-I.

 “Irrevocable Direction Letter” shall have the meaning specified in Section 5(b). 

“Joinder Agreement” shall have the meaning specified in the definition of Seller. 

“Junior Interest” shall have the meaning specified in Exhibit VI-I. 

“LIBOR” shall mean: 

(a) With respect to each Pricing Rate Period related to any U.S. Purchased Loan, the rate (expressed as a percentage per annum) for deposits in
U.S. Dollars, for a one month period, that appears on “Page BBAM” of the Bloomberg Financial Markets Services Screen (or the successor thereto) as of 11:00 a.m., London time, on the related Pricing Rate Determination Date. If such rate
does not appear on “Page BBAM” of the Bloomberg Financial Markets Services Screen (or the successor thereto) as of 11:00 a.m., London time, on such Pricing Rate Determination Date, Buyer shall request the Reference Banks to provide such
bank’s offered quotation (expressed as a percentage per annum) to prime banks in the London interbank market for deposits in U.S. Dollars for a one month period as of 11:00 a.m., London time, on such Pricing Rate Determination Date for amounts
of not less than the Repurchase Price of the applicable Transaction. If at least two such offered quotations are so provided, LIBOR with respect to the relevant Pricing Rate Period related to a U.S. Purchased Loan, shall be the arithmetic mean of
such quotations. If fewer than two such quotations are so provided, Buyer shall request any three major banks in New York City selected by Buyer to provide such bank’s rate (expressed as a percentage per annum) for loans in U.S. Dollars to
leading European banks for a one month period as of approximately 11:00 a.m., New York City time on the applicable Pricing Rate Determination Date for amounts of not less than the Repurchase Price of such Transaction. If at least two such rates are
so provided, LIBOR with respect to the relevant Pricing Rate Period related to a U.S. Purchased Loan shall be the arithmetic mean of such rates. LIBOR with respect to each Pricing Rate Period related to any U.S. Purchased Loan shall be determined by
Buyer or its agent, which determination shall be conclusive absent manifest error; and 
 (b) With respect to each Pricing Rate Period
related to any Foreign Purchased Loan (GBP), the London interbank offered rate administered by ICE Benchmark Administration Limited (or any person which takes over the administration of that rate) for deposits in Pounds Sterling for a three month
period that appears page LIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of
Thomson Reuters as of 11:00 a.m., London time, on the related Pricing Rate Determination Date (the “LIBOR Screen Rate”). If the LIBOR Screen Rate ceases to be available, Buyer may specify 

  
 18 

 another page or service displaying the relevant rate after consultation with Seller. If the LIBOR Screen
Rate is unavailable, Buyer shall request the principal London office of the Reference Banks to provide (i) if the Reference Bank is a contributor to the LIBOR Screen Rate and it consists of a single figure, the rate applied to the relevant
Reference Bank and Pounds Sterling in amounts not less than the Repurchase Price of the applicable Transaction for a three-month period, or (ii) in any other case, the rate at which the relevant Reference Bank could fund itself in in Pounds
Sterling for amounts of not less than the Repurchase Price of the applicable Transaction for a three-month period with reference to the unsecured wholesale funding market as of 11:00 a.m., Brussels time, on the related Pricing Rate Determination
Date. 
 If at least one such offered quotation is provided, LIBOR with respect to the relevant Pricing Rate Period related to a Foreign
Purchased Loan (GBP) shall be (i) where more than one offered quotation is provided by the Reference Banks, the arithmetic mean (rounded upwards to four decimal places) of all of such offered quotations or (ii) where only one offered
quotation is provided by the Reference Banks, such offered quotation (rounded upwards to four decimal places). 
 If at or about noon,
London time, on the related Pricing Rate Determination Date, no Reference Banks have provided quotations, then LIBOR with respect to the relevant Pricing Rate Period related to a Foreign Purchased Loan (GBP) shall be the rate determined by Buyer, as
a percentage rate per annum, of the cost to Buyer of funding an amount not less than the Repurchase Price for the applicable Transaction from whatever source it may reasonably select. 

LIBOR with respect to each Pricing Rate Period related to any Foreign Purchased Loan (GBP) shall be determined by Buyer or its agent, which
determination shall be conclusive absent manifest error. 
 If the calculation of LIBOR pursuant to this definition with respect to a
Pricing Rate Period related to a Purchased Loan sold by Seller to Buyer in a Transaction after the Second Amendment and Restatement Date results in a LIBOR rate of less than zero (0), LIBOR shall be deemed to be zero (0) for all purposes of
this Agreement with respect to such Pricing Rate Period. 
 “LIBO Rate” shall mean, with respect to any Pricing Rate Period
pertaining to a Transaction for which LIBOR is the applicable Pricing Rate, a rate per annum determined for such Pricing Rate Period in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 

                    
LIBOR                     
 1 –
Reserve Requirement 
 “LIBOR Screen Rate” shall have the meaning set forth in the definition of LIBOR. 

“Lien” shall mean any mortgage, lien, encumbrance, charge, trust, retention of title or other security interest by way of, or
having similar commercial effect to, security for the payment or performance of an obligation, whether arising under contract, by operation of law, judicial process or otherwise. 

  
 19 

 “LTV (Aggregate Loan UPB)” shall mean, with respect to any Purchased Loan
or proposed Purchased Loan, the ratio, expressed as a percentage, the numerator of which shall equal the sum of (x) the unpaid principal balance of such Purchased Loan or proposed Purchased Loan plus (y) the unpaid principal balance of any
subordinate or mezzanine debt secured indirectly by the Mortgaged Property and the denominator of which shall equal the “as is” value of such Mortgaged Property securing such Purchased Loan or proposed Purchased Loan as determined by Buyer
as of the Purchase Date in its sole discretion and, in each case, calculated using the Applicable Currency relevant to such Purchased Loan. For purposes of determining the value of a Mortgaged Property in accordance with this definition,
(i) the value may be determined by reference to a Current Appraisal, discounted cash flow analysis or other commercially reasonable method and (ii) for the avoidance of doubt, Buyer may reduce value for any actual or potential risks
(including risk of delay) posed by any Liens on the related Mortgaged Property. 
 “LTV (Loan UPB) ” shall mean, with
respect to any Purchased Loan or proposed Purchased Loan, the ratio, expressed as a percentage, the numerator of which shall equal the unpaid principal balance of such Purchased Loan or proposed Purchased Loan, as applicable, and the denominator of
which shall equal the “as is” value of the related Mortgaged Property securing such Purchased Loan or proposed Purchased Loan, as applicable, as determined by Buyer as of the Purchase Date in its sole discretion and, in each case,
calculated using the Applicable Currency relevant to such Purchased Loan. For purposes of determining the value of a Mortgaged Property in accordance with this definition, (i) the value may be determined by reference to a Current Appraisal,
discounted cash flow analysis or other commercially reasonable method and (ii) for the avoidance of doubt, Buyer may reduce value for any actual or potential risks (including risk of delay) posed by any Liens on the related Mortgaged Property.

 “LTV (Purchase Price)” shall mean, with respect to any Purchased Loan, the ratio, expressed as a percentage, the
numerator of which shall equal the outstanding Purchase Price of such Purchased Loan and the denominator of which shall equal the “as is” value of the related Mortgaged Property securing such Purchased Loan as determined by Buyer as of the
Purchase Date in its sole discretion and at all times thereafter in Buyer’s commercially reasonable discretion and, in each case, calculated using the Applicable Currency relevant to such Purchased Loan. For purposes of determining the value of
a Mortgaged Property in accordance with this definition, (i) the value may be determined by reference to a Current Appraisal, discounted cash flow analysis or other commercially reasonable method and (ii) for the avoidance of doubt, Buyer
may reduce value for any actual or potential risks (including risk of delay) posed by any Liens on the related Mortgaged Property. 

“MAI” shall have the meaning specified in Exhibit VI-I. 

“Margin Amount” shall mean, with respect to any Purchased Loan as of any date of determination, an amount equal to the
product of the applicable Margin Percentage and the outstanding Purchase Price of such Purchased Loan as of such date. 
 “Margin
Deficit” shall have the meaning specified in Section 4(a). 
 “Margin Deficit Notice” shall have the meaning
specified in Section 4(b). 

  
 20 

 “Margin Excess” shall mean, as applicable, Margin Excess (Future Funding)
or Margin Excess (Other). 
 “Margin Excess (Future Funding)” shall have the meaning specified in Section 4(c). 

“Margin Excess (Other)” shall have the meaning specified in Section 4(e). 

“Margin Percentage” shall mean, with respect to any Purchased Loan as of any date of determination, the reciprocal of the
applicable Maximum Purchase Price Percentage. 
 “Market Value” shall mean, with respect to any Purchased Loan, the market
value for such Purchased Loan, as determined by Buyer at the Applicable Standard of Discretion on each Business Day in accordance with this definition. For purposes of Section 4(a) and 5(e), as applicable, changes in the Market Value of a
Purchased Loan shall be determined solely in relation to material positive or negative changes (relative to Buyer’s initial underwriting or the most recent determination of Market Value in terms of the performance or condition, taken in the
aggregate, of (i) the Mortgaged Property securing the Purchased Loan or other collateral securing or related to the Purchased Loan, (ii) the Purchased Loan’s borrower (including obligors, guarantors, participants and sponsors) and the
borrower on any underlying property or other collateral securing such Purchased Loan, (iii) the commercial real estate market relevant to the Mortgaged Property, and (iv) any actual risks posed by any liens or claims on the related
Mortgaged Property or Properties. In addition, the Market Value for any Purchased Loan may be deemed by Buyer to be zero or such greater amount (in the Applicable Standard of Discretion) in the event any of the following occurs with respect to such
Purchased Loan: (a) a negative change in Market Value to the extent resulting from a continuing material breach of a representation or warranty set forth on Exhibit VI- I, Exhibit VI-II or Exhibit VI-III, as applicable (but without giving effect to any qualifications for Seller’s Actual Knowledge); or (b) the Repurchase Date with respect to
such Purchased Loan occurs without repurchase of such Purchased Loan. For the avoidance of doubt, the Market Value of any Purchased Loan shall be denominated in the same Applicable Currency as the Purchase Price of such Purchased Loan and, if
determined in a currency other than such Applicable Currency, shall be converted to such Applicable Currency for the purposes herein based on the applicable Purchase Date Spot Rate with respect to such Purchased Loan. 

“Material Adverse Effect” shall mean a material adverse effect on (a) the business, condition (financial or otherwise)
or results of operations of Seller and Guarantor, taken as a whole, (b) the ability of Seller or Guarantor to pay and perform its material obligations under any of the Transaction Documents, (c) the legality, validity or enforceability of
any of the Transaction Documents, (d) the rights and remedies of Buyer under any of the Transaction Documents, or (e) the perfection or priority of any Lien granted under any Purchased Loan Document. 

“Maximum LTV (Purchase Price)” shall mean, with respect to any Purchased Loan, the ratio, expressed as a percentage, the
numerator of which shall equal the Maximum Purchase Price of the Purchased Loan and the denominator of which shall equal the “as is” value of the related Mortgaged Property securing such Purchased Loan as determined by Buyer in its
commercially reasonable discretion and, in each case, calculated using the Applicable Currency relevant to such Purchased Loan. 

  
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 “Maximum Purchase Price” shall have the meaning set forth in the Fee
Agreement. 
 “Maximum Purchase Price Percentage” shall have the meaning set forth in the Fee Agreement. 

“Mortgage” shall mean: (x) with respect to U.S. Purchased Loans, a mortgage, deed of trust, deed to secure debt or other
instrument, creating a valid and enforceable first lien on or a first priority ownership interest in an estate in fee simple in real property and the improvements thereon, or a leasehold interest therein, securing a mortgage note or similar evidence
of indebtedness, and (y) with respect to Foreign Purchased Loans, the related mortgage, debenture or equivalent security deed or other instrument creating a first priority lien, first priority mortgage or a first priority security interest in
an estate in fee simple in real property and the improvements thereon, or in a freehold or crown leasehold interest therein, securing a mortgage note or similar evidence of indebtedness and any other security deed or other instrument or securing
indebtedness under a loan or facility agreement (and any related finance documentation), in each case securing indebtedness under applicable Requirements of Law in the relevant non-U.S. jurisdiction. 

“Mortgage Note” shall mean: (x) with respect to U.S. Purchased Loans, a note or other evidence of indebtedness of a
Mortgagor secured by a Mortgage in connection with such U.S. Purchased Loan, and (y) with respect to Foreign Purchased Loans, any evidence of indebtedness of a Mortgagor that is secured by a Mortgage in connection with such Foreign Purchased
Loan (including, without limitation, the applicable facility or loan agreement). 
 “Mortgaged Property” shall mean the
real property securing repayment of the debt evidenced by (x) with respect to U.S. Purchased Loans, a Mortgage Note, and (y) with respect to Foreign Purchased Loans, a Mortgage. 

“Mortgagee” shall mean the record holder or registered holder (as applicable) of (x) with respect to U.S. Purchased
Loans, a Mortgage Note secured by a Mortgage, and (y) with respect to Foreign Purchased Loans, a Mortgage. 

“Mortgagor” shall mean the obligor (x) with respect to U.S. Purchased Loans, on a Mortgage Note and the grantor of the
related Mortgage, and (y) with respect to Foreign Purchased Loans, that is expressed in the loan agreement for the relevant Foreign Purchased Loan to be the legal or beneficial owner of the relevant Mortgaged Property and which is the grantor
of the related Mortgage. 
 “MTM Representations” shall mean the representations and warranties set forth as items (a) 11,
12, 14, 25, 35, 36, 37, 42, 47, 50 and 55 on Exhibit VI-I of this Agreement, (b) 3, 7, 9, 16 and 20 on Exhibit VI-II of this Agreement and (c) 8, 9, 18, 19, 20,
21, 24 and 30 on Exhibit VI-III of this Agreement. 

  
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 “Multiemployer Plan” shall mean a multiemployer plan defined as such in
Section 3(37) of ERISA to which contributions have been, or were required to have been, made by Seller or any ERISA Affiliate during the preceding five plan years and which is subject to Title IV of ERISA. 

“OFAC” shall mean the U.S. Department of Treasury, Office of Foreign Assets Control 

“OFAC List” shall mean the Specially Designated Nationals list maintained by OFAC. 

“Omnibus Amendment” shall mean that certain Omnibus Amendment to Other Transaction Documents and Reaffirmation of Guaranty
dated as of the First Amendment and Restatement Date, by and among Seller, Guarantor and Buyer. 
 “Original Agreement”
shall have the meaning set forth in Section 1 of this Agreement. 
 “Other Connection Taxes” shall mean Taxes imposed
as a result of a present or former connection between Buyer and the jurisdiction imposing such Taxes (other than a connection arising solely as a result of Buyer having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under or enforced any Transaction Document, or sold or assigned an interest in any Transaction or Transaction Document). 

“Other Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
(including, without limitation, United Kingdom stamp duty and stamp duty reserve tax) that arise from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under any Transaction
Document; provided, however, that Other Taxes shall not include (i) Taxes imposed with respect to an assignment, transfer or sale of participation or other interest in or with respect to the Transaction Documents or (ii) any Excluded
Taxes. 
 “Parlex 2” shall have the meaning set forth in the preamble of this Agreement. 

“Parlex 2A” shall have the meaning set forth in the preamble of this Agreement. 

“Parlex 2 AU” shall have the meaning set forth in the preamble of this Agreement. 

“Parlex 2 EUR” shall have the meaning set forth in the preamble of this Agreement. 

“Parlex 2 UK” shall have the meaning set forth in the preamble of this Agreement. 

“Participant Register” shall have the meaning specified in Section 19(d). 

“Participating Member State” shall mean any member state of the European Union that has the Euro as its lawful currency in
accordance with legislation of the European Union relating to Economic and Monetary Union. 
 “Participation Interests”
shall have the meaning assigned to such term in Exhibit VI-II. 

  
 23 

 “Permitted Encumbrances” shall have the meaning specified in Exhibit VI-I. 
 “Permitted Liens” shall mean any of the following as to which no enforcement,
collection, execution, levy or foreclosure proceeding has been commenced: (a) Liens for Taxes not yet due and payable or which are being contested in good faith and for which adequate reserves have been established in accordance with GAAP,
(b) Liens imposed by Requirements of Law, such as materialmen’s, mechanics’, carriers’, workmen’s, repairmen’s and similar Liens, arising in the ordinary course of business securing obligations that are not overdue for
more than thirty (30) days, (c) Liens securing the unpaid balance of purchase money for property acquired in the ordinary course of business under an instalment contract on the supplier’s standard terms where such unpaid balance is not yet
due, and (d) Liens granted pursuant to or by the Transaction Documents. 
 “Permitted Purchased Loan Modification”
shall mean any modification or amendment of a Purchased Loan which is not a Significant Purchased Loan Modification. 

“Person” shall mean an individual, corporation, limited liability company, business trust, partnership, joint tenant or tenant-in-common, trust, unincorporated organization, or other entity, or a federal, state or local government or any agency or political subdivision thereof. 

“PEXA” shall mean the electronic registration platform known as Property Exchange Australia. 

“Plan” shall mean an employee benefit or other plan established or maintained by Seller or any ERISA Affiliate during the
five year period ended prior to the date of this Agreement or to which Seller or any ERISA Affiliate makes, is obligated to make or has, within the five year period ended prior to the date of this Agreement, been required to make contributions and
that is covered by Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code, other than a Multiemployer Plan. 

“Plan Party” shall have the meaning specified in Section 22(a) of this Agreement. 

“Pounds Sterling” and “£” shall mean the lawful currency for the time being of the United Kingdom.

 “PPSA” shall mean the Personal Property Securities Act (2009) Cth. 

“PPS Register” shall mean the Personal Property Securities Register established under section 147 of the PPSA. 

“Price Differential” shall mean, with respect to any Transaction as of any date, the aggregate amount obtained by daily
application of the Pricing Rate for such Transaction to the outstanding Purchase Price for such Transaction on a 360-day-per-
year basis (or, in the case of Foreign Purchased Loans (AU) only, a 365-day-per-year basis) for the actual number of days during
the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the date of determination (reduced by any amount of such Price Differential previously paid by Seller to Buyer with respect to such
Transaction). Price Differential shall be payable in the Applicable Currency of the Purchase Price of the applicable Purchased Loan. 

  
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 “Pricing Matrix” shall mean the matrix attached to the Fee Agreement which
shall be used to determine the Purchase Price Percentage, Maximum Purchase Price Percentage and the Applicable Spread for each Purchased Loan. 

“Pricing Rate” shall mean, for any Pricing Rate Period, an annual rate equal to the Index Rate for such Pricing Rate Period
(as specified in the related Confirmation) plus the Applicable Spread for such Transaction plus the Spread Adjustment for such Transaction and shall be subject to adjustment and/or conversion as provided in Sections 3(g) and 3(h) of this Agreement.

 “Pricing Rate Determination Date” shall mean with respect to any Pricing Rate Period with respect to any Transaction,
the second (2nd) Business Day preceding the first day of such Pricing Rate Period (or, in the case of a Foreign Purchased Loan (AU) only, the first day of such Pricing Rate Period). 

“Pricing Rate Period” shall mean, (a) in the case of the first Pricing Rate Period with respect to any Transaction, the
period commencing on and including the Purchase Date for such Transaction and ending on and excluding the following Remittance Date, and (b) in the case of any subsequent Pricing Rate Period, the period commencing on and including such
Remittance Date and ending on and excluding the following Remittance Date; provided, however, that in no event shall any Pricing Rate Period end subsequent to the Repurchase Date. 

“Prime Rate” shall mean the prime rate of U.S. commercial banks as published in The Wall Street Journal (or, if more than one
such rate is published, the average of such rates). 
 “Principal Payment” shall mean, with respect to any Purchased Loan,
any payment or prepayment of principal received by the Depository in respect thereof. 
 “Prohibited Person” shall mean any
(1) person or entity who is on the OFAC List or any Foreign Sanctions List; a “designated national,” “specially designated national,” “specially designated terrorist,” “specially designated global
terrorist,” “foreign terrorist organization,” or “blocked person” within the definitions set forth in the Foreign Assets Control Regulations of the United States Treasury Department, 31 C.F.R., Subtitle B, Chapter V, as
amended, (2) person acting on behalf of, or an entity owned or controlled by, any government against whom the United States maintains economic sanctions or embargoes under the Regulations of the United States Treasury Department, 31 C.F.R.,
Subtitle B, Chapter V, as amended, including, but not limited to, the “Government of Sudan,” the “Government of Iran,” and the “Government of Cuba,” and any person or organization determined by the Director of the
Office of Foreign Assets Control to be included within 31 C.F.R. Section 575.306 (definition of “Government of Iraq”), (3) person or entity who is listed in the Annex to or is otherwise within the scope of Executive Order 13224 –
Blocking Property and Prohibiting Transactions with Person who Commit, Threaten to Commit, or Support Terrorism, effective September 24, 2001, or (4) person or entity subject to additional restrictions imposed by the following statutes or
Regulations and Executive Orders issued thereunder: the Trading with the Enemy Act, 50 U.S.C. app. §§ 1 et seq., the Iraq Sanctions Act, Pub. L. 101-513, Title V, §§ 586 to 586J, 104
Stat. 2047, the 

  
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 National Emergencies Act, 50 U.S.C. §§ 1601 et seq., the Anti-Terrorism and Effective Death
Penalty Act of 1996, Pub. L. 104-132, 110 Stat. 1214-1319, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., the United Nations Participation Act, 22 U.S.C. §
287c, the International Security and Development Cooperation Act, 22 U.S.C. § 2349aa-9, the Nuclear Proliferation Prevention Act of 1994, Pub. L. 103-236, 108 Stat.
507, the Foreign Narcotics Kingpin Designation Act, 21 U.S.C. §§ 1901 et seq., the Iran and Libya Sanctions Act of 1996, Pub. L. 104-172, 110 Stat. 1541, the Cuban Democracy Act, 22 U.S.C.
§§ 6001 et seq., the Cuban Liberty and Democratic Solidarity Act, 22 U.S.C. §§ 6201-91, the Foreign Operations, Export Financing and Related Programs Appropriations Act, 1997, Pub.
L. 104-208, 110 Stat. 3009-172, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, 115 Stat. 272, or any other law of similar import as to any non-U.S. country, as each such Act or law has been or may be amended, adjusted, modified, or reviewed from
time to time. 
 “Prohibited Transferee” shall mean any of the Persons listed on Schedule I attached to this Agreement.

 “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. 
 “Property Report” shall mean, with respect to a Foreign Purchased Loan, an original,
duplicate or counterpart certificate, report or document of title in relation to the related Mortgaged Property (including, if applicable, a certificate of units in a unit trust or share certificate) that is delivered as a condition precedent to the
making of the related Foreign Purchased Loan under the loan agreement for such Foreign Purchased Loan. 
 “Purchase Date”
shall mean any date on which a Purchased Loan is to be transferred by Seller to Buyer. 
 “Purchase Date Spot Rate (AU)”
shall mean with respect to any Purchased Loan which is not a Foreign Purchased Loan (AU), the Spot Rate for converting the Applicable Currency of such Purchased Loan to AU Dollars on the related Purchase Date (which shall be set forth in the
applicable Confirmation). 
 “Purchase Date Spot Rate (EUR)” shall mean with respect to any Purchased Loan which is not a
Foreign Purchased Loan (EUR), the Spot Rate for converting the Applicable Currency of such Purchased Loan to Euro on the related Purchase Date (which shall be set forth in the applicable Confirmation). 

“Purchase Date Spot Rate (GBP)” shall mean with respect to any Purchased Loan which is not a Foreign Purchased Loan (GBP),
the Spot Rate for converting the Applicable Currency of such Purchased Loan to Pounds Sterling on the related Purchase Date (which shall be set forth in the applicable Confirmation). 

“Purchase Date Spot Rate (U.S. Dollars)” shall mean with respect to any Purchased Loan which is not a U.S. Purchased Loan,
the Spot Rate for converting the Applicable Currency of such Purchased Loan to U.S. Dollars on the related Purchase Date (which shall be set forth in the applicable Confirmation). 

  
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 “Purchase Date Spot Rate” shall mean the Purchase Date Spot Date (AU),
Purchase Date Spot Date (EUR), the Purchase Date Spot Rate (GBP) or the Purchase Date Spot Rate (U.S. Dollars), as applicable. 

“Purchase Price” shall mean, with respect to any Purchased Loan, the price at which such Purchased Loan is transferred by
Seller to Buyer on the applicable Purchase Date (paid in the same Applicable Currency as the related Whole Loan or Senior Interest (or participation interest therein) and stated on the related Confirmation), as adjusted after the Purchase Date, all
as set forth below and not to exceed the Maximum Purchase Price. The Purchase Price as of the Purchase Date for any Purchased Loan shall be the amount set forth on the applicable Confirmation (expressed in the same Applicable Currency as the related
Whole Loan or Senior Interest (or participation interest therein)) equal to the lesser of (a) the product obtained by multiplying (i) the lesser of the Market Value of such Purchased Loan and the par amount of such Purchased Loan by
(ii) the applicable Purchase Price Percentage and (b) the amount that causes the LTV (Purchase Price) to equal 60.00%. The Purchase Price of any Purchased Loan shall thereafter only be modified to be (a) increased by any Margin Excess
transferred by Buyer to Seller pursuant to Section 4(c) or 4(e) of this Agreement, not to exceed the Maximum Purchase Price, and (b) reduced by any amount applied to reduce such Purchase Price pursuant to Section 3(f), 4(a) or 5 of
this Agreement (or, in the case of Principal Payments made in respect of such Purchased Loan, remitted to the applicable Cash Management Account for application to reduce such Purchase Price pursuant to Section 5(e)). 

“Purchase Price Percentage” shall mean, with respect to each Purchased Loan, the amount, expressed as a percentage,
determined by dividing (i) the outstanding Purchase Price of such Purchased Loan as of any date of determination hereunder by (ii) the Market Value of such Purchased Loan as of such date, not to exceed the Maximum Purchase Price
Percentage. 
 “Purchased Loan” shall mean a Foreign Purchased Loan or a U.S. Purchased Loan, as applicable. 

“Purchased Loan Documents” shall mean, with respect to a Purchased Loan, the documents comprising the Purchased Loan File for
such Purchased Loan. 
 “Purchased Loan File” shall mean the documents specified as the “Purchased Loan File” in
Section 7(b), together with any additional documents and information required to be delivered to Buyer or its designee (including the Custodian) pursuant to this Agreement. 

“Purchased Loan Schedule” shall mean a schedule of Purchased Loans attached to each Trust Receipt and Custodial Delivery,
which may but is not required to, contain information substantially similar to the Collateral Tape. 
 “Recast Insolvency
Regulation” shall have the meaning specified in Section 10(b)(xxii). 

  
 27 

 “Reference Banks” shall mean any four major reference banks in the London
interbank market selected by Buyer. 
 “Register” shall have the meaning specified in
Section 19(c). 
 “REMIC ” shall mean a real estate mortgage investment conduit, within the
meaning of Section 860D(a) of the Code. 
 “Remittance Date” shall mean: (a) with respect to U.S. Purchased
Loans, the seventeenth (17th) calendar day of each month, or the next succeeding Business Day, if such calendar day shall not be a Business Day; (b) with respect to Foreign Purchased Loans (AU), either (i) solely to the extent the related
Purchased Loan Documents require monthly (as opposed to quarterly) interest payments by the relevant Mortgagor, the twelfth (12th) calendar day of each month, or the next succeeding Business Day, if such calendar day shall not be a Business Day or
(ii) solely to the extent the related Purchased Loan Documents require quarterly (as opposed to monthly) interest payments by the relevant Mortgagor, January 12, April 12, July 12 and October 12, or the next succeeding
Business Day, if such calendar day shall not be a Business Day; provided that, notwithstanding the foregoing, in the event that the Due Date (Foreign Purchased Loan (AU)) applicable to such Foreign Purchased Loan (AU) in any month occurs less than
three (3) Business Days prior to the applicable date specified in either of the foregoing clause (b)(i) or (ii), then the Remittance Date for such Foreign Purchased Loan (AU) shall be the date which is three (3) Business Days after such Due
Date (Foreign Purchased Loan (AU)); and (c) with respect to all other Foreign Purchased Loans, January 25, April 25, July 25 and October 25, or the next succeeding Business Day, if such calendar day shall not be a Business
Day, or, in each case, such other day as is mutually agreed to by Seller and Buyer. 
 “Repurchase Date” shall mean, with
respect to each Purchased Loan, the earliest of: (x) the Facility Expiration Date or (y) the maturity date of such Purchased Loan (subject to extension, if applicable, in accordance with its Purchased Loan Documents) or (z) the
related Early Repurchase Date. 
 “Repurchase Obligations” shall mean all obligations of Seller to pay the Repurchase Price
on the Repurchase Date and all other obligations and liabilities of Seller to Buyer arising under or in connection with the Transaction Documents, whether now existing or hereafter arising. 

“Repurchase Price” shall mean, with respect to any Purchased Loan as of any date, the price at which such Purchased Loan is
to be transferred from Buyer to Seller upon termination of the related Transaction (which price shall be expressed and payable in the Applicable Currency stated on the Confirmation for such Purchased Loan); such price will be determined in each case
as the sum of (a) the outstanding Purchase Price of such Purchased Loan, (b) the accrued but unpaid Price Differential thereon with respect to such Purchased Loan as of such date, (c) all other amounts due and payable as of such date
by Seller to Buyer under this Agreement or any Transaction Document with respect to such Purchased Loan (including, but not limited to, accrued and unpaid fees, expenses and indemnity amounts) and (d) any costs incurred in connection with
terminating any related Hedging Transactions entered into with Buyer or an Affiliate of Buyer. 

  
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 “Request for Margin Excess” shall mean a request for Margin Excess, in the
form of Exhibit IX attached hereto. 
 “Requirement of Law” shall mean any law, treaty, rule, regulation, code, directive,
policy, order or requirement or determination of an arbitrator or a court or other Governmental Authority whether now or hereafter enacted or in effect. 

“Required Filing” shall mean, with respect to any Foreign Purchased Loan, to the extent applicable, (w) registration of
particulars of the related Mortgage at the Companies Registration Office under the Companies Act 2006 and payment of associated fees, (x) registration of the related Mortgage at the Land Registry or Land Charges Registry in England and Wales
and payment of associated fees, (y) registration of the related Mortgage at the land registry, land titles office or similar Governmental Authority (including, where applicable, through PEXA) in the relevant State or Territory of the
Commonwealth of Australia in which the related Mortgaged Property is situated, and (z) registration of the related Mortgage with any analogous Governmental Authority in the applicable non-U.S.
jurisdiction in which the Mortgaged Property securing the related Mortgage is located. 
 “Reserve Requirement” shall mean,
with respect to any Pricing Rate Period, the aggregate (without duplication) of the rates (expressed as a decimal fraction) of reserve requirements in effect during such Pricing Rate Period (including, without limitation, basic, supplemental,
marginal and emergency reserves under any regulations of the Board of Governors of the Federal Reserve System or other Governmental Authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for eurocurrency
funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of such Board of Governors) maintained by Buyer. 

“RICS” shall mean the then-current Statements of Asset Valuation Practice and Guidance Notes issued by the Royal Institution
of Chartered Surveyors. 
 “SEC” shall have the meaning specified in Exhibit VI-I.

 “Second Amendment and Restatement Date” shall have the meaning specified in Section 1 of this Agreement. 

“Security Agent” shall mean, with respect to a Foreign Purchased Loan that is in syndicated form, a security agent or a
security trustee appointed by the lenders under such Foreign Purchased Loan to hold the benefit of any security agreements relating to such Foreign Purchased Loan on their behalf. 

“Seller” shall mean, collectively, Parlex 2, Parlex 2A, Parlex 2 UK, Parlex 2 EUR, Parlex 2 AU and each other Person as and
when same may be approved by Buyer in its sole discretion from time to time and admitted to this Agreement as a Seller by a joinder agreement executed and delivered by Buyer, Seller and such approved other Seller in the form of Exhibit XI to this
Agreement (a “Joinder Agreement”). 

  
 29 

 “Senior Interests” shall have the meaning given to such term in the
definition of “Eligible Loans”. 
 “Servicer” shall mean: (x) Midland Loan Services, a division of PNC Bank,
National Association or (y) any other third party servicer selected by Seller and approved by Buyer in its sole discretion; provided, that notwithstanding the foregoing, such other third party servicer selected by Seller shall be
approved by Buyer in its reasonable discretion, so long as such Person’s primary servicer rating shall be at least “above average” by Standard & Poor’s Ratings Service. 

“Servicing Agreement” shall mean, individually or collectively, as the context may require (a) other than with respect
to each CLO Participation A-1 issued pursuant to a CLO Participation Agreement, (i) that certain Servicing Agreement, dated as of June 12, 2013, among Parlex 2, Buyer and Servicer, as the same may be
amended, modified and/or restated from time to time, (ii) that certain Servicing Agreement, dated as of January 31, 2014, among Parlex 2A, Buyer, and Servicer, as the same may be amended, modified and/or restated from time to time, (iii)
that certain Servicing Agreement, dated as of the Second Amendment and Restatement Date, among Parlex 2 UK, Buyer, and Servicer, as the same may be amended, modified and/or restated from time to time, (iv) that certain Servicing Agreement,
dated as of the Second Amendment and Restatement Date, among Parlex 2 EUR, Buyer, and Servicer, as the same may be amended, modified and/or restated from time to time, (v) that certain Servicing Agreement, dated as of the Third Amendment and
Restatement Date, among Parlex 2 AU, Buyer, and Servicer, as the same may be amended, modified and/or restated from time to time, and (vi) any other servicing agreement entered into by a Seller, Buyer and any Servicer approved by Buyer for the
servicing of Purchased Loans, as the same may be amended, modified and/or restated from time to time and (b) with respect to each CLO Participation A-1 issued pursuant to a CLO Participation Agreement,
(x) for so long as the corresponding CLO Participation A-2 is an asset of the CLO, the CLO Servicing Agreement and (y) at any time such corresponding CLO Participation
A-2 is not an asset of the CLO, the servicing agreement entered into in accordance with the applicable CLO Participation Agreement. 

“Servicing Records” shall have the meaning specified in Section 29(b). 

“Servicing Rights” shall mean Seller’s right, title and interest in and to any and all of the following: (a) any
and all rights to service the related Purchased Loan; (b) any payments to or monies received by such Seller or any other Person as a fee for servicing such Purchased Loan; (c) any late fees, penalties or similar payments with respect to such
Purchased Loan; (d) all agreements or documents creating, defining or evidencing any such servicing rights to the extent they relate to such servicing rights and all rights of such Seller or any other Person thereunder; (e) escrow payments or
other similar payments with respect to such Purchased Loan and any amounts actually collected by such Seller or any other Person with respect thereto; (f) the right, if any, to appoint a special servicer or liquidator of such Purchased Loan;
and (g) all accounts and other rights to payment related to the servicing of such Purchased Loan. 
 “Similar Loan”
shall have the meaning specified in Section 3(g) of this Agreement. 

  
 30 

 “Significant Purchased Loan Modification” means any modification or
amendment of a Purchased Loan which 
 (i) reduces the principal amount of the Purchased Loan in question other than (1) with
respect to a dollar-for-dollar principal payment or (2) reductions of principal to the extent of deferred, accrued or capitalized interest added to principal which
additional amount subsequently reduced was not taken into account by Buyer in determining the related Purchase Price, 
 (ii)
increases the principal amount of a Purchased Loan other than (a) increases which are derived from accrual or capitalization of deferred interest which is added to principal or protective advances or (b) increases resulting from future
fundings made pursuant to the Purchased Loan Documents, 
 (iii) modifies the amount or timing of any regularly scheduled
payments of principal and non-contingent interest of the Purchased Loan in question, provided, however, that Seller may, without the consent of Buyer change the scheduled payment date of a Purchased Loan
within any given calendar month, 
 (iv) changes the frequency of scheduled payments of principal and interest in respect of
a Purchased Loan, 
 (v) subordinates the lien priority of the Purchased Loan in question or the payment priority of the
Purchased Loan in question other than subordinations required under the then existing terms and conditions of the Purchased Loan in question (provided, however, the foregoing shall not preclude the execution and delivery of subordination,
nondisturbance and attornment agreements with tenants, subordination to tenant leases, easements, plats of subdivision and condominium declarations, conditions, covenants and restrictions and similar instruments which in the commercially reasonable
judgment of Seller do not materially adversely affect the rights and interest of the holder of the Purchased Loan in question), 

(vi) releases any collateral for the Purchased Loan in question other than releases required under the then existing Purchased
Loan documents or releases in connection with eminent domain or under threat of eminent domain, 
 (vii) waives, amends or
modifies any cash management or reserve account requirements of the Purchased Loan other than changes required under the then existing Purchased Loan documentation, 

(viii) waives any due-on-sale or due-on-encumbrance provisions of the Purchased Loan in question other than waivers required to be given under the then existing Purchased Loan documents, or 

(ix) waives, amends or modifies the underlying insurance requirements of the Purchased Loan; 

  
 31 

 provided, however, that this definition of “Significant Purchased Loan
Modification” shall not include any modification or amendment to any Purchased Loan Document solely in connection with the reallocation of a portion of the principal balance of any CLO Participation A-1
to the corresponding CLO Participation A-2 pursuant to Section 29(b) of the applicable CLO Participation Agreement in order to implement a replenishment pursuant to Section 12.2 of the CLO Indenture,
so long as such reallocation is implemented in connection with an early repurchase consummated in accordance with Section 3(d) of this Agreement. 

“Single Purpose Entity” shall have the meaning specified in Exhibit VI-I. 

“SIPA” shall have the meaning specified in Section 24(a) of this Agreement. 

“Solvent” shall mean with respect to any Person at any time, having a state of affairs such that all of the following
conditions are met at such time: (a) the fair value of the assets and property of such Person is greater than the amount of such Person’s liabilities (including disputed, contingent and unliquidated liabilities) as such value is
established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code, (b) the present fair salable value of the assets and property of such Person in an orderly liquidation of such Person is not less than the amount
that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s
ability to pay as such debts and liabilities mature, and (d) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s assets and property would constitute
unreasonably small capital. 
 “Special Purpose Entity” shall mean a Person, other than an individual, which is formed or
organized solely for the purpose of holding, directly and subject to this Agreement, the Purchased Loans and otherwise complies with the requirements of Section 13. 

“Spot Rate” shall mean, with respect to an Applicable Currency, as of any date of determination, the rate quoted as the spot
rate for the purchase of such Applicable Currency with another Applicable Currency at or about 11:00 a.m., London time (in the case of each Foreign Purchased Loan (EUR) and Foreign Purchased Loan (GBP)) or Sydney time (in the case of each Foreign
Purchased Loan (AU)), on the date that is two (2) Business Days prior to the date as of which the foreign exchange computation is made as obtained from the applicable screen on Bloomberg. 

“Spread Adjustment” shall have the meaning specified in the Fee Agreement. 

“Standard Qualifications” shall have the meaning specified in Exhibit VI-I. 

