Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

TERRA
MORTGAGE CAPITAL I, LLC

as Issuer,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Trustee,
Custodian, Collateral Agent, Loan Agent and Note Administrator,

 

and

 

GOLDMAN
SACHS BANK USA,

as initial Class A Lender

  

INDENTURE AND
CREDIT AGREEMENT

 

Dated
as of September 3, 2020

 

 

     

     

    

 

TABLE
OF CONTENTS

 

Page

 

	ARTICLE
    1 DEFINITIONS	2
	 	Section
    1.1.	Definitions	29
	 	Section
    1.2.	Interest
    Calculation Convention	29
	 	Section
    1.3.	Rounding
Convention	29
	ARTICLE
    2 THE NOTES	29
	 	Section
    2.1.	Forms
    Generally	29
	 	Section
    2.2.	Forms
    of Notes and Certificate of Authentication	29
	 	Section
    2.3.	Authorized
    Amount; Stated Maturity Date; Denominations	30
	 	Section
    2.4.	Execution,
    Authentication, Delivery and Dating	30
	 	Section
    2.5.	Transfer
    and Exchange	31
	 	Section
    2.6.	Mutilated,
    Defaced, Destroyed, Lost or Stolen Note	33
	 	Section
    2.7.	Payment
    of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	34
	 	Section
    2.8.	Persons
    Deemed Owners	36
	 	Section
    2.9.	Cancellation	36
	 	Section
    2.10.	Transfers
    of Definitive Notes; Temporary Notes	36
	 	Section
    2.11.	U.S.
    Tax Treatment of Debt and the Issuer	37
	 	Section
    2.12.	Authenticating
    Agents	38
	 	Section
    2.13.	Forced
    Sale on Failure to Comply with Restrictions	39
	 	Section
    2.14.	No
    Gross Up of the Debt	39
	 	Section
    2.15.	Effect
    of Benchmark Transition Event	39
	ARTICLE
    3 CONDITIONS PRECEDENT; PLEDGED MORTGAGE ASSETS	41
	 	Section
    3.1.	General
    Provisions	41
	 	Section
    3.2.	Security
    for Class A Loan	42
	 	Section
    3.3.	Transfer
    of Collateral	43
	 	Section
    3.4.	Class
    A Loan Fees	51
	ARTICLE
    4 SATISFACTION AND DISCHARGE	51
	 	Section
    4.1.	Satisfaction
    and Discharge of Indenture and Credit Agreement	51
	 	Section
    4.2.	Application
    of Amounts Held in Trust	53
	 	Section
    4.3.	Repayment
    of Amounts Held by Paying Agent	53
	 	Section
    4.4.	Limitation
    on Obligation to Incur Issuer Administrative Expenses	53

 

    i 

     

    

 

TABLE
OF CONTENTS

(continued)

Page

 

	ARTICLE
    5 REMEDIES	54
	 	Section
    5.1.	Events
    of Default	54
	 	Section
    5.2.	Acceleration
    of Maturity; Rescission and Annulment	56
	 	Section
    5.3.	Collection
    of Indebtedness and Suits for Enforcement by Collateral Agent	57
	 	Section
    5.4.	Remedies	59
	 	Section
    5.5.	Preservation
    of Collateral	61
	 	Section
    5.6.	Collateral
    Agent May Enforce Claims Without Possession of Notes	62
	 	Section
    5.7.	Application
    of Amounts Collected	62
	 	Section
    5.8.	Limitation
    on Suits	62
	 	Section
    5.9.	Unconditional
    Rights of Class A Lender to Receive Principal and Interest	63
	 	Section
    5.10.	Restoration
    of Rights and Remedies	63
	 	Section
    5.11.	Rights
    and Remedies Cumulative	64
	 	Section
    5.12.	Delay
    or Omission Not Waiver	64
	 	Section
    5.13.	Control
    by the Controlling Class	64
	 	Section
    5.14.	Waiver
    of Past Defaults	64
	 	Section
    5.15.	Undertaking
    for Costs	65
	 	Section
    5.16.	Waiver
    of Stay or Extension Laws	65
	 	Section
    5.17.	Sale
    of Collateral	66
	 	Section
    5.18.	Action
    on the Notes	66
	ARTICLE
    6 THE TRUSTEE, NOTE ADMINISTRATOR AND THE COLLATERAL AGENT	67
	 	Section
    6.1.	Certain
    Duties and Responsibilities of the Trustee	67
	 	Section
    6.2.	[Reserved]	69
	 	Section
    6.3.	Certain
    Rights of Trustee and Note Administrator	69
	 	Section
    6.4.	Not
    Responsible for Recitals or Issuance of Notes	71
	 	Section
    6.5.	May
    Hold Debt	71
	 	Section
    6.6.	Amounts
    Held in Trust	72
	 	Section
    6.7.	Compensation
    and Reimbursement of the Trustee, Custodian and Note Administrator	72
	 	Section
    6.8.	Corporate
    Trustee Required; Eligibility	73
	 	Section
    6.9.	Resignation
    and Removal; Appointment of Successor	74
	 	Section
    6.10.	Acceptance
    of Appointment by Successor	75
	 	Section
    6.11.	Merger,
    Conversion, Consolidation or Succession to Business of Trustee and Note Administrator	76
	 	Section
    6.12.	Co-Trustees
    and Separate Trustee	76

 

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(continued)

Page

 

	 	Section
    6.13.	[Reserved]	77
	 	Section
    6.14.	Representations
    and Warranties of the Trustee	77
	 	Section
    6.15.	Representations
    and Warranties of the Note Administrator	78
	 	Section
    6.16.	Requests
    for Consents	78
	 	Section
    6.17.	The
    Collateral Agent	79
	ARTICLE
    7 COVENANTS	89
	 	Section
    7.1.	Payment
    of Principal and Interest	89
	 	Section
    7.2.	Maintenance
    of Office or Agency	89
	 	Section
    7.3.	Amounts
    for Debt Payments to be Held in Trust	90
	 	Section
    7.4.	Existence
    of the Issuer	91
	 	Section
    7.5.	Protection
    of Collateral	92
	 	Section
    7.6.	[Reserved]	93
	 	Section
    7.7.	Performance
    of Obligations	93
	 	Section
    7.8.	Negative
    Covenants	94
	 	Section
    7.9.	Statement
    as to Compliance	96
	 	Section
    7.10.	The
    Issuer May Consolidate or Merge Only on Certain Terms	96
	 	Section
    7.11.	Successor
    Substituted	97
	 	Section
    7.12.	No
    Other Business	97
	 	Section
    7.13.	[Reserved]	98
	 	Section
    7.14.	Calculation
    Agent	98
	 	Section
    7.15.	Tax
    Status	98
	 	Section
    7.16.	Permitted
    Subsidiaries	99
	 	Section
    7.17.	Repurchase
    Requests	99
	 	Section
    7.18.	Servicing
    of Mortgage Assets and Control of Servicing Decisions	99
	ARTICLE
    8 SUPPLEMENTAL INDENTURES AND CREDIT AGREEMENTS	100
	 	Section
    8.1.	[Reserved]	100
	 	Section
    8.2.	Supplemental
    Indentures and Credit Agreements	100
	 	Section
    8.3.	Execution
    of Supplemental Indentures and Credit Agreements	100
	 	Section
    8.4.	Effect
    of Supplemental Indentures and Credit Agreements	101
	 	Section
    8.5.	Reference
    in Notes to Supplemental Indentures and Credit Agreements	101
	ARTICLE
    9 REDEMPTION OF NOTES; REDEMPTION PROCEDURES	101
	 	Section
    9.1.	Tax
    Redemption	101

 

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TABLE OF CONTENTS

(continued)

Page

 

	 	Section
    9.2.	Notice
    of Redemption	102
	 	Section
    9.3.	Notice
    of Redemption or Maturity by the Issuer	102
	 	Section
    9.4.	Debt
    Payable on Redemption Date	102
	 	Section
    9.5.	Stated
    Maturity Date	103
	 	Section
    9.6.	Mandatory
    Clean-up	103
	 	Section
    9.7.	Class
    B Note Repayment	103
	ARTICLE
    10 ACCOUNTS, ACCOUNTINGS AND RELEASES	103
	 	Section
    10.1.	Collection
    of Amounts; Custodial Account	103
	 	Section
    10.2.	Payment
    Account	103
	 	Section
    10.3.	Replenishment
    Reserve Account	104
	 	Section
    10.4.	Reports
    by Parties	105
	 	Section
    10.5.	Reports;
    Accountings	105
	 	Section
    10.6.	Information
    Available Electronically	107
	 	Section
    10.7.	Release
    of Mortgage Assets; Release of Collateral	109
	ARTICLE
    11 APPLICATION OF FUNDS	109
	 	Section
    11.1.	Disbursements
    of Amounts from Payment Account	109
	ARTICLE
    12 SALE OF MORTGAGE ASSETS; FUTURE ADVANCE FUNDING	113
	 	Section
    12.1.	Sales
    of Mortgage Assets	113
	 	Section
    12.2.	Mortgage
    Asset Material Breach Repurchase	115
	 	Section
    12.3.	Future
    Advances	115
	 	Section
    12.4.	Conditions
    Applicable to all Transactions Involving Sale or Grant	117
	ARTICLE
    13 DEBTHOLDERS’ RELATIONS	118
	 	Section
    13.1.	Subordination.	118
	 	Section
    13.2.	Standard
    of Conduct	118
	ARTICLE
    14 MISCELLANEOUS	119
	 	Section
    14.1.	Form
    of Documents Delivered to the Trustee and the Collateral Agent	119
	 	Section
    14.2.	Acts
    of Debtholders	119
	 	Section
    14.3.	Notices,
    etc	120
	 	Section
    14.4.	Notices
    to Holders; Waiver	122
	 	Section
    14.5.	Effect
    of Headings and Table of Contents	122
	 	Section
    14.6.	Successors
    and Assigns	122
	 	Section
    14.7.	Severability	123

 

    iv 

     

    

 

TABLE OF CONTENTS

(continued)

Page

 

	 	Section
    14.8.	Benefits
    of Indenture and Credit Agreement	123
	 	Section
    14.9.	Governing
    Law; Waiver of Jury Trial	123
	 	Section
    14.10.	Submission
    to Jurisdiction	123
	 	Section
    14.11.	Counterparts	123
	 	Section
    14.12.	[Reserved]	124
	 	Section
    14.13.	[Reserved]	124
	 	Section
    14.14.	Confidential
    Information	124
	 	Section
    14.15.	Patriot
    Act Compliance	125
	 	Section
    14.16.	The
    Collateral Agent and the Loan Agent	126
	ARTICLE
    15 [RESERVED]	126
	ARTICLE
    16 CLASS A LOAN; THE LOAN AGENT	126
	 	Section
    16.1.	The
    Class A Loan	126
	 	Section
    16.2.	Funding
    of the Borrowing	127
	 	Section
    16.3.	Class
    A Lender Promissory Note	127
	 	Section
    16.4.	Payment
    of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	128
	 	Section
    16.5.	Interest
    Rules and Calculations	129
	 	Section
    16.6.	Method
    and Place of Payment	129
	 	Section
    16.7.	Maintenance
    of Office or Agency	129
	 	Section
    16.8.	Money
    for Debt Payments to be Held in Trust	130
	 	Section
    16.9.	Appointment	130
	 	Section
    16.10.	Certain
    Duties and Responsibilities of the Loan Agent	130
	 	Section
    16.11.	Certain
    Rights of the Loan Agent	132
	 	Section
    16.12. 	Not
    Responsible for Recitals or Incurrence of Loans	134
	 	Section
    16.13.	May
    Hold Loans	134
	 	Section
    16.14. 	Amounts
    Held in Trust	134
	 	Section
    16.15.	Holders
    of Class A Lender Promissory Note; Transferee of Assignment and Assumption Agreement	135
	 	Section
    16.16.	Compensation
    and Reimbursement	135
	 	Section
    16.17.	Loan
    Agent Required; Eligibility	136
	 	Section
    16.18.	Resignation
    and Removal of Loan Agent; Appointment of Successor Loan Agent	136
	 	Section
    16.19.	Acceptance
    of Appointment by Successor Loan Agents	138

 

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Page

 

	 	Section 16.20.
    	Merger, Conversion, Consolidation
    or Succession to Business of Loan Agent	138
	 	Section 16.21. 	Assignment of Class A
    Loan	138
	 	Section 16.22. 	Class A Loan Register	140
	 	Section 16.23. 	Distributions; Establishment
    of Class A Loan Account	140
	ARTICLE 17 SERVICING	141
	 	Section 17.1. 	Servicing	141

 

	SCHEDULES
	 
	Schedule A	Mortgage Asset Schedule
	Schedule B	Benchmark
	Schedule C	Prohibited Transferee
	Schedule D	Mortgage Assets Representations and Warranties

 

	EXHIBITS
	 
	Exhibit A	 Form of Class A Lender Promissory Note
	Exhibit B	Form of Class B Notes
	Exhibit C	Form of Transfer Certificate
	Exhibit D	Form of Assignment and Assumption Agreement
	Exhibit E	Form of Custodian Post-Closing Certification
	Exhibit F	 Form of Request for Release
	Exhibit G	Monthly Reporting Package
	Exhibit H	Quarterly Reporting Package

 

    vi 

     

    

 

INDENTURE
AND CREDIT AGREEMENT, dated as of September 3, 2020, by and among Terra Mortgage Capital I, LLC, a limited liability company
formed under the laws of Delaware (the “Issuer”), Wells Fargo Bank, National Association, a national banking
association, as note administrator, paying agent, calculation agent, transfer agent and note registrar (in all of the foregoing
capacities, the “Note Administrator”), Wells Fargo Bank, National Association, a national banking association,
as trustee (in such capacity, “Trustee”), Wells Fargo Bank, National Association, a national banking association,
as custodian (in such capacity, the “Custodian”), Wells Fargo Bank, National Association, a national banking
association, as collateral agent (in such capacity, the “Collateral Agent”), Wells Fargo Bank, National Association,
a national banking association, as loan agent (in such capacity, the “Loan Agent”), and Goldman Sachs Bank USA,
a New York state charted bank, as Class A lender (the initial “Class A Lender”).

 

PRELIMINARY STATEMENT

 

The Issuer
is duly authorized to execute and deliver this Indenture and Credit Agreement to provide for the issuance of the Notes and the
incurrence of the Class A Loan, in each case as provided herein. All covenants and agreements made by the Issuer herein are for
the benefit and security of the Secured Parties. The Issuer, the Note Administrator, the Custodian, the Collateral Agent, the Loan
Agent, the Trustee and the Class A Lender are entering into this Indenture and Credit Agreement, and the Trustee is accepting the
trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

 

All things
necessary to make this Indenture and Credit Agreement a valid agreement of the Issuer in accordance with this Indenture and Credit
Agreement’s terms have been done.

 

GRANTING CLAUSES

 

The Issuer
hereby Grants to the Collateral Agent, for the benefit and security of the Secured Parties, all of its right, title and interest
in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising out of (in each case, to the extent
of the Issuer’s interest therein):

 

(a)               
the Mortgage Assets and all payments thereon or with respect thereto,

 

(b)               
the Payment Account, the Replenishment Reserve Account and the related security entitlements and all income from the investment
of funds in any of the foregoing at any time credited to any of the foregoing accounts,

 

 (c)                 the rights of the Issuer under the Servicing Agreement,

 

(d)               
all amounts delivered to the Collateral Agent (or its bailee) (directly or through a securities intermediary),

 

(e)               
all other investment property, instruments and general intangibles in which the Issuer has an interest,

 

 (f)                 the Issuer’s ownership interest in, and rights to, all Permitted Subsidiaries, and

 

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

 

    1

     

    

 

The collateral
described in the foregoing clauses (a) through (g) is referred to herein as the “Collateral.”
Such Grants are made to secure (i) the payment of all amounts due on and in respect of the Class A Loan in accordance with its
terms (including, without limitation, the Priority of Payments), (ii) the payment of all other sums payable under this Indenture
and Credit Agreement (other than in respect of the Class B Notes) and (iii) compliance with the provisions of this Indenture and
Credit Agreement, all as provided in this Indenture and Credit Agreement (together, the “Secured Obligations”).
The foregoing Grant shall, for the purpose of determining the property subject to the lien of this Indenture and Credit Agreement,
be deemed to include any securities and any investments granted by or on behalf of the Issuer to the Collateral Agent for the benefit
of the Secured Parties, whether or not such securities or such investments satisfy the criteria set forth in the definition of
 “Mortgage Asset”.

 

Except to
the extent otherwise provided in this Indenture and Credit Agreement, this Indenture and Credit Agreement shall constitute a security
agreement under the laws of the State of New York applicable to agreements made and to be performed therein, for the benefit of
the Secured Parties. Upon the occurrence and during the continuation of any Event of Default hereunder, and in addition to any
other rights available under this Indenture and Credit Agreement or any other Collateral held for the benefit and security of the
Secured Parties or otherwise available at law or in equity but subject to the terms hereof, the Collateral Agent, on behalf of
the Secured Parties, shall have all rights and remedies of a secured party under the laws of the State of New York and other applicable
law to enforce the assignments and security interests contained herein and, in addition, shall have the right, subject to compliance
with any mandatory requirements of applicable law and the terms of this Indenture and Credit Agreement, to exercise, sell or apply
any rights and other interests assigned or pledged hereby in accordance with the terms hereof at public and private sale.

 

The Collateral
Agent acknowledges such Grants, and the Trustee accepts the trusts hereunder in accordance with the provisions hereof, and each
agrees to perform their respective duties herein in accordance with, and subject to, the terms hereof, in order that the interests
of the Secured Parties may be adequately and effectively protected in accordance with this Indenture and Credit Agreement.

 

ARTICLE
1 

DEFINITIONS

Section 1.1.        Definitions.

 

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

 

    2

     

    

 

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

 

“Account”: Any
of the Servicing Accounts and the Indenture and Credit Agreement Accounts.

 

“Act” or “Act
of Holders” or “Act of Debtholders”: The meaning specified in Section 14.2 hereof.

 

“Additional Class A Loan”:
Any loan made by the Class A Lender pursuant to Section 16.1.

 

“Additional
Class A Loan Fee”: With respect to an Additional Class A Loan, a funding fee equal to the product of (x) 1.25% and (y)
the amount of such Additional Class A Loan.

 

“Additional
Class A Loan Minimum Interest Amount”: With respect to each Additional Class A Loan made prior to the payment date in
March, 2022, an amount equal to the aggregate Class A Loan Interest Distribution Amounts (based on the Class A Loan Rate in effect
on the applicable Additional Funding Date) that would have accrued and been payable on the Aggregate Outstanding Amount of such
Additional Class A Loan made on such Additional Funding Date (assuming no prepayments or repayments of the Class A Loan) through
and including the Payment Date in March, 2022.

 

“Additional
Funding Date”: The funding date of any Additional Class A Loan after the Closing Date pursuant to Article 12 and
Article 16 hereof.

 

“Affiliate”
or “Affiliated”: With respect to a Person, any other Person who, directly or indirectly, is in control of, or
controlled by, or is under common control with, such Person. For the purposes of this definition, control of a Person shall mean
the power, direct or indirect, (a) to vote more than 50% of the securities having ordinary voting power for the election of directors
of such Person, or (b) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.
The Note Administrator, the Servicer and Trustee may rely on certifications of any Holder or party hereto regarding such Person’s
affiliations.

 

“Aggregate
Outstanding Amount”: With respect to any Class or Classes of the Debt as of any date of determination, the aggregate
principal balance of such Class or Classes of Debt Outstanding as of such date of determination.

 

“Aggregate
Outstanding Portfolio Balance”: On any Measurement Date, the sum of (without duplication) (i) the aggregate Principal
Balance on such Measurement Date of the Mortgage Assets, (ii) the aggregate Principal Balance of all Principal Proceeds held as
Cash and (iii) all Cash held in the Replenishment Reserve Account.

 

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

 

“Applicable Law”:
The meaning specified in Section 14.15 hereof.

 

“Applicable
Margin”: With respect to the Class A Loan (and any Class A promissory note evidencing such Class A Loan), a rate
per annum equal to, with respect to each Payment Date (and related Interest Accrual Period), 4.25%, plus (i) with
respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in October, 2022, 0.50%, plus
(ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in October, 2023, 0.25%.

 

“Asset
Replacement Percentage”: On any date of determination, a fraction (expressed as a percentage) where (1) the
numerator is the Aggregate Principal Balance of the Mortgage Assets for which interest payments under such Mortgage Assets
would be calculated with reference to a rate other than the then-current Benchmark and (2) the denominator is Aggregate
Principal Balance of all of the Mortgage Assets.

 

    3

     

    

 

“Assignment and Assumption
Agreement”: The meaning specified in Section 16.21 hereof.

 

“Assignment
of Leases, Rents and Profits”: With respect to any Mortgage, an assignment of leases, rents and profits 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 to the Mortgagee.

 

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

 

“Authenticating
Agent”: With respect to the Notes or a Class of the Notes, the Person designated by the Note Administrator to authenticate
such Notes on behalf of the Note Administrator pursuant to Section 2.12 hereof.

 

“Authorized
Officer”: With respect to the Issuer, any Officer (or attorney-in-fact appointed by the Issuer) of the Issuer who is
authorized to act for the Issuer in matters relating to, and binding upon, the Issuer. With respect to the Servicer, a “Servicing
Officer” of the Servicer as set forth in the related Servicing Agreement. With respect to the Note Administrator, the
Loan Agent, the Collateral Agent, the Custodian or the Trustee (or any other bank or trust company acting as trustee of an express
trust), a Bank Officer. Each party may receive and accept a certification of the authority of any other party as conclusive evidence
of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such
other party of written notice to the contrary.

 

“Bank
Officer”: When used with respect to the Trustee, the Note Administrator, the Collateral Agent or the Loan Agent, any
officer of the Corporate Trust Office of the Trustee, the Note Administrator, the Collateral Agent, the Custodian or the Loan Agent,
as applicable, with direct responsibility for the administration of this Indenture and Credit Agreement and also, with respect
to a particular matter, any other officer to whom such matter is referred because such officer’s knowledge of and familiarity
with the particular subject.

 

“Bankruptcy Code”:
The federal Bankruptcy Code, Title 11 of the United States Code, as amended.

 

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

 

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

 

“Benchmark Floor”:
Means one percent (1%).

 

“Benchmark Replacement”:
The first alternative set forth in the order below that can be determined by the Class A Lender as of the related Benchmark Replacement
Date:

 

    4

     

    

 

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

 

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

 

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

 

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

 

(5)               
the sum of: (a) the alternate rate of interest that has been selected by the Class A Lender as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement
for the then- current Benchmark for U.S. dollar denominated securitizations at such time and (b) the Benchmark Replacement Adjustment;
provided that such rate and adjustments are consistent with the rate and adjustments made by the Class A Lender in its other floating
rate commercial mortgage loan exposures for similarly situated counterparties, if any

 

provided
that, in the case of clauses (1) and (2) above, such rate, or the underlying rates component thereof, is displayed on a screen
or other information service that publishes such rate or rates from time to time as selected by Class A Lender in its reasonable
discretion. Notwithstanding anything herein to the contrary, in no event shall the Benchmark rate be less than the Benchmark Floor
with respect to any Interest Accrual Period.

 

If a Benchmark
Replacement is selected other than pursuant to clause (1) above, then on the first day of each calendar quarter following such
selection, if the Class A Lender determines that a redetermination of the Benchmark Replacement by the Class A Lender on such date
would result in the selection of a Benchmark Replacement under clause (1) above and the Class A Lender provides written notice
of the same and the applicable Benchmark Replacement Conforming Changes, if any, to the Issuer, the Servicer, the Trustee, the
Note Administrator, the Collateral Agent, the Calculation Agent (if different from the Collateral Agent) and the Debtholders, then
(x) the Benchmark Replacement Adjustment shall be redetermined on such date utilizing the Unadjusted Benchmark Replacement corresponding
to the Benchmark Replacement under clause (1) above and (y) such redetermined Benchmark Replacement shall become the Benchmark
on each Benchmark Determination Date on or after such date (until the occurrence of a Benchmark Replacement Date with respect to
such Benchmark Replacement). If redetermination of the Benchmark Replacement on such date as described in the preceding sentence
would not result in the selection of a Benchmark Replacement under clause (1), then the Benchmark shall remain the Benchmark Replacement
as previously determined.

 

“Benchmark
Replacement Adjustment”: With respect to any Benchmark Replacement, the first alternative set forth in the order below
that can be determined by the Class A Lender as of the related Benchmark Replacement Date:

 

    5

     

    

 

(1)               
the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative
value or zero), that has been selected, endorsed or recommended by the Relevant Governmental Body for the applicable Unadjusted
Benchmark Replacement;

 

(2)               
if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;
and

 

(3)               
the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Class A Lender giving
due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated
securitization transactions at such time (provided that such spread adjustment is consistent with the rate and adjustments made
by the Class A Lender in its other floating rate commercial mortgage loan exposures for similarly situated counterparties, if any).

 

“Benchmark
Replacement Conforming Changes”: With respect to any Benchmark Replacement, any technical, administrative or operational
changes (including, but not limited to, changes to the definition of “Interest Accrual Period,” setting an applicable
Benchmark Determination Date and Reference Time, the timing and frequency of determining rates and making payments of interest
and other administrative matters, which may, for the avoidance of doubt, have a material impact on the Debt) that, the Class A
Lender decides may be appropriate to reflect the adoption of such Benchmark in a manner substantially consistent with market practice
(or, if the Class A Lender decides that adoption of any portion of such market practice is not administratively feasible or if
the Class A Lender determines that no market practice for use of the Benchmark exists, in such other manner as the Class A Lender
determines is reasonably necessary).

 

“Benchmark Replacement Date”:

 

(1)               
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date
of the public statement or publication of information referenced therein and

(b) the date on which the administrator
of the relevant Benchmark permanently or indefinitely ceases to provide such Benchmark;

 

(2)               
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement
or publication of information; or

 

(3)               
in the case of clause (4) of the definition of “Benchmark Transition Event,” the 30th Business Day following
the date of such Monthly Statement;

 

provided,
however, that on or after the sixtieth (60th) day preceding the date on which such Benchmark
Replacement Date would otherwise occur (if applicable), the Class A Lender may give written notice to the Issuer, the Servicer,
the Trustee, the Note Administrator, the Collateral Agent and the Calculation Agent (if different from the Collateral Agent) in
which the Class A Lender designates an earlier date (but not earlier than the 30th day following such notice) and represents that
such earlier date will facilitate an orderly transition of the transaction to the Benchmark Replacement, in which case such earlier
date shall be the Benchmark Replacement Date.

 

“Benchmark Transition
Event”: The occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)               
a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that the
administrator has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;

 

    6

     

    

 

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

 

(3)               
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing
that the Benchmark is no longer representative; or

 

(4)               
if the then-current Benchmark is LIBOR, the Asset Replacement Percentage is greater than 50%, as calculated by the Class
A Lender based on the aggregate principal balance of each applicable Mortgage Loan, as reported in the most recent Monthly Statement.

 

“Borrower”: With
respect to any Mortgage Loan, the related borrower or other obligor thereunder.

 

“Business
Day”: Any day other than (a) a Saturday or Sunday or (b) a day on which commercial banks are authorized or required by
applicable law, regulation or executive order to close in New York, New York, in the State of North Carolina, in the State of California
or the location of the Corporate Trust Office of the Note Administrator, the Trustee, the Collateral Agent, the Custodian or the
Loan Agent, or (c) days when the New York Stock Exchange or the Federal Reserve Bank of New York are closed.

 

“Calculation Agent”:
The meaning specified in Section 7.14(a) hereof.

 

“Carveout Guaranty”:
That certain guaranty dated as of the Closing Date, executed by Guarantor in favor of the Class A Lender.

 

“Cash”: Such
coin or currency of the United States of America as at the time shall be legal tender for payment of all public and private debts.

 

“Certificate of Authentication”:
The meaning specified in Section 2.1 hereof.

 

“Certificated Security”:
A “certificated security” as defined in Section 8-102(a)(4) of the UCC.

 

“Class”: The Class
A Loan or the Class B Notes, as applicable.

 

“Class
A Lender”: The collective reference to the Persons in whose names the Class A Loan is registered in the Class A Loan
Register, or, if the context so requires, any or each of them. Initially, the Class A Lender shall be Goldman Sachs Bank USA, a
New York state chartered bank.

 

“Class A Lender Promissory
Note”: The meaning specified in Section 16.3 hereof.

 

“Class A Lender Representative”:
The meaning specified in Section 16.21(a).

 

“Class
A Loan”: The collective reference to the term loans made by the Class A Lender to the Issuer pursuant to this Indenture
and Credit Agreement on the Closing Date, together with any Additional Class A Loans made by the Class A Lender on any Additional
Funding Date.

 

“Class A Loan Account”:
The meaning specified in Section 16.23(a).

 

    7

     

    

 

“Class
A Loan Additional Funding Amount”: With respect to any Additional Class A Loan made with respect to any Future Advances
required to be funded on a Future Advance Mortgage Asset in accordance with Section 12.3 hereof, an amount equal to the
product of (a) the amount of such Future Advance (either in its entirety or in such amount as shall be reduced by the application
of Permitted Principal Proceeds (if any) from the Replenishment Reserve Account in accordance with Section 12.3 hereof)
multiplied by (b) the Class A Loan Pro Rata Funding Percentage as of such Additional Funding Date.

 

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

 

“Class A Loan Full Prepayment
Date”: The meaning specified in Section 16.1(e) hereof.

 

“Class
A Loan Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the Class A Loan on account
of interest equal to the product of (a) the Weighted Average Aggregate Outstanding Amount of the Class A Loan during the related
Interest Accrual Period, (b) the actual number of days in such Interest Accrual Period divided by 360 and (c) the Class A Loan
Rate.

 

“Class
A Loan Principal Trigger Event”: As of any date of determination, an event that will be deemed to have occurred on the
first date on which the Aggregate Principal Balance of the Mortgage Assets hereunder is less than or equal to the product of (x)
75% multiplied by (y) the Aggregate Principal Balance of the Mortgage Assets as of the Closing Date, plus
any Future Advances made on such Mortgage Assets prior to such date of determination. For the avoidance of doubt, once the Class
A Loan Principal Trigger Event is deemed to have occurred, it shall be deemed to continue thereafter until the Class A Loan is
paid in full.

 

“Class
A Loan Pro Rata Funding Percentage”: As of any date of determination with respect to the Class A Loan, a fraction,
expressed as a percentage, the numerator of which is the Aggregate Outstanding Amount of the Class A Loan as of such date of
determination, and the denominator of which is the sum of (a) the Aggregate Outstanding Amount of the Class A Loan and (b)
the Aggregate Outstanding Amount of the Class B Notes, in each case as of such date of determination.

 

“Class
A Loan Rate”: With respect to the Class A Loan, the per annum rate at which interest accrues on the Class
A Loan for any Interest Accrual Period, which shall be equal to the Benchmark for the related Interest Accrual Period plus the
Applicable Margin, provided, however, that, for purposes of the Class A Loan Rate, in the event the Benchmark rate
with respect to any Interest Accrual Period is less than the Benchmark Floor, the Benchmark rate for such Interest Accrual Period
will be deemed to be the Benchmark Floor.

 

“Class A Loan Register”:
The meaning specified in Section 16.22 herein.

 

“Class A Loan Upfront
Fee”: An amount payable to the Class A Lender on the Closing Date equal to $1,287,367.22.

 

“Class B Notes”:
The Class B Income Notes Due 2025, issued by the Issuer pursuant to this Indenture and Credit Agreement.

 

    8

     

    

 

 

 

“Class
B Note Additional Funding Amount”: With respect to any Future Advances required to be funded by the Issuer on a Future
Advance Mortgage Asset in accordance with the related Mortgage Asset Documents and Section 12.3 hereof, an amount equal
to the product of (a) the amount of such Future Advance multiplied by (b)(1) if the Class A Lender elects (or is
required, in the case of the Committed Additional Class A Loan) to make an Additional Class A Loan in connection with such Future
Advance, the Class B Note Pro Rata Funding Percentage as of such Additional Funding Date or (2) if the Class A Lender elects not
to make an applicable Additional Class A Loan (or has not yet agreed to make an applicable Additional Class A Loan in accordance
with Section 12.3 hereof) in connection with such Future Advance, 100%.

 

“Class
B Note Pro Rata Funding Percentage”: As of any date of determination with respect to the Class B Notes, a fraction,
expressed as a percentage, the numerator of which is the Aggregate Outstanding Amount of the Class B Notes as of such date of
determination, and the denominator of which is the sum of (a)  the
Aggregate Outstanding Amount of the Class A Loan and (b) the Aggregate Outstanding Amount of the Class B Notes, in each case
as of such date of determination.

 

“Closing Date”:
September 3, 2020.

 

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

 

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

 

“Collateral
Agent”: Wells Fargo Bank, National Association, a national banking association, solely in its capacity as collateral
agent hereunder, unless a successor Person shall have become the Collateral Agent pursuant to the applicable provisions of this
Indenture and Credit Agreement, and thereafter “Collateral Agent” shall mean such successor Person.

 

“Collateral
Agent, Trustee, Loan Agent and Note Administrator Fee”: The fee payable monthly in arrears on each Payment Date to the
Trustee, Collateral Agent, Custodian, Loan Agent and Note Administrator in accordance with the Priority of Payments, equal to $4,750
per month.

 

“Collection Account”:
The “Servicing Account” as defined in the Servicing Agreement.

 

“Committed
Additional Class A Loan”: That certain Additional Class A Loan committed to be made by Class A Lender to Issuer in the
amount not to exceed the amount of the Future Advance related to that certain Future Advance Mortgage Asset identified as “Margaritaville”
on Schedule A hereto.

 

“Committed
Additional Class A Loan Undrawn Fee”: With respect to the Committed Additional Class A Loan, a per annum
fee equal to the Benchmark for the related Interest Accrual Period (provided, however, that in the event the Benchmark
rate with respect to any Interest Accrual Period is less than the Benchmark Floor, the Benchmark rate for such Interest Accrual
Period will be deemed to be the Benchmark Floor) plus 4.25%, payable monthly in arrears. For the avoidance of doubt, the
Committed Additional Class A Loan Undrawn Fee shall be calculated on the basis of the actual number of days during the related
Interest Accrual Period divided by 360.

 

    9

     

    

 

“Compounded
SOFR”: The compounded average of SOFR for the applicable Corresponding Tenor, with the rate, or methodology for this
rate, and conventions for this rate (which, for example, may be compounded in advance or compounded in arrears with a lookback
period of four (4) Business Days as a mechanism to determine the interest amount payable prior to the end of each Interest Accrual
Period) being established by the Class A Lender in accordance with:

 

(1)               
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental
Body for determining the compounded average of SOFR in arrears; provided that:

 

(2)               
if, and to the extent that, the Class A Lender determines that Compounded SOFR cannot be determined in accordance with clause
(1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Class
A Lender giving due consideration to any industry-accepted market practice for similar U.S. dollar denominated securitization transactions
at such time (provided that such rate, or methodology for such rate, and conventions for such rate are substantially consistent
with those made by the Class A Lender in its other floating rate commercial mortgage loan exposures for similarly situated counterparties).

 

“Controlling
Class”: The Class A Loan, so long as the Class A Loan is Outstanding, then the Class B Notes, so long as any Class B
Notes are Outstanding.

 

“Corporate
Trust Office”: The designated corporate trust office of each of the Trustee, Note Administrator, Collateral Agent, Custodian
and Loan Agent at the addresses contained in Section 14.3, or such other address as the Trustee, the Loan Agent, the Collateral
Agent, the Note Administrator or the Custodian, as applicable, may designate from time to time by notice to the Holders, and the
parties hereto or the Corporate Trust Office of any successor Trustee, Loan Agent, Collateral Agent, Note Administrator or Custodian.

 

“Corresponding
Tenor”: With respect to a Benchmark Replacement, a tenor having approximately the same length (disregarding business
day adjustment) as the applicable tenor for the prior Benchmark.

 

“Custodial
Account”: The payment account established by the Collateral Agent pursuant to Section 10.1 hereof.

 

“Custodian”: The
meaning specified in Section 3.3(a) hereof.

 

“Cut-off Date”:
September 3, 2020.

 

“Debt”: Collectively,
the Notes and the Class A Loan.

 

“Debtholder”:
The meaning specified with the definition of “Holder”.

 

“Default”:
Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

 

“Default
Interest Proceeds”: With respect to any Mortgage Asset and any Payment Date, all interest accrued in respect of such
Mortgage Asset during the related Due Period provided for in the related Mortgage Note or Mortgage as a result of a default (exclusive
of late payment charges) that is in excess of interest at the related Mortgage Rate (assuming no default or event of default) accrued
on the unpaid principal balance of such Mortgage Asset outstanding from time to time.

 

“Defaulted
Mortgage Asset”: Any Mortgage Asset for which a Mortgage Asset Default has occurred and is continuing.

 

“Defaulted Mortgage Asset
Cure Date”: The meaning specified in Section 11.1(a)(i)(5) herein.

 

    10

     

    

 

“Defaulted
Mortgage Asset Default Period”: Any time following the date on which any Mortgage Asset is a Defaulted Mortgage Asset
and the Holder of the Class B Notes has failed to repurchase such Defaulted Mortgage Asset by the expiration of the related Defaulted
Mortgage Asset Repurchase Period in accordance with Section 12.1(a)(i) hereof.

 

“Defaulted
Mortgage Asset Minimum Interest Amounts”: With respect to any Defaulted Mortgage Asset that is repurchased by the Holder
of the Class B Notes in accordance with Section 12.1(a) hereof prior to the Payment Date in March, 2022, an amount equal
to the aggregate Class A Loan Interest Distribution Amounts (based on the Class A Loan Rate in effect on the related Defaulted
Mortgage Asset Repurchase Date) that would have accrued and been payable on the portion of the Aggregate Outstanding Amount of
the Class A Loan that was repaid in accordance with Article 11 hereof in connection with such repurchase of such Defaulted
Mortgage Asset on each Payment Date occurring after the related Defaulted Mortgage Asset Repurchase Date through and including
the Payment Date in March, 2022.

 

“Defaulted
Mortgage Asset Repurchase Date”: With respect to any Defaulted Mortgage Asset that is repurchased by the Holder of
the Class B Notes in accordance with Section 12.1(a) hereof prior to the Payment Date in March, 2022, the Payment Date
relating to the Interest Accrual Period during which such Defaulted Mortgage Asset was repurchased by the Holder of the Class
B Notes. 

 

“Defaulted Mortgage Asset
Repurchase Period”: The meaning specified in Section 12.1(a)(i) hereof.

 

“Definitive Notes”:
The meaning specified in Section 2.2(b) hereof.

 

“Determination
Date”: The tenth (10th) day of each month or, if such date is not a Business Day, the next succeeding Business Day, commencing
on the Determination Date in September, 2020.

 

“Discounted
Payoff”: With respect to any Mortgage Asset, the final repayment of such applicable Mortgage Asset in an amount less
than the outstanding Principal Balance of such Mortgage Asset immediately prior to such recovery or repayment.

 

“Discounted
Payoff Proceeds”: The amount of proceeds received by the Servicer in connection with a Discounted Payoff.

 

“Discounted
Payoff Proceeds Entitlement Amount”: With respect to the Discounted Payoff of any Mortgage Asset, the product of (x)
the Class A Loan Pro Rata Funding Percentage and (y) the outstanding Principal Balance of such applicable Mortgage Asset immediately
prior to such Discounted Payoff.

 

“Dissolution
Expenses”: The amount of expenses reasonably likely to be incurred in connection with the discharge of this Indenture
and Credit Agreement, the liquidation of the Collateral and the dissolution of the Issuer, as reasonably certified by the Issuer,
based in part on expenses incurred by the Custodian, the Trustee, the Loan Agent, the Collateral Agent and the Note Administrator
and reported to the Servicer.

 

“Document
Defect”: Any document or documents constituting a part of a Mortgage Asset File that is missing, has not been properly
executed, has not been delivered within the time periods provided for herein, does not appear to be regular on its face or contains
information that does not conform in any material respect with the corresponding information set forth in the Mortgage Asset Schedule
attached hereto as Schedule A.

 

“Dollar,” “U.S.$”
or “$”: A U.S. dollar or other equivalent unit in Cash.