“Survey” shall mean: (x) with respect to U.S. Purchased Loans, a certified ALTA/ACSM (or applicable state standards for
the state in which the Mortgaged Property is located) survey of a Mortgaged Property prepared by a registered independent surveyor or engineer, and (y) with respect to Foreign Purchased Loans (other than Foreign Purchased Loans (AU)), a
valuation of such Mortgaged Property by a valuer prepared on the basis of the market value as that term is 

  
 32 

 defined in the then current Statements of Asset Valuation Practice and Guidance Notes issued by the Royal
Institution of Chartered Surveyors or its equivalent in any applicable jurisdiction, in each case, in form and content satisfactory to Buyer in its commercially reasonable discretion and, in the case of the foregoing clause (x), in form and content
satisfactory to the company issuing the Title Policy for such Mortgaged Property. 
 “Taxes” shall mean all present or
future Taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto and
including any stamp duty, transfer taxes and any value added or goods or services tax. 
 “Terrorism Cap Amount” shall have
the meaning specified in Exhibit VI-I. 
 “Third Amendment and Restatement Date”
shall mean October 12, 2018. 
 “Title Policy” shall have the meaning specified in Exhibit VI-I. 
 “Transaction” shall have the meaning set forth in Section 1. 

“Transaction Conditions Precedent” shall have the meaning specified in Section 3(b) of this Agreement. 

“Transaction Documents” shall mean, collectively, this Agreement, any applicable Annexes to this Agreement, the Guaranty, any
Custodial Agreement, any Blocked Account Agreement, any Servicing Agreement, any Joinder Agreement, the Omnibus Amendment, all Confirmations executed pursuant to this Agreement or the Original Agreement in connection with specific Transactions, any
other documents or instruments relating to any such documents executed by Seller or Guarantor, and any written modifications, extensions, renewals, restatements, or replacements of any of the foregoing. 

“Transaction Request ” shall mean a request to enter into a Transaction, in the form of Exhibit VIII attached hereto. 

“Transfer Certificate” shall mean, with respect to a Foreign Purchased Loan, any form of transfer or substitution certificate
or assignment agreement that is scheduled to the related loan agreement or other equivalent agreement for such Foreign Purchased Loan and that is used to effect the legal transfer or assignment of such Foreign Purchased Loan and (if applicable) any
accession or substitution certificate, if any, required for the Buyer to become a beneficiary of the security trust in respect of such Foreign Purchased Loan. 

“Treasury Regulations” shall have the meaning specified in Section 19(d) of this Agreement. 

“TRIA” shall have the meaning specified in Exhibit VI-I. 

“Trust Receipt” shall mean a trust receipt issued by Custodian to Buyer confirming the Custodian’s possession of certain
Purchased Loan Files which are the property of and held by Custodian for the benefit of Buyer (or any other holder of such trust receipt) or a bailment arrangement with an Acceptable Attorney. 

  
 33 

 “UCC” shall have the meaning specified in Section 6 of this Agreement.

 “U.S. Dollars” and “$” shall mean the lawful currency of the United States of America. 

“U.S. Person” shall mean a “United States person” as defined in Section 7701(a)(30) of the Code. 

“U.S. Purchased Loan” shall mean: (i) with respect to any Transaction, an Eligible Loan secured by Mortgaged Property
located in the United States of America or any territory thereof and which is sold by the applicable Seller to Buyer in such Transaction and (ii) with respect to the Transactions for U.S. Purchased Loans in general, all Eligible Loans secured
by Mortgaged Property located in the United States of America or any territory thereof and which are sold by the applicable Sellers to Buyer. 

“Whole Loans” shall have the meaning given to such term in the definition of “Eligible Loans”. 

“Zoning Regulations” shall have the meaning specified in Exhibit VI-I. 

 

	3.	 INITIATION; CONFIRMATION; TERMINATION; FEES 

(a) Subject to the terms and conditions set forth in this Agreement (including, without limitation, (x) the “Transaction Conditions
Precedent” specified in Section 3(b) of this Agreement and (y) Section 4(h) of this Agreement), an agreement to enter into a Transaction shall be made, from time to time, in writing at the initiation of Seller as provided below;
provided, however, that (i) the aggregate outstanding Purchase Price at any time for all Purchased Loans shall not exceed the Facility Amount, and (ii) Buyer shall not have any obligation to enter into new Transactions with
Seller after the occurrence and during the continuance of a monetary or material non-monetary Default or an Event of Default or after the Facility Availability Period. Seller may, from time to time, submit to
Buyer a Transaction Request, in the form of Exhibit VIII attached hereto, for Buyer’s review and approval in order to enter into a Transaction with respect to any Eligible Loan that Seller proposes to be included as Collateral under this
Agreement. Upon Buyer’s receipt of a complete Due Diligence Package, Buyer shall have the right to request, in Buyer’s good faith business judgment and in a manner consistent with Buyer’s other master repurchase facilities for
comparable assets, additional diligence materials and deliveries with respect to the applicable Eligible Loan, to the extent necessary for Buyer’s underwriting of such Eligible Loan. Upon Buyer’s receipt of the Transaction Request, Due
Diligence Package and such additional diligence materials, Buyer shall use commercially reasonable efforts to within five (5) Business Days and following receipt of internal credit approval, either (i) notify Seller of the Purchase Price
and the Market Value for the Eligible Loan or (ii) deny Seller’s request for a Transaction. Buyer’s failure to respond to Seller within five (5) Business Days shall be deemed to be a denial of Seller’s request for a
Transaction, unless Buyer and Seller have agreed otherwise in writing. Buyer shall have the right to review all Eligible Loans proposed to be sold to Buyer in any Transaction and to conduct 

  
 34 

 its own due diligence investigation of such Eligible Loans as Buyer reasonably determines. Buyer shall be
entitled to make a determination, in its sole discretion, that it shall or shall not purchase any or all of the Eligible Loans proposed to be sold to Buyer by Seller. On the Purchase Date for the Transaction which shall be on a date mutually agreed
upon by Buyer and Seller following the approval of an Eligible Loan by Buyer, the Purchased Loan shall be transferred to Buyer or its designee against the transfer of the Purchase Price (which Purchase Price shall be funded in the Applicable
Currency of the related Whole Loan or Senior Interest (or participation interest therein) and stated on the applicable Confirmation) to an account of Seller or as directed by Seller in writing (and subject to the last sentence of Section 17).

 (b) Upon agreeing to enter into a Transaction hereunder, provided each of the Transaction Conditions Precedent shall have been satisfied
(or waived by Buyer), Buyer shall promptly deliver to Seller a written confirmation in the form of Exhibit I attached hereto of each Transaction (a “Confirmation”). Such Confirmation shall describe the Purchased Loan, shall identify
Buyer and Seller, and shall set forth: 
  

	 	(i)	 the Purchase Date, 

  

	 	(ii)	 the Purchase Price Percentage, Maximum Purchase Price Percentage, the initial Purchase Price and the Maximum
Purchase Price for such Purchased Loan (which initial Purchase Price and the Maximum Purchase Price shall be expressed and payable in the same Applicable Currency as the related Purchased Loan), 

 

	 	(iii)	 the Repurchase Date, 

 

	 	(iv)	 the Pricing Rate (including the Applicable Spread), 

 

	 	(v)	 the Margin Percentage, 

 

	 	(vi)	 the LTV (Purchase Price) and Maximum LTV (Purchase Price), 

 

	 	(vii)	 the LTV (Loan UPB) and LTV (Aggregate Loan UPB) (if applicable), 

 

	 	(viii)	 the Funding Fee, any additional conditions precedent to the availability of Margin Excess (Future Funding) and
the type of funding (i.e. table funded/non-table funded), 

  

	 	(ix)	 the Applicable Currency (which shall be the same Applicable Currency as the related Purchased Loan),

  

	 	(x)	 the applicable Purchase Date Spot Rates, and 

 

	 	(xi)	 any additional reasonable terms or conditions not inconsistent with this Agreement and mutually agreed upon by
Buyer and Seller. 

  
 35 

 With respect to any Transaction, the Pricing Rate shall be determined initially on the
Pricing Rate Determination Date applicable to the first Pricing Rate Period for such Transaction, and shall be reset on each subsequent Pricing Rate Determination Date for the next succeeding Pricing Rate Period for such Transaction. Buyer or its
agent shall determine in accordance with the terms of this Agreement the Pricing Rate on each Pricing Rate Determination Date for the related Pricing Rate Period and notify Seller of such rate for such period on such subsequent Pricing Rate
Determination Date. For purposes of this Section 3(b), the “Transaction Conditions Precedent” shall be deemed to have been satisfied with respect to any proposed Transaction if: 

 

	 	(A)	 no monetary or material non-monetary Default or Event of Default under
this Agreement shall have occurred and be continuing as of the Purchase Date for such proposed Transaction; 

  

	 	(B)	 subject to any exceptions reasonably approved by Buyer, the representations and warranties made by Seller in
any of the Transaction Documents shall be true and correct in all material respects as of the Purchase Date for such Transaction, before and after giving effect to such Transaction, as though made on such Purchase Date (except to the extent such
representations and warranties are made as of a particular date); 

  

	 	(C)	 Buyer shall have received from Seller all corporate and governmental approvals, legal opinions of counsel to
Seller and Guarantor (including, without limitation, as to authority, enforceability, perfection under the UCC and, with respect to any Foreign Purchased Loan, the equivalent Requirements of Law under the relevant
non-U.S. jurisdiction, bankruptcy safe harbor and the Investment Company Act of 1940) and closing documentation as Buyer may reasonably request pursuant to this Agreement (including, with respect to any
Foreign Purchased Loan, a Foreign Assignment Agreement and such other closing documentation necessary to transfer such Foreign Purchased Loan to Buyer and perfect the security interest therein granted by Seller in favor of Buyer in the relevant non-U.S. jurisdiction); 

  

	 	(D)	 Seller shall have paid to Buyer (x) the Funding Fee then due and payable with respect to such Transaction
pursuant to the Fee Agreement and (y) Buyer’s out-of-pocket costs and expenses pursuant to Section 30(d) of this Agreement (which amounts referred to in
the preceding sub-clauses (D)(x) and (D)(y) may be paid through a holdback to the Purchase Price); 

  

	 	(E)	 Buyer shall have (A) determined, in accordance with the applicable provisions of Section 3(a) of this
Agreement, that the Assets proposed to be sold to Buyer by Seller in such Transaction are Eligible Loans and (B) obtained internal credit approval for the inclusion of such Eligible Loan as a Purchased Loan in a Transaction;

  

	 	(F)	 Buyer shall have determined that no event has occurred which is reasonably likely to result in a Material
Adverse Effect; and 

  

	 	(G)	 as of the applicable Purchase Date, each of the applicable Concentration Limits is satisfied (unless waived by
Buyer). 

  
 36 

 (c) Each Confirmation, together with this Agreement, shall be conclusive evidence of the
terms of the Transaction(s) covered thereby unless specific objection is made in writing no less than three (3) Business Days after the date thereof. In the event of any conflict between the terms of such Confirmation and the terms of this
Agreement, the Confirmation shall prevail. An objection sent by Seller with respect to any Confirmation must state specifically that the writing is an objection, must specify the provision(s) of such Confirmation being objected to by Seller, must
set forth such provision(s) in the manner that Seller believes such provisions should be stated, and must be sent by Seller no more than five (5) Business Days after such Confirmation is received by Seller. It is understood and agreed that once
a Confirmation has been executed by Buyer and Seller, such Confirmation shall be binding on the parties hereto (absent manifest error) and shall constitute evidence of Buyer’s approval of the applicable Purchased Loan and the terms of the
applicable Transaction. 
 (d) No Transaction shall be terminable on demand by Buyer (other than upon the occurrence and during the
continuance of an Event of Default). Seller shall be entitled to terminate a Transaction on demand, in whole or in part (but in the case of a termination in part, solely in connection with the reallocation of a portion of the principal balance of
any CLO Participation A-1 to the corresponding CLO Participation A-2 pursuant to Section 29(b) of the applicable CLO Participation Agreement in
order to implement a replenishment pursuant to Section 12.2 of the CLO Indenture), and repurchase the Purchased Loan subject to a Transaction on any Business Day prior to the Repurchase Date (an “Early Repurchase
Date”); provided, however, that: 
  

	 	(i)	 Seller notifies Buyer in writing of its intent to terminate such Transaction and repurchase such Purchased Loan
no later than three (3) Business Days prior to such Early Repurchase Date, 

  

	 	(ii)	 on such Early Repurchase Date Seller pays to Buyer an amount equal to the sum of (x) the Repurchase Price
for such Transaction, (y) the Exit Fee, if any, then due and payable with respect to such Transaction pursuant to the Fee Agreement (provided, however, that no Exit Fee shall be due and payable in connection with a termination of a Transaction
by Seller either (x) in part or (y) in whole in connection with a severing of any CLO Participation A-1 into multiple participations representing the funded portion of such CLO Participation A-1 following which a severed portion is reallocated to the corresponding CLO Participation A-2 and the other severed portion is the subject of a new Transaction under this
Agreement) and (z) any other amounts payable under this Agreement (including, without limitation, Section 3(i) of this Agreement) with respect to such Transaction, in connection with the transfer to Seller or its agent of such Purchased
Loan; provided, however, that no amounts shall be due and payable pursuant to Section 3(i)(ii) of this Agreement in connection with a termination of a Transaction by Seller in part or in whole in the circumstance described in the parenthetical
to clause (ii)(y) above, 

  
 37 

	 	(iii)	 on such Early Repurchase Date, following the payment of the amounts set forth in subclause (ii) above, no
unpaid Margin Deficit exists, and 

  

	 	(iv)	 no Default or Event of Default shall have occurred and be continuing as of such Early Repurchase Date.

 Such notice shall set forth the Early Repurchase Date and shall identify with particularity the Purchased Loans to be repurchased on
such Early Repurchase Date. 
 (e) On the Repurchase Date or any Early Repurchase Date (including, without limitation, in order to cure a
Margin Deficit), termination of the applicable Transaction will be effected by transfer to Seller or its agent of the applicable Purchased Loan and any Income in respect thereof received by Buyer (and not previously credited or transferred to, or
applied to the obligations of, Seller pursuant to Section 5 of this Agreement) against the simultaneous transfer to an account of Buyer of the Repurchase Price, the amount, if any, payable by Seller in the event any Hedging Transaction related
to such Purchased Loan is being terminated as of such date and any other amounts payable under this Agreement with respect to such Transaction. 

(f) On any Remittance Date before the Repurchase Date (or any Business Day before the Repurchase Date upon two (2) Business Days prior
notice to Buyer, with respect to a reduction in outstanding Purchase Price of greater than $2,000,000 (or, with respect to any Foreign Purchased Loan, the then-current equivalent of such amount based on the Spot Rate with respect to the Applicable
Currency of such Foreign Purchased Loan as of the date of determination), Seller shall have the right, from time to time, to transfer cash (in the Applicable Currency of the related Purchased Loan) to Buyer for the purpose of reducing the
outstanding Purchase Price of, but not terminating, a Transaction and without the release of any Collateral or the payment of any Exit Fee or other prepayment fee or penalty; provided, that any such reduction in outstanding Purchase Price
occurring on a date other than a Remittance Date shall be required to be accompanied by payment of all unpaid accrued Price Differential on the amount of such reduction. Upon any reduction in outstanding Purchase Price in accordance with this
Section 3(f), either Seller or Buyer can request an amended and restated Confirmation which shall reflect the decrease in the outstanding Purchase Price (it being acknowledged that the failure by any party to request or deliver such amended and
restated Confirmation shall not be a Default). 
 (g) If prior to any Pricing Rate Period with respect to any Transaction, Buyer shall have
determined in the exercise of its reasonable business judgment (which determination shall be conclusive and binding upon Seller) that, (i) by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for
ascertaining the Index Rate for such Pricing Rate Period, or (ii) in the case of any Purchased Loan for which the LIBO Rate or the EURIBO Rate is the Index Rate, that LIBOR or EURIBOR, as applicable, has been succeeded by an Alternative Rate,
Buyer shall give written notice thereof to Seller as soon as practicable thereafter, which notice shall set forth the affected Transactions and the circumstances for such 

  
 38 

 determination in reasonable detail. If such notice is given, the Pricing Rate with respect to such affected
Transactions for such Pricing Rate Period, and for any subsequent Pricing Rate Periods until such notice has been withdrawn by Buyer (which withdrawal shall be delivered by Buyer promptly after Buyer becomes aware that the condition for switching to
the Alternative Rate no longer exists) shall be a per annum rate determined by reference to the Alternative Rate in lieu of the applicable Index Rate. In exercising its rights and remedies under this Article 3(g), Buyer shall act in a manner
consistent to how Buyer is contemporaneously treating its similarly situated customers domiciled in the United States under repurchase facilities under which Buyer has a comparable contractual right, which repurchase facilities finance commercial
real estate mortgage loans of similar type, size and duration to the affected Purchased Loans and which are otherwise similar to such Purchased Loans in a manner which is material to Buyer’s determination hereunder (“Similar
Loans”). 
 (h) Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof shall make it unlawful for Buyer to effect or continue Transactions as contemplated by the Transaction Documents, (a) the commitment of Buyer hereunder to enter into new Transactions shall forthwith be
canceled, and (b) the Transactions then outstanding shall be converted automatically to Alternative Rate Transactions on the last day of the then current Pricing Rate Period or within such earlier period as may be required by law. If any such
conversion of a Transaction occurs on a day which is not the last day of the then current Pricing Rate Period with respect to such Transaction, Seller shall pay to Buyer such amounts, if any, as may be required pursuant to Section 3(i) of this
Agreement. 
 (i) Upon written demand by Buyer, Seller shall indemnify Buyer and hold Buyer harmless from any net actual, out-of-pocket loss or expense (not to include any lost profit or opportunity or other consequential costs, loss or damages) (including, without limitation, reasonable actual
attorneys’ fees and disbursements of outside counsel) which Buyer sustains or incurs as a consequence of (i) default by Seller in terminating any Transaction after Seller has given a notice in accordance with Section 3(d) hereof of a
termination of a Transaction, (ii) any payment of the Repurchase Price on any day other than a Remittance Date or the Repurchase Date (including, without limitation, any such actual, out-of-pocket loss or expense arising from the reemployment of funds obtained by Buyer to maintain Transactions hereunder or from customary and reasonable fees payable to terminate the deposits from which
such funds were obtained) or (iii) a default by Seller in selling Eligible Loans after Seller has delivered to Buyer an executed Confirmation in connection with a proposed Transaction and Buyer has agreed to purchase such Eligible Loans in
accordance with the provisions of this Agreement as evidenced by a countersigned Confirmation executed by Buyer and delivered to Seller. A certificate as to such actual costs, losses, damages and expenses, setting forth the calculations therefor
shall be submitted promptly by Buyer to Seller. 
 (j) If the adoption of or any change in any Requirement of Law or in the interpretation or
application thereof by any Governmental Authority or compliance by Buyer with any request or directive from any central bank or other Governmental Authority having jurisdiction over Buyer made subsequent to the date hereof: 

  
 39 

	 	(i)	 shall subject Buyer to any tax of any kind whatsoever with respect to the Transaction Documents, any Purchased
Loan or any Transaction, or change the basis of taxation of payments to Buyer in respect thereof (except for (i) Indemnified Taxes (with Other Taxes applying for this purpose without the proviso in the definition thereof), (ii) Taxes described
in clauses (b) through (h) of the definition of Excluded Taxes and (iii) Connection Income Taxes); or 

  

	 	(ii)	 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, loans or other extensions of credit by, or any other acquisition of funds by, any office of Buyer which is not otherwise included in the determination of the
Index Rate hereunder; 

 and the result of any of the foregoing is to increase the cost to Buyer, by an amount which Buyer deems, in the
exercise of its reasonable business judgment, to be material, of entering into, continuing or maintaining Transactions or to reduce in a material manner any amount receivable under the Transaction Documents in respect thereof; then, in any such
case, and provided Buyer imposes such additional costs generally on all of its similarly situated customers, Seller shall pay to Buyer within ten (10) Business Days any additional amounts necessary to compensate Buyer for such increased cost or
reduced amount receivable. If Buyer becomes entitled to claim any additional amounts pursuant to this Section 3(j), it shall notify Seller in writing of the event by reason of which it has become so entitled. Such notification as to the
calculation of any additional amounts payable pursuant to this subsection shall be submitted by Buyer to Seller. Any claim by Buyer made under this clause Section 3(j) arising in connection with any Transaction relating to a Foreign Purchased
Loan (AU) shall be accompanied by reasonable details of the event giving rise to such claim and, if made more than one hundred eighty (180) days after Buyer becomes aware of and was able to quantify the applicable loss or expense, cannot be made in
respect of any period occurring more than one hundred eighty (180) days before the date of the applicable demand. 
 (k) If Buyer shall
have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by Buyer or any corporation controlling 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 has the effect of reducing the rate of return on Buyer’s or such corporation’s capital deployed in
respect of any Transaction as a consequence of its obligations hereunder to a level below that which Buyer or such corporation could have achieved but for such adoption, change or compliance (taking into consideration Buyer’s or such
corporation’s policies with respect to capital adequacy) by an amount deemed by Buyer, in the exercise of its reasonable business judgment, to be material, then from time to time, after submission by Buyer to Seller of a written request
therefor, and provided Buyer imposes such additional costs generally on all of its similarly situated customers, Seller shall pay to Buyer within ten (10) Business Days such additional amount or amounts as will compensate Buyer for such
reduction. Such notification as to the calculation of any additional amounts payable 

  
 40 

 pursuant to this subsection shall be submitted by Buyer to Seller. Any claim by Buyer made under this clause
Section 3(k) arising in connection with any Transaction relating to a Foreign Purchased Loan (AU) shall be accompanied by reasonable details of the event giving rise to such claim and, if made more than one hundred eighty (180) days after
Buyer becomes aware of and was able to quantify the applicable amount, cannot be made in respect of any period occurring more than one hundred eighty (180) days before the date of the applicable demand. 

(l) Notwithstanding the foregoing or anything herein or in the Fee Agreement to the contrary, (x) if any Transaction is converted to an
Alternative Rate Transaction, then Seller may consummate an early repurchase of the related Purchased Loan at any time while the Alternative Rate is in effect without payment of the Exit Fee, (y) if Buyer notifies Seller of its entitlement to
additional amounts pursuant to Section 3(j) or 3(k), then provided Seller pays such additional amounts pursuant to Section 3(j) or 3(k), Seller may consummate an early repurchase of all of the Purchased Loans and terminate this Agreement
and the other Transaction Documents without payment of the Exit Fee and (z) no Exit Fee shall be due and payable in connection with any reduction in outstanding Purchase Price or consummation of an early repurchase of a Purchased Loan in
accordance with Section 4(a). 
 (m) Notwithstanding the foregoing or anything herein to the contrary, neither Section 3(i) nor
Section 3(k) shall apply with respect to any Transaction relating to a Foreign Purchased Loan (AU) the extent such loss, expense or other amount otherwise covered by such Sections are attributable to the implementation or application of or
compliance with Basel II or Basel III, to the extent full details have been officially announced and publicly released prior to the date of this Agreement and which are applicable to the Buyer. 

(n) Notwithstanding the foregoing or anything herein to the contrary, Buyer, in consultation with Seller, shall take all reasonable steps
consistent with prudent banking practice to mitigate any circumstances which would result in any consequence described in Section 3(h) and any amount becoming payable under any of Sections 3(i) through (k), in each case with respect to each
Foreign Purchased Loan (AU) (including transferring its rights and obligations under the Transaction Documents to a related entity of Buyer or changing its lending office), provided that Buyer shall not be obligated to take any steps under this
Section 3(n) if, in Buyer’s opinion (acting reasonably), to do so might be prejudicial to it. Seller shall indemnify Buyer and hold Buyer harmless from any reasonable
out-of-pocket loss or expense (not to include any lost profit or opportunity or other consequential costs, loss or damages) (including, without limitation, reasonable
actual attorneys’ fees and disbursements of outside counsel) which Buyer sustains or incurs as a result of steps required to be taken by it under this Section 3(n). 
  

	4.	 MARGIN MAINTENANCE 

(a) If, at any time, (w) the aggregate Market Value of all U.S. Purchased Loans shall be less than the sum of the Margin Amounts
calculated individually with respect to each U.S. Purchased Loan, (x) the aggregate Market Value of all Foreign Purchased Loans (EUR) shall be less than the sum of the Margin Amounts calculated individually with respect to each Foreign
Purchased Loan (EUR), (y) the aggregate Market Value of all Foreign Purchased Loans (GBP) shall be less than the sum of the Margin Amounts calculated individually with respect to each Foreign Purchased Loan (GBP), or (z) the aggregate Market
Value of all Foreign Purchased 

  
 41 

 Loans (AU) shall be less than the sum of the Margin Amounts calculated individually with respect to each
Foreign Purchased Loan (AU) (each of the foregoing clauses (w), (x), (y) and (z), a “Margin Deficit”), then in any such case Buyer may by notice to Seller in writing (including therein a description of the then-current Market Value
calculation for the Purchased Loan for which a Margin Deficit exists, together with a description of the then-current Market Value calculation for all other Purchased Loans) require Seller to cure such Margin Deficit by any of the following methods
selected by Seller: 
  

	 	(i)	 transferring to Buyer additional cash collateral in an amount at least equal to the sum of the amounts,
calculated individually for each U.S. Purchased Loan, Foreign Purchased Loan (EUR), Foreign Purchased Loan (GBP) or Foreign Purchased Loan (AU), as applicable, equal to the product of (x) the difference between the Margin Amount with respect to
such Purchased Loan and the Market Value of such Purchased Loan multiplied by (y) the applicable Maximum Purchase Price Percentage, which cash collateral shall be held by Buyer as additional Collateral with respect to the applicable Purchased
Loan(s); 

  

	 	(ii)	 reducing the outstanding Purchase Price of any U.S. Purchased Loan, Foreign Purchased Loan (EUR), Foreign
Purchased Loan (GBP) or Foreign Purchased Loan (AU), as applicable, such that the aggregate Market Value of the U.S. Purchased Loans, Foreign Purchased Loans (EUR), Foreign Purchased Loan (GBP) or Foreign Purchased Loan (AU), as applicable, is at
least equal to or is greater than the sum of the Margin Amounts of the U.S. Purchased Loans, Foreign Purchased Loans (EUR), Foreign Purchased Loan (GBP) or Foreign Purchased Loan (AU), as applicable; or 

 

	 	(iii)	 doing an early repurchase on an Early Repurchase Date of any U.S. Purchased Loan, Foreign Purchased Loan (EUR),
Foreign Purchased Loan (GBP) or Foreign Purchased Loan (AU), as applicable, pursuant to Section 3(d) of this Agreement and paying the related Repurchase Price which early repurchase results in a cure of such Margin Deficit.

 With respect to this Section 4(a), such payments and/or reductions shall be made by Seller in the Applicable
Currency of the related Purchased Loan(s) with respect to which such Margin Deficit exists. Any cash transferred to Buyer pursuant to clause (ii) of this Section 4(a) of this Agreement with respect to any Purchased Loan shall be applied to
reduce the outstanding Purchase Price for such Purchased Loan on a “dollar-for-dollar” basis for which there was a Margin Deficit. Notwithstanding the
foregoing or anything herein to the contrary, a Margin Deficit shall not exist or be deemed to exist with respect to any Purchased Loan at any time the outstanding Purchase Price with respect to such Purchased Loan is less than 60% of the related
Market Value. 

  
 42 

 (b) If any notice is given by Buyer under Section 4(a) of this Agreement on any
Business Day (such notice, a “Margin Deficit Notice”) and Seller elects to transfer cash pursuant to Section 4(a)(i) or (ii), Seller shall transfer cash in the full amount (and in the Applicable Currency) required in
Section 4(a)(i) or (ii), if the Margin Deficit Notice is given before 1:00 p.m. EST, by no later than the close of business on the Business Day following the Business Day on which such Margin Deficit Notice is given, and if the Margin Deficit
Notice is given on or after 1:00 p.m. EST, by no later than the close of business on the second (2nd) Business Day following the Business Day on which such Margin Deficit Notice is given. The
failure of Buyer, on any one or more occasions, to exercise its rights under Section 4(a) of this Agreement shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later
date. Buyer and Seller agree that any failure or delay by Buyer to exercise its rights under Section 4(a) of this Agreement shall not limit such party’s rights under this Agreement or otherwise existing by law or in any way create
additional rights for such party. 
 (c) At any time prior to the Facility Expiration Date, in the event a future funding is contractually
required to be made available to the related Mortgagor under a Purchased Loan, Seller may submit to Buyer a Request for Margin Excess, in the form of Exhibit IX attached hereto, which requests that Buyer transfer to Seller, by wire transfer to an
account of Seller or as directed by Seller in writing (and subject to the last sentence of Section 17), cash (in the Applicable Currency of such Purchased Loan) in an amount equal to the product of a percentage, not to exceed the applicable
Maximum Purchase Price Percentage for such Purchased Loan, multiplied by the amount of such future funding (such product, “Margin Excess (Future Funding)”), which cash shall be applied to increase the outstanding Purchase
Price with respect to the Transaction for such Purchased Loan and to satisfy such future funding obligation in part; provided, that, Buyer shall not have any obligation to transfer such Margin Excess (Future Funding) to Seller unless Buyer
shall have determined that all of the following conditions precedent (such conditions, the “Future Funding Conditions Precedent”) are satisfied: 
  

	 	(i)	 If in connection with the entry into the initial Transaction relating to the Purchased Loan that is the subject
of a future funding obligation, Buyer and Seller agreed upon additional conditions precedent which are required to be satisfied (e.g. maintenance of or improvement in Debt Yield (Purchase Price) and/or Debt Yield (Loan UPB)) with respect to
such Purchased Loan and which are specified in the Confirmation, taking into account the increase in the outstanding Purchase Price attributable to such Margin Excess (Future Funding), then such additional conditions precedent are satisfied;

  

	 	(ii)	 taking into account the increase in the outstanding Purchase Price attributable to such Margin Excess (Future
Funding), the LTV (Purchase Price) shall not exceed sixty percent (60%); 

  

	 	(iii)	 no Default or Event of Default has occurred and is continuing; 

 

	 	(iv)	 the increase in the outstanding Purchase Price with respect to such Purchased Loan attributable to such Margin
Excess (Future Funding) shall be equal to or greater than $250,000 (or, with respect to any Foreign Purchased Loan, the then-current equivalent of such amount based on the Spot Rate with respect to the Applicable Currency of such Foreign Purchased
Loan as of the date of determination); 

  
 43 

	 	(v)	 Seller shall have demonstrated to Buyer’s reasonable satisfaction that all conditions precedent to the
future funding obligation under the Purchased Loan documentation shall have been satisfied in all material respects; and 

  

	 	(vi)	 following such increase in the outstanding Purchase Price attributable to such Margin Excess (Future Funding),
no Margin Deficit shall exist. 

 In addition to and in no way limiting Seller’s right to submit to Buyer a Request for Margin Excess
in accordance with this Section 4(c), concurrent with or following a future funding made by Seller to a Mortgagor under a Purchased Loan, Seller may submit to Buyer a written request that Buyer, after applying all of the Future Funding
Conditions Precedent referred to above, provide Seller with an indication of the amount of availability created with respect to such Purchased Loan by Seller making such future funding. 

(d) If any notice is given by Seller under Section 4(c) of this Agreement on any Business Day, Buyer shall transfer cash as provided in
Section 4(c) (and subject to the last sentence of Section 17) by no later than the close of business on the second (2nd) Business Day following the Business Day on which Buyer reasonably
determines that the Future Funding Conditions Precedent have been satisfied (or, in Buyer’s sole discretion, waived). The failure of Seller, on any one or more occasions, to exercise its rights under Section 4(c) of this Agreement shall
not change or alter the terms and conditions to which this Agreement is subject or limit the right of Seller to do so at a later date. Buyer and Seller agree that any failure or delay by Seller to exercise its rights under Section 4(c) of this
Agreement shall not limit such party’s rights under this Agreement or otherwise existing by law or in any way create additional rights for such party. 

(e) At any time prior to the Facility Expiration Date, in the event, 

(x)(a) Seller elects to transfer cash to Buyer pursuant to Section 4(a)(i) or (ii) to satisfy a Margin Deficit and
(b) on any date subsequent to such transfer of cash, the Market Value of a Purchased Loan increases such that the outstanding Purchase Price (or if cash collateral was transferred in accordance with Section 4(a)(i), the outstanding
Purchase Price less such cash collateral so transferred) with respect to such Purchased Loan is less than the Maximum Purchase Price with respect to such Purchased Loan, or 

(y)(a) Seller elects to transfer cash to Buyer pursuant to Section 3(f) or elects as described in the definition of
Pricing Matrix to receive on the applicable Purchase Date a Purchase Price lower than the Maximum Purchase Price of such Purchased Loan and (b) on any date subsequent to such transfer of cash, Seller desires to receive a re-advance of such cash so transferred or an additional advance of cash in an amount up to the Maximum Purchase Price of such Purchased Loan (the difference between the actual outstanding Purchase Price (or
outstanding Purchase Price less cash collateral transferred, as the case may be), and the Maximum Purchase Price, the “Margin Excess (Other)”), 

  
 44 

 then Seller in either case may submit to Buyer a Request for Margin Excess, in the form of
Exhibit IX attached hereto, which requests that Buyer transfer to Seller an amount up to such Margin Excess (Other) (in the Applicable Currency of the Purchased Loan for which such Margin Excess (Other) exists), by wire transfer to an account of
Seller or designated by Seller in writing (and subject to the last sentence of Section 17); provided, that, Buyer shall not have any obligation to transfer such Margin Excess (Other) to Seller unless Buyer shall have determined that all
of the following conditions precedent are satisfied: 
  

	 	(i)	 no Default or Event of Default has occurred and is continuing; 

 

	 	(ii)	 with respect to any Purchased Loan, the amount of cash transferred by Buyer pursuant to clause (x) or (y)
above shall not cause the Purchase Price to exceed the Maximum Purchase Price for such Purchased Loan; 

  

	 	(iii)	 the increase in the outstanding Purchase Price with respect to such Purchased Loan attributable to such Margin
Excess (Other) shall be equal to or greater than $250,000 (or, with respect to any Foreign Purchased Loan, the then-current equivalent of such amount based on the Spot Rate with respect to the Applicable Currency of such Foreign Purchased Loan as of
the date of determination); and 

  

	 	(iv)	 following such increase in the outstanding Purchase Price attributable to such Margin Excess (Other), no Margin
Deficit shall exist. 

 (f) If any Request for Margin Excess is given by Seller on any Business Day under (x) Section
4(e)(x) of this Agreement, Buyer shall transfer cash as provided in Section 4(e) by no later than the close of business on the next succeeding Business Day following the Business Day on which Buyer has completed its calculation of Market Value,
or (y) Section 4(e)(y) of this Agreement, Buyer shall transfer cash as provided in Section 4(e) by no later than the close of business on the next succeeding Business Day following the Business Day on which such Request for Margin
Excess is submitted. The failure of Seller, on any one or more occasions, to exercise its rights under Section 4(e) of this Agreement shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of
Seller to do so at a later date. Buyer and Seller agree that any failure or delay by Seller to exercise its rights under Section 4(e) of this Agreement shall not limit such party’s rights under this Agreement or otherwise existing by law
or in any way create additional rights for such party. 
 (g) Promptly following the transfer of Margin Excess by Buyer to Seller, or any
increase to the Market Value of a Purchased Loan, in each case pursuant to Section 4(c) and 4(d) or 4(e) and 4(f), as applicable, Buyer and Seller shall revise the Confirmation to reflect the revised outstanding Purchase Price, Maximum Purchase
Price, Purchase Price Percentage, and Maximum Purchase Price Percentage for such Purchased Loan, as applicable, and any other necessary modifications to the terms set forth on the existing Confirmation. 

(h) In the event Seller requests to enter into a Transaction with Buyer with respect to any Eligible Loan which includes Margin Excess (Future
Funding) obligations approved by Buyer, or Seller requests a Margin Excess (Future Funding) with respect to any Purchased Loan, and the result of such Transaction with respect to such Eligible Loan or the funding of such Margin Excess (Future
Funding) with respect to such Purchased Loan would be that, the sum of 

  
 45 

 Column A plus Column B plus Column C calculated with respect to all Purchased Loans collectively (including
for this purpose, such Eligible Loan) (with such calculation with respect to Foreign Purchased Loans to be based on the applicable amounts converted to U.S. Dollars based on the Purchase Date Spot Rate (U.S. Dollars) for such Foreign Purchased Loan)
would exceed the Facility Amount, then Seller may notify Buyer in writing that Seller elects to reallocate downward, in its sole discretion, the amount referenced in Column C with respect to any Purchased Loan by an amount necessary for the sum of
Column A plus Column B plus Column C calculated with respect to all Purchased Loans collectively (including for this purpose, such Eligible Loan) (with such calculation with respect to Foreign Purchased Loans to be based on the applicable amounts
converted to U.S. Dollars based on the Purchase Date Spot Rate (U.S. Dollars) for such Foreign Purchased Loan) not to exceed, with respect to all Purchased Loans collectively (including for this purpose, such Eligible Loan), the Facility Amount.
Notwithstanding the foregoing, Seller shall be permitted, at any time and from time to time, upon written notice to Buyer, to reallocate upward or downward the amount referenced in Column C with respect to any Purchased Loan so long as (a) the
sum of Column A plus Column B plus Column C calculated with respect to all Purchased Loans collectively (with such calculation with respect to Foreign Purchased Loans to be based on the applicable amounts converted to U.S. Dollars based on the
Purchase Date Spot Rate (U.S. Dollars) for such Foreign Purchased Loan) does not exceed the Facility Amount, and (b) any upward reallocation of the amount referenced in Column C for any Purchased Loan does not exceed the amount referenced in
Column E with respect to such Purchased Loan. Upon making any such reallocations, Seller shall promptly deliver to Buyer (by e-mail) a Facility Asset Chart, which then-current Facility Asset Chart shall
represent the definitive allocation of Buyer’s Margin Excess (Future Funding) obligations with respect to all Purchased Loans. Notwithstanding anything to the contrary set forth in this Agreement or any other Transaction Document, Buyer and
Seller hereby acknowledge and agree that, as of any date of determination, (i) the amount referenced in Column C of the then-current version of the Facility Asset Chart with respect to any Purchased Loan shall be the maximum amount of Margin
Excess (Future Funding) that Buyer would be obligated to transfer to Seller with respect to such Purchased Loan upon satisfaction of the Future Funding Conditions Precedent, in accordance with Sections 4(c) and (d) of this Agreement, and
(ii) the sum of Column A plus Column B plus Column C calculated with respect to each Purchased Loan individually, as reflected in Column D, shall not exceed, with respect to all Purchased Loans collectively (with such calculation with respect
to Foreign Purchased Loans to be based on the applicable amounts converted to U.S. Dollars based on the Purchase Date Spot Rate (U.S. Dollars) for such Foreign Purchased Loan), the Facility Amount. 

 

	5.	 INCOME PAYMENTS AND PRINCIPAL PAYMENTS 

(a) Each Cash Management Account shall be established at the Depository, which (i) in the case of the Cash Management Account established
by Parlex 2, shall have been established on June 12, 2013, (ii) in the case of the Cash Management Account established by Parlex 2A, shall have been established on January 31, 2014, (iii) in the case of the Cash Management Account
established by Parlex 2 UK, shall have been established on the Second Amendment and Restatement Date, (iv) in the case of the Cash Management Account established by Parlex 2 EUR, shall have been established on the Second Amendment and
Restatement Date, (v) in the case of the Cash Management Account established by Parlex 2 AU, shall have been established 

  
 46 

 on the Third Amendment and Restatement Date, and (vi) in the case of any Cash Management Account
established by any Person that joins as a Seller under this Agreement from time to time, shall be established concurrently with the execution and delivery of the Joinder Agreement by which such Person joins as a Seller under this Agreement. Buyer
shall have sole dominion and control over each Cash Management Account. All Income in respect of the Purchased Loans and any payments in respect of associated Hedging Transactions, as well as any interest received from the reinvestment of such
Income, shall be deposited directly into the applicable Cash Management Account and shall be remitted by the Depository in accordance with the provisions of the applicable Blocked Account Agreement and Servicing Agreement (which remittances shall be
in conformity to the applicable provisions of Sections 5(d), 5(e), 5(f) and 14(b)(iii) of this Agreement). 
 (b) With respect to each
Purchased Loan, Seller shall deliver to each Mortgagor, issuer of a participation or borrower or similar Person (however described) under a Purchased Loan an irrevocable direction letter (the “Irrevocable Direction Letter”) in the
form attached as Exhibit X to this Agreement (in the case of any Foreign Purchased Loan, with such reasonable changes as are mutually agreed upon by Buyer and Seller to reflect any equivalent terminology, customary market practices, Requirements of
Law in the relevant non-U.S. jurisdiction, in each case applicable to such Foreign Purchased Loan) with a simultaneous copy to Servicer, instructing the Mortgagor and Servicer to pay all amounts payable under
the related Purchased Loan to the applicable Cash Management Account and shall provide to Buyer proof of such delivery. If a Mortgagor or Servicer forwards any Income with respect to a Purchased Loan to Seller rather than directly to the applicable
Cash Management Account, Seller shall (i) deliver an additional Irrevocable Direction Letter to the applicable Mortgagor, with a simultaneous copy to Servicer, and make other commercially reasonable efforts to cause such Mortgagor or Servicer
to forward such amounts directly to the applicable Cash Management Account and (ii) deposit in the applicable Cash Management Account any such amounts within one Business Day of Seller’s receipt thereof. 

(c) On each Remittance Date, Seller shall pay to Buyer an amount equal to the Price Differential which has accrued during the related Pricing
Rate Period for each Transaction to the extent not previously paid to Buyer. 
 (d) So long as no Event of Default shall have occurred and be
continuing, during the Facility Availability Period (or, with respect to Foreign Purchased Loans (AU) only, at any time), all Income received by the Depository in respect of the Purchased Loans and the associated Hedging Transactions (other than
Principal Payments and net sale proceeds) may be remitted by the Depository on the next Business Day to the account of Seller specified in the applicable Blocked Account Agreement (or in accordance with such other direction and instruction of Seller
which is reasonably approved by Buyer). 
 (e) So long as no Event of Default shall have occurred and be continuing, during the Facility
Availability Period, all Principal Payments in respect of each Purchased Loan received by the Depository shall be paid, pursuant to the withdrawal instructions of Seller that have been approved by Buyer, either (x) with respect to scheduled
Principal Payments (other than Principal Payments in full), on the next Remittance Date, or (y) with respect to unscheduled Principal 

  
 47 

 Payments and scheduled Principal Payments in full, on the first (1st) Business Day immediately following the date such Principal Payment was deposited in the applicable Cash Management Account), and, in each instance, applied as follows: (i) first, toward the
reduction of the outstanding Purchase Price of such Purchased Loan to the extent necessary to cause the outstanding Purchase Price with respect to such Purchased Loan to equal the product of the related Market Value and the applicable Purchase Price
Percentage (or with respect to any Principal Payment in full, in the amount necessary to reduce the outstanding Purchase Price of such Purchased Loan to zero) and (ii) second, to the extent necessary to cause the outstanding Purchase Price with
respect to each other Purchased Loan to equal the product of the related Market Value and the applicable Purchase Price Percentage. Any Principal Payments received by the Depository and not paid to Buyer pursuant to the preceding sentence during the
Facility Availability Period shall be remitted promptly to Seller. 
 (f) Following the end of the Facility Availability Period (so long as
no Event of Default shall have occurred and be continuing), all Income received by the Depository (and, with respect to Foreign Purchased Loans (AU), Seller) in respect of any Purchased Loan and the associated Hedging Transactions shall be applied,
pursuant to the withdrawal instructions of Seller that have been approved by Buyer (which withdrawal instructions shall set forth the applicable Spot Rate(s) referenced in clause (vii) below), by the Depository (and, with respect to Foreign
Purchased Loans (AU), Seller) on each Remittance Date as follows (subject to the following sentence): 
  

	 	(i)	 first, to the Depository and Custodian an amount equal to the depository and custodial fees due
and payable; 

  

	 	(ii)	 second, to Buyer an amount equal to its
out-of-pocket costs and expenses and any other amounts due and payable under this Agreement; 

 

	 	(iii)	 third, to Buyer an amount equal to the Price Differential which has accrued and is outstanding in
respect of all of the Purchased Loans denominated in the same Applicable Currency as the Purchased Loan from which the Income was received as of such Business Day, such payment to be allocated amongst all such Purchased Loans on a pro rata basis
based upon the outstanding Purchase Price of each such Purchased Loan; 

  

	 	(iv)	 fourth, to pay the amount, if any, payable by Seller in the event any Hedging Transaction is
being terminated as of such date; 

  

	 	(v)	 fifth, to make a payment to Buyer in reduction of the outstanding Purchase Price of the Purchased
Loan from which the Income was received; 

  

	 	(vi)	 sixth, to make a payment to Buyer in reduction of the outstanding Purchase Price of all of the
Purchased Loans denominated in the same Applicable Currency as the Purchased Loan from which the Income was received, such payment to be allocated amongst all such Purchased Loans on a pro rata basis based upon the outstanding Purchase Price of each
such Purchased Loan; 

  
 48 

	 	(vii)	 seventh, to make a payment to Buyer in reduction of the outstanding Purchase Price of all of the
Purchased Loans denominated in an Applicable Currency different than the Applicable Currency of the Purchased Loan from which the Income was received, such payment to be allocated amongst all such Purchased Loans on a pro rata basis based upon the
outstanding Purchase Price of each such Purchased Loan (which pro rata allocation shall be calculated based on the then-current equivalent of such Purchase Price in the Applicable Currency of the Purchased Loan from which the Income was received
based on the applicable Spot Rate as of the date of determination); and 

  

	 	(viii)	 eighth, the surplus, if any, to Seller. 

Notwithstanding anything in Section 5(f) of this Agreement to the contrary, prior to the application of funds pursuant to such Section, Seller shall be
entitled upon written request to Buyer to receive the amount of funds, if any, as may be required by applicable law to be distributed for Guarantor to maintain its status as a “real estate investment trust” for tax purposes and to avoid
other adverse tax consequences to Guarantor and/or its shareholders related to the status of Guarantor as a “real estate investment trust” for tax purposes; provided, that such distribution shall be subject to the condition
precedent (which Seller shall be required to demonstrate to the satisfaction of Buyer in its sole discretion) that Guarantor has exhausted all other sources of cash flow and income, whether in the form of equity or debt, prior to such request being
made to Buyer. 
 (g) If an Event of Default shall have occurred and be continuing, all Income received by the Depository in respect of the
Purchased Loans and the associated Hedging Transactions shall be applied, upon the direction and instruction of Buyer, by the Depository on the Business Day next following the Business Day on which such funds are deposited in the applicable Cash
Management Account as follows: 
  

	 	(i)	 first, to the Depository and Custodian an amount equal to the depository and custodial fees due
and payable; 

  

	 	(ii)	 second, to Buyer an amount equal to its
out-of-pocket costs and expenses and any other amounts due and payable under this Agreement; 

 

	 	(iii)	 third, to Buyer an amount equal to the Price Differential which has accrued and is outstanding in
respect of all of the Purchased Loans as of such Business Day; 

  

	 	(iv)	 fourth, to make a payment to Buyer in reduction of the outstanding Purchase Price of the
Purchased Loans, such payment to be allocated amongst the Purchased Loans as determined by Buyer in its sole discretion, until the outstanding Purchase Price for all of the Purchased Loans has been reduced to zero; 

  
 49 

	 	(v)	 fifth, to pay, the amount, if any, payable by Seller in the event any Hedging Transaction related
to such Purchased Loan is being terminated as of such date; and 

  

	 	(vi)	 sixth, the surplus, if any, to whoever may be lawfully entitled to receive such surplus.

 (h) Notwithstanding any other provision of this Section 5, Income derived from Foreign Purchased Loans (AU) which
require quarterly (as opposed to monthly) interest payments by the relevant Mortgagor, which Income is credited to Parlex 2 AU’s Cash Management Account shall only be distributed pursuant to this Section 5 on Remittance Dates specified in
clause (b)(ii) of the definition thereof, and shall remain in such Cash Management Account and shall not be applied to any payments pursuant to this Section 5 on any Remittance Date specified in clause (b)(i) of the definition thereof. 

 

	6.	 SECURITY INTEREST 

Buyer and Seller intend that all Transactions hereunder be sales to Buyer of the Purchased Loans and not loans from Buyer to Seller secured by
the Purchased Loans (other than for tax purposes). However, in the event any such Transaction is deemed to be a loan, Seller hereby pledges all of its right, title, and interest in, to and under and grants a first priority lien on, and security
interest in, all of Seller’s interest in the following property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located (collectively, the “Collateral”) to Buyer to secure the payment
and performance of all other amounts or obligations owing to Buyer pursuant to this Agreement and the related documents described herein: 

(a) the Purchased Loans, the Servicing Rights, Servicing Agreements, Servicing Records, insurance relating to the Purchased Loans, and
collection and escrow accounts relating to the Purchased Loans; 
 (b) the Hedging Transactions, if any, entered into pursuant to this
Agreement; 
 (c) each Cash Management Account and all financial assets (including, without limitation, all security entitlements with
respect to all financial assets) from time to time on deposit in each Cash Management Account; 
 (d) the Foreign Assignment Agreement, if
any; 
 (e) all “general intangibles”, “accounts” and “chattel paper” as defined in the UCC relating to or
constituting any and all of the foregoing; and 
 (f) all replacements, substitutions or distributions on or proceeds, payments, Income and
profits of, and records (but excluding any financial models or other proprietary information) and files relating to any and all of any of the foregoing. 

  
 50 

 Buyer’s security interest in the Collateral shall terminate only upon termination of
Seller’s obligations under this Agreement and the documents delivered in connection herewith and therewith. Upon such termination, Buyer shall promptly deliver to Seller such UCC termination statements, the equivalent under applicable
Requirements of Law in the relevant non-U.S. jurisdiction (with respect to Foreign Purchased Loans) and other release documents as may be commercially reasonable and to return the Purchased Loans to Seller
and, in the case of each Foreign Purchased Loan (AU), the Buyer shall promptly register a financing change statement on the PPS Register amending or removing any registration on the PPS Register relating to such Collateral. For purposes of the grant
of the security interest pursuant to this Section 6, this Agreement shall be deemed to constitute a security agreement under the New York Uniform Commercial Code (the “UCC”) and, in relation to each Foreign Purchased Loan (AU),
under the PPSA. Buyer shall have all of the rights and may exercise all of the remedies of a secured creditor under applicable Requirements of Law in the relevant jurisdiction (including, with respect to U.S. Purchased Loans, the UCC and the other
laws of the State of New York). In furtherance of the foregoing, (a) Buyer, at Seller’s sole cost and expense, shall cause to be filed in such locations as may be reasonably necessary to perfect and maintain perfection and priority of the
security interest granted hereby and by any Foreign Assignment Agreement, UCC financing statements and continuation statements or their equivalent under applicable Requirements of Law in the relevant non-U.S.
jurisdiction, including any registrations on the PPS Register (with respect to Foreign Purchased Loans) (collectively, the “Filings”), and shall forward copies of such Filings to Seller upon completion thereof, and (b) Seller
shall from time to time take such further actions as may be reasonably requested by Buyer to maintain and continue the perfection and priority of the security interest granted hereby and by any Foreign Assignment Agreement (including (x) in the
case of any Foreign Purchased Loan (AU), upon the request of Buyer, executing a legal or statutory mortgage in favour of Buyer over any real property or any other form of security which Buyer reasonably considers appropriate for the property to be
subject to that security, each in form and substance reasonably required by Buyer, and (y) marking its records and files to evidence the interests granted to Buyer hereunder). 

With respect to each Foreign Purchased Loan (AU), to the extent the law permits, (a) for the purposes of section 115(1) and 115(7) of the PPSA, Buyer
need not comply with sections 95, 118, 121(4), 125, 130, 132(3)(d) or 132(4); and sections 142 and 143 are excluded; (b) for the purposes of section 115(7) of the PPSA, Buyer need not comply with sections 132 and 137(3); and (c) Parlex 2
AU agrees not to exercise its rights to make any request of Buyer under section 275 of the PPSA, to authorise the disclosure of any information under that section or to waive any duty of confidence that would otherwise permit non-disclosure under that section. 
  

	7.	 PAYMENT, TRANSFER AND CUSTODY 

(a) On the Purchase Date for each Transaction, ownership of the Purchased Loans shall be transferred to Buyer or its designee (including the
Custodian) against the simultaneous transfer of the Purchase Price to an account of Seller specified in writing by Seller relating to such Transaction (and subject to the last sentence of Section 17). 

(b) On or before each Purchase Date, Seller shall deliver or cause to be delivered to Buyer or its designee the Custodial Delivery in the form
attached hereto as Exhibit III; provided, that notwithstanding the foregoing, upon request of Seller, Buyer in its sole discretion may elect to permit Seller to make such delivery by not later than the third (3rd) Business Day (or, in the 

  
 51 

 case of each Foreign Purchased Loan (AU), the tenth
(10th) Business Day) after the related Purchase Date, so long as Seller causes an Acceptable Attorney to deliver to Buyer and the Custodian an Attorney’s Bailee Letter on or prior to such
Purchase Date. In connection with each sale, transfer, conveyance and assignment of a Purchased Loan, on or prior to the Purchase Date with respect to such Purchased Loan, Seller shall deliver or cause to be delivered and released the following
documents (collectively, the “Purchased Loan File”) pertaining to such Purchased Loan to the Custodian on or prior to the Purchase Date (unless otherwise waived by Buyer) with respect to such Purchased Loan (or, pursuant to the
proviso in the immediately preceding sentence, by not later than the third (3rd) Business Day (or, in the case of each Foreign Purchased Loan (AU), the tenth (10th) Business Day) after the related Purchase Date): 
 With respect to each Purchased Loan
that is a Whole Loan or Senior Interest, to the extent applicable: 
  

	 	(i)	 The original Mortgage Note (or senior Mortgage Note in an “A/B” structure), bearing all intervening
endorsements and/or assignments (including, with respect to Foreign Purchased Loans, copies of all Transfer Certificates duly executed by the relevant parties). 

 

	 	(ii)	 An original or copy of any loan agreement and any guarantee executed in connection with the Mortgage Note.

  

	 	(iii)	 An original or copy of the Mortgage with evidence of recordation, or submission for recordation, from the
appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located (or, in the case of a Foreign Purchased Loan, with evidence of all filings, recordings, notifications and/or regulations required under applicable
Requirements of Law in the relevant non-U.S. jurisdiction to perfect a valid first priority security in the Mortgaged Property). 

 

	 	(iv)	 Originals or copies of all assumption, modification, consolidation or extension agreements with evidence of
recordation, or submission for recordation, from the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located (or, in the case of a Foreign Purchased Loan, with evidence of all filings, recordings,
notifications and/or registrations required under applicable Requirements of Law in the relevant non-U.S. jurisdiction). 

 

	 	(v)	 An original of the Assignment Documents in Blank. 

 

	 	(vi)	 An original of the Foreign Assignment Agreement. 

 

	 	(vii)	 Originals or copies of all intervening assignments of mortgage with evidence of recordation, or submission for
recordation, from the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located (or, in the case of a Foreign Purchased Loan, with evidence of all filings, recordings, notifications and/or regulations
required under applicable Requirements of Law in the relevant non-U.S. jurisdiction to perfect a valid first priority security in the Mortgaged Property). 

  
 52 

	 	(viii)	 Other than in the case of Foreign Purchased Loans (AU), an original or copy of the attorney’s opinion of
title and abstract of title or a copy of the mortgagee title insurance policy, as applicable, or if the mortgagee title insurance policy has not been issued, a copy of the irrevocable marked commitment to issue the same (or irrevocable signed
proforma policy). 

  

	 	(ix)	 An original or copy of any security agreement, chattel mortgage or equivalent document executed in connection
with the Purchased Loan and, together, in the case of a Foreign Purchased Loan, with evidence of all filings, recordings, notifications and/or registrations required under applicable Requirements of Law in the relevant
non-U.S. jurisdiction necessary to perfect a valid first priority security interest in the relevant Mortgaged Property. 

 

	 	(x)	 Other than in the case of Foreign Purchased Loans (AU), an original or copy of the assignment of leases and
rents, if any, with evidence of recordation, or submission for recordation, from the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located (or, in the case of a Foreign Purchased Loan, with evidence of
all filings, recordings, notifications and/or registrations required under applicable Requirements of Law in the relevant non-U.S. jurisdiction necessary to perfect a valid first priority security interest in
the relevant Mortgaged Property). 

  

	 	(xi)	 Originals or copies of all intervening assignments of assignment of leases and rents, if any, or copies
thereof, with evidence of recordation, or submission for recordation, from the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located (or, in the case of a Foreign Purchased Loan, with evidence of all
filings, recordings, notifications and/or registrations required under applicable Requirements of Law in the relevant non-U.S. jurisdiction). 

 

	 	(xii)	 A copy of the UCC financing statements and all necessary UCC continuation statements (or, with respect to
Foreign Purchased Loans, their equivalent under applicable Requirements of Law in the relevant non-U.S. jurisdiction) with evidence of filing or submission for filing thereon, and UCC assignments (or, with
respect to Foreign Purchased Loans, their equivalent under applicable Requirements of Law in the relevant non-U.S. jurisdiction) prepared by Seller in blank, which UCC assignments or such equivalent shall be
in form and substance acceptable for filing. 

  

	 	(xiii)	 An environmental indemnity agreement (if any). 

  
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	 	(xiv)	 Mortgagor’s certificate or title affidavit (if any). 

 

	 	(xv)	 Other than in the case of Foreign Purchased Loans (AU), a Survey of the Mortgaged Property (if any) as accepted
by the title company for issuance of the Title Policy (or, with respect to Foreign Purchased Loans, by Buyer). 

  

	 	(xvi)	 With respect to Foreign Purchased Loans, a Property Report and, an overview thereon prepared by Seller’s
(or, to the extent customary in the relevant non-U.S. jurisdiction, the relevant Mortgagor’s) counsel addressed to or capable of being relied on by Buyer or its designee upon registration of Buyer or its
designee, as lender of record (if available). 

  

	 	(xvii)	 A copy of the opinion of Mortgagor’s (or, with respect to any Foreign Purchased Loan, to the extent
customary in the relevant non-U.S. jurisdiction, Mortgagee’s) counsel. 

  

	 	(xviii)	 An assignment of permits, contracts and agreements (if any). 

With respect to each Purchased Loan which is a participation interest in a Whole Loan or Senior Interest: 

 

	 	(i)	 the original or a copy of all of the documents described above with respect to a Purchased Loan which is a
whole mortgage loan; 

  

	 	(ii)	 if applicable, an original participation certificate bearing all intervening endorsements;

  

	 	(iii)	 an original or copy of any participation agreement and an original or copy of any intercreditor agreement,
co–lender agreement and/or servicing agreement executed in connection with the Purchased Loan; and 

  

	 	(iv)	 An original of the Assignment Documents in Blank. 

From time to time, Seller shall forward to the Custodian additional original documents or additional documents evidencing any assumption,
modification, consolidation or extension of a Purchased Loan approved in accordance with the terms of this Agreement, and upon receipt of any such other documents, the Custodian shall hold such other documents as Buyer shall request from time to
time. With respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned to Seller in time to permit their delivery hereunder at the time required, in lieu of delivering such
original documents, Seller shall deliver to Buyer a true copy thereof with an officer’s certificate certifying that such copy is a true, correct and complete copy of the original, which has been transmitted for recordation. Seller shall deliver
such original documents to the Custodian promptly when they are received. With respect to all of the Purchased Loans delivered by Seller to Buyer or its designee (including the Custodian), Seller shall execute an omnibus power of attorney
substantially in the form of Exhibit V-A or Exhibit V-B attached hereto, as applicable, irrevocably appointing Buyer or its 

  
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 designee its
attorney-in-fact with full power during the occurrence and continuance of an Event of Default and, subject to the following sentence, during the occurrence and
continuance of a monetary Default or material non-monetary Default, to take the actions described therein, on the terms and conditions set forth therein. If a monetary Default or a material non-monetary Default has occurred and is continuing and Buyer has requested in writing that Seller take or cause to be taken any action that Buyer deems reasonably necessary to preserve Buyer’s or its
designee’s ability to enforce upon the Purchased Loans as and when permitted pursuant to Section 14(b) hereof (which writing shall include a statement that Buyer will exercise its power of attorney if Seller fails to take or cause to be
taken such action requested by Buyer), and Seller has not complied with any such request promptly following receipt thereof, then Buyer (or its designee) may exercise its power of attorney during the existence and continuation of any such monetary
Default or material non-monetary Default, as the case may be, as Buyer deems reasonably necessary to preserve Buyer’s or its designee’s ability to enforce upon the Purchased Loans as and when
permitted pursuant to Section 14(b) hereof. Buyer shall deposit the Purchased Loan Files representing the Purchased Loans, or direct that the Purchased Loan Files be deposited directly, with the Custodian. The Purchased Loan Files shall be
maintained in accordance with the applicable Custodial Agreement. Any Purchased Loan Files not delivered to Buyer or its designee (including the 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 Purchased Loan File and the originals of the Purchased Loan File not delivered to Buyer or its designee (to the extent such originals are in the possession or control of the Seller).
The possession of the Purchased Loan File by Seller or its designee, is at the will of Buyer for the sole purpose of servicing the related Purchased Loan, and such retention and possession by Seller or its designee is in a custodial capacity only.
The books and records (including, without limitation, any computer records or tapes) of Seller or its designee shall be marked appropriately to reflect clearly the sale of the related Purchased Loan to Buyer. Seller or its designee (including the
Custodian) shall release its custody of the Purchased Loan File only in accordance with written instructions from Buyer, unless such release is required as incidental to the servicing of the Purchased Loans, is in connection with a repurchase of any
Purchased Loan by Seller or as otherwise required by law. 
 (c) Unless an Event of Default shall have occurred and be continuing, Buyer
and/or its designee shall exercise all voting and corporate rights with respect to the Purchased Loans in accordance with Seller’s written instructions; provided, however, that Buyer and/or its designee, shall not be required to
follow Seller’s instructions concerning any vote or corporate right if doing so would, in Buyer’s Applicable Standard of Discretion and in a manner consistent with Buyer’s other master repurchase facilities for comparable assets, be
inconsistent with or result in any violation of any provision of the Transaction Documents or any Requirement of Law. The rights of Buyer as described in Section 3.07 of the Servicing Agreement in relation to the consideration of and provision
to the Servicer of any consents, authorizations, directions and/or instructions shall constitute the exercise of voting and corporate rights with respect to the Purchased Loans for the purpose of this Section 7(c). Upon the
occurrence and during the continuation of an Event of Default, Buyer and/or its designee, shall be entitled to exercise all voting and corporate rights with respect to the Purchased Loans without regard to Seller’s instructions. 

  
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	8.	 SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED LOANS 

(a) Title to all Purchased Loans shall pass to Buyer (or its designee) on the applicable Purchase Date, and Buyer (or its designee) shall have
free and unrestricted use of all Purchased Loans, subject however, to the terms of this Agreement. Nothing in this Agreement or any other Transaction Document shall preclude Buyer (or its designee) from engaging in repurchase transactions with the
Purchased Loans or otherwise selling, transferring, pledging, repledging, hypothecating, or rehypothecating the Purchased Loans, but no such transaction shall relieve Buyer of its obligations to transfer the Purchased Loans to Seller pursuant to
Section 3 of this Agreement, of Buyer’s obligation to credit or pay Income to, or apply Income to the obligations of, Seller pursuant to Section 5 hereof or of Buyer’s obligations pursuant to Section 19(b). 

(b) Nothing contained in this Agreement or any other Transaction Document shall obligate Buyer to segregate any Purchased Loans delivered to
Buyer (or its designee) by Seller. Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, no Purchased Loan shall remain in the custody of Seller or an Affiliate of Seller. 

 

	9.	 INTENTIONALLY OMITTED 

 

	10.	 REPRESENTATIONS 

(a) Each of Buyer and Seller represents and warrants to the other that (i) it is duly authorized to execute and deliver this Agreement, to
enter into Transactions contemplated hereunder and to perform its obligations hereunder and has taken all necessary action to authorize such execution, delivery and performance, (ii) it will engage in such Transactions as principal (or, if
agreed in writing, in the form of an annex hereto or otherwise, in advance of any Transaction by the other party hereto, as agent for a disclosed principal), (iii) the person signing this Agreement on its behalf is duly authorized to do so on its
behalf (or on behalf of any such disclosed principal), (iv) it has obtained all authorizations of any governmental body required in connection with this Agreement and the Transactions hereunder and such authorizations are in full force and effect
and (v) the execution, delivery and performance of this Agreement and the Transactions hereunder will not violate any law, ordinance or rule applicable to it or its organizational documents or any agreement by which it is bound or by which any
of its assets are affected. 
 (b) In addition to the representations and warranties in subsection (a) above, Seller represents and
warrants to Buyer that as of the date of this Agreement, as of the Purchase Date for the purchase of any Purchased Loans by Buyer from Seller and any Transaction thereunder, as of any Business Day on which Margin Excess is made available by Buyer to
Seller, and at all times while this Agreement and any Transaction thereunder is in full force and effect: 
  

	 	(i)	 Organization. Seller is duly formed, validly existing and in good standing under the laws and
regulations of the state of Seller’s formation and is duly licensed, qualified, and in good standing in every jurisdiction where such licensing or qualification is necessary for the transaction of Seller’s business. Seller has the power to
own and hold the assets it purports to own and hold, and to carry on its business as now being conducted and proposed to be conducted, and has the power to execute, deliver, and perform its obligations under this Agreement and the other Transaction
Documents. 

  
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	 	(ii)	 Due Execution; Enforceability. The Transaction Documents have been or will be duly executed and
delivered by Seller. The Transaction Documents constitute the legal, valid and binding obligations of Seller, enforceable against Seller in accordance with their respective terms subject to bankruptcy, insolvency, court schemes, moratoria,
administration, examinership, reorganisation and other limitations on creditors’ rights generally and to equitable principles. 

  

	 	(iii)	 Non-Contravention. Neither the execution and delivery of the
Transaction Documents, nor consummation by Seller of the transactions contemplated by the Transaction Documents (or any of them), nor compliance by Seller with the terms, conditions and provisions of the Transaction Documents (or any of them) will
conflict with or result in a breach of any of the terms or provisions of (i) the organizational documents of Seller, (ii) any contractual obligation to which Seller is now a party or the rights under which have been assigned to Seller or
the obligations under which have been assumed by Seller or to which the assets of Seller are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of the assets of Seller, other than
pursuant to the Transaction Documents, (iii) any judgment or order, writ, injunction, decree or demand of any court applicable to Seller, or (iv) any applicable Requirement of Law, in the case of clauses (ii)-(iv) above, to the extent that
such conflict or breach would have a Material Adverse Effect. Seller has all necessary licenses, permits and other consents from Governmental Authorities necessary to acquire, own and sell the Purchased Loans and for the performance of its
obligations under the Transaction Documents, except to the extent failure to have such licenses, permits and consents is not reasonably likely to have a Material Adverse Effect. 

 

	 	(iv)	 Litigation; Requirements of Law. Except as disclosed in writing to Buyer, there is no action, suit,
proceeding, investigation, or arbitration pending or, to Seller’s Actual Knowledge, threatened in writing against Seller or any of its assets, which is reasonably likely to have a Material Adverse Effect. Seller is in compliance in all material
respects with all Requirements of Law. Seller is not in default in any material respect with respect to any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or Governmental Authority. 

 

	 	(v)	 No Broker. Seller has not dealt with any broker, investment banker, agent, or other Person (other than
Buyer or an Affiliate of Buyer) who may be entitled to any commission or compensation in connection with the sale of Purchased Loans pursuant to any of the Transaction Documents. 

  
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	 	(vi)	 Good Title to Purchased Loans. Immediately prior to the purchase of any Purchased Loans by Buyer from
Seller, such Purchased Loans are free and clear of any lien, encumbrance or impediment to transfer (including any “adverse claim” as defined in Section 8-102(a)(1) of the UCC), and Seller is the
record and beneficial owner of and has good and marketable title to and the right to sell and transfer such Purchased Loans to Buyer and, upon transfer of such Purchased Loans to Buyer, Buyer shall be the owner of such Purchased Loans free of any
adverse claim, subject to the rights of Seller and other obligations of Buyer pursuant to the terms of this Agreement. In the event the related Transaction is recharacterized as a secured financing of the Purchased Loans, the provisions of this
Agreement (together, with respect to any Foreign Purchased Loan, with the relevant Foreign Assignment Agreement) are effective to create in favor of Buyer a valid security interest in all rights, title and interest of Seller in, to and under the
Collateral and Buyer shall have a valid, perfected first priority security interest in the Purchased Loans. 

  

	 	(vii)	 No Default. As of the date of this Agreement and each Purchase Date, no Default or Event of Default has
occurred and is continuing under or with respect to the Transaction Documents. At all times while this Agreement and any Transaction thereunder is in effect, no monetary Default, material non-monetary Default
or Event of Default to Seller’s Actual Knowledge has occurred and is continuing under or with respect to the Transaction Documents. 

  

	 	(viii)	 Representations and Warranties Regarding Purchased Loans; Delivery of Purchased Loan File. Seller
represents and warrants to Buyer that each Purchased Loan sold in a Transaction hereunder, as of the related Purchase Date for such Transaction and as of any Business Day on which Margin Excess is made available by Buyer to Seller which increases
the outstanding Purchase Price of such Purchased Loan, conforms to the applicable representations and warranties set forth in Exhibit VI-I, Exhibit VI-II and Exhibit VI-III attached hereto in all material respects, except as disclosed to Buyer in writing. With respect to each Purchased Loan, the Mortgage Note, the Mortgage, the Assignment of Mortgage, the Transfer Certificate
and any other documents required to be delivered under this Agreement and the applicable Custodial Agreement for such Purchased Loan have been delivered to Buyer or the Custodian on its behalf (or shall be delivered in accordance with the time
periods set forth herein). 

  
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	 	(ix)	 Adequate Capitalization; No Fraudulent Transfer. Seller is generally able to pay, and as of the date
hereof is paying, its debts as they come due. Seller has not become, and is not presently, financially insolvent nor will Seller be made insolvent by virtue of Seller’s execution of or performance under any of the Transaction Documents within
the meaning of the bankruptcy laws or the insolvency laws of any jurisdiction. Seller has not entered into any Transaction Document or any Transaction pursuant thereto in contemplation of insolvency or with intent to hinder, delay or defraud any
creditor. Seller has not received any written notice that any payment or other transfer made to or on account of Seller from or on account of any Mortgagor or any other person obligated under any Purchased Loan Documents is or may be void or
voidable as an actual or constructive fraudulent transfer or as a preferential transfer. 

  

	 	(x)	 Consents. No consent, approval or other action of, or filing by Seller with, any Governmental Authority
or any other Person is required to authorize, or is otherwise required in connection with, the execution, delivery and performance of any of the Transaction Documents (other than consents, approvals and filings that have been obtained or made, as
applicable, or that, if not obtained or made, are not reasonably likely to have a Material Adverse Effect). 

  

	 	(xi)	 Members. Seller is a wholly owned subsidiary of Guarantor. 

 

	 	(xii)	 Organizational Documents. Seller has delivered to Buyer certified copies of its organizational
documents, together with all amendments thereto, if any. 

  

	 	(xiii)	 No Encumbrances. Except to the extent expressly set forth in this Agreement, there are (i) no
outstanding rights, options, warrants or agreements on the part of Seller for a purchase, sale or issuance, in connection with the Purchased Loans, (ii) no agreements on the part of Seller to issue, sell or distribute the Purchased Loans, and
(iii) no obligations on the part of Seller (contingent or otherwise) to purchase, redeem or otherwise acquire any securities or any interest therein or to pay any dividend or make any distribution in respect of the Purchased Loans.

  

	 	(xiv)	 Federal Regulations. Seller is not (A) required to register as an “investment company,”
or a company “controlled by an investment company,” within the meaning of the Investment Company Act of 1940, as amended, or (B) a “holding company,” or a “subsidiary company of a holding company,” or an
“affiliate” of either a “holding company” or a “subsidiary company of a holding company,” as such terms are defined in the Public Utility Holding Company Act of 1935, as amended. 

 

	 	(xv)	 Taxes. Seller and Guarantor have filed or caused to be filed all federal and other material tax returns
which are required to be filed with respect to Seller and have paid all federal and other material taxes imposed on or with respect to Seller 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 in accordance with GAAP; no tax liens have been filed against Seller or its assets (except for Permitted Liens). 

  
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	 	(xvi)	 ERISA. Neither Seller nor any ERISA Affiliate maintains any Plans and neither Seller nor any ERISA
Affiliate and makes any contributions to any Plans or any Multiemployer Plans. 

  

	 	(xvii)	 Judgments/Bankruptcy. Except as disclosed in writing to Buyer, there are no judgments against Seller
unsatisfied of record or docketed in any court located in the United States of America. No Act of Insolvency has ever occurred with respect to Seller. 

  

	 	(xviii)	 Full and Accurate Disclosure. No information contained in the Transaction Documents or in any written
statement prepared and delivered by Seller or Guarantor pursuant to the terms of the Transaction Documents contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained herein or
therein not misleading in light of the circumstances under which they were made when such statements and omissions are considered in the totality of the circumstances in question. 

 

	 	(xix)	 Financial Information. All financial data concerning Seller and Guarantor that has been delivered by
Seller to Buyer is true, complete and correct in all material respects and has been prepared in accordance with GAAP. To Seller’s Actual Knowledge, all financial data concerning the Purchased Loans that has been delivered by or on behalf of
Seller to Buyer is true, complete and correct in all material respects. Since the delivery of such data, except as otherwise disclosed in writing to Buyer, there has been no change in the financial position of Seller and Guarantor or in the
operations of Seller and Guarantor or, to Seller’s Actual Knowledge, the financial position of the Purchased Loans, which change is reasonably likely to have in a Material Adverse Effect. 

 

	 	(xx)	 Notice Address; Jurisdiction of Organization. On the date of this Agreement, Seller’s address for
notices is as set forth in Annex I. Seller’s jurisdiction of organization is Delaware. The location where Seller keeps its books and records, including all computer tapes and records relating to the Collateral, is its notice address.

  

	 	(xxi)	 Prohibited Person. None of Seller, Guarantor or any of their respective Affiliates is a Prohibited
Person and each of Seller and Guarantor is in full compliance with all applicable orders, rules, regulations and recommendations of OFAC and each Foreign Sanctions Authority. None of Seller or Guarantor or any of their respective members, directors,
executive officers, parents or Subsidiaries, as applicable: (A) are subject to U.S. or multilateral economic or trade sanctions currently in force; (B) are 

  
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owned or controlled by, or act on behalf of, any governments, corporations, entities or individuals that are subject to U.S. or multilateral economic or trade sanctions currently in force; or
(C) is a Prohibited Person or is otherwise named, identified or described on any blocked persons list, designated nationals list, denied persons list, entity list, debarred party list, unverified list, sanctions list or other list of
individuals or entities with whom U.S. persons may not conduct business, including but not limited to lists published or maintained by OFAC, the U.S. Department of Commerce, the U.S. Department of State and any Foreign Sanctions Authority. Each of
Seller and Guarantor has established an anti-money laundering compliance program as required by all applicable anti-money laundering laws and regulations, including without limitation the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56). 

  

	 	(xxii)	 Centre of Main Interests. Seller has not (A) taken any action that would cause its “centre of
main interests” (as such term is used in Section 3(1) of the Regulation (EU) No. 2015/848 on Insolvency Proceedings (the “Recast Insolvency Regulation”)) to be located in the United Kingdom or Europe or
(B) registered as a company in any jurisdiction other than Delaware. 

  

	11.	 NEGATIVE COVENANTS OF SELLER 

On and as of the date hereof and until this Agreement is no longer in force with respect to any Transaction, Seller shall not without the prior
written consent of Buyer: 
 (a) subject to Seller’s right to repurchase any Purchased Loan, take any action which would directly or
indirectly impair or adversely affect Buyer’s title to the Purchased Loans; 
 (b) transfer, assign, convey, grant, bargain, sell, set
over, deliver or otherwise dispose of, or pledge or hypothecate, directly or indirectly, any interest in the Purchased Loans (or any of them) to any Person other than Buyer, or engage in repurchase transactions or similar transactions with respect
to the Purchased Loans (or any of them) with any Person other than Buyer, unless and until such Purchased Loans are repurchased by Seller in accordance with this Agreement; 

(c) create, incur or permit to exist any Lien in or on the Purchased Loans, except as described in Section 6 of this Agreement; 

(d) create, incur or permit to exist any lien, encumbrance or security interest in or on any of the other Collateral subject to the security
interest granted by Seller pursuant to Section 6 of this Agreement; 

  
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 (e) modify or terminate any of the organizational documents of Seller (except Buyer shall
not unreasonably withhold or delay any request for a consent to such modification to the organizational documents (excluding the special purpose entity provisions)); 

(f) consent to any amendment or supplement to, or termination of any note, loan agreement, mortgage or guaranty relating to the Purchased Loans
or other material agreement or instrument relating to the Purchased Loans (other than Permitted Purchased Loan Modifications), unless and until such Purchased Loans are repurchased by Seller in accordance with this Agreement; provided, that
notwithstanding the foregoing, to the extent Buyer’s prior approval is required for any such amendment or termination set forth in this Section 11(f) and Seller delivers a written request for approval to Buyer which is not responded to
within five (5) Business Days, then Buyer shall be deemed to have granted its approval to such amendment or termination if Seller proceeds to deliver to Buyer a second written request for approval which is not responded to within five
(5) Business Days, so long as such second request is marked in bold lettering with the following language: “BUYER’S RESPONSE IS REQUIRED WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF A
REPURCHASE AGREEMENT BETWEEN THE UNDERSIGNED AND BUYER” and the envelope containing the request must be marked “PRIORITY”; 

(g) admit any additional members in Seller, or permit the sole member of Seller to assign or transfer all or any portion of its membership
interest in Seller; 
 (h) enter into any Hedging Transactions other than to the extent required under Section 12(e) (it being
understood and agreed Seller shall not have any obligation to enter into Hedging Transactions with respect to individual Purchased Loans or pursue hedging strategies at the level of Seller with respect to the Purchased Loans); 

(i) after the occurrence and during the continuation of an Event of Default, make any distribution, 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 Capital Stock 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; or 
 (h) take any action that will cause its “centre of main
interests” (as such term is used in the Recast Insolvency Regulation) to be located in the United Kingdom or Europe or register as a company in any jurisdiction other than Delaware. 