 

    11

     

    

 

“Due
Period”: With respect to any Payment Date, the period commencing on the day immediately succeeding the second preceding
Determination Date (or commencing on the Closing Date, in the case of the Due Period relating to the first Payment Date) and ending
on and including the Determination Date immediately preceding such Payment Date.

 

“Eligible Account”:

 

(a)               
An account maintained with a federal or state chartered depository institution or trust company or an account or accounts
maintained with the Note Administrator that has, in each case, (i) a long-term unsecured debt rating at least equal to “A2”
by Moody’s and (ii) a short-term unsecured debt rating at least equal to “P-1” by Moody’s; or

 

(b)                a
segregated trust account maintained with the trust department of a federal or state chartered depository institution or trust
company acting in its fiduciary capacity; provided that (i)  any
such institution or trust company has a long-term unsecured rating of at least “A2” by Moody’s, (ii) a
capital surplus of at least U.S. $200,000,000 and (iii) any such account is subject to fiduciary funds on deposit regulations
(or internal guidelines) substantially similar to 12 C.F. R.

§ 9.10(b).

 

“ERISA”:
The United States Employee Retirement Income Security Act of 1974, as amended.

 

“Escrow/Reserve Account”:
The meaning specified in the Servicing Agreement.

 

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

 

“Exception
Schedule”: The schedule identifying any exceptions to the representations and warranties made with respect to the Mortgage
Assets to be conveyed hereunder, which is attached hereto as Schedule D-1(a) to Schedule D.

 

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

 

“FATCA”:
Sections 1471 through 1474 of the Code, as of the date of this Indenture and Credit Agreement (or any amended or successor
version) and any current or future Treasury Regulations promulgated thereunder, and any related provisions of law, court
decisions, administrative guidance or agreements with any taxing authority (or laws thereof) in respect thereof, including
any agreements entered into pursuant to Section 1471(b)(1) of the Code or any U.S. or non-U.S. fiscal or regulatory
legislation, rules, guidance notes or practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such Sections of the Code of analogous provisions of non-U.S. law.

 

“Financing Statements”:
Financing statements relating to the Collateral naming the Issuer, as debtor, and the Collateral Agent, on behalf of the Secured
Parties, as secured party.

 

“Future Advance”:
As defined in the definition of Future Advance Mortgage Asset.

 

“Future
Advance Funding Conditions”: With respect to (i) the application of any Permitted Principal Proceeds on deposit in the
Replenishment Reserve Account and/or (ii) the advance by Class A Lender of any Additional Class A Loan to fund any Future Advance
(in each case, either in whole or in part in accordance with Section 12.3 hereof), the following:

 

(a)                the
Class A Lender has determined in good faith that the applicable conditions precedent to such Future Advance in the applicable
Mortgage Asset Documents have been satisfied and that the Issuer is required to make a Future Advance to the related Obligor
in accordance with such Mortgage Asset Documents;

 

    12

     

    

 

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

 

(c)               
the Issuer advanced such required Future Advance prior to the applicable Additional Funding Date;

 

 (d)               

the related underlying Mortgage Loan is not a Specially Serviced Mortgage Asset; and

 

 (e)               
 the related Mortgage Asset is not a Defaulted Mortgage Asset.

 

“Future
Advance Mortgage Asset”: Any Mortgage Loan with respect to which (i) less than the full principal amount of such Mortgage
Loan is funded or (ii) a portion of the principal amount of such Mortgage Loan is funded into any earnout or holdback reserve at
time such Mortgage Loan is included in the Collateral hereunder (or in connection with a bona-fide amendment to such Mortgage Loan
after such Mortgage Loan is included in the Collateral hereunder) and in which the lender or holder of such Mortgage Loan is obligated,
subject to the satisfaction of certain conditions precedent under the related Mortgage Asset Documents, to make additional advances
or release such amounts on reserve (each, a “Future Advance”) in the future to the related Obligor under such
Mortgage Loan.

 

“GAAP”: The meaning
specified in Section 6.3(k) hereof.

 

“General Intangible”:
The meaning specified in Section 9-102(a)(42) of the UCC.

 

“Governing
Documents”: With respect to all Persons, the articles of incorporation, certificate of incorporation, by-laws, certificate
of limited partnership, limited partnership agreement, limited liability company agreement, certificate of formation, articles
of association and similar charter documents, as applicable to any such Person.

 

“Government
Items”: A security (other than a security issued by the Government National Mortgage Association) issued or guaranteed
by the United States of America or an agency or instrumentality thereof representing a full faith and credit obligation of the
United States of America and, with respect to each of the foregoing, that is maintained in book-entry form on the records of a
Federal Reserve Bank.

 

“Grant”:
To grant, bargain, sell, warrant, alienate, remise, demise, release, convey, assign, transfer, mortgage, pledge, create and grant
a security interest in and right of set-off against, deposit, set over and confirm. A Grant of the Collateral or of any other security
or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including
without limitation the immediate continuing right to claim, collect, receive and take receipt for principal and interest payments
in respect of the Collateral (or any other security or instrument), and all other amounts payable thereunder, to give and receive
notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings
in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled
to do or receive thereunder or with respect thereto.

 

“Guarantor”:
Terra Property Trust, Inc., a Maryland corporation, as guarantor pursuant to that certain Carveout Guaranty.

 

“Holder”
or “Debtholder”: With respect to (a) any Note, the Person in whose name such Note is registered in the Notes
Register and (b) a Class A Loan, the Person in whose name such Class A Loan is registered in the Class A Loan Register (such Person
being a Class A Lender).

 

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

 

    13

     

    

 

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

 

“Indenture
and Credit Agreement Accounts”: The Class A Loan Account, the Custodial Account, Payment Account and the Replenishment
Reserve Account.

 

“Independent”:
As to any Person, any other Person (including, in the case of an accountant, or lawyer, a firm of accountants or lawyers and any
member thereof or an investment bank and any member thereof) who (a) does not have and is not committed to acquire any material
direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (b) is not connected
with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar
functions. “Independent” when used with respect to any accountant may include an accountant who audits the books
of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person
within the meaning of Rule 101 of the Code of Ethics of the American Institute of Certified Public Accountants.

 

Whenever
any Independent Person’s opinion or certificate is to be furnished to the Trustee, the Note Administrator, the Loan Agent
or the Collateral Agent, such opinion or certificate shall state, or shall be deemed to state, that the signer has read this definition
and that the signer is Independent within the meaning hereof.

 

“Initial
Class A Loan Minimum Interest Amount”: An amount equal to the aggregate Class A Loan Interest Distribution Amounts (based
on the Class A Loan Rate in effect on the Closing Date) that would have accrued and been payable on the Aggregate Outstanding Amount
of the Class A Loan made on the Closing Date (assuming no prepayments or repayments of the Class A Loan) through and including
the Payment Date in March, 2022.

 

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

 

“Interest
Accrual Period”: With respect to (a) the first Payment Date, the period from and including the Closing Date to but excluding
such related first Determination Date, (b) the first Payment Date with respect to an Additional Class A Loan, the period from and
including the related Additional Funding Date to but excluding the Determination Date related to such first Payment Date and (c)
each successive Payment Date, the period from and including the Determination Date for the immediately preceding Payment Date to,
but excluding, the Determination Date for such Payment Date.

 

“Interest
Coverage Ratio”: As of any Determination Date, the number (expressed as a percentage) calculated by dividing:

 

(a)                the
expected interest payments due in the related Due Period with respect to the Mortgage Assets (excluding any accrued and
unpaid interest on Defaulted Mortgage Assets), including the portion of any monthly interest payment that (i) the Class A
Lender or the Class A Lender Representative has agreed to (or consented to) defer or delay, (ii) which has been deferred or
permitted to accrue in connection with a Permitted Modification (whether in the current Due Period or a future Due Period),
or (iii) is permitted to accrue in accordance with the terms of the Mortgage Asset Documents in effect as of the Closing
Date. but exclusive of any other deferred interest amounts; provided that no interest (or dividends or other
distributions) will be included with respect to any Mortgage Asset to the extent that such Mortgage Asset does not provide
for the scheduled payment of interest (or dividends or other distributions) in Cash (other than interest that is permitted to
accrue or has been deferred as described above); by

 

 (b)                 the scheduled interest on the Class A Loan payable on the related Payment Date.

 

    14

     

    

 

For purposes
of calculating any Interest Coverage Ratio, (1) there will be excluded all scheduled payments on the Mortgage Assets and any other
payment that the Servicer has determined in its reasonable judgment, based upon written evidence obtained by Servicer no less than
three (3) Business Days prior to the applicable Determination Date, will not be made in Cash or received when due and (2) with
respect to any Mortgage Asset as to which any interest or other payment thereon is subject to withholding tax of any relevant jurisdiction,
each payment thereon shall be deemed to be payable net of such withholding tax unless the related borrower is required to make
additional payments to fully compensate the Issuer for such withholding taxes (including in respect of any such additional payments).

 

“Interest Coverage
Test”: A test that will be satisfied as of any Measurement Date on which the Class A Loan remains Outstanding if the
Interest Coverage Ratio is equal to or greater than 135%.

 

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

 

(i)                
all Cash payments of interest (including any Cash payments representing deferred interest and any amount representing the
accreted portion of a discount from the face amount of a Mortgage Asset) or other distributions (excluding Principal Proceeds)
received during the related Due Period on all Mortgage Assets (net of any fees and other compensation and reimbursement of expenses
(but not net of amounts payable pursuant to any indemnification provisions) to which the Servicer, any primary servicer and any
sub-servicer are entitled to pursuant to the terms of the related Servicing Agreement), including the accrued interest received
in connection with a sale of such Mortgage Assets,

 

(ii)              
all borrower-paid servicing fees and other fees and commissions received by the Issuer during such Due Period in connection
with such Mortgage Assets (net of the portion of any such fees as to which the Servicer, any primary servicer or any sub-servicer
are entitled to as servicing compensation pursuant to the terms of the related Servicing Agreement),

 

(iii)            
any interest payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted Subsidiary,
other than interest payments received in respect of Defaulted Mortgage Assets,

 

(iv)             
prepayment fees, yield maintenance fees, spread maintenance fees and similar fees contemplated under the Mortgage Asset
Documents and actually paid to and received by the Issuer,

 

(v)               
Cash contributed by the Notes Investor pursuant to Section 12.1(e), as Holder of 100% of the Class B Notes and designated
as “Interest Proceeds” by the Notes Investor, and

 

(vi)              any
excess proceeds received in respect of a Mortgage Asset to the extent such proceeds are reported by the Servicer as
 “Interest Proceeds”, based on designation as such by the Servicer in the Monthly Statement delivered to the
Collateral Agent under the Servicing Agreement; provided that Interest Proceeds will in no event include any payments or
proceeds specifically defined as “Principal Proceeds” in the definition thereof.

 

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

 

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

 

    15

     

    

 

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

 

“Issuer”:
Terra Mortgage Capital I, LLC, a limited liability company created and existing under the laws of Delaware, until a successor Person
shall have become the Issuer pursuant to the applicable provisions of this Indenture and Credit Agreement, and thereafter “Issuer”
shall mean such successor Person.

 

“Issuer
Administrative Expenses”: All fees, expenses and other amounts due or accrued with respect to any Payment Date and
payable by the Issuer or any Permitted Subsidiary (including legal fees and expenses) to (a) pro rata the
Collateral Agent, the Loan Agent, the Note Administrator, the Custodian and the Trustee pursuant to this Indenture and Credit
Agreement or any other Transaction Document or any co-trustee appointed pursuant to Section 6.12 hereof (including
amounts payable by the Issuer as indemnification pursuant to this Indenture and Credit Agreement or any other Transaction
Document), (b)  the independent
accountants, agents and counsel of the Issuer for reasonable fees and expenses (including amounts payable in connection with
the preparation of tax forms on behalf of the Issuer), and any registered office and government filing fees, in each case,
payable in the order in which invoices are received by the Issuer, (c) the Servicer, as indemnification or reimbursement of
expenses pursuant to the Servicing Agreement, (d) any other Person in respect of any governmental fee, charge or tax
(including any FATCA compliance costs) in relation to the Issuer (as certified by an Authorized Officer of the Issuer to the
Note Administrator), payable in the order in which invoices are received by the Issuer, and (e) any other Person in respect
of any other fees or expenses (including indemnifications) permitted under this Indenture and Credit Agreement (including,
without limitation, any costs or expenses incurred in connection with certain modeling systems and services) and the
documents delivered pursuant to or in connection with this Indenture and Credit Agreement, the other Transaction Documents
and the Debt and any amendment or other modification of any such documentation, in each case unless expressly prohibited
under this Indenture and Credit Agreement (including, without limitation, the payment of all transaction fees and all legal
and other fees and expenses required in connection with the purchase of any Mortgage Assets or any other transaction
authorized by this Indenture and Credit Agreement), in each case, payable in the order in which invoices are received by the
Issuer (subject to the Priority of Payments); provided that Issuer Administrative Expenses shall not include amounts payable
in respect of the Debt.

 

“Issuer
Order” and “Issuer Request”: A written order or request (which may be in the form of a standing
order or request) dated and signed in the name of the Issuer by an Authorized Officer of the Issuer or, if expressly
authorized in any Transaction Document, by a Servicing Officer of the Servicer, on behalf of the Issuer. For the avoidance of
doubt, an order or request provided in an email or other electronic communication acceptable to the Trustee, Collateral
Agent, Note Administrator or Custodian sent by an Authorized Officer of the Issuer or, if expressly authorized in any
Transaction Document, by a Servicing Officer of the Servicer, on behalf of the Issuer, shall constitute an Issuer Order, in
each case except to the extent that the Trustee, Collateral Agent, Note Administrator or Custodian requests otherwise.

 

“LIBOR”: The meaning
set forth in Schedule B attached hereto.

 

“Lien”
shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature
whatsoever (including, without limitation, any conditional sale or other title retention agreement and any financing lease having
substantially the same economic effect as any of the foregoing), and the filing of any financing statement under the UCC or comparable
law of any jurisdiction in respect of any of the foregoing.

 

    16

     

    

 

“Loan
Agent”: Wells Fargo Bank, National Association, a national banking association, solely in its capacity as loan agent
hereunder, unless a successor Person shall have become the Loan Agent pursuant to the applicable provisions of this Indenture and
Credit Agreement, and thereafter “Loan Agent” shall mean such successor Person.

 

“London Banking Day”:
The meaning set forth in Schedule B attached hereto.

 

“Loss Value Payment”:
The meaning specified in Section 12.2 hereof.

 

“Major Modifications”:
Any modification to a Mortgage Asset Document that results in:

 

(a)                a
forgiveness of principal of the applicable Mortgage Loan (provided that, for the avoidance of doubt, the following shall not
constitute such a forgiveness of principal: (i) any waiver of fees, (ii) waiver of payment of default interest, make-whole
amounts, or prepayment premiums, (iii) waiver of payment of protective advances or interest accruing thereon or (iv) the
Discounted Payoff of any Mortgage Asset, provided that the Discounted Payoff Proceeds related to such Discounted Payoff are
sufficient to repay the Class A Loan in an amount at least equal to the Discounted Payoff Proceeds Entitlement Amount);

 

(b)               
an extension of the maturity date of the applicable Mortgage Loan (beyond those provided in the related Mortgage Asset Documents);

 

(c)               
a release of any guarantor from liability (but not (i) any non-material reduction in such liability, (ii) any release of
a guarantor if a co-guarantor or replacement guarantor continues to satisfy the applicable financial covenants thereunder (only
to the extent that the consent of lender under the Mortgage Asset Documents is not required in connection with any such release),
or (iii) any modification to the scope of guarantor’s liability arising from a modification of the related borrower’s
obligations that does not itself constitute a Major Modification) with respect to a Mortgage Loan, or the release of any guarantor
from liability under a Mortgage Loan or any related non-recourse carveout, environmental or other guaranty in connection with any
acceptance of an assumption agreement or any other agreement permitting a transfer of interests in the related guarantor, unless
such liabilities (on a going forward basis) have been assumed by a remaining co- guarantor or by a replacement guarantor (in each
case, only to the extent that the consent of lender under the Mortgage Asset Documents is required in connection with any such
release);

 

(d)                a
release of the borrower from liability (but not any non-material reduction in such liability with respect to a Mortgage Loan)
under a Mortgage Loan or any related non-recourse carveout, environmental or other guaranty in connection with any acceptance
of an assumption agreement or any other agreement permitting a transfer of interests in the related borrower, unless such
liabilities (on a going forward basis) have been assumed by a remaining co-borrower or by a replacement borrower (in each
case, only to the extent that the consent of lender under the Mortgage Asset Documents is required in connection with any
such release);

 

    17

     

    

 

(e)               
any partial or full debt service deferral, waiver, forbearance or accrual with respect to any Mortgage Loan other than:
(A) any partial or full debt service deferral, forbearance or accrual of interest that does not exceed ninety (90) consecutive
days; and/or (B) any two (2) or more partial or full debt service deferrals, forbearances or accruals of interest that, in the
aggregate, do not exceed one hundred eighty (180) days; and/or (C) any waiver or forbearance of fees, default interest, make-whole
amounts, prepayment premiums, protective advances or interest thereon;

 

(f)                
any approval of the application or use of then-existing reserve account balances in any manner other than in accordance
with the Mortgage Asset Documents, except for any approval with respect to (i) the use of then-existing reserve account balances
(except for taxes and insurance reserves), no more than once in the case of each Mortgage Asset, to cover operating, debt service
and reserve deposit shortfalls for up to six (6) months and (ii) the suspension or reduction of funding or replenishing then-existing
reserve account balances (except for taxes and insurance reserves) for up to six (6) months;

 

 (g)                 a reduction in the interest rate of the applicable Mortgage Loan;

 

(h)               
the incurrence of additional indebtedness by the related borrower under the applicable Mortgage Loan (other than (i) equipment
leases and/or capital leases, in each case, in an amount less than 5% of the original principal amount of the applicable Mortgage
Loan, and (ii) trade payables and/or operational debt, in each case, in an amount less than 7.5% of the original principal amount
of the applicable Mortgage Loan), to the extent such incurrence requires the consent of the lender under the Asset Documents;

 

(i)                
the subordination, conversion or exchange of the Mortgage Loan for other indebtedness;

 

(j)                
any additional encumbrance (excluding easements, licenses, rights of way, boundary line adjustments, and any similar encumbrances,
including, without limitation, utility and related easements, easements granted to governmental authorities for roadway or access
purposes, easements with adjoining landowners and any pledges or deposits to secure workmen’s compensation and other deposits,
and any other matters, in each case, granted in the ordinary course of business so long as no material adverse effect to the Collateral
would be created by, or result from, the consummation thereof) or Lien on the applicable Mortgaged Property, other than, in each
case any “Permitted Liens” or other similar defined term under the related Mortgage Asset Documents;

 

(k)               
the pledge of any direct or indirect ownership interest in the applicable borrower (other than in accordance with and upon
satisfaction of the terms of the related Mortgage Asset Documents and only to the extent that the consent of lender is not required);
and

 

(l)                 the
transfer of any applicable Mortgaged Property or any direct or indirect ownership interest in the applicable borrower
(excluding easements, licenses, rights of way, boundary line adjustments, and any similar encumbrances, including, without
limitation, utility and related easements, easements granted to governmental authorities for roadway or access purposes,
easements with adjoining landowners and any pledges or deposits to secure workmen’s compensation and other deposits,
and any other matters, in each case, granted in the ordinary course of business so long as no material adverse effect to the
Collateral would be created by, or result from, the consummation thereof) (other than in accordance with and upon
satisfaction of the terms of the related Mortgage Asset Documents and only to the extent that the consent of lender is not
required).

 

    18

     

    

 

“Majority”:
With respect to any Class of Debt, the Holders of more than 50% of the Aggregate Outstanding Amount of the Debt of such Class as
of such date of determination; provided however, at any time any Class of Debt is held by multiple Holders and no
single Holder is the holder of more than 50% of the Aggregate Outstanding Amount of the Debt of such Class as of such date of determination,
then the Holder of such Class of Debt with the largest single Outstanding amount of the Debt of such Class shall be considered
the Majority with respect to such Class of Debt.

 

“Mandatory
Clean-up Event”: An event that shall occur when there is one (1) Mortgage Asset owned by Issuer and pledged as Collateral
hereunder.

 

“Mandatory
Clean-up Notice”: The meaning specified in Section 9.6 hereof.

 

“Material Breach”:
The meaning specified in Section 12.2 hereof.

 

“Material
Document Defect”: A Document Defect that materially and adversely affects the value of a Mortgage Asset, the interest
of the Holders of the Class A Loan or the ownership interests of the Issuer or any assignee thereof in such Mortgage Asset. The
Collateral Agent, Trustee, Custodian, Note Administrator and Loan Agent shall not be deemed to have notice or knowledge of any
Material Document Defect unless it receives written notice thereof from the Issuer, the Servicer or the Class A Lender.

 

“Maturity”:
With respect to any Debt, the date on which the unpaid principal of such Debt becomes due and payable as therein or herein provided,
whether at the Stated Maturity Date or by declaration of acceleration or otherwise.

 

“Measurement
Date”: Any of the following: (i) the Closing Date, (ii) the date of acquisition or disposition of any Mortgage Asset,
(iii) any date on which any Mortgage Asset becomes a Defaulted Mortgage Asset, (iv) each Determination Date and (v) no more than
once per calendar month, and with reasonable notice to the Issuer and the Note Administrator, any other Business Day that the Holders
of at least 50% of the Aggregate Outstanding Amount of any Class of Debt requests be a “Measurement Date”; provided
that, if any such date would otherwise fall on a day that is not a Business Day, the relevant Measurement Date will be the immediately
preceding Business Day.

 

“Minimum
Interest Deficiency Amount”: In connection with a repayment of the Class A Loan in full on a Class A Loan Full Prepayment
Date in accordance with Section 16.1(e) hereof, an amount equal to the excess of (which may not be less than zero): (A)
the Minimum Interest Full Prepayment Amount over; (B) the aggregate Class A Loan Interest Distribution Amounts that
have been paid to the Class A Lender pursuant to Article 11 hereof on each Payment Date prior to the Class A Loan Full Prepayment
Date over; (C) the aggregate amount of any Minimum Interest Partial Prepayment Amounts paid by the Issuer to the Class A
Lender in accordance with Section 16.1(d) hereof.

 

“Minimum
Interest Full Prepayment Amount”: An amount equal to the excess of (which may not be less than zero): (A) the sum of
(x) the Initial Class A Loan Minimum Interest Amount plus (y) all Additional Class A Loan Minimum Interest Amounts
over; (B) any Defaulted Mortgage Asset Minimum Interest Amounts.

 

    19

     

    

 

“Minimum
Interest Partial Prepayment Amount”: With respect to any partial prepayment of the Class A Loan in accordance with Section
16.1(d) hereof, an amount equal to the aggregate Class A Loan Interest Distribution Amounts (based on the Class A Loan Rate
in effect on the date of such partial prepayment of the Class A Loan) that would have accrued and been payable on the portion of
the Aggregate Outstanding Amount of the Class A Loan that was repaid in accordance with Section 16.1(d) hereof in connection
with such partial prepayment on each Payment Date occurring after the date such partial prepayment of the Class A Loan through
and including the Payment Date in March, 2022.

 

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

 

“Monthly Reporting Package”:
Means the reporting package described on Exhibit G hereto.

 

“Monthly
Statement”: For each calendar month during which this Indenture and Credit Agreement shall be in effect, Issuer’s
or Servicer’s (per the Servicing Agreement), as applicable, reconciliation in arrears of beginning balances, interest and
principal paid to date and ending balances for each Mortgage Asset, together with a written report describing (a) any Mortgage
Asset Defaults, (b) any and all written modifications to any Mortgage Asset Documents since the prior Monthly Statement, (c) loan
status, collection performance and any delinquency and loss experience with respect to each Mortgage Asset, (d) the balances of
any reserves and escrows for each Mortgage Asset, and (e) such other information as Class A Lender may reasonably request with
respect to Issuer, any Mortgage Asset, related mortgagor, related mezzanine borrower or Mortgaged Property, which report shall
be delivered to Class A Lender for each calendar month during the term of this Indenture and Credit Agreement within twenty (20)
days following the end of such calendar month.

 

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

 

“Mortgage”:
With respect to each Mortgage Loan, the mortgage, deed of trust, deed to secure debt or similar instrument that secures the Mortgage
Note and creates a lien on the fee or leasehold interest in the related Mortgaged Property.

 

“Mortgage
Asset Default”: With respect to any Mortgage Asset, any monetary default or material non-monetary default with respect
to which all applicable notice and cure periods have expired under the Mortgage Asset Documents for such Mortgage Asset (without
giving effect to any waiver granted, while the Class A Loan is Outstanding, without the consent of the Class A Lender). The Collateral
Agent, Trustee, Custodian, Note Administrator and Loan Agent shall not be deemed to have notice or knowledge of any Mortgage Asset
Default unless it receives written notice thereof from the Issuer, the Servicer or the Class A Lender.

 

“Mortgage
Asset Documents”: The indenture, loan agreement, note, mortgage, intercreditor agreement, co-lender agreement or other
agreement pursuant to which a Mortgage Asset has been issued or created and each other agreement that governs the terms of or secures
the obligations represented by such Mortgage Asset or of which holders of such Mortgage Asset are the beneficiaries, including
without limitation each applicable document in the Mortgage Asset File.

 

“Mortgage Asset File”:
The meaning set forth in Section 3.3(e) hereof.

 

“Mortgage
Asset Future Funding Failure”: Means, with respect to a Future Advance Mortgage Asset, any commencement of any litigation,
action, suit, arbitration or other legal proceeding by the underlying Obligor on such Future Advance Mortgage Asset relating to
or in connection with any failure by the Issuer to make any Future Advance as and when required under the related Mortgage Asset
Documents.

 

    20

     

    

 

“Mortgage Asset Schedule”:
A schedule of the Mortgage Assets attached as Schedule A hereto, which sets forth information with respect to such Mortgage
Assets.

 

“Mortgage Assets”:
The Mortgage Loans owned by the Issuer on the Closing Date and listed on Schedule A hereto.

 

“Mortgage
Loan”: A whole mortgage loan (and not a participation interest in a mortgage loan unless otherwise approved by the Class
A Lender in its sole and absolute discretion) secured by commercial, multifamily or manufactured housing community real estate.

 

“Mortgage
Note”: With respect to each Mortgage Loan, the promissory note evidencing the indebtedness of the related Borrower, together
with any rider, addendum or amendment thereto, or any renewal, substitution or replacement of such note.

 

“Mortgage Rate”:
The stated rate of interest on a Mortgage Loan.

 

“Mortgaged Property”:
With respect to any Mortgage Loan, the commercial and/or multifamily mortgage property or properties directly or indirectly securing
such Mortgage Loan.

 

“Mortgagee”: With
respect to each Mortgage Asset, the party secured by the related Mortgage.

 

“Mortgagor” The
obligor on a Mortgage Note and the grantor of the related Mortgage.

 

“No
Entity-Level Tax Opinion”: An opinion of Kirkland & Ellis LLP or another nationally recognized tax counsel experienced
in such matters that any proposed sale, transfer, change in tax status, modification or elimination of any term herein or other
contemplated action, inaction or waiver will not cause the Issuer to be treated as an association taxable as a corporation, a publicly
traded partnership or taxable mortgage pool, in each case subject to U.S. federal income tax on a net basis.

 

“Non-Permitted Holder”:
The meaning specified in Section 2.13(b) hereof.

 

“Note
Administrator”: Wells Fargo Bank, National Association, a national banking association, solely in its capacity as note
administrator hereunder, unless a successor Person shall have become the Note Administrator pursuant to the applicable provisions
of this Indenture and Credit Agreement, and thereafter “Note Administrator” shall mean such successor Person.

 

“Noteholder”:
With respect to any Note, the Person in whose name such Note is registered in the Notes Register.

 

“Notes”:
The Class B Notes authorized by, and authenticated and delivered under, this Indenture and Credit Agreement.

 

“Notes Investor”:
Terra Mortgage Portfolio I, LLC, a Delaware limited liability company.

 

“Notes Register”
and “Note Registrar”: The respective meanings specified in Section 2.5(a) hereof.

 

“Obligor”:
Any Person obligated to make payments of principal, interest, fees or other amounts or distributions of earnings or other amounts
under any Mortgage Loan.

 

    21

     

    

 

“Officer”:
With respect to any corporation or limited liability company, any Director, Manager, the Chairman of the Board of Directors,
the President, any Senior Vice President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer, any
Assistant Treasurer or General Partner of such entity; and with respect to the Collateral Agent, the Loan Agent, the Trustee,
the Custodian or the Note Administrator, any Bank Officer; and with respect to the Servicer, a Servicing Officer (as defined
in the related Servicing Agreement).

 

“Officer’s
Certificate”: With respect to the Issuer and the Servicer, any certificate executed by an Authorized Officer thereof.

 

“Opinion
of Counsel”: A written opinion addressed to the Trustee, the Collateral Agent, the Loan Agent and the Note Administrator
(each, a “Recipient”) in form and substance reasonably satisfactory to each Recipient, of an outside third party
counsel of national recognition, which attorney may, except as otherwise expressly provided in this Indenture and Credit Agreement,
be counsel for the Issuer, and which attorney shall be reasonably satisfactory to the Trustee, the Collateral Agent, the Loan Agent
and the Note Administrator. Whenever an Opinion of Counsel is required hereunder, such Opinion of Counsel may rely on opinions
of other counsel who are so admitted and so satisfactory which opinions of other counsel shall accompany such Opinion of Counsel
and shall either be addressed to each Recipient or shall state that each Recipient shall each be entitled to rely thereon.

 

“Outstanding”:
With respect to the Debt, as of any date of determination, all of the Debt or any Class of Debt, as the case may be, theretofore
authenticated and delivered or incurred, as applicable, pursuant to this Indenture and Credit Agreement, except:

 

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

 

(b)               
Debt or portions thereof for whose payment or redemption funds in the necessary amount have been theretofore irrevocably
deposited with the Collateral Agent, the Note Administrator or the Paying Agent in trust for the Holders of such Debt pursuant
to Section 4.1(a)(i)(2); provided that, if such Debt or portions thereof are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture and Credit Agreement;

 

(c)               
Debt in exchange for or in lieu of which other Debt have been authenticated and delivered pursuant to this Indenture and
Credit Agreement, unless proof satisfactory to the Note Administrator, the Trustee, the Loan Agent and the Collateral Agent is
presented that any such Debt are held by a Holder in due course; and

 

(d)               
Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided
in Section 2.6.

 

“Par
Purchase Price”: With respect to any Mortgage Asset or Defaulted Mortgage Asset, a purchase price equal to the sum of
(a) the outstanding Principal Balance of such Mortgage Asset as of the date of determination; plus (b) all accrued and unpaid interest
on such Mortgage Asset at the related interest rate to but not including the date of purchase; plus (c) all Servicer fees and other
compensation due and payable under the related Servicing Agreement previously allocated to such Mortgage Asset, if any; plus (d)
without duplication, all unreimbursed expenses incurred by the Issuer and the Servicer in connection with and allocable to, such
Mortgage Asset.

 

“Paying
Agent”: The Note Administrator or Loan Agent, in its capacity as Paying Agent hereunder, authorized by the Issuer to
pay the principal of or interest on any Debt on behalf of the Issuer as specified in Section 7.2 hereof.

 

    22

     

    

 

“Payment Account”:
The payment account established by the Collateral Agent, pursuant to Section 10.2 hereof.

 

“Payment
Date”: The fourth (4th) Business Day following each Determination Date, commencing
on the Payment Date in September, 2020, and ending on the Stated Maturity Date unless the Debt is redeemed or repaid prior thereto.

 

“Permitted
Modification”: Any modification to a Mortgage Asset Document that does not constitute a Major Modification.

 

“Permitted
Principal Proceeds”: All amounts received in respect of principal on a Mortgage Asset during the Permitted Replenishment
Reserve Funding Period that (1) are received as a result of an optional principal prepayment made by the related borrower and (2)
are received at least ninety (90) days prior to the maturity date of the related Mortgage Asset; provided, however, that Permitted
Principal Proceeds shall not include amounts representing: (x) Unused Permitted Principal Proceeds; (y) other amounts released
from the Replenishment Reserve Account as a result of any failure of the Interest Coverage Test to be satisfied or an Event of
Default pursuant to Section 10.3 hereof; or (z) any amounts received in respect of a Defaulted Mortgage Asset.

 

“Permitted
Replenishment Reserve Funding Period”: The period beginning on the Closing Date and ending on and including the Payment
Date in September, 2023.

 

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

 

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

 

“Pledged
Mortgage Asset”: On any date of determination, any Mortgage Asset that has been Granted to the Collateral Agent and not
been released from the lien of this Indenture and Credit Agreement pursuant to Section 10.7 hereof.

 

“Principal Balance”
or “par”: With respect to any Mortgage Asset, as of any date of determination, the outstanding principal
amount of such Mortgage Asset.

 

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

 

(i)                
all principal payments (including Unscheduled Principal Payments and any casualty or condemnation proceeds and any proceeds
from the exercise of remedies (including liquidation proceeds)) received during the related Due Period in respect of Mortgage Assets
as a result of (i) a maturity, scheduled amortization or mandatory prepayment on a Mortgage Asset, (ii) optional prepayments made
at the option of the related borrower, (iii) recoveries on Defaulted Mortgage Assets, or (iv) any other principal payments received
with respect to Mortgage Assets,

 

(ii)               Sale
Proceeds received during such Due Period in respect of sales, purchases and repurchases in accordance with the Transaction
Documents (including, without limitation, pursuant to Articles 5 and 12 hereof) excluding (a) accrued interest
included in Sale Proceeds and (b) any reimbursement of expenses included in such Sale Proceeds,

 

(iii)            
any principal payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted Subsidiary,

 

    23

     

    

 

 (iv)           
 any Loss Value Payment received by the Issuer,

 

 (v)             
any Default Interest Proceeds,

 

 (vi)           
 any Discounted Payoff Proceeds,

 

(vii)           
Cash contributed by the Notes Investor pursuant to the terms of this Indenture and Credit Agreement, as Holder of 100% of
the Class B Notes and designated as “Principal Proceeds” by the Notes Investor, and

 

(viii)          amounts
released from the Replenishment Reserve Account and transferred to the Payment Account as a result of any failure of the
Interest Coverage Test to be satisfied or an Event of Default pursuant to Section 10.3 hereof, minus (b)
the aggregate amount of any amounts paid to the Servicer pursuant to the terms of the related Servicing Agreement out of
amounts that would otherwise be Principal Proceeds.

 

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

 

“Privileged
Person”: Any of the following: (i) the Servicer, (ii) the Trustee and Paying Agent, (iii) the Note Administrator, (iv)
the Collateral Agent and Loan Agent, (v) the Class A Lender and (vi) the Issuer.

 

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

 

“Prohibited Transferee”:
Each of the entities set forth on Schedule C attached hereto, and any affiliates thereof.

 

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

 

“Qualified
Purchaser”: A “qualified purchaser” within the meaning of Section 2(a)(51) of the 1940 Act or an entity owned
exclusively by one or more such “qualified purchasers”.

 

“Qualified
REIT Subsidiary”: A corporation that, for U.S. federal income tax purposes, is wholly owned by a real estate investment
trust as described in Section 856(i)(2) of the Code.

 

“Qualified
Servicer”: Means (a) Midland, Situs, LNR, C-III, CWCapital, Cohen Financial, provided that any of the foregoing
entities is not affiliated with any Terra Entity or (b) a commercial mortgage servicer that has acted as servicer or special
servicer, as applicable, for a commercial mortgage- backed securities transaction rated by Moody’s in the prior twelve
(12) months and as to which Moody’s has not, in the past twelve (12) months, cited servicing concerns with respect to
such servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on
 “watch status” in contemplation of a ratings downgrade or withdrawal, which placement on “watch
status” has not been withdrawn within sixty (60) days without any ratings downgrade or withdrawal) of securities in
such commercial mortgage-backed securities transaction serviced by the applicable servicer prior to the time of
determination.

 

    24

     

    

 

“Qualified
Transferee”: So long as no Event of Default has occurred and is continuing, any investment company, money management
firm, bank, savings and loan association, pension fund, investment bank, trust company, commercial credit corporation, pension
plan, mutual fund, insurance company, government entity or plan, investment company or real estate investment trust, which, in
each case, has total assets (in name or under management) in excess of $600,000,000 and capital/statutory surplus or shareholder’s
equity (except with respect to a pension advisory firm or similar fiduciary) of at least $200,000,000, and which, in each case,
regularly engages in the business of making or owning or financing commercial real estate loans similar to the Mortgage Assets
or loans or investments similar to the Class A Loan.

 

“Quarterly Reporting Package”:
Means the reporting package described on Exhibit H hereto.

 

“Record Date”:
With respect to any Holder and any Payment Date, the close of business on the last Business Day of the calendar month immediately
preceding the month in which such Payment Date occurs.

 

“Redemption”:
A Tax Redemption.

 

“Redemption Date”:
A Tax Redemption Date.

 

“Redemption Date Statement”:
The meaning specified in Section 10.5(c) hereof.

 

“Redemption
Price”: The redemption price of the Class B Notes will be calculated on the related Determination Date and will be equal
to the sum of all net proceeds from the sale of the Collateral in accordance with Article 12 hereof and Cash, if any, remaining
after payment of all amounts and expenses, including payments made in respect of the Class A Loan, described under clauses (1)
through (4) of Section 11.1(a)(iii) and repayment in full of the Class A Loan; provided that if there are no such
net proceeds or Cash remaining, the redemption price for the Class B Notes shall be equal to U.S.$0.

 

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

 

“Registered”:
With respect to any debt obligation that is treated as debt for U.S. federal income tax purposes, a debt obligation that is issued
after July 18, 1984, and that is in registered form for purposes of the Code.

 

“REIT”: A “real
estate investment trust” under Section 856 of the Code.

 

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

 

“REO
Property”: A Mortgaged Property acquired directly or indirectly by or on behalf of the Issuer through foreclosure, acceptance
of a deed-in-lieu of foreclosure or otherwise in accordance with applicable law in connection with the default or imminent default
of a Mortgage Loan.

 

    25

     

    

 

“Replenishment Reserve
Account”: The account established by the Collateral Agent pursuant to Section 10.3(a) hereof.

 

“Repurchase
Price”: The sum of the following (in each case, without duplication) as of the date of such repurchase: (a) the then-Stated
Principal Balance of such Mortgage Asset, plus (b) accrued and unpaid interest on such Mortgage Asset, plus (c) any unreimbursed
advances made under the Indenture and Credit Agreement or the Servicing Agreement, plus (d) accrued and unpaid interest on advances
made under the Indenture and Credit Agreement or the Servicing Agreement on the Mortgage Asset, plus (e) any reasonable out-of-pocket
costs and expenses (including, but not limited to, the cost of any enforcement action incurred by the Issuer or the Collateral
Agent in connection with any such repurchase).

 

“Request
for Release”: A request to release a Pledged Mortgage Asset from the lien of this Indenture and Credit Agreement delivered
pursuant to Section 10.7 hereof.

 

“Resolution Period”:
The meaning specified in Section 12.2 hereof.

 

“Retained Securities”:
The Notes.

 

“Rule 144A”: Rule
144A under the Securities Act.

 

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

 

“Sale
Proceeds”: All proceeds (including accrued interest) received with respect to Mortgage Assets as a result of sales/or
repurchases of such Mortgage Assets, including sales and/or repurchases pursuant to Articles 5 and 12 hereof, in
each case net of any reasonable out-of-pocket expenses of the Trustee, the Note Administrator, the Collateral Agent, the Loan Agent,
the Custodian, or the Servicer under the related Servicing Agreement in connection with any such sale.

 

“SEC”: The Securities
and Exchange Commission.

 

“Secured Obligations”:
The meaning specified in the Granting Clauses hereof.

 

“Secured
Parties”: Collectively, the Trustee, the Note Administrator, the Custodian, the Collateral Agent, the Loan Agent and
the Class A Lenders, each as their interests appear in applicable Transaction Documents.

 

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

 

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

 

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

 

“Securities
Intermediary”: Wells Fargo Bank, National Association, a national banking association, acting as securities intermediary
pursuant to the Securities Account Control Agreement.

 

“Sensitive
Asset”: (a) A Mortgage Asset, or a portion thereof, or (b) a real property or other interest (including, without limitation,
an interest in real property) resulting from the conversion, exchange, other modification or exercise of remedies with respect
to a Mortgage Asset or portion thereof, in either case, as to which the Holder of the Class B Notes has determined, based on written
advice of counsel, could give rise to material liability of the Issuer or its direct or indirect beneficial owners (including liability
for taxes) if held directly by the Issuer.