 

	12.	 AFFIRMATIVE COVENANTS OF SELLER 

(a) Seller shall use commercially reasonable efforts to promptly notify Buyer of any change in its business operations and/or financial
condition that would be reasonably likely to have a Material Adverse Effect; provided, however, the failure to deliver such notice in accordance with this Section 12(a) shall not give rise to an Event of
Default; provided, further, that nothing in this Section 12 shall relieve Seller of its obligations under this Agreement. 

  
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 (b) Seller shall provide Buyer with copies of such documents as Buyer may reasonably request
and which are in Seller’s possession or control evidencing the truthfulness of the representations set forth in Section 10. 
 (c)
Seller (1) shall defend the right, title and interest of Buyer in and to the Collateral against, and take such other action as is necessary to remove, the Liens of all Persons (other than security interests by or through Buyer and Permitted
Liens) and (2) shall, at Buyer’s reasonable request, take all action necessary to ensure that Buyer will have a first priority security interest in the Purchased Loans subject to any of the Transactions in the event such Transactions are
recharacterized as secured financings (including, in the case of any Foreign Purchased Loan (AU), upon the request of Buyer, executing a legal or statutory mortgage in favour of Buyer over any real property or any other form of security which Buyer
reasonably considers appropriate for the property to be subject to that security, each in form and substance reasonably required by Buyer). 

(d) Seller shall notify Buyer and the Depository of the occurrence of any Default or Event of Default of which Seller has written notice or
Actual Knowledge and which has not otherwise been disclosed pursuant to the reports delivered in accordance with Section 12(i). 
 (e)
With respect to each fixed rate Purchased Loan, Seller shall enter into Hedging Transactions designed to mitigate interest rate risk (i.e. not credit risk) pursuant to a hedging strategy reasonably acceptable to Buyer and pledge such Hedging
Transactions to Buyer as Collateral (including, without limitation, to the extent such Hedging Transactions are entered into with a party other than Buyer, delivering a collateral assignment of such Hedging Transactions in form and substance
acceptable to Buyer). Seller acknowledges Buyer will mark to market such Hedging Transactions from time to time in accordance with and subject to the terms of this Agreement. 

(f) Seller shall promptly (and in any event not later than three (3) Business Days following receipt) deliver to Buyer (i) any
written notice of the occurrence of an event of default received by Seller pursuant to the Purchased Loan Documents and (ii) any other information with respect to the Purchased Loans within Seller’s possession or control as may be
reasonably requested by Buyer from time to time. 
 (g) Seller will permit Buyer or its designated representative to inspect at Buyer’s
sole cost and expense (so long as an Event of Default has not occurred and is not continuing) Seller’s records which are not privileged or confidential (but excluding for this purpose all information received from Mortgagors or other obligors
on the Purchased Loans) and the conduct and operation of its business related thereto upon reasonable prior written notice from Buyer or its designated representative, at such reasonable times and with reasonable frequency (not to exceed twice per
calendar year, so long as an Event of Default has not occurred and is not continuing), subject to the terms of any confidentiality agreement between Buyer and Seller and applicable law, and if no such confidentiality agreement then exists between
Buyer and Seller, Buyer and Seller shall act in accordance with customary market standards regarding confidentiality and applicable law. Buyer shall act in a commercially reasonable manner in requesting and conducting any inspection relating to the
conduct and operation of Seller’s business. 

  
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 (h) At any time from time to time upon the reasonable request of Buyer, at the sole expense
of Seller, Seller will promptly and duly execute and deliver such further instruments and documents and take such further actions as Buyer may reasonably request for the purposes of obtaining or preserving the full benefits of this Agreement
including the first priority security interest granted hereunder and of the rights and powers herein granted (including, among other things, filing such UCC financing statements or their equivalent under applicable Requirements of Law in any
relevant non-U.S. jurisdiction as Buyer may reasonably request). If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument or
chattel paper, such note, instrument or chattel paper shall be immediately delivered to Buyer, duly endorsed in a manner reasonably satisfactory to Buyer, to be held as Collateral pursuant to this Agreement, and the documents delivered in connection
herewith. 
 (i) Seller shall provide Buyer with the following financial and reporting information: 

 

	 	(i)	 Within 45 days after the last day of each of the first three fiscal quarters in any fiscal year,
Guarantor’s and (to the extent prepared separately from Guarantor) Seller’s unaudited consolidated balance sheets as of the end of such quarter, in each case certified as being true and correct by an officer’s certificate;

  

	 	(ii)	 Within 90 days after the last day of its fiscal year, Guarantor’s audited and (to the extent prepared
separately from Guarantor) Seller’s unaudited (or, if generated by Seller, Seller’s audited) consolidated statements of income and statements of changes in cash flow for such year and balance sheets as of the end of such year, in each case
presented fairly in accordance with GAAP, and accompanied, in the case of Guarantor, by an unqualified report of a nationally recognized independent certified public accounting firm, Deloitte & Touche LLP or any other accounting firm
consented to by Buyer in its reasonable discretion; 

  

	 	(iii)	 Within 30 days after the last day of each calendar month, any and all property level financial information
(including, without limitation, operating and financial statements) with respect to the Purchased Loans that was received during the preceding calendar month and is in the possession of Seller or an Affiliate, including, without limitation, rent
rolls and income statements; 

  

	 	(iv)	 Within 30 days after the last day of each calendar quarter in any fiscal year, an officer’s certificate
from Seller addressed to Buyer certifying that, as of such calendar month, (x) Seller and Guarantor are in compliance in all material respects with all of the terms and requirements of this Agreement, (y) Guarantor is in compliance with
the financial covenants set forth in the Guaranty (including therein detailed calculations demonstrating such compliance) and (z) no Event of Default has occurred and is continuing; and 

  
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	 	(v)	 With respect to the Purchased Loans and related Mortgaged Properties: (x) within 30 days after the last day of
each calendar month, Seller’s monthly operations report covering occupancy, collections, delinquencies, losses, recoveries, cash flows and such other property level information as may reasonably be requested by Buyer and (y) within 30 days
after the last day of each calendar quarter in any fiscal year, an asset management report prepared by Seller or Guarantor. 

(j) Seller shall at all times comply with all laws, ordinances, rules and regulations of any federal, state, municipal or other public
authority having jurisdiction over Seller or any of its assets, except to the extent any failure thereof is not reasonably likely to result in a Material Adverse Effect. Seller shall do or cause to be done all things reasonably necessary to preserve
and maintain in full force and effect its legal existence, and all licenses material to its business. 
 (k) Seller shall at all times keep
proper books of records and accounts in which full, true and correct entries shall be made of its transactions in accordance with GAAP and set aside on its books from its earnings for each fiscal year all such proper reserves in accordance with
GAAP. 
 (l) Seller shall observe, perform and satisfy all the terms, provisions and covenants required to be observed, performed or
satisfied by it, and shall pay when due all costs, fees and expenses required to be paid by it, under the Transaction Documents. Seller shall pay and discharge all Taxes, levies, liens and other charges on its assets and on the Collateral that, in
each case, in any manner would create any Lien upon the Collateral, except for Permitted Liens or similar charges. 
 (m) Seller will
maintain records with respect to the Collateral and the conduct and operation of its business with no less a degree of prudence than if the Collateral were held by Seller for its own account. 

(n) In the event that Guarantor terminates BXMT Advisors L.L.C. as Guarantor’s external manager pursuant to the Second Amended and
Restated Management Agreement, dated as of October 23, 2014, between Guarantor and BXMT Advisors L.L.C., any replacement external manager or switch to internal management shall be subject to Buyer’s prior written approval, not to be
unreasonably withheld, conditioned or delayed. 
  

	13.	 SINGLE-PURPOSE ENTITY 

Seller hereby represents and warrants to Buyer, and covenants with Buyer, that as of the date hereof and so long as any of the Transaction
Documents shall remain in effect: 
 (a) It is and intends to remain Solvent and it has paid and will pay its debts and liabilities
(including employment and overhead expenses) from and solely to the extent of its own assets as the same shall become due. 
 (b) It has
complied and will comply with the provisions of its organizational documents (i.e. certificate of formation and operating agreement) in all material respects. 

  
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 (c) It has done or caused to be done and will, to the extent under its control, do all
things necessary to observe corporate formalities and to preserve its existence. 
 (d) It has maintained and will maintain all of its books,
records, financial statements and bank accounts separate from those of its Affiliates, its members and any other Person (except, in each case, to the extent consolidation is permitted under GAAP or as a matter of law), and, to the extent required by
law, it will file its own tax returns, if any (except, for the avoidance of doubt, if Seller is included as part of a consolidated, unitary, combined or similar tax return, or if Seller is disregarded as a separate entity for applicable tax
purposes). 
 (e) It has been, is and will be, and at all times will hold itself out to the public as, a legal entity separate and distinct
from any other entity (including any Affiliate), shall correct any misunderstanding of which it has Actual Knowledge regarding its status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its
Affiliates as a division or part of the other, shall maintain and utilize separate stationery, invoices and checks, and allocate fairly and reasonably any overhead for shared office space and for services performed by an employee of an Affiliate.

 (f) It has not owned and will not own any property or any other assets other than Purchased Loans, assets intended to be offered as
Eligible Loans pursuant to this Agreement, cash and its interest under any associated Hedging Transactions; provided, however, that Seller shall not be in breach of this provision to the extent that Seller acquires or originates an
Eligible Loan under its good faith belief that such Eligible Loan will become a Purchased Loan; provided, further, that in the event Buyer does not approve such Eligible Loan for inclusion in a Transaction after Buyer’s receipt of the
applicable Transaction Request, Due Diligence Package and such additional diligence materials in accordance with Section 3(a), then Seller shall convey all of its right, title and interest in such Eligible Loan to a third party by not later
than ten (10) Business Days after Buyer disapproves (or is deemed to have disapproved) such Eligible Loan in accordance with Section 3(a). 

(g) It has not engaged and will not engage in any business other than the acquisition, origination, ownership, servicing, enforcement,
financing and disposition of Purchased Loans in accordance with the applicable provisions of the Transaction Documents and its organizational documents. 

(h) It has not entered into, and will not enter into, any contract or agreement with any of its Affiliates, except upon terms and conditions
that are substantially similar to those that would be available on an arm’s-length basis with Persons other than such Affiliate. 

(i) It has not incurred and will not incur any Indebtedness or other obligation, secured or unsecured, direct or indirect, absolute or
contingent (including guaranteeing any obligation), other than (A) with respect to the Purchased Loan Documents, and (B) trade payables in the ordinary course of its business which are either (x) no more than ninety (90) days
past due and do not exceed $500,000.00 in the aggregate or (y) more than ninety (90) days past due and do not exceed $250,000.00 in the aggregate, and are being contested in good faith and for which adequate reserves are maintained, and
(C) as otherwise expressly permitted under this Agreement. 

  
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 (j) It has not made and will not make any loans or advances to any other Person, except as
permitted under this Agreement and under assets intended to be offered as Eligible Loans pursuant to this Agreement (subject to the provisos to Section 12(f) herein), and shall not acquire obligations or securities of any member or any
Affiliate of any member or any other Person. 
 (k) It will maintain adequate capital derived from income from its business operations for
the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations. 

(l) It shall not seek its dissolution, liquidation or winding up, in whole or in part, or suffer any Change of Control or consolidation or
merger with respect to Seller. 
 (m) It will not commingle its funds and other assets with those of any of its Affiliates or any other
Person. 
 (n) It has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate,
ascertain or identify its individual assets from those of any of its Affiliates or any other Person. 
 (o) Except as expressly permitted
under this Agreement, it has not held and will not hold itself out to be responsible for the debts or obligations of any other Person. 
 (p)
Seller shall not take any Act of Insolvency without the affirmative vote of the Independent Director. 
 (q) It shall at all times maintain
at least one Independent Director. For so long as the Repurchase Obligations remain outstanding, Seller shall not take any of the actions contemplated by Section 13(p) above (including, to the extent, applicable without the affirmative vote of
such Independent Director). 
 (r) It shall not pledge its assets to secure the obligations of any other Person. 

 

	14.	 EVENTS OF DEFAULT; REMEDIES 

(a) After the occurrence and during the continuance of an Event of Default, Seller hereby appoints Buyer as attorney-in-fact of Seller in accordance with Section 7(b) for the purpose of carrying out the provisions of this Agreement and taking any action and executing or endorsing any
instruments that Buyer may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an
interest. With respect to each Transaction, each of the following clauses (i) through (xv) shall be an Event of Default under this Agreement: 
  

	 	(i)	 Seller fails to repurchase the Purchased Loans upon the applicable Repurchase Date; 

 

	 	(ii)	 Seller fails to cure a Margin Deficit in accordance with Section 4 hereof; 

  
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	 	(iii)	 an Act of Insolvency occurs with respect to Seller or Guarantor; 

 

	 	(iv)	 Guarantor fails to qualify as a REIT (after giving effect to any cure or corrective periods or allowances
pursuant to the Code); 

  

	 	(v)	 either (A) the Transaction Documents shall for any reason not cause, or shall cease to cause, Buyer (or
its designee) to be the owner free of any adverse claim of any of the Purchased Loans, or (B) if a Transaction is recharacterized as a secured financing, the Transaction Documents with respect to any Transaction shall for any reason cease to
create a valid first priority security interest in favor of Buyer (or its designee) in any of the Purchased Loans; 

  

	 	(vi)	 if an event occurs which would constitute (a) an “event of default” under any Hedging
Transaction or (b) a “termination event” or an “additional termination event” under any Hedging Transaction (and, in either case, Seller has failed to cure the “event of default” within the applicable cure period
or to meet its obligation to pay the Early Termination Amount, if any, pursuant to the terms of such Hedging Transaction); 

  

	 	(vii)	 failure of Buyer to receive within one (1) Business Day after any Remittance Date the accreted value of
the Price Differential (less any amount of such Price Differential previously paid by Seller to Buyer); 

  

	 	(viii)	 failure of Seller to make any other payment owing to Buyer which has become due, whether by acceleration or
otherwise under the terms of this Agreement (other than due to any act or failure to act of Depository to the extent available funds are on deposit in the applicable Cash Management Account), which failure is not remedied within three
(3) Business Days after written notice thereof to Seller from Buyer; 

  

	 	(ix)	 any Governmental Authority takes any action to (i) condemn, seize or appropriate, or assume custody or
control of, all or any substantial part of the property of Seller, (ii) displace the management of Seller or curtail its authority in the conduct of the business of Seller, or (iii) terminate the activities of Seller as contemplated by the
Transaction Documents; 

  

	 	(x)	 a Change of Control shall have occurred; 

 

	 	(xi)	 any representation (other than a MTM Representation) made by Seller or Guarantor in any Transaction Document
shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated and such incorrect or untrue representation exists and continues unremedied for ten (10) Business Days after the earlier
of receipt of written notice thereof from Buyer or Seller’s acquiring Actual Knowledge of such incorrect or untrue representation (other than the representations and warranties set forth in Section 10(b)(viii) of this

  
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 Agreement made by Seller, which shall not be considered an Event of Default if incorrect or
untrue in any material respect, provided Seller repurchases the related Purchased Loan on an Early Repurchase Date no later than three (3) Business Days after receiving notice of such incorrect or untrue representation and terminates the
related Transaction; provided further Seller shall not have made any such representation with actual knowledge that it was materially incorrect or untrue at the time made); 
  

	 	(xii)	 (i) Guarantor breaches any of the payment obligations set forth in the Guaranty or (ii) Guarantor shall
fail to observe any of the financial covenants set forth in the Guaranty or (iii) shall have defaulted or failed to perform any of the other obligations under the Guaranty in any material respect and such default or failure referred to in this
clause (iii) remains uncured for a period of seven (7) Business Days after the earlier of receipt of notice thereof from Buyer or Seller’s acquiring Actual Knowledge of such default or failure by Guarantor; 

 

	 	(xiii)	 a final non-appealable judgment by any competent court in the United
States of America for the payment of money in an amount greater than $100,000 (in the case of Seller) or $5,000,000 (in the case of the Guarantor) shall have been rendered against Seller or Guarantor, and remains undischarged or unpaid for a period
of forty-five (45) days, during which period execution of such judgment is stayed by the posting of cash or a bond or other collateral acceptable to Buyer in the amount of the judgment; 

 

	 	(xiv)	 Seller or Guarantor shall have (x) defaulted under any note, indenture, loan agreement, guaranty or other
Indebtedness to which it is a party, which default (A) involves the failure to pay a matured obligation in excess of $100,000 (in the case of Seller) or the greater of (a) $5,000,000 or (b) the lesser of (i) 5% of Tangible Net Worth (as
such term is defined in the Guaranty) and (ii) $25,000,000 (in the case of Guarantor), or (B) results in the acceleration of the maturity of such Indebtedness in excess of a principal amount of $100,000 (in the case of Seller) or the greater of (a)
$5,000,000 or (b) the lesser of (i) 5% of Tangible Net Worth (as such term is defined in the Guaranty) and (ii) $25,000,000 (in the case of Guarantor) by any other party to or beneficiary of such note, indenture, loan agreement, guaranty or
other Indebtedness or (y) failed to perform any other material non-payment obligation under such note, indenture, loan agreement, guaranty or other Indebtedness with an asserted actual out-of-pocket damages claim in excess of the limits referenced in clause (x) with respect to Seller or Guarantor, as applicable and acceleration occurs under such Indebtedness
as a result thereof; provided, however, that any such default, failure to perform or breach shall not constitute an Event of Default if Seller or Guarantor cures such default or failure to perform, as the case may be, within the grace
notice and/or cure period, if any, provided under the applicable agreement; or 

  
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	 	(xv)	 if Seller or Guarantor shall breach or fail to perform any of the terms, agreements, conditions, covenants or
obligations applicable to such Person under this Agreement, any other Transaction Document or any Purchased Loan Document to which such Person is a party, other than as specifically otherwise referred to in this definition of “Event of
Default” (including, without limitation, the failure by Seller to deliver any report required pursuant to Section 12(i)), and such breach or failure to perform is not remedied within fifteen (15) Business Days after written notice
thereof to Seller from the applicable party or its successors or assigns; (each of (i) through (xv), an “Event of Default”). 

(b) If an Event of Default shall occur and be continuing, the following rights and remedies shall be available to Buyer: 

 

	 	(i)	 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), the Repurchase Date for each Transaction hereunder shall, if it has not already occurred, be deemed immediately to occur (the date on which such option
is exercised or deemed to have been exercised being referred to hereinafter as the “Accelerated Repurchase Date”). 

  

	 	(ii)	 If Buyer exercises or is deemed to have exercised the option referred to in Section 14(b)(i) of this
Agreement: 

  

	 	(A)	 Seller’s obligations hereunder to repurchase all Purchased Loans shall become immediately due and payable
on and as of the Accelerated Repurchase Date; and 

  

	 	(B)	 to the extent permitted by applicable law, the Repurchase Price with respect to each Transaction (determined as
of the Accelerated Repurchase Date) shall be increased by the aggregate amount obtained by daily application of, on a 360 day per year basis (or, in the case of a Transaction relating to a Foreign Purchased Loan (AU), a 365 day per year basis) for
the actual number of days during the period from and including the Accelerated Repurchase Date to but excluding the date of payment of the Repurchase Price (as so increased), (x) the Pricing Rate for such Transaction multiplied by (y) the
outstanding Purchase Price for such Transaction (decreased by (I) any amounts actually remitted to Buyer by the Depository or Seller from time to time pursuant to Sections 4 or 5 of this Agreement and applied to such Repurchase Price, and
(II) any amounts applied to the Repurchase Price pursuant to Section 14(b)(iii) of this Agreement); and 

  

	 	(C)	 the Custodian shall, upon the request of Buyer, deliver to Buyer all instruments, certificates and other
documents then held by the Custodian relating to the Purchased Loans. 

  
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	 	(iii)	 Upon the occurrence and during the continuance of an Event of Default with respect to Seller, Buyer may
(A) immediately sell, at a public or private sale in a commercially reasonable manner in accordance with Requirements of Law, and with prior written notice to Seller, at such price or prices as Buyer may reasonably deem satisfactory any or all
of the Purchased Loans or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Loans, to give Seller credit for such Purchased Loans in an amount equal to the market value of such Purchased Loans as determined
by Buyer in its sole discretion against the aggregate unpaid Repurchase Price for such Purchased Loans and any other amounts owing by Seller under the Transaction Documents. The proceeds of any disposition of Purchased Loans effected pursuant to
this Section 14(b)(iii) shall be applied in accordance with Section 5(g). 

  

	 	(iv)	 The parties recognize that it may not be possible to purchase or sell all of the Purchased Loans on a
particular Business Day, or in a transaction with the same purchaser, or in the same manner because the market for such Purchased Loans may not be liquid. In view of the nature of the Purchased Loans, the parties agree that liquidation of a
Transaction or the Purchased Loans does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially reasonable manner. Accordingly, Buyer may elect, in its sole discretion
in accordance with Requirements of Law, the time and manner of liquidating any Purchased Loans, and nothing contained herein shall (A) obligate Buyer to liquidate any Purchased Loans on the occurrence and during the continuance of an Event of
Default or to liquidate all of the Purchased Loans in the same manner or on the same Business Day or (B) constitute a waiver of any right or remedy of Buyer. 

 

	 	(v)	 Seller shall be liable to Buyer for (A) the amount of all actual out-of-pocket expenses, including reasonable legal fees and expenses, actually incurred by Buyer in connection with or as a consequence of an Event of Default with respect to Seller, (B) all actual costs
incurred in connection with the termination of Hedging Transactions, and (C) any other actual out-of-pocket loss, damage, cost or expense directly arising or
resulting from the occurrence and continuance of an Event of Default with respect to Seller. 

  
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	 	(vi)	 Buyer shall have, in addition to its rights and remedies under the Transaction Documents, all of the rights and
remedies provided by applicable federal, state, foreign, and local laws (including, without limitation, if the Transactions are recharacterized as secured financings, the rights and remedies of a secured party under the UCC of the State of New York
or, with respect to any Foreign Purchased Loan, the equivalent Requirement of Law in the relevant non-U.S. jurisdiction, to the extent that the UCC or such other Requirement of Law is applicable, and the right
to offset any mutual debt and claim and the right to appropriate the Purchased Loans in accordance with this Section 12(b)(vi)), in equity, and under any other agreement between Buyer and Seller. In relation to Foreign Purchased Loans (AU), the
Buyer shall also have the right to appoint any person or persons to be a receiver and manager of the Collateral and, without the need for any consent from Seller or any other Person but subject to the same restrictions and limitations imposed on
Buyer as set forth in the Transaction Documents, each receiver will have the power to do all things the law allows an owner of any interest in the Collateral to do. Without limiting the generality of the foregoing, Buyer shall be entitled to set off
the proceeds of the liquidation of the Purchased Loans against all of Seller’s obligations to Buyer pursuant to this Agreement, whether or not such obligations are then due, without prejudice to Buyer’s right to recover any deficiency. The
parties hereto agree that the method of valuation of Purchased Loans provided for in this Section 12(b)(vi) shall constitute a commercially reasonable method of valuation for the purposes of the FCA Regulations. 

 

	 	(vii)	 Subject to the notice and grace periods set forth herein, Buyer may exercise any or all of the remedies
available to Buyer immediately upon the occurrence and continuance of an Event of Default (other than with respect to Buyer) and at any time during the continuance thereof. All rights and remedies arising under the Transaction Documents, as amended
from time to time, are cumulative and not exclusive of any other rights or remedies which Buyer may have. 

  

	 	(viii)	 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 Seller might otherwise have arising from the use of nonjudicial process, disposition of any
or all of the Purchased Loans, 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. 

  

	 	(ix)	 Upon the designation of any Accelerated Repurchase Date, Buyer may, without prior notice to Seller, set off any
sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by Seller to Buyer or any
Affiliate of Buyer against any sum or obligation (whether or not arising 

  
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under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by Buyer or any
Affiliate of Buyer to Seller. Buyer will give written notice to the other party of any set off effected under this Section 14(b)(ix). If a sum or obligation is unascertained, Buyer may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. Nothing in this Section 14(b)(ix) shall be effective to create a charge or other
security interest. This Section 14(b)(ix) shall be without prejudice and in addition to any right of set-off, combination of accounts, lien or other rights to which any party is at any time otherwise
entitled (whether by operation of law, contract or otherwise). 

  

	 	(x)	 With respect to any Foreign Purchased Loan, Buyer may take any steps necessary to vest all or any of such
Foreign Purchased Loan in the name of Buyer (or its designee) including completing and submitting any Transfer Certificate to the relevant facility agent and making payment of any transfer fees. Seller hereby agrees that any such transfer fees paid
by Buyer will constitute “Indemnified Amounts” for the purposes of Section 27 of this Agreement. 

  

	15.	 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 have been made in consideration of each other. 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 Transactions hereunder and (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. 
  

	16.	 RECORDING OF COMMUNICATIONS 

EACH OF 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, IF ANY, AND THOSE OF THE OTHER PARTY WITH RESPECT TO TRANSACTIONS; PROVIDED, HOWEVER, THAT SUCH RIGHT TO RECORD COMMUNICATIONS SHALL BE LIMITED TO COMMUNICATIONS OF EMPLOYEES TAKING PLACE ON THE TRADING FLOOR OF
THE APPLICABLE PARTY. 

  
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	17.	 NOTICES AND OTHER COMMUNICATIONS 

Unless otherwise provided in this Agreement, all notices, consents, approvals and requests required or permitted hereunder shall be given in
writing and shall be effective for all purposes if hand delivered or sent by (a) hand delivery, with proof of delivery, (b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery service, either
commercial, United States Postal Service, Royal Mail or Australia Post, with proof of delivery, or (d) by email with proof of delivery to the address specified in Annex I hereto or at such other address and person as shall be designated from
time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section. A notice shall be deemed to have been given: (a) in the case of hand delivery, at the time
of delivery, (b) in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day, (c) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day, or
(d) in the case of email, upon receipt of confirmation of transmission and delivery, respectively, provided that such notice sent by email was also delivered as required in this Section. A party receiving a notice which does not comply
with the technical requirements for notice under this Section may elect to waive any deficiencies and treat the notice as having been properly given. Notwithstanding the foregoing, in the event that Seller directs Buyer to transfer funds pursuant to
a Transaction or otherwise in accordance with Section 3 or 4 to an account or recipient other than Seller’s wiring instructions specified on Annex I, such direction shall be in writing (including in a Confirmation) and signed by two
(2) authorized officers of Seller. 
  

	18.	 ENTIRE AGREEMENT; SEVERABILITY 

This Agreement shall supersede any existing agreements between the parties containing general terms and conditions for repurchase transactions.
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. 

 

	19.	 NON-ASSIGNABILITY 

(a) The rights and obligations of Seller under the Transaction Documents and under any Transaction shall not be assigned by Seller without the
prior written consent of Buyer. 
 (b) Upon prior written notice to Seller, Buyer shall be entitled to assign an interest in its rights and
obligations under the Transaction Documents and/or under any Transaction to any other Person or issue one or more participation interests with respect to any or all of the Transactions and, in connection therewith, may bifurcate or allocate (i.e.
senior/subordinate) amounts due to Buyer; provided, however, in all such instances, so long as no Event of Default has occurred and is continuing, (i) Buyer may not assign an interest in its rights and obligations under the Transaction
Documents and/or under any Transaction or issue one or more participation interests with respect to any or all of the Transactions to any Prohibited Transferee, (ii) Buyer shall retain control and authority over its rights and obligations under
the Transaction Documents and/or under any Transaction, (iii) Seller shall not be obligated to deal directly or indirectly with any party other than Buyer, and (iv) Seller shall not be charged for, incur or be 

  
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 required to pay or reimburse Buyer or any assignee, transferee, participant or other third party for any
costs that would not have been incurred but for the assignment, participation, bifurcation or allocation by Buyer in accordance with this Section 19(b). In furtherance of and without limitation to the foregoing, in no event shall Buyer confer
on or grant any rights in any Person other than Buyer any right to determine the Market Value of any Purchased Loan, to declare a Margin Deficit, to determine whether a Default or Event of Default has occurred or is continuing, to approve a
Purchased Loan, to make available to Seller Margin Excess, or to enforce any provision of any Transaction Documents against Seller or Guarantor, it being understood and agreed that nothing herein shall restrict or limit Buyer’s right to consult
with and consider the views and opinions of any assignee, transferee or participant under this Agreement. 
 (c) Buyer, acting solely for
this purpose as a non-fiduciary agent of Seller, shall maintain a register for the recordation of each assignment pursuant to Section 19(b) above and the name and address of any assignee, and the
Repurchase Price and Price Differential owing to such assignee (the “Register”). The entries in the Register shall be conclusive absent manifest error. Buyer and Seller shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as the owner of the applicable rights and obligations and no transfer or assignment shall be effective unless duly noted in the Register. The Register shall be available for inspection by Seller at any reasonable time
and from time to time upon reasonable request. 
 (d) Buyer and each assignee, if any that sells a participation shall, acting solely for
this purpose as a non-fiduciary agent of Seller, maintain a register on which it records such sale, the name and address of the applicable participant and, with respect to each such participant, the
participated Repurchase Price and Price Differential (the “Participant Register”). Neither Buyer nor any such assignee shall have any obligation to disclose the identity of any participant or any information relating to a
participant’s interest in any obligations under any Transaction Document to any Person except (i) to the extent that the Internal Revenue Service requests such disclosure (from Seller, Guarantor, Buyer, such assignee or otherwise) or such
disclosure is otherwise reasonably determined to be required to establish that such obligation is in registered form under Section 5f.103-1I of the United States Treasury Regulations (the
“Treasury Regulations”), and (ii) the portion of the Participant Register relating to any such participant requesting (directly or through Buyer or an assignee) payment from Seller under the Transaction Documents shall be made
available to Seller upon reasonable request. The entries in the Participant Register shall be conclusive absent manifest error. The applicable Buyer shall treat each Person whose name is recorded in the Participant Register as the owner of the
applicable participation for all purposes of this Agreement and no sale of a participation shall be effective unless duly noted in the Participant Register. 

(e) Subject to the foregoing, the Transaction Documents and any Transactions shall be binding upon and shall inure to the benefit of the
parties and their respective successors and assigns. Nothing in the Transaction Documents, express or implied, shall give to any Person, other than the parties to the Transaction Documents and their respective successors, any benefit or any legal or
equitable right, power, remedy or claim under the Transaction Documents. 

  
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	20.	 GOVERNING LAW 

This Agreement shall be governed by the laws of the State of New York without giving effect to the conflict of law principles thereof. The
parties hereto intend that the provisions of section 5-1401 of the New York General Obligations Law shall apply to this Agreement. 
  

	21.	 NO WAIVERS, ETC. 

No express or implied waiver of any Event of Default by either party shall constitute a waiver of any other Event of Default and no exercise of
any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure herefrom shall be effective
unless and until such shall be in writing and duly executed by both of the parties hereto. Without limitation on any of the foregoing, the failure to give a notice pursuant to Section 4(a) or 4(b) hereof will not constitute a waiver of any
right to do so at a later date. 
  

	22.	 USE OF EMPLOYEE PLAN ASSETS 

(a) If assets of an employee benefit plan subject to any provision of the Employee Retirement Income Security Act of 1974
(“ERISA”) are intended to be used by either party hereto (the “Plan Party”) in a Transaction, the Plan Party shall so notify the other party prior to the Transaction. The Plan Party shall represent in writing to the
other party that the Transaction does not constitute a prohibited transaction under ERISA, and the other party may proceed in reliance thereon but shall not be required so to proceed. 

(b) Subject to the last sentence of subparagraph (a) of this Section, any such Transaction shall proceed only if Seller furnishes or has
furnished to Buyer its most recent available unaudited statement of its financial condition. 
 (c) By entering into a Transaction pursuant
to this Section, Seller shall be deemed (i) to represent to Buyer that since the date of Seller’s latest such financial statements, there has been no material adverse change in Seller’s financial condition which Seller has not
disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition as they are issued, so long as it is a Seller in any outstanding Transaction involving a Plan Party. 

 

	23.	 INTENT 

(a) The parties recognize and agree that: (i) each Transaction is a “repurchase agreement” as that term is defined in
Section 101(47) of the Bankruptcy Code and a “securities contract” as that term is defined in Section 741(7) of the Bankruptcy Code, (ii) payments under this Agreement are deemed “margin payments” or
“settlement payments,” as defined in Section 741 of the Bankruptcy Code, and (iii) the grant of a security interest set forth in Sections 6 and 29(b) hereof and the Guaranty, each of which secures the rights of Buyer hereunder also
constitutes a “repurchase agreement” as contemplated by Section 101(47)(A)(v) of the Bankruptcy Code and a “securities contract” as contemplated by Section 741(7)(A)(xi) of the Bankruptcy Code. It is further understood
that this Agreement constitutes a “master netting 

  
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 agreement” as defined in Section 101(38A) of the Bankruptcy Code, as amended, with respect to the
Transaction so constituting a “repurchase agreement” or “securities contract”. The parties intend and recognize that the arrangements under this Agreement are to constitute a “title transfer financial collateral
arrangement” or a “security financial collateral arrangement” for the purposes of the Financial Collateral Arrangements (No 2) Regulations 2003 (the “FCA Regulations”). 

(b) The parties recognize and agree that each of Buyer and Seller is a “repo participant” as that term is defined in
Section 101(46) of the Bankruptcy Code. 
 (c) The parties recognize and agree that each party (for so long as each is either a
“financial institution,” “financial participant,” repo participant, or “master netting participant” or other entity listed in Section 555, 559, 561, 362(b)(6), or 362(b)(7) of the Bankruptcy Code) shall be entitled
to the “safe harbor” benefits and protections afforded under the Bankruptcy Code with respect to a “repurchase agreement” and a “securities contract” and a “master netting agreement,” including (x) the
rights set forth in Sections 3 and 14 and in Section 555, 559, and 561 of the Bankruptcy Code to liquidate the Purchased Loans and/or accelerate or terminate this Agreement, and (y) the right to offset or net out termination payments,
payment amounts or other transfer obligations and otherwise exercise contractual rights as set forth in Sections 362(b)(6), 362(b)(7), 362(b)(27), 362(o), and 546 of the Bankruptcy Code. 

(d) Each party hereto hereby further agrees that it shall not challenge the characterization of (i) this Agreement as a “repurchase
agreement”, “securities contract” and/or “master netting agreement”, or (ii) each party as a “repo participant” within the meaning of the Bankruptcy Code except insofar as, in the case of a “repurchase
agreement”, the term of the Transactions, would render such definition inapplicable. 
 (e) It is understood that either party’s
right to accelerate or terminate this Agreement or to liquidate assets delivered to it in connection with the Transactions hereunder or to exercise any other remedies pursuant to Section 14 or 29 hereof is a contractual right to accelerate,
terminate or liquidate this Agreement or the Transactions as described in Sections 555 and 559 of the Bankruptcy Code. It is further understood and agreed that either party’s right to cause the termination, liquidation, or acceleration of, or
to offset net termination values, payment amounts or other transfer obligations arising under or in connection with, this Agreement or the Transactions hereunder is a contractual right to cause the termination, liquidation, or acceleration of, or to
offset net termination values, payment amounts or other transfer obligations arising under or in connection with, this Agreement as described in Section 561 of the Bankruptcy Code. 

(f) 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 of the Transactions hereunder is a “qualified financial contract,” as that term is defined in FDIA and any rules, orders or policy statements thereunder (except
insofar as the type of assets subject to the Transactions would render such definition inapplicable). 
 (g) The parties agree and
acknowledge 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 the Transactions 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). 

  
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 (h) In light of the intent set forth above in this Section 23, each Party agrees that,
from time to time upon the written request of the other Party (the “Requesting Party”), each Party will execute and deliver any supplements, modifications, addendums or other documents as may be necessary or desirable, in the
Requesting Party’s good faith discretion, in order to cause this Agreement and the Transactions contemplated hereby to qualify for, comply with the provisions of, or otherwise satisfy, maintain or preserve the criteria for safe harbor treatment
under the Bankruptcy Code for “repurchase agreements”, “securities contracts” and “master netting agreements”; provided, however, that either Party’s failure to request, or either Party’s failure to execute,
such supplements, modifications, addendums or other documents does not in any way alter or otherwise change the intention of the parties hereto that this Agreement and the Transactions hereunder constitute “repurchase agreements”,
“securities contracts” and/or a “master netting agreement” as such terms are defined in the Bankruptcy Code. 
 (i)
Notwithstanding anything to the contrary in this Agreement, it is the intention of the parties that, for U.S. Federal, state and local income and franchise tax purposes, the Transactions constitute a loan from Buyer to Seller, and that Seller is
and, so long as no Event of Default shall have occurred and be continuing, will continue to be, treated as the owner of the Purchased Loans for such purposes. Unless prohibited by applicable law, Seller and Buyer (and its assignees and participants,
if any) shall treat the Transactions as described in the preceding sentence for all U.S. Federal, state and local income and franchise tax purposes (including, without limitations, on any and all filings with any U.S. Federal, state or local taxing
authority). 
  

	24.	 DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS 

The parties acknowledge that they have been advised that: 

(a) in the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission
(“SEC”) under Section 15 of the Securities Exchange Act of 1934 (“1934 Act”), the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act
of 1970 (“SIPA”) do not protect the other party with respect to any Transaction hereunder; 
 (b) in the case of
Transactions in which one of the parties is a government securities broker or a government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any
Transaction hereunder; 
 (c) in the case of Transactions in which one of the parties is a financial institution, 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 or the National Credit Union Share Insurance Fund, as applicable; and 

  
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 (d) in the case of Transactions that may be a financial service in Australia, Citibank, N.A.
relies upon various exemptions from the need to hold an Australian Financial Services Licence (“AFSL”) including the exemption in ASIC Class Order CO 03/1101. Citibank, N.A. is incorporated in the United States of America and
its principal regulators are the US Office of the Comptroller of Currency and Federal Reserve under US laws, which differ from Australian laws. It does not hold an AFSL under the Corporations Act 2001 (Cth) as it enjoys the benefit of an exemption
under ASIC Class Order CO 03/1101. 
  

	25.	 CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 

(a) Each party irrevocably and unconditionally (i) submits to the exclusive jurisdiction of any United States Federal or New York State
court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or proceeding brought to enforce its obligations under this Agreement or relating in any way to this Agreement or any Transaction
under this Agreement and (ii) waives, to the fullest extent it may effectively do so, any defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and any right of jurisdiction on account of its place
of residence or domicile. 
 (b) To the extent that either party has or hereafter may acquire any immunity (sovereign or otherwise) from any
legal action, suit or proceeding, from jurisdiction of any court or from set off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) with
respect to itself or any of its property, such party hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought to enforce its obligations under this Agreement or relating in any way to this Agreement
or any Transaction under this Agreement. 
 (c) The parties hereby irrevocably waive, to the fullest extent it may effectively do so, the
defense of an inconvenient forum to the maintenance of such action or proceeding and irrevocably consent to the service of any summons and complaint and any other process by the mailing of copies of such process to them at their respective address
specified herein. The parties hereby agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Section 25 shall affect the right of Buyer or Seller to serve legal process in any other manner permitted by law or affect the right of Buyer or Seller to bring any action or proceeding against the other party or its property in the courts of
other jurisdictions. 
 (d) EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER. 

  
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	26.	 NO RELIANCE 

Each of Buyer and Seller hereby acknowledges, represents and warrants to the other that, in connection with the negotiation of, the entering
into, and the performance under, the Transaction Documents and each Transaction thereunder: 
 (a) It is not relying (for purposes of making
any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the other party to the Transaction Documents, other than the representations expressly set forth in the Transaction Documents; 

(b) It has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent that it has
deemed necessary, and it has made its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and
not upon any view expressed by the other party; 
 (c) It is a sophisticated and informed Person that has a full understanding of all the
terms, conditions and risks (economic and otherwise) of the Transaction Documents and each Transaction thereunder and is capable of assuming and willing to assume (financially and otherwise) those risks; 

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

	27.	 INDEMNITY 

Seller hereby agrees to indemnify Buyer and each of its officers, directors, employees and agents (“Indemnified Parties”) from
and against any and all actual out-of-pocket liabilities, obligations, losses, damages, penalties, actions, judgments, suits, fees, costs, expenses (including reasonable
attorneys fees and disbursements of outside counsel) or disbursements (all of the foregoing, collectively “Indemnified Amounts”) which may at any time (including, without limitation, such time as this Agreement shall no longer be in
effect and the Transactions shall have been repaid in full) be imposed on or asserted against any Indemnified Party in any way whatsoever arising out of or in connection with, or relating to, this Agreement or any Transactions thereunder or any
action taken or omitted to be taken by any Indemnified Party under or in connection with any of the foregoing; provided, that Seller shall not be liable for Indemnified Amounts resulting from the gross negligence or willful misconduct of any
Indemnified Party. Without limiting the generality of the foregoing, Seller agrees to hold Buyer harmless from and indemnify Buyer against all Indemnified Amounts with respect to all 

  
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 Purchased 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 ERISA, the Truth in Lending Act and/or the Real Estate Settlement Procedures Act, that, in each case, results from anything other than Buyer’s gross negligence or
willful misconduct. In any suit, proceeding or action brought by Buyer in connection with any Purchased Loan for any sum owing thereunder, or to enforce any provisions of any Purchased Loan, Seller will save, indemnify and hold Buyer harmless from
and against all actual out-of-pocket expense (including reasonable attorneys’ fees of outside counsel), actual out-of-pocket 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. This
Section 27 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

 

	28.	 DUE DILIGENCE 

Seller acknowledges that, at reasonable times and upon reasonable notice to Seller, Buyer has the right to perform continuing due diligence
reviews with respect to the Purchased Loans, for purposes of verifying compliance with the representations, warranties and specifications made hereunder, or otherwise, and Seller agrees that upon reasonable prior written notice to Seller, Buyer or
its authorized representatives will be permitted during normal business hours to examine, inspect, and make copies and extracts of, the Purchased Loan Files, Servicing Records and any and all documents, records, agreements, instruments or
information relating to such Purchased Loans in the possession or under the control of Seller, any other servicer or subservicer of Seller and/or the Custodian. Seller also shall make available to Buyer upon reasonable advance written notice a
knowledgeable financial or accounting officer for the purpose of answering financial or accounting questions respecting the Purchased Loan Files and the Purchased Loans. Without limiting the generality of the foregoing, Seller acknowledges that
Buyer may enter into Transactions with Seller based solely upon the information provided by Seller to Buyer 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 Purchased Loans. Buyer may underwrite such Purchased Loans itself or engage a third party underwriter to perform such underwriting. Seller agrees to reasonably cooperate with Buyer and
any third party underwriter reasonably acceptable to Seller 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 Purchased Loans in the possession, or under the control, of Seller. Seller further agrees that Seller shall reimburse Buyer for any and all actual costs and expenses reasonably incurred by Buyer in connection with
Buyer’s activities pursuant to this Section 28 and for Buyer’s actual costs and out-of-pocket expenses incurred in connection with due diligence reviews
with respect to Eligible Loans which Seller proposes to make the subject of a Transaction under this Agreement. Notwithstanding the foregoing, (x) Seller’s obligation to reimburse Buyer for Buyer’s out-of-pocket costs and expenses (including legal expenses) incurred in connection with Eligible Loans which Seller proposes to make the subject of a Transaction shall not exceed (1) with respect to each
U.S. Purchased Loan, $15,000 with respect 

  
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 to any individual Eligible Loan without Seller’s prior consent and (2) with respect to each
Foreign Purchased Loan, an amount to be agreed upon in writing by Seller and Buyer prior to the commencement of due diligence, each acting reasonably and (y) so long as an Event of Default has not occurred and is not continuing, with respect to
any due diligence Buyer proposes to perform with respect to any Purchased Loan after the related Purchase Date which would create a reimbursement obligation on the part of Seller, Buyer shall provide to Seller prior written notice of such due
diligence activities (including an estimate of the cost) and a reasonable opportunity for Seller to demonstrate to Buyer that such due diligence need not be performed, provided the final determination to perform or not perform such due diligence
shall be made by Buyer. 
  

	29.	 SERVICING 

(a) Seller and Buyer agree that all Servicing Rights with respect to the Purchased Loans are being transferred hereunder to Buyer on the
applicable Purchase Date and such Servicing Rights shall be transferred by Buyer to Seller upon Seller’s payment of the Repurchase Price for such applicable Purchased Loan. Notwithstanding the purchase and sale of the Purchased Loans and
Servicing Rights hereby, Seller or, upon request by Seller, Servicer shall be granted a revocable license to exercise the Servicing Rights with respect to the Purchased Loans for the benefit of Buyer and, if Buyer shall exercise its rights to pledge
or hypothecate a Purchased Loan prior to the Repurchase Date pursuant to Section 8, Buyer’s assigns (which license shall be deemed automatically revoked upon the occurrence and during the continuance of an Event of Default);
provided, however, that the obligations of Seller or Servicer to service the Purchased Loans shall cease, at Seller’s option, upon the payment by Seller to Buyer of the Repurchase Price therefor. Seller shall cause Servicer to
service the Purchased Loans pursuant to the Servicing Agreement, in each case, in accordance with Accepted Servicing Practices. Seller shall obtain the written consent of Buyer prior to appointing any third party Servicer for a Purchased Loan or
entering into any Servicing Agreement with a Servicer (other than the initial Servicing Agreement with Midland Loan Services as initial Servicer). 

(b) Seller agrees that Buyer is the owner of all servicing records, 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 Purchased Loans (collectively, the “Servicing
Records”) so long as the Purchased Loans are subject to this Agreement. Seller grants Buyer a security interest in all servicing fees and rights relating to the Purchased Loans and all Servicing Records to secure the obligation of Seller or
Servicer to service in conformity with this Section and any other obligation of Seller to Buyer. Seller covenants to safeguard such Servicing Records which are in Seller’s possession and to deliver them promptly to Buyer or its designee
(including the Custodian) at Buyer’s request. 
 (c) Upon the occurrence and during the continuance of an Event of Default, Buyer may,
in its sole discretion, (i) sell its right to the Purchased Loans on a servicing released basis or (ii) terminate any Seller or Servicer of the Purchased Loans with or without cause, in each case without payment of any termination fee to
the extent provided in the Servicing Agreement. 

  
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 (d) Seller shall not employ or permit Servicer to employ
sub-servicers to service the Purchased Loans without (x) in the case of U.S. Purchased Loans only, the prior written approval of Buyer in its sole discretion, except to the extent permitted in the
applicable Servicing Agreement so long as, such employment of a sub-servicer constitutes a delegation of duties by Servicer which does not relieve Servicer of its primary obligation to perform such duties or
(y) in the case of Foreign Purchased Loans, prior to consummating any such appointment, a consultation with Buyer. 
 (e) The payment of
servicing fees under any Servicing Agreement shall be solely the obligation of Seller. 
 (f) With respect to each CLO Participation A-1 issued pursuant to a CLO Participation Agreement, in the event of any inconsistency between the provisions of this Section 29 and of each CLO Participation Agreement and the CLO Servicing Agreement, the terms of
such CLO Participation Agreement and the CLO Servicing Agreement shall control with respect to such CLO Participation A-1 only. 
  

	30.	 MISCELLANEOUS 

(a) All rights, remedies and powers of Buyer hereunder and in connection herewith are irrevocable and cumulative, and not alternative or
exclusive, and shall be in addition to all other rights, remedies and powers of Buyer whether under law, equity or agreement. In addition to the rights and remedies granted to it in this Agreement, to the extent this Agreement is determined to
create a security interest, Buyer shall have all rights and remedies of a secured party under the UCC or, with respect to Foreign Purchased Loans, the equivalent Requirements of Law in the relevant non-U.S.
jurisdiction. 
 (b) The Transaction Documents may be executed in counterparts, each of which so executed shall be deemed to be an original,
but all of such counterparts shall together constitute but one and the same instrument. Signatures delivered by email (in PDF format) shall be considered binding with the same force and effect as original signatures. 

(c) The headings in the Transaction Documents are for convenience of reference only and shall not affect the interpretation or construction of
the Transaction Documents. 
 (d) Without limiting the rights and remedies of Buyer under the Transaction Documents, Seller shall pay
Buyer’s reasonable actual out-of-pocket costs and expenses, including reasonable fees and expenses of outside accountants, attorneys and advisors, incurred in
connection with the preparation, negotiation, execution and consummation of, and any amendment, supplement or modification to, the Transaction Documents and the Transactions thereunder. Seller agrees to pay Buyer promptly all costs and expenses
(including reasonable expenses for legal services of every kind) of any subsequent enforcement of any of the provisions hereof, or of the performance by Buyer of any obligations of Seller in respect of the Purchased Loans, or any actual or attempted
sale, or any exchange, enforcement, collection, compromise or settlement in respect of any of the Collateral and for the custody, care or preservation of the Collateral (including insurance costs) and defending or asserting rights and claims of
Buyer in respect thereof, by litigation or otherwise. In addition, Seller agrees to pay 

  
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 Buyer promptly all reasonable actual
out-of-pocket costs and expenses (including reasonable expenses for legal services of outside counsel) reasonably incurred in connection with the maintenance of each
Cash Management Account and registering the Collateral in the name of Buyer or its nominee. All such expenses shall be recourse obligations of Seller to Buyer under this Agreement. 

(e) Each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement shall be prohibited by or be invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of
this Agreement. 
 (f) This Agreement contains a final and complete integration of all prior expressions by the parties with respect to the
subject matter hereof and thereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings. 

(g) The parties understand that this Agreement is a legally binding agreement that may affect such party’s rights. Each party represents
to the other that it has received legal advice from counsel of its choice regarding the meaning and legal significance of this Agreement and that it is satisfied with its legal counsel and the advice received from it. 

(h) Should any provision of this Agreement require judicial interpretation, it is agreed that a court interpreting or construing the same shall
not apply a presumption that the terms hereof shall be more strictly construed against any Person by reason of the rule of construction that a document is to be construed more strictly against the Person who itself or through its agent prepared the
same, it being agreed that all parties have participated in the preparation of this Agreement. 
 (i) The parties recognize that each
Transaction is a “securities contract” as that term is defined in Section 741 of Title 11 of the United States Code, as amended. 

(j) The Transaction with respect to the Purchased Loan referred to as 190 Bowery shall remain as a Transaction for all purposes under the
Agreement, but shall not be counted towards the Facility Amount for purposes of determining availability with respect to proposed Purchased Loans or for purpose of Section 3(a)(i) of this Agreement. 

 

	31.	 TAXES 

(a) Any and all payments by or on account of any obligation of Seller under any Transaction Document shall be made without deduction or
withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such payment, then Seller shall make (or cause to be made) such deduction or withholding and shall
timely pay (or cause to be timely paid) the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable shall be increased by Seller as
necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 31) Buyer receives an amount equal to the sum it would have received had no
such deduction or withholding been made. 

  
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 (b) Seller shall timely pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law. 
 (c) Seller shall indemnify Buyer, within ten (10) Business Days after demand therefor, for the full
amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 31) payable or paid by Buyer or required to be withheld or deducted from a payment to Buyer, and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate setting forth in reasonable detail calculation
of the amount of such payment or liability (together with a certified copy of the return reporting such payment, if applicable or other evidence of such payment reasonably satisfactory to Seller) delivered to Seller by Buyer shall be conclusive
absent manifest error. 
 (d) Buyer shall deliver to Seller such documentation as prescribed by applicable law or as reasonably requested by
Seller as will enable Seller to determine whether or not payments hereunder or under any other Transaction Document to or for the benefit of Buyer (or any assignee or participant thereof) is subject to tax withholding, backup withholding or
information reporting requirements. Without limiting the generality of the foregoing, if Buyer (or an assignee or participant thereof) is entitled to an exemption from or reduction of withholding tax with respect to payments made under any
Transaction Document, Buyer shall deliver to Seller, at the time or times prescribed by applicable law and otherwise as reasonably requested by Seller, such properly completed and executed documentation as prescribed by applicable law or as
reasonably requested by Seller as will permit such payments to be made without withholding or at a reduced rate of withholding. Without limiting the generality of the foregoing: 

(i) On or prior to the date on which Buyer becomes a Buyer under this Agreement and prior to the entry in the Register of any assignment to a
U.S. Person (and from time to time thereafter as required by applicable law or upon the reasonable request of Seller) Buyer shall deliver to Seller two (2) executed originals of IRS Form W-9 (or successor
forms) certifying that Buyer (and/or such assignee) is exempt from U.S. federal backup withholding tax. 
 (ii) On or prior to entry in the
Register of an assignment to an assignee that is not a U.S. Person (and from time to time thereafter as required by applicable law or upon the reasonable request of Seller) Buyer shall deliver to Seller two (2) executed originals of IRS Forms W-8ECI, W-8BEN, W-8BEN-E, W-8IMY (or any successor
forms thereof, as applicable) or other applicable form, certificate or document prescribed by the United States Internal Revenue Service certifying as to such person’s entitlement to exemption from, or reduction in the rate of, withholding
Taxes. 
 (e) If a payment made to Buyer (or any assignee or participant thereof) under any Transaction Document would be subject to U.S.
federal withholding Tax imposed by FATCA if such person were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such person 

  
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 shall deliver to Seller at the time or times prescribed by law and at such time or times reasonably
requested by Seller such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Seller as may be necessary for Seller to comply with
its obligations under FATCA and to determine that such person has complied with it’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (c), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement 
 (f) Buyer may not effect an assignment (and may not reflect such
assignment in the Register) to an assignee that is not a U.S. Person, unless such assignee delivers a valid U.S. branch withholding certificate on IRS Form W-8IMY (or any successor thereto) evidencing its
agreement with Buyer and Seller to be treated as a U.S. Person for U.S. federal withholding purposes. 
 (g) Buyer (and each applicable
assignee and participant) agrees that if any form or certification it previously delivered (on behalf of itself or any assignee or any participant thereof) expires or becomes obsolete or inaccurate in any respect, it shall update (in the case of an
assignee or participant, by obtaining such updated form for such person) such form or certification or promptly notify Seller in writing of its legal inability to do so. 

(h) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been
indemnified pursuant to this Section 31 (including by the payment of additional amounts pursuant to this Section 31), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made
under this Section 31 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over
pursuant to this Section 31(h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this Section 31(h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 31(h) the payment of which would place the indemnified
party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This
Section 31(h) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(i) Buyer on the one hand, and each of Parlex 2 UK, Parlex 2 EUR and Parlex 2 AU (as relevant) on the other hand, each confirm that it will
take all steps (including without limitation the completion of procedural formalities) reasonably required by the other such that payments by the obligors in respect of the Foreign Purchased Loans can be made without deduction or withholding for or
on account of tax so far as legally permissible. 

  
 86 

 (j) Buyer (and each of its designees) and Parlex 2 UK each confirm that it is entitled to
full exemption from tax imposed by the United Kingdom on interest under the terms of the double taxation agreement between the United Kingdom and the United States of America. Buyer (and each of its designees) and Parlex 2 AU each confirm that it is
entitled to full exemption from tax imposed by Australia on interest under the terms of the Convention between the Government of Australia and the Government of the United States of America for the Avoidance of Double Taxation and the
Prevention of Fiscal Evasion with Respect to Taxes on Income [1983] ATS 16 and Protocol [2003] ATS 14. 
 (k) Buyer agrees that, so long
as no Event of Default has occurred and is continuing, it will promptly notify Seller if Buyer (or its designee) assigns or otherwise transfers any interest in any Foreign Purchased Loan where it is aware that to do so could result in any increased
deduction or withholding for or on account of tax from amounts payable by the obligors in respect of such Foreign Purchased Loan. 
 (l) Each
party’s obligations under this Section 31 shall survive any assignment of rights by, or the replacement of, Buyer, the termination of the Transactions and the repayment, satisfaction or discharge of all obligations under any Transaction
Document. 
  

	32.	 JOINT AND SEVERAL OBLIGATIONS 

(a) Each Seller hereby acknowledges and agrees that (i) each Seller shall be jointly and severally liable to Buyer to the maximum extent
permitted by Requirement of Law for all Repurchase Obligations, (ii) the liability of each Seller with respect to the Repurchase Obligations (A) shall be absolute and unconditional to the extent set forth in this Agreement and the other
Transaction Documents and shall remain in full force and effect (or be reinstated) until all Repurchase Obligations shall have been paid, performed and/or satisfied, as applicable, in full, and (B) until such payment, performance and/or
satisfaction, as applicable, has occurred, shall not be discharged, affected, modified or impaired on the occurrence from time to time of any event, including any of the following, whether or not with notice to or the consent of each Seller,
(1) the waiver, compromise, settlement, release, termination or amendment (including any extension or postponement of the time for payment, performance, satisfaction, renewal or refinancing) of any of the Repurchase Obligations (other than a
waiver, compromise, settlement, release or termination in full of the Repurchase Obligations), (2) the failure to give notice to each Seller of the occurrence of an Event of Default, (3) the release, substitution or exchange by Buyer of any
Purchased Loan (whether with or without consideration) or the acceptance by Buyer of any additional collateral or the availability or claimed availability of any other collateral or source of repayment or any
non-perfection or other impairment of collateral, (4) the release of any Person primarily or secondarily liable for all or any part of the Repurchase Obligations, whether by Buyer or in connection with
any Act of Insolvency affecting any Seller or any other Person who, or any of whose property, shall at the time in question be obligated in respect of the Repurchase Obligations or any part thereof, or (5) to the extent permitted by Requirement
of Law, any other event, occurrence, action or circumstance that would, in the absence of this Section 32, result in the release or discharge of any or all Sellers from the performance or observance of any Repurchase Obligation,
(iii) Buyer shall not be required first to initiate any suit or to exhaust its remedies against any Seller or any other Person to become 

  
 87 

 liable, or against any of the Purchased Loans, in order to enforce the Transaction Documents and each Seller
expressly agrees that, notwithstanding the occurrence of any of the foregoing, each Seller shall be and remain directly and primarily liable for all sums due under any of the Transaction Documents, (iv) when making any demand hereunder against
any Seller, Buyer may, but shall be under no obligation to, make a similar demand on any other Seller, and any failure by Buyer to make any such demand or to collect any payments from any other Seller, or any release of any such other Seller shall
not relieve any Seller in a respect of which a demand or collection is not made or Sellers not so released of their obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of
law, of Buyer against Sellers, and (v) on disposition by Buyer of any property encumbered by any Purchased Loans, each Seller shall be and shall remain jointly and severally liable for any deficiency to the extent set forth in this Agreement
and the other Transaction Documents. 
 (b) Buyer hereby acknowledges and agrees that the provisions of this Section 32 and the
obligation of each Seller to be jointly and severally liable for the Repurchase Obligations do not and shall not violate any of the provisions of Section 13 of this Agreement or otherwise cause any Seller to no longer be a Special Purpose
Entity. 

  
 88 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day first written
above. 
  

			
	BUYER:
	
	CITIBANK, N.A.
		
	By:	 	 /s/ Richard B. Schlenger

	Name:	 	Richard B. Schlenger
	Title:	 	Authorized Signatory

 [SIGNATURES CONTINUE ON NEXT PAGE] 

  
 [Signature Page to Third
Amended and Restated Master Repurchase Agreement] 

 
					
	SELLER:
	
	PARLEX 2 FINANCE, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Douglas N. Armer

		 	Name:	 	Douglas N. Armer
		 	Title:	 	Managing Director, Head of Capital Markets and Treasurer
	
	PARLEX 2A FINCO, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Douglas N. Armer

		 	Name:	 	Douglas N. Armer
		 	Title:	 	Managing Director, Head of Capital Markets and Treasurer
	
	PARLEX 2 UK FINCO, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Douglas N. Armer

		 	Name:	 	Douglas N. Armer
		 	Title:	 	Managing Director, Head of Capital Markets and Treasurer
	
	PARLEX 2 EUR FINCO, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Douglas N. Armer

		 	Name:	 	Douglas N. Armer
		 	Title:	 	Managing Director, Head of Capital Markets and Treasurer
	
	PARLEX 2 AU FINCO, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Douglas N. Armer

		 	Name:	 	Douglas N. Armer
		 	Title:	 	Managing Director, Head of Capital Markets and Treasurer

  
 [Signature Page to Third
Amended and Restated Master Repurchase Agreement] 

 ANNEXES AND EXHIBITS 

 

			
	ANNEX I	  	Names and Addresses for Communications between Parties and Wire Instructions
	SCHEDULE I	  	Prohibited Transferees
	EXHIBIT I	  	Form of Confirmation
	EXHIBIT II	  	Authorized Representatives of Sellers
	EXHIBIT III	  	Form of Custodial Delivery
	EXHIBIT IV	  	Eligible Loan Due Diligence Checklist
	EXHIBIT V-A	  	Form of Power of Attorney for U.S. Purchased Loans
	EXHIBIT V-B	  	Form of Power of Attorney for Foreign Purchased Loans
	EXHIBIT VI-I	  	Representations and Warranties Regarding Each Individual Purchased Loan Which Is Not a Foreign Purchased Loan (AU) or a Participation Interest in a Whole Loan
	EXHIBIT VI-II	  	Representations and Warranties Regarding Each Individual Purchased Loan Which Is a Participation Interest in a Whole Loan
	EXHIBIT VI-III	  	Representations and Warranties Regarding Each Individual Purchased Loan Which Is a Foreign Purchased Loan (AU)
	EXHIBIT VII	  	Collateral Tape
	EXHIBIT VIII	  	Form of Transaction Request
	EXHIBIT IX	  	Form of Request for Margin Excess
	EXHIBIT X	  	Form of Irrevocable Direction Letter
	EXHIBIT XI	  	Form of Joinder Agreement
	EXHIBIT XII	  	Form of Facility Asset Chart

 ANNEX I 

Names and Addresses for Communications Between Parties and Wire Instructions 

Buyer: 
 Citibank, N.A. 

388 Greenwich Street 
 New York,
New York 10013 
 Attention: Richard Schlenger 

Tel: (212) 816-7806 

Email: Richard.Schlenger@Citi.com 

and 
 Sidley Austin LLP

 787 Seventh Avenue 
 New
York, New York 10019 
 Attention: Brian Krisberg, Esq. 

Tel: (212) 839-8735 

Email: Brian.Krisberg@Sidley.com 

Sellers: 
 Parlex 2 Finance, LLC, Parlex
2A Finco, LLC, Parlex 2 UK Finco, LLC, Parlex 2 EUR Finco, LLC and Parlex 2 AU Finco, LLC 
 c/o Blackstone Mortgage Trust, Inc. 

345 Park Avenue 
 New York, NY
10154 
 Attention: Douglas Armer 

Tel: (212) 583-5000 

Email: BXMTCitiRepo@blackstone.com 

With copies to: 
 Ropes & Gray
LLP 
 1211 Avenue of the Americas 

New York, New York 10036 

Attention: Daniel L. Stanco 
 Tel:
(212) 841-5758 
 Email: daniel.stanco@ropesgray.com 

Payments to Buyer: Payments to Buyer under this Agreement shall be made by transfer, via wire transfer, to the following account
of Buyer: Citibank, New York, ABA #: 021000089, Account #: 36855692, Account Name: Citi, NA, Ref: Loan No. BXMT, Credit to: Mortgage Ops. 

 Payments to Parlex 2 Finance, LLC and Parlex 2A Finco, LLC: Payments to each
of Parlex 2 Finance, LLC and Parlex 2A Finco, LLC under this Agreement shall be made by transfer, via wire transfer, to the following account: Bank of America, ABA #: 026009593, Account #: 483024227101, Account Name: “Blackstone Mortgage
Trust, Inc.”. 
 Payments to Parlex 2 UK Finco, LLC: Payments to Parlex 2 UK Finco, LLC under this Agreement shall be
made by transfer, via wire transfer, to the following account: Bank of America, Bank Sort Code #: 165050, IBAN #: GB69 BOFA 1650 5022 0960 11, Bank SWIFT ID: BOFAGB22, Account #: 22096011, Account Name: “Ambassador GBP Holdings, LLC”. 

Payments to Parlex 2 EUR Finco, LLC: Payments to Parlex 2 EUR Finco, LLC under this Agreement shall be made by transfer, via
wire transfer, to the following account: Bank of America, IBAN #: GB77 BOFA 1650 5022 0780 19, Bank SWIFT ID: BOFAGB22, Account Name: “Ambassador EUR Holdings, LLC”. 

Payments to Parlex 2 AU Finco, LLC: Payments to Parlex 2 EUR Finco, LLC under this Agreement shall be made by transfer, via wire
transfer, to the following account: Bank of America N.A., Australian Branch, BSB #: 232 001, Bank SWIFT ID: BOFAAUSX, Account #: 18331014, Account Name: “Ambassador AUD Holdings, LLC”. 

 SCHEDULE I 

Prohibited Transferees 
 All
Affiliates, successors and assigns of the entities listed on this Schedule I and such other Persons indicated by Seller from time to time and approved by Buyer, such approval not to be unreasonably withheld, shall be Prohibited Transferees, as
defined and used in the Agreement. 
  

			
	 ACORE Capital, LP
	  	 Ladder Capital Securities LLC

	 Angelo, Gordon & Co., L.P.
	  	 LoanCore Capital, LLC

	 Annaly Capital Management, Inc.
	  	 Lone Star U.S. Acquisitions, LLC

	 Apollo Commercial Real Estate Finance, Inc.
	  	 Macquarie Group Limited

	 Arbor Realty Trust Inc.
	  	 Mesa West Capital, LLC

	 Ares Commercial Real Estate Corporation
	  	 NCH Capital Inc.

	 Baupost Group, LLC
	  	 Newcastle Investment Corp.

	 Brookfield Investment Management Inc.
	  	 Oaktree Capital Management, L.P.

	 Cantor Fitzgerald & Co.
	  	 OZ Management LP

	 CapitalSource Inc.
	  	 Pacific Investment Management Company LLC

	 Carlyle Realty Partners L.P.
	  	 RAIT Financial Trust

	 Cerberus Capital Management, LLP
	  	 Redwood Trust Inc.

	 Children’s Investment Fund LP
	  	 Related Fund Management, LLC

	 CIM Group, Inc.
	  	 Rialto Capital Management, LLC

	 Colony Financial, Inc.
	  	 Rockwood Capital LLC

	 Colony NorthStar, Inc.
	  	 SL Green Realty Corp.

	 CreXus Investment Corp.
	  	 Square Mile Capital Management, LLC

	 Fortress Credit Corp.
	  	 Starwood Capital Group

	 Guggenheim Partners, LLC
	  	 Starwood Property Trust, Inc.

	 H/2 Credit Manager LP
	  	 TPG Capital Management, L.P.

	 iStar Financial Inc.
	  	 Westbrook Partners LLC

	 Invesco Ltd.
	  	 Winthrop Capital Management, LLC

	 KKR & Co. L.P.
	  	

 EXHIBIT I 

CONFIRMATION STATEMENT 
 Ladies and
Gentlemen: 
 Citibank, N.A., is pleased to deliver our written CONFIRMATION of our agreement to enter into the Transaction pursuant
to which Citibank, N.A. shall purchase from you, [                    ], LLC (“Seller”), the Purchased Loans identified on Schedule
1, pursuant to the terms of that certain Third Amended and Restated Master Repurchase Agreement, dated as of October 12, 2018 (the “Agreement”), among Citibank, N.A. (“Buyer”) and Seller, [list Seller
entities other than the “Seller” defined hereunder] and any Person that joins as a Seller (as such term is defined in the Agreement) under the Agreement from time to time, as follows below and on the attached Schedule 1. Capitalized
terms used herein without definition have the meanings given in the Agreement. 
  

			
	 Purchased Loan:
	  	                     (as identified on attached Schedule 1)
		
	 Aggregate Principal Amount of Purchased Loan:
	  	[$/£/€/A$____]
		
	 Governing Agreements:
	  	As identified on attached Schedule 1
		
	 Purchase Date:
	  	__________, 20__
		
	 Repurchase Date:
	  	The earlier of (x) the Facility Expiration Date and (y) the maturity date of the Purchased Loan
		
	 Purchase Price Percentage:
	  	[____%]
		
	 Maximum Purchase Price Percentage:
	  	[____%]
		
	 Pricing Rate:
	  	[one/three] month [LIBOR/EURIBOR/BBSY] plus [____%]
		
	 Margin Percentage:
	  	[____%]
		
	 LTV (Purchase Price):
	  	[____%]
		
	 Maximum LTV (Purchase Price):
	  	[____%]
		
	 LTV (Aggregate Loan UPB):
	  	[____%]
		
	 LTV (Loan UPB):
	  	[____%]
		
	 Purchase Price:
	  	[$/£/€/A$____] (see Transaction Activity Log on Schedule 2)

  
 I-1 

			
		
	 Maximum Purchase Price as of Purchase Date:
	  	[$/£/€/A$____]
		
	 Funding Fee:
	  	[$/£/€/A$____]
		
	 Applicable Currency:
	  	[U.S. Dollars/Pounds Sterling/Euros/AU Dollars]
		
	 [Purchase Date Spot Rate (U.S. Dollars):
	  	[____]]1
		
	 [Purchase Date Spot Rate (AU):
	  	[____]]2
		
	 [Purchase Date Spot Rate (EUR):
	  	[____]]3
		
	 [Purchase Date Spot Rate (GBP):
	  	[____]]4
		
	 Future Funding Conditions Precedent:
	  	[________]
		
	 [Additional Transaction Conditions Precedent:
	  	As identified on attached Schedule 1]5
		
	 [Other Applicable Business Day:
	  	As identified on attached Schedule 1]6
		
	 Type of Funding:
	  	[Table Funding/Non-Table Funding]
		
	 Wiring Instructions7
	  	As identified on attached Schedule 3

  

	1	 For Foreign Purchased Loans. 

	2 	 For Foreign Purchased Loans denominated in AU Dollars where underlying Mortgaged Property is denominated in
currency other than AU Dollars. 

	3 	 For Foreign Purchased Loans denominated in Euro where underlying Mortgaged Property is denominated in currency
other than Euro. 

	4 	 For Foreign Purchased Loans denominated in Pounds Sterling where underlying Mortgaged Property is denominated
in currency other than Pounds Sterling. 

	5	 As mutually agreed upon by Buyer and Seller. 

	6	 For Foreign Purchased Loans, as necessary pursuant to clause (iii) of the definition of “Business
Day”. 

	7 	 If different than the standard wiring instructions on Annex I to the Master Repurchase Agreement, Confirmation
requires signature of two officers of Seller. 

  
 I-2 

							
	Name and address for communications:	 		 	Buyer:	 	Citibank, N.A.
		 		 		 	388 Greenwich Street
		 		 		 	New York, New York 10013
		 		 		 	Attention: Richard Schlenger
		 		 		 	Tel: (212) 816-7806
		 		 		 	Email: Richard.Schlenger@Citi.com
				
		 		 	Seller:	 	[                    ], LLC
		 		 		 	c/o Blackstone Mortgage Trust, Inc.
		 		 		 	345 Park Avenue
		 		 		 	New York, NY 10154
		 		 		 	Attention: Douglas Armer
		 		 		 	Tel: (212) 583-5000
		 		 		 	Email:
		 		 		 	BXMTCitiRepo@blackstone.com

  
 I-3 

 
			
	CITIBANK, N.A.

 
			
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

  

			
	AGREED AND ACKNOWLEDGED:
	
	 [                    ],
LLC,
 a Delaware limited liability company

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	

			
		
	[By:	 	  

			
	Name:	 	
	Title:]8	 	

  

	8 	 Second signature of Seller is only needed if Seller is directing Buyer to fund to an account other than
Seller’s account specified in Annex I to the Master Repurchase Agreement. 

  
 I-4 

 Schedule 1 to Confirmation Statement 

Purchased Loan: 
 [Maximum]
Aggregate Principal Amount: 
 [Additional Transaction Conditions Precedent:] 

[Other Applicable Business Day:] 

  
 I-5 

 Schedule 2 to Confirmation Statement 

  
 I-6 

 Schedule 3 to Confirmation Statement 

Wiring Instructions 
 Bank Name: _____________

 ABA No/BIC/SWIFT: _____________ 
 Acct. No: _______________

 Account Name: _____________ 

  
 I-7 

 EXHIBIT II 

AUTHORIZED REPRESENTATIVES OF SELLERS 
  

									
	 Name
	 	 	  	 Office
	  	 	  	 Specimen Signature

	Stephen D. Plavin	 		  	Chief Executive Officer, President and Director	  		  	 /s/ Stephen D. Plavin

	Douglas N. Armer	 	    	  	Managing Director, Head of Capital Markets and Treasurer	  		  	 /s/ Douglas N. Armer

	Anthony F. Marone, Jr.	 		  	Managing Director and Chief Financial Officer	  		  	 /s/ Anthony F. Marone, Jr.

	Leon Volchyok	 		  	Principal, Head of Legal and Compliance and Secretary	  		  	 /s/ Leon Volchyok

	Thomas C. Ruffing	 		  	Managing Director, Head of Asset Management	  		  	 /s/ Thomas C. Ruffing

	Weston Tucker	 		  	Managing Director, Head of Investor Relations	  		  	 /s/ Weston Tucker

  
 II-1 

 EXHIBIT III 

FORM OF CUSTODIAL DELIVERY 

On this [            ] day of
[                ], 20[    ],
[                                    ], LLC, a Delaware limited
liability company (“Seller”), pursuant to (i) that certain Second Amended and Restated Custodial Agreement, dated as of October 12, 2018 (as amended, modified or supplemented from time to time, the
“Custodial Agreement”), among Seller, [list Seller entities other than “Seller” defined hereunder], U.S. Bank National Association, as Custodian, and Citibank, N.A. (“Buyer”)
and (ii) that certain Third Amended and Restated Master Repurchase Agreement, dated as of October 12, 2018 (as amended, modified or supplemented from time to time, the “Repurchase Agreement”), among Seller,
[list Seller entities other than “Seller” defined hereunder], any Person that joins as a Seller (as such term is defined in the Agreement) under the Repurchase Agreement from time to time, and Buyer, does hereby deliver the
documents comprising the Purchased Loan File(s) (and listed on Exhibit B hereto with respect to the Purchased Loan(s) identified in Exhibit A hereto) to (a) the applicable Acceptable Attorney, for such Acceptable Attorney to hold
and deliver to Custodian as set forth therein, and (b) the Custodian (through such Acceptable Attorney aforesaid, pursuant to Section 7(b) of the Repurchase Agreement and that certain Attorney’s Bailee Letter between such Acceptable
Attorney and Seller dated as of [                    ], 20[    ] (the “Attorney’s Bailee Letter”)).
Seller hereby instructs such Acceptable Attorney to comply with the terms of the Attorney’s Bailee Letter, and hereby instructs Custodian to comply with the Custodial Agreement, in each case, holding the Purchased Loan File(s) for the benefit
of Buyer. 
 With respect to the Purchased Loan File(s) delivered herewith, for purposes of issuing its Trust Receipt, Custodian shall
review the Purchased Loan File(s) to confirm receipt of each of the documents identified on Exhibit B hereto. 
 Capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the Custodial Agreement. 
 [Remainder of this page
intentionally left blank.] 

  
 III-1 

 IN WITNESS WHEREOF, Seller has caused this Custodial Delivery Certificate to be executed and
delivered by its duly authorized officer as of the day and year first above written. 
  