 

    26

     

    

 

“Servicer”:
Trimont Real Estate Advisors, LLC, solely in its capacity as servicer under the Servicing Agreement, together with its permitted
successors and assigns or any successor Person that shall have become the servicer pursuant to the appropriate provisions of the
Servicing Agreement.

 

“Servicing
Accounts”: The Escrow/Reserve Account and the Servicing Account, each as established under and defined in the Servicing
Agreement.

 

“Servicing
Agreement”: The Servicing and Asset Management Agreement, dated as of the Closing Date, by and among the Issuer and the
Servicer, as amended, supplemented or otherwise modified from time to time in accordance with its terms or if applicable, any new
servicing agreement entered into in accordance with this Indenture and Credit Agreement.

 

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

 

“Servicing File”:
The file maintained by the servicer with respect to each Mortgage Asset.

 

“Servicing Standard”:
The meaning of “Accepted Servicing Practice”, as defined in the Servicing Agreement.

 

“Signature Law”:
The meaning specified in Section 14.11 hereof.

 

“SOFR”:
With respect to any calendar day, the secured overnight financing rate published for such day as of 3:00 p.m. New York time by
the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve
Bank of New York’s Website.

 

“Specially
Serviced Mortgage Asset”: Any Mortgage Loan that is currently being specially serviced or for which a special servicer
has been appointed.

 

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

 

“Sponsor”: Terra
Property Trust, Inc., a Maryland corporation.

 

“Stated Maturity Date”:
The Payment Date in March, 2025.

 

“Stated
Principal Balance”: With respect to each Mortgage Asset, the principal balance as of the Cut-off Date as reduced (to
not less than zero) on each Payment Date by (a) all payments or other collections of principal of such Mortgage Asset received
or deemed received thereon during the related Due Period and (b) any principal forgiven and other principal losses realized in
respect of such Mortgage Asset during the related Due Period.

 

“Supermajority”:
With respect to any Class of Debt, the Holders of at least 662/3% of the Aggregate
Outstanding Amount of the Debt of such Class as of such date of determination.

 

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“Tax
Event”: An event that occurs if (a) any borrower is, or on the next scheduled payment date under any Mortgage Asset,
will be, required to deduct or withhold from any payment under any Mortgage Asset to the Issuer for or on account of any tax for
whatever reason and such borrower is not required to pay to the Issuer such additional amount as is necessary to ensure that the
net amount actually received by the Issuer (free and clear of taxes, whether assessed against such borrower or the Issuer) will
equal the full amount that the Issuer would have received had no such deduction or withholding been required, (b) any jurisdiction
imposes net income, profits, or similar tax on the Issuer or, (c) the Issuer becomes an association taxable as a corporation,
a taxable mortgage pool or publicly traded partnership, in each case, subject to U.S. federal income tax on a net basis.

 

“Tax
Materiality Condition”: A condition that will be satisfied if either (a) as a result of the occurrence of a Tax Event,
a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives
less than the full amount that the Issuer would have received had no such deduction occurred and such amount exceeds, in the aggregate,
$1,000,000 during any 12 month period or (b) the Issuer becomes an association taxable as a corporation, a taxable mortgage pool
or publicly traded partnership, in each case subject to U.S. federal income tax on a net basis.

 

“Tax Redemption”:
The meaning specified in Section 9.1 hereof.

 

“Term SOFR”:
The forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected, endorsed or recommended
by the Relevant Governmental Body.

 

“Terra Entity”:
Each of Issuer, Notes Investor, Guarantor, and Sponsor.

 

“Total Redemption
Price”: As of any date of determination, the amount equal to funds sufficient (a)  to
pay all amounts and expenses described under clauses (1) and (2) of Section 11.1(a)(i), that are due and
payable as of such date of determination, (b) to pay all other amounts due and payable as of such date of determination to
the Servicer under the related Servicing Agreement in respect of which funds have not been withdrawn from the Collection
Account pursuant to the related Servicing Agreement, including, without limitation, any liquidation and other fees and other
compensation that are due and payable as of such date of determination under the Servicing Agreement, (c) to repay the
interest on and principal of the Class A Loan in full, (d) to pay all other amounts (without duplication) then due and
payable on the Class A Loan and (e) to redeem all Notes at the applicable Redemption Prices.

 

“Transaction
Documents”: This Indenture and Credit Agreement, the Carveout Guaranty, the Servicing Agreement and the Securities Account
Control Agreement.

 

“Transfer
Agent”: The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer
of Notes in its capacity as Transfer Agent.

 

“Treasury
Regulations”: Temporary or final regulations promulgated under the Code by the United States Treasury Department.

 

“Trustee”:
Wells Fargo Bank, National Association, a national banking association, solely in its capacity as trustee hereunder, unless a successor
Person shall have become the Trustee pursuant to the applicable provisions of this Indenture and Credit Agreement, and thereafter
 “Trustee” shall mean such successor Person.

 

“UCC”: The applicable
Uniform Commercial Code.

 

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

 

“Underlying Note”:
The note or notes or other evidence of indebtedness of a borrower under a Mortgage Loan, together with all riders thereto and amendments
thereof.

 

“United States”
and “U.S.”: The United States of America, including any state and any territory or possession administered thereby.

 

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

 

“Unused Permitted Principal
Proceeds”: The meaning specified in Section 10.3 hereof.

 

“Volcker
Rule”: Section 13 of the Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations promulgated
thereunder.

 

“Weighted
Average Aggregate Outstanding Amount”: With respect to each Interest Accrual Period, the number obtained, by (A) summing
the Aggregate Outstanding Amount of the Class A Loan for each day of such Interest Accrual Period and (B) dividing such sum by
the number of days in such Interest Accrual Period.

 

Section 1.2.          Interest Calculation
Convention.

 

All calculations of interest hereunder
that are made with respect to the Debt shall be made on the basis of the actual number of days during the related Interest Accrual
Period divided by 360.

 

Section 1.3.          Rounding Convention.

 

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

 

ARTICLE
2

 

THE NOTES

 

Section 2.1.          Forms Generally.

 

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

 

Section 2.2.          Forms of Notes
and Certificate of Authentication.

 

(a)         
The form of the Class B Notes, including the Certificate of Authentication, shall be substantially as set forth in Exhibit
B hereto.

 

(b)         
The Notes shall be issued in definitive form, registered in the name of the legal owner thereof attached without interest
coupons with the applicable legend set forth in Exhibit B hereto added to the form of such Notes (each a “Definitive
Note”), which shall be executed by the Issuer and authenticated by the Note Administrator as hereinafter provided. The
aggregate principal amount of the Definitive Notes may from time to time be increased or decreased by adjustments made on the records
of the Note Administrator as hereinafter provided.

 

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

 

(a)         
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture and Credit Agreement
is U.S.$76,735,729.38, except for (i) Notes authenticated and delivered upon registration of transfer of, or in exchange for, or
in lieu of, other Notes pursuant to Sections 2.5, 2.6 or 8.5 hereof or (ii) any increase in the Aggregate
Outstanding Amount of the Class B Notes pursuant to Article 12 hereof. For the avoidance of doubt, nothing in this Section
2.3 shall prevent or restrict the Issuer from incurring the Class A Loan (including any Additional Class A Loan) pursuant to
the terms of this Indenture and Credit Agreement.

 

On the Closing Date, the Class
B Notes shall have the following designation and initial Aggregate Outstanding Amount:

 

	Designation	 	Initial
    Aggregate Outstanding Amount
	 	 	 
	Class B Income Notes
    Due 2025	 	U.S.$76,735,729.38

 

(b)        
The Class B Notes shall be issuable in minimum denominations of U.S.$960,000.00 and integral multiples of U.S.$500.00 in
excess thereof (plus any residual amount).

 

(c)         
If, pursuant to Article 12, Class B Note Additional Funding Amounts are contributed to the Issuer in connection with
making Future Advances on Future Advance Mortgage Assets, the Aggregate Outstanding Amount of the Class B Notes will increase by
the amount of such Class B Note Additional Funding Amount and the minimum denomination amount of such Class B Notes shall proportionately
increase such that the quotient of the Aggregate Outstanding Amount of the Class B Notes divided by the increased minimum denomination
amount shall not exceed eighty (80).

 

Section 2.4.          Execution, Authentication,
Delivery and Dating.

 

The Notes shall be executed on
behalf of the Issuer by an Authorized Officer of the Issuer. The signature of such Authorized Officers on the Notes may be
manual or via facsimile.

 

Notes bearing
the manual or facsimile signatures of individuals who were at any time the Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Notes or did not hold such offices at the date of issuance of such Notes.

 

At any time
and from time to time after the execution and delivery of this Indenture and Credit Agreement, the Issuer may deliver Notes executed
by the Issuer to the Note Administrator for authentication and the Note Administrator, upon Issuer Order, shall authenticate and
deliver such Notes as provided in this Indenture and Credit Agreement and not otherwise.

 

Each Note
authenticated and delivered by the Note Administrator upon Issuer Order on the Closing Date shall be dated as of the Closing Date.
All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture and Credit Agreement shall
be dated the date of their authentication.

 

Notes
issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the
original aggregate principal amount of the Notes so transferred, exchanged or replaced, but shall represent only the current
outstanding principal amount of the Notes so transferred, exchanged or replaced. In the event that any Note is divided into
more than one Note in accordance with this Article 2, the original principal amount of such Note shall be
proportionately divided among the Notes delivered in exchange therefor and shall be deemed to be the original aggregate
principal amount of such subsequently issued Notes.

 

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No Note
shall be entitled to any benefit under this Indenture and Credit Agreement or be valid or obligatory for any purpose, unless there
appears on such Note a Certificate of Authentication, substantially in the form provided for herein, executed by the Note Administrator
or by the Authenticating Agent by the manual signature of one of its Authorized Officers, and such certificate upon any Note shall
be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

 

The Class B Notes held by the
Notes Investor shall be held as a Definitive Note.

 

Section 2.5.          Transfer and Exchange.

 

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

 

The name
and address of each Noteholder and the principal amounts and stated interest of each such Noteholder in its Notes shall be recorded
by the Notes Registrar in the Notes Register. If a Person other than the Note Administrator is appointed by the Issuer as Notes
Registrar, the Issuer shall give the Note Administrator prompt written notice of the appointment of a successor Notes Registrar
and of the location, and any change in the location, of the Notes Register, and the Note Administrator shall have the right to
inspect the Notes Register at all reasonable times and to obtain copies thereof and the Note Administrator shall have the right
to rely upon a certificate executed on behalf of the Notes Registrar by an Authorized Officer thereof as to the names and addresses
of the Holders of the Notes and the principal amounts and numbers of such Notes. In addition, the Note Registrar shall be required,
within one Business Day of each Record Date, to provide the Note Administrator with a copy of the Note Registrar in the format
required by, and with all accompanying information regarding the Noteholders as may reasonably be required by the Note Administrator.

 

Subject to
this Section 2.5, upon surrender for registration of transfer of any Notes at the office or agency of the Issuer to be maintained
as provided in Section 7.2, the Issuer shall execute, and the Note Administrator shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate
principal amount.

 

At the option
of the Holder, Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate principal
amount, upon surrender of the Notes to be exchanged at the office or agency of the Issuer to be maintained as provided in Section
7.2. Whenever any Note is surrendered for exchange, the Issuer shall execute, and the Note Administrator shall authenticate
and deliver, the Notes that the Holder making the exchange is entitled to receive.

 

All Notes
issued and authenticated upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing
the same debt, and entitled to the same benefits under this Indenture and Credit Agreement, as the Notes surrendered upon such
registration of transfer or exchange.

 

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Every Note
presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument
of transfer in form satisfactory to the Issuer and the Notes Registrar, duly executed by the Holder thereof or his attorney duly
authorized in writing.

 

No service
charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Neither
of the Notes Registrar or the Issuer shall be required (i) to issue, register the transfer of or exchange any Note during a period
beginning at the opening of business fifteen (15) days before any selection of Notes to be redeemed and ending at the close of
business on the day of the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Note
so selected for redemption.

 

(b)         
The Retained Securities shall continue to be held by Notes Investor at all times and no Note or any other equity interest
in the Issuer may be sold or transferred (including, without limitation, by pledge or hypothecation) unless the following conditions
are satisfied:

 

(i)         
such sale or transfer is exempt from the registration requirements of the Securities Act and is exempt from the registration
requirements under applicable securities laws of any state or other jurisdiction;

 

(ii)          so
long as the Class A Loan is Outstanding, the Class A Lender consents (in its sole and absolute discretion) to such transfer, pledge
or hypothecation;

 

(iii)       
an equivalent portion of the limited liability company interests of the Issuer are transferred, pledged or hypothecated
to such Person; and

 

(iv)        so
long as the Class A Loan is Outstanding, the Issuer receives a No Entity-Level Tax Opinion (except that a No Entity-Level Tax
Opinion shall not be required to the extent that such sale or transfer is to an affiliate that is wholly-owned by Notes Investor
and is disregarded for U.S. federal income tax purposes or, if the Notes Investor is itself a disregarded entity for U.S. federal
income tax purposes, to the extent that such sale or transfer is to the Person (or an entity disregarded from such Person) treated
as owning the assets of Notes Investor for U.S. federal income tax purposes).

 

(c)         
Each transferee of Definitive Notes or any other equity interest in the Issuer shall make the representations and agreements
set forth in the certificate attached as Exhibit C hereto.

 

(d)        
Any purported transfer of a Note not in accordance with Sections 2.5(a) and 2.5(b) shall be null and void
and shall not be given effect for any purpose hereunder.

 

(e)          Notwithstanding
anything contained in this Indenture and Credit Agreement to the contrary, neither the Trustee, the Note Administrator nor the
Note Registrar (nor any other Transfer Agent) shall be responsible or liable for compliance with applicable federal or state securities
laws (including, without limitation, the Securities Act or Rule 144A), the 1940 Act, ERISA or Section 4975 of the Code (or any
applicable regulations thereunder).

 

(f)          
Each Holder of Notes approves and consents to any transaction between the Issuer and the Guarantor or its Affiliates that
is permitted under the terms of this Indenture and Credit Agreement.

 

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(g)          Each
Holder of a Note is not and will not be for term of this Indenture and Credit Agreement, an “employee benefit plan”
(as defined in Section 3(3) of ERISA) subject to Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the
Code) that is subject to Section 4975 of the Code, a “benefit plan investor” within the meaning of Section 3(42) of
ERISA or any other employee benefit plan that is subject to any federal, state or local law that is substantially similar to Section
406 of ERISA or Section 4975 of the Code or any entity whose underlying assets are deemed to include “plan assets”
by reason of such an employee benefit plan’s or other plan’s investment in the entity or otherwise.

 

(h)        
Each prospective purchaser, any subsequent transferee, and each Holder of Debt or any interest therein shall, by virtue
of its purchase or other acquisition of such Debt or interest therein, acknowledges, agrees and consents to Trimont Real Estate
Advisors, LLC, serving as the Servicer under the Servicing Agreement, and Wells Fargo Bank, National Association also serving as
Collateral Agent, Loan Agent, Note Administrator, Custodian, Calculation Agent, Paying Agent and Securities Intermediary. By purchasing
or acquiring any Debt, each Debtholder will be deemed to have acknowledged the existence of any actual or potential conflicts of
interest inherent to this transaction as a result of the services provided by Wells Fargo Bank, National Association as described
above, and to have waived any claim with respect to any liability arising from the existence thereof.

 

For the
avoidance of doubt, the Indenture and Credit Agreement Accounts (including income, if any, earned on the investments of funds
in such Accounts) will be owned by Notes Investor (or, if the Notes Investor is itself a disregarded entity for U.S. federal
income tax purposes, the Person treated as owning the assets of the Notes Investor for U.S. federal income tax purposes), or
if the Issuer is wholly- owned by a subsequent REIT, by such sole owner, for U.S. federal income tax purposes. The Issuer
shall provide to the Note Administrator (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date, and
(ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time
or times required by applicable law or upon the reasonable request of the Note Administrator as may be necessary (i) to
reduce or eliminate the imposition of U.S.  withholding
taxes and (ii) to permit the Note Administrator to fulfill its tax reporting obligations under applicable law with respect to
the Indenture and Credit Agreement Accounts or any amounts paid to the Issuer. If any IRS form or other documentation
previously delivered becomes obsolete or inaccurate in any respect, Issuer shall timely provide to the Note Administrator
accurately updated and complete versions of such IRS forms or other documentation. The Note Administrator shall have no
liability to Issuer or any other person in connection with any tax withholding amounts paid or withheld from the Indenture
and Credit Agreement Accounts pursuant to applicable law arising from the Issuer’s failure to timely provide an
accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this
paragraph. For the avoidance of doubt, no funds shall be invested with respect to such Indenture and Credit Agreement
Accounts absent the Note Administrator having first received (i) the requisite written investment direction from the Issuer
with respect to the investment of such funds, and (ii) the IRS forms and other documentation required by this paragraph.

 

Section 2.6.          Mutilated, Defaced,
Destroyed, Lost or Stolen Note.

 

If (a)
any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Trustee,
the Note Administrator and the relevant Transfer Agent (each a “Specified Person”) evidence to their
reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to each Specified Person
such security or indemnity as may be required by each Specified Person to save each of them and any agent of any of them
harmless, then, in the absence of notice to the Specified Persons that such Note has been acquired by a bona fide purchaser,
the Issuer shall execute and, upon Issuer Request, the Note Administrator shall authenticate and deliver, in lieu of any such
mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal
principal amount, registered in the same manner, dated the date of its authentication, bearing interest from the date to
which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing a number not
contemporaneously outstanding.

 

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If, after
delivery of such new Note, a bona fide purchaser of the predecessor Note presents for payment, transfer or exchange such predecessor
Note, any Specified Person shall be entitled to recover such new Note from the Person to whom it was delivered or any Person taking
therefrom, and each Specified Person shall be entitled to recover upon the security or indemnity provided therefor to the
extent of any loss, damage, cost or expense incurred by such Specified Person in connection therewith.

 

In case
any such mutilated, defaced, destroyed, lost or stolen Note has become due and payable, the Issuer, in its discretion may, instead
of issuing a new Note, pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall be surrendered.

 

Upon the
issuance of any new Note under this Section 2.6, the Issuer may require the payment by the registered Holder thereof of
a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Trustee) connected therewith.

 

Every new
Note issued pursuant to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute
an original additional contractual obligation of the Issuer, and such new Note shall be entitled, subject to the second paragraph
of this Section 2.6, to all the benefits of this Indenture and Credit Agreement equally and proportionately with any and
all other Notes duly issued hereunder.

 

The provisions
of this Section 2.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes.

 

Section
2.7.          Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved.

 

(a)         
The Class B Notes shall not have a stated interest rate and shall be entitled to receive distributions of Interest Proceeds,
Default Interest Proceeds and Principal Proceeds on each Payment Date only to the extent that funds are available to make such
distributions on such Payment Date in accordance with the Priority of Payments.

 

(b)          The principal of the Class B Notes matures and is due and payable on the Stated Maturity Date unless such principal has
been previously repaid or unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of
acceleration, call for redemption or otherwise. Notwithstanding the foregoing, the payment of principal of the Class B Notes may
only occur pursuant to the Priority of Payments. The payment of principal on any Note is subordinated to the payment on each Payment
Date of the principal due and payable on the Class A Loan and certain other amounts, each case to the extent set forth in the Priority
of Payments. Payments of principal on the Notes that are not paid, in accordance with the Priority of Payments, on any Payment
Date because of insufficient funds therefor shall not be considered “due and payable” for purposes of Section 5.1(b)
until the Payment Date on which such principal may be paid in accordance with the Priority of Payments.

 

(c)          As
a condition to the payment of any amounts in respect of any Note without the imposition of U.S. withholding tax, the Issuer
shall require certification acceptable to it from the Notes Investor or any other applicable Holder to enable the Issuer, the
Trustee and the Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they
may be required to deduct or withhold from payments in respect of such security under any present or future law or regulation
of the United States or any present or future law or regulation of any political subdivision thereof or taxing authority
therein or to comply with any reporting or other requirements under any such law or regulation. Such certification may
include U.S. federal income tax forms, such as IRS Form W-9 (Request for Taxpayer Identification Number and Certification),
or any successor to such IRS form. In addition, each of the Issuer, the Trustee or any Paying Agent may require certification
acceptable to it to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which
the Issuer receives payments on its Collateral. Each Holder and each beneficial owner of Notes agree to provide any
certification requested pursuant to this Section 2.7(c) and to update or replace such form or certification in
accordance with its terms or its subsequent amendments.

 

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(d)          Payments
in respect of the Notes shall be payable (x) by wire transfer in immediately available funds to a Dollar account maintained by
the Holder or its nominee; provided that the Holder has provided wiring instructions to the Paying Agent on or before the
related Record Date or (y) if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by
a Dollar check mailed to the Holder at its address in the Notes Register. Upon final payment due on the Maturity of a Note, the
Holder thereof shall present and surrender such Note at the Corporate Trust Office of the Note Administrator or at the office
of the Paying Agent on or prior to such Maturity. None of the Issuer, the Trustee, the Collateral Agent, the Note Administrator
or the Paying Agent will have any responsibility or liability with respect to any records maintained by the Holder of any Note
with respect to the beneficial holders thereof or payments made thereby on account of beneficial interests held therein.

 

(e)          Subject
to the provisions of Sections 2.7(a) and Section 2.7(d) hereof, Holders of Notes as of the Record Date in respect
of a Payment Date shall be entitled to amounts payable in respect of such Notes in accordance with the Priority of Payments on
such Payment Date. All such payments that are mailed or wired and returned to the Paying Agent shall be held for payment as herein
provided at the office or agency of the Issuer to be maintained as provided in Section 7.2 (or returned to the Trustee).

 

(f)           All
amounts payable on or in respect of any Note which are payable, and are punctually paid or duly provided for, on any Payment Date
shall be paid to the Person in whose name that Note (or one or more predecessor Notes) is registered at the close of business
on the Record Date for such interest.

 

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

 

(h)          All reductions in the principal amount of a Note (or one or more predecessor Notes) effected by payments of installments
of principal made on any Payment Date, Redemption Date or upon Maturity shall be binding upon all future Holders of such Note and
of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not such payment
is noted on such Note.

 

(i)           Notwithstanding
anything contained in this Indenture and Credit Agreement to the contrary, the obligations of the Issuer under the Debt, this
Indenture and Credit Agreement and the other Transaction Documents are non-recourse obligations of the Issuer payable solely
from the Collateral and following realization of the Collateral and application of the proceeds thereof in accordance with
this Indenture and Credit Agreement, all obligations of the Issuer and any claims of the Noteholders, the Collateral Agent,
the Trustee or any other parties to any Transaction Documents shall be extinguished and shall not thereafter revive. No
recourse shall be had for the payment of any amount owing in respect of the Notes against any Officer, director, employee,
shareholder, limited partner or incorporator of the Issuer or any of its successors or assigns for any amounts payable under
the Notes or this Indenture and Credit Agreement. It is understood that the foregoing provisions of this paragraph shall not
(i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is
part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the
Notes or secured by this Indenture and Credit Agreement (to the extent it relates to the obligation to make payments on the
Notes) until such Collateral have been realized and the proceeds thereof applied in accordance with this Indenture and Credit
Agreement, whereupon any outstanding indebtedness or obligation in respect of the Notes, this Indenture and Credit Agreement
and the other Transaction Documents shall be extinguished and shall not thereafter revive. It is further understood that the
foregoing provisions of this paragraph shall not limit the right of any Person to name the Issuer as a party defendant in any
Proceeding or in the exercise of any other remedy under the Notes or this Indenture and Credit Agreement, so long as no
judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced
against any such Person or entity. The Notes are not secured hereunder.

 

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(j)         
Subject to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture and Credit Agreement
and upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights of unpaid interest
and principal that were carried by such other Note.

 

(k)           Notwithstanding
any of the foregoing provisions with respect to payments of principal on the Notes (but subject to Sections 2.7(e) and
(h)), if the Notes have become or been declared due and payable following an Event of Default and such acceleration of
Maturity and its consequences have not been rescinded and annulled and the provisions of Section 5.5 are not applicable,
then payments of principal on such Notes shall be made in accordance with Section 5.7 hereof.

 

Section 2.8.          Persons Deemed
Owners.

 

The Issuer,
the Trustee, the Collateral Agent, the Note Administrator, the Servicer and any of their respective agents may treat as the owner
of a Note the Person in whose name such Note is registered on the Notes Register on the applicable Record Date for the purpose
of receiving payments of principal of and interest and other amounts on such Note and on any other date for all other purposes
whatsoever (whether or not such Note is overdue), and none of the Note Administrator, the Servicer or any of their respective agents
shall be affected by notice to the contrary.

 

Section 2.9.          Cancellation.

 

All Notes
surrendered for payment, registration of transfer, exchange or redemption, or deemed lost or stolen, shall, upon delivery to the
Note Registrar, be promptly canceled by the Note Registrar and may not be reissued or resold. No Notes shall be authenticated in
lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as expressly permitted by this Indenture
and Credit Agreement. All canceled Notes held by the Note Registrar shall be destroyed or held by the Note Registrar in accordance
with its standard retention policy.

 

Section 2.10.         Transfers of
Definitive Notes; Temporary Notes.

 

(a)          If
a Holder of a Definitive Note wishes at any time to exchange such Definitive Note for one or more Definitive Notes or
transfer such Definitive Note to a transferee who wishes to take delivery thereof in the form of a Definitive Note in
accordance with Section 2.5 and this Section 2.10, such Holder may effect such exchange or transfer upon
receipt by the Note Registrar of (i) a Holder’s Definitive Note properly endorsed for assignment to the transferee, and
(ii) duly completed certificates in the form of Exhibit C, upon receipt of which the Note Registrar shall then cancel
such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance with Section
2.5(a) and upon execution by the Issuer, the Note Administrator shall authenticate and deliver one or more Definitive
Notes bearing the same designation as the Definitive Note endorsed for transfer, registered in the names specified in the
assignment described in clause (i) above, in principal amounts designated by the transferee (the aggregate of such
principal amounts being equal to the aggregate principal amount of the Definitive Note surrendered by the transferor).

 

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(b)         
Pending the preparation of Definitive Notes pursuant to this Section 2.10, the Issuer may execute and, upon Issuer
Order, the Note Administrator shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed
or otherwise reproduced, in any authorized denomination, substantially of the tenor of the Definitive Notes in lieu of which they
are issued and with such appropriate insertions, omissions, substitutions and other variations as the Officers executing such Definitive
Notes may determine, as conclusively evidenced by their execution of such Definitive Notes.

 

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

 

Section 2.11.         U.S. Tax Treatment
of Debt and the Issuer.

 

(a)         
The Issuer intends that, for U.S. federal income tax purposes, (i) the Class A Loan (unless held by Notes Investor, an entity
disregarded into Notes Investor or, if the Notes Investor is itself a disregarded entity for U.S. federal income tax purposes,
the Person (or an entity disregarded from such Person) treated as owning the assets of Notes Investor for U.S. federal income tax
purposes, or any member of any “expanded group” (as defined in Treasury Regulation Section 1.385-1(c)(4)) that includes
the Issuer or Notes Investor or any “controlled partnership” (as defined in Treasury Regulation Section 1.385-1(c)(1))
of such expanded group) be treated as debt, (ii) the Notes be treated as equity, (iii) 100% of the Retained Securities be beneficially
owned by Notes Investor or, if Notes Investor is a disregarded entity for U.S. federal income tax purposes, the Person treated
as owning the assets of Notes Investor for U.S. federal income tax purposes (in each case, directly or indirectly through entities
disregarded for U.S. federal income tax purposes), (iv) the Retained Securities and the limited liability company interests of
the Issuer be treated as a single equity interest in the Issuer, and (v) the Issuer be treated as a Qualified REIT Subsidiary or
other disregarded entity of a REIT for U.S. federal income tax purposes (unless, in the case of this clause (v), the Issuer
has received a No Entity-Level Tax Opinion). Each prospective purchaser, and any subsequent transferee of the Debt or any interest
therein shall, by virtue of its purchase or other acquisition of such Debt or interest therein, be deemed to have agreed to treat
the Debt in a manner consistent with the preceding sentence for U.S. federal income tax purposes.

 

(b)         
The Issuer shall account for the Debt and prepare any reports to Holders of Debt and tax authorities consistent with the
intentions expressed in Section 2.11(a) above to the extent permitted by applicable law.

 

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(c)          Each
Class A Lender shall timely furnish to the Issuer or its agents any U.S. federal income tax form or certification, such as IRS
Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)),
IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for the United States Tax Withholding and Reporting (Entities))
IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow Through Entity, or Certain U.S. Branches for United States
Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI
(Certificate of Foreign Person’s Claim that Income is Effectively Connected with the Conduct of a Trade or Business in the
United States) or any successors to such IRS forms that the Issuer or its agents may reasonably request (together with any required
attachments) and shall update or replace such forms or certification in accordance with its terms or its subsequent amendments
or upon such forms or certifications becoming obsolete, inaccurate or incomplete in any respect. Furthermore, each Noteholder
shall timely furnish any information required pursuant to Section 2.7(c).

 

(d)        
Each prospective purchaser, any subsequent transferee, and each Holder of Debt or any interest therein shall, by virtue
of its purchase or other acquisition of such Debt or interest therein, be deemed to agree (i) to provide accurate information and
documentation that may be required for the Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA,
to determine that such recipient has complied with such recipient’s obligations, under FATCA, or to determine the amount
to deduct and withhold from such payment and (ii) that the Issuer, the Note Administrator, the Trustee or the Paying Agent may
(1) provide such information and documentation and any other information concerning its investment in such Debt to the U.S. Internal
Revenue Service and any other relevant tax authority and (2) take any other actions necessary for the Issuer, the Note Administrator,
the Trustee or the Paying Agent to comply with FATCA.

 

(e)         
The Notes Investor, by acceptance of the Retained Securities, agrees to take no action inconsistent with such treatment
and, for so long as any Debt is Outstanding, agrees not to sell, transfer, convey, set over, pledge or encumber any Retained Securities,
except to the extent permitted pursuant to Section 2.5(b).

 

Section 2.12.         Authenticating
Agents.

 

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

 

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

 

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The Note
Administrator agrees to pay to each Authenticating Agent appointed by it from time to time reasonable compensation for its services,
and reimbursement for its reasonable expenses relating thereto and the Note Administrator shall be entitled to be reimbursed for
such payments, subject to Section 6.7 hereof. The provisions of Sections 2.9, 6.4 and 6.5 hereof shall
be applicable to any Authenticating Agent.

 

Section 2.13.         Forced Sale on
Failure to Comply with Restrictions.

 

(a)          Notwithstanding
anything to the contrary elsewhere in this Indenture and Credit Agreement, any transfer of a Note or interest therein to a
Person who is determined not to have been both (1)  a
QIB or an IAI and (2) a Qualified Purchaser at the time of acquisition of the Note or interest therein shall be null and void
and any such proposed transfer of which the Issuer, the Note Administrator or the Trustee shall have written notice (which
includes via electronic mail) may be disregarded by the Issuer, the Note Administrator and the Trustee for all purposes.

 

(b)          If
the Issuer determines that any Holder of a Note has not satisfied the applicable requirement described in Section 2.13(a)
above (any such Person a “Non-Permitted Holder”), then the Issuer shall promptly after discovery that such
Person is a Non-Permitted Holder by the Issuer or an Authorized Officer of the Paying Agent (and notice by the Paying Agent to
the Issuer, if it makes the discovery), send notice (or cause notice to be sent) to such Non-Permitted Holder demanding that such
Non-Permitted Holder transfer its interest to a Person that is not a Non-Permitted Holder within thirty (30) days of the date
of such notice. If such Non-Permitted Holder fails to so transfer its Note or interest therein, the Issuer shall have the right,
without further notice to the Non-Permitted Holder, to sell such Note or interest therein to a purchaser selected by the Issuer
that is not a Non-Permitted Holder on such terms as the Issuer may choose. The Issuer, or a third party acting on behalf of the
Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly
deal in securities similar to the Note, and selling such Note to the highest such bidder. However, the Issuer may select a purchaser
by any other means determined by it in its sole discretion. The Holder of such Note, the Non-Permitted Holder and each other Person
in the chain of title from the Holder to the Non-Permitted Holder, by its acceptance of an interest in the Note, agrees to cooperate
with the Issuer and the Note Administrator to effect such transfers. The proceeds of such sale, net of any commissions, expenses
and taxes due in connection with such sale shall be remitted to the Non-Permitted Holder. The terms and conditions of any sale
under this Section 2.13(b) shall be determined in the sole discretion of the Issuer, and the Issuer shall not be liable
to any Person having an interest in the Note sold as a result of any such sale of exercise of such discretion.

 

Section 2.14.        No Gross Up of the
Debt.

 

The Issuer
shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Debt as a result of any withholding
or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges.

 

Section 2.15.        Effect of Benchmark
Transition Event.

 

(a)          After
a Benchmark Transition Event and its related Benchmark Replacement Date has occurred with respect to the then-current
Benchmark, such Benchmark and the related Benchmark Replacement Date for such Benchmark shall be replaced with the applicable
Benchmark Replacement and Benchmark Determination Date, as determined by the Class A Lender in accordance with the terms and
conditions herein, and the Class A Lender shall provide prompt written notice of such determinations to the Issuer, the
Servicer, the Trustee, the Note Administrator, the Collateral Agent, the Calculation Agent (if different from the Collateral
Agent) and the Debtholders in advance of such Benchmark Replacement Date. Notwithstanding the occurrence of a Benchmark
Transition Event, amounts payable on the Debt shall be determined with respect to the then-current Benchmark (which may be
LIBOR as determined in accordance with methods specified in this Indenture) until the occurrence of the related Benchmark
Replacement Date.

 

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(b)        
If the Benchmark Replacement is any benchmark other than Term SOFR and the Class A Lender later determines that Term SOFR
is able to be implemented, the Class A Lender shall provide written notice of such determination and any applicable Benchmark Replacement
Conforming Changes for Term SOFR to the Issuer, the Servicer, the Trustee, the Note Administrator, the Collateral Agent, the Calculation
Agent (if different from the Collateral Agent) and the Debtholders, and upon receipt of such written notice, Term SOFR shall become
the new Unadjusted Benchmark Replacement and shall, together with a new Benchmark Replacement Adjustment for Term SOFR, replace
the then-current Benchmark on the next Benchmark Determination Date for Term SOFR.

 

(c)         
In connection with the occurrence of any Benchmark Transition Event (or notice of the redetermination of the Benchmark Replacement
to Term SOFR in accordance with clause (b) above) and its related Benchmark Replacement Date, the Class A Lender shall direct the
parties hereto to enter into a supplemental indenture and credit agreement to make such Benchmark Replacement Conforming Changes,
if any, as Class A Lender determines may be necessary or desirable to administer, implement or adopt the applicable Benchmark or
the Benchmark Replacement. From time to time, the Class A Lender may require the parties hereto to enter into a supplemental indenture
and credit agreement to make such additional Benchmark Replacement Conforming Changes, if any, as the Class A Lender determines
may be necessary or desirable to administer, implement or adopt the applicable Benchmark or the Benchmark Replacement and related
Benchmark Replacement Adjustment.

 

(d)          Any
determination, implementation, adoption, decision, proposal or election that may be made by the Class A Lender pursuant to this
Section 2.15, with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark
Replacement Adjustment or Benchmark Replacement Conforming Changes, including any determination with respect to a tenor, rate
or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from
taking any action or any selection, may be made in the sole discretion of the Class A Lender and shall be conclusive and binding
on the parties hereto and the Debtholders absent manifest error, and may be relied upon by the Note Administrator, the Trustee,
the Collateral Agent and the Calculation Agent without investigation, except as expressly provided otherwise in the Indenture
and Credit Agreement.

 

 (e)             [Reserved].

 

(f)            
Notwithstanding anything to the contrary in this Indenture and Credit Agreement, the Class A Lender may send any notices
with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment,
Benchmark Replacement Conforming Changes or any other determination or selection made under this Section 2.15, by email
(or other electronic communication).

 

(g)        
The Class A Lender shall not have any liability or responsibility (other than as set forth herein) for the determination
or selection with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement
Adjustment, Benchmark Replacement Conforming Changes or any other determination or selection made under this Section 2.15
(including, without limitation, whether the conditions for the such determination or selection have been satisfied).

 

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ARTICLE 3

 

CONDITIONS
PRECEDENT; PLEDGED MORTGAGE ASSETS

 

Section 3.1.          General Provisions.

 

The Debt
to be issued and/or incurred on the Closing Date shall be executed or incurred, as applicable, by the Issuer upon compliance with
this Section 3.1, and shall, in the case of the Notes, be delivered to the Note Administrator for authentication and thereupon
the same shall be authenticated and delivered by the Note Administrator upon Issuer Request. The Issuer shall cause the following
items to be delivered to the Collateral Agent, Trustee and Loan Agent on or prior to the Closing Date (except to the extent the
requirement to deliver any such item is waived by the Class A Lender in its sole discretion):

 

(a)         
an Officer’s Certificate of the Issuer (i) evidencing the authorization of the execution and delivery of this Indenture
and Credit Agreement, the execution, authentication, delivery and/or incurrence (as applicable) of the Debt and specifying the
Stated Maturity Date of each Class of Debt, the principal amount of each Class of Debt and the Class A Loan Rate of the Class A
Loan, and (ii) certifying that (A) such evidence has not been rescinded and is in full force and effect on and as of the Closing
Date and (B) the total Aggregate Outstanding Amount of the Class B Notes shall have been received by the Notes Investor on the
Closing Date;

 

 (b)          A duly executed recycled special purpose entity certificate of Terra Mortgage Capital I, LLC;

 

(c)         
an opinion of Kirkland & Ellis LLP, special U.S. counsel to the Issuer and certain of its Affiliates (which opinions
may be limited to the laws of the State of New York, Delaware and the federal law of the United States and may assume, among other
things, the correctness of certain representations and warranties made by the owners of Debt) dated the Closing Date, as to certain
matters of New York law;

 

(d)        
opinions of Kirkland & Ellis LLP, special counsel to the Issuer, dated the Closing Date, relating to the validity of
the Grant hereunder, the perfection of the Collateral Agent’s security interest in the Collateral, and certain matters of
United States, New York law and Delaware law;

 

(e)         
an opinion of Kirkland & Ellis LLP, special counsel to the Issuer and the Guarantor, dated the Closing Date, regarding
the 1940 Act;

 

(f)          
an Officer’s Certificate given on behalf of the Issuer and without personal liability, stating that the Issuer is
not in Default under this Indenture and Credit Agreement and that the issuance of the Notes and the incurrence of the Class A Loan
by the Issuer will not result in a breach of any of the terms, conditions or provisions of, or constitute a Default under, the
Governing Documents of the Issuer, any indenture or other agreement or instrument to which the Issuer is a party or by which it
is bound, or any order of any court or administrative agency entered in any Proceeding to which the Issuer is a party or by which
it may be bound or to which it may be subject; that all conditions precedent provided in this Indenture and Credit Agreement relating
to the authentication and delivery of the Notes applied for by it and the incurrence of the Class A Loan by it have been complied
with and that all expenses due or accrued with respect to the issuance of the Notes and the incurrence of the Class A Loan that
are required to be paid on or prior to the Closing Date or relating to actions taken on or in connection with the Closing Date
have been paid;

 

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(g)          executed
counterparts of the Servicing Agreement, the Carveout Guaranty and the Securities Account Control Agreement;

 

(h)          evidence
of preparation for filing at the appropriate filing office in the State of Delaware of a financing statement, on behalf of the
Issuer, relating to the perfection of the lien of this Indenture and Credit Agreement in that Collateral in which a security interest
may be perfected by filing under the UCC;

 

(i)           an
Issuer Order directing the Note Administrator to (i) authenticate the Notes specified therein, in the amounts set forth therein
and registered in the names set forth therein and (ii) deliver the authenticated Notes as directed by the Issuer; and

 

(j)           payment
by the Issuer to the Class A Lender of the Class A Loan Upfront Fee in connection with the funding of the Class A Loan.

 

Section 3.2.          Security for Class
A Loan.