			
	 [                    ],
LLC,
 a Delaware limited liability company

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 III-2 

 EXHIBIT IV 

ELIGIBLE LOAN DUE DILIGENCE CHECKLIST 

General Information 
 Asset Summary Report 

Site Inspection Report 
 Maps and Photos 

Borrower/Sponsor Information 
 Credit Reports 

Financial Statements & Tax Returns 
 Borrower Structure
or Org Chart 
 Bankruptcy and Foreclosure History 
 Corporate
authorizations and solvency certificates delivered at closing of the Purchased Loan (Foreign Purchased Loan) 
 Property Information 

Historical Operating Statements 
 Rent Rolls 

Budget 
 Insurance Review 

Retail Sales Figures 
 Market Survey 

Insurance valuation (Foreign Purchased Loan) 
 Archaeological
survey/ground condition report/structural survey/rights of light report/any other professional report delivered at the closing of the Purchased Loan (Foreign Purchased Loan) Certificate of Title/Report on Title and overview report of the same
delivered at the closing of the Purchased Loan (Foreign Purchased Loan) 
 Evidence of the release of all prior security affecting all Mortgaged Property and
other assets securing the Purchased Loan (Foreign Purchased Loan) 
 All necessary Land Registry application forms in relation to the transfer of and the
charging of all Mortgaged Property securing the Purchased Loan (Foreign Purchased Loan) 
 A land transaction return in relation to any stamp duty land tax
payable in connection with the transfer of any Mortgaged Property to the Mortgagor (Foreign Purchased Loan) 
 Copies of all authorisations necessary for the
transfer and/or charging of all Mortgaged Property and other assets securing the Purchased Loan delivered at closing of the Purchased Loan (Foreign Purchased Loan) 

Leasing Information 
 Stacking Plan 

Major Leases 
 Tenant Estoppels 

Standard Lease Forms 

  
 IV-1 

 SNDA’s 

Copies of all notices to the reversioner of any lease and copies of last rent demands (Foreign Purchased Loan) 

Third Party Reports 
 Appraisals 

Environmental Site Assessments 
 Engineering Reports 

Seismic Reports 
 Other Information 

Hotel Franchise Compliance Reports 
 Hotel Franchise Agreement

 Hotel Franchise Comfort Letters 
 Ground Lease 

Management Contract 
 Disclosures provided for in Exhibit VI
(Foreign Purchased Loan) 
 Undertaking from solicitors holding the original title documentation (Foreign Purchased Loan) 

Managing agent agreement and associated duty of care agreement (Foreign Purchased Loan) 

All tax forms (including VAT registration certificates and double tax treaty confirmations) (Foreign Purchased Loan) 

Documentation 
 Purchase and Sale Agreement 

Closing Statement 
 Legal Binder 

  
 IV-2 

 EXHIBIT V-A 

FORM OF POWER OF ATTORNEY FOR U.S. PURCHASED LOANS 

Know All Men by These Presents, that
[                    ], LLC (“Seller”), does hereby appoint Citibank, N.A. (“Buyer”), its attorney-in-fact to act in Seller’s name, place and stead in any way which Seller could do during the occurrence and continuance of an Event of Default and, subject to
the following sentence, during the occurrence and continuance of a monetary Default or material non-monetary Default, with respect to (i) the completion of the endorsements of the Mortgage Notes and the
Assignments of Mortgages, (ii) the recordation of the Assignments of Mortgages, and (iii) the enforcement of Seller’s rights under the Purchased Loans purchased by Buyer pursuant to the Third Amended and Restated Master Repurchase
Agreement dated as of October 12, 2018 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the “Repurchase Agreement”), among Buyer, Seller, [list Seller entities other than
“Seller” defined hereunder] and any Person that joins as a Seller under the Repurchase Agreement from time to time, and to take such other steps as may be necessary or desirable to enforce Buyer’s rights against such
Purchased Loans, the related Purchased Loan Files and the Servicing Records to the extent that Seller is permitted by law to act through an agent. If a monetary Default or a material non-monetary Default has
occurred and is continuing and Buyer has requested in writing that Seller take or cause to be taken any action that Buyer deems reasonably necessary to preserve Buyer’s ability to enforce upon the Purchased Loans as and when permitted pursuant
to Section 14(b) of the Repurchase Agreement (which writing shall include a statement that Buyer will exercise its power of attorney if Seller fails to take or cause to be taken such action requested by Buyer), and Seller has not complied with
any such request promptly following receipt thereof, then Buyer may exercise its power of attorney during the existence and continuation of any such monetary Default or material non-monetary Default, as the
case may be, as Buyer deems reasonably necessary to preserve Buyer’s ability to enforce upon the Purchased Loans as and when permitted pursuant to Section 14(b) of the Repurchase Agreement. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Repurchase Agreement. 

TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OF FACSIMILE OF THIS
INSTRUMENT MAY ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OR SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY, AND
SELLER ON ITS OWN BEHALF AND ON BEHALF OF SELLER’S ASSIGNS, HEREBY AGREES TO HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING RELIED ON THE
PROVISIONS OF THIS INSTRUMENT. 

  
 V-1 

 IN WITNESS WHEREOF Seller has caused this Power of Attorney to be executed as a deed this
     day of                     , 20[    ]. 

 

			
	
[                          
              ],
 a Delaware limited liability
company

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 V-2 

 EXHIBIT V-B 

FORM OF POWER OF ATTORNEY FOR FOREIGN PURCHASED LOANS9 

THIS POWER OF ATTORNEY is made and given on [            ],
20[    ], by [Parlex 2 UK Finco, LLC/Parlex 2 EUR Finco, LLC/Parlex 2 AU Finco, LLC], a limited liability company incorporated under the laws of Delaware whose registered office is at
[        ] (the “Seller”) in favour of Citibank, N.A., whose registered office is at [        ] (the “Attorney”), for the purposes and
on the terms hereinafter set forth. 
  

	(A)	 By the Third Amended and Restated Master Repurchase Agreement dated as of October 12, 2018 (as amended,
restated, supplemented or otherwise modified and in effect from time to time, the “Agreement”), Seller agreed to sell, and the Attorney agreed to purchase, the Purchased Loans on terms requiring Seller to repurchase the same on the
terms set out therein. 

  

	(B)	 In connection with the agreement of the Attorney to purchase the Purchased Loans, Seller has agreed to enter
into these presents for the purposes hereinafter appearing. 

 NOW THIS DEED WITNESSETH and SELLER HEREBY APPOINTS the
Attorney to be its true and lawful attorney in the name of Seller or otherwise, for and on behalf of Seller to do any of the following acts, deeds and things or any of them: 

date and deliver to the facility agent [and/or security trustee (if
applicable)]10 for execution any Transfer Certificate executed by Seller, 

take any action (including exercising voting and/or consent rights) with respect to any participation interest, 

complete the preparation and filing, in form and substance satisfactory to Buyer, of such financing statements, continuation
statements, [financing change statements]11 and other UCC forms [(or forms required for registration on the PPS Register)]12, as Buyer may from
time to time, reasonably consider necessary to create, perfect, and preserve Buyer’s security interest in the Purchased Loans, 

enforce Seller’s rights under the Purchased Loans purchased by Buyer pursuant to the Agreement, 

 

	9 	 On the Purchase Date for each Foreign Purchased Loan secured by Mortgaged Property located outside of the
United Kingdom, Belgium and Australia, this Exhibit V-A shall be reasonably revised as mutually agreed upon by Buyer and Seller to reflect any equivalent terminology, customary market practices and
Requirements of Law in the relevant non-U.S. jurisdiction, in each case applicable to such Foreign Purchased Loan. 

	10	 Include for each Foreign Purchased Loan (AU). 

	11	 Include for each Foreign Purchased Loan (AU). 

	12	 Include for each Foreign Purchased Loan (AU). 

  
 V-1 

 to take such other steps as may be necessary or desirable to fully and
effectively transfer Seller’s rights, title and interests in the Purchased Loans to Buyer or to enforce Buyer’s rights against, under or with respect to such Purchased Loans and the related Purchased Loans Files and the Servicing Records
or to enforce Seller’s rights under the Purchased Loans purchased by Buyer pursuant to the Agreement, 
 provided that Attorney
agrees not to exercise its rights under this instrument unless a monetary Default, material non-monetary Default or an Event of Default has occurred and is continuing. 

The Attorney shall have the power in writing under seal by an officer of the Attorney from time to time to appoint a substitute (each, a
“Substitute Attorney”) who shall have the power to act on behalf of Seller (whether concurrently with or independently of the Attorney) as if that Substitute Attorney shall have been originally appointed as the Attorney by this Deed
and/or to revoke any such appointment at any time without assigning any reason therefor provided the Attorney shall continue to be liable for the negligence, wilful misconduct or bad faith of any such Substitute Attorney appointed by it. 

Seller hereby agrees at all times hereafter to ratify and confirm whatever the Attorney or any Substitute Attorney lawfully does or purports
to do in the exercise of any power conferred by this Power of Attorney. 
 SELLER DECLARES THAT: 

This Power of Attorney shall be irrevocable and is given as security for the interests of the Attorney under the Agreement and will survive and
not be affected by the subsequent bankruptcy or insolvency or dissolution of Seller. 
 Words and expressions defined in the Agreement shall
have the same meanings in this Power of Attorney except so far as the context otherwise requires. 
 This Power of Attorney is governed by
and shall be construed in accordance with [                    ] law. 

  
 V-2 

 IN WITNESS WHEREOF Seller has caused this Power of Attorney to be executed as a deed this
[    ] day of [                    ], 20[    ]. 

 

					
	[PARLEX 2 UK FINCO, LLC/PARLEX 2 EUR
	      FINCO, LLC/PARLEX 2 AU FINCO, LLC], a
	      Delaware limited liability company13 
		
	By:	 	
		 	Name:	 	  

		 	Title:	 	  

  

	13	 For each Foreign Purchased Loan (AU), add execution block for a witness. 

  
 V-3 

 EXHIBIT VI-I 

REPRESENTATIONS AND WARRANTIES 

REGARDING EACH INDIVIDUAL PURCHASED LOAN WHICH IS NOT A FOREIGN 

PURCHASED LOAN (AU) OR A PARTICIPATION INTEREST IN A WHOLE LOAN 

On the Purchase Date for each Foreign Purchased Loan (EUR) or Foreign Purchased Loan (GBP) secured by Mortgaged Property located outside of the United
Kingdom, the representations and warranties set forth on this Exhibit VI-I shall be revised to the extent necessary, as mutually agreed upon by Buyer and Seller, to reflect any equivalent terminology,
customary market practices and Requirements of Law in the relevant non-U.S. jurisdiction, in each case applicable to such Foreign Purchased Loan. 

With respect to Foreign Purchased Loans, any reference in this Exhibit to a “Mortgage” shall be deemed to refer to all security documents entered
into in connection with such Foreign Purchased Loan and any reference to Mortgaged Property shall mean the real property and other assets and rights securing repayment of the Foreign Purchased Loan. 

 

	(1)	 Whole Loan; Ownership of Purchased Loans. Except with respect to a Purchased Loan that is part of a
Whole Loan, each Purchased Loan is a whole loan and not a participation interest in a Purchased Loan. Each Purchased Loan that is part of a Whole Loan is a senior portion of a whole mortgage loan evidenced by a senior note or, with respect to any
Foreign Purchased Loan, other applicable Purchased Loan Document. At the time of the sale, transfer and assignment to Buyer, no Mortgage Note or Mortgage (or, with respect to a Foreign Purchased Loan, any other applicable Purchased Loan Document)
was subject to any assignment, participation or pledge, and Seller had good title to, and was the sole owner (or, in relation to a Foreign Purchased Loan, the sole legal and beneficial owner) of, each Purchased Loan free and clear of any and all
liens, charges, pledges, encumbrances, participations, any other ownership interests on, in or to such Purchased Loan other than any servicing rights appointment or similar agreement and rights of the holder of a related “B note” in an
“A/B” structure in a commercial real estate loan (a “Junior Interest”). Seller has full right and authority to sell, assign and transfer each Purchased Loan, and the assignment to Buyer constitutes a legal, valid and
binding assignment of such Purchased Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Purchased Loan other than the rights of the holder of a related Junior Interest.

  

	(2)	 Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a separate
instrument), guaranty and other agreement executed by or on behalf of the related Mortgagor, guarantor or other obligor in connection with such Purchased Loan is the legal, valid and binding obligation of the related Mortgagor, guarantor or other
obligor (subject to any non-recourse provisions contained in any of the foregoing 

  
 VI-I-1 

 agreements and any applicable state anti-deficiency or market value limit deficiency
legislation), as applicable, and is enforceable in accordance with its terms, except (i) as such enforcement may be limited by (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting the
enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (ii) that certain provisions in such Purchased Loan
Documents (including, without limitation, provisions requiring the payment of default interest, late fees or prepayment/yield maintenance fees, charges and/or premiums) are, or may be, further limited or rendered unenforceable by or under applicable
law, but (subject to the limitations set forth in clause (i) above) such limitations or unenforceability will not render such Purchased Loan Documents invalid as a whole or materially interfere with the Mortgagee’s realization of the
principal benefits and/or security provided thereby (clauses (i) and (ii) collectively, the “Standard Qualifications”). 

Except as set forth in the immediately preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available to
the related Mortgagor with respect to any of the related Mortgage Notes, Mortgages or other Purchased Loan Documents, including, without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by Seller in
connection with the origination of the Purchased Loan, that would deny the Mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Purchased Loan Documents. 

 

	(3)	 Mortgage Provisions. The Purchased Loan Documents for each Purchased Loan contain provisions that render
the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if applicable,
nonjudicial foreclosure subject to the limitations set forth in the Standard Qualifications. 

  

	(4)	 Mortgage Status; Waivers and Modifications. Since origination and except by written instruments set
forth in the related Purchased Loan File (a) the material terms of such Mortgage, Mortgage Note, Purchased Loan guaranty, and related Purchased Loan Documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated
or rescinded in any respect which materially interferes with the security intended to be provided by such Mortgage; (b) no related Mortgaged Property or any portion thereof has been released from the lien of the related Mortgage in any manner
which materially interferes with the security intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and (c) neither the related Mortgagor nor the related guarantor has been
released from any of its material obligations under the Purchased Loan. 

  
 VI-I-2 

	(5)	 Lien; Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage and
assignment of Assignment of Leases to the Mortgagee and, with respect to any Foreign Purchased Loan, assignment of any other applicable Purchased Loan Document, constitutes a legal, valid and binding assignment to the Mortgagee. Each related
Mortgage and Assignment of Leases and applicable Purchased Loan Document is freely assignable or transferable without the consent of or any requirement to consult with or obtain authorization or consent from the related Mortgagor.

 Each related Mortgage is a legal, valid and enforceable first lien or other first priority security interest on the
related Mortgagor’s fee (or if identified in the Due Diligence Package, leasehold) interest in the Mortgaged Property in the principal amount of such Purchased Loan or allocated loan amount (subject only to (i) Permitted Encumbrances (as
defined below); (ii) with respect to any U.S. Purchased Loan, the exceptions to paragraph 6 (“Permitted Liens; Title Insurance”) of this Exhibit VI set forth in the related report delivered by Seller to Buyer of any exceptions to
the representations and warranties set forth in this Exhibit VI; and (iii) with respect to any Foreign Purchased Loan, matters that have been disclosed by or on behalf of the applicable Seller to Buyer in writing prior to the Purchase Date as
part of the Due Diligence Package (each such exception in the foregoing clauses (i) through (iii), a “Title Exception”)), except as the enforcement thereof may be limited by the Standard Qualifications. Except as otherwise set
forth in the Title Policy (as hereinafter defined) relating to any U.S. Purchased Loan, or, with respect to any Foreign Purchased Loan, that has been disclosed by or on behalf of the applicable Seller to Buyer in writing prior to the Purchase Date
as part of the Due Diligence Package, such Mortgaged Property (subject to and excepting Permitted Encumbrances and Title Exceptions) as of origination was, and currently is, free and clear of any recorded mechanics’ liens, recorded
materialmen’s liens (or, with respect to any Foreign Purchased Loan, the equivalent in the relevant non-U.S. jurisdiction) and other recorded encumbrances which are prior to or equal with the lien of the
related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below), and, subject to the rights of tenants (as tenants only) (subject to and excepting Permitted
Encumbrances), no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a
lender’s title insurance policy (as described below). Notwithstanding anything herein to the contrary and in relation to U.S Purchased Loans only, 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 Uniform Commercial Code financing statements is required in order to effect such perfection. 

With respect to Foreign Purchased Loans, all actions have been taken and all filings, recordings and registrations have been made (or will have
been submitted in proper form for filing, recording and/or registration within any applicable time limits prescribed by applicable Requirements of Law) in all public places necessary to perfect a valid first priority security interest in the
Mortgaged Property and the security created by such Mortgage. 

  
 VI-I-3 

	(6)	 Permitted Liens; Title Insurance. In respect of any U.S. Purchased Loan, Mortgaged Property securing a
Purchased Loan is covered by an American Land Title Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a pro forma
policy, a preliminary title policy with escrow instructions or a “marked up” commitment, in each case binding on the title insurer) (the “Title Policy”) in the original principal amount of such Purchased Loan (or with
respect to a Purchased Loan secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or
reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage, which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and
assessments due and payable but not yet delinquent; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record; (c) the exceptions (general and specific) and exclusions set forth in such Title
Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property and condominium declarations; (f) if
the related Purchased Loan is part of a Whole Loan, the rights of the holder of the related Junior Interest; and (g) if the related Purchased Loan is cross-collateralized and cross-defaulted with one or more mortgage loans, the lien of the
Mortgage for another mortgage loan contained in the same cross-collateralized and cross-defaulted group of mortgage loans; provided that none of which items (a) through (f), individually or in the aggregate, materially and adversely interferes
with the value or current use of the Mortgaged Property or the security intended to be provided by such Mortgage or the Mortgagor’s ability to pay its obligations when they become due (collectively, the “Permitted Encumbrances”
(which term, for the avoidance of doubt, is also applicable to Foreign Purchased Loans for purposes of this Exhibit VI)). Except as contemplated by clause (g) of the preceding sentence, none of the Permitted Encumbrances are mortgage liens that
are senior to or coordinate and co-equal with the lien of the related Mortgage. With respect to such U.S. Purchased Loan, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby)
is in full force and effect, all premiums thereon have been paid and no claims have been made by Seller thereunder and no claims have been paid thereunder. Neither Seller, nor to Seller’s Actual Knowledge, any other holder of such U.S.
Purchased Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy. 

  

	(7)	 Junior Liens. It being understood that B notes secured by the same Mortgage as a Purchased Loan are not
subordinate mortgages or junior liens, except for any Junior Interests and Purchased Loan that is cross-collateralized and cross-defaulted with another Purchased Loan, there are, as of origination, and to Seller’s Actual Knowledge, no
subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than, as applicable, Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics and materialmens liens
(which are 

  
 VI-I-4 

 the subject of the representation in paragraph (5) above), and equipment and other
personal property financing). Except as set forth in the Due Diligence Package, Seller has no Actual Knowledge of any mezzanine debt secured directly by interests in the related Mortgagor. 

 

	(8)	 Assignment of Leases and Rents. There exists as part of the related Purchased Loan File an Assignment of
Leases (either as a separate instrument or incorporated into the related Mortgage) or, with respect to any Foreign Purchased Loan, other applicable comparable Purchased Loan Document in the applicable jurisdiction. Subject to the Permitted
Encumbrances and the Title Exceptions, as applicable, and with respect to any Foreign Purchased Loan, to the extent disclosed by or on behalf of the applicable Seller to Buyer in writing prior to the Purchase Date as part of the Due Diligence
Package, each related Assignment of Leases or Purchased Loan Document, as applicable, creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease
or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the
enforcement thereof may be limited by the Standard Qualifications. The related Mortgage or related Assignment of Leases or Purchased Loan Document, as applicable, subject to applicable law and the Standard Qualifications, provides that, upon an
event of default under the Purchased Loan, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee.

  

	(9)	 UCC Filings / Required Filings. With respect to (i) any Foreign Purchased Loan regardless of the
type of related Mortgaged Property and (ii) any U.S. Purchased Loan where the related Mortgaged Property is operated as a hospitality property, Seller has filed and/or recorded or caused to be filed and/or recorded (or, if not filed and/or
recorded, have been submitted in proper form for filing and/or recording), UCC financing statements (or, with respect to any Foreign Purchased Loan, the equivalent under Applicable Requirements of Law in the relevant
non-U.S. jurisdiction or Required Filings) in the appropriate public filing and/or recording offices necessary at the time of the origination of the Purchased Loan to perfect a valid security interest in all
items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal property,
any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Purchased Loan Documents 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, as the case may be. Subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and enforceable lien
and security interest on the items of personalty described above. 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 (or, with respect to any Foreign Purchased Loan, the equivalent under Applicable Requirements of Law in the relevant non-U.S. jurisdiction or Required Filings) are
required in order to effect such perfection. 

  
 VI-I-5 

	(10)	 Condition of Property. Seller or the originator of the Purchased Loan inspected or caused to be
inspected each related Mortgaged Property within six months of origination of the Purchased Loan and within thirteen months of the Purchase Date. 

An engineering report or property condition assessment (and, with respect to Foreign Purchased Loans, such other engineering, property and
technical reports that are customarily prepared in connection with the origination of such Foreign Purchased Loans) was prepared in connection with the origination of each Purchased Loan no more than thirteen months prior to the Purchase Date. To
Seller’s Actual Knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, and except as disclosed on any engineering report or property condition assessment (or, with
respect to Foreign Purchased Loans, such other engineering, property and technical reports) delivered to Buyer, as of the Purchase Date, each related Mortgaged Property was free and clear of any material damage (other than (i) deferred maintenance
for which escrows were established at origination and (ii) any damage fully covered by insurance) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Purchased Loan. 

 

	(11)	 Taxes and Assessments. All taxes, governmental assessments and other outstanding governmental charges
(including, without limitation, water and sewage charges), or installments thereof, which could be a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the Purchase Date
have become delinquent in respect of each related Mortgaged Property, to Seller’s Actual Knowledge, have been paid, or an escrow of funds has been established in an amount sufficient to cover such payments and reasonably estimated interest and
penalties, if any, thereon. For purposes of this representation and warranty, real estate taxes and governmental assessments and other outstanding governmental charges 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. 

 

	(12)	 Condemnation. To Seller’s Actual Knowledge, as of the Purchase Date, Seller has not received
written notice from any government agency or body of any proceeding pending or threatened, for the total or partial condemnation of such Mortgaged Property that would have a material adverse effect on the value, use or operation of the Mortgaged
Property. 

  
 VI-I-6 

	(13)	 Actions Concerning Purchased Loan. To Seller’s Actual Knowledge as of the Purchase Date, there was
no pending or filed action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor, or Mortgagor’s interest in the Mortgaged Property, the Mortgage or any other Purchased Loan Document, an adverse
outcome of which would reasonably be expected to materially and adversely affect (a) such Mortgagor’s title to the Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such Mortgagor’s ability to
perform under the related Purchased Loan, (d) such guarantor’s ability to perform under the related guaranty, (e) the principal benefit of the security intended to be provided by the Purchased Loan Documents, (f) the current
principal use of the Mortgaged Property or (g) title or ownership of Seller and/or Buyer of the Purchased Loan Documents and/or the rights, title and interests thereunder. 

 

	(14)	 Escrow Deposits. All escrow deposits and payments required to be escrowed with Mortgagee pursuant to
each Purchased Loan are in the possession, or under the control, of Seller or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right
thereto) that are required to be escrowed with Mortgagee under the related Purchased Loan Documents are being conveyed by Seller to Buyer or its servicer. 

  

	(15)	 No Holdbacks. Except as for Purchased Loans identified to Buyer in connection with the subject
transaction as having future advances, the principal amount of the Purchased Loan stated in the Due Diligence Package has been fully disbursed as of the Purchase Date and there is no requirement for future advances thereunder (except in those cases
where the full amount of the Purchased Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the related
Mortgaged Property, the Mortgagor or other considerations determined by Seller to merit such holdback). 

  

	(16)	 Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be,
insured by a property insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting
the requirements of the related Purchased Loan Documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M. Best Company or “A3” (or the equivalent)
from Moody’s Investors Service, Inc. or “A-” from Standard & Poor’s Ratings Service (with respect to any Foreign Purchased Loan, other equivalent rating from a comparable rating
company) (collectively, the “Insurance Rating Requirements”), in an amount (subject to a customary deductible) not less than the lesser of (1) the outstanding principal balance of the Purchased Loan and (2) the full
insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less
than the amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged Property. 

  
 VI-I-7 

 Each related Mortgaged Property is also covered, and required to be covered pursuant to the
related Purchased Loan Documents, by business interruption or rental loss insurance which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each Purchased Loan on a single asset with a principal
balance of $50 million (or, with respect to any Foreign Purchased Loan, its then- current equivalent based on the Spot Rate with respect to the Applicable Currency of such Foreign Purchased Loan as of the date of determination) or more, 18
months). 
 If any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in
the Federal Register by the Federal Emergency Management Agency (or other applicable body with respect to a Foreign Purchased Loan) as “a Special Flood Hazard Area” or, with respect to any such Foreign Purchased Loan, otherwise as having
special flood hazards, the related Mortgagor is required to maintain insurance in the maximum amount available under the National Flood Insurance Program (or, with respect to a Foreign Purchased Loan, in such amount as is customary in the applicable
non-U.S. jurisdiction). 
 If the Mortgaged Property is located within 25 miles of the coast of the
Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina, the related Mortgagor is required to maintain coverage for windstorm and/or windstorm related perils and/or “named storms” issued by an insurer
meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms. 

The Mortgaged Property is covered, and required to be covered pursuant to the related Purchased Loan Documents, by a commercial general
liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by
prudent institutional commercial mortgage lenders, and in any event not less than $1 million per occurrence and $2 million in the aggregate (or, in each case, with respect to any Foreign Purchased Loan, its then-current equivalent based on
the Spot Rate with respect to the Applicable Currency of such Foreign Purchased Loan as of the date of determination). 
 With respect to a
U.S. Purchased Loan, an architectural or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole
purpose of assessing the scenario expected limit (“SEL”) for the Mortgaged Property in the event of an earthquake. In such instance, the SEL was based on a 475-year return period, an exposure period
of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer
rated at least “A:VIII” by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by Standard & Poor’s Ratings Service in an
amount not less than 100% of the SEL. 

  
 VI-I-8 

 The related Purchased Loan Documents require insurance proceeds in respect of a property
loss to be applied either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Purchased Loan, the
Mortgagee (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding principal balance of such Purchased Loan together with any accrued
interest thereon. 
 All premiums on all insurance policies referred to in this section due and payable as of the Purchase Date have been
paid, and such insurance policies name the Mortgagee under the Purchased Loan and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional
insured. Such insurance policies will inure to the benefit of Buyer. Each related Purchased Loan obligates the related Mortgagor to maintain or cause to be maintained all such insurance and, at such Mortgagor’s failure to do so, authorizes the
Mortgagee to maintain such insurance at the Mortgagor’s reasonable cost and expense and to charge such Mortgagor for related premiums. All such insurance policies (other than commercial liability policies) require prior notice as provided in
the Purchased Loan Documents to the lender of termination or cancellation (or such lesser period, as may be required by applicable law) arising for any reason other than non-payment of a premium and no such
notice has been received by Seller. 
  

	(17)	 Access; Utilities; Separate Tax Lots. To Seller’s Actual Knowledge, based solely upon Seller’s
review of the related Title Policy (if applicable) and current surveys obtained in connection with origination, each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access via
an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and all required utilities, all of
which are appropriate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels (if applicable) which do not include any property which is not part of the Mortgaged Property or, if applicable, is
subject to an endorsement under the related Title Policy insuring the Mortgaged Property or, with respect to any Foreign Purchased Loan, except as disclosed by or on behalf of the applicable Seller to Buyer in writing prior to the Purchase Date as
part of the Due Diligence Package, or in certain cases, an application has been, or will be, made to the applicable governing authority for creation of separate tax lots, in which case the Purchased Loan requires the Mortgagor to escrow an amount
sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax lots are created. 

  
 VI-I-9 

	(18)	 No Encroachments. To Seller’s Actual Knowledge based solely on current surveys and, with respect to
a U.S. Purchased Loan, the Mortgagee’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title policy with escrow instructions or a “marked up” commitment) obtained in connection with the
origination of each Purchased Loan, or, with respect to any Foreign Purchased Loan, except as disclosed by or on behalf of the applicable Seller to Buyer in writing prior to the Purchase Date, (a) all material improvements that were included
for the purpose of determining the appraised value of the related Mortgaged Property at the time of the origination of such Purchased Loan are within the boundaries of the related Mortgaged Property, except encroachments that do not materially and
adversely affect the value or current use of such Mortgaged Property or, with respect to a U.S. Purchased Loan, for which encroachments insurance or endorsements were obtained under the Title Policy, (b) no improvements on adjoining parcels
encroach onto the related Mortgaged Property except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or, with respect to a U.S. Purchased Loan, for which encroachments insurance or
endorsements were obtained under the Title Policy, and (c) no improvements encroach upon any easements except for encroachments the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property
or, with respect to a U.S. Purchased Loan, for which encroachments insurance or endorsements obtained with respect to the Title Policy. 

  

	(19)	 No Contingent Interest or Equity Participation. No Purchased Loan has a shared appreciation feature, any
other contingent interest feature or a negative amortization feature (except that an ARD Loan may provide for the accrual of the portion of interest in excess of the rate in effect prior to the anticipated repayment date) or an equity participation
by Seller (excluding any equity interest held or pledged in connection with a Mezzanine Loan or preferred equity interest). 

  

	(20)	 REMIC. In respect of a U.S. Purchased Loan, to the extent such Purchased Loan is identified as being
REMIC eligible, the Purchased Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule in the Treasury Regulations
Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the Purchased Loan to the related Mortgagor at origination did
not exceed the non-contingent principal amount of the Purchased Loan and (B) either: (a) such Purchased Loan is secured by an interest in real property (including buildings and structural components
thereof, but excluding personal property) having a fair market value (i) at the date the Purchased Loan was originated at least equal to 80% of the adjusted issue price of the Purchased Loan on such date or (ii) at the Purchase Date at
least equal to 80% of the adjusted issue price of the Purchased Loan on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property
interest that is senior to the Purchased Loan and (B) a proportionate amount of any lien that is in parity with the Purchased Loan; or (b) substantially all of the proceeds of such Purchased Loan were used to acquire, improve or protect
the real 

  
 VI-I-10 

 property which served as the only security for such Purchased Loan (other than a recourse
feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If such U.S. Purchased Loan was “significantly modified” prior to the
Purchase Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Purchased Loan or (y) satisfies the provisions of
either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Purchased Loan was originated) or sub- clause (B)(a)(ii),
including the proviso thereto. Any prepayment premium and yield maintenance charges applicable to such U.S. Purchased Loan constitute “customary prepayment penalties” within the meaning of Treasury Regulations Section 1.860G-1(b)(2). All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations. 
  

	(21)	 Compliance with Usury Laws. To Seller’s Actual Knowledge, in reliance solely upon legal opinions
delivered in connection with a Purchased Loan, the interest rate (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) of such Purchased Loan complied as of the date of origination with, or was exempt
from, applicable laws including state or federal laws, regulations and other requirements pertaining to usury. 

  

	(22)	 Authorized to do Business. To the extent required under applicable law, as of the Purchase Date or as of
the date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to transact and do business in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not
materially and adversely affect the enforceability of such Purchased Loan by Buyer. 

  

	(23)	 Trustee under Deed of Trust. With respect to each Mortgage which is a deed of trust, as of the date of
origination and, to Seller’s Actual Knowledge, as of the Purchase Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the
Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related Mortgagee. 

To the extent applicable, if any Mortgage is held in trust for the lender and/or related parties: 

(a) a trustee, duly qualified under applicable law to serve as such, is properly designated and serving as such; and 

(b) no fees or expenses other than customary fees, costs and indemnities (including annual agency/security agency fees, transfer fees and fees
for management time) are payable to such trustee by Seller if the related Mortgagor does not fulfill its obligations to pay such amounts under the Purchased Loan. 

  
 VI-I-11 

	(24)	 Local Law Compliance. To Seller’s Actual Knowledge, based solely upon any of a letter from any
governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement to the related Title Policy (if applicable), or other affirmative investigation of local law compliance consistent with the
investigation conducted by Seller for similar commercial and multifamily mortgage loans intended for securitization, the improvements located on or forming part of each Mortgaged Property securing a Purchased Loan as of the date of origination of
such Purchased Loan (or related Whole Loan, as applicable) and as of the Purchase Date, there are no material violations of applicable zoning ordinances, building codes and land laws (collectively “Zoning Regulations”) other than
those which (i) are insured by the Title Policy or a law and ordinance insurance policy, or, with respect to a Foreign Purchased Loan, matters that have been described in the related Property Report, (ii) are adequately reserved for in
accordance with the Purchased Loan Documents, or (iii) would not have a material adverse effect on the value, operation or net operating income of the Mortgaged Property. The terms of the Purchased Loan Documents require the Mortgagor to comply
in all material respects with all applicable governmental regulations, zoning and building laws. 

  

	(25)	 Licenses and Permits. Each Mortgagor covenants in the Purchased Loan Documents that it shall keep all
material licenses, permits and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect, and to Seller’s Actual Knowledge based upon any of a letter from any government authorities or
other affirmative investigation of local law compliance consistent with the investigation conducted by Seller for similar commercial and multifamily mortgage loans intended for securitization, all such material licenses, permits and applicable
governmental authorizations are in effect. The Purchased Loan requires the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located. 

 

	(26)	 Recourse Obligations. The Purchased Loan Documents for each U.S. Purchased Loan provide that such
Purchased Loan (a) becomes full recourse to the Mortgagor or guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related
Mortgaged Property that are not de minimis) in any of the following events: (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be
filed by the Mortgagor; (ii) Mortgagor or guarantor shall have colluded with (or, alternatively, solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or
(iii) voluntary transfers of either the Mortgaged Property or equity interests in Mortgagor made in violation of the Purchased Loan Documents; and (b) contains provisions providing for recourse against the Mortgagor or guarantor (which is
a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained by reason

  
 VI-I-12 

 of Mortgagor’s (i) misappropriation of rents after the occurrence of an event of
default under the Purchased Loan, (ii) misappropriation of (A) insurance proceeds or condemnation awards or (B) security deposits or, alternatively, the failure of any security deposits to be delivered to Mortgagee upon foreclosure or
action in lieu thereof (except to the extent applied in accordance with leases prior to a Purchased Loan event of default); (iii) fraud or intentional material misrepresentation; (iv) breaches of the environmental covenants in the Purchased
Loan Documents; or (v) commission of intentional material physical waste at the Mortgaged Property. 
  

	(27)	 Mortgage Releases. The terms of the related Mortgage or related Purchased Loan Documents do not provide
for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment, or (in the case of a U.S. Purchased Loan) partial Defeasance (as defined in paragraph
(32)), of not less than a specified percentage, which, in the case of a U.S. Purchased Loan identified as REMIC eligible, at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion of the Mortgaged Property and
(ii) the outstanding principal balance of the Purchased Loan, (b) upon payment in full of such Purchased Loan, (c) upon a Defeasance defined in paragraph (32) below, (d) releases of
out-parcels that are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any
material value in the appraisal obtained at the origination of the Purchased Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e) as required pursuant to an order of
condemnation or taking by a state or other jurisdiction or any political subdivision or authority thereof. With respect to any U.S. Purchased Loan identified as REMIC eligible, with respect to any partial release under the preceding clauses
(a) or (d), either: (x) such release of collateral (i) would not constitute a “significant modification” of such Purchased Loan within the meaning of Section 1.860G-2(b)(2) of the
Treasury Regulations and (ii) would not cause such Purchased Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or Servicer can, in accordance with the
related Purchased Loan Documents, condition such release of collateral on the related Mortgagor’s delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding clause (x),
if the fair market value of the real property constituting such Mortgaged Property after the release is not equal to at least 80% of the principal balance of such Purchased Loan outstanding after the release, the Mortgagor is required to make a
payment of principal in an amount not less than the amount required by the REMIC provisions. 

  

	(28)	 Financial Reporting and Rent Rolls. Each Mortgage requires the Mortgagor to provide the owner or holder
of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements, which annual financial statements with 

  
 VI-I-13 

 respect to each Purchased Loan with more than one Mortgagor are in the form of an annual
combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements of operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the
Mortgaged Properties on a combined basis. 
  

	(29)	 Acts of Terrorism Exclusion. With respect to each Purchased Loan over $20 million (or, with respect
to any Foreign Purchased Loan, its then-current equivalent based on the Spot Rate with respect to the Applicable Currency of such Foreign Purchased Loan as of the date of determination), the related special-form
all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk
Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (collectively referred to as “TRIA”) (or, with respect to a Foreign Purchased Loan, the equivalent term under the equivalent
Requirements of Law under the relevant non-U.S. jurisdiction), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each other Purchased Loan,
the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination of the Purchased Loan,
and, to Seller’s Actual Knowledge, do not, as of the Purchase Date, specifically exclude Acts of Terrorism, as defined in TRIA (or, with respect to a Foreign Purchased Loan, the equivalent term under the equivalent Requirements of Law under the
relevant non-U.S. jurisdiction), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each Purchased Loan, the related Purchased Loan
Documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA (or, with respect to a Foreign Purchased Loan, the equivalent term under the equivalent Requirements of Law under the
relevant non-U.S. jurisdiction), or damages related thereto except to the extent that any right to require such coverage may be limited by commercial availability on commercially reasonable terms, or as
otherwise indicated in the related report delivered by Seller to Buyer of any exceptions to the representations and warranties set forth in this Exhibit VI; provided, that if TRIA (or, with respect to a Foreign Purchased Loan, the equivalent
Requirements of Law under the relevant non-U.S. jurisdiction) or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor under each
Purchased Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more than the Terrorism Cap Amount on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism
Cap Amount, the Mortgagor is required to purchase the maximum amount of terrorism insurance available with funds equal to the Terrorism Cap Amount. The “Terrorism Cap Amount” is the specified percentage (which is at least equal to
200%) of the amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance required under the related Purchased Loan Documents (without giving effect to the cost of terrorism
and earthquake components of such casualty and business interruption/rental loss insurance). 

  
 VI-I-14 

	(30)	 Due on Sale or Encumbrance. Except as otherwise disclosed in the Due Diligence Package, subject to
specific exceptions set forth below, each U.S. Purchased Loan contains a “due on sale” or other such provision for the acceleration of the payment of the unpaid principal balance of such Purchased Loan if, without the consent of the holder
of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the related Purchased Loan Documents (which provide for transfers without the consent of the Mortgagee which are customarily
acceptable to Seller lending on the security of property comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment
promptly replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Purchased Loan Documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% in the
related Mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in
the related Purchased Loan Documents, (iii) transfers of less than, or other than, a controlling interest in the related Mortgagor, (iv) transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person
designated in the related Purchased Loan Documents or a Person satisfying specific criteria identified in the related Purchased Loan Documents, such as a qualified equityholder, (v) transfers of stock or similar equity units in publicly traded
companies or (vi) a substitution or release of collateral within the parameters of paragraphs (27) and (32) herein, or (vii) by reason of any mezzanine debt that existed at the origination of the related Purchased Loan, or future
permitted mezzanine debt as set forth in the Due Diligence Package or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Junior Interest
of any Purchased Loan or any subordinate debt that existed at origination and is permitted under the related Purchased Loan Documents, (ii) purchase money security interests (iii) any Purchased Loan that is cross-collateralized and
cross-defaulted with another Purchased Loan, as set forth in the Due Diligence Package or (iv) Permitted Encumbrances. The related Mortgage or other Purchased Loan Documents provide that to the extent any rating agency fees are incurred in
connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable out-of-pocket
fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance. Upon the acceleration of a Foreign Purchased Loan, all related security shall become immediately enforceable. 