 

Prior to
the incurrence of the Class A Loan on the Closing Date, the Issuer shall cause the following conditions to be satisfied:

 

(a)         
Grant of Security Interest; Delivery of Mortgage Assets. The Grant pursuant to the Granting Clauses of this Indenture
and Credit Agreement of all of the Issuer’s right, title and interest in and to the Collateral shall be effective and all
Mortgage Assets owned by the Issuer on the Closing Date, together with each Underlying Note and other Mortgage Asset Documents
with respect thereto shall have been delivered to, and received by, the Custodian on behalf of the Collateral Agent, without recourse,
in the manner provided in Section 3.3(a);

 

(b)          Certificate
of the Issuer. A certificate of an Authorized Officer of the Issuer given on behalf of the Issuer and without personal liability,
delivered to the Collateral Agent, the Loan Agent, the Trustee and the Note Administrator on the Closing Date to the effect that,
in the case of each Mortgage Asset pledged to the Collateral Agent for inclusion in the Collateral on the Closing Date and immediately
prior to the delivery thereof on the Closing Date:

 

(i)          
the Issuer is the owner of such Mortgage Asset free and clear of any liens, claims or encumbrances of any nature whatsoever
except for those which are being released on the Closing Date;

 

(ii)         
the Issuer has acquired its ownership in such Mortgage Asset in good faith without notice of any adverse claim, except as
described in clause (b)(i) above;

 

(iii)        
the Issuer has not assigned, pledged or otherwise encumbered any interest in such Mortgage Asset (or, if any such interest
has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture
and Credit Agreement;

 

(iv)        the
Mortgage Asset Documents with respect to such Mortgage Asset do not prohibit the Issuer from Granting a security interest in and
assigning and pledging such Mortgage Asset to the Collateral Agent;

 

(v)         
in the case of the Closing Date, the list of Mortgage Assets in Schedule A identifies every Mortgage Asset owned
by the Issuer on the Closing Date;

 

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(vi)        
the requirements of Section 3.2(a) with respect to such Mortgage Assets have been satisfied; and

 

(vii)       
(1) the Grant pursuant to the Granting Clauses of this Indenture and Credit Agreement shall, upon execution and delivery
of this Indenture and Credit Agreement by the parties hereto, result in a valid and continuing security interest in favor of the
Collateral Agent for the benefit of the Secured Parties in all of the Issuer’s right, title and interest in and to the Mortgage
Assets pledged to the Collateral Agent for inclusion in the Collateral on the Closing Date; and

 

(2) upon
the delivery of each Underlying Note evidencing the obligations of the borrowers under each Mortgage Asset to the Custodian
on behalf of the Collateral Agent, at the Custodian’s office in Minneapolis, Minnesota, the Collateral Agent’s
security interest in all Mortgage Assets shall be a validly perfected, first priority security interest under the UCC as in
effect in the State of Minnesota.

 

(c)         
Accounts. Evidence of the establishment of the Payment Account, Replenishment Reserve Account and the Collection
Account.

 

Section 3.3.          Transfer of Collateral.

 

(a)          Wells Fargo Bank, National Association, as document custodian (in such capacity, the “Custodian”), is
hereby appointed as Custodian to hold all of the Underlying Notes, which shall be delivered to it by the Issuer on the Closing
Date or any Additional Funding Date, as applicable, at its office in Minneapolis, Minnesota. Any successor to the Custodian shall
be a U.S. state or national bank or trust company that is not an Affiliate of the Issuer and has capital and surplus of at least
U.S.$200,000,000 and whose long-term unsecured debt is rated at least “A2” by Moody’s; provided, that
it may maintain a long- term unsecured debt rating of at least “Baa1” by Moody’s for so long as it maintains
a short-term unsecured debt rating of at least “P-2” by Moody’s and the Servicer maintains a long-term unsecured
debt rating of at least “A2” by Moody’s. Subject to the limited right to relocate Collateral set forth in Section
7.5(b), the Custodian shall hold all Mortgage Asset Files at its Corporate Trust Office.

 

(b)          The
Collateral Agent on behalf of the Secured Parties shall have entered into a securities account control agreement with the Issuer,
as debtor and the Securities Intermediary, and the Collateral Agent, as secured party (the “Securities Account Control
Agreement”), providing, inter alia, that the establishment and maintenance of the Indenture and Credit Agreement Accounts
will be governed by the law of the State of New York. The security interest of the Collateral Agent in Collateral shall be perfected
and otherwise evidenced as follows:

 

(i)         
in the case of each Indenture and Credit Agreement Account (and amounts on deposit therein), by the Issuer (A) causing the
Securities Intermediary to enter into the Securities Account Control Agreement and (B) causing the Securities Intermediary to agree
pursuant to the Securities Account Control Agreement that it will comply with instructions originated by or on behalf of the Collateral
Agent with respect to such Indenture and Credit Agreement Account (and amounts on deposit therein) without further consent by the
Issuer;

 

(ii)          in
the case of Collateral that consist of Instruments or Certificated Securities (the “Minnesota
Collateral”), by the Issuer causing (A) the Custodian on behalf of the Collateral Agent, to acquire possession of
such Minnesota Collateral in the State of Minnesota or (B)  another Person (other than the Issuer or a Person
controlling, controlled by, or under common control with, the Issuer) (1) to (x) take possession of such Minnesota Collateral
in the State of Minnesota and (y) authenticate a record acknowledging that it holds such possession for the benefit of the
Collateral Agent or (2) to (x) authenticate a record acknowledging that it will hold possession of such Minnesota Collateral
for the benefit of the Collateral Agent and (y) take possession of such Minnesota Collateral in the State of Minnesota;

 

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(iii)        
in the case of Collateral that consists of General Intangibles and all other Collateral of the Issuer in which a security
interest may be perfected by filing a financing statement under Article 9 of the UCC as in effect in the State of Delaware, filing
or causing the filing of a UCC financing statement naming the Issuer as debtor and the Collateral Agent as secured party, which
financing statement reasonably identifies all such Collateral, with the Secretary of State of the State of Delaware; and

 

(iv)        
in the case of Collateral that consists of Cash on deposit in any Servicing Account managed by the Servicer pursuant to
the terms of the Servicing Agreement, depositing such Cash in a Servicing Account, which Servicing Account is in the name of the
Servicer on behalf of the Collateral Agent.

 

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

 

(d)         
Without limiting the foregoing, the Issuer shall take all actions reasonably required (or that the Collateral Agent may
request (acting at the direction of a Majority of the Class A Lenders)) in order to maintain the perfection and priority of the
security interest of the Collateral Agent in the event of any change in applicable law or regulation, including Articles 8 and
9 of the UCC and Treasury Regulations governing transfers of interests in Government Items (it being understood that the Note Administrator
or the Loan Agent, as applicable, shall be entitled to rely upon an Opinion of Counsel, including an Opinion of Counsel delivered
in accordance with Section 3.1(c), as to the need to file any financing statements or continuation statements, the dates by which
such filings are required to be made and the jurisdictions in which such filings are required to be made).

 

(e)         
Without limiting any of the foregoing, in connection with each Grant of a Mortgage Asset hereunder, the Issuer shall deliver
to the Custodian, in each case to the extent specified on the closing checklist for such Mortgage Asset provided to the Custodian
(with a copy to the Servicer) by the Issuer the following documents (collectively, the “Mortgage Asset File”):

 

(1)        
the original Mortgage Note, as applicable, bearing all intervening endorsements, endorsed “Pay to Terra Mortgage Capital
I, LLC, a Delaware limited liability company, its successors, participants and assigns without recourse, representations or warranties
of any kind, express or implied” and signed in the name of the last endorsee by an authorized Person;

 

(2)          an
original blanket assignment of all unrecorded documents with respect to such Mortgage Asset to the Issuer or in the name of the
Issuer;

 

(3)          the
original or copy of any guarantee executed in connection with the promissory note, if any;

 

(4)         with
respect to each Mortgage Loan, the original or a copy of the Mortgage with evidence of recording thereon, or, if unrecorded,
a copy thereof together with an Officer’s Certificate of the Issuer certifying that such copy represents a true and
correct copy of the original and that such original has been submitted or delivered to an escrow agent for recordation in the
appropriate governmental recording office of the jurisdiction where the encumbered property is located, in which case,
recordation information shall not be required;

 

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 (5)          [reserved];

 

(6)          the
originals or copies of all assumption, modification, consolidation or extension agreements with evidence of recording thereon
(or a copy thereof together with an Officer’s Certificate of the Issuer certifying that such copy represents a true and
correct copy of the original and that such original has been submitted or delivered to an escrow agent for recordation in the
appropriate governmental recording office of the jurisdiction where the encumbered property is located, in which case, recordation
information shall not be required), together with any other recorded document relating to the Mortgage Asset otherwise included
in the Mortgage Asset File;

 

(7)          the original Assignment of Mortgage in the name of the Issuer or in blank, in form and substance acceptable for recording
and signed in the name of the last endorsee;

 

(8)          the
originals or copies of all intervening assignments of mortgage, if any, with evidence of recording thereon, showing an unbroken
chain of title from the origination thereof to the last endorsee, or, if unrecorded, copies thereof together with an Officer’s
Certificate of the Issuer certifying that such copies represent true and correct copies of the originals and that such originals
have each been submitted or delivered to an escrow agent for recordation in the appropriate governmental recording office of the
jurisdiction where the encumbered property is located, in which case, recordation information shall not be required;

 

(9)          an
original (which may be in the form of an electronically issued title policy) or a copy mortgagee policy of title insurance or
a conformed version of the mortgagee’s title insurance commitment either marked as binding for insurance or attached to
an escrow closing letter, countersigned by the title company or its authorized agent if the original mortgagee’s title insurance
policy has not yet been issued;

 

(10)        the
original or a copy of any security agreement, chattel mortgage or equivalent document executed in connection with such Mortgage
Loan, if any;

 

(11)        the
original or a copy of Assignment of Leases, Rents and Profits, if any, with evidence of recording thereon, or if unrecorded, a
copy thereof together with an Officer’s Certificate of the Issuer certifying that such copy represents a true and correct
copy of the original that has been submitted or delivered to an escrow agent for recordation in the appropriate governmental recording
office of the jurisdiction where the encumbered property is located, in which case, recordation information shall not be required;

 

(12)        the
original assignment of any assignment of leases and rents in the name of the Issuer or in blank, in form and substance acceptable
for recording;

 

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(13)       
a filed copy of the UCC-1 financing statements with evidence of filing thereon, and UCC-3 assignments in blank, which UCC-3
assignments shall be in form and substance acceptable for filing;

 

(14)        the
original or copy of any related loan agreement;

 

(15)        [reserved];

 

(16)        the
original or copy of the environmental indemnity agreement, if any;

 

(17)        the
original or copy of any general collateral assignment of all other documents held by the Issuer in the name of the Issuer in connection
with such Mortgage Asset;

 

(18)      
an original or copy of any disbursement letter from the collateral Obligor to the original mortgagee;

 

 (19)        an original or copy of the survey of the related Mortgaged Properties, if any;

 

(20)        a
copy of any property management agreements;

 

(21)        a
copy of any ground leases;

 

(22)       
a copy of any related environmental insurance policy and environmental report, if applicable, with respect to the related
Mortgaged Properties;

 

(23)        with
respect to any Mortgage Loan with related mezzanine loan or other subordinate debt, a copy of any related co-lender agreement,
intercreditor agreement, subordination agreement or other similar agreement;

 

(24)       
with respect to each Mortgage Loan secured by a hospitality property, a copy of any related franchise agreement, an original
or copy of any comfort letter related thereto, and if, pursuant to the terms of such comfort letter, the general assignment of
the Mortgage Loan is not sufficient to transfer or assign the benefits of such comfort letter to the Issuer, a copy of the notice
by the related administrative agent to the franchisor of the transfer of such Mortgage Loan and/or a copy of the request for the
issuance of a new comfort letter in favor of the Issuer (in each case, as and to the extent required pursuant to the terms of such
comfort letter and which notices and requests may be by email), in each case as determined by the Issuer;

 

(25)       
a copy of any opinion of counsel issued in connection with such Mortgage Asset; and

 

(26)       
the following additional documents, (a) an allonge to the original Mortgage Note, as applicable, endorsed in blank; (b)
an assignment of Mortgage, in blank, in form and substance acceptable for recording; (c) an assignment of Leases, Rents and Profits,
in blank, in form and substance acceptable for recording; and (d) a blanket assignment, in blank.

 

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With respect
to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned
to the Issuer in time to permit their delivery hereunder at the time required, the Issuer shall deliver such original recorded
documents to the Custodian promptly when received by the Issuer from the applicable recording office.

 

(f)         
With respect to each Mortgage Asset owned by the Issuer as of the Closing Date, the execution and delivery of this Indenture
and Credit Agreement by the Custodian shall constitute certification that with respect to each such Mortgage Asset: (i) each original
note required to be delivered to the Custodian on behalf of the Collateral Agent by the Issuer and all allonges thereto, if any,
have been received by the Custodian on the Closing Date; and (ii) such original note has been reviewed by the Custodian and (A)
appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by
the borrower), (B) appears to have been executed and (C) purports to relate to the related Mortgage Asset. The Custodian agrees
to review or cause to be reviewed the Mortgage Asset Files within sixty (60) days after the Closing Date, and to deliver to the
Class A Lender, the Issuer, the Note Administrator, the Servicer and the Trustee a certification in the form of Exhibit E
attached hereto, indicating, subject to any exceptions found by it in such review (and any related exception report and any subsequent
reports thereto shall be delivered to the other parties hereto and the Servicer in electronic format, including Excel compatible
format), (A) those documents referred to in Section 3.3(e) that have been received, and (B) that such documents have been
executed, appear on their face to be what they purport to be, purport to be recorded or filed (as applicable) and have not been
torn, mutilated or otherwise defaced, and appear on their faces to relate to the Mortgage Asset. The Custodian shall have no responsibility
for reviewing the Mortgage Asset File except as expressly set forth in this Section 3.3(f). None of the Collateral Agent,
the Note Administrator, and the Custodian shall be under any duty or obligation to inspect, review, or examine any such documents,
instruments or certificates to independently determine that they are valid, genuine, enforceable, legally sufficient, duly authorized,
or appropriate for the represented purpose, whether the text of any assignment or endorsement is in proper or recordable form (except
to determine if the endorsement conforms to the requirements of Section 3.3(e)), whether any document has been recorded
in accordance with the requirements of any applicable jurisdiction, to independently determine that any document has actually been
filed or recorded in the appropriate office, that any document is other than what it purports to be on its face, or whether the
title insurance policies relate to the Mortgaged Property.

 

(g)         
No later than the one hundred twentieth (120th) day after the Closing Date with respect
to the Mortgage Assets owned by the Issuer on the Closing Date and every quarter thereafter until all exceptions have been cleared,
the Custodian shall (i) deliver to the Issuer, with a copy to the Note Administrator, the Trustee, the Collateral Agent, the Loan
Agent, and the Servicer an exception report (which report and any updates or modifications thereto shall be delivered in electronic
format, including Excel-compatible format) as to any remaining documents that are required to be, but are not in the Mortgage Asset
File and (ii) request that the Issuer cause such document deficiency to be cured.

 

 (h)         
Without limiting the generality of the foregoing:

 

(i)           
from time to time upon the written request of the Trustee, the Servicer, the Collateral Agent or the Loan Agent, the Issuer
shall deliver (or cause to be delivered) to the Custodian any Mortgage Asset Document in the possession of the Issuer and not previously
delivered hereunder (including originals of Mortgage Asset Documents not previously required to be delivered as originals) and
as to which the Trustee, the Collateral Agent, the Servicer or the Loan Agent, as applicable, shall have reasonably determined,
or shall have been advised, to be necessary or appropriate for the administration of such Mortgage Assets hereunder for the protection
of the security interest of the Collateral Agent under this Indenture and Credit Agreement;

 

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(ii)          
upon request of the Issuer or the Class A Lender, in connection with any delivery of documents to the Custodian pursuant
to clause (h)(i) above, the Custodian shall deliver to the Issuer or Class A Lender, as applicable, an updated report in
the form of Schedule B to Exhibit E as to all documents in its possession; and

 

(iii)          from
time to time upon request of the Issuer or the Servicer, as applicable, the Custodian shall, upon delivery by the Issuer or the
Servicer, as applicable, of a Request for Release in the form of Exhibit F hereto (together with, if the Class A Loan is
outstanding, the countersignature of the Class A Lender (which countersignature (x) shall not be unreasonably withheld, conditioned
or delayed, and (y) shall not be required if the related Mortgage Asset has been paid in full)), release to the Issuer or the
Servicer, as applicable, such of the Mortgage Asset Documents then in its custody as the Issuer or the Servicer, as applicable,
reasonably so requests. By submission of any such Request for Release, the Issuer or the Servicer, as applicable, shall be deemed
to have represented and warranted that it has determined that the requested release is necessary for the administration of such
Mortgage Asset hereunder or for the protection of the security interest of the Collateral Agent under this Indenture and Credit
Agreement. The Issuer or the Servicer, as applicable, shall return to the Custodian each Mortgage Asset Document released from
custody pursuant to this clause (iii) within twenty (20) Business Days of receipt thereof (except such Mortgage Asset Documents
as are released in connection with a sale, exchange or other disposition, in each case only as permitted under this Indenture
and Credit Agreement, of the related Mortgage Asset that is consummated within such 20-day period). Notwithstanding the foregoing
provisions of this clause (iii), any note or other instrument evidencing a Pledged Mortgage Asset shall be released only
for the purpose of (1) a sale, exchange or other disposition of such Pledged Mortgage Asset that is permitted in accordance with
the terms of this Indenture and Credit Agreement, (2) presentation, collection, renewal or registration of transfer of such Pledged
Mortgage Asset or (3) in the case of any note, in connection with a payment in full of all amounts owing under such note.

 

(i)          
As of the Closing Date for the Mortgage Assets owned by the Issuer on the Closing Date, the Issuer represents and warrants
as follows:

 

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

 

(ii)         
the Issuer owns and has good and marketable title to such Collateral free and clear of any lien, claim or encumbrance of
any Person;

 

(iii)       
in the case of each Collateral, the Issuer has acquired its ownership in such Collateral in good faith without notice of
any adverse claim as defined in Section-8 102(a)(1) of the UCC as in effect on the date hereof;

 

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

 

(v)         the
Issuer has not authorized the filing of, and is not aware of, any financing statements against the Issuer that include a
description of collateral covering the Collateral other than any financing statement (A) relating to the security interest
granted to the Collateral Agent for the benefit of the Secured Parties hereunder or (B) that has been terminated;

 

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(vi)                
the Issuer is not aware of any judgment lien, Pension Benefit Guarantee Corporation lien or tax lien filings (other than
with respect to taxes not yet due and payable) against the Issuer;

 

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

 

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

 

(ix)                
the list of Mortgage Assets in Schedule A identifies every Mortgage Asset owned by the Issuer on the Closing Date
and pledged to the Issuer hereunder and the requirements of Section 3.2(a) with respect to such Mortgage Assets have been
satisfied;

 

(x)                 
all of the Collateral constitutes one or more of the following categories: an Instrument, a General Intangible, a Certificated
Security or an uncertificated security and proceeds of all the foregoing;

 

 (xi)               
[reserved];

 

(xii)              
the Issuer has delivered a fully executed Securities Account Control Agreement pursuant to which the Securities Intermediary
has agreed to comply with all instructions originated by the Collateral Agent relating to the Indenture and Credit Agreement Accounts
without further consent of the Issuer; none of the Indenture and Credit Agreement Accounts is in the name of any Person other than
the Issuer; the Issuer has not consented to the Securities Intermediary to comply with any instructions in respect of the Indenture
and Credit Agreement Accounts and any Cash credited to any of the Indenture and Credit Agreement Accounts originated by any Person
other than the Collateral Agent;

 

(xiii)            
(A) all original executed copies of each promissory note or other writings that constitute or evidence any pledged obligation
that constitutes an Instrument have been delivered to the Custodian for the benefit of the Collateral Agent and (B) none of the
promissory notes or other writings that constitute or evidence such collateral has any marks or notations indicating that they
have been pledged, assigned or otherwise conveyed by the Issuer to any Person other than the Collateral Agent; and

 

(xiv)            
each of the Indenture and Credit Agreement Accounts constitutes a Securities Account.

 

(j)                
The Issuer further represents and warrants with respect to each of the Mortgage Assets as of the Closing Date:

  

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(i)                 none
of the execution, delivery or performance by the Issuer of this Indenture and Credit Agreement shall (x) conflict with,
result in any breach of or constitute a default (or an event which, with the giving of notice or passage of time, or both,
would constitute a default) under, any term or provision of the organizational documents of the Issuer, or any material
indenture, agreement, order, decree or other material instrument to which the Issuer is a party or by which the Issuer is
bound, in each case, which materially adversely affects the Issuer’s ability to perform its obligations hereunder or
(y) violate any provision of any applicable law, rule or regulation applicable to such party of any regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Issuer;

 

(ii)              
no consent, license, approval or authorization from, or registration or qualification with, any governmental body, agency
or authority, nor any consent, approval, waiver or notification of any creditor or lessor is required in connection with the execution,
delivery and performance by the Issuer of this Indenture and Credit Agreement, the failure of which to obtain would have a material
adverse effect except such as have been obtained and are in full force and effect;

 

(iii)            
Issuer (w) has adequate capital for the normal obligations reasonably foreseeable in a business of its size and character
and in light of its contemplated business operations, (x) is generally able to pay, and as of the date hereof is paying, its debts
as they come due, (y) has not become or is not presently, financially insolvent nor will it be made insolvent by virtue of its
execution of or performance under any of the provisions of this Indenture and Credit Agreement within the meaning of the bankruptcy
laws or the insolvency laws of any jurisdiction and (z) has not entered into this Indenture and Credit Agreement or the transactions
effectuated hereby in contemplation of insolvency or with intent to hinder, delay or defraud any creditor; and

 

(iv)             
no proceedings are pending or, to Issuer’s knowledge, threatened against it before any federal, state or other governmental
agency, authority, administrative or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which, singularly
or in the aggregate, could materially and adversely affect the ability of the Issuer to perform any of its obligations under this
Indenture and Credit Agreement;

 

(v)               
Issuer owns such Mortgage Assets, has good and marketable title thereto, free and clear of any pledge, lien, security interest,
charge, claim, equity, or encumbrance of any kind;

 

(vi)             
the Issuer acquired its ownership in such Mortgage Assets in good faith without notice of any adverse claim;

 

(vii)           
the Issuer has not assigned, pledged or otherwise encumbered any interest in such Mortgage Assets (or, if any such interest
has been assigned, pledged or otherwise encumbered, it has been released);

 

(viii)         
the Mortgage Asset Documents with respect to such Mortgage Asset do not prohibit the Issuer from granting a security interest
in and assigning and pledging such Mortgage Asset to the Collateral Agent;

 

(ix)             
except to the extent the Issuer is entitled to corresponding gross-up payments from the underlying borrower or its affiliates,
none of such Mortgage Assets will cause the Issuer to have payments subject to foreign or United States withholding tax; and

 

(x)               
with respect to each Mortgage Asset, except as set forth in the Exception Schedule, the representations and warranties set
forth in Schedule D are true and correct in all material respects as of the Closing Date.

 

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For purposes of the
representations and warranties set forth in this Section 3.3 and in Schedule D, the phrases “to the
knowledge of the Issuer” or “to the Issuer’s knowledge” shall mean, except where otherwise expressly
set forth in a particular representation and warranty, the actual state of knowledge of Vikram Uppal, as Chief Executive
Officer of the Issuer or any servicer acting on its behalf regarding the matters referred to, in each case: (i) at the time
of the Issuer’s origination or acquisition of the particular Mortgage Asset, after the Issuer having conducted such
reasonable inquiry and due diligence into such matters as would be customarily performed by a prudent institutional
commercial, multifamily or manufactured housing community, as applicable, mortgage lender; and (ii) subsequent to such
origination, the Issuer having utilized reasonable monitoring practices that would be customarily utilized by a prudent
commercial, multifamily or manufactured housing community, as applicable, mortgage lender and having made prudent inquiry as
to the knowledge of the servicer servicing such Mortgage Asset on its behalf. Also, for purposes of such representations and
warranties, the phrases “to the actual knowledge of the Issuer” or “to the Issuer’s actual
knowledge” shall mean, except where otherwise expressly set forth below, the actual state of knowledge of Vikram Uppal,
as Chief Executive Officer of the Issuer or any servicer acting on its behalf without any duty of inquiry. All information
contained in documents which are part of or required to be part of a Mortgage Asset File shall be deemed to be within the
knowledge and the actual knowledge of the Issuer. Wherever there is a reference to receipt by, or possession of, the Issuer
of any information or documents, or to any action taken by the Issuer or not taken by the Issuer, such reference shall
include the receipt or possession of such information or documents by, or the taking of such action or the failure to take
such action by, the Issuer or any servicer acting on its behalf. The named individual shall have no personal liability by
virtue of his inclusion in the definitions herein.

 

Section 3.4.         Class A Loan Fees.

 

On the Closing
Date, the Issuer shall pay to the Class A Lender the Class A Loan Upfront Fee. On any Additional Funding Date, the Issuer shall
pay to the Class A Lender the applicable Additional Class A Loan Fee.

 

ARTICLE 4

 

SATISFACTION
AND DISCHARGE

 

Section 4.1.         Satisfaction and
Discharge of Indenture and Credit Agreement.

 

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

 

(a)               
(i)         either:

 

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

 

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(2)               
all Notes not theretofore delivered to the Note Registrar for cancellation or Debt not repaid in full (A) has become due
and payable, or (B) shall become due and payable at its Stated Maturity Date within one (1) year, or (C) is to be called for redemption
or repayment pursuant to Article 9 under an arrangement satisfactory to the Collateral Agent for the giving of notice of
redemption by the Issuer pursuant to Section 9.3 and either (x) the Issuer has irrevocably deposited or caused to be deposited
with the Collateral Agent, Cash or non-callable direct obligations of the United States of America; which obligations are entitled
to the full faith and credit of the United States of America or are debt obligations which are rated “Aaa” by Moody’s
in an amount sufficient, as recalculated by a firm of Independent nationally-recognized certified public accountants, to pay and
discharge the amount of such Debt (including, in the case of a redemption pursuant to Section 9.1, the Redemption Price
and, in the case of the Class A Lender, the outstanding principal balance of the Class A Loan) not theretofore delivered to the
Note Administrator for cancellation or repaid, for principal and interest to the date of such deposit (in the case of Notes which
have become due and payable), or to the respective Stated Maturity Date or the respective Redemption Date, as the case may be or
(y) in the event all of the Collateral is liquidated following the satisfaction of the conditions specified in Article 5,
the Issuer shall have deposited or caused to be deposited with the Collateral Agent, all proceeds of such liquidation of the Collateral,
for payment in accordance with the Priority of Payments;

 

(ii)                 
the Issuer has paid or caused to be paid all other sums then due and payable hereunder (including any amounts then due and
payable pursuant to the Servicing Agreement, any sub-servicing agreement (if applicable) by the Issuer) and no other amounts are
scheduled to be due and payable by the Issuer other than Dissolution Expenses; and

 

(iii)               
the Issuer has delivered to the Trustee, the Collateral Agent, the Loan Agent and the Note Administrator an Officer’s
Certificate stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture
and Credit Agreement have been complied with;

 

provided,
however, that in the case of clause (a)(i)(2)(x) above, the Issuer has delivered to the Trustee, the Collateral Agent, the
Loan Agent and the Note Administrator an opinion of Kirkland & Ellis LLP, or an opinion of another tax counsel of nationally
recognized standing in the United States experienced in such matters to the effect that the Debtholders would recognize no income
gain or loss (other than to the extent such deposit is in payment of any accrued and unpaid interest) for U.S. federal income tax
purposes as a result of such deposit and satisfaction and discharge of this Indenture and Credit Agreement; or

 

(b)                (i)
the Issuer has delivered to the Trustee, the Collateral Agent, the Loan Agent and the Note Administrator a certificate
stating that (1) there is no Collateral (other than (x) the Servicing Agreement and the Servicing Accounts related thereto
and the Securities Account Control Agreement and the Indenture and Credit Agreement Accounts related thereto and (y) Cash in
an amount not greater than the Dissolution Expenses) that remains subject to the lien of this Indenture and Credit Agreement
and (2) all funds on deposit in or to the credit of the Accounts have been distributed in accordance with the terms of this
Indenture and Credit Agreement or have otherwise been irrevocably deposited with the Servicer under the Servicing Agreement
for such purpose; and

 

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(ii) the
Issuer has delivered to the Note Administrator, the Collateral Agent, the Loan Agent and the Trustee an Officer’s Certificate,
each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture and
Credit Agreement have been complied with.

 

Notwithstanding
the satisfaction and discharge of this Indenture and Credit Agreement, the rights and obligations of the Issuer, the Trustee, the
Note Administrator, and, if applicable, the Noteholders, as the case may be, under Sections 2.7, 4.2, 5.4(d),
5.9, 5.18, 6.7, 6.17(e), 16.16 and 7.3 hereof shall survive.

 

Section 4.2.         Application of
Amounts Held in Trust.

 

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

 

Section 4.3.         Repayment of Amounts
Held by Paying Agent.

 

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

 

Section 4.4.         Limitation on
Obligation to Incur Issuer Administrative Expenses.

 

If at any
time after an Event of Default has occurred and the Debt has been declared immediately due and payable, the sum of (i) Cash and
(ii) amounts reasonably expected to be received by the Issuer with respect to the Mortgage Assets in Cash during the current Due
Period (as certified, upon written request from the Issuer or the Collateral Agent, by the Servicer) is less than the sum of Dissolution
Expenses and any accrued and unpaid Issuer Administrative Expenses, then notwithstanding any other provision of this Indenture
and Credit Agreement, the Issuer shall no longer be required to incur Issuer Administrative Expenses as otherwise required by this
Indenture and Credit Agreement to any Person, other than with respect to indemnities of, and other payments, charges and expenses
incurred in connection with opinions, reports or services to be provided to or for the benefit of, the Trustee, the Note Administrator,
the Collateral Agent, the Loan Agent or any of their respective Affiliates. Any failure to pay such amounts or provide or obtain
such opinions, reports or services no longer required hereunder shall not constitute a Default hereunder.

 

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ARTICLE
5

 

REMEDIES

Section 5.1.         Events of Default.

 

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

 

(a)               
a default in the payment of any interest on the Class A Loan when the same becomes due and payable and the continuation
of any such default; provided that in the case of a failure to disburse funds due to an administrative error or omission by the
Loan Agent or the Collateral Agent, such failure continues for five (5) Business Days after a Bank Officer of the Loan Agent or
the Collateral Agent receives written notice or has actual knowledge of such administrative error or omission unless (i) amounts
available in the Payment Account are sufficient to disburse such funds then due and payable in accordance with the Priority of
Payments and (ii) Issuer has commenced cooperating with Class A Lender to resolve such administrative error or omission by the
Loan Agent or the Collateral Agent;

 

(b)               
a default in the payment of principal (or the related Redemption Price, if applicable) of the Class A Loan when the same
becomes due and payable, at its Stated Maturity Date or any Redemption Date; provided, in each case, that in the case of
a failure to disburse funds due to an administrative error or omission by the Loan Agent, the Note Administrator, the Collateral
Agent or any paying agent, such failure continues for five (5) Business Days after a Bank Officer of the Loan Agent, the Note Administrator
or the Collateral Agent, as applicable, receives written notice or has actual knowledge of such administrative error or omission
unless (i) amounts available in the Payment Account are sufficient to disburse such funds then due and payable and (ii) Issuer
has commenced cooperating with Class A Lender to resolve such administrative error or omission by the Loan Agent, the Note Administrator,
the Collateral Agent or any paying agent;

 

(c)               
the failure on any Payment Date to disburse amounts available in the Payment Account in accordance with the Priority of
Payments set forth under Section 11.1(a) (other than (i) a default in payment described in clause (a) or (b)
above and (ii) unless the Holders of a Class of Debt object, a failure to disburse any amounts to the Holders of such Class of
Debt), which failure continues for a period of three (3) Business Days or, in the case of a failure to disburse such amounts due
to an administrative error or omission by the Loan Agent, the Note Administrator, the Collateral Agent or the Paying Agent, which
failure continues for five (5) Business Days unless (i) amounts available in the Payment Account are sufficient to disburse such
amounts in accordance with the Priority of Payments and (ii) Issuer has commenced cooperating with Class A Lender to resolve such
administrative error or omission by the Collateral Agent or the Paying Agent;

 

(d)               
any failure by the Holder of the Class B Notes to repurchase a Defaulted Mortgage Asset in accordance with Section 12.1(a)(i)
or Section 12.2 hereof;

 

(e)               
either of the Issuer or the pool of Collateral becomes an investment company required to be registered under the 1940 Act;

 

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(f)                 a
default, in any material respect, in the performance, or breach, of any other covenant or other agreement of the Issuer or
any representation or warranty of the Issuer hereunder or in any certificate or other writing delivered pursuant hereto or in
connection herewith proves to be incorrect in any material respect when made, and the continuation of such default or breach
for a period of thirty (30) days (or, if such default, breach or failure has an adverse effect on the validity, perfection or
priority of the security interest granted hereunder, fifteen (15) days) after the Issuer has actual knowledge thereof or
after notice thereof to the Issuer by the Collateral Agent or to the Issuer and the Collateral Agent by Holders of at least
25% of the Aggregate Outstanding Amount of the Controlling Class; provided, that the delivery of a certificate or
other writing that corrects any inaccuracy contained in a previous certificate or other writing shall be deemed to cure such
inaccuracy as of the date of delivery of such certificate or other writing and any and all inaccuracies arising from the
continuation of such initial certificate or other writing;

 

(g)               
the entry of a decree or order by a court having competent jurisdiction adjudging any Terra Entity as bankrupt or insolvent,
or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of any
Terra Entity under the Bankruptcy Code or any other applicable law, or appointing a receiver, liquidator, assignee, or sequestrator
(or other similar official) of any Terra Entity or of any substantial part of its property, respectively, or ordering the winding
up or liquidation of its affairs;

 

(h)               
the institution by any Terra Entity of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the
institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under the Bankruptcy Code or any other similar applicable law, or the consent by it to the filing of any
such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of
any Terra Entity or of any substantial part of its property, respectively, or the making by it of an assignment for the benefit
of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of
any action by any Terra Entity in furtherance of any such action;

 

(i)                
one or more final judgments being rendered against the Issuer, which exceed, in the aggregate, U.S.$1,000,000 and which
remain unstayed, undischarged and unsatisfied for thirty (30) days after such judgment(s) becomes nonappealable, unless adequate
funds have been reserved or set aside for the payment thereof;

 

(j)                
the Issuer or any portion of the Collateral becomes an association taxable as a corporation, a publicly traded partnership
or taxable mortgage pool, in each case subject to U.S. federal income tax on a net basis unless (A) such event was caused by a
breach by the Class A Lender of Section 16.21(b) or (B) it receives an amount from the beneficial owners of the limited
liability company interests of the Issuer sufficient to discharge in full the amounts then due and unpaid on the Debt and amounts
and expenses described in Section 11.1(a)(i)(1)-(2) in accordance with the Priority of Payments or

(C) 
the Notes are subject to a Tax Redemption (and the Class A Loan is prepaid in full in connection with such redemption) announced
by the Issuer in compliance with this Indenture and Credit Agreement, and such redemption has not been rescinded;

 

 (k)                
the Issuer constitutes a “covered fund” for purposes of the Volcker Rule; or

 

(l)                 the
breach by Guarantor of (i) the covenants made by it in Article V(j) (Financial Covenants) of the Carveout Guaranty or (ii)
any other term, covenant or condition set forth in the Carveout Guaranty or of any representation, warranty, certification or
covenant made or deemed made in the Carveout Guaranty by Guarantor or if any certificate furnished by Guarantor pursuant to
the Carveout Guaranty or any information with respect to the Mortgage Assets furnished in writing on behalf of Guarantor
shall prove to have been false or misleading in any respect as of the time made or furnished, in each case, only to the
extent such breach or inaccuracy, as applicable, (x) would be reasonably likely to have material adverse effect on the
performance by Guarantor of its obligations under the Carveout Guaranty, and (y) continues for a period of thirty (30) days
after written notice thereof to the Guarantor by the Collateral Agent or to the Guarantor and the Collateral Agent by Holders
of at least 25% of the Aggregate Outstanding Amount of the Controlling Class; provided, that the delivery of a
certificate or other writing that corrects any such inaccuracy contained in any certificate or other writing furnished by or
on behalf of Guarantor shall be deemed to cure such inaccuracy as of the date of delivery of such certificate or other
writing and any and all inaccuracies arising from the continuation of such initial certificate or other writing.

 

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Upon becoming
aware of the occurrence of an Event of Default, the Issuer shall promptly notify (or shall procure the prompt notification of)
the Trustee, the Collateral Agent, the Loan Agent, the Note Administrator, the Servicer and the Holders of the Debt in writing.

 

Section 5.2.         Acceleration of
Maturity; Rescission and Annulment.

 

(a)               
If an Event of Default shall occur and be continuing (other than the Events of Default specified in Section 5.1(g)
or 5.1(h)), the Collateral Agent shall, at the direction of a Majority of the Controlling Class, declare the principal of
and accrued and unpaid interest on all the Debt to be immediately due and payable. Upon any such declaration such principal, together
with all accrued and unpaid interest thereon, and other amounts payable thereunder in accordance with the Priority of Payments
will become immediately due and payable. If an Event of Default described in Section 5.1(g) or 5.1(h) above occurs,
such an acceleration shall occur automatically and without any further action. If the Debt is accelerated, payments shall be made
in the order and priority set forth in Section 11.1(a) hereof.

 

(b)               
At any time after such a declaration of acceleration of Maturity of the Debt has been made, and before a judgment or decree
for payment of the amounts due has been obtained by the Collateral Agent as hereinafter provided in this Article 5, a Majority
of the Controlling Class, other than with respect to an Event of Default specified in Section 5.1(e), 5.1(g), 5.1(h),
or 5.1(j), by written notice to the Issuer, the Collateral Agent, the Loan Agent and the Trustee, may rescind and annul
such declaration and its consequences if:

  

 

 (i)
                  
the Issuer has paid or deposited with the Collateral Agent a sum sufficient to pay:

 

(A)             
all unpaid installments of interest on and principal of the Debt that would be due and payable hereunder if the Event of
Default giving rise to such acceleration had not occurred;

 

(B)             
all unpaid taxes of the Issuer, Issuer Administrative Expenses and other sums paid or advanced by or otherwise due and payable
to the Collateral Agent, the Loan Agent, the Note Administrator or the Trustee hereunder; and

 

 (C)              
any Issuer Administrative Expense due and payable; and

 

(ii)                 
the Collateral Agent has received notice that all Events of Default, other than the non-payment of the interest on and principal
of the Debt that have become due solely by such acceleration, have been cured and a Majority of the Controlling Class, by written
notice to the Collateral Agent, has agreed with such notice (which agreement shall not be unreasonably withheld or delayed) or
waived as provided in Section 5.14.

 

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

  

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

 

(c)               
Subject to Sections 5.4 and 5.5, a Majority of the Controlling Class shall have the right to direct the Collateral
Agent in the conduct of any Proceedings for any remedy available to the Collateral Agent or in the sale of any or all of the Collateral;
provided that (i) such direction will not conflict with any rule of law or this Indenture and Credit Agreement; (ii) the Collateral
Agent may take any other action not inconsistent with such direction; (iii) the Collateral Agent determines that such action will
not involve it in liability (unless the Collateral Agent has received security or indemnity satisfactory to it against any such
liability); and (iv) any direction to undertake a sale of the Collateral may be made only as described in Sections 5.4,
5.5 and 5.17. The Collateral Agent shall be entitled to refuse to take any action absent such direction.

 

(d)               
As security for the payment by the Issuer of the compensation and expenses of the Trustee, the Collateral Agent, the Loan
Agent, the Custodian and the Note Administrator, and any sums the Trustee, the Collateral Agent, the Loan Agent, the Custodian
or the Note Administrator shall be entitled to receive as indemnification by the Issuer, the Issuer hereby Grants to the Collateral
Agent a lien on the Collateral, which lien is senior to the lien of the Debtholders. The Collateral Agent’s lien shall be
subject to the Priority of Payments and exercisable by the Collateral Agent only if the Debt has been declared due and payable
following an Event of Default and such acceleration has not been rescinded or annulled.

 

(e)               
A Majority of the Controlling Class may, prior to the time a judgment or decree for the payment of amounts due has been
obtained by the Collateral Agent, waive any past Default on behalf of the Holders of all of the Debt and its consequences in accordance
with Section 5.14.