 

	(31)	 Single-Purpose Entity. Except as otherwise disclosed in the Due Diligence Package, each Purchased Loan
requires the Mortgagor to be a Single-Purpose Entity for at least as long as the Purchased Loan is outstanding. Both the Purchased Loan Documents and the organizational documents of the Mortgagor with respect to each Purchased Loan with an unpaid
principal balance as of the Purchase Date in excess of $5 million (or, with respect 

  
 VI-I-15 

 to any Foreign Purchased Loan, its then-current equivalent based on the Spot Rate with
respect to the Applicable Currency of such Foreign Purchased Loan as of the date of determination) provide that the Mortgagor is a Single-Purpose Entity, and each Purchased Loan with an unpaid principal balance as of the Purchase Date of
$50 million (or, with respect to any Foreign Purchased Loan, its then-current equivalent based on the Spot Rate with respect to the Applicable Currency of such Foreign Purchased Loan as of the date of determination) or more has a counsel’s
opinion regarding non-consolidation of the Mortgagor. For this purpose, a “Single-Purpose Entity” shall mean an entity, other than an individual, whose organizational documents (or if the
Purchased Loan has an unpaid principal balance as of the Purchase Date equal to $5 million (or, with respect to any Foreign Purchased Loan, its then-current equivalent based on the Spot Rate with respect to the Applicable Currency of such
Foreign Purchased Loan as of the date of determination) or less, its organizational documents or the related Purchased Loan Documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating
one or more of the Mortgaged Properties securing the Purchased Loans and prohibit it from engaging in any business unrelated to such Mortgaged Property or (in the case of U.S. Purchased Loans only) commercial or multi-family properties, and whose
organizational documents further provide, or which entity represented in the related Purchased Loan Documents, substantially to the effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged
Property or (in the case of U.S. Purchased Loans only) commercial or multi-family properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Purchased Loan Documents, that it has its own books and records
and accounts separate and apart from those of any other person (other than a Mortgagor for a Purchased Loan that is cross-collateralized and cross-defaulted with the related Purchased Loan), and that it holds itself out as a legal entity, separate
and apart from any other person or entity. 
  

	(32)	 Defeasance. With respect to any U.S. Purchased Loan that, pursuant to the related Purchased Loan
Documents, can be defeased (a “Defeasance”), (i) the Purchased Loan Documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions specified in the Purchased Loan Documents;
(ii) the Purchased Loan cannot be defeased within two years after the date of origination of such Purchased Loan; (iii) the Mortgagor is permitted to pledge only United States “government securities” within the meaning of
Treasury Regulations Section 1.860G-2(a)(8)(ii), the revenues from which will, in the case of a full Defeasance, be sufficient to make all scheduled payments under the Purchased Loan when due, including
the entire remaining principal balance on the maturity date (or on or after the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty) or, if the Senior Loan is an ARD Loan, the entire principal
balance outstanding on the anticipated repayment date, and if the Purchased Loan permits partial releases of real property in connection with partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments
calculated on a principal amount equal to a specified percentage at least equal to the lesser of (a) 110% of the allocated loan amount for the 

  
 VI-I-16 

 real property to be released and (b) the outstanding principal balance of the Purchased
Loan; (iv) the Mortgagor is required to provide a certification from an independent certified public accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in (iii) above, (v) if
the Mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the Purchased Loan secured by defeasance collateral is required to be assumed (or the Mortgagee may require such assumption) by a Single-Purpose
Entity; (vi) the Mortgagor is required to provide an opinion of counsel that the Mortgagee has a perfected security interest in such collateral prior to any other claim or interest; and (vii) the Mortgagor is required to pay all rating
agency fees associated with Defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable out-of-pocket expenses associated with
Defeasance, including, but not limited to, accountant’s fees and opinions of counsel. 
  

	(33)	 Ground Leases. For purposes of this Exhibit VI, a “Ground Lease” shall mean a lease
creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease
to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner and does not include industrial development agency (IDA) or similar
leases for purposes of conferring a tax abatement or other benefit. 

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

	 	(a)	 The Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or registered or submitted
for recordation or registration in a form that is acceptable for recording or registration in the applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from the ground lessor permits the interest of the lessee to be
encumbered by the related Mortgage and does not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related Mortgage;

  

	 	(b)	 The lessor under such Ground Lease has agreed in a writing included in the related Purchased Loan File (or in
such Ground Lease) that the Ground Lease may not be amended or modified, or canceled or terminated by agreement of lessor and lessee, without the prior written consent of the Mortgagee; 

  
 VI-I-17 

	 	(c)	 The Ground Lease has an original term (or an original term plus one or more optional renewal terms, which,
under all circumstances, may be exercised, and will be enforceable, by either Mortgagor or the Mortgagee) that extends not less than 20 years beyond the stated maturity of the related Purchased Loan, or 10 years past the stated maturity if such
Purchased Loan fully amortizes by the stated maturity (or with respect to a Purchased Loan that accrues on an actual 360 basis, substantially amortizes); 

  

	 	(d)	 The Ground Lease either (i) is not subject to any liens or encumbrances superior to, or of equal priority
with, the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii) is subject to a subordination, non-disturbance and attornment agreement to which the
Mortgagee on the lessor’s fee interest in the Mortgaged Property is subject; 

  

	 	(e)	 The Ground Lease does not place, in Seller’s reasonable judgment and to Seller’s Actual Knowledge,
commercially unreasonably restrictions on the identity of the Mortgagee and, upon foreclosing on the Mortgage, the Ground Lease is assignable to the holder of the Purchased Loan and its successors and assigns without the consent of the lessor
thereunder (provided that proper notice is delivered to the extent required in accordance with such Ground Lease), and in the event it is so assigned, it is further assignable by the holder of the Purchased Loan and its successors and assigns
without the consent of the lessor; 

  

	 	(f)	 Seller has not received any written notice of material default (or in the case of a Foreign Purchased Loan,
forfeiture) under or notice of termination of such Ground Lease. To Seller’s Actual Knowledge, there is no material default under such Ground Lease and no condition that, but for the passage of time or giving of notice, would result in a
material default under the terms of such Ground Lease, and in the case of a Foreign Purchased Loan, would lead to a forfeiture of such Ground Lease, and to Seller’s Actual Knowledge, such Ground Lease is in full force and effect as of the
Purchase Date; 

  

	 	(g)	 The Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give to the
Mortgagee written notice of any default, and provides that no notice of default or termination is effective against the Mortgagee unless such notice is given to the Mortgagee; 

 

	 	(h)	 The Mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain
possession of the interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable after the Mortgagee’s receipt of notice of any default before the lessor may terminate the
Ground Lease; 

  

	 	(i)	 The Ground Lease does not impose any restrictions on subletting that would be viewed, in Seller’s
reasonable judgment, as commercially unreasonable by a Seller in connection with loans originated for securitization; 

  
 VI-I-18 

	 	(j)	 Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the
related Mortgage (taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total
or substantially total loss or taking as addressed in subpart (k)) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified
in the related Purchased Loan Documents) 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 of the outstanding principal balance of the Purchased
Loan, together with any accrued interest; 

  

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

 

	 	(l)	 Provided that the Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has
agreed to enter into a new lease with Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in an Act of Insolvency. 

 

	(35)	 Servicing. The servicing and collection practices used by Seller with respect to the Purchased Loan have
been, in all respects, legal and have met customary industry standards for servicing of commercial loans. 

  

	(36)	 Origination and Underwriting. The origination practices of Seller (or to Seller’s Actual Knowledge
the related originator if Seller was not the originator) with respect to each Purchased Loan have been, in all material respects, in material compliance with applicable law and as of the date of its origination, such Purchased Loan (or the related
Whole Loan, as applicable) and to the extent originated by Seller or its Affiliates or, if originated by another Person, to Seller’s Actual Knowledge, the origination thereof complied in all material respects with, or was exempt from, all
requirements of federal, state or local law relating to the origination of such Purchased Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise
covered in this Exhibit VI. 

  
 VI-I-19 

	(37)	 No Material Default; Payment Record. As of the Purchase Date and the date of the transfer of any Margin
Excess to Seller, no Purchased Loan has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required debt service payments since origination, and no Purchased Loan is more than 30 days delinquent (beyond
any applicable grace or cure period) in making required payments. As of the Purchase Date and the date of the transfer of any Margin Excess to Seller, to Seller’s Actual Knowledge, there is (a) no material default, breach, violation or
event of acceleration existing under the related Purchased Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a
material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially and adversely affects the value of the Purchased Loan or the value, use or
operation of the related Mortgaged Property, provided, however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any
other representation and warranty made by Seller in this Exhibit VI (including, but not limited to, the prior sentence). Solely with respect to a Whole Loan, no person other than the holder of such Purchased Loan may declare any event of
default under the Purchased Loan or accelerate any indebtedness under the Purchased Loan Documents. 

  

	(38)	 Bankruptcy. To Seller’s Actual Knowledge as of the Purchase Date and the date of the transfer of
any Margin Excess to Seller, neither the Mortgaged Property (other than any tenants of such Mortgaged Property), nor any portion thereof, is the subject of, and no Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in a
state or federal Act of Insolvency, and in the case of any Foreign Purchased Loan, is not a debtor in any bankruptcy, receivership, conservatorship, reorganization, insolvency, moratorium, administration, examinership or similar proceeding.

  

	(39)	 Organization of Mortgagor. With respect to each U.S. Purchased Loan, based solely upon Seller’s
reliance on certified copies of the organizational documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Purchased Loan (or related Whole Loan, as applicable), the Mortgagor is an entity organized under the
laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico. With respect to each Foreign Purchased Loan, based solely upon Seller’s reliance on certified copies of the organizational documents
of the Mortgagor delivered by the Mortgagor in connection with the origination of such Purchased Loan (or related Whole Loan, as applicable), the related Mortgagor is an entity organized under the laws of England and Wales, Jersey, Guernsey,
Luxembourg, Germany or another jurisdiction in which single purpose entities formed for the purposes of investment in mortgaged properties located in England and Wales or other European countries are commonly organized. Except with respect to any
Purchased Loan that is cross-collateralized and cross defaulted with another Purchased Loan, to Seller’s Actual Knowledge, no Purchased Loan has a Mortgagor that is an affiliate of another Mortgagor. An “Affiliate” for purposes of
this Paragraph 39 means, a mortgagor that is under direct or indirect common ownership and control with another mortgagor. 

  
 VI-I-20 

	(40)	 Environmental Conditions. There is no material and adverse environmental condition or circumstance
affecting the related Mortgaged Property; there is no material violation of any applicable Environmental Law with respect to the related Mortgaged Property. Neither Seller nor the underlying obligor on such Senior Loan has taken any actions which
would cause the related Mortgaged Property not to be in material compliance with all applicable Environmental Laws. The related Purchased Loan Documents require the borrower to materially comply with all Environmental Laws. Each mortgagor has agreed
to either indemnify the mortgagee for any losses resulting from any material, adverse environmental condition (to the extent such condition is not caused by Seller, or from any failure of the mortgagor to abide by such Environmental Laws) or has
provided environmental insurance. 

  

	(41)	 Appraisal. The Purchased Loan File contains an appraisal of the related Mortgaged Property with an
appraisal date within 6 months of the Purchased Loan origination date, and within 12 months of the Purchase Date. The appraisal is signed by an appraiser who (i) is a Member of the Appraisal Institute (“MAI”) (or (A) in the
case of a Mortgaged Property located in England and Wales, a Charter Surveyor, and (B) in the case of a Mortgaged Property located elsewhere in the European Union, a functional equivalent) and (ii), to Seller’s Actual Knowledge, had no
interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Purchased Loan. Each appraiser has represented in such
appraisal or in a supplemental letter that the appraisal satisfies the requirements of: (i) in the case of a Mortgaged Property located in the United States, the “Uniform Standards of Professional Appraisal Practice” as adopted by the
Appraisal Standards Board of the Appraisal Foundation, (ii) in the case of a Mortgaged Property located in England and Wales, the Valuations Standards (Red Book) published by the Royal Institute of Chartered Surveyors, and (iii) in the
case of a Mortgaged Property located elsewhere in the European Union, the appraisal standards uniformly or customarily followed or adopted by the commercial real estate industry within the relevant jurisdiction. 

 

	(42)	 Due Diligence Package. To Seller’s Actual Knowledge, the information pertaining to each Purchased
Loan which is set forth in the Due Diligence Package is true and correct in all material respects as of the Purchase Date. 

  

	(43)	 [Intentionally Omitted] 

 

	(44)	 Advance of Funds by Seller. After origination, no advance of funds has been made by Seller to the
related Mortgagor other than in accordance with the Purchased Loan Documents, and, to Seller’s Actual Knowledge, no funds have been received from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on
the Purchased Loan (other than as contemplated by the Purchased Loan Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under
the related lease or Purchased Loan Documents). Neither Seller nor any affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Purchased Loan, other than contributions made on or prior to the date hereof.

  
 VI-I-21 

	(45)	 Compliance with Anti-Money Laundering Laws. Seller has complied in all material respects with all
applicable anti-money laundering laws and regulations, including without limitation the USA PATRIOT Act of 2001 with respect to the origination of the Purchased Loan, the failure to comply with which would have a material adverse effect on the
Purchased Loan. 

 The following representations and warranties shall be made (when and as required by the terms of the
Agreement) with respect to Foreign Purchased Loans only: 
  

	(46)	 Transferability (Foreign Purchased Loans): Other than consents and approvals obtained or granted
pursuant to the related Mortgage and/or Foreign Purchased Loan Documents, no consent or approval by any Person is required in connection with (a) Seller’s sale and/or Buyer’s acquisition of such Foreign Purchased Loan,
(b) Buyer’s exercise of any rights or remedies in respect of such Foreign Purchased Loan (except with respect to compliance with any applicable Requirement of Law in connection with the exercise of any rights or remedies by Buyer) or
(c) Buyer’s sale, pledge or other disposition of such Foreign Purchased Loan. No third party holds any “right of first refusal”, “right of first negotiation”, “right of first offer”, purchase option or other
similar rights of any kind, and no other impediment exists to any such transfer or exercise of rights or remedies. 

  

	(47)	 Condition of the Mortgaged Property (Foreign Purchased Loans): (a) Seller has not received notice of any
pending or, to Seller’s Actual Knowledge, threatened steps to affect the compulsory purchase of all or any material portion of the Mortgaged Property and (b) to Seller’s Actual Knowledge (based on valuations obtained in
connection with the origination of a Foreign Purchased Loan) as of the date of the origination of such Foreign Purchased Loan, no such valuation disclosed any matter or thing that would materially and adversely affect the value or marketability of
the Mortgaged Property. 

  

	(48)	 Title (Foreign Purchased Loans): Seller obtained from its lawyer or other approved party a report on
title which showed no adverse entries, or, if such report did reveal any adverse entries, such report satisfactorily indicated that such entries would not have caused a reasonably prudent lender of money secured on commercial property to decline to
proceed with the related advance on its agreed terms. 

  

	(49)	 Provisions of Purchased Loan Documents (Foreign Purchased Loans): (a) to Seller’s Actual Knowledge,
the representations and warranties in the applicable Purchased Loan Documents are true and correct in all material respects and (b) the applicable Purchased Loan Documents require the Mortgagor to provide Seller with (A) annual audited
accounts of the Mortgagor in respect of the Purchased Loans, (ii) semi-annual unaudited management accounts of the Mortgagor in respect of the Purchased Loans, (iii) annual valuations for the Mortgaged Property comprising real estate,
(iv) quarterly rent rolls and quarterly forecast of expenses for the Mortgaged Property. 

  
 VI-I-22 

	(50)	 Planning Law (Foreign Purchased Loans): To Seller’s Actual Knowledge, the Mortgaged Property is, in
all material respects, in compliance with, and is used and occupied in accordance with, all restrictive covenants of record applicable to such Mortgaged Property and applicable planning laws and all inspections, licenses, permits and certificates of
occupancy required by law, ordinance or regulation to be made or issued with regard to the Mortgaged Property have been obtained and are in full force and effect, except to the extent the failure to obtain or maintain such inspections, licenses,
permits or certificates of occupancy does not materially impair or materially and adversely affect the use and/or operation of the Mortgaged Property as it was used and operated as of the date of origination of the Foreign Purchased Loan or the
rights of a holder of the Purchased Loan. 

  

	(51)	 Advancement of Funds (Foreign Purchased Loans): Seller has not advanced funds or induced, solicited or
knowingly received any advance of funds from a party other than the Mortgagor, directly or indirectly, for the payment of any amount required by the Foreign Purchased Loan. 

 

	(52)	 Cross-Collaterialization; Cross-Default (Foreign Purchased Loans): The Foreign Purchased Loan is not
cross-collateralized or cross-defaulted with any other loan or security. 

  

	(53)	 Acceleration (Foreign Purchased Loans): The applicable Purchased Loan Documents contain provisions for
the acceleration of the payment of the unpaid principal balance of the Foreign Purchased Loan if (a) there is a disposal of the Mortgaged Property or the Mortgagor, or (b) any security interests are created over the Mortgaged Property or
the Mortgagor in contravention of the Purchased Loan Documents. 

  

	(54)	 Approval Rights (Foreign Purchased Loans): Pursuant to the terms of the applicable Foreign Purchased
Loan Documents: (a) no material terms of the Mortgage may be waived, cancelled, subordinated or modified in any material respect and no material portion of the Mortgage or the Mortgaged Property may be released without the consent of the holder
of the Foreign Purchased Loan, except to the extent such release is permitted under the terms of the applicable Purchased Loan Documents; (b) no material action affecting the value of the Mortgaged Property may be taken by the owner of the
Mortgaged Property with respect to the Mortgaged Property without the consent of the holder of the applicable Purchased Loan Documents; and (c) the consent of the holder of the applicable Purchased Loan Documents is required prior to the owner
of the Mortgaged Property incurring any additional indebtedness in each case, subject to such exceptions as are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable
to the Mortgaged Property in the jurisdiction in which the Mortgaged Property is located. 

  
 VI-I-23 

	(55)	 Reserves (Foreign Purchased Loans): All reserves, funds, escrows and deposits required pursuant to the
Purchased Loan Documents for a Foreign Purchased Loan have been so funded and deposited, are in the possession, or under the control, of an agent of trustee for the holder of the Foreign Purchased Loan and, to Seller’s Actual Knowledge, there
are no deficiencies in connection therewith. 

  

	(56)	 Valuation (Foreign Purchased Loans): A valuation of the Mortgaged Property securing the Foreign
Purchased Loan was conducted within twelve (12) months of the origination of the Foreign Purchased Loan, and to Seller’s Actual Knowledge, such valuation satisfied in all material respects the requirements for a valuation on a market value
basis as defined in the then current Royal Institution of Chartered Surveyors Appraisal and Valuation Manual in association with the Incorporated Society of Valuers and Auctioneers and the Institute of Revenues Rating and Valuation, Practice
Statement 4 (or its successor) (or its equivalent in any applicable jurisdiction). 

  

	(57)	 No Fraud (Foreign Purchased Loans): No fraudulent acts were committed by Seller in connection with its
acquisition or origination of the Foreign Purchased Loan nor, to Seller’s Actual Knowledge, were any fraudulent acts committed by any person in connection with the origination of the Foreign Purchased Loan. 

 

	(58)	 No Equity Participation; No Contingent Interest (Foreign Purchased Loans): No Foreign Purchased Loan
(a) contains an equity participation by the lender or shared appreciation feature or profit participation feature, (b) provides for negative amortization, (c) provides for any contingent or additional interest in the form of
participation in the cash flow of the related Mortgaged Property or (d) has capitalized interest included in its principal balance. 

  

	(59)	 Transfer Certificate (Foreign Purchased Loan): Each Transfer Certificate executed by Seller in blank
(assuming the insertion of the date and an assignee’s name) will constitute the legal, valid and binding first priority assignment of the related Foreign Purchased Loan from Seller to such named assignee (except as such enforcement may be
limited by anti-deficiency laws or bankruptcy, receivership, conversavtorship, reorganization, insolvency, moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity or at law)). 

 For purposes of these
representations and warranties, “Mortgagee” shall mean the mortgagee, grantee or beneficiary under any Mortgage, any holder of legal title to any portion of any Purchased Loan or, if applicable, any agent or servicer on behalf of such
party. 

  
 VI-I-24 

 EXHIBIT VI-II 

REPRESENTATIONS AND WARRANTIES REGARDING EACH INDIVIDUAL 

PURCHASED LOAN WHICH IS A PARTICIPATION INTEREST IN A WHOLE LOAN 

 

	 	(1)	 Senior Interest; Ownership of Purchased Loans. The related participation interest (the
“Participation Interest”) is a senior participation interest in a Whole Loan. In each case, the related Whole Loan (the “Underlying Whole Loan”) is a mortgage loan secured by a first priority security interest in a
commercial or multifamily property. At the time of the sale, transfer and assignment to Buyer, no Mortgage Note or Mortgage related to such Participation Interest was subject to any other assignment, participation (other than senior pari
passu Participation Interests in the related Underlying Whole Loan issued in accordance with the Purchased Loan Documents) or pledge, and Seller had good title to, and was the sole owner of, such Participation Interest free and clear of any and
all liens, charges, pledges, encumbrances, participations, any other ownership interests on, in or to such Participation Interest other than any servicing rights appointment or similar agreement and rights of the holder of a related “B
note” in an “A/B” structure in a commercial real estate loan (a “Junior Interest”). Seller has full right and authority to sell, assign and transfer such Participation Interest, and the assignment to Buyer constitutes a
legal, valid and binding assignment of such Participation Interest free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Participation Interest other than the rights of the holder of a related
Junior Interest. 

  

	 	(2)	 Authorized to do Business. To the extent required under applicable law, as of the Purchase Date or as of
the date that such entity held the related Participation Interest, each holder of such Participation Interest was authorized to transact and do business in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so
authorized does not materially and adversely affect the enforceability of such Participation Interest by Buyer. 

  

	 	(3)	 Due Diligence Package. To Seller’s Actual Knowledge, the information pertaining to such
Participation Interest which is set forth in the Due Diligence Package is true and correct in all material respects as of the Purchase Date. 

  

	 	(4)	 Absence of Required Consents. Other than consents and approvals obtained as of the related Purchase Date
or those already granted in the related Purchased Loan Documents, and assuming that Buyer and any other transferees comply with any intercreditor restrictions set forth in the related Purchased Loan Documents limiting assignees to “Qualified
Transferees”, “Qualified Conduit Lenders” or such comparable terms or conditions under the applicable Purchased Loan Documents, no consent or approval by any Person is required in connection with Seller’s sale and/or Buyer’s
acquisition of such Participation Interest or for Buyer’s exercise of 

  
 VI-II-1 

 any rights or remedies in respect of such Participation Interest (except for compliance with
applicable Requirements of Law in connection with the exercise of any rights or remedies by Buyer). 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. 
  

	 	(5)	 Absence of Required Governmental Actions. No consent, approval, authorization or order of, or
registration or filing with, or notice to, any court or governmental agency or body having jurisdiction or regulatory authority is required for any transfer or assignment by the holder of such Participation Interest. 

 

	 	(6)	 Delivery of Original Certificate. Seller has delivered to Buyer or its designee the original
participation certificate or other similar document(s) representing ownership of such Participation Interest, however denominated, endorsed by Seller in blank. 

 

	 	(7)	 No Material Default; Payment Record. As of the Purchase Date and the date of the transfer of any Margin
Excess to Seller, neither the related Participation Interest nor the related Underlying Whole Loan has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required debt service payments since issuance of
such Participation Interest or origination of such Underlying Mortgage Loan, as the case may be, and neither such Participation Interest nor such Underlying Whole Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in
making required payments. As of the Purchase Date and the date of the transfer of any Margin Excess to Seller, to Seller’s Actual Knowledge, there is (a) no material default, breach, violation or event of acceleration existing under such
Participation Interest or Underlying Whole Loan, and (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material
default, breach, violation or event of acceleration thereunder, which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially and adversely affects the value of such Participation Interest or Underlying
Whole Loan or the value, use or operation of the related Mortgaged Property, provided, however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out
of an exception scheduled to any other representation and warranty made by Seller in Exhibit VI-I and this Exhibit VI-II (including, but not limited to, the prior
sentence). No person other than the holder of such Underlying Whole Loan may declare any event of default under such Underlying Whole Loan or accelerate any indebtedness under the related Underlying Whole Loan documents. 

 

	 	(8)	 Not a Security. Such Participation Interest has not been and shall not be deemed to be a Security within
the meaning of the Securities Act of 1933, as amended or the Securities Exchange Act of 1934, as amended. 

  
 VI-II-2 

	 	(9)	 No Notice of Liabilities. As of the Purchase Date, Seller has not received written notice of any
outstanding material liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind for which the holder of such Participation Interest is or may become obligated under the related
Purchased Loan Documents. 

  

	 	(10)	 No Advance of Funds. Seller has not advanced funds, or, to Seller’s A c t u a l Knowledge, as of
the Purchase Date, received any advance of funds from a party other than the Mortgagor relating to such Participation Interest, directly or indirectly, for the payment of any amount required by such Participation Interest (other than as contemplated
by the related Purchased Loan Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Purchased Loan
Documents). 

  

	 	(11)	 No Offsets, Defenses, Etc. As of the Purchase Date, with respect to the related Participation Interest,
there is 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 that would deny the holder of such Participation Interest the
principal benefits intended to be provided thereby, except with respect to the related Underlying Whole Loan as set forth in the representation and warranty in Paragraph 2 (“Loan Document Status”) in this Exhibit VI-II. 

  

	 	(12)	 Bankruptcy. To Seller’s Actual Knowledge as of the Purchase Date and the date of the transfer of
any Margin Excess to Seller, neither the related Mortgaged Property (other than any tenants of such Mortgaged Property), nor any portion thereof, is the subject of, and no co-partcipant, co-lender, Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in a state or federal Act of Insolvency, and in the case of any Foreign Purchased Loan, is not a debtor in any bankruptcy,
receivership, conservatorship, reorganization, insolvency, moratorium, administration, examinership or similar proceeding. 

  

	 	(13)	 No Contingent Interest or Equity Participation. Except for such Participation Interest and such other
senior pari passu Participation Interests in the related Underlying Whole Loan issued in accordance with the Purchased Loan Documents, the related Underlying Whole Loan d o e s not have a shared appreciation feature, any other contingent
interest feature or a negative amortization feature (except that an ARD Loan may provide for the accrual of the portion of interest in excess of the rate in effect prior to the anticipated repayment date) or an equity participation by Seller
(excluding any equity interest held or pledged in connection with a Mezzanine Loan or preferred equity interest). 

  
 VI-II-3 

	 	(14)	 Mortgage Status; Waivers and Modifications. Since origination and except by written instruments set
forth in the related Purchased Loan File: (a) the material terms of the related Mortgage, Mortgage Note, Purchased Loan guaranty, and related Purchased Loan Documents have not been waived, impaired, modified, altered, satisfied, canceled,
subordinated or rescinded in any respect which materially interferes with the security intended to be provided by such Mortgage; (b) no related Mortgaged Property or any portion thereof has been released from the lien of the related Mortgage in
any manner which materially interferes with the security intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and (c) neither the related Mortgagor nor the related guarantor has
been released from any of its material obligations under the Purchased Loan. 

  

	 	(15)	 Compliance with Usury Laws. To Seller’s Actual Knowledge, in reliance solely upon legal opinions
delivered in connection with a Purchased Loan, the interest rate (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) of (i) such Purchased Loan and (ii) the related Underlying Whole Loan
complied (in the case of clause (i), as of the Purchase Date, and in the case clause (ii), as of the date of origination) with, or was exempt from, applicable laws including state or federal laws, regulations and other requirements pertaining to
usury. 

  

	 	(16)	 Escrow Deposits. All escrow deposits and payments required to be escrowed with Seller pursuant to each
related Purchased Loan are in the possession, or under the control, of Seller or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right
thereto) that are required to be escrowed with Seller under the related Purchased Loan Documents are being conveyed by Seller to Buyer or its servicer. 

  

	 	(17)	 Origination and Underwriting. The origination practices of Seller (or, to Seller’s Actual
Knowledge, the related originator if Seller was not the originator of the related Underlying Whole Loan or issuer of such Participation Interest) with respect to such Participation Interest and the related Underlying Whole Loan have been, in all
material respects, in material compliance with applicable law; and as of the date of its origination or issuance, as applicable, such Participation Interest and the related Underlying Whole Loan (if originated or issued by a Person other than Seller
or an Affiliate, to Seller’s Actual Knowledge), the origination or issuance thereof, as applicable, complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination or
issuance of such Participation Interest and the related Underlying Whole Loan, as applicable; provided, that such representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise
covered in this Exhibit VI-II. 

  
 VI-II-4 

	 	(18)	 Compliance with Anti-Money Laundering Laws. Seller has complied in all material respects with all
applicable anti-money laundering laws and regulations, including without limitation the USA PATRIOT Act of 2001, with respect to the origination of the related Underlying Whole Loan and the creation of such Participation Interest, the failure to
comply with which would have a material adverse effect on such Underlying Whole Loan or such Participation Interest, as the case may be. 

  

	 	(19)	 Actions Concerning Purchased Loan. To Seller’s Actual Knowledge as of the Purchase Date, there was
no pending or filed action, suit or proceeding, arbitration or governmental investigation involving any related Mortgagor, guarantor, or Mortgagor’s interest in the related Mortgaged Property, the related Mortgage or any other related Purchased
Loan Document, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such Mortgagor’s title to such Mortgaged Property, (b) the validity or enforceability of such Mortgage, (c) such
Mortgagor’s ability to perform under the related Purchased Loan, (d) such guarantor’s ability to perform under the related guaranty, (e) the principal benefit of the security intended to be provided by such Purchased Loan
Documents, (f) the current principal use of such Mortgaged Property or (g) title or ownership of Seller and/or Buyer of such Purchased Loan Documents and/or the rights, title and interests thereunder. 

 

	 	(20)	 Underlying Whole Loan Representations and Warranties. Except for the representations and warranties
contained in Paragraph 1 (“Whole Loan; Ownership of Purchased Loans”), Paragraph 4 (“Mortgage Status; Waivers and Modifications”), Paragraph 13 (“Actions Concerning Purchased Loan”), Paragraph 19 (“No Contingent
Interest or Equity Participation”), Paragraph 21 (“Compliance with Usury Laws”), Paragraph 36 (“Origination and Underwriting”), Paragraph 37 (“No Material Default; Payment Record”), Paragraph 38
(“Bankruptcy”), Paragraph 42 (“Due Diligence Package”) and Paragraph 45 (“Compliance with Anti-Money Laundering Laws”), each of the representations and warranties contained in Exhibit
VI-I with respect to Whole Loans is, to Seller’s Actual Knowledge, true and correct with respect to the related Underlying Whole Loan. To the extent the related Underlying Whole Loan is identified in the
related Diligence Materials as REMIC eligible, if such Underlying Whole Loan contains a provision for any defeasance of mortgage collateral, the representation and warranty in Paragraph 33 (“Defeasance”) in Exhibit VI-I is also true and correct with respect to such related Underlying Whole Loan if clause (ii) thereof read “(ii) the Whole Loan cannot be defeased within two years after any securitization of such Whole
Loan or the r e l a t e d Participation Interest”. For purposes of this Paragraph 20, all references to the term “Seller” (other than in respect of Seller’s Actual Knowledge) and the term “Purchased Loan”, in each case
in Exhibit VI-I, shall be deemed to be references to the related “Mortgage lender” and the related “Whole Loan”. 

  
 VI-II-5 

 EXHIBIT VI-III 

REPRESENTATIONS AND WARRANTIES 

REGARDING EACH INDIVIDUAL PURCHASED LOAN 

WHICH IS A FOREIGN PURCHASED LOAN (AU) 
  

	 	A.	 DEFINED TERMS 

“Authorisation” shall mean (a) any consent, registration, filing, agreement, notice of non objection, notarisation,
certificate, licence, approval, permit, authority or exemption; or (b) in relation to anything which a Government Agency may prohibit or restrict within a specific period, the expiry of that period without intervention or action or notice of
intended intervention or action. 
 “Contamination” shall mean, in respect of a property, the presence of Pollutants
(a) in, on or under the property, or (b) in the ambient air and emanating from the property. 
 “Controller” shall
mean a controller as defined in section 9 of the Corporations Act 2001 
 (Cth). 

“Encumbrance” shall mean an interest or power (a) reserved in or over an interest in any asset, including any retention
of title, or (b) created or otherwise arising in or over any interest in any asset under a security agreement, bill of sale, mortgage, charge, lien, pledge, trust or power or any other agreement having similar effect, in each case by way of, or
having similar commercial effect to, security for the payment of a debt, any other monetary obligation or the performance of any other obligation, and includes any agreement to grant or create any of the above and includes a security interest within
the meaning of section 12(1) of the PPSA. 
 “Legal Reservations” shall mean (a) the principle that equitable remedies
(or remedies that are analogous to equitable remedies in other jurisdictions) may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to bankruptcy, insolvency, liquidation, court schemes, moratoria,
administration, examinership, reorganisation and other laws generally affecting the rights of creditors; and (b) the time barring of claims under any limitation laws, the possibility that an undertaking to assume liability for or indemnify a
person against non-payment of stamp duty or other Taxes may be void and defences of set-off or counterclaim. 

“Loan Obligor” shall mean, in relation to a Foreign Purchased Loan (AU), (a) any borrower or other person liable for such
Foreign Purchased Loan (AU) as principal debtor, (b) any guarantor of such Foreign Purchased Loan (AU), or (c) any other person that provides or has provided a Loan Security in respect of such Foreign Purchased Loan (AU) (including the
relevant Mortgagor). 

  
 VI-III-1 

 “Loan Secured Assets” shall mean, in respect of a Foreign Purchased Loan
(AU), the Mortgaged Properties for such Foreign Purchased Loan (AU) and all other property and rights subject to a Loan Security securing such Foreign Purchased Loan (AU). 

“Loan Security” shall mean, in relation to a Foreign Purchased Loan (AU) means (a) each Mortgage, (b) each general
security agreement (if applicable), (c) each other Encumbrance, and (d) each guarantee, indemnity or assurance, in each case that secures, guarantees or provides assurance or is expressed to secure, guarantee or provide assurance for the
payment or repayment or other discharge of the principal amount of such Foreign Purchased Loan (AU), interest or fee on such Foreign Purchased Loan (AU) or any other monies payable in respect of such Foreign Purchased Loan (AU) (and notwithstanding
that the terms of the mortgage, charge, Encumbrance, guarantee, indemnity or other assurance may not secure all such amounts or may also secure, guarantee or provide assurance for the payment of other liabilities). 

“Pollutant” shall mean a pollutant, contaminant, dangerous, toxic or hazardous substance, petroleum or petroleum product,
chemical, solid, special liquid, industrial or other waste. 
 “Permitted Mortgaged Property Encumbrances” shall mean, in
relation to a Mortgaged Property, (a) any lien on the Mortgaged Property relating to rates, land tax and other Taxes in respect of that Mortgaged Property due and payable but not yet delinquent; (b) covenants, conditions and restrictions,
rights of way, easements and other matters of a similar nature registered on the applicable land titles register as a dealing against such Mortgaged Property; (c) other liens and matters to which like properties are commonly subject;
(d) the rights of tenants (as tenants only) under Leases (including sub-leases) pertaining to the Mortgaged Property; (e) if the related Foreign Purchased Loan (AU) is a Senior Interest, the rights
if the holder of the related Junior Interest; and (f) if the related Foreign Purchased Loan (AU) is cross-collateralised and cross-defaulted with one or more mortgage loans, the mortgage for the other mortgage loan contained in the same
cross-collateralised and cross-defaulted group of mortgage loans, provided that none of the above individually, or in aggregate, materially and adversely interferes with the value or current use of the Mortgaged Property, the enforceability of the
Mortgage over such Mortgaged Property or the relevant Mortgagor’s ability to pay its obligations in relation to the related Foreign Purchased Loan (AU) as and when they fall due for payment. 

“Required Policy” shall have the meaning specified in paragraph 14(b) of this Exhibit VI-III. 

“Sub-participation Agreement” shall mean, in respect of a Subparticipated Loan, the
agreement between Parlex 2 AU and a creditor in respect of the underlying Whole Loan under which such creditor grants the Borrower a sub-participation interest in the relevant Whole Loan. 

“Subparticipated Loan” shall mean a Foreign Purchased Loan (AU) in which Parlex 2 AU has been granted a sub-participation interest and is not a lender of record. 

  
 VI-III-2 

	 	B.	 REPRESENTATIONS AND WARRANTIES 

 

	(1)	 Sole Legal and Beneficial Owner. Parlex 2 AU is the sole legal and beneficial owner of (a) such Foreign
Purchased Loan (AU) (whether acquired or made) other than a Subparticipated Loan; (b) all of the Purchased Loan Documents in relation to such Foreign Purchased Loan (AU) (other than a Subparticipated Loan) other than any Loan Security which is
held by a security trustee; and (c) the Subparticipation Agreement in respect of each Subparticipated Loan, in each case free and clear of any Encumbrance, participation or other ownership interest in relation to its right, title and interest
in such Foreign Purchased Loan (AU), Purchased Loan Documents or Subparticipated Loan (as applicable), other than a Permitted Lien. 

  

	(2)	 Purchased Loan Document Status. The obligations which are expressed to be assumed by each Loan Obligor
in respect of such Foreign Purchased Loan (AU) under the applicable Purchased Loan Documents to which it is a party are legal, valid, binding and enforceable obligations subject only to the Legal Reservations. 

 

	(3)	 No Set-Off, Counterclaim. Any amounts payable under any related
Purchased Loan Document will be payable without set-off or counterclaim and Parlex 2 AU is not aware that any Loan Obligor has any valid defence or counterclaim to payment in full of such Foreign Purchased
Loan (AU) or any right of rescission in respect of a related Purchased Loan Document. 

  

	(4)	 Waivers and Amendments. Since origination of such Foreign Purchased Loan (AU), except by written
instruments included in the related Purchased Loan File: (a) the material terms of the Loan Security in respect of such Foreign Purchased Loan (AU) have not been waived, impaired, modified, altered, satisfied, cancelled, subordinated or
rescinded in any respect which materially interferes with the security intended to be provided by such Loan Security; (b) no Loan Secured Assets in respect of such Foreign Purchased Loan (AU) or any portion thereof have been released from the
relevant Loan Security in any manner which materially interferes with the security intended to be provided by such Loan Security or the use or operation of the remaining portion of such Loan Secured Assets; and (c) no Loan Obligor in respect of
such Foreign Purchased Loan (AU) has been released from any of its material obligations in respect of such Foreign Purchased Loan (AU). 

  

	(5)	 Encumbrance Permitted. No related Purchased Loan Document prohibits or restricts Parlex 2 AU from, or
otherwise requires Parlex 2 AU to obtain the consent of, or consult with, any Loan Obligor prior to: (a) granting an Encumbrance over its right, title and interest in and to that Purchased Loan Document (or the rights thereunder); or
(b) assigning its rights, or transferring its rights and obligations, under such Purchased Loan Document. 

  
 VI-III-3 

	(6)	 Perfection and Registration. Each Mortgage or other Loan Security in respect of such Foreign Purchased
Loan (AU): (a) creates the Encumbrance purported to be created by it over the assets purported to be encumbered by it; (b) has been perfected in relation to all Loan Secured Assets expressed to be subject to that Mortgage or other Loan Security
(as applicable); and (c) has the priority it is intended to have. 