 

Section 5.3.         Collection of
Indebtedness and Suits for Enforcement by Collateral Agent.

 

(a)               
The Issuer covenants that if a Default shall occur in respect of the payment of any interest and principal on the Class
A Loan (but only after any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full),
the Issuer shall, upon demand of the Collateral Agent (acting at the direction of a Majority of the Controlling Class) or any affected
Debtholder, pay to the Collateral Agent, for the benefit of the Holder of such Debt, the whole amount, if any, then due and payable
on such Debt for principal and interest or other payment with interest on the overdue principal and, to the extent that payments
of such interest shall be legally enforceable, upon overdue installments of interest, at the applicable interest rate and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Note Administrator, the Collateral Agent, the Loan Agent, the Trustee and such Debtholder
and their respective agents and counsel.

 

If the Issuer
fails to pay such amounts forthwith upon such demand, the Collateral Agent, as agent for the Secured Parties and at the direction
of the Majority of the Controlling Class, and at the expense of the Issuer, shall institute a Proceeding for the collection of
the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the
Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the Collateral.

 

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If an Event
of Default occurs and is continuing, the Collateral Agent, upon written direction of the Majority of the Controlling Class, shall
proceed to protect and enforce its rights and the rights of the Debtholders by such Proceedings as directed by a Majority of the
Controlling Class. Such Proceedings shall be used for the specific enforcement of any covenant or agreement in this Indenture and
Credit Agreement or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable
right vested in the Collateral Agent by this Indenture and Credit Agreement or by law. Any direction to the Collateral Agent to
undertake a sale of Mortgage Assets shall be forwarded to, the Servicer and if the Class A Loan is outstanding, the Class A Lenders
(or any party duly designated by such Class A Lenders, as evidenced by a separate written agreement between the Class A Lender
and such party) shall conduct any such sale in accordance with this Indenture and Credit Agreement.

 

In the case
where (x) there shall be pending Proceedings relative to the Issuer under the Bankruptcy Code or any other applicable bankruptcy,
insolvency or other similar law, (y) a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator
or similar official shall have been appointed for or taken possession of the Issuer or its property, or (z) there shall be any
other comparable Proceedings relative to the Issuer or the creditors or property of the Issuer, regardless of whether the principal
of any Debt shall then be due and payable as therein expressed or by declaration, or otherwise and regardless of whether the Collateral
Agent shall have made any demand pursuant to the provisions of this Section 5.3, the Collateral Agent shall (at the direction
of a Majority of the Controlling Class) be entitled and empowered, by intervention in such Proceedings or otherwise:

 

(i)                   
to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Debt
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Collateral Agent
and the Trustee (including any claim for reasonable compensation to the Collateral Agent or Trustee and each predecessor Collateral
Agent or Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred,
and all advances made, by the Collateral Agent or the Trustee and each predecessor Collateral Agent or Trustee, except as a result
of negligence or bad faith) and of the Debtholders allowed in any Proceedings relative to the Issuer or to the creditors or property
of the Issuer;

 

(ii)                 
unless prohibited by applicable law and regulations, to vote on behalf of the Debtholders upon the direction of Majority
of the Controlling Class (or in the case of the Notes, the Trustee, who shall direct the Collateral Agent pursuant to direction
it receives from the Controlling Class) in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation
or other bankruptcy or insolvency proceedings or of a Person performing similar functions in comparable Proceedings; and

 

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

 

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Nothing
herein contained shall be deemed to authorize the Collateral Agent to authorize, consent to, vote for, accept or adopt, on behalf
of any Debtholder, any plan of reorganization, arrangement, adjustment or composition affecting the Debt or the rights of any Holder
thereof, or to authorize the Collateral Agent to vote in respect of the claim of any Debtholder in any such Proceeding except,
as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.

 

All rights
of action and of asserting claims under this Indenture and Credit Agreement, or under any of the Debt, may be enforced by the Collateral
Agent without the possession of any of the Debt or the production thereof in any trial or other Proceedings relative thereto, and
any action or Proceedings instituted by the Collateral Agent shall be brought in its own name as agent for the Secured Parties,
and any recovery of judgment, shall be applied as set forth in Section 5.7.

 

Notwithstanding
anything in this Section 5.3 to the contrary, neither the Collateral Agent nor a Class A Lender (or any party duly designated
by such Class A Lender, as evidenced by a separate written agreement between the Class A Lender and such party) may sell or liquidate
the Collateral or institute Proceedings in furtherance thereof pursuant to this Section 5.3 unless the conditions specified
in Section 5.5(a) are met. The Collateral Agent shall have no liability or responsibility for or in connection with any
such sale conducted by Class A Lender (or any party duly designated by such Class A Lender, as evidenced by a separate written
agreement between the Class A Lender and such party) in the manner directed by the Majority of the Controlling Class.

 

Section 5.4.         Remedies.

 

(a)               
If an Event of Default has occurred and is continuing, and the Debt has been declared due and payable and such declaration
and its consequences have not been rescinded and annulled, the Issuer agrees that the Collateral Agent shall upon written direction
of a Majority of the Controlling Class (or direction from the Loan Agent on behalf of and at the direction of the Class A Lender,
(if the Class A Loan is the Controlling Class) or direction from the Trustee with respect to any Notes constituting the Controlling
Class, which direction may be given by the Trustee to the Collateral Agent and shall be given by the Trustee to the Collateral
Agent to the extent that the Trustee receives direction from a Majority of the Controlling Class), to the extent permitted by applicable
law, exercise one or more of the following rights, privileges and remedies:

 

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

 

(ii)                 
sell all or a portion of the Collateral or rights of interest therein, at one or more public or private sales called and
conducted in any manner permitted by law and in accordance with Section 5.17 hereof (provided that any such sale of Mortgage
Assets shall be conducted by the Class A Lenders or any party duly designated by such Class A Lenders, as evidenced by a separate
written agreement between the Class A Lenders and such party);

 

(iii)               
institute Proceedings from time to time for the complete or partial foreclosure of this Indenture and Credit Agreement with
respect to the Collateral;

 

(iv)                
exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the
rights and remedies of the Secured Parties hereunder; and

 

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(v)                

exercise any other rights and remedies that may be available at law or in equity;

 

provided,
however, that no sale or liquidation of the Collateral or institution of Proceedings in furtherance thereof pursuant to
this Section 5.4 may be effected unless either of the conditions specified in Section 5.5(a) are met; provided,
further, that in no event shall any of the Collateral Agent, Trustee, Note Administrator or Loan Agent be obligated to institute
Proceedings, bring suit, or enforce remedies on behalf of the Secured Parties against the Servicer so long as the Servicer is an
Affiliate of the Collateral Agent, Trustee, Note Administrator or Loan Agent. In the event that any of the Collateral Agent, Trustee,
Note Administrator or Loan Agent is requested to institute Proceedings, bring suit, or enforce remedies on behalf of the Secured
Parties against the Servicer and is not required to do so pursuant to the foregoing proviso, such party shall resign from all responsibilities
hereunder pursuant to Section 6.9, 16.17 or 16.18, as applicable.

 

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

 

(b)               
If an Event of Default as described in Section 5.1(f) hereof shall have occurred and be continuing, the Collateral
Agent, at the request of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class (or direction
from the Trustee with respect to any Notes constituting the Controlling Class, which direction may be given by the Trustee to the
Collateral Agent and shall be given by the Trustee to the Collateral Agent to the extent that the Trustee receives direction from
the Majority of the Controlling Class) shall institute a Proceeding solely to compel performance of the covenant or agreement or
to cure the representation or warranty, the breach of which gave rise to the Event of Default under such Section, and enforce any
equitable decree or order arising from such Proceeding.

 

(c)               
Upon any Sale, whether made under the power of sale hereby given or by virtue of judicial proceedings, any Debtholder, the
Servicer or any of their respective Affiliates may bid for and purchase the Collateral or any part thereof and, upon compliance
with the terms of Sale, may hold, retain, possess or dispose of such property in its or their own absolute right without accountability;
and any purchaser at any such Sale may, in paying the purchase money, turn in any of the Debt in lieu of Cash equal to the amount
which shall, upon distribution of the net proceeds of such sale, be payable on the Debt so turned in by such Holder (taking into
account the Class of such Debt). Such Debt, in case the amounts so payable thereon shall be less than the amount due thereon, shall
either be returned to the Holders thereof after proper notation has been made thereon to show partial payment or a new note shall
be delivered to the Holders reflecting the reduced interest thereon.

 

Upon any
Sale, whether made under the power of sale hereby given or by virtue of judicial proceedings, the receipt of the Collateral Agent
or of the Officer making a sale under judicial proceedings shall be a sufficient discharge to the purchaser or purchasers at any
sale for its or their purchase money and such purchaser or purchasers shall not be obliged to see to the application thereof.

 

Any
such Sale, whether under any power of sale hereby given or by virtue of judicial proceedings, shall (x) bind the Issuer, the
Trustee, the Collateral Agent, the Loan Agent, the Note Administrator and the Debtholders, shall operate to divest all right,
title and interest whatsoever, either at law or in equity, of each of them in and to the property sold and (y) be a perpetual
bar, both at law and in equity, against each of them and their successors and assigns, and against any and all Persons
claiming through or under them.

 

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(d)                Notwithstanding
any other provision of this Indenture and Credit Agreement or any other Transaction Document, none of the Trustee, the
Collateral Agent, the Loan Agent, the Note Administrator or any other Secured Party, any other party to any Transaction
Document, or the Debtholders or any third-party beneficiary of this Indenture and Credit Agreement may, prior to the date
which is one year and one day, or, if longer, the applicable preference period then in effect after the payment in full of
all Debt, institute against, or join any other Person in instituting against, the Issuer or any Permitted Subsidiary any
bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or other proceedings under
federal or State bankruptcy or similar laws of any jurisdiction. Nothing in this Section 5.4 shall preclude, or be
deemed to stop the Trustee, the Collateral Agent, the Loan Agent, the Note Administrator, or any other Secured Party or any
other party to any Transaction Document (i)  from
taking any action prior to the expiration of the aforementioned one year and one day period, or, if longer, the applicable
preference period then in effect period in (A) any case or proceeding voluntarily filed or commenced by the Issuer or (B) any
involuntary insolvency proceeding filed or commenced by a Person other than the Trustee, the Collateral Agent, the Loan
Agent, the Note Administrator or any other Secured Party or any other party to any Transaction Document, or (ii) from
commencing against the Issuer or any of their respective properties any legal action which is not a bankruptcy,
reorganization, arrangement, insolvency, moratorium or liquidation proceeding.

 

Section 5.5.          Preservation of
Collateral.

 

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

 

(i)                   
(A) the Collateral Agent, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation
of the Collateral (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full
(1) the amounts then due and unpaid on the Debt for principal and interest, and (2) upon receipt of information from Persons to
whom fees and expenses are payable, all other amounts payable prior to payment of principal of the Debt due and payable pursuant
to Section 11.1(a)(iii) or due and payable to the Servicer under the Servicing Agreement in respect of which funds have
not been withdrawn from the Collection Account pursuant to the Servicing Agreement, including, without limitation, any liquidation
and other fees and other compensation payable under the related Servicing Agreement, and (B) the Majority of the Controlling Class
agrees with such determination; or

 

(ii)                 
the Majority of the Controlling Class direct the sale and liquidation of all or a portion of the Collateral.

 

In the
event of a sale of all or a portion of the Collateral pursuant to clause (ii) above, the Collateral Agent shall sell
those Collateral identified by the Majority of the Controlling Class pursuant to a written direction in form and substance
satisfactory to the Collateral Agent, and all proceeds of such sale shall be remitted to the Note Administrator or Loan Agent
for distribution in the order set forth in Section 11.1(a)(iii). The Collateral Agent shall give written notice of the
retention of the Collateral by the Collateral Agent to the Issuer, the Trustee, the Loan Agent and the Servicer. So long as
such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time
when the conditions specified in clause (i) or (ii) above exist.

 

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(b)               
Nothing contained in Section 5.5(a) shall be construed to require a sale of the Collateral securing the Class A Loan
if the conditions set forth in Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed
to require the Collateral Agent to preserve the Collateral securing the Class A Loan if prohibited by applicable law.

 

(c)               
In assisting the Collateral Agent to determine whether the condition specified in Section 5.5(a)(i) exists, the Class
A Lender shall obtain bid prices with respect to each Mortgage Asset from two (2) dealers that, at that time, engage in the trading,
origination or securitization of whole mortgage loans similar to the Mortgage Assets (or, if only one such dealer can be engaged,
then the Class A Lender shall obtain a bid price from such dealer or, if no such dealer can be engaged, from a pricing service).
The Class A Lender shall compute the anticipated proceeds of sale or liquidation on the basis of the lowest of such bid prices
for each such Mortgage Asset and provide the Collateral Agent, the Trustee, the Loan Agent and the Note Administrator with the
results thereof. For the purposes of determining issues relating to the market value of any Mortgage Asset and the execution of
a sale or other liquidation thereof, the Class A Lender may, but need not, retain at the expense of the Issuer and rely on an opinion
of an Independent investment banking firm of national reputation or other appropriate advisors (the cost of which shall be payable
as an Issuer Administrative Expense).

 

The Collateral
Agent shall promptly deliver to the Debtholders and the Servicer, and the Collateral Agent shall post to the Collateral Agent’s
Website, a report stating the results of any determination required to be made pursuant to Section 5.5(a)(i).

 

Section 5.6.                
Collateral Agent
May Enforce Claims Without Possession of Notes.

 

All rights
of action and claims under this Indenture and Credit Agreement or under any of the Debt may be prosecuted and enforced by the Collateral
Agent without the possession of any of the Debt or the production thereof in any trial or other Proceeding relating thereto, and
any such action or Proceeding instituted by the Collateral Agent shall be brought in its own name as trustee of an express trust.
Any recovery of judgment in respect of the Debt shall be applied as set forth in Section 5.7 hereof.

 

In any Proceedings
brought by the Collateral Agent (and in any Proceedings involving the interpretation of any provision of this Indenture and Credit
Agreement to which the Collateral Agent shall be a party) in respect of the Debt, the Collateral Agent shall be deemed to represent
all the Holders of the Debt.

 

Section 5.7.         Application of
Amounts Collected.

 

Any amounts
collected by the Collateral Agent with respect to the Debt pursuant to this Article 5 and any amounts that may then be held
or thereafter received by the Collateral Agent with respect to the Debt hereunder shall be applied subject to Section 13.1
hereof and in accordance with the Priority of Payments set forth in Section 11.1(a)(iii) hereof, at the date or dates fixed
by the Collateral Agent.

 

Section 5.8.         Limitation on
Suits.

 

No
Holder of any Debt shall have any right to institute any Proceedings (the right of a Debtholder to institute any proceeding
with respect to the Indenture and Credit Agreement or the Debt is subject to any non-petition covenants set forth in the
Indenture and Credit Agreement or the Debt), judicial or otherwise, with respect to this Indenture and Credit Agreement or
the Debt, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

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(a)               
such Holder has previously given to the Collateral Agent written notice of an Event of Default;

 

(b)               
except as otherwise provided in Section 5.9 hereof, the Holders of at least 25% of the then Aggregate Outstanding
Amount of the Controlling Class shall have made written request to the Collateral Agent to institute Proceedings in respect of
such Event of Default in its own name as Collateral Agent hereunder and such Holders have offered to the Collateral Agent indemnity
reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;

 

(c)               
the Collateral Agent for thirty (30) days after its receipt of such notice, request and offer of indemnity has failed to
institute any such Proceeding; and

 

(d)               
no direction inconsistent with such written request has been given to the Collateral Agent during such thirty (30) day period
by a Majority of the Controlling Class; it being understood and intended that no one or more Holders of Debt shall have any right
in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture and Credit Agreement or the Debt to affect,
disturb or prejudice the rights of any other Holders of the Debt of the same Class or to obtain or to seek to obtain priority or
preference over any other Holders of the Debt of the same Class or to enforce any right under this Indenture and Credit Agreement
or the Debt, except in the manner herein or therein provided and for the equal and ratable benefit of all the Holders of Debt of
the same Class subject to and in accordance with Section 13.1 hereof and the Priority of Payments.

 

In the event
the Collateral Agent shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of the
Controlling Class, each representing less than a Majority of the Controlling Class, the Collateral Agent shall not be required
to take any action until it shall have received the direction of a Majority of the Controlling Class.

 

Section 5.9.           Unconditional
Rights of Class A Lender to Receive Principal and Interest.

 

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

 

Section 5.10.           Restoration of
Rights and Remedies.

 

If the Collateral
Agent or any Holder of Debt has instituted any Proceeding to enforce any right or remedy under this Indenture and Credit Agreement
and such Proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Collateral Agent
or to such Holder of Debt, then (and in every such case) the Issuer, the Collateral Agent, the Trustee and the Holders of Debt
shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder,
and thereafter all rights and remedies of the Collateral Agent and the Holders of Debt shall continue as though no such Proceeding
had been instituted.

 

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Section 5.11.           Rights and Remedies
Cumulative.

 

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

 

Section 5.12.           Delay or Omission
Not Waiver.

 

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

 

Section 5.13.           Control by the
Controlling Class.

 

Subject to
Sections 5.2(a) and (b), but notwithstanding any other provision of this Indenture and Credit Agreement, if an Event
of Default shall have occurred and be continuing when any of the Debt is Outstanding, a Majority of the Controlling Class (or the
Loan Agent on behalf of and at the direction of the Class A Lender, or the Trustee with respect to any Notes constituting the Controlling
Class, which direction may be given by the Trustee to the Collateral Agent and shall be given by the Trustee to the Collateral
Agent to the extent that the Trustee receives direction from a Majority of the Controlling Class) shall have the right to cause
the institution of, and direct the time, method and place of conducting, any Proceeding for any remedy available to the Collateral
Agent for exercising any trust, right, remedy or power conferred on the Collateral Agent in respect of the Debt; provided
that:

 

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

 

(b)               
the Collateral Agent may take any other action deemed proper by the Collateral Agent that is not inconsistent with such
direction; provided, however, that the Collateral Agent need not take any action that it determines might involve
it in liability (unless the Collateral Agent has received indemnity satisfactory to it against such liability as set forth below);

 

 (c)                the Collateral Agent shall have been provided with indemnity satisfactory to it; and

 

(d)               
notwithstanding the foregoing, any direction to the Collateral Agent to undertake a Sale of the Mortgage Assets shall be
performed by the Class A Lender (or any party duly designated by such Class A Lender, as evidenced by a separate written agreement
between the Class A Lender and such party) on behalf of the Collateral Agent at the time and in the manner directed by a Majority
of the Controlling Class, and must satisfy the requirements of Section 5.5.

 

Section 5.14.           Waiver of Past Defaults.

 

Prior to the time a judgment
or decree for payment of the amounts due has been obtained by the Collateral Agent, as provided in this Article 5, a
Majority of the Controlling Class may, on behalf of the Holders of all the Debt, waive any past Default in respect of the
Debt and its consequences, except a Default:

 

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(a)               
in the payment of principal of or interest on any Debt without the consent of the Holder of each Note affected thereby;
or

 

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

 

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

 

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

 

Section 5.15.           Undertaking for
Costs.

 

All parties
to this Indenture and Credit Agreement agree, and each Holder of any Debt by its acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture and Credit
Agreement, or in any suit against the Collateral Agent for any action taken or omitted by it as Collateral Agent, the filing by
any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall
not apply to any suit instituted by (x) the Collateral Agent, (y) any Debtholder, or group of Debtholders, holding in the aggregate
more than 10% of the Aggregate Outstanding Amount of the Controlling Class or (z) any Debtholder for the enforcement of the payment
of the principal of or interest on any Debt or any other amount payable hereunder on or after the Stated Maturity Date (or, in
the case of redemption, on or after the applicable Redemption Date).

 

Section 5.16.           Waiver of Stay or
Extension Laws.

 

The Issuer
covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force (including
but not limited to filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of a proceeding
or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, reorganization,
moratorium, receivership, conservatorship or other similar laws now or hereafter in effect), which may affect the covenants, the
performance of or any remedies under this Indenture and Credit Agreement; and the Issuer (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as
though no such law had been enacted.

 

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Section 5.17.           Sale of Collateral.

 

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

 

(b)               
The Debt need not be produced in order to complete any such Sale, or in order for the net proceeds of such Sale to be credited
against amounts owing on the Debt.

 

(c)               
The Collateral Agent shall execute and deliver an appropriate instrument of conveyance transferring its interest in any
portion of the Collateral in connection with a Sale thereof, which, in the case of any Mortgage Assets, shall be upon request and
delivery of any such instruments by the Majority of the Controlling Class. In addition, the Class A Lender (or any party duly designated
by such Class A Lender, as evidenced by a separate written agreement between the Class A Lender and such party), with respect to
Mortgage Assets, and the Collateral Agent, with respect to any other Collateral, is hereby irrevocably appointed the agent and
attorney in fact of the Issuer to transfer and convey its interest in any portion of the Collateral in connection with a Sale thereof,
and to take all action necessary to effect such Sale. No purchaser or transferee at such a Sale shall be bound to ascertain the
Collateral Agent’s or the Class A Lender’s (or any party duly designated by such Class A Lender, as evidenced by a
separate written agreement between the Class A Lender and such party) authority, to inquire into the satisfaction of any conditions
precedent or to see to the application of any amounts.

 

(d)               
In the event of any Sale of the Collateral pursuant to Section 5.4 or Section 5.5, payments shall be made
in the order and priority set forth in Section 11.1(a) in the same manner as if the Debt had been accelerated.

 

(e)               
Notwithstanding anything herein to the contrary, any sale by the Collateral Agent of any Mortgage Assets in the case of
a sale in connection with a Tax Redemption shall be executed by the Collateral Agent in the manner specified in the applicable
Issuer Order.

 

Section 5.18.           Action on the Notes.

 

The
Collateral Agent’s right to seek and recover judgment on the Debt or under this Indenture and Credit Agreement shall
not be affected by the application for or obtaining of any other relief under or with respect to this Indenture and Credit
Agreement. Neither the lien of this Indenture and Credit Agreement nor any rights or remedies of the Collateral Agent or the
Holders of the Debt shall be impaired by the recovery of any judgment by the Collateral Agent against the Issuer or by the
levy of any execution under such judgment upon any portion of the Collateral or upon any of the Collateral of the Issuer.

 

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ARTICLE 6

 

THE TRUSTEE, NOTE ADMINISTRATOR
AND THE COLLATERAL AGENT

 

Section 6.1.           Certain Duties and
Responsibilities of the Trustee.

 

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

 

(i)                   
each of the Trustee and the Note Administrator undertakes to perform such duties and only such duties as are set forth in
this Indenture and Credit Agreement, and no implied covenants or obligations shall be read into this Indenture and Credit Agreement
against the Trustee or the Note Administrator; and any permissive right of the Trustee or the Note Administrator contained herein
shall not be construed as a duty; and

 

(ii)                 
in the absence of manifest error, or bad faith on its part, each of the Note Administrator and the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished
to the Trustee and the Note Administrator, as the case may be, and conforming to the requirements of this Indenture and Credit
Agreement; provided, however, that in the case of any such certificates or opinions which by any provision hereof
are specifically required to be furnished to the Trustee or the Note Administrator, the Trustee and the Note Administrator shall
be under a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture
and Credit Agreement and shall promptly notify the party delivering the same if such certificate or opinion does not conform. If
a corrected form shall not have been delivered to the Trustee or the Note Administrator within fifteen (15) days after such notice
from the Trustee or the Note Administrator, the Trustee or the Note Administrator, as applicable, shall notify the party providing
such instrument and requesting the correction thereof.

 

(b)               
In case an Event of Default actually known to a Bank Officer of the Trustee has occurred and is continuing, the Trustee
shall on behalf of the Debtholders, prior to the receipt of directions from a Majority of the Controlling Class to the extent provided
in Article 5 hereof, exercise such of the rights and powers vested in it by this Indenture and Credit Agreement including
providing direction to the Collateral Agent on behalf of Debtholders, and use the same degree of care and skill in its exercise
as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs.

 

(c)               
If, in performing its duties under this Indenture and Credit Agreement, the Trustee or the Note Administrator is required
to decide between alternative courses of action, the Trustee and the Note Administrator may request written instructions from the
Majority of the Controlling Class as to courses of action desired by it. If the Trustee and the Note Administrator do not receive
such instructions within two (2) Business Days after it has requested them, it may, but shall be under no duty to, take or refrain
from taking such action. The Trustee and the Note Administrator shall act in accordance with instructions received after such two
(2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.
The Trustee and the Note Administrator shall be entitled to request and rely on the advice of legal counsel and Independent accountants,
in each case selected in good faith and, with reasonable care, in performing its duties hereunder and be deemed to have acted in
good faith and shall not be subject to any liability if it acts in reliance thereon, in good faith and in accordance with such
advice or opinion.

 

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

 

(i)                   
for any error of judgment made in good faith by a Bank Officer, unless it shall be proven that it was grossly negligent
in ascertaining the pertinent facts; or

 

(ii)                 
with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Issuer
and/or a Majority of the Controlling Class relating to the time, method and place of conducting any Proceeding for any remedy available
to the Trustee or the Note Administrator in respect of any Note or exercising any trust or power conferred upon the Trustee or
the Note Administrator under this Indenture and Credit Agreement.

 

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

 

(f)                
Neither the Trustee nor the Note Administrator shall be liable to the Debtholders for any action taken or omitted by it
at the direction of the Issuer, the Servicer, the Controlling Class, the Trustee (in the case of the Note Administrator), the Note
Administrator (in the case of the Trustee) and/or a Debtholder under circumstances in which such direction is required or permitted
by the terms of this Indenture and Credit Agreement.

 

(g)               
For all purposes under this Indenture and Credit Agreement, neither the Trustee nor the Note Administrator shall be deemed
to have notice or knowledge of any Event of Default or Mortgage Asset Default, unless a Bank Officer of either the Trustee or the
Note Administrator, as applicable, has actual knowledge thereof or unless written notice of any event which is in fact such an
Defaulted Mortgage Asset Cure Date, Defaulted Mortgage Asset Default Period, Defaulted Mortgage Asset Repurchase Period, Event
of Default, Mortgage Asset Default or Class A Loan Principal Trigger Event is received by the Trustee or the Note Administrator,
as applicable at the respective Corporate Trust Office, and such notice references the Notes and this Indenture and Credit Agreement.
For purposes of determining the Trustee’s and Note Administrator’s responsibility and liability hereunder, whenever
reference is made in this Indenture and Credit Agreement to such an Event of Default or Mortgage Asset Default, such reference
shall be construed to refer only to such an Event of Default or Default of which the Trustee or Note Administrator, as applicable,
is deemed to have notice as described in this Section 6.1. The availability or delivery (including pursuant to this Indenture
and Credit Agreement) of reports or other documents (including news or other publicly available reports or documents) to the Note
Administrator and Trustee shall not constitute actual or constructive knowledge or notice of information contained in or determinable
from those reports or documents, except for such reports or documents that this Indenture or Credit Agreement expressly requires
the Note Administrator or Trustee to review.

 

(h)               
The Trustee and the Note Administrator shall, upon reasonable prior written notice, permit the Issuer and its designees,
during its normal business hours, to review all books of account, records, reports and other papers of the Trustee relating to
the Notes and to make copies and extracts therefrom (the reasonable out-of-pocket expenses incurred in making any such copies or
extracts to be reimbursed to the Trustee or the Note Administrator, as applicable, by such Person).

 

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Section 6.2.[Reserved].

 

Section 6.3.Certain Rights
of Trustee and Note Administrator.

 

Except as otherwise provided in
Section 6.1:

 

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

 

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

 

(c)           whenever
in the administration of this Indenture and Credit Agreement the Trustee or the Note Administrator shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee and the Note Administrator
(unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s
Certificate;

 

(d)           as
a condition to the taking or omitting of any action by it hereunder, the Trustee and the Note Administrator may consult with counsel
(including with respect to any matters, other than factual matters, in connection with the execution by the Trustee or the Note
Administrator of a supplemental indenture pursuant to Section 8.2), in each case selected in good faith and with reasonable
care and be deemed to have acted in good faith and shall not be subject to any liability if it acts in reliance thereon, in good
faith and in accordance with such advice or opinion;

 

(e)           neither
the Trustee nor the Note Administrator shall be under any obligation to exercise or to honor any of the rights or powers vested
in it by this Indenture and Credit Agreement at the request or direction of any of the Debtholders pursuant to this Indenture
and Credit Agreement, or to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the Debtholders unless such Debtholders shall have
offered to the Trustee and the Note Administrator, as applicable indemnity acceptable to it against the costs, expenses and liabilities
which might reasonably be incurred by it in compliance with such request or direction;

 

(f)            neither
the Trustee nor the Note Administrator shall be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper documents
and shall be entitled to rely conclusively thereon;

 

(g)           each
of the Trustee and the Note Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys and shall not be responsible for any misconduct or negligence on the part of any
attorney or agent appointed by it with reasonable care, provided that the Trustee and the Note Administrator, as applicable, will
provide notice of any such appointment to the Debtholders; provided that upon any such appointment of an agent or attorney, such
agent or attorney shall be conferred with all the same rights, indemnities, and immunities as the Trustee or Note Administrator,
as applicable;

 

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(h)           neither
the Trustee nor the Note Administrator shall be liable for any action it takes or omits to take in good faith that it reasonably
and prudently believes to be authorized or within its rights or powers hereunder;

 

(i)            neither
the Trustee nor the Note Administrator shall be responsible for the accuracy of the books or records of, or for any acts or omissions
of any Transfer Agent (other than the Note Administrator itself acting in that capacity), any Calculation Agent (other than the
Note Administrator itself acting in that capacity) or any Paying Agent (other than the Note Administrator itself acting in that
capacity);

 

(j)            neither
the Trustee nor the Note Administrator shall be liable for the actions or omissions of the Issuer, the Class A Lender, the Custodian,
the Collateral Agent, the Loan Agent, the Servicer, the Trustee (in the case of the Note Administrator), or the Note Administrator
(in the case of the Trustee); and without limiting the foregoing, neither the Trustee nor the Note Administrator shall be under
any obligation to verify compliance by any party hereto with the terms of this Indenture and Credit Agreement (other than itself)
to verify or independently determine the accuracy of information received by it from the Servicer (or from any selling institution,
agent bank, trustee or similar source) with respect to the Mortgage Assets;

 

(k)           to
the extent any defined term hereunder, or any calculation required to be made or determined by the Trustee or Note Administrator
hereunder, is dependent upon or defined by reference to generally accepted accounting principles in the United States in effect
from time to time (“GAAP”), the Trustee and Note Administrator shall be entitled to request and receive (and
rely upon) instruction from the Issuer or the accountants appointed pursuant to Section 6.3(g) as to the application of
GAAP in such connection, in any instance;

 

(l)            neither
the Trustee nor the Note Administrator shall have any responsibility to the Issuer or the Secured Parties hereunder to make any
inquiry or investigation as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants
by the Issuer;

 

(m)          the
Trustee and the Note Administrator shall each be entitled to all of the same rights, protections, immunities and indemnities afforded
to it as Trustee or as Note Administrator, as applicable, in each capacity for which it serves hereunder and under the Servicing
Agreement and the Securities Account Control Agreement;

 

(n)           to
the extent that the entity acting as Trustee is acting as Loan Agent, Note Registrar, Calculation Agent, Paying Agent, Authenticating
Agent, Securities Intermediary or Custodian, the rights, privileges, immunities and indemnities set forth in this Article 6
shall also apply to it acting in each such capacity;

 

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

 

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

 

(q)           neither
the Trustee nor the Note Administrator shall be required to give any bond or surety in respect of the execution of the trusts
created hereby or the powers granted hereunder;

 

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(r)            in
no event shall the Trustee or the Note Administrator be liable for any failure or delay in the performance of its obligations
hereunder because of circumstances beyond its control, including, but not limited to acts of God, flood, war (whether declared
or undeclared), terrorism, fire, riot, strikes or work stoppages for any reason, embargo, government action, including any laws,
ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by this Indenture and
Credit Agreement, inability to obtain material, equipment, or communications or computer facilities, or the failure of equipment
or interruption of communications or computer facilities, any act or provision of any present or future governmental authority,
labor disputes, disease, epidemic, pandemic, quarantine, national emergency, loss or malfunction of utilities or computer software
or hardware, the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility and other causes
beyond the Trustee’s or the Note Administrator’s control, as applicable, whether or not of the same Class or kind
as specifically named above;

 

(s)           except
as otherwise expressly set forth in this Indenture and Credit Agreement, Wells Fargo Bank, National Association, acting in any
particular capacity hereunder will not be deemed to be imputed with knowledge of Wells Fargo Bank, National Association acting
in any other capacity hereunder, or capacity that is unrelated to the transactions contemplated by this Indenture and Credit Agreement,
where some or all of the obligations performed in such capacities are performed by one or more employees within the same group
or division of Wells Fargo Bank, National Association or where the groups or divisions responsible for performing the obligations
in such capacities have one or more of the same responsible officers;

 

(t)            neither
the Trustee nor the Note Administrator shall have any (i) responsibility for the selection of an alternative rate as a successor
or replacement benchmark to the Benchmark and shall be entitled to rely upon any designation of such rate by the Class A Lender
pursuant to Schedule B and (ii) liability for any failure or delay in performing its duties hereunder as a result of the
unavailability of a LIBOR rate; and

 

(u)           nothing
herein shall require the Note Administrator or the Trustee to act in any manner that is contrary to applicable law.

 

For
purposes hereunder, the Note Administrator, Collateral Agent, and Loan Agent’s services hereunder shall be conducted through
its Corporate Trust Services division (including, as applicable, any agents or Affiliates utilized thereby) and the Custodian’s
services hereunder shall be conducted through its Documents Custody division (including, as applicable, any agents or Affiliates
utilized thereby).

 

Section 6.4.Not Responsible
for Recitals or Issuance of Notes.

 

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

 

Section 6.5.May Hold Debt.

 

The
Trustee, the Collateral Agent, Note Administrator, the Paying Agent and the Note Registrar, in its individual or any other capacity,
may become the owner or pledgee of Debt and may otherwise deal with the Issuer with the same rights it would have if it were not
Trustee, the Collateral Agent, Note Administrator, Paying Agent, Note Registrar or such other agent.

 

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Section 6.6.Amounts Held
in Trust.

 

Amounts
held by the Note Administrator hereunder shall be held in trust to the extent required herein. The Note Administrator shall be
under no liability for interest on any amounts received by it hereunder.

 

Section 6.7.Compensation
and Reimbursement of the Trustee, Custodian and Note Administrator.

 

(a)           The
Issuer agrees:

 

(i)             to
pay the Trustee, Custodian and Note Administrator in accordance with the Priority of Payments, the Collateral Agent, Trustee,
Loan Agent and Note Administrator Fee for all services rendered by such party hereunder (which compensation shall not be limited
by any provision of law in regard to the compensation of a trustee or note administrator of an express trust);

 

(ii)            except
as otherwise expressly provided herein, to reimburse the Trustee, Custodian and Note Administrator in a timely manner upon its
request for all reasonable expenses (including the reasonable fees and expenses of third-party attorneys, advisers, accountants
and experts employed hereunder), disbursements and advances incurred or made by or in connection with its performance of its obligations
under, or otherwise in accordance with any provision of this Indenture and Credit Agreement or any other Transaction Document;

 

(iii)           to
indemnify the Trustee, Custodian and Note Administrator and its Officers, directors, employees and agents for, and to hold them
harmless against, any loss, liability or expense (including the reasonable fees and expenses of third-party attorneys, advisers,
accountants and experts employed hereunder) incurred without gross negligence, willful misconduct or bad faith on their part,
arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending
themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder
and any other Transaction Document or the enforcement of this Section and whether such loss, liability or expense arises from
a claim by a Debtholder, the Issuer or any other Person; and

 

(iv)          to
pay the Trustee, Custodian and Note Administrator reasonable additional compensation together with its expenses (including reasonable
counsel fees) for any collection or enforcement action taken pursuant to Section 5.4 hereof.

 

(b)           The
Issuer may remit payment for such fees and expenses to the Trustee, Custodian and Note Administrator or, in the absence thereof,
the Note Administrator may from time to time deduct payment of the Trustee’s, Custodian’s and Note Administrator’s
expenses and indemnities hereunder from amounts on deposit in the Payment Account in accordance with the Priority of Payments.

 

(c)           The
Note Administrator, in its capacity as Note Administrator, Paying Agent, Transfer Agent and Note Registrar, hereby agrees not
to cause the filing of a petition in bankruptcy against the Issuer or any Permitted Subsidiary until at least one year and one
day (or, if longer, the applicable preference period then in effect) after the payment in full of all Notes issued under this
Indenture and Credit Agreement. This provision shall survive termination of this Indenture and Credit Agreement and the resignation
or removal of the Trustee or Note Administrator.

 

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(d)           The
Trustee and Note Administrator agree that the payment of all amounts to which it is entitled pursuant to Sections 6.7(a)(i),
(a)(ii), (a)(iii) and (a)(iv), shall be subject to the Priority of Payments, shall be payable only to the
extent funds are available in accordance with such Priority of Payments, shall be payable solely from the Collateral and following
realization of the Collateral, any such claims of the Trustee or Note Administrator against the Issuer, and all obligations of
the Issuer, shall be extinguished. The Trustee and Note Administrator will have a lien upon the Collateral to secure the payment
of such payments to it in accordance with the Priority of Payments; provided that the Trustee and Note Administrator shall not
institute any proceeding for enforcement of such lien except in connection with an action taken pursuant to Section 5.3
hereof for enforcement of the lien of this Indenture and Credit Agreement for the benefit of the Secured Parties.

 

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

 

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

 

The
obligations of the Issuer under this Section shall survive the resignation or removal of the Trustee, Note Administrator or Custodian
and the satisfaction and discharge of this Indenture and Credit Agreement.

 

Section 6.8.Corporate Trustee
Required; Eligibility.

 

There
shall at all times be a Trustee and a Note Administrator hereunder which shall be (i) a corporation, national bank, national banking
association or a trust company, organized and doing business under the laws of the United States of America or of any State thereof,
authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least U.S.$200,000,000,
subject to supervision or examination by federal or State authority, or (ii) an institution insured by the Federal Deposit Insurance
Corporation, that in the case of (i) or (ii), has a long-term unsecured debt rating of at least “A2” by Moody’s;
provided, that with respect to the Trustee, it may maintain a long-term unsecured debt rating of at least “Baa1” by
Moody’s and a short-term unsecured debt rating of at least “P-2” by Moody’s so long as the Servicer maintains
a long-term unsecured debt rating of at least “A2” by Moody’s (the Servicer shall have no obligation to maintain
such rating), and having an office within the United States. If such entity publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section
6.8, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time the Trustee or the Note Administrator shall cease to be eligible
in accordance with the provisions of this Section 6.8, the Trustee or the Note Administrator, as applicable, shall resign
immediately in the manner and with the effect hereinafter specified in this Article 6.

 

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Section 6.9.Resignation and
Removal; Appointment of Successor.

 

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

 

(b)           Each
of the Trustee and the Note Administrator may resign at any time by giving written notice thereof to the Loan Agent, Collateral
Agent, the Issuer, the Servicer, the Debtholders, the Note Administrator (in the case of the Trustee) and the Trustee (in the
case of the Note Administrator). Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee
or trustees, or a successor Note Administrator, as the case may be, by written instrument, in duplicate, executed by an Authorized
Officer of the Issuer, one copy of which shall be delivered to the Note Administrator or the Trustee so resigning and one copy
to the successor Note Administrator, Trustee or Trustees, together with a copy to each Holder, the Servicer and the parties hereto;
provided that such successor Note Administrator and Trustee shall be appointed only upon the written consent of a Majority of
the Debt or, at any time when an Event of Default shall have occurred and be continuing or when a successor Note Administrator
and Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class. If no successor
Note Administrator and Trustee shall have been appointed and an instrument of acceptance by a successor Trustee or Note Administrator
shall not have been delivered to the Trustee or the Note Administrator within thirty (30) days after the giving of such notice
of resignation, the resigning Trustee or Note Administrator, as the case may be, the Majority of the Controlling Class or any
Holder of Debt, on behalf of himself and all others similarly situated, may petition any court of competent jurisdiction for the
appointment of a successor Trustee or a successor Note Administrator, as the case may be, at the expense of the Issuer. No resignation
or removal of the Note Administrator or the Trustee and no appointment of a successor Note Administrator or Trustee will become
effective until the acceptance of appointment by the successor Note Administrator or Trustee, as applicable.

 

(c)           The
Note Administrator and Trustee may be removed upon thirty (30) days’ notice at any time by Act of a Supermajority of the
Debt or when a successor Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class,
in each case, upon written notice delivered to the parties hereto.

 

(d)           If
at any time:

 

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

 

(ii)            the
Trustee or the Note Administrator shall become incapable of acting or there shall be instituted any proceeding pursuant to which
it could be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee or the Note Administrator or of its respective
property shall be appointed or any public officer shall take charge or control of the Trustee or the Note Administrator or of
its respective property or affairs for the purpose of rehabilitation, conservation or liquidation; then, in any such case (subject
to Section 6.9(a)), (a) the Issuer, by Issuer Order, may remove the Trustee or the Note Administrator, as applicable, or
(b) subject to Section 5.15, a Majority of the Controlling Class or any Holder may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Trustee or the Note Administrator, as
the case may be, and the appointment of a successor thereto.

 

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(e)           If
the Trustee or the Note Administrator shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the
office of the Trustee or the Note Administrator for any reason, the Issuer, by Issuer Order, shall promptly appoint a successor
Trustee or Note Administrator, as applicable, and the successor Trustee or Note Administrator so appointed shall, forthwith upon
its acceptance of such appointment, become the successor Trustee or the successor Note Administrator, as the case may be. If the
Issuer fails to appoint a successor Trustee or Note Administrator within thirty (30) days after such resignation, removal or incapability
or the occurrence of such vacancy, a successor Trustee or Note Administrator may be appointed by Act of a Majority of the Controlling
Class delivered to the Servicer and the parties hereto, including the retiring Trustee or the retiring Note Administrator, as
the case may be, and the successor Trustee or Note Administrator so appointed shall, forthwith upon its acceptance of such appointment,
become the successor Trustee or Note Administrator, as applicable, and supersede any successor Trustee or Note Administrator proposed
by the Issuer. If no successor Trustee or Note Administrator shall have been so appointed by the Issuer or a Majority of the Controlling
Class and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15, the Controlling
Class, any Holder, the Trustee or the Note Administrator may, on behalf of itself or himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee or Note Administrator.

 

(f)            The
Issuer shall give prompt notice of each resignation and each removal of the Trustee or Note Administrator and each appointment
of a successor Trustee or Note Administrator by electronic mail (pursuant to Section 14.3 hereof) or mailing written notice
of such event by first class mail, postage prepaid, to the Servicer, the parties hereto, and to the Holders of the Debt as their
names and addresses appear in the Notes Register or the Class A Loan Register, as applicable. Each notice shall include the name
of the successor Trustee or Note Administrator, as the case may be, and the address of its respective Corporate Trust Office.
If the Issuer fails to mail such notice within ten (10) days after acceptance of appointment by the successor Trustee or Note
Administrator, the successor Trustee or Note Administrator shall cause such notice to be given at the expense of the Issuer.

 

(g)           The
resignation or removal of the Note Administrator in any capacity in which it is serving hereunder, including Note Administrator,
Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary and Note Registrar,
shall be deemed a resignation or removal, as applicable, in each of the other capacities in which it serves.

 

Section 6.10.Acceptance of
Appointment by Successor.

 

Every
successor Trustee or Note Administrator appointed hereunder shall execute, acknowledge and deliver to the Servicer, and the parties
hereto including the retiring Trustee or the retiring Note Administrator, as the case may be, an instrument accepting such appointment.
Upon delivery of the required instruments, the resignation or removal of the retiring Trustee or the retiring Note Administrator
shall become effective and such successor Trustee or Note Administrator, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts, duties and obligations of the retiring Trustee or Note Administrator, as the case
may be; but, on request of the Issuer or a Majority of the Controlling Class or the successor Trustee or Note Administrator, such
retiring Trustee or Note Administrator shall, upon payment of its fees, indemnities and other amounts then unpaid, execute and
deliver an instrument transferring to such successor Trustee or Note Administrator all the rights, powers and trusts of the retiring
Trustee or Note Administrator, as the case may be, and shall duly assign, transfer and deliver to such successor Trustee or Note
Administrator all property and amounts held by such retiring Trustee or Note Administrator hereunder, subject nevertheless to
its lien, if any, provided for in Section 6.7(d). Upon request of any such successor Trustee or Note Administrator, the
Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
or Note Administrator all such rights, powers and trusts.

 

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No
successor Trustee or successor Note Administrator shall accept its appointment unless (a) 
at the time of such acceptance such successor shall be qualified and eligible under this Article 6 and (b) such
successor shall have a long-term unsecured debt rating satisfying the requirements set forth in Section 6.8.

 

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

 

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

 

Section 6.12.Co-Trustees
and Separate Trustee.

 

At
any time or times, including, but not limited to, for the purpose of meeting the legal requirements of any jurisdiction in which
any part of the Collateral may at the time be located, for enforcement actions, or where a conflict of interest exists, the Trustee
shall have power to appoint, one or more Persons to act as co-trustee jointly with the Trustee or as a separate trustee with respect
to all or any part of the Collateral, with the power to file such proofs of claim and take such other actions as provided herein
and to make such claims and enforce such rights of action on behalf of the Holders of the Notes as such Holders themselves may
have the right to do, subject to the other provisions of this Section 6.12.

 

The
Issuer shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper
to appoint a co-trustee. If the Issuer does not join in such appointment within fifteen (15) days after the receipt by them of
a request to do so, the Trustee shall have power to make such appointment on its own.

 

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

 

Every
co-trustee, shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms:

 

(a)           all
rights, powers, duties and obligations hereunder in respect of the custody of securities, Cash and other personal property held
by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely by the Trustee;

 

(b)           the
rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by the
appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and
such co-trustee jointly in the case of the appointment of a co-trustee as shall be provided in the instrument appointing such
co-trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee
shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised
and performed by a co-trustee;

 

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(c)           the
Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer evidenced by an Issuer Order,
may accept the resignation of, or remove, any co- trustee appointed under this Section 6.12, and in case an Event of Default
has occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any such co-trustee
without the concurrence of the Issuer. A successor to any co-trustee so resigned or removed may be appointed in the manner provided
in this Section 6.12;

 

(d)           no
co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee hereunder, and any co-trustee
hereunder shall be entitled to all the privileges, rights and immunities under Article 6 hereof, as if it were named the
Trustee hereunder;

 

(e)           no
co-trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 

(f)            any
Act of Holders delivered to the Trustee shall be deemed to have been delivered to each co-trustee.

 

Section 6.13.[Reserved].

 

Section 6.14.Representations
and Warranties of the Trustee.

 

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

 

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

 

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

 

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

 

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

 

Section 6.15.Representations
and Warranties of the Note Administrator.

 

The
Note Administrator represents and warrants for the benefit of the other parties to this Indenture and Credit Agreement that:

 

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

 

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

 

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

 

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

 

Section 6.16.Requests for
Consents.

 

(a)           In
the event that the Collateral Agent, the Trustee or the Note Administrator receives written notice of any offer or any request
for any waiver, consent, amendment or other modification, or any other event or action to be taken in respect to a Mortgage Asset
Document or a Mortgage Asset (regardless of whether or not the contemplated action in such notice constitutes a Major Modification),
the Collateral Agent, Trustee or Note Administrator, as applicable, shall promptly forward such notice to the Issuer, the Servicer
and the Class A Lender. The Issuer shall determine whether the contemplated action in such notice constitutes a Major Modification.
In the event the contemplated action does not constitute a Major Modification, the Issuer may take such action without the consent
of the Class A Lender. In the event the contemplated action does constitute a Major Modification, then the Issuer shall take such
actions as contemplated in Section 6.16(b).

 

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(b)           The
Issuer shall (i) promptly send the Class A Lender a notice of any proposed Major Modification (unless the Class A Lender has already
received such notice pursuant to Section 6.16(a) above), and (ii) obtain the consent of the Class A Lender prior to making
or refraining from making any Major Modification or providing or denying any waiver or consent with regard to a Major Modification
in its sole but good faith discretion; provided that in connection with any proposal for a Major Modification, the Class A Lender
may negotiate in good faith for a portion of the principal of the Class A Loan to be prepaid as a condition to its consent to
such Major Modification. If the Class A Lender Representative objects to such proposed Major Modification, it must object in writing
to Issuer within five (5) Business Days after receipt of notice described above. In the event that the Class A Lender fails to
object in writing within such period, the Class A Lender shall be deemed to have rejected such proposed Major Modification. In
the event the Class A Loan is no longer outstanding, the Issuer may take such action with respect to any Major Modification.

 

(c)           The
Class A Lender shall have no duty or liability to the other Debtholders for any action taken, or for refraining from the taking
of any action or the giving of any consent or failure to give any consent pursuant to this Indenture and Credit Agreement or any
such error in judgment. By its acceptance of any Debt, each Debtholder shall be deemed to have confirmed its agreement that the
Class A Lender may take or refrain from taking actions, or give or refrain from giving any consents or consult and make recommendations
or refrain from consulting or making recommendations with respect to the Mortgage Loans, that favor the interests of any other
Debtholder over any other Debtholder, and that the Class A Lender may have special relationships and interests that conflict with
the interests of any Debtholder, shall be deemed to have agreed to take no action against the Class A Lender or any of its respective
officers, directors, employees, principals or agents as a result of such special relationships or interests, and that the Class
A Lender shall not be deemed to have been negligent or reckless, or to have acted in bad faith or engaged in willful misconduct
or to have recklessly disregarded any exercise of its rights or obligations by reason of its having acted or refrained from acting,
or having given any consent or having failed to give any consent, solely in the interests of the Debtholders.

 

Section 6.17.The Collateral
Agent.

 

(a)           General.
Each of the Holders by acceptance of the Debt hereby designates and appoints the Collateral Agent as its agent under this Indenture
and Credit Agreement and the Securities Account Control Agreement and each of the Holders by acceptance of the Debt hereby irrevocably
authorizes the Collateral Agent to take such action on its behalf under the provisions of this Indenture and Credit Agreement
and the Securities Account Control Agreement and to exercise such powers and perform such duties as are expressly delegated to
the Collateral Agent by the terms of this Indenture and Credit Agreement, together with such powers as are reasonably incidental
thereto. The provisions of this Section 6.17 are solely for the benefit of the Collateral Agent and none of the Holders
nor shall the Issuer have any rights as a third-party beneficiary of any of the provisions contained herein. Notwithstanding any
provision to the contrary contained elsewhere in this Indenture and Credit Agreement, the Collateral Agent shall not have any
duties or responsibilities, except those expressly set forth herein and in the Securities Account Control Agreement. The Collateral
Agent shall not have or be deemed to have any fiduciary relationship with the Trustee, any Holder or the Issuer, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture and Credit Agreement
or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term
 “agent” in this Indenture and Credit Agreement with reference to the Collateral Agent is not intended to connote any
fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is
used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties.

 

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The
Collateral Agent is authorized and directed to (i) enter into this Indenture and Credit Agreement, the Servicing Agreement and
the Securities Account Control Agreement, (ii) bind the Holders on the terms as set forth in this Indenture and Credit Agreement
and (iii) perform and observe its obligations under this Indenture and Credit Agreement, the Servicing Agreement and the Securities
Account Control Agreement.

 

The
Collateral Agent is each Secured Party’s agent for the purpose of perfecting the Secured Party’s security interest
in Collateral which, in accordance with Article 9 of the UCC (or other personal property security legislation), can be perfected
only by possession. Should the Trustee obtain possession of any such Collateral, upon request from the Issuer, the Trustee shall
notify the Collateral Agent thereof and, promptly upon the Collateral Agent’s request therefor, shall deliver such Collateral
to the Collateral Agent or otherwise deal with such Collateral in accordance with the Collateral Agent’s instructions.

 

The
recitals contained herein and in the Notes, other than the Certificate of Authentication thereon, shall be taken as the statements
of the Issuer, and the Collateral Agent assumes no responsibility for their correctness. The Collateral Agent makes no representation
as to the validity or sufficiency of this Indenture and Credit Agreement, the Collateral or the Debt other than with respect to
the validity and sufficiency of the representations and warranties set forth in Section 6.17(b) herein. The Collateral
Agent shall not be accountable for the use or application by the Issuer of the Debt or the proceeds thereof or any amounts paid
to the Issuer pursuant to the provisions hereof.

 

(b)           Certain
Duties and Responsibilities of the Collateral Agent. At all times:

 

(i)             the
Collateral Agent undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and Credit
Agreement, and no implied covenants or obligations shall be read into this Indenture and Credit Agreement against the Collateral
Agent;

 

(ii)            in
the absence of manifest error, or bad faith on its part, the Collateral Agent may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Collateral Agent and conforming
to the requirements of this Indenture and Credit Agreement; provided that in the case of any such certificates or opinions which
by any provision hereof are specifically required to be furnished to the Collateral Agent, the Collateral Agent shall be under
a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture and Credit
Agreement and shall promptly notify the party delivering the same if such certificate or opinion does not conform. If a corrected
form shall not have been delivered to the Collateral Agent within fifteen days after such notice from the Collateral Agent, the
Collateral Agent shall so notify the party providing such instrument and requesting the correction thereof; and

 

(iii)           in
the case that an Event of Default actually known to the Collateral Agent has occurred and is continuing, the Collateral Agent
shall take such actions only upon receipt of direction from a Majority of the Controlling Class (or direction from the Loan Agent
on behalf of and at the direction of the Class A Lender as the Controlling Class, or direction from the Trustee with respect to
a Majority of the Controlling Class, which direction may be given by the Trustee to the Collateral Agent and shall be given by
the Trustee to the Collateral Agent to the extent that the Trustee receives direction from a Majority of the Controlling Class)
(or other Debtholders to the extent provided in Article 5 hereof).

 

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If,
in performing its duties under this Indenture and Credit Agreement, the Collateral Agent is required to decide between alternative
courses of action, the Collateral Agent may request written instructions from the Majority of the Controlling Class as to courses
of action desired by it. If the Collateral Agent does not receive such instructions within two (2) Business Days after it has
requested them, it may, but shall be under no duty to, take or refrain from taking such action. The Collateral Agent shall act
in accordance with instructions received after such two (2) Business Day period except to the extent it has already taken, or
committed itself to take, action inconsistent with such instructions. The Collateral Agent shall be entitled to request and rely
on the advice of legal counsel and Independent accountants, in each case selected in good faith and, with reasonable care, in
performing its duties hereunder and be deemed to have acted in good faith and shall not be subject to any liability if it acts
in reliance thereon, in good faith and in accordance with such advice or opinion.

 

(iv)          No
provision of this Indenture and Credit Agreement shall be construed to relieve the Collateral Agent from liability for its own
grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that the Collateral
Agent shall not be liable:

 

(1)               
for any error of judgment made in good faith by a Bank Officer, unless it shall be proven that the Collateral Agent was
grossly negligent in ascertaining the pertinent facts; or

 

(2)               
with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Issuer
and/or a Majority of the Controlling Class relating to the time, method and place of conducting any Proceeding for any remedy
available to the Collateral Agent, or exercising any trust or power conferred upon the Collateral Agent, under this Indenture
and Credit Agreement;

 

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

 

The
Collateral Agent shall not be liable to the Debtholders for any action taken or omitted by it at the direction of the Issuer,
the Servicer, the Controlling Class, the Trustee, the Note Administrator, the Loan Agent and/or a Debtholder under circumstances
in which such direction is required or permitted by the terms of this Indenture and Credit Agreement.

 

For
all purposes under this Indenture and Credit Agreement, the Collateral Agent shall not be deemed to have notice or knowledge of
any Default or Event of Default or Mortgage Asset Default unless a Bank Officer of the Collateral Agent has actual knowledge thereof
or unless written notice of any event which is in fact such an Event of Default or Default or Mortgage Asset Default is received
by the Collateral Agent at the Corporate Trust Office, and such notice references the Debt generally or this Indenture and Credit
Agreement. For purposes of determining the Collateral Agent’s responsibility and liability hereunder, whenever reference
is made in this Indenture and Credit Agreement to such an Event of Default or a Default, such reference shall be construed to
refer only to such an Event of Default or Default of which the Collateral Agent is deemed to have notice as described in this
Section 6.17. The availability or delivery (including pursuant to this Indenture and Credit Agreement) of reports or other
documents (including news or other publicly available reports or documents) to the Collateral Agent shall not constitute actual
or constructive knowledge or notice of in-formation contained in or determinable from those reports or documents, except for such
reports or documents that this Indenture or Credit Agreement expressly requires the Collateral Agent to review.

 

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(v)           The
Collateral Agent shall, upon receipt of reasonable prior written notice to the Collateral Agent, permit the Issuer and its designees,
during its normal business hours, to review all books of account, records, reports and other papers of the Collateral Agent (other
than items protected by attorney client privilege) relating to the Debt and to make copies and extracts therefrom (the reasonable
out of pocket expenses incurred in making any such copies or extracts to be reimbursed to the Collateral Agent by such Person).

 

(c)
           Certain Rights of Collateral Agent. Except as otherwise
provided in Section 6.17(a):

 

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

 

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

 

(iii)           whenever
in the administration of this Indenture and Credit Agreement the Collateral Agent shall deem it desirable that a matter be proved
or established prior to taking, suffering or omitting any action hereunder, the Collateral Agent (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate;

 

(iv)          as
a condition to the taking or omitting of any action by it hereunder, the Collateral Agent may consult with counsel (including
with respect to any matters, other than factual matters, in connection with the execution by the Collateral Agent of a supplemental
indenture and credit agreement pursuant to Section 8.3) selected in good faith and with reasonable care and shall be deemed
to have acted in good faith and shall not be subject to any liability if it acts in reliance thereon, in good faith and in accordance
with the advice or opinion issued by such counsel in connection therewith;

 

(v)           the
Collateral Agent shall be under no obligation to exercise or to honor any of the rights or powers vested in it by this Indenture
and Credit Agreement at the request or direction of any of the Holders pursuant to this Indenture and Credit Agreement, or to
make any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation
hereto at the request, order or direction of any of the Holders unless such Holders shall have offered to the Collateral Agent
security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might reasonably be incurred
by it in compliance with such request or direction;

 

(vi)          the
Collateral Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document;

 

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(vii)         the
Collateral Agent may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and shall not be responsible for any misconduct or negligence on the part of any attorney or agent appointed
by it with reasonable care, provided that the Collateral Agent will provide notice of any such appointment to the Debtholders,
and upon any such appointment of an agent or attorney, such agent or attorney shall be conferred with all the same rights, indemnities,
and immunities as the Collateral Agent;

 

(viii)        the
Collateral Agent shall not be liable for any action it takes or omits to take in good faith that it reasonably and prudentially
believes to be authorized or within its rights or powers hereunder;

 

(ix)           the
Collateral Agent shall not be responsible for the accuracy of the books or records of, or for any acts or omissions of any Transfer
Agent (other than the Collateral Agent itself acting in that capacity), any Calculation Agent (other than the Collateral Agent
itself acting in that capacity) or any Paying Agent (other than the Collateral Agent itself acting in that capacity);

 

(x)            the
Collateral Agent shall not be liable for the actions or omissions of the Issuer, the Class A Lender, the Servicer, the Trustee
or the Note Administrator; and without limiting the foregoing, the Collateral Agent shall not be under any obligation to verify
or independently determine the accuracy information received by it from the Servicer (or from any selling institution, agent bank,
trustee or similar source) with respect to the Mortgage Assets;

 

(xi)           to
the extent any defined term hereunder, or any calculation required to be made or determined by the Collateral Agent hereunder,
is dependent upon or defined by reference to GAAP, the Collateral Agent shall be entitled to request and receive (and rely upon)
instruction from the Issuer or the accountants appointed pursuant to Section 6.17(c)(vii) as to the application of GAAP
in such connection, in any instance;

 

(xii)          the
Collateral Agent shall not have any responsibility to the Issuer or the Secured Parties hereunder to make any inquiry or investigation
as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants by the Issuer;

 

(xiii)         the
Collateral Agent shall be entitled to all of the same rights, protections, immunities and indemnities afforded to it as Collateral
Agent for which it serves hereunder, and under the Servicing Agreement and the Securities Account Control Agreement (including,
without limitation, as Secured Party, Calculation Agent, Custodian and Securities Intermediary);

 

(xiv)         in
determining any affiliations of Debtholders with any party hereto or otherwise, the Collateral Agent shall be entitled to request
and conclusively rely on a certification provided by a Debtholder;

 

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

 

(xvi)         the
Collateral Agent shall not be required to give any bond or surety in respect of the execution of the trusts created hereby or
the powers granted hereunder;

 

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(xvii)        in
no event shall the Collateral Agent be liable for any failure or delay in the performance of its obligations hereunder because
of circumstances beyond its control, including, but not limited to acts of God, flood, war (whether declared or undeclared), terrorism,
fire, riot, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations
or the like which restrict or prohibit the providing of the services contemplated by this Indenture and Credit Agreement, inability
to obtain material, equipment, or communications or computer facilities, or the failure of equipment or interruption of communications
or computer facilities, any act or provision of any present or future governmental authority, labor disputes, disease, epidemic,
pandemic, quarantine, national emergency, loss or malfunction of utilities or computer software or hardware, the unavailability
of the Federal Reserve Bank wire or telex or other wire or communication facility and other causes beyond the Collateral Agent’s
control, as applicable, whether or not of the same Class or kind as specifically named above;

 

(xviii)       except
as otherwise expressly set forth in this Indenture and Credit Agreement, Wells Fargo Bank, National Association, acting in any
particular capacity hereunder will not be deemed to be imputed with knowledge of (i) Wells Fargo Bank, National Association acting
in a capacity that is unrelated to the transactions contemplated by this Indenture and Credit Agreement, or (ii) Wells Fargo Bank,
National Association acting in any other capacity hereunder, except, in the case of either clause (i) or clause (ii),
where some or all of the obligations performed in such capacities are performed by one or more employees within the same Corporate
Trust Office of Wells Fargo Bank, National Association or where the Corporate Trust Office responsible for performing the obligations
in such capacities have one or more of the same Bank Officers;

 

(xix)         the
Collateral Agent shall have no (i) responsibility for the selection of an alternative rate as a successor or replacement benchmark
to the Benchmark and shall be entitled to rely upon any designation of such rate by Class A Lender pursuant to Schedule B and
(ii) liability for any failure or delay in performing its duties hereunder as a result of the unavailability of a LIBOR rate;
and

 

(xx)          nothing
herein shall require the Collateral Agent to act in any manner that is contrary to applicable law.

 

(d)           Notice
of Default. Promptly (and in no event later than three (3) Business Days) after the occurrence of any Default actually known
to a Bank Officer of the Collateral Agent or after any declaration of acceleration has been made or delivered to the Collateral
Agent pursuant to Section 5.2, the Collateral Agent shall deliver to all Debtholders as their names and addresses appears
on the Notes Register or the Class A Loan Register, as applicable, and the Servicer notice of such Default, unless such Default
shall have been cured or waived.

 

(e)           Compensation
and Reimbursement of Collateral Agent. The Issuer agrees, in each case without duplication of any expense reimbursements,
indemnification payments or other payments made to Wells Fargo Bank, National Association in its capacity as Loan Agent, pursuant
to this Indenture and Credit Agreement:

 

(i)             to
pay to the Collateral Agent, the Collateral Agent, Trustee, Loan Agent and Note Administrator Fee as provided in Section 11.1(a):

 

(ii)            except
as otherwise expressly provided herein, to reimburse the Collateral Agent in a timely manner upon its request for all reasonable
expenses (including the reasonable fees and expenses of third-party attorneys, advisers, accountants and experts employed hereunder),
disbursements and advances incurred or made by the Collateral Agent in accordance with any provision of this Indenture and Credit
Agreement, the Securities Account Control Agreement and the Servicing Agreement;

 

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(iii)           to
indemnify the Collateral Agent and its Officers, directors, employees and agents for, and to hold them harmless against, any loss,
liability or expense (including attorneys’ fees and expenses) incurred without gross negligence, willful misconduct or bad
faith on their part, arising out of or in connection with the acceptance or administration of this trust, including the costs
and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their
powers or duties hereunder and under the Securities Account Control Agreement and the Servicing Agreement or the enforcement of
this Section and whether such loss, liability or expense arises from a claim by a Debtholder, the Issuer or any other Person;
and

 

(iv)          to
pay the Collateral Agent reasonable additional compensation together with its expenses (including reasonable counsel fees) for
any collection or enforcement action taken pursuant to Section 5.4 hereof.

 

The
Collateral Agent may remit payment for such fees and expenses to the Collateral Agent, the Trustee, the Loan Agent, the Custodian
and the Note Administrator or, in the absence thereof, the Collateral Agent may from time to time deduct payment of its or the
Custodian’s, the Trustee’s, the Loan Agent’s or Note Administrator’s fees and expenses hereunder from
amounts on deposit in the Payment Account in accordance with the Priority of Payments.

 

The
Collateral Agent, hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer or any Permitted Subsidiary
until at least one year and one day (or, if longer, the applicable preference period then in effect) after the payment in full
of all Debt issued under this Indenture and Credit Agreement. This provision shall survive termination of this Indenture and Credit
Agreement and the resignation or removal of the Collateral Agent.

 

The
Collateral Agent agrees that the payment of all amounts to which it is entitled pursuant to Sections 6.7(a)(i), (a)(ii),
(a)(iii) and (a)(iv), shall be subject to the Priority of Payments, shall be payable only to the extent funds are
available in accordance with such Priority of Payments, shall be payable solely from the Collateral and following realization
of the Collateral, any such claims of the Collateral Agent against the Issuer, and all obligations of the Issuer, shall be extinguished.
The Collateral Agent will have a lien upon the Collateral to secure the payment of such payments to it in accordance with the
Priority of Payments; provided that the Collateral Agent shall not institute any proceeding for enforcement of such lien except
in connection with an action taken pursuant to Section 5.3 hereof for enforcement of the lien of this Indenture and Credit
Agreement for the benefit of the Debtholders.

 

The
Collateral Agent shall receive amounts pursuant to this Section 6.17(e) only to the extent such payment is made in accordance
with the Priority of Payments and the failure to pay such amount to the Collateral Agent will not, by itself, constitute and Event
of Default. Subject to Section 6.17(h) the Collateral Agent shall continue to serve as Collateral Agent under this Indenture
and Credit Agreement notwithstanding the fact that the Collateral Agent shall not have received amounts due it hereunder; provided
that the Collateral Agent shall not be required to expend any funds or incur any expenses unless reimbursement therefor is reasonably
assured to it. No direction by the Holders of the Debt shall affect the right of the Collateral Agent to collect amounts owed
to it under this Indenture and Credit Agreement.

 

If
on any Payment Date, an amount payable to the Collateral Agent pursuant to this Indenture and Credit Agreement is not paid because
there are insufficient funds available for the payment thereof, all or any portion of such amount not so paid shall be deferred
and payable on any later Payment Date on which sufficient funds are available therefor in accordance with the Priority of Payments.

 

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The
obligations of the Issuer under this Section shall survive the resignation or removal of the Collateral Agent and the satisfaction
and discharge of this Indenture and Credit Agreement.

 

(f)            Withholding.
Each Holder of a Class A Loan, by the purchase of an interest in such Class A Loan or its acceptance of a beneficial interest
therein, acknowledges that interest on the Class A Loan will be treated as United States source interest and, as such, United
States withholding tax may apply. If any amount is required to be deducted or withheld from any payment to any Debtholder or payee,
such amount shall reduce the amount otherwise distributable to such Debtholder or payee. The Collateral Agent, Issuer, Note Administrator
and Loan Agent, as applicable, are hereby authorized to withhold or deduct from amounts otherwise distributable to any Debtholder
or payee sufficient funds for the payment of any tax that is legally required to be withheld or deducted (but such authorization
shall not prevent the Collateral Agent, Issuer, Note Administrator and Loan Agent from contesting any such tax in appropriate
proceedings and legally withholding payment of such tax, pending the outcome of such proceedings). The amount of any withholding
tax imposed with respect to any Debtholder or payee shall be treated as Cash distributed to such Debtholder or payee at the time
it is withheld by the Collateral Agent, Issuer, Note Administrator or Loan Agent and remitted to the appropriate taxing authority.
If there is a possibility that withholding tax is payable with respect to a distribution, the Collateral Agent, Issuer, Note Administrator
or Loan Agent may in its sole discretion withhold such amounts in accordance with this Section 6.17(f). The Issuer agrees
to timely provide to the Collateral Agent, Note Administrator and Loan Agent accurate and complete copies of all documentation
received from Debtholders or payees pursuant to Sections 2.7(f) and 2.11(c). Solely with respect to FATCA compliance
and reporting, nothing herein shall impose an obligation on the part of the Collateral Agent, Issuer, Note Administrator and Loan
Agent to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Debt. In addition,
initial purchasers and transferees of Debt after the Closing Date will be required to provide to the Issuer, the Trustee, the
Note Administrator, the Collateral Agent or their agents, all information, documentation or certifications reasonably required
to permit the Issuer to comply with its tax reporting obligations under applicable law, including any applicable cost basis reporting
obligation. For the avoidance of doubt, none of the Collateral Agent, the Trustee, the Note Administrator or the Loan Agent will
have any responsibility for the preparation of any tax returns or related reports on behalf of or for the benefit of the Issuer
or any Debtholder, or the calculation of any original issue discount on the Debt. For the avoidance of doubt, the Collateral Agent
shall reasonably cooperate with the Issuer, at Issuer’s direction and expense, to permit Issuer to fulfill its obligations
under FATCA; provided that the Collateral Agent shall have no independent obligation to cause or maintain Issuer’s compliance
with FATCA and shall have no liability for any withholding on payments to Issuer as a result of Issuer’s failure to achieve
or maintain FATCA compliance.

 

(g)           Corporate
Collateral Agent Required; Eligibility. There shall at all times be a Collateral Agent hereunder which shall be (i) a corporation,
national bank, national banking association or a trust company, organized and doing business under the laws of the United States
of America or of any State thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and
surplus of at least U.S.$200,000,000, subject to supervision or examination by federal or State authority, or (ii) 
an institution insured by the Federal Deposit Insurance Corporation, that in the case of (i) or (ii), has a long-term unsecured
debt rating of at least “A2” by Moody’s; provided, that with respect to the Trustee, it may maintain a long-term
unsecured debt rating of at least “Baa1” by Moody’s and a short-term unsecured debt rating of at least “P-2”
by Moody’s so long as the Servicer maintains a long-term unsecured debt rating of at least “A2” by Moody’s
(the Servicer shall have no obligation to maintain such rating), and having an office within the United States. If such entity
publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section 6.17(g), the combined capital and surplus of such entity shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Collateral
Agent shall cease to be eligible in accordance with the provisions of this Section 6.17(g), the Collateral Agent shall
resign immediately in the manner and with the effect hereinafter specified in Section 6.17(h).

 

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(h)           Resignation
and Removal; Appointment of Successor. (i) No resignation or removal of the Collateral Agent and no appointment of a successor
Collateral Agent pursuant to this Section 6.17(h) shall become effective until the acceptance of appointment by such successor
Collateral Agent under Section 6.17(h)(iv).

 

(i)             The
Collateral Agent may resign at any time by giving written notice thereof to the Issuer, the Servicer, the Debtholders, the Loan
Agent, the Note Administrator and the Trustee. Upon receiving such notice of resignation, the Issuer shall promptly appoint a
successor Collateral Agent, by written instrument, in duplicate, executed by an Authorized Officer of the Issuer, one copy of
which shall be delivered to the Collateral Agent so resigning and one copy to the successor Collateral Agent, together with a
copy to each Debtholder, the Servicer and the parties hereto; provided that such successor collateral agent shall be appointed
only upon the written consent of a Majority of the Debt or, at any time when an Event of Default shall have occurred and be continuing
or when a successor Collateral Agent has been appointed pursuant to Section 6.17(h)(iv), by Act of a Majority of the Controlling
Class. If no successor Collateral Agent shall have been appointed and an instrument of acceptance by a successor Collateral Agent
shall not have been delivered to the Collateral Agent within thirty (30) days after the giving of such notice of resignation,
the resigning Collateral Agent, the Controlling Class of Debt or any Holder of Debt, on behalf of himself and all others similarly
situated, may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent at the expense
of the Issuer. No resignation or removal of the Collateral Agent and no appointment of a successor Collateral Agent will become
effective until the acceptance of appointment by the successor Collateral Agent.

 

(ii)            The
Collateral Agent may be removed at any time upon thirty (30) days’ notice by Act of a Supermajority of the Debt or when
a successor Collateral Agent has been appointed pursuant to Section 6.17(h)(iv), by Act of a Majority of the Controlling
Class, in each case, upon written notice delivered to the parties hereto.

 

(iii)
          If at any time:

 

(1)                the
Collateral Agent shall cease to be eligible under Section 6.17(g) and shall fail to resign after written request therefor
by the Issuer or by any Holder; or

 

(2)               
the Collateral Agent shall become incapable of acting or there shall be institute any proceeding pursuant to which it could
be adjudged as bankrupt or insolvent or a receiver or liquidator of the Collateral Agent or of its property shall be appointed
or any public officer shall take charge or control of the Collateral Agent or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation;

 

then,
in any such case (subject to Section 6.17(h)), (A) the Issuer, by Issuer Order, may remove the Collateral Agent, or (B)
subject to Section 5.15, any Holder may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Collateral Agent and the appointment of a successor Collateral Agent thereto.

 

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(iv)          If
the Collateral Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the
Collateral Agent for any reason, the Issuer, by Issuer Order, shall promptly appoint a successor Collateral Agent; and the successor
Collateral Agent so appointed shall, forthwith upon its acceptance of such appointment, become the successor Collateral Agent.
If the Issuer fails to appoint a successor Collateral Agent within thirty (30) days after such resignation, removal or incapability
or the occurrence of such vacancy, a successor Collateral Agent may be appointed by an Act of a Majority of the Controlling Class
delivered to the Servicer and the parties hereto, including the retiring Collateral Agent and the successor Collateral Agent so
appointed shall, forthwith upon its acceptance of such appointment, become the successor Collateral Agent and supersede any successor
Collateral Agent proposed by the Issuer. If no successor Collateral Agent shall have been so appointed by the Issuer or a Majority
of the Controlling Class and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15,
the Controlling Class, any Holder or the Collateral Agent may, on behalf of itself or himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Collateral Agent.

 

(v)           The
Issuer shall give prompt notice of each resignation and each removal of the Collateral Agent and each appointment of a successor
Collateral Agent by mailing written notice of such event by first class mail, postage prepaid, to the Servicer, the parties hereto,
and to the Holders of the Debt as their names and addresses appear in the Notes Register or the Class A Loan Register, as applicable.
Each notice shall include the name of the successor Collateral Agent and the address of its respective Corporate Trust Office.
If the Issuer fails to mail such notice within ten (10) days after acceptance of appointment by the successor Collateral Agent,
the successor Collateral Agent shall cause such notice to be given at the expense of the Issuer.

 

(vi)          The
resignation or removal of the Collateral Agent shall be deemed a resignation or removal, as applicable of the other capacitates
in which it serves.

 

(i)    Representations
and Warranties of the Collateral Agent.

 

The
Collateral Agent represents and warrants for the benefit of the other parties to this Indenture and Credit Agreement that:

 

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

 

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

 

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

 

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

 

ARTICLE
7

 

COVENANTS

 

Section 7.1.     Payment of Principal
and Interest.

 

The Issuer
shall duly and punctually pay the principal of and interest on the Class A Loan in accordance with the terms of this Indenture
and Credit Agreement and the Priority of Payments. Amounts properly withheld under the Code or other applicable law by any Person
from a payment to any Debtholder of interest and/or principal shall be considered as having been paid by the Issuer for all purposes
of this Indenture and Credit Agreement.

 

The
applicable Paying Agent shall, unless prevented from doing so for reasons beyond its reasonable control, give notice to each
Debtholder of any such withholding requirement no later than ten (10)  days
prior to the related Payment Date from which amounts are required (as directed by the Issuer to be withheld), provided that,
despite the failure of the Paying Agent to give such notice, amounts withheld pursuant to applicable tax laws shall be
considered as having been paid by the Issuer, as provided above.

 

Section 7.2.     Maintenance of
Office or Agency.

 

The Issuer
hereby appoints the Note Administrator, with respect to the Notes, and the Loan Agent, with respect to the Class A Loan, as a Paying
Agent for the payment of principal of and interest on the Debt and where Notes may be surrendered for registration of transfer
or exchange in accordance with this Indenture and Credit Agreement.

 

The Issuer
may at any time and from time to time vary or terminate the appointment of any such agent or appoint any additional agents for
any or all of such purposes; provided, however, that no paying agent shall be appointed in a jurisdiction which subjects
payments on the Debt to withholding tax. The Issuer shall give prompt written notice to the Trustee, the Note Administrator, the
Collateral Agent and the Noteholders of the appointment or termination of any such agent and of the location and any change in
the location of any such office or agency.

 

If at
any time the Issuer shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New
York, or outside the United States, or shall fail to furnish the Collateral Agent with the address thereof, presentations and
surrenders of Notes shall be made at, and notices and demands shall be served on, the Paying Agent at its Corporate Trust
Office and the Issuer hereby appoints the Paying Agent as its agent to receive such respective presentations, surrenders,
notices and demands.

 

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

 

(a)               
All payments of amounts due and payable with respect to any Debt that are to be made from amounts withdrawn from the Payment
Account shall be made on behalf of the Issuer by the applicable Paying Agent (in each case, from and to the extent of available
funds in the Payment Account and subject to the Priority of Payments) with respect to payments on the Debt.

 

When
the Paying Agent is not also the Note Registrar, the Issuer shall furnish, or cause the Note Registrar to furnish, no later than
the fifth (5th) calendar day after each Record Date a list, if necessary, in such form
as such Paying Agent may reasonably request, of the names and addresses of the Holders of Notes and of the certificate numbers
of individual Notes held by each such Holder together with wiring instructions, contact information, and such other information
reasonably required by the Paying Agent.

 

Whenever
the Paying Agent is not also the Note Administrator, the Issuer and such Paying Agent shall, on or before the Business Day next
preceding each Payment Date or Redemption Date, as the case may be, direct the Note Administrator to deposit on such Payment Date
with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due pursuant to the terms of
this Indenture and Credit Agreement (to the extent funds are then available for such purpose in the Payment Account, and subject
to the Priority of Payments), such sum to be held for the benefit of the Persons entitled thereto and (unless such Paying Agent
is the Collateral Agent) the Issuer shall promptly notify the Collateral Agent of its action or failure so to act. Any amounts
deposited with a Paying Agent (other than the Collateral Agent) in excess of an amount sufficient to pay the amounts then becoming
due on the Debt with respect to which such deposit was made shall be paid over by such Paying Agent to the Collateral Agent for
application in accordance with Article 11. Any such Paying Agent shall be deemed to agree by assuming such role not to cause
the filing of a petition in bankruptcy against the Issuer or any Permitted Subsidiary for the non-payment to the Paying Agent of
any amounts payable thereto until at least one year and one day (or, if longer, the applicable preference period then in effect)
after the payment in full of all Debt issued or incurred under this Indenture and Credit Agreement.

 

The initial
Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer
Order of the Issuer and at the sole cost and expense of the Issuer, with written notice thereof to the Note Administrator and Collateral
Agent. In the event that a Paying Agent ceases to have a long-term debt rating of “Aa3” or higher by Moody’s,
the Issuer shall promptly remove such Paying Agent and appoint a successor Paying Agent with a long-term debt rating of “Aa3”
or higher by Moody’s. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment, a depository
institution or trust company subject to supervision and examination by federal and/or state and/or national banking authorities.
The Issuer shall cause the Paying Agent other than the Note Administrator or Loan Agent to execute and deliver to the Collateral
Agent an instrument in which such Paying Agent shall agree with the Collateral Agent (and if the Note Administrator and Loan Agent
acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 7.3, that such Paying Agent will:

 

(i)                   
allocate all sums received for payment to the Holders of Debt in accordance with the terms of this Indenture and Credit
Agreement;

 

(ii)                 
hold all sums held by it for the payment of amounts due with respect to the Debt for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons
as herein provided;

 

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(iii)               
immediately resign as a Paying Agent and forthwith pay to the Collateral Agent all sums held by it for the payment of Debt
if at any time it ceases to satisfy the standards set forth above required to be met by a Paying Agent at the time of its appointment;

 

(iv)                
immediately give the Collateral Agent notice of any Default by the Issuer in the making of any payment required to be made;
and

 

(v)                  
at any time during the continuance of any such Default, upon the written request of the Collateral Agent, forthwith pay
to the Collateral Agent all sums so held by such Paying Agent.