  

	(7)	 No Notice of Encumbrances. Other than a Permitted Mortgaged Property Encumbrance or as disclosed by or
on behalf of Parlex 2 AU in writing in the Due Diligence Package relating to such Foreign Purchased Loan (AU), Parlex 2 AU has not received notice from any Person that claims to have an Encumbrance ranking in priority to or equal with the
Encumbrance held by Parle 2 AU and constituted by the Loan Security for such Foreign Purchased Loan (AU). 

  

	(8)	 Condition of Mortgaged Property. Parlex 2 AU or the originator of such Foreign Purchased Loan (AU) (if
not Parlex 2 AU) inspected or caused to be inspected the Mortgaged Property for such Foreign Purchased Loan (AU) within six (6) months of origination of such Foreign Purchased Loan (AU) and within thirteen (13) months of the related
Purchase Date; a technical due diligence report was prepared in connection with the origination of such Foreign Purchased Loan (AU) no more than thirteen (13) months prior to the related Purchase Date; and to Parlex 2 AU’s Actual
Knowledge, based solely on due diligence customarily performed in connection with the origination of comparable mortgage loans and except as disclosed in any technical due diligence report relating to a related Mortgaged Property delivered to Buyer,
as of the related Purchase Date, each Mortgaged Property for such Foreign Purchased Loan (AU) was free and clear of material damage that would materially and adversely affect the use or value of such Mortgaged Property as security for that Foreign
Purchased Loan (AU) (excluding any such material damage relating to either deferred maintenance for which reserves were established at origination or which is fully covered by insurance). 

 

	(9)	 Taxes and Assessments. To the extent that prior to the related Purchase Date, there were any delinquent
Taxes which could give rise to a lien on the related Mortgaged Property ranking prior or equal to the related Mortgage, to Parlex 2 AU’s Actual Knowledge, such Taxes have been paid, or an escrow of funds has been established in an amount
sufficient to cover such payments and any reasonably estimated interests and penalties thereon. For the purposes of this paragraph (9), a Tax shall not be considered delinquent until the earlier of the date on which interest and/or penalties would
first be payable thereon; and the date on which enforcement action is entitled to be taken by the relevant Governmental Agency. 

  

	(10)	 Subordinated Interests. There are, as of origination, and to Parlex 2 AU’s Actual Knowledge, no
Encumbrances affecting the Mortgaged Property relating to such Foreign Purchased Loan (AU) that secure the payment of money which are subordinated or otherwise rank in priority behind the relevant Mortgage other than Junior Interests (if applicable)
or Permitted Mortgaged Property Encumbrances; and except as disclosed in the Due Diligence Package for the relevant Foreign Purchased Loan (AU), Parlex 2 AU has no Actual Knowledge of any mezzanine or junior debt secured directly by interests in
such Loan Obligor in respect of such Foreign Purchased Loan (AU). 

  
 VI-III-4 

	(11)	 Leases and Rents. Subject to the Legal Reservations, except as disclosed to Buyer in the Due Diligence
Package for such Foreign Purchased Loan (AU), the Loan Security for such Foreign Purchased Loan (AU) creates a valid, first priority Encumbrance in rents and certain rights of the related Loan Obligor under any lease or leases of the Mortgaged
Property, subject to any Permitted Liens; and the applicable Loan Security provides that upon an event of default (howsoever described) in respect of the such Foreign Purchased Loan (AU), a Controller is permitted to be appointed or the Mortgagee
may enter into possession, in either case, to collect rents or for rents to be paid directly to the Mortgagee. 

  

	(12)	 No Litigation. To Parlex 2 AU’s Actual Knowledge as of the related Purchased Date, no litigation,
administration proceedings, government investigation or arbitration is pending involving any Loan Obligor in respect of such Foreign Purchased Loan (AU), the relevant Mortgagor’s interest in its Mortgaged Property, or any related Purchased Loan
Document, which adversely determined, would be reasonably expected to materially and adversely affect: (a) the relevant Mortgagor’s title to the Mortgaged Property; (b) the validity or enforceability of the relevant Mortgage;
(c) the relevant Mortgagor’s ability to perform its obligations in respect of the related Foreign Purchased Loan (AU); (d) the ability of any relevant Loan Obligor that is a guarantor to perform its obligations under the related guarantee;
(e) the principal benefit of the security intended to be provided by the related Loan Security; (f) the then current principal use of the relevant Mortgaged Property; or (g) the title or ownership of Parlex 2 AU of the relevant Purchased
Loan Documents (or, in the case of a Subparticipated Loan, the relevant Subparticipation Agreement) and/or its rights, title and interest thereunder. 

  

	(13)	 No Additional Funding. Other than a Foreign Purchased Loan (AU) which has been identified to Buyer in
writing as requiring further advances, the principal amount of the relevant Foreign Purchased Loan (AU) as stated in the related Due Diligence Package has been, or simultaneously with the provision of the Margin Excess (Future Funding) under the
relevant Transaction will be, fully disbursed as at the related Purchase Date and there is no requirement for future advances thereunder (excluding where a portion of the disbursed Foreign Purchased Loan (AU) is escrowed or held in a reserve account
pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the relevant Mortgaged Property, the relevant Mortgagor or other considerations determined by Palex 2 AU to merit such holdback.

  

	(14)	 Insurance. 

  

	 	(a)	 each related Mortgaged Property is, and is required pursuant to the related Purchased Loan Documents to be,
insured (i) against damage, destruction and any other risk in an amount (subject to a customary deductible) that is no less than the lesser of (x) the outstanding principal balance of the relevant Foreign Purchased Loan (AU) and
(y) the full insurable value on a replacement or reinstatement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the related Mortgagor and included in the related Mortgaged Property; and (ii) for
workers’ compensation, public liability and business interruption, in each case, with a reputable and substantial insurer; 

  
 VI-III-5 

	 	(b)	 as at the related Purchased Date, all premiums on all insurance policies referred to in paragraph (14)(a) above
(each a “Required Policy”) relating to the related Mortgaged Property have been paid to the extent the same have fallen due; 

  

	 	(c)	 each Required Policy for a related Mortgaged Property (other than a worker’s compensation or public
liability insurance policy) names the relevant Mortgagee as the loss payee; 

  

	 	(d)	 the relevant Purchased Loan Documents require the Loan Obligors to notify Parlex 2 AU (or any facility or
similar agent, or security trustee, in respect of such Foreign Purchased Loan (AU)) of any cancellation or termination of a Required Policy; and 

  

	 	(e)	 the relevant Purchased Loan Documents require proceeds from any insurance claim made in respect of a property
loss to be applied either (x) to the repair, restoration or reinstatement of all or part of the related Mortgaged Property to which the relevant claim relates where the property loss exceeds 5% of the then outstanding principal balance of such
Foreign Purchased Loan (AU), or (y) to the payment of the outstanding principal balance of such Foreign Purchased Loan (AU) together with any accrued interest thereon. 

 

	(15)	 No Encroachments. To Parlex 2 AU’s Actual Knowledge, based solely on searches of the land titles
registry service for the state or territory in which the related Mortgaged Property is located obtained by Parlex 2 AU in connection with the origination of such Foreign Purchased Loan (AU), (a) all material improvements that were included for the
purposes of determining the appraised value of any related Mortgaged Property at the time of origination of such Foreign Purchased Loan (AU) are within the boundaries of the such Mortgaged Property (except for encroachments that do not materially or
adversely affect the value or current use of such Mortgaged Property), (b) is no encroachment onto any related Mortgaged Property by improvements on or used with adjoining land which materially and adversely affects the value or current use of such
Mortgaged Property, (c) no improvements encroach upon any easements affecting any related Mortgaged Property where such encroachment materially and adversely affects the value and current use of that Mortgaged Property; and (d) the related
Mortgaged Property is not affected by any easement, restriction, right, interest or claim derived under the Native Title Act 1993 (Cth). 

  

	(16)	 Authorisations. Each Mortgagor covenants in the relevant Purchased Loan Documents that it shall keep all
Authorisations required in relation to the Mortgaged Property in full force and effect where failure to do so will have, or will be reasonably likely to have, a material adverse effect on the Mortgagor’s ability to perform its material
obligations under the relevant Purchased Loan Documents or the enforceability or priority of the relevant Mortgage. 

  
 VI-III-6 

	(17)	 Financial Reporting. Each related Purchased Loan Agreement requires one or more of the relevant Loan
Obligors to provide the creditor in respect of such Foreign Purchased Loan (AU) (or any facility or similar agent, or security trustee, in respect of such Foreign Purchased Loan (AU)) with the following: (a) annual audited financial statements
for the relevant Loan Obligors (consolidated if applicable); (b) semi-annual unaudited management accounts of the Loan Obligors; (c) quarterly property management reports (other than for single-tenant properties); (d) quarterly rent rolls and
forecasts of expenses for any Mortgaged Property (other than a single-tenant property) that has Leases contributing more than 5% of the in place base rent; and (e) annual Appraisals for the relevant Mortgaged Property; 

 

	(18)	 Servicing. The servicing and collection practices used by Parlex 2 AU (or any appointed Servicer) with
respect to such Foreign Purchased Loan (AU) have been, in all respects, legal and have met customary industry standards for servicing of commercial loans. 

  

	(19)	 Origination and Underwriting. The origination practices of Parlex 2 AU (or, to Parlex 2 AU’s Actual
Knowledge, the relevant originator if Parlex 2 AU was not the originator) with respect to such Foreign Purchased Loan (AU) have been, in all material respects, in material compliance with applicable law; and as of the date of its origination, to
Parlex 2 AU’s Actual Knowledge (where Parlex 2 AU was not the originator), such Foreign Purchased Loan (AU) and the origination thereof complied in all material respects with, or was exempt from, all applicable laws relating to the origination
of such Foreign Purchased Loan (AU), provided that the representation and warranty in this paragraph (19) does not address or otherwise cover any matters with respect to laws otherwise covered in other paragraphs of this Exhibit VI-III. 

  

	(20)	 No Material Default; Payment Record. As of the related Purchase Date and the date of advancing any
Margin Excess to Parlex 2 AU in respect of such Foreign Purchased Loan (AU): (a) such Foreign Purchased Loan (AU) has not been more than thirty (30) days delinquent, without giving effect to any grace or cure period, in making required debt
service payments since origination, such Foreign Purchased Loan (AU) is not more than thirty (30) days delinquent (beyond any applicable grace or cure period) in making required payments; and (b) to Parlex 2 AU’s Actual Knowledge,
there is no (x) material default, breach, violation or event of acceleration existing under such Foreign Purchased Loan (AU), or (y) event (other than payments due but not yet delinquent) which, with the passage of time or with notice and
the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which in either case, materially and adversely affects the value of such Foreign Purchased Loan (AU) or the value, use or
operation of the related Mortgaged Property. 

  

	(21)	 Compulsory Acquisition. Parlex 2 AU has not received notice of any pending or, to its Actual Knowledge,
threatened steps to affect the compulsory purchase of all or any material portion of any related Mortgaged Property; and to Parlex 2 AU’s Actual Knowledge (based on Appraisals obtained in connection with the origination of the relevant Foreign
Purchased Loan (AU)) as of the date of the origination of such Foreign Purchased Loan (AU), no such Appraisal disclosed any matter or thing that would materially and adversely affect the value or marketability of the relevant Mortgaged Property.

  
 VI-III-7 

	(22)	 Insolvency. To Parlex 2 AU’s Actual Knowledge as of the related Purchase Date and as of the date of
the advance of any Margin Excess to Parlex 2 AU in respect of such Foreign Purchased Loan (AU): (a) neither the related Mortgaged Property, nor any portion thereof, is the subject of any bankruptcy, receivership, administration, insolvent winding up
or similar proceeding; and (b) no Controller, trustee in bankruptcy, administrator, liquidator or similar officer has been and remains appointed to a Loan Obligor for such Foreign Purchased Loan (AU) or, where the related Mortgaged Property is
a single-tenant property, the tenant of the Mortgaged Property. 

  

	(23)	 Environmental Laws. In relation to such Foreign Purchased Loan (AU) and its related Mortgaged Property:
(a) to Parlex 2 AU’s Actual Knowledge, there is no Contamination on, in or under or migrating to or from, that Mortgaged Property which is reasonably likely to have a Material Adverse Effect; (b) there is no material violation of
Environmental Law with respect to the Mortgaged Property; (c) the related Purchased Loan Documents require the relevant Loan Obligors to materially comply with all applicable Environmental Laws. 

 

	(24)	 Due Diligence Package. To Parlex 2 AU’s Actual Knowledge, the information pertaining to such
Foreign Purchased Loan (AU) which is set for in the relevant Due Diligence Package is true and correct in all material respects as of the related Purchase Date. 

 

	(25)	 Compliance with Anti-Money Laundering Laws. Parlex 2 AU has complied in all material respects with all
applicable anti-money laundering laws and regulations with respect to the origination of such Foreign Purchased Loan (AU) (if originated by Parlex 2 AU), the failure to comply with which would have a material adverse effect on such Foreign Purchased
Loan (AU). 

  

	(26)	 Title. Parlex 2 AU obtained from its lawyer or the lawyer for the relevant Loan Obligor(s), a legal
property due diligence report covering title matters which showed no adverse entries, or, if such report did reveal any adverse entries, such report satisfactorily indicated that such entries would not have caused a reasonably prudent lender of
money secured on commercial property to decline to proceed with the related advance on its agreed terms. 

  

	(27)	 Cross-Collateralisation. No Foreign Purchased Loan (AU) is cross-collateralized with any other loan or
security which is not a Purchased Loan. 

  
 VI-III-8 

	(28)	 Acceleration. The applicable Purchased Loan Documents for such Foreign Purchased Loan (AU) contain
provisions which give the holder (or, in the case of a syndicated Foreign Purchased Loan (AU), the facility agent on the instructions of holders representing no less than a majority by commitments) the right to accelerate the payment of the unpaid
principal balance of such Foreign Purchased Loan (AU) if (a) there is a disposal of any related Mortgaged Property or of the equity interests the relevant Mortgagor, or (b) any Encumbrance is created over any related Mortgaged Property or
the relevant Mortgagor, in each case, in contravention of the terms of applicable Purchased Loan Documents (and subject to any applicable grace periods specified in the Purchased Loan Documents for remedy). 

 

	(29)	 Approval Rights. Under the terms of the applicable Purchased Loan Documents: 

 

	 	(a)	 no material terms of the related Mortgage may be waived, cancelled, subordinated or modified in any material
respect and no material portion of the Mortgage or the related Mortgaged Property may be released without the consent of the holder of such Foreign Purchased Loan (AU) (or where such Foreign Purchased Loan (AU) is syndicated, without the consent of
the facility agent for such Foreign Purchased Loan (AU) acting on the instructions of no less than a majority by commitments of the holders of such Foreign Purchased Loan (AU)), except to the extent such release is permitted under the terms of the
applicable Purchased Loan Documents; 

  

	 	(b)	 no material action adversely affecting the value of the related Mortgaged Property may be taken by the owner of
the Mortgaged Property without the consent of the holder of the applicable Purchased Loan Documents (or where such Foreign Purchased Loan (AU) is syndicated, without the consent of the facility agent for such Foreign Purchased Loan (AU) acting on
the instructions of no less than a majority by commitments of the holders of such Foreign Purchased Loan (AU)); and 

  

	 	(c)	 the consent of the holder of the applicable Purchased Loan Documents (or where such Foreign Purchased Loan (AU)
is syndicated, the consent of the facility agent for such Foreign Purchased Loan (AU) acting on the instructions of no less than a majority by commitments of the holders of such Foreign Purchased Loan (AU)) is required prior to the owner of the
related Mortgaged Property incurring any additional indebtedness subject to such exceptions as are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the
Mortgaged Property in Australia. 

  

	(30)	 Reserves. All reserves, funds, escrows and deposits required pursuant to the terms of the Purchased Loan
Documents for such Foreign Purchased Loan (AU) have been so funded and deposited, are in the possession, or under the control, of the creditor of such Foreign Purchased Loan (AU) (or an agent or trustee for the creditor (or creditors) of such
Foreign Purchased Loan (AU)) and, to Parlex 2 AU’s Actual Knowledge, there are no deficiencies in connection therewith. 

  

	(31)	 Appraisals. An Appraisal of the Mortgaged Property securing such Foreign Purchased Loan (AU) was
conducted within twelve (12) months of the origination of such Foreign Purchased Loan (AU). 

  
 VI-III-9 

	(32)	 No Fraud. No fraudulent acts were committed by Parlex 2 AU in connection with its acquisition or
origination (as applicable) of such Foreign Purchased Loan (AU) nor, to Parlex 2 AU’s Actual Knowledge, were any fraudulent acts committed by any person in connection with the origination of such Foreign Purchased Loan (AU).

  

	(33)	 No Equity Participation; No Contingent Interest. No Foreign Purchased Loan (AU) (a) contains an
equity participation by the holder of such Foreign Purchased Loan (AU) or shared appreciation feature or profit participation feature, (b) provides for negative amortization, (c) provides for any contingent or additional interest in the
form of participation in the cash flow of the related Mortgaged Property, or (d) has capitalised interest included in its principal balance. 

  
 VI-III-10 

 EXHIBIT VII 

COLLATERAL TAPE 
  

																																											
	 	  	 	  	 	 	Appraisal	 	Appraisal	 	Appraisal	 	Appraisal	 	Appraisal	 	Appraisal	 	Appraisal	 	Appraisal	 	Appraisal	 	Rent Roll	 	Appraisal	 	 Rent Roll-

Physical
	 	Rent Roll	 	All Debt-
Calc	 	 Calc
  
	 	Mortgage	 	 B-Note

Original

Balance
	 	 Mezzanine

Debt
 Original

Balance
	  	Calc
	 Property
ID
	  	  
	  	Number of
Mortgaged
Properties	 	Property
Name	 	Address	 	City	 	State	 	Zip Code	 	General
Property
Type	 	Detailed
Property
Type	 	Year
Built	 	Year
Renovated	 	UniteS,
Pads,
Rooms, Sq.
FL	 	Unit
Description	 	Occupancy
(%)	 	Occupancy
Date	 	Total Debt
Original
Balance	 	Whole
Loan
Original
Balance	 	A-Note
Original
Balance	 	B-Note
Original
Balance	 	Mezzanine
Debt
Original
Balance	  	Total Debt
Cut-off
Balance

  

  
 VII-1 

																																							
	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Calc	  	Loan Amgt	  	Loan
Amgt	  	Calc
	 Whole
Loan
Cut-
off
Balance
	  	A-Note
Cut-off
Balance	  	B-Note
Cut-off
Balance	  	Mezzanine
Debt Cut-
off Balance	  	Total Debt
Initial
Maturity
Balance	  	Whole
Loan
Initial
Maturity
Balance	  	A-Note
Initial
Maturity
Balance	  	B-Note
Initial
Maturity
Balance	  	Mezzanine
Debt
Initial
Maturity
Balance	  	Total
Debt
Final
Maturity
Balance	  	Whole
Loan
Final
Maturity
Balance	  	A-Note
Final
Maturity
Balance	  	B-Note
Final
Maturity
Balance	  	Mezzanine
Debt Final
Maturity
Balance	  	A-Note
Loan
Per
Unit	  	Whole
Loan
Loan
Per
Unit	  	Total
Debt
Loan
Per
Unit	  	  

Amortization
Type
(During
Initial Term
and
Extended
Term)
	  	Interest
Accrual
Method	  	Original
Term
(Excluding
Extensions)

  
 VII-2 

																																											
	Loan
Agmt	 	Loan
Agmt	 	Calc	 	calc	 	calc	 	calc	 	calc	 	 	 	 Loan

Agmt
	 	 Loan

Agmt
	 	 Loan

Agmt
	 	 Loan

Agmt
	 	 Loan

Agmt
	 	 Loan

Agmt
	 	 Loan

Agmt
	 	 Loan

Agmt
	 	 Loan

Agmt
	 	 Loan

Agmt
	 	 	 	 	 	 Loan

Agmt
	 	 Loan

Agmt

	
Original
Amortization
Term
(Excluding
Extensions)
	 	original
Term
(Including
Extension
Options)	 	IO
Period	 	Seasoning	 	Remaining
Term to
Maturity	 	Remaining
Amortization
Term	 	Remaining
Term
(Including
Extensions)	 	Remaining
Amortization
Term
(Including
Extensions)	 	Origination
Date	 	First
Due
Date	 	Initial
Maturity
Date	 	Extension
Options
(Yes/no)	 	Extension
Options
Description	 	Fully
Extended
Maturity
Date	 	First
Extension
Fee	 	Second
Extension
Fee	 	Third
Extension
Fee	 	Extension
Test
Description	 	Extension
Spread
Increase
(Yes/No)	 	Extension
Spread
Increase
Description	 	Exit
Fees	 	Payment
Day or
Month

  
 VII-3 

																																									
	Strike Price
	 	  	Loan
Agmt	  	Loan
Agmt	  	Loan
Agmt	  	Loan
Agmt	  	Loan
Agmt	  	Loan
Agmt	  	Loan
Agmt	  	Loan Agmt	  	Loan
Agmt	  	Loan
Agmt	  	Loan
Agmt	  	Loan
Agmt	  	 Cap

Agreement
	  	 Cap

Agreement
	  	Bloomberg	  	Loan
Agmt	  	Loan
Agmt	  	Loan
Agmt	  	Loan
Agmt	  	Loan
Agmt
		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
	
Payment
Date
Business
Day
Convention)
	  	Payment
Grace
Period
Event of
Default	  	Payment
Grace
Period
Event or
Late Fee	  	Balloon
Grace
Period
Event
or
Default	  	Balloon
Grace
Period
Event
of Late
Fee	  	Interest
accrual
period
start	  	Interest
accrual
period
end	  	Interest
rate
adjustment
frequency	  	LIBOR
rounding
methodology	  	LIBOR
Lookback
Days	  	LIBOR
Floor	  	LIBOR
Cap	  	LIBOR
Cap
after
Extension	  	LIBOR
Cap
expiration
date	  	LIBOR
Cap
provider	  	LIBOR
Cap
provider
rating	  	Total
Debt
Margin	  	Whole
Loan
Margin	  	A-Note
Margin	  	B-Note
Margin	  	Mezzanine
Margin

  
 VII-4 

																																									
	Calc	  	calc	 	Calc	 	Calc	 	Calc	 	Calc	 	Loan
Agmt	 	calc	 	Calc	 	 	 	Loan
Agmt	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 
	
	 Total
Debt
interest
Rate
	  	Whole
Loan
interest
Rate	 	Trust
Asset
interest
Rate	 	Total
Debt
Interest
Rate
(At
LIBOR
Cap)	 	Whole
Loan
Interest
Rate
(At
LIBOR
Cap)	 	Trust
Asset
Interest
Rate
(At
LIBOR
Cap)	 	Original
Lockout
Payments	 	Remaining
Lockout
Payments	 	Lockout
End
Date	 	Spread
Maintenance	 	Open
payments	 	Prepayment
string	 	Partially
Prepayable
without
Penalty	 	Partially
Prepayable
without
Penalty
Description	 	Partial
Collateral
Release
[Y/N]	 	Partial
Collateral
Release
Description	 	Substitution
Allowed [Y/
N]	 	Substitution
Provision
Description	 	LockBox
[Y/N]	 	Lockbox
Type	  	Terms/
Description
of
Springing
Lockbox (if
applicable)

  
 VII-5 

  

																																											
	 	  	 Closing

Statement
	  	 Servicer

Tape
	 	Loan
Agreement	 	Loan
Agreement	 	 Closing

Statement
	 	 Servicer

Tape
	 	Loan
Agreement	 	 Loan

Agreement
	 	 Loan

Agreement
	 	 	 	 Loan

Agreement
	 	 Closing

Statement
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 
	 Cash
Manageme
nt
Triggers
	  	upfront
RE Tax
Reserve	  	Monthly
RE Tax
Reserve	 	Tax
Reserve
Cap	 	Terms/
Description
of
Springing
Tax
Reserve (if
applicable)	 	Upfront
insurance
Reserve	 	Monthly
Insurance
Reserve	 	Terms/
Description
of
Springing
insurance
(if Reserve
applicable)	 	Upfront
Replacement
Reserve	 	Monthly
Replacement
Reserve	 	Replacement
Reserve Cap	 	Terms/
Description
of Springing
Replacement
Reserve (if
applicable)	 	Upfront
Capex
Reserve	 	upfront
TI/LC
Reserve	 	  
	 	TI/LC
Reserve
Cap	 	Terms/
Description
of
Springing
TI/LC
Reserve (If
Cap
applicable	 	Upfront
Debt
Service
Reserve	 	Monthly
Debt
Service
Reserve	 	Other
Reserve
Description	  	Upfront
Otner
Reserve	  	Monthly
Other
Reserve

  
 VII-6 

																																					
	 	  	 	  	Appraisal	  	Appraisal	  	Appraisal	  	Appraisal	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Other

Reserve
 Cap
	  	Terms/
Description
of
Springing
Other
Reserve (if
appilcable)	  	Appraised
Value (s)	  	Appraisal
Type	  	Appraisal
Cap Rate	  	Appraised
Value
Date	  	Envirnomental
Phase I
Date	  	Phase II
Recommended	  	Environmental
Phase
II Date	  	Engineering
Report
Date	  	Selemic
Report
Date	  	PML
or
SEL
(%)	  	ownership
Interest	  	Ground
Lease
Expiration	  	Ground
Lease
Extension
Options	  	Annual
Ground
Lease
Payment	  	Ground
Lease
Escalation
Terms	  	Borrower
Name	  	Recourse
Guarantor

  

  
 VII-7 

 EXHIBIT VIII 

FORM OF TRANSACTION REQUEST 
 Ladies and
Gentlemen: 
 Pursuant to Section 3(a) of that certain Third Amended and Restated Master Repurchase Agreement, dated as of
October 12, 2018 (the “Agreement”), among Citibank, N.A. (“Buyer”) and [list Seller entities other than the “Seller” defined hereunder] and any Person that joins as a Seller (as such term is
defined in the Agreement) under the Agreement from time to time, [__________], LLC (“Seller”) hereby requests that Buyer enter into a Transaction with respect to the Eligible Loans set forth on Schedule 1 attached hereto, upon the
proposed terms set forth below. Capitalized terms used herein without definition have the meanings given in the Agreement. 
  

			
	            Proposed Eligible Loan:	  	[__________________]
		
	            Aggregate Principal Amount of	  	[$/£/€/A$_________________]
	            Proposed Eligible Loan:	  	
		
	            Amount of Purchase Price	  	[$/£/€/A$_________________]
	            Requested by Seller:	  	

  
 VIII-1 

							
	Name and address for	  	Buyer:	  		  	
	communications:	  		  		  	
		  		  	Citibank, N.A.
		  		  	388 Greenwich Street
		  		  	New York, New York 10013
		  		  	Attention:	  	Richard Schlenger
		  		  	Telephone:	  	(212) 816-7806
		  		  	Email: Richard.Schlenger@Citi.com
				
		  	Seller:	  		  	
			
		  		  	[________________], LLC
		  		  	c/o Blackstone Mortgage Trust, Inc.
		  		  	345 Park Avenue
		  		  	New York, NY 10154
		  		  	Attention: Douglas Armer
		  		  	Tel: (212) 583-5000
		  		  	Email: BXMTCitiRepo@blackstone.com

  
 VIII-2 

 
			
	SELLER:

 
			
	
	 [_________________________], LLC,

a Delaware limited liability company

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 VIII-3 

 Schedule 1 to Transaction Request 

(Attachments: Collateral Tape and Eligible Loan Due Diligence Checklist) 

 
  

Eligible Loan: 
 Aggregate Principal Amount of Eligible Loan:
[$/£/€/A$______________] 

  
 VIII-4 

 Schedule 2 to Transaction Request 

Exceptions to Representations and Warranties Set 

Forth on Exhibit VI 

  
 VIII-5 

 EXHIBIT IX 

FORM OF REQUEST FOR MARGIN EXCESS 
 Ladies
and Gentlemen: 
 Pursuant to Section [4(c)][4(e)] of that certain Third Amended and Restated Master Repurchase Agreement, dated as of
October 12, 2018 (the “Agreement”), among Citibank, N.A. (“Buyer”) and [list Seller entities other than the “Seller” defined hereunder] and any Person that joins as a Seller (as such term is
defined in the Agreement) under the Agreement from time to time, [__________], LLC (“Seller”) hereby requests that Buyer transfer cash to Seller with respect to the Purchased Loan described below in the amount set forth below.
Capitalized terms used herein without definition have the meanings given in the Agreement. 
  

			
	 Purchased Loan:
	  	[__________________]
		
	 Amount of Increase in outstanding Purchase Price Requested by Seller:
	  	[$/£/€/A$_________________] [Describe how Amount Calculated]
		
	 Type of Margin Excess:
	  	[Margin Excess (Future Funding)]
		
		  	[Margin Excess (Other) – [DESCRIBE REASON:
		
		  	Margin Deficit, Prior Paydown without Release of
		  	Collateral, Original Purchase Price less than
		  	Maximum Purchase Price]]

  
 IX-1 

							
	Name and address for	  	Buyer:	  		  	
	communications:	  		  		  	
		  		  	Citibank, N.A.
		  		  	388 Greenwich Street
		  		  	New York, New York 10013
		  		  	Attention:	  	Richard Schlenger
		  		  	Telephone:	  	(212) 816-7806
		  		  	Email: Richard.Schlenger@Citi.com
				
		  	Seller:	  		  	
			
		  		  	[______________________], LLC
		  		  	c/o Blackstone Mortgage Trust, Inc.
		  		  	345 Park Avenue
		  		  	New York, NY 10154
		  		  	Attention:	  	Douglas Armer
		  		  	Tel: (212) 583-5000
		  		  	Email: BXMTCitiRepo@blackstone.com

  
 IX-2 

 
			
	SELLER:

 
			
	
	 [______________________], LLC,

a Delaware limited liability company

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 IX-3 

 EXHIBIT X 

FORM OF IRREVOCABLE DIRECTION LETTER14 

[SELLER] 
 [LETTERHEAD] 

IRREVOCABLE DIRECTION LETTER 
 AS
OF [         ], 20[        ] 
 Ladies and Gentlemen: 

Please refer to: (a) that certain [Loan Agreement], dated [    ], 20[__], by and among
[            ] (the “Borrower”), as borrower, and [_____________] (the “Lender”), as lender; and (b) all documents securing or relating to that certain
[$/£/€/A$    ] loan made by the Lender to the Borrower on [    ], 20[__] (the “Loan”). 
 You
are advised as follows, effective as of the date of this letter. 
 Assignment of the Loan. The Lender has entered into that certain Third Amended
and Restated Master Repurchase Agreement, dated as October 12, 2018 (as the same may be amended, supplemented, extended, restated, replaced and/or otherwise modified from time to time, the “Repo Agreement”), with Citibank, N.A.
(“Citi”), 388 Greenwich Street, New York, New York 10013, [list Seller entities other than the “Lender” defined hereunder] and any other Person that joins as a Seller under the Repo Agreement from time to time, and has
assigned its rights and interests in the Loan (and all of its rights and remedies in respect of the Loan) to Citi. This assignment shall remain in effect unless and until Citi has notified Borrower otherwise in writing. 

Direction of Funds. In connection with Lender’s obligations under the Repo Agreement, Lender hereby directs Borrower to disburse, by wire
transfer, any and all payments to be made under or in respect of the Loan to the following account at [____________] for the benefit of Citi: 

______________ 
 ______________ 

______________ 
  

	14 	 On the Purchase Date for each Foreign Purchased Loan, this Exhibit X shall be reasonably revised as mutually
agreed upon by Buyer and Seller to reflect any equivalent terminology, customary market practices and Requirements of Law in the relevant non-U.S. jurisdiction, in each case applicable to such Foreign
Purchased Loan. 

  
 X-1 

 Account: _____________ 

Attn: ____________________ 
 This direction shall remain in
effect unless and until Citi has notified Borrower otherwise in writing. 
 Modifications, Waivers, Etc. No modification or waiver of any
party’s obligations in respect of this letter shall be effective without the prior written consent of Citi. 

  
 X-2 

 Please acknowledge your acceptance of the terms and directions contained in this correspondence by executing
a counterpart of this correspondence and returning it to the undersigned. 
 [Signature Page Follows] 

  
 X-3 

  

			
	Very truly yours,

 
			
	
	[______________________________],
	a Delaware limited liability company

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Date: [            ], 20[__]

  

			
	Agreed and accepted this [    ]
	day of [            ], 20[__]
	
	[                            
]

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 X-4 

 EXHIBIT XI 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT (this “Joinder Agreement”) dated as of [•], is made by and among Parlex 2 Finance, LLC, Parlex 2A
Finco, LLC, Parlex 2 UK Finco, LLC, Parlex 2 EUR Finco, LLC, Parlex 2 AU Finco, LLC, [ADD OTHER PREVIOUSLY ADDED SELLERS], each a Delaware limited liability company (collectively, the “Existing Sellers”), [•], a Delaware
limited liability company] (the “Joining Seller”) and Citibank, N.A. (“Buyer”). 
 W I T N E S S E T H:

 WHEREAS, Existing Sellers and Buyer, entered into that certain Third Amended and Restated Master Repurchase Agreement, dated as of
October 12, 2018 (as the same may be amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the “Repurchase Agreement”), pursuant to which Existing Sellers agreed to sell to Buyer certain Eligible
Loans upon the terms and subject to the conditions set forth therein (each such transaction, a “Transaction”); 

WHEREAS, all capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the
Repurchase Agreement; and 
 WHEREAS, Existing Sellers and Buyer desire to modify certain terms and provisions of the Repurchase Agreement
and the other Transaction Documents to admit Joining Seller to the Repurchase Agreement and the other Transaction Documents as a Seller in accordance with this Joinder Agreement. 

NOW, THEREFORE, in order to induce Buyer to enter into a Transaction with Joining Seller, and in consideration of the substantial benefit
Joining Seller will derive from Buyer entering into such Transaction, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, Joining Seller hereby agrees as
follows: 
 1. In consideration of Joining Seller becoming a Seller entitled to enter into Transactions with Buyer under and subject to the
terms and conditions of the Repurchase Agreement, Joining Seller hereby agrees that, effective as of the date hereof, Joining Seller is, and shall be deemed to be, a “Seller” under the Repurchase Agreement and each of the other Transaction
Documents to which a Seller is a party (including, without limitation, the Fee Agreement), and agrees that from the date hereof and so long as the Repurchase Obligations remain outstanding, Joining Seller hereby assumes the obligations of a
“Seller” under, and Joining Seller shall perform, comply with and be subject to and bound by each of the terms, covenants and conditions of the Repurchase Agreement and each of the other Transaction Documents which are stated to apply to
or are made by a Seller (including, without limitation, the Fee Agreement). 
  

  
 XI-1 

 Without limiting the generality of the foregoing, Joining Seller hereby represents and warrants that (i)
each of the representations and warranties set forth in Section 10 of the Repurchase Agreement are true and correct as to Joining Seller and its related Purchased Loan on and as of the date hereof and (ii) Joining Seller has heretofore
received true and correct copies of the Repurchase Agreement and each of the other Transaction Documents as in effect on the date hereof. 

2. Without limiting the foregoing, Joining Seller agrees that it is and shall be obligated to pay the Repurchase Price applicable to its
Purchased Loan on the Repurchase Date therefor and perform and pay all of the other Repurchase Obligations applicable to Joining Seller and such Purchased Loan as if it were an original party to the Repurchase Agreement (including, without
limitation, all obligations arising under the Fee Agreement) and agrees to execute and deliver such documents, agreements and other instruments as Buyer may reasonably request in connection with such Joining Seller’s obligations hereunder and
under the Repurchase Agreement and the other Transaction Documents. 
 3. In furtherance of the foregoing, Joining Seller shall execute and
deliver or cause to be executed and delivered, at any time and from time to time, such further instruments and documents, and shall do or cause to be done such further acts, as may be reasonably necessary or proper in the opinion of Buyer to carry
out more effectively the provisions and purposes of this Joinder Agreement and the Repurchase Agreement. 
 4. The Existing Sellers and
Joining Seller each acknowledge and agree that, except as modified by this Joinder Agreement, the Repurchase Agreement and each of the other Transaction Documents remains unmodified and in full force and effect and all of the terms, covenants and
conditions thereof are hereby ratified and confirmed in all respects. 
 5. Notwithstanding any provision, covenant, agreement or requirement
to the contrary contained in this Joinder Agreement, the Repurchase Agreement or any other Transaction Document, Seller shall make commercially reasonable efforts to amend, restate, or otherwise modify the Custodial Agreement in order to join the
Joining Seller thereto, and for the Joining Seller to enter into a new (a) servicing agreement with Servicer in substantially the same form as the applicable Servicing Agreement and (b) blocked account agreement with Servicer and
Depository in substantially the same form as the applicable Blocked Account Agreement establishing a Cash Management Account with Depository in the manner required pursuant to Section 5(a) of the Repurchase Agreement. 

6. Notice information for Joining Seller for purposes of Section 17 and Annex I of the Repurchase Agreement and each other applicable
Transaction Document shall be as specified in the signature pages hereto for Joining Seller, or at such other address and person as shall be designated from time to time in a written notice to the other parties hereto in the manner provided for in
Section 17 of the Repurchase Agreement. 

  
 XI-2 

 7. THIS JOINDER AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 8. This Joinder Agreement may be executed in any number of counterparts, and all
such counterparts shall together constitute the same agreement. Signatures delivered by email (in PDF format) shall be considered binding with the same force and effect as original signatures. 

[Remainder of page intentionally left blank; signatures follow on next page.] 

  
 XI-3 

 IN WITNESS WHEREOF, each of Joining Seller, Exiting Sellers and Buyer has duly executed and
delivered this Joinder Agreement as of the date and year first above written. 
  

			
	JOINING SELLER:
		
	[•]	 	
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	Address for notices to Joining Seller:

 
			
	
	 [Joining Seller]
 c/o Blackstone
Mortgage Trust, Inc.
 345 Park Avenue

	New York, NY 10154
	Attention: Douglas Armer
	Tel: (212) 583-5000
	Email: BXMTCitiRepo@blackstone.com
	
	With a copy to:
	
	 Ropes & Gray LLP
 1211
Avenue of the Americas

	New York, New York 10036
	Attention: Daniel L. Stanco
	Tel: (212) 841-5758
	Email: daniel.stanco@ropesgray.com

  
 XI-4 

  

			
	 EXISTING SELLERS:
  

	PARLEX 2 FINANCE, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	PARLEX 2A FINCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	PARLEX 2 UK FINCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	PARLEX 2 EUR FINCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	PARLEX 2 AU FINCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 XI-5 

 
			
	 BUYER:
  

CITIBANK, N.A.

		
	By:	 	  

		 	Name:
		 	Title:

  
 XI-6 

 EXHIBIT XII 

FORM OF FACILITY ASSET CHART 
  

  
 XII-1

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