 

The Issuer
may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture and Credit Agreement or for any
other purpose, pay, or by Issuer Order direct the Paying Agent to pay, to the Collateral Agent all sums held by the Issuer or held
by the Paying Agent for payment of the Debt, such sums to be held by the Collateral Agent in trust for the same Debtholders as
those upon which such sums were held by the Issuer or the Paying Agent; and, upon such payment by the Paying Agent to the Collateral
Agent, the Paying Agent shall be released from all further liability with respect to such amounts.

 

Except as
otherwise required by applicable law, any amounts deposited with the Collateral Agent in trust or deposited with the Paying Agent
for the payment of the principal of or interest on any Debt and remaining unclaimed for two (2) years after such principal or interest
has become due and payable shall be paid to the Issuer on request; and the Holder of such Debt shall thereafter, as an unsecured
general creditor, look only to the Issuer for payment of such amounts and all liability of the Collateral Agent or the Paying Agent
with respect to such amounts (but only to the extent of the amounts so paid to the Issuer) shall thereupon cease. The Collateral
Agent or the Paying Agent, before being required to make any such release of payment, may, but shall not be required to, adopt
and employ, at the expense of the Issuer, any reasonable means of notification of such release of payment, including, but not limited
to, mailing notice of such release to Holders whose Debt has been called but have not been surrendered for redemption or whose
right to or interest in amounts due and payable but not claimed is determinable from the records of the Paying Agent, at the last
address of record of each such Holder.

 

Section 7.4.     Existence
of the Issuer.

 

(a)               
So long as any Debt is Outstanding, the Issuer shall, to the maximum extent permitted by applicable law, maintain in full
force and effect its existence and rights as a limited liability company organized under the laws of Delaware; provided that the
Issuer shall be entitled to change its jurisdiction of formation from Delaware to any other jurisdiction reasonably selected by
the Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the Debt, (ii) it delivers
written notice of such change to the Collateral Agent for delivery to the Holders of the Debt and (iii) on or prior to the fifteenth
(15th) Business Day following delivery of such notice by the Collateral Agent to the Debtholders, the Collateral Agent shall not
have received written notice from a Majority of the Controlling Class objecting to such change.

 

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(b)                So
long as any Debt is Outstanding, the Issuer shall ensure that all limited liability company formalities or other formalities
regarding its existence are followed (including correcting any known misunderstanding regarding its separate existence). So
long as any Debt is Outstanding, the Issuer shall not take any action or conduct its affairs in a manner that is likely to
result in its separate existence being ignored or its Collateral and liabilities being substantively consolidated with any
other Person in a bankruptcy, reorganization or other insolvency proceeding, in each case, other than any action that is
expressly covered by this Indenture and Credit Agreement. So long as the Class A Loan is Outstanding, the Issuer shall
maintain and implement administrative and operating procedures reasonably necessary in the performance of the Issuer’s
obligations hereunder, and the Issuer shall at all times keep and maintain, or cause to be kept and maintained, separate
books, records, accounts and other information customarily maintained for the performance of the Issuer’s obligations
hereunder. Without limiting the foregoing, so long as the Class A Loan is Outstanding, (i) the Issuer shall (A) pay its own
liabilities only out of its own funds and (B) use separate stationery, invoices and checks, (C) hold itself out and identify
itself as a separate and distinct entity under its own name (except, for tax purposes, to the extent that the Issuer is a
disregarded entity for U.S. federal income tax purposes); (D) not commingle its assets with assets of any other Person; (E)
hold title to its assets in its own name; (F) [reserved]; (G) not guarantee any obligation of any Person, including any
Affiliate or become obligated for the debts of any other Person or hold out its credit or assets as being available to
satisfy the obligations of others; (H) allocate fairly and reasonably any overhead expenses, including for shared office
space; (I) not have its obligations guaranteed by any Affiliate except to the extent contemplated by this Indenture and
Credit Agreement and any other Transaction Document; (J)     not
pledge its assets to secure the obligations of any other Person; (K) correct any known misunderstanding regarding its
separate identity; (L) intend to maintain adequate capital in light of its contemplated business purpose, transactions and
liabilities; (M) not acquire any securities of any Affiliate of the Issuer; (N) not own any asset or property other than
property arising out of the actions permitted to be performed under the Transaction Documents and (O) have at least one (1)
independent member or director; and (ii) the Issuer shall not (A) have any subsidiaries (other than a Permitted Subsidiary);
(B) engage in any transaction with any shareholder that is not permitted under the terms of the Transaction Documents; (C)
[reserved]; (D) conduct business under an assumed name (i.e., no “DBAs”); (E) incur, create or assume any
indebtedness other than (x) as expressly permitted under the Transaction Documents; (y)  unsecured
trade payables, in an aggregate amount not to exceed $250,000 at any one time outstanding, incurred in the ordinary course of
acquiring, owning, servicing, enforcement, financing the Collateral; and/or (z) as otherwise expressly permitted under this
Indenture and Credit Agreement; (F) enter into any contract or agreement with any of its Affiliates, except as expressly
permitted under the Transaction Documents or upon terms and conditions that are commercially reasonable and substantially
similar to those available in arm’s-length transactions; (G) make or permit to remain outstanding any loan or advance
to, or own or acquire any stock or securities of, any Person, except that the Issuer may invest in those investments
permitted under the Transaction Documents and may make any advance required or expressly permitted to be made pursuant to any
provisions of the Transaction Documents and permit the same to remain outstanding in accordance with such provisions; (H) to
the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, asset sale or transfer of
ownership interests other than such activities as are expressly permitted pursuant to any provision of the Transaction
Documents.

 

Section 7.5.     Protection of
Collateral.

 

(a)               
The Issuer (or, with respect to continuation statements, the Collateral Agent, on behalf of the Issuer) shall file (or cause
to be filed, on its behalf) any financing statements and any continuation statements as shall be reasonably necessary to perfect
the security interest of the Collateral Agent in the Collateral. In addition, the Issuer shall from time to time execute and deliver
all such supplements and amendments hereto and all such Financing Statements, continuation statements, instruments of further assurance
and other instruments, and shall take such other action as, in each case, any Secured Party may reasonably request as being necessary
or advisable or desirable to secure the rights and remedies of the Holders and to:

 

(i)                   
Grant more effectively all or any portion of the Collateral;

 

(ii)                 
maintain or preserve the lien (and the priority thereof) of this Indenture and Credit Agreement or to carry out more effectively
the purposes hereof;

 

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(iii)               
perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture and Credit Agreement
(including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations);

 

(iv)                
instruct the Collateral Agent with respect to enforcement on any of the Mortgage Assets;

 

(v)                  
instruct the Collateral Agent to preserve and defend title to the Mortgage Assets against the claims of all persons and
parties; and

 

(vi)                
pursuant to Section 11.1(a)(i), pay or cause to be paid any and all taxes levied or assessed upon all or any part
of the Collateral (other than any taxes not yet due and payable).

 

The Issuer
hereby designates the Collateral Agent as its agent and attorney-in-fact to execute and file any Financing Statement, continuation
statement or other instrument required pursuant to this Section 7.5, provided that such appointment shall not impose upon
the Collateral Agent any of the Issuer’s obligations under this Section 7.5. The Collateral Agent agrees that it will
from time to time, and at the direction of the Class A Lender, execute and cause such Financing Statements and continuation statements
to be filed (it being understood that the Collateral Agent shall be entitled to rely upon any direction given to it by either the
Issuer or the Class A Lender Representative, as to the need to file such Financing Statements and continuation statements, the
dates by which such filings are required to be made and the jurisdictions in which such filings are required to be made). In the
absence of any such direction of the Class A Lender or Issuer, the Collateral Agent shall have no obligation to take any action
in respect of any Financing Statement, continuation statement or other instrument required pursuant to this Section 7.5.

 

(b)               
The Collateral Agent shall not (except for payments, deliveries and distributions otherwise expressly permitted under this
Indenture and Credit Agreement) cause or permit the Custodian to be located in a different jurisdiction from the jurisdiction in
which the Custodian was located on the Closing Date, unless the Collateral Agent, shall have first received an Opinion of Counsel
to the effect that the lien and security interest created by this Indenture and Credit Agreement with respect to such property
will continue to be maintained after giving effect to such action or actions.

 

(c)               
The Issuer shall (i) pay or cause to be paid all income and other material taxes, if any, levied on account of the beneficial
ownership by the Issuer of any Collateral that secure the Notes and timely file all income and other material tax returns and information
statements as required, (ii) take all available actions necessary or advisable to prevent the Issuer from becoming subject to any
withholding or other taxes or assessments, and (iii) upon the request of the applicable withholding agent if reasonably determined
to be necessary to prevent the withholding or imposition of United States income tax, deliver or cause to be delivered a United
States IRS Form W-9 (or the applicable IRS Form W-8, if appropriate) or successor applicable form, to each applicable requesting
withholding agent (e.g., a borrower, counterparty or paying agent, as applicable) with respect to (as applicable) an item included
in the Collateral as soon as reasonably practical following such request and thereafter to the extent legally permitted to do so
upon the expiration or obsolescence of such IRS form.

 

Section 7.6.     [Reserved].

 

Section 7.7.     Performance of
Obligations.

 

(a)               
Except as permitted under this Indenture and Credit Agreement or the Servicing Agreement, the Issuer shall not take any
action, and will use commercially reasonable efforts not to permit any action to be taken by others, that would release any Person
from any of such Person’s covenants or obligations under any Instrument included in the Collateral, except in the case of
enforcement action taken with respect to any Defaulted Mortgage Asset in accordance with the provisions hereof and as otherwise
required hereby.

 

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(b)               
The Issuer may, with the prior written consent of the Majority of the Notes and, if the Class A Loan is outstanding, the
Class A Lender, contract with other Persons, including the Servicer, the Collateral Agent, or the Trustee, for the performance
of actions and obligations to be performed by the Issuer hereunder by such Persons and the performance of the actions and other
obligations with respect to the Collateral of the nature set forth in the Indenture and Credit Agreement. Notwithstanding any such
arrangement, the Issuer shall remain primarily liable with respect thereto. In the event of such contract, the performance of such
actions and obligations by such Persons shall be deemed to be performance of such actions and obligations by the Issuer; and the
Issuer shall punctually perform, and use commercially reasonable efforts to cause the Servicer or such other Person to perform,
all of their obligations and agreements contained in the Indenture and Credit Agreement or such other agreement.

 

(c)               
The Issuer shall maintain the Servicing Agreement in full force and effect so long as any Debt remains Outstanding and shall
not terminate the Servicing Agreement with respect to any Mortgage Asset except upon the sale or other liquidation of such Mortgage
Asset in accordance with the terms and conditions of this Indenture and Credit Agreement, or as otherwise permitted pursuant to
the terms and conditions of Section 17.1 hereof.

 

Section 7.8.     Negative Covenants.

 

(a)               
The Issuer shall not:

 

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

 

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

 

(iii)               
after the Closing Date, (A) issue any additional Class of securities or incur any additional loans, other than the Debt
or (B) issue any additional interests in the Issuer;

 

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

 

(v)                  
amend the Servicing Agreement, except pursuant to the terms thereof and except as otherwise expressly permitted pursuant
to Section 17.1;

 

(vi)                
to the maximum extent permitted by applicable law, dissolve or liquidate in whole or in part, except as permitted hereunder;

 

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(vii)              
become liable in any way, whether directly or by assignment or as a guarantor or other surety, for the obligations of the
lessee under any lease or hire any employees;

 

(viii)            
maintain any bank accounts other than the Accounts in which (inter alia) the proceeds of the Issuer’s membership interests
will be kept;

 

(ix)                
conduct business under an assumed name, or change its name without first delivering at least thirty (30) days’ prior
written notice to the Trustee, the Collateral Agent and the Debtholders and an Opinion of Counsel to the effect that such name
change will not adversely affect the security interest hereunder of the Trustee or the Secured Parties;

 

(x)                  
take any action that would result in it becoming an association taxable as a corporation, a publicly traded partnership
or taxable mortgage pool, in each case subject to U.S. federal income tax on a net basis (including, but not limited to, an election
to treat the Issuer as a “taxable REIT subsidiary” as defined in Section 856(l) of the Code), unless the Issuer receives
a No Entity-Level Tax Opinion;

 

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

 

(xii)              
amend its organizational documents in any material respect except pursuant to the terms thereof.

 

(b)               
Neither the Issuer nor the Collateral Agent shall sell, transfer, exchange or otherwise dispose of Collateral, or enter
into or engage in any business with respect to any part of the Collateral, except as expressly permitted or required by this Indenture
and Credit Agreement or the Servicing Agreement.

 

(c)               
The Issuer shall not become an investment company required to be registered under the 1940 Act and shall not rely solely
on the exemptions or exclusions from registration under Sections 3(c)(1) or 3(c)(7) of the 1940 Act. The Issuer shall not become
a “covered fund” for purposes of the Volcker Rule.

 

(d)                For
so long as any of the Debt is Outstanding, the Issuer shall not issue any limited liability company membership interests of
the Issuer to any Person other than the Guarantor or another wholly-owned subsidiary of Guarantor that is disregarded as
separate from Guarantor for U.S. federal income tax purposes.

 

(e)               
The Issuer shall not enter into any material new agreements (other than in connection with any other agreement contemplated
by this Indenture and Credit Agreement, including, without limitation, any agreement in connection with a sale of Collateral by
the Issuer that is permitted under Section 12.1 or a modification of a Mortgage Asset in accordance with the terms of this
Indenture and Credit Agreement) without the prior written consent of the Holders of at least a Majority of the Debt and shall provide
notice of all new agreements (other than any agreement contemplated in the foregoing clause above) to the Holders of the Debt.

 

(f)                
As long as the Class A Loan is outstanding, the Notes Investor may not transfer (whether by means of actual transfer or
a transfer of beneficial ownership for U.S. federal income tax purposes), pledge or hypothecate any retained or repurchased Debt
or any other equity interests of the Issuer to any Person (except to an affiliate that is wholly-owned by Notes Investor and is
disregarded for U.S. federal income tax purposes or, if the Notes Investor is itself a disregarded entity for U.S. federal income
tax purposes, to the Person (or an entity disregarded from such Person) treated as owning the assets of Notes Investor for U.S.
federal income tax purposes) unless the Issuer receives a No Entity-Level Tax Opinion with respect to such transfer, pledge or
hypothecation.

 

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(g)                Any
transfer or financing arrangement pursuant to Section 7.8(f) shall prohibit any further transfer (whether by means of actual
transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), pledge or hypothecation of any retained
or repurchased Debt and any other equity interests of the Issuer (except to an affiliate that is wholly-owned by Notes
Investor and is disregarded for U.S.   federal
income tax purposes or, if the Notes Investor is itself a disregarded entity for U.S. federal income tax purposes, to the
Person (or an entity disregarded from such Person) treated as owning the assets of Notes Investor for U.S. federal income tax
purposes), including a transfer in connection with any exercise of remedies under such financing unless the Issuer receives a
No Entity-Level Tax Opinion.

 

Section 7.9.     Statement as to
Compliance.

 

On or before
January 31 in each calendar year, commencing in 2021, or immediately if there has been a Default in the fulfillment of an obligation
under this Indenture and Credit Agreement or prior to any Additional Funding Date, the Issuer shall deliver to the Trustee and
the Collateral Agent an Officer’s Certificate given on behalf of the Issuer and without personal liability stating, as to
each signer thereof, that, since the date of the last certificate or, in the case of the first certificate, the Closing Date, to
the best of the knowledge, information and belief of such Officer, the Issuer has fulfilled all of its obligations under this Indenture
and Credit Agreement or, if there has been a Default in the fulfillment of any such obligation, specifying each such Default known
to them and the nature and status thereof.

 

Section 7.10.    The Issuer May
Consolidate or Merge Only on Certain Terms.

 

(a)               
The Issuer shall not consolidate or merge with or into any other Person or transfer or convey all or substantially all of
its Collateral to any Person, unless permitted by the Governing Documents and unless:

 

(i)                    the
Issuer shall be the surviving entity, or the Person (if other than the Issuer) formed by such consolidation or into which the
Issuer is merged or to which all or substantially all of the Collateral of the Issuer are transferred shall be an entity
organized and existing under the laws of the State of Delaware or such other jurisdiction approved by a Majority of each and
every Class of Debt (each voting as a separate Class); provided that no such approval shall be required in connection with
any such transaction undertaken solely to effect a change in the jurisdiction of formation pursuant to Section 7.4
hereof; and provided, further, that the surviving entity shall expressly assume, by an indenture and credit
agreement supplemental hereto, executed and delivered to the Trustee, the Collateral Agent, and each Holder, the due and
punctual payment of the principal of and interest on all Debt and other amounts payable hereunder and under the Servicing
Agreement with respect to the Mortgage Assets and the performance and observance of every covenant of this Indenture and
Credit Agreement and the Servicing Agreement with respect to the Mortgage Assets on the part of the Issuer to be performed or
observed, all as provided herein;

 

(ii)                 
if the Issuer is not the surviving entity, the Person formed by such consolidation or into which the Issuer is merged or
to which all or substantially all of the Collateral of the Issuer are transferred shall have agreed with the Trustee and the Collateral
Agent (A) to observe the same legal requirements for the recognition of such formed or surviving entity as a legal entity separate
and apart from any of its Affiliates as are applicable to the Issuer with respect to its Affiliates and (B) not to consolidate
or merge with or into any other Person or transfer or convey all or substantially all of the Collateral to any other Person except
in accordance with the provisions of this Section 7.10, unless in connection with a sale of the Collateral pursuant to Article
5, Article 9 or Article 12;

 

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(iii)               
if the Issuer is not the surviving entity, the Person formed by such consolidation or into which the Issuer is merged or
to which all or substantially all of the Collateral of the Issuer are transferred shall have delivered to the Trustee, the Collateral
Agent and the Servicer, an Officer’s Certificate and an Opinion of Counsel each stating that such Person is duly organized,
validly existing and in good standing in the jurisdiction in which such Person is organized; that such Person has sufficient power
and authority to assume the obligations set forth in Section 7.10(a)(i) above and to execute and deliver an indenture and
credit agreement supplemental hereto for the purpose of assuming such obligations; that such Person has duly authorized the execution,
delivery and performance of an indenture and credit agreement supplemental hereto for the purpose of assuming such obligations
and that such supplemental indenture and credit agreement is a valid, legal and binding obligation of such Person, enforceable
in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement
of creditors’ rights generally and to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law); that, immediately following the event which causes such Person to become the successor to
the Issuer, (A) such Person has good and marketable title, free and clear of any lien, security interest or charge, other than
the lien and security interest of this Indenture and Credit Agreement, to the Collateral securing, in the case of a consolidation
or merger of the Issuer, all of the Class A Loan or, in the case of any transfer or conveyance of the Collateral securing any portion
of the Class A Loan, such portion of the Class A Loan, (B) the Collateral Agent continues to have a valid perfected first priority
security interest in the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Class A Loan,
or, in the case of any transfer or conveyance of the Collateral securing any portion of the Class A Loan, such portion of the Class
A Loan and (C) such other matters as the Trustee, the Collateral Agent, or any Holder of Debt may reasonably require;

 

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

 

(v)                  
the Issuer shall have delivered to the Trustee, the Collateral Agent and each Holder of Debt, an Officer’s Certificate
stating that such consolidation, merger, transfer or conveyance and such supplemental indenture and credit agreement comply with
this Article 7 and that all conditions precedent in this Article 7 provided for relating to such transaction have
been complied with and that no adverse tax consequences will result therefrom to the Holders of the Debt;

 

(vi)                
the Issuer has received an opinion from Kirkland & Ellis LLP or an opinion of other nationally recognized U.S. tax counsel
experienced in such matters that such action will not result in adverse tax consequences to the Issuer or the Debtholders;

 

(vii)              
after giving effect to such transaction, the Issuer shall not be required to register as an investment company under the
1940 Act; and

 

(viii)              the
Class A Lender shall have consented to such transaction.

 

Section 7.11.   Successor Substituted.

 

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

 

Section 7.12.    No Other Business.

 

The Issuer
shall not engage in any business or activity other than issuing and selling the Notes and borrowing the Class A Loan pursuant to
this Indenture and Credit Agreement and any supplements thereto, and acquiring, owning, holding, maintaining, disposing of and
pledging the Collateral in connection with the Debt and such other activities which are necessary, suitable or convenient to accomplish
the foregoing or are incidental thereto or connected therewith.

 

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Section 7.13.    [Reserved].

 

Section 7.14.    Calculation Agent.

 

(a)                The
Issuer hereby agrees that for so long as any Debt remains Outstanding there shall at all times be an agent appointed to
calculate the Benchmark in respect of each Interest Accrual Period in accordance with the terms of Schedule B attached
hereto (the “Calculation Agent”). The Issuer initially has appointed the Collateral Agent as Calculation
Agent for purposes of determining the Benchmark for each Interest Accrual Period. The Calculation Agent may be removed by the
Issuer at any time. The Calculation Agent may resign at any time by giving written notice thereof to the Issuer and the
Debtholders. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer in respect of any
Interest Accrual Period, the Issuer shall promptly appoint as a replacement Calculation Agent a leading bank which does not
control or is not controlled by or under common control with the Issuer or its Affiliates and which, if the Benchmark is
LIBOR, is engaged in transactions in Eurodollar deposits in the international Eurodollar market. The Calculation Agent may
not resign its duties without a successor having been duly appointed. If no successor Calculation Agent shall have been
appointed within thirty (30) days after giving of a notice of resignation, the resigning Calculation Agent or a Majority of
the Controlling Class, on behalf of himself and all others similarly situated, may petition a court of competent jurisdiction
for the appointment of a successor Calculation Agent.

 

(b)               
The Calculation Agent shall be required to agree that, as soon as practicable after the Reference Time, but in no event
later than 11:00 a.m. (New York time) on the next Business Day (or the next London Banking Day if the Benchmark is LIBOR) immediately
following each Benchmark Determination Date, the Calculation Agent shall calculate the Benchmark for the next Interest Accrual
Period and will communicate such information to the Collateral Agent, who shall include such calculation on the next Payment Date
Report following such Benchmark Determination Date. The Calculation Agent shall notify the Issuer before 5:00 p.m. (New York time)
on each Benchmark Determination Date if it has not determined and is not in the process of determining the Benchmark, the Class
A Loan Interest Distribution Amount for the Class A Loan, together with the reasons therefor. The determination of the Class A
Loan Rate or any Class A Loan Interest Distribution Amount, respectively, by the Calculation Agent shall, absent manifest error,
be final and binding on all parties.

 

(c)               
None of the Calculation Agent, Note Administrator, Collateral Agent, Loan Agent or Trustee shall have any responsibility
or liability for (i) the selection or determination of (or any failure by the Class A Lender to select or determine) an alternative
or replacement reference rate (including any Benchmark Replacement, ISDA Fallback Rate, Benchmark Replacement Adjustment or any
other reference rate component or modifier thereto) as a successor or replacement benchmark to LIBOR or determining whether (a)
any such rate is a Benchmark Replacement or ISDA Fallback Rate, (b) the conditions to the designation of such rate or the adoption
of a supplemental indenture have been satisfied, or (c) a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred, and shall be entitled to rely upon any selection or determination of such rate (and any modifier) by the Class A
Lender or (ii) any failure or delay in performing their duties under this Indenture and Credit Agreement as a result of the unavailability
of LIBOR or other reference rate as described herein or the failure of the Class A Lender to select or determine any alternative
or replacement rate as set forth herein. The Calculation Agent, Note Administrator, Collateral Agent, Loan Agent and Trustee shall
be entitled to conclusively rely on any selection, determination, decision or election that may be made by the Class A Lender with
respect to any alternative or replacement reference rate (including any modifier thereto), including any Benchmark Replacement
and Benchmark Replacement Conforming Changes selected by the Class A Lender.

 

Section 7.15.    Tax Status.

 

(a)               
The Issuer shall not take any action that would result in the Issuer being treated as an association taxable as a corporation,
a publicly traded partnership or taxable mortgage pool, in each case, subject to U.S. federal income tax on a net basis.

 

(b)               
Without limiting the generality of Section 7.16, if the Issuer has acquired or is expected to acquire the real property
underlying any Mortgage Asset pursuant to a foreclosure or deed-in- lieu of foreclosure (or other “United States real property
interest” within the meaning of Section 897 of the Code) or an interest in an entity treated as a partnership for U.S. federal
income tax purposes that owns such a United States real property interest or would acquire assets other than cash or cash items
or “real estate assets” (within the meaning of Section 856 of the Code), the Issuer will be permitted to either (i)
organize one or more Permitted Subsidiaries and contribute the subject property or Mortgage Assets to such Permitted Subsidiary,
(ii) contribute such Mortgage Asset (or subject property) to an existing Permitted Subsidiary, or (iii) sell such Mortgage Asset
(or subject property) in accordance with Section 12.1.

 

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Section 7.16.   Permitted Subsidiaries.

 

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

 

(a)               
For all purposes under this Indenture and Credit Agreement, any Sensitive Asset transferred to a Permitted Subsidiary shall
be treated as if it were an asset owned directly by the Issuer.

 

(b)               
Any distribution of Cash by a Permitted Subsidiary to the Issuer shall be characterized as Interest Proceeds or Principal
Proceeds to the same extent that such Cash would have been characterized as Interest Proceeds or Principal Proceeds if received
directly by the Issuer and each Permitted Subsidiary shall cause all proceeds of and collections on each Sensitive Asset owned
by such Permitted Subsidiary to be deposited into the Payment Account.

 

(c)               
To the extent applicable, the Issuer shall form one or more Securities Accounts with the Securities Intermediary for the
benefit of each Permitted Subsidiary.

 

(d)               
Notwithstanding the complete and absolute transfer of a Sensitive Asset to a Permitted Subsidiary, the ownership interests
of the Issuer in a Permitted Subsidiary or any property distributed to the Issuer by a Permitted Subsidiary shall be treated as
a continuation of its ownership of the Sensitive Asset that was transferred to such Permitted Subsidiary (and shall be treated
as having the same characteristics as such Sensitive Asset).

 

(e)               
If the Class A Lender (or any party duly designated by such Class A Lender, as evidenced by a separate written agreement
between the Class A Lender and such party) or any authorized party takes any action under this Indenture and Credit Agreement to
sell, liquidate or dispose of all or substantially all of the Collateral, the Issuer shall cause each Permitted Subsidiary to sell
each Sensitive Asset and all other Collateral held by such Permitted Subsidiary and distribute the proceeds of such sale, net of
any amounts necessary to satisfy any related expenses and tax liabilities, to the Issuer in exchange for the equity interest in
such Permitted Subsidiary held by the Issuer.

 

Section 7.17.    Repurchase Requests.

 

If the
Issuer, the Trustee, the Collateral Agent or the Servicer receives any request or demand that a Mortgage Asset be repurchased
or replaced arising from any Material Breach of a representation or warranty made with respect to such Mortgage Asset or any
Material Document Defect (any such request or demand, a “Repurchase Request”) or a withdrawal of a
Repurchase Request from any Person other than the Servicer, then the Trustee or the Collateral Agent, as applicable, shall
promptly forward such notice of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, to the
Issuer and the Servicer. Upon receipt of such Repurchase Request or withdrawal of a Repurchase Request by the Servicer
pursuant to the prior sentence, the Servicer shall be responsible for complying with the procedures set forth in the
Servicing Agreement with respect to such Repurchase Request.

 

Section
7.18.    Servicing of Mortgage Assets and Control of Servicing Decisions.

 

Subject
to the terms and conditions provided in Section 17.1, the Mortgage Loans will be serviced by the Servicer pursuant to the
Servicing Agreement, subject to the consultation, consent and direction rights of the Class A Lender, as set forth herein and in
the Servicing Agreement, subject to those conditions, restrictions or termination events expressly provided therein. Nothing in
this Indenture and Credit Agreement shall be interpreted to limit in any respect the rights of the Class A Lender under the Servicing
Agreement and none of the Issuer, the Collateral Agent or the Trustee shall take any action under the Indenture and Credit Agreement
or the Servicing Agreement inconsistent with the rights of the Class A Lender set forth herein or under the related Servicing Agreement.

 

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ARTICLE 8

 

SUPPLEMENTAL
INDENTURES AND CREDIT AGREEMENTS

 

Section 8.1.     [Reserved].

 

Section 8.2.     Supplemental Indentures
and Credit Agreements.

 

The Note
Administrator, the Trustee, the Collateral Agent, the Class A Lender and the Issuer may enter into one or more indentures and credit
agreements supplemental hereto to add any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture
and Credit Agreement or modify in any manner the rights of the Holders of any Class of Debt under this Indenture and Credit Agreement,
in each case only (i) with the written consent of all of the Holders of each Class of Debt or (ii) if necessary to permit the issuance
of a No Entity-Level Tax Opinion, as reasonably determined by the Issuer.

 

Section 8.3.     Execution of Supplemental
Indentures and Credit Agreements.

 

(a)               
In executing or accepting the additional trusts created by any supplemental indenture and credit agreement permitted by
this Article 8 or the modifications thereby of the trusts created by this Indenture and Credit Agreement, the Note Administrator,
the Collateral Agent and the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture and credit agreement is authorized or permitted by this Indenture
and Credit Agreement and that all conditions precedent thereto have been satisfied. The Note Administrator, the Loan Agent, the
Custodian, the Collateral Agent and Trustee may, but shall not be obligated to, enter into any such supplemental indenture and
credit agreement which affects its own rights, duties or immunities under this Indenture and Credit Agreement or otherwise.

 

(b)               
The Servicing Agreement shall provide that the Servicer will be bound to follow any amendment or supplement to this Indenture
and Credit Agreement of which it has received written notice at least ten (10) Business Days prior to the execution and delivery
of such amendment or supplement; provided, however, that with respect to any amendment or supplement to this Indenture
and Credit Agreement which may, in the judgment of the Servicer, adversely affect the Servicer, the Servicer shall not be bound
(and the Issuer agrees that it will not permit any such amendment to become effective) unless the Servicer gives written consent
to the Note Administrator, the Collateral Agent and the Trustee and the Issuer to such amendment. The Issuer shall give written
notice to the Servicer of any amendment made to this Indenture and Credit Agreement pursuant to its terms. Any failure of the Issuer
to provide notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture and credit agreement.

 

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

 

(c)               
At the cost of the Issuer, the Collateral Agent shall provide to each Debtholder a copy of any proposed supplemental indenture
and credit agreement at least fifteen (15) Business Days (or such shorter period as the Debtholders may agree) prior to the execution
thereof by the Collateral Agent (provided that the Debtholders may waive provision of such notice or the deadline therefor).
Any failure of the Trustee, the Collateral Agent and the Note Administrator to publish or mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture and credit agreement.

 

(d)               
Absent receipt of written consent from all of the Holders of each Class of Debt, the Collateral Agent shall not enter into
any such supplemental indenture and credit agreement unless the Trustee, the Collateral Agent and the Note Administrator have received
a No Entity-Level Tax Opinion. It shall not be necessary for any Act of Debtholders under this Article 8 to approve the
particular form of any proposed supplemental indenture and credit agreement, but it shall be sufficient if such Act shall approve
the substance thereof.

 

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 (e)                [reserved].

 

(f)                
Promptly after the execution by the Issuer, the Note Administrator, the Collateral Agent and the Trustee of any supplemental
indenture and credit agreement pursuant to this Section 8.3, the Collateral Agent, at the expense of the Issuer, shall mail
to the Debtholders, the Servicer and the Sponsor a copy thereof (unless delivery of such copy is waived by such parties). Any failure
of the Collateral Agent to publish or mail such notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture and credit agreement.

 

Section 8.4.     Effect of Supplemental
Indentures and Credit Agreements.

 

Upon the
execution of any supplemental indenture and credit agreement under this Article 8, this Indenture and Credit Agreement shall
be modified in accordance therewith, such supplemental indenture and credit agreement shall form a part of this Indenture and Credit
Agreement for all purposes and every Holder of Debt theretofore and thereafter incurred and/or authenticated and delivered hereunder
shall be bound thereby.

 

Section 8.5.     Reference in Notes
to Supplemental Indentures and Credit Agreements.

 

Notes authenticated
and delivered after the execution of any supplemental indenture and credit agreement pursuant to this Article 8 may, and
if required by the Issuer shall, bear a notice in form approved by the Note Administrator as to any matter provided for in such
supplemental indenture and credit agreement. If the Issuer shall so determine, new Notes, so modified as to conform in the opinion
of the Issuer to any such supplemental indenture and credit agreement, may be prepared and executed by the Issuer and authenticated
and delivered by the Note Administrator in exchange for Outstanding Notes. Notwithstanding the foregoing, any Note authenticated
and delivered hereunder shall be subject to the terms and provisions of this Indenture and Credit Agreement, and any supplemental
indenture and credit agreement.

 

ARTICLE 9

 

REDEMPTION
OF NOTES; REDEMPTION PROCEDURES

 

 

Section 9.1.     Tax Redemption.

 

The Notes
shall be redeemable (and the Class A Loan shall be prepayable in full in connection with such redemption) by the Issuer in whole
but not in part, at the written direction of the Holder of the Class B Notes delivered to the Issuer, the Note Administrator, the
Custodian, the Collateral Agent, the Loan Agent and the Trustee, on the Payment Date (the “Tax Redemption Date”)
following the occurrence, as evidenced by an Issuer Order certifying that the conditions for a Tax Redemption have occurred, of
a Tax Event if the Tax Materiality Condition is satisfied upon repayment of the Class A Loan in full and, in the case of the Notes,
at a price equal to the Redemption Price (such redemption, a “Tax Redemption”); provided that that the funds available
to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. Upon the receipt of such written direction
of a Tax Redemption, the Collateral Agent shall provide written notice thereof to the Debtholders and the Trustee. Any sale or
disposition of a Mortgage Asset by the Collateral Agent in connection with a Tax Redemption shall be performed upon Issuer Order
by the Collateral Agent in the manner directed by the Holder of the Class B Notes (provided that nothing herein shall require the
Collateral Agent to execute and deliver any agreement with a purchaser of Mortgage Assets).

 

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Section 9.2.     Notice of Redemption.

 

(a)               
In connection with a Tax Redemption pursuant to Section 9.1, the Note Administrator shall set the applicable Record
Date for the Notes, and the Loan Agent shall set the applicable Record Date for the Class A Loan, ten (10) Business Days prior
to the proposed Redemption Date.

 

(b)               
Any such notice of a Tax Redemption may be withdrawn by the Issuer, at the direction of the Holder of the Class B Notes,
up to the second (2nd) Business Day prior to the scheduled Redemption Date by written notice
to the Note Administrator, the Trustee, the Collateral Agent, the Custodian, the Loan Agent, the Servicer and each Holder of Debt
to be redeemed. The failure of any Tax Redemption that is withdrawn in accordance with this Indenture and Credit Agreement shall
not constitute an Event of Default.

 

Section 9.3.     Notice of Redemption
or Maturity by the Issuer.

 

Unless such
notice is waived in writing by the applicable recipients thereof, notice of redemption (or a withdrawal thereof) shall be given
in accordance with Sections 14.3 and 14.4 hereof not less than ten (10) Business Days (or, where the notice of a
Tax Redemption is withdrawn pursuant to Section 9.2(b), four (4) Business Days (or promptly thereafter upon receipt of written
notice, if later)) prior to the applicable Redemption Date or Maturity, to the Trustee, the Custodian, the Collateral Agent, the
Loan Agent, the Servicer and each Holder of Debt to be redeemed, at its address in the Notes Register or the Class A Loan Register,
as applicable.

 

All notices of redemption shall state:

 

(a)               
the applicable Redemption Date;

 

(b)               
the Notes being redeemed and/or the principal amount of the Class A Loan being prepaid; 

 

(c)                the applicable Redemption Price;

 

(d)               
in the case of a Tax Redemption in whole, that all of the Debt is being paid in full and that interest on the Debt shall
cease to accrue on the Redemption Date specified in the notice; and

 

(e)               
the place or places where Class A Lender Promissory Note or any notes to be repaid or redeemed in whole are to be surrendered
for payment of the repayment amount or Redemption Price which shall be the office or agency of the Paying Agent as provided in
Section 7.2.

 

Notice of
redemption shall be given by the Issuer, or at its request, by the Collateral Agent in the name of the Issuer, and at the expense
of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Debt shall not impair or affect
the validity of the redemption of any other Notes.

 

Section 9.4.     Debt Payable on
Redemption Date.

 

Notice of
redemption having been given as aforesaid, the Debt to be repaid or redeemed shall, on the Redemption Date, become due and payable
at, in the case of the Notes, the Redemption Price and in the case of the Class A Loan, at the principal balance thereof being
prepaid, together with accrued and unpaid interest thereon, as therein specified, and from and after the Redemption Date (unless
the Issuer shall Default in the repayment of the Class A Loan or payment of the Redemption Price and accrued interest thereon)
the Debt redeemed or prepaid shall cease to bear interest on the Redemption Date. Upon final payment on a Class A Lender Promissory
Note to be repaid or a Note to be redeemed, the Holder shall present and surrender the Class A Lender Promissory Note or such Note
at the place specified in the notice of redemption on or prior to such Redemption Date; provided, however, that if
there is delivered to the Issuer, the Note Administrator and the Trustee such security or indemnity as may be required by them
to hold each of them harmless and an undertaking thereafter to surrender the Class A Lender Promissory Note or such Note, then,
in the absence of notice to the Issuer, the Note Administrator and the Trustee that the Class A Lender Promissory Note or the applicable
Note has been acquired by a bona fide purchaser, such final payment shall be made without presentation or surrender. Payments of
interest on the Debt so to be repaid or redeemed whose Maturity is on or prior to the Redemption Date shall be payable to the Holders
of such Debt, or predecessor Debt, registered as such at the close of business on the relevant Record Date according to the terms
and provisions of Section 2.7(f).

 

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Section 9.5.     Stated Maturity
Date.

 

The Class A Loan shall be repayable
in full on the Stated Maturity Date.

 

Section 9.6.    Mandatory Clean-up.

 

After the
occurrence of a Mandatory Clean-up Event, the Class A Lender Representative may, in its sole discretion, give notice to the Issuer,
the Note Administrator, the Collateral Agent, the Loan Agent and the Trustee that it elects to demand the prepayment of the Class
A Loan (such notice, a “Mandatory Clean-up Notice”). Upon receipt of such Mandatory Clean-up Notice, the Class
A Loan shall be repayable in full on the next Payment Date that is at least thirty (30) days after delivery of the Mandatory Clean-up
Notice.

 

Section 9.7.     Class B Note Repayment.

 

Notwithstanding anything in
the Indenture and Credit Agreement to the contrary, so long as the Class A Loan is Outstanding, in no event shall the Class B
Notes be (i) paid other than in accordance with the Priority of Payments or (ii) be repaid, redeemed or retired, except as in
accordance with this Indenture and Credit Agreement after the Class A Loan has been repaid in full. Subject to Article
4, upon the repayment of the Debt in full, the Indenture and Credit Agreement and all of Issuer’s obligations and
liabilities hereunder shall terminate and be of no further force or effect, except for those provisions that expressly
survive a termination of the Indenture and Credit Agreement, and the Collateral, including, without limitation, the complete
Mortgage Asset Files, shall be returned to Issuer.

 

ARTICLE 10

 

ACCOUNTS,
ACCOUNTINGS AND RELEASES

 

Section 10.1.    Collection of Amounts;
Custodial Account.

 

(a)               
Except as otherwise expressly provided herein, the Collateral Agent may demand payment or delivery of, and shall receive
and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all amounts and other property
payable to or receivable by the Collateral Agent pursuant to this Indenture and Credit Agreement, including all payments due on
the Collateral in accordance with the terms and conditions of such Collateral. The Collateral Agent shall segregate and hold all
such amounts and property received by it in an Eligible Account in trust for the Secured Parties, and shall apply such amounts
as provided in this Indenture and Credit Agreement.

 

(b)               
The Collateral Agent in its capacity as Securities Intermediary for the benefit of the Secured Parties shall, upon receipt,
credit all Mortgage Assets to an account in its own name for the benefit of the Secured Parties designated as the “Custodial
Account”. Any cash on deposit in the Custodial Account shall remain uninvested.

 

Section 10.2.    Payment Account.

 

(a)               
The Collateral Agent, shall, on or prior to the Closing Date, establish a single, segregated trust account in the name of
the Collateral Agent for the benefit of the Secured Parties which shall be designated as the “Payment Account,”
which shall be held in trust for the benefit of the Secured Parties and over which the Collateral Agent shall have exclusive control
and the sole right of withdrawal. Amounts on deposit in the Payment Account shall remain uninvested. Any and all funds at any time
on deposit in, or otherwise to the credit of, the Payment Account shall be held in trust by the Collateral Agent for the benefit
of the Secured Parties. Except as provided in Sections 11.1, the only permitted withdrawal from or application of funds
on deposit in, or otherwise to the credit of, the Payment Account shall be (i) to pay the interest on and the principal of the
Debt and make other payments in respect of the Debt in accordance with their terms and the provisions of this Indenture and Credit
Agreement, (ii) upon Issuer Order, to pay other amounts specified therein, and (iii) otherwise to pay amounts payable pursuant
to and in accordance with the terms of this Indenture and Credit Agreement, each in accordance with the Priority of Payments.

 

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(b)               
The Collateral Agent agrees to give the Issuer prompt notice if a Bank Officer of the Collateral Agent receives written
notice or has actual knowledge that the Payment Account or any funds on deposit therein, or otherwise to the credit of the Payment
Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Issuer shall have
no legal, equitable or beneficial interest in the Payment Account other than in accordance with the Priority of Payments. The Payment
Account shall remain at all times an Eligible Account.

 

Section 10.3.    Replenishment Reserve
Account.

 

(a)                The
Collateral Agent shall, on or prior to the Closing Date, establish a single, segregated trust account that shall be
designated as the “Replenishment Reserve Account” and shall be held in trust in the name of the Collateral Agent
for the benefit of the Secured Parties and over which the Collateral Agent shall have exclusive control and the sole right of
withdrawal. All amounts credited to the Replenishment Reserve Account pursuant to this Indenture shall be held by the
Collateral Agent as part of the Collateral and shall be applied to the purposes herein provided. The only permitted
withdrawals from or application of Permitted Principal Proceeds on deposit in, or otherwise standing to the credit of, the
Replenishment Reserve Account shall be to (i) fund Future Advances in accordance with Section 12.2 or (ii) withdraw
amounts for deposit into the Payment Account for application pursuant to Section 11.1(a)(ii) or Section
11.1(a)(iii) as Principal Proceeds as described in this Section 10.3. Amounts on deposit in the Replenishment
Reserve Account shall remain uninvested.

 

(b)               
The Collateral Agent agrees to give the Issuer prompt notice if a Bank Officer of the Collateral Agent receives written
notice or has actual knowledge that the Replenishment Reserve Account or any funds on deposit therein, or otherwise to the credit
of the Replenishment Reserve Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar
process. The Issuer shall have no legal, equitable or beneficial interest in the Replenishment Reserve Account other than in accordance
with the Priority of Payments. The Replenishment Reserve Account shall remain at all times an Eligible Account.

 

(c)               
Pursuant to Section 11.1(a)(ii)(3), Permitted Principal Proceeds received by the Issuer may, at its direction, be
deposited or caused to be deposited, into the Replenishment Reserve Account.

 

(d)               
Any Permitted Principal Proceeds deposited into the Replenishment Reserve Account will be available for use to make any
Future Advances, in accordance with Section 12.3, for a period not to exceed the earlier of (1) one hundred twenty (120)
days from the date of deposit and (2) the end of the Permitted Replenishment Reserve Funding Period. If the Issuer fails to fund
such applicable Future Advances, in accordance with Section 12.3, with such specified Permitted Principal Proceeds within
the time period described in the immediately preceding sentence, such Permitted Principal Proceeds (“Unused Permitted
Principal Proceeds”) shall, at the direction of the Class A Lender Representative, be withdrawn by the Collateral Agent
from the Replenishment Reserve Account and deposited into the Payment Account for application pursuant to Section 11.1(a)(ii)
as Principal Proceeds and such Unused Permitted Principal Proceeds shall not be re-deposited into the Replenishment Reserve Account.

 

(e)               
If, as of any Payment Date, after giving effect to Section 11.1(a)(ii)(2), the Interest Coverage Test is not satisfied,
the Collateral Agent shall, at the direction of the Class A Lender (in its sole discretion), transfer such amounts on deposit in
the Replenishment Reserve Account to the Payment Account for application pursuant to Section 11.1(a)(ii) as Principal Proceeds
in an amount sufficient to satisfy such Interest Coverage Test.

 

(f)                
Upon the occurrence of any Event of Default, the Collateral Agent shall, at the direction of the Class A Lender (in its
sole discretion), transfer the amounts on deposit in the Replenishment Reserve Account to the Payment Account for application pursuant
to Section 11.1(a)(iii) as Principal Proceeds.

 

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(g)                Upon
indefeasible payment in full of the Class A Loan, the Collateral Agent shall, at the direction of either the Class A Lender
Representative or the Majority of the Class B Notes (each in their sole discretion), transfer the amounts on deposit in the
Replenishment Reserve Account to the Payment Account for application pursuant to Section 11.1(a)(ii) as Principal
Proceeds.

 

Section 10.4.   Reports by Parties.

 

The Collateral
Agent shall supply, in a timely fashion, to the Issuer, the Trustee, the Loan Agent, the Note Administrator, the Servicer, any
information regularly maintained by the Collateral Agent that the Issuer, the Trustee, the Loan Agent, the Note Administrator or
the Servicer may from time to time request in writing with respect to the Collateral or the Indenture and Credit Agreement Accounts
and provide any other information reasonably available to the Collateral Agent by reason of its acting as Collateral Agent hereunder
and required to be provided by Section 10.5. Each of the Issuer, and the Servicer shall promptly forward to the Trustee,
the Collateral Agent, the Loan Agent and the Note Administrator any information in their possession or reasonably available to
them concerning any of the Collateral that the Trustee, the Collateral Agent, the Loan Agent or the Note Administrator reasonably
may request or that reasonably may be necessary to enable the Collateral Agent to prepare any report or to enable the Trustee,
the Collateral Agent, the Loan Agent or the Note Administrator to perform any duty or function on its part to be performed under
the terms of this Indenture and Credit Agreement.

 

Section 10.5.    Reports; Accountings.

 

(a)               
The Issuer shall provide (or cause to be provided) to Class A Lender the following financial and reporting information:

 

(i)                   
the Monthly Statement;

 

(ii)                 
within twenty (20) calendar days after each calendar month’s end (or, if the last day of such 20-day period is not
a Business Day, then by the next succeeding Business Day after the end of such 20-day period), a Monthly Reporting Package;

 

(iii)               
within sixty (60) days following the end of each fiscal quarter, the Quarterly Reporting Package, together with all financial
statements, operating statements, rent rolls and occupancy information that Issuer or Servicer has received relating to the Mortgage
Asset for the related fiscal quarter; provided, further, that Issuer shall use reasonable efforts to require all related mortgagors
under the applicable Mortgage Loans and related mezzanine borrowers under the any related mezzanine loans to comply with the reporting
requirements set forth in the applicable Mortgage Asset Documents;

 

(iv)                
within one-hundred and twenty (120) days after the end of each fiscal year of Guarantor (A) the audited consolidated balance
sheets of Guarantor (incorporating Issuer information, as applicable) as at the end of such fiscal year, (B) the related consolidated
statements of income, retained earnings and cash flows for such year, setting forth in each case in comparative form the figures
for the previous year and (C) an opinion thereon of independent certified public accountants of recognized national standing, which
opinion shall not be qualified as to scope of audit or going concern and shall state that said financial statements fairly present
the financial condition and results of operations of Guarantor (on a consolidated basis, including Issuer) as at the end of and
for such fiscal year in accordance with GAAP;

 

(v)                   within
ten (10) Business Days after Class A Lender’s request, such further information with respect to the operation of any
Mortgaged Property, Mortgage Asset, the financial affairs of Issuer or Guarantor as may be reasonably requested by Class A
Lender, including all business plans prepared by or for Issuer (but solely to the extent such information is in the
possession, custody or control of the Issuer); and

 

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 (vi)                    such other reports as Class A Lender shall reasonably request.

 

(b)               
 For
the avoidance of doubt, other than as specifically set forth in clauses (c) and(
d)  below, none of the Trustee, Note Administrator, Collateral Agent, Custodian, or Loan Agent shall be
responsible for the preparation or delivery of any reports pursuant to the terms hereof.

 

(c)               
Not more than five (5) Business Days after receiving an Issuer Request requesting information regarding a Tax Redemption
as of a proposed Redemption Date, the Collateral Agent shall, subject to its timely receipt of the necessary information to the
extent not in its possession, compute the following information and provide such information in a statement (the “Redemption
Date Statement”) delivered to the Holder of the Class B Notes:

 

(i)                   
the Aggregate Outstanding Amount of the Debt of the Class or Classes to be redeemed as of such Redemption Date;

 

(ii)                 
the amount of accrued interest due on such Debt as of the last day of the Due Period immediately preceding such Redemption
Date;

 

 (iii)                 the Redemption Price;

 

(iv)                
the sum of all amounts due and unpaid under Section 11.1(a) (other than amounts payable on the Debt being redeemed
or to the Holders thereof); and

 

(v)                  
the amount in the Collection Account and the Indenture and Credit Agreement Accounts available for application to the redemption
of such Debt.

 

(d)               
Based on the Monthly Statement prepared by the Issuer (with the cooperation of Servicer) and to the extent delivered to
the Collateral Agent no later than 2:00 p.m. (New York time) on the third Business Day before the Payment Date, the Collateral
Agent shall prepare and make available on the Collateral Agent’s Website located at www.ctslink.com on each Payment Date,
a report (the “Payment Date Report”), setting forth the following information:

 

(i)                   
the amount of the distribution of principal and interest on such Payment Date to the Debtholders; and

 

(ii)                 
the payments due pursuant to the Priority of Payments with respect to each clause thereof.

 

The
Issuer shall cooperate (and cause the Servicer to cooperate) with the Collateral Agent in connection with the preparation of
each Payment Date Report. The Collateral Agent shall in no event have any liability for the actions or omissions of the
Issuer, or the Servicer, and shall have no liability for any inaccuracy or error in a Payment Date Report prepared by it that
results from or is caused by inaccurate, untimely or incomplete information or data received by it from the Issuer or the
Servicer. The Collateral Agent shall not be liable for any failure to perform or delay in performing its specified duties
hereunder which results from or is caused by a failure or delay on the part of the Issuer, the Servicer or other Person in
furnishing necessary, timely and accurate information to the Collateral Agent. It is expressly understood and agreed that the
application and performance by the Collateral Agent of its obligation to prepare the Payment Date Report shall be based upon,
and in reliance upon, data and information provided to it by the Issuer and the Servicer. The Collateral Agent shall be
permitted to rely upon data and information provided to it by the Issuer, and the Servicer, and nothing herein shall impose
or imply any duty or obligation on the part of the Collateral Agent to verify, investigate or audit any such information or
data, or to determine or monitor on an independent basis whether any Obligor is in default or in compliance with the
documents governing the related Mortgage Asset. Each Payment Date Report shall constitute instructions to the Collateral
Agent to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Payment Date Report in
the manner specified and in accordance with the Priority of Payments.

 

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In the event
the Collateral Agent receives instructions to effect a securities transaction as contemplated in 12 CFR 12.1, the Issuer acknowledges
that upon its written request and at no additional cost, it has the right to receive the notification from the Collateral Agent
after the completion of such transaction as contemplated in 12 CFR 12.4(a) or (b). The Issuer agrees that, absent specific request,
such notifications shall not be provided by the Collateral Agent hereunder, and in lieu of such notifications, the Collateral Agent
shall make available the reports in the manner required by this Indenture and Credit Agreement.

 

(e)               
The Collateral Agent, in its capacity as Calculation Agent, shall have no (i) responsibility for the selection of an alternative
rate as a successor or replacement benchmark to the Benchmark and shall be entitled to rely upon any designation of such rate by
the Class A Lender pursuant to Schedule B and (ii) liability for any failure or delay in the selection of an alternative
rate as a successor or replacement benchmark to the Benchmark.

 

(f)                
The Collateral Agent will post on the Collateral Agent’s Website any report received from the Servicer (i) detailing
any Material Breach or Material Document Defect with respect to any Mortgage Asset by Seller or any of its affiliates and the steps
taken by Seller or any of its affiliates to cure such breach or (ii) listing any Material Breach or Material Document Defect with
respect to any Mortgage Asset by Seller or any of its affiliates and the steps taken by Seller or any of its affiliates to cure
such breach.

 

(g)               
All information made available on the Collateral Agent’s Website will be restricted and the Collateral Agent will
only provide access to such reports to Privileged Persons in accordance with this Indenture and Credit Agreement. In connection
with providing access to its website, the Collateral Agent may require registration and the acceptance of a disclaimer. In connection
with providing access to its website, the Collateral Agent may require registration and the acceptance of a disclaimer. Assistance
in using the Collateral Agent’s Website can be obtained by calling 866-846-4526.

 

Section 10.6.        Information Available
Electronically.

 

(a)               
The Collateral Agent shall make available to any Privileged Person the following items (in each case, as applicable, to
the extent received by it) by means of the Collateral Agent’s Website (to the extent such items were prepared by or delivered
to the Note Administrator in electronic format);

 

(i)                   
The following documents, which will initially be available under a tab or heading designated “deal documents”:

 

(1)               
this Indenture and Credit Agreement, and any schedules, exhibits and supplements thereto;

 

(2)               
the Servicing Agreement, any schedules, exhibits and supplements thereto;

 

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(ii)                 
The following documents will initially be available under a tab or heading designated “periodic reports”: the
Monthly Statement.

 

(iii)               
The following documents, which will initially be available under a tab or heading designated “Additional Documents”:

 

(1)               
inspection reports delivered to the Collateral Agent under the terms of the Servicing Agreement; and

 

(2)               
the Issuer hereby directs the Collateral Agent to post any reports or such other information that, from time to time, the
Issuer or the Servicer provides to the Collateral Agent to be made available on the Collateral Agent’s Website;

 

(iv)                
The following documents, which will initially be available under a tab or heading designated “special notices”:

 

	 	(1)	notice
    of final payment on the Notes delivered to the Collateral Agent pursuant to Section 2.7(d);

 

		(2)	notice of termination of the Servicer; Agreement;

 

		(3)	notice of a Termination Event, as defined in the Servicing

 

	 	(4)	notice
    of the resignation of any party to the Indenture and Credit Agreement and notice of the acceptance of appointment of a replacement
    for any such party, to the extent such notice is prepared or received by the Note Administrator;

 

	 	(5)	any direction received by the Collateral Agent from a Majority of
    the Controlling Class or a Supermajority of the Debt for the termination of the Note Administrator or the Trustee pursuant
    to Section 6.9(c); and

 

	 	(6)	any notices from the Class A Lender with respect to any Benchmark
    Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment or any supplemental
    indenture implementing Benchmark Replacement Conforming Changes.

 

The
Collateral Agent’s website shall initially be located at www.ctslink.com (the “Collateral Agent’s
Website”). The foregoing information shall be made available by the Collateral Agent on the Collateral
Agent’s Website promptly following receipt. The Collateral Agent may change the titles of the tabs and headings on
portions of its website, and may re-arrange the files as it deems proper. The Collateral Agent shall have no obligation or
duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the
transaction, or otherwise is or is not anything other than what it purports to be. In the event that any such information is
delivered or posted in error, the Collateral Agent may remove it from the Collateral Agent’s Website. The Collateral
Agent has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Collateral
Agent’s Website to the extent such information was not produced by the Collateral Agent. In connection with providing
access to the Collateral Agent’s Website, the Collateral Agent may require registration and the acceptance of a
disclaimer. The Collateral Agent shall not be liable for the dissemination of information in accordance with the terms of
this Indenture and Credit Agreement, makes no representations or warranties as to the accuracy or completeness of such
information being made available, and assumes no responsibility for such information. Assistance in using the Collateral
Agent’s Website can be obtained by calling 866-846-4526.

 

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Section 10.7.         Release of Mortgage
Assets; Release of Collateral.

 

(a)               
Subject to Article 12, and provided no Event of Default has occurred and is continuing, the Issuer may direct the
Collateral Agent (with prior notice to the Class A Lender) to release a Pledged Mortgage Asset from the lien of this Indenture
and Credit Agreement, by Issuer Order delivered to the Collateral Agent and the Custodian at least two (2) Business Days prior
to the settlement date for any sale of a Pledged Mortgage Asset certifying that (i) it has sold such Pledged Mortgage Asset pursuant
to and in compliance with Article 12 or (ii) in the case of a redemption and repayment pursuant to Section 9.1, the
proceeds from any such sale of Mortgage Assets are sufficient to redeem the Notes and repay the Class A Loan pursuant to Section
9.1, and, upon receipt of a Request for Release of such Mortgage Asset from the Issuer, the Custodian shall deliver any such
Pledged Mortgage Asset, if in physical form, duly endorsed to the broker or purchaser designated in such Issuer Order or to the
Issuer if so requested in the Issuer Order, in each case against receipt of the sales price therefor as set forth in such Issuer
Order. If requested, the Custodian may deliver any such Pledged Mortgage Asset in physical form for examination (prior to receipt
of the sales proceeds) in accordance with street delivery custom. The Custodian shall deliver any agreements and other documents
in its possession relating to such Pledged Mortgage Asset. The Collateral Agent, if applicable, shall duly assign each such agreement
and other document, in each case, to the broker or purchaser designated in such Issuer Order or to the Issuer if so requested in
the Issuer Order.

 

(b)               
The Issuer may deliver to the Collateral Agent and Custodian (with a copy to the Class A Lender) at least three (3) Business
Days prior to the date set for redemption or payment in full of a Pledged Mortgage Asset, an Issuer Order certifying that such
Pledged Mortgage Asset is being paid in full. Thereafter, the Issuer, by delivery of a Request for Release, may direct the Custodian
to deliver such Pledged Mortgage Asset and the related Mortgage Asset File therefor on or before the date set for redemption or
payment, to the Issuer for redemption against receipt of the applicable redemption price or payment in full thereof.

 

(c)               
With respect to any Mortgage Asset subject to a workout or restructuring, the Issuer may, by Issuer Order delivered to the
Collateral Agent and Custodian (with a copy to the Class A Lender) at least two (2) Business Days prior to the date set for an
exchange, tender or sale, certify that a Mortgage Asset is subject to a workout or restructuring and setting forth in reasonable
detail the procedure for response thereto. Thereafter, the Issuer may direct the Custodian, by delivery to the Custodian of a Request
for Release, to deliver any Collateral to Issuer, in accordance with such Request for Release.

 

(d)               
The Collateral Agent shall, upon receipt of an Issuer Order declaring that there is no Debt Outstanding and all obligations
of the Issuer hereunder have been satisfied, release the Collateral from the lien of this Indenture and Credit Agreement.

 

ARTICLE
11

 

APPLICATION OF FUNDS

 

Section
11.1.        Disbursements of Amounts from Payment
Account.

 

(a)               
Notwithstanding any other provision in this Indenture and Credit Agreement, but subject to the other subsections of this
Section 11.1 hereof, on each Payment Date, the Collateral Agent shall disburse amounts transferred to the Payment Account
in accordance with the following priorities (the “Priority of Payments”):

 

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(i)                   
Interest Proceeds. On each Payment Date that is not (w) a Redemption Date, (x) the Stated Maturity Date, (y) during
a Defaulted Mortgage Asset Default Period or (z) a Payment Date following an acceleration of the Debt as a result of the occurrence
and continuation of an Event of Default, Interest Proceeds with respect to the related Due Period shall be distributed in the following
order of priority:

 

(1)               
to the payment of taxes and filing fees (including any registered office and government fees) owed by the Issuer, if any;

 

(2)               
(a) first, pro rata (i) to the Collateral Agent, the Note Administrator, the Loan Agent, the Trustee and the
Custodian the accrued and unpaid fees in respect of their services, in an aggregate amount equal to the Collateral Agent, Trustee,
Loan Agent and Note Administrator Fee, in each case payable monthly and (ii) without duplication of amounts paid pursuant to clause
(i) to the payment of any accrued and unpaid Issuer Administrative Expenses of the Collateral Agent, the Loan Agent, the Trustee,
the Note Administrator, the Custodian and the Paying Agent, and (b) second, to the payment of any other accrued and unpaid
Issuer Administrative Expenses;

 

(3)               
to the payment of the accrued and unpaid Committed Additional Class A Loan Undrawn Fee;

 

(4)               
to the payment of the Class A Loan Interest Distribution Amount plus any Class A Loan Defaulted Interest Amount and the
accrued and unpaid Minimum Interest Partial Prepayment Amount;

 

(5)               
during the existence and continuance of a Defaulted Mortgage Asset Repurchase Period on account of a Defaulted Mortgage
Asset in accordance with Section 12.1(a)(i) hereof, any remaining Interest Proceeds after application of sub-clauses

(1) 
through (4) above to the Collateral Agent for deposit into the Payment Account, which amounts shall be held therein
until the earlier of (x) the immediately next Payment Date, in which case such remaining Interest Proceeds shall be disbursed in
accordance with Section 11.1(a)(i) or (iii), as applicable, on such next Payment Date or (y) to the extent no Event
of Default, other Defaulted Mortgage Asset Repurchase Period or Defaulted Mortgage Asset Default Period has occurred and is continuing,
on the date that the Holder of the Class B Notes has repurchased the related Defaulted Mortgage Asset in accordance with Section
12.1(a)(i) hereof or the related Mortgage Asset is no longer a Defaulted Mortgage Asset (each such date, a “Defaulted
Mortgage Asset Cure Date”), in which case such remaining Interest Proceeds shall be disbursed in accordance with sub-clause
(6) (if applicable) and sub-clause (7) below within one (1) Business Day following receipt by a Bank Officer of the Collateral
Agent of written notice of such Defaulted Mortgage Asset Cure Date;

 

(6)               
if, as of the Determination Date relating to such Payment Date (after giving effect to the application of any Principal
Proceeds on such Payment Date), the Interest Coverage Test is not satisfied, to the payment of the principal on the Class A Loan
to the extent necessary to cause the Interest Coverage Test to be satisfied or, if sooner, until the Class A Loan has been paid
in full;

 

(7)               
any remaining Interest Proceeds to the Holder of the Class B Notes (which payment shall not reduce the Aggregate Outstanding
Amounts of such Notes).

 

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(ii)                 
Principal Proceeds. On each Payment Date that is not (w) a Redemption Date, (x) the Stated Maturity Date, (y) during
a Defaulted Mortgage Asset Default Period or (z) a Payment Date following an acceleration of the Debt as a result of the occurrence
and continuation of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the
following order of priority:

 

		(1)	to the payment of the amounts referred to in clauses (1) through (4) of Section
                                                                                                                                               11.1(a)(i) in the same order of priority specified therein, but only to the extent not paid in full thereunder;

 

	 	(2)	if, as of the Determination Date relating to such Payment Date,
    the Interest Coverage Test is not satisfied, to the payment of the principal on the Class A Loan to the extent necessary to
    cause the Interest Coverage Test to be satisfied or, if sooner, until the Class A Loan has been paid in full;
	 	 	 
	 	(3)	during the Permitted Replenishment Reserve Funding Period, at the
    election of the Issuer (which election shall be delivered to the Collateral Agent and the Controlling Class at least five
    (5) Business Days prior to the applicable Payment Date), to the Replenishment Reserve Account in the amount of any Permitted
    Principal Proceeds;

 

		(4)	any
                                         Principal Proceeds remaining shall be applied as follows:

 

(A)             
first, with respect to any Discounted Payoff Proceeds, to the Class A Lender in an amount up to the related Discounted Payoff
Proceeds Entitlement Amount;

 

(B)             
second, for so long as the Class A Loan Principal Trigger Event has not occurred on or prior to such Payment Date, to the
payment of principal of the Class A Loan in an amount equal to the product of (x) the sum of such remaining Principal Proceeds
plus the amount of any such Principal Proceeds distributed on such Payment Date pursuant to Section 11.1(a)(ii)(1) hereof
multiplied by (y) the Class A Loan Pro Rata Funding Percentage as of the related Determination Date; and

 

(C)             
third, after the Class A Loan Principal Trigger Event has occurred, 100% of any such Principal Proceeds to the payment of
principal of the Class A Loan until the Class A Loan is paid in full;

 

(5)               
during the existence and continuance of a Defaulted Mortgage Asset Repurchase Period on account of a Defaulted Mortgage
Asset in accordance with Section 12.1(a)(i) hereof, any remaining Principal Proceeds after application of sub-clauses

(1) 
through (4) above to the Collateral Agent for deposit into the Payment Account, which amounts shall be held therein
until the earlier of (x) the immediately next Payment Date, in which case such remaining Principal Proceeds shall be disbursed
in accordance with Section 11.1(a)(ii) or (iii), as applicable, on such next Payment Date or (y) to the extent no
Event of Default, Interest Coverage Test failure, other Defaulted Mortgage Asset Repurchase Period or Defaulted Mortgage Asset
Default Period has occurred and is continuing, on the related Defaulted Mortgage Asset Cure Date, in which case such remaining
Principal Proceeds shall be disbursed in accordance with sub-clause (6) below within one (1) Business Day following receipt
by a Bank Officer of the Collateral Agent of written notice of such Defaulted Mortgage Asset Cure Date;

 

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 (6)               any remaining Principal Proceeds shall be applied as follows:

 

(A)             
first, to the payment of principal of the Class B Notes until the Class B Notes have been paid in full; then

 

(B)             
second, any remaining Principal Proceeds to the Holder of the Class B Notes.

 

(iii)                Redemption/Repayment
Dates and Payment Dates During Events of Default and Mortgage Asset Defaults. On (w) any Redemption Date, (x) the Stated
Maturity Date, (y)   during any
Defaulted Mortgage Asset Default Period or (z) any Payment Date following an acceleration of the Debt as a result of the
occurrence and continuation of an Event of Default, all Interest Proceeds (including Default Interest Proceeds), Principal
Proceeds (including Sale Proceeds) and any other amounts in the Payment Account with respect to the related Due Period will
be distributed in the following order of priority:

 

(1)               
to the payment of the amounts referred to in clauses (1) and (2) of Section 11.1(a)(i) in the same
order of priority specified therein;

 

(2)               
pro rata, based on amounts due, to the payment of any out-of- pocket expenses of the Issuer, the Collateral Agent, Note
Administrator, Custodian, Loan Agent and Trustee (including legal fees and expenses) incurred in connection with an acceleration
of the Notes following an Event of Default, including in connection with sale and liquidation of any of the Collateral in connection
therewith;

 

 (3)                to the payment of the Class A Loan Interest Distribution Amount, plus, any Class A Loan Defaulted Interest Amount;

 

(4)               
to the payment of principal of the Class A Loan until the Class A Loan has been paid in full; and

 

(5)               
any remaining Interest Proceeds or Principal Proceeds to the Holder of the Class B Notes.

 

(b)               
On or before the Business Day prior to each Payment Date, the Issuer shall remit or cause to be remitted to the Collateral
Agent for deposit in the Payment Account an amount of Cash sufficient to pay the amounts described in Section 11.1(a) required
to be paid on such Payment Date.

 

(c)               
All payments on the Class A Loan shall be deposited into the Class A Loan Account for distribution by the Loan Agent to
the Holders of the Class A Loan may designate from time to time to the Loan Agent. Any payments on the Class B Notes shall be paid
to such account as the Holder of the Class B Notes may designate from time to time to the Collateral Agent, which, for the avoidance
of doubt, may be an account of the Guarantor or any other Person designated by the Holder of the Class B Notes.

 

(d)                If
on any Payment Date the amount available in the Payment Account from amounts received in the related Due Period are
insufficient to make the full amount of the disbursements required by any clause of Section 11.1(a)(i), Section
11.1(a)(ii) or Section 11.1(a)(iii), such payments will be made in the order and according to the priority set
forth under Section 11.1(a) above to the extent funds are available therefor, and to the extent such funds are insufficient
under any clause to pay the Debtholders of each applicable Class, as to each such clause, payments under such clause to the
Debtholders of such Class shall be paid ratably in accordance with the respective amounts of such disbursements then due and
payable to the extent funds are available therefor.

 

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(e)               
In connection with any required payment by the Issuer to the Servicer pursuant to the related Servicing Agreement of any
amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the Mortgage Assets or
the Servicer shall be entitled to retain or withdraw such amounts from the Collection Account pursuant to the terms of the related
Servicing Agreement.

 

ARTICLE 12

 

SALE
OF MORTGAGE ASSETS; FUTURE ADVANCE FUNDING

 

Section 12.1.        Sales of Mortgage
Assets.

 

(a)               
Except as otherwise expressly permitted or required by this Indenture and Credit Agreement, the Issuer shall not sell or
otherwise dispose of any Mortgage Assets. The Issuer may sell a Mortgage Asset in the following circumstances, and the proceeds
of any such sales and purchases shall constitute Sale Proceeds hereunder:

 

(i)                   
in the event that a Mortgage Asset is a Defaulted Mortgage Asset, the holder of the Class B Notes shall, within thirty (30)
days of such Mortgage Asset becoming a Defaulted Mortgage Asset (the “Defaulted Mortgage Asset Repurchase Period”),
unless, prior to the expiration of such thirty (30) day period, such Mortgage Asset is no longer a Defaulted Mortgage Asset as
a result of any cure, waiver or modification which has occurred in compliance with the terms of this Indenture and Credit Agreement
(including, for the avoidance of doubt, any applicable Major Modification consented to by Class A Lender or any Permitted Modification),
purchase such Mortgage Asset from the Issuer at a price equal to the Par Purchase Price (and the Collateral Agent shall, on behalf
and at the direction of the Issuer, release such Mortgage Asset to the Holder of the Class B Notes upon such purchase);

 

(ii)                 
in the event the Holder of the Class B Notes is required to repurchase such Mortgage Asset for the par value thereof plus
accrued and unpaid interest thereon as a result of a Material Document Defect or Material Breach in accordance with the Section
12.2 hereof, the Collateral Agent shall, on behalf and at the direction of the Issuer, release such Mortgage Asset to the Holder
of the Class B Notes upon such repurchase;

 

(iii)               
in the event of a Tax Redemption pursuant to Sections 9.1, respectively, the Collateral Agent shall, on behalf and
at the direction of the Issuer, release any or all Mortgage Assets as may be directed by the Holder of the Class B Notes; provided
that, (x) in the case of a Tax Redemption of the Notes in whole, the applicable Sale Proceeds, together with any other funds available
to be used for such Redemption, are sufficient to pay the Total Redemption Price;

 

(iv)                
in the event the Holder of the Class B Notes has defaulted in the performance of its repurchase obligations under Section
12.2 hereof and such defaults have not been cured by the later of (x) the expiration of any applicable cure periods set forth
in such Section

12.2
hereof and (y) the date that is thirty (30) days after the Collateral Agent having been directed by a Majority of the Controlling
Class to pursue remedies against the Holder of the Class B Notes, a Majority of the Controlling Class may direct the Issuer to
sell the related Mortgage Asset, and the Collateral Agent shall, on behalf and at the direction of the Issuer, release such Mortgage
Asset as directed by a Majority of the Controlling Class;

 

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(v)                  
the Issuer may direct the Collateral Agent to release, on its behalf, the Issuer’s interest in a Mortgage Loan to
the holder of the related mezzanine loan if the Issuer is required to do so pursuant to the intercreditor documentation governing
such Mortgage Loan (provided the Issuer received the related Par Purchase Price);

 

(vi)                
in the event the Holder of the Class B Notes fails to repurchase a Defaulted Mortgage Asset in accordance with Section
12.1(a)(i) hereof, the Majority of the Controlling Class may direct the Issuer to sell the related Mortgage Asset, and the
Collateral Agent shall, on behalf and at the direction of the Issuer, release such Mortgage Asset as directed by the Majority of
the Controlling Class;

 

(vii)              
in the event that a Mortgage Asset Future Funding Failure has occurred and is continuing, the Holder of the Class B Notes
shall, within thirty (30) days of the occurrence of any such Mortgage Asset Future Funding Failure, purchase such Mortgage Asset
at a price equal to the Par Purchase Price (and the Collateral Agent shall, on behalf and at the direction of the Issuer, release
such Mortgage Asset to the Holder of the Class B Notes upon such purchase); and

 

(viii)            
in the event that the Class A Lender and the Holder of the Class B Notes disagree as to the action to be taken, or not to
be taken, with respect to a proposed bona fide Major Modification requested in good faith, the Holder of the Class B Notes may
elect to purchase the related Mortgage Asset at the applicable Par Purchase Price, and the Collateral Agent on behalf and at the
direction of the Issuer shall release such Mortgage Asset to the Holder of the Class B Notes upon such repurchase.

 

Notwithstanding
anything contained in this Indenture and Credit Agreement to the contrary, in connection with any repurchase of a Mortgage Asset
by the Holder of the Class B Notes pursuant to this Section 12.1(a), all amounts in the Payment Account as of the date of
such repurchase that are attributable to such Mortgage Asset shall be credited against the amount payable by the Holder of the
Class B Notes.

 

(b)               
After the Issuer has notified the Trustee, the Collateral Agent, the Loan Agent and the Note Administrator of a Tax Redemption
in accordance with Section 9.1, any disposition of Mortgage Assets shall be effected by the Collateral Agent upon Issuer
Order (which shall specify that the conditions above have been met and shall estimate the expected proceeds from the sale of Mortgage
Assets) to the Collateral Agent with a copy to the Servicer, the Note Administrator, the Trustee, the Class A Lender and the Loan
Agent (directly or by means of participation or other arrangement) in the manner directed by the Majority of the Class B Notes,
and the Collateral Agent shall release in such manner, such Mortgage Assets; provided that:

 

(i)                   
the Sale Proceeds therefrom must be applied on the Redemption Date in accordance with Section 11.1(a)(iii) hereof,
and upon any such sale the Collateral Agent shall release the lien of such Mortgage Assets, and the Custodian shall, upon receipt
of a Request for Release, release the related Mortgage Asset Files, pursuant to Section 10.7; and

 

(ii)                  in
the case of a Tax Redemption of the Notes in whole, the Collateral Agent, on behalf of the Issuer, shall not release (and the
Collateral Agent shall not be required to release) Mortgage Assets pursuant to this Section 12.1(b) unless the Issuer
has delivered to the Custodian, the Collateral Agent and the Class A Lender an Officer’s Certificate that the Issuer
(which the Custodian and Collateral Agent shall be entitled to rely upon) has determined that, based on the estimate of
expected proceeds provided in such Officer’s Certificate and its own calculation of the Aggregate Outstanding Amount
of, and accrued interest on, the Debt, the Sale Proceeds from the sale of one or more of the Mortgage Assets (and/or any
other proceeds contributed to the Issuer from the Notes Investor) and all Cash shall be sufficient to pay the Total
Redemption Price and to repay the Class A Loan in full as set forth in the related Redemption Date Statement.

 

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(c)               
Under no circumstance shall the Trustee or the Collateral Agent be required to acquire any Mortgage Assets or property related
thereto.

 

(d)               
Any Mortgage Asset sold pursuant to this Section 12.1 shall be released from the lien of this Indenture and Credit
Agreement.

 

(e)               
Pursuant to the terms of this Indenture and Credit Agreement, any time when the Notes Investor or an affiliate that is wholly-owned
by Notes Investor for U.S. federal income tax purposes holds 100% of the Class B Notes, it may contribute additional Cash to the
Issuer.

 

Section 12.2.        Mortgage Asset Material
Breach Repurchase.

 

The Issuer
shall, not later than ninety (90) days from discovery by the Issuer or receipt of written notice from any party to this Indenture
and Credit Agreement of (i) its breach of a representation or a warranty made pursuant to Section 3.3(j) hereof that materially
and adversely affects its ownership interests (or the Collateral Agent as its assignee) in a Mortgage Asset or the value of a Mortgage
Asset or the interests of the Holders of the Class A Loan (a “Material Breach”), or (ii) any Material
Document Defect relating to any Mortgage Asset, cure such Material Breach or Material Document Defect, provided, that, if such
Material Breach or Material Document Defect cannot be cured within such 90-day period (any such 90-day period, the “Resolution
Period”), (1) the Holder of the Class B Notes shall repurchase the affected Mortgage Asset not later than the end of
such initial Resolution Period at the Repurchase Price; provided, however, that if the Holder of the Class B Notes certifies to
the Collateral Agent in writing that (x) any such Material Breach or Material Document Defect, as the case may be, is capable of
being cured in all material respects but not within the initial Resolution Period and (y) the Issuer has commenced and is diligently
proceeding with the cure of such Material Breach or Material Document Defect, as the case may be, then the Holder of the Class
B Notes shall have an additional Resolution Period to cause the Issuer to complete such cure or, failing such, to repurchase the
affected Mortgage Asset (or the related Mortgaged Property); and provided, further, that, if any such Material Document Defect
is still not cured in all material respects after the initial Resolution Period and any such additional Resolution Period solely
due to the failure of the Issuer to have received the recorded or filed document, then the Holder of the Class B Notes shall be
entitled to continue to defer its repurchase obligations in respect of such Material Document Defect so long as the Issuer certifies
to the Collateral Agent every thirty (30) days thereafter that such Material Document Defect is still in effect solely because
of its failure to have received the recorded or filed document and that the Issuer is diligently pursuing the cure of such Material
Document Defect (specifying the actions being taken) until eighteen (18) months after the Closing Date, or (2) the Holder of the
Class B Notes shall make a cash payment to the Issuer in an amount that the Servicer on behalf of the Issuer determines is sufficient
to compensate the Issuer for such Material Document Defect or Material Breach (such payment, a “Loss Value Payment”),
which Loss Value Payment will be deemed to cure such Material Breach or Material Document Defect.

 

Section 12.3.        Future Advances.

 

(a)                Upon
an Obligor request for a Future Advance with respect to any Future Advance Mortgage Asset, the Issuer shall within two (2)
Business Days thereof provide notice thereof to the Collateral Agent, the Loan Agent, the Servicer and the Class A Lender. In
the event that the Issuer, as holder of a Future Advance Mortgage Asset, is required make a Future Advance under the related
Mortgage Asset Documents to the related Obligor under such Mortgage Asset, the Issuer shall provide notice thereof to the
Collateral Agent, the Loan Agent, the Servicer and the Class A Lender. Such notice of a required Future Advance shall
identify the related Future Advance Mortgage Asset and shall include the intended Additional Funding Date (if applicable), a
description of how the related Obligor has satisfied the applicable funding conditions in the related Mortgage Asset
Documents and the then current principal balance of such Future Advance Mortgage Asset. Such notice shall also include copies
of all documentation submitted by the related Obligor in connection with the applicable Future Advance. The Issuer shall
provide the Class A Lender with any additional information as the Class A Lender shall reasonably request regarding such
proposed Future Advance. No Additional Funding Date (if applicable) related to such Future Advance shall be sooner than ten
(10) Business Days’ after the Class A Lender’s receipt of all requested information regarding the requested
Future Advance (it being acknowledged that Class A Lender may agree to a shorter period on a case-by-case basis).

 

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(b)               
In the event that there are sufficient Permitted Principal Proceeds on deposit in the Replenishment Reserve Account to fund
the entirety of any such Future Advance for which Issuer has provided notice in accordance with Section 12.3(a) above, the
Issuer shall fund such Future Advance with funds on deposit in the Replenishment Reserve Account, subject to the satisfaction of
the Future Advance Funding Conditions.

 

(c)               
Solely in the event that Permitted Principal Proceeds on deposit in the Replenishment Reserve Account are insufficient to
fund the entirety of any such Future Advance for which Issuer has provided notice in accordance with Section 12.3(a) above,
(i) the Issuer shall fund such Future Advance to the extent of all Permitted Principal Proceeds on deposit in the Replenishment
Reserve Account in accordance with Section 12.3(b) above and (ii) the Class A Lender shall make an Additional Class A Loan
on such Additional Funding Date on account of such Future Advance in an amount equal to the applicable Class A Loan Additional
Funding Amount for such Future Advance (either in its entirely or in part on account of the application of Permitted Principal
Proceeds (if any) from the Replenishment Reserve Account) pursuant to and in accordance with Section 16.1 and 16.2
(for the avoidance of doubt, Issuer hereby agrees that each Class A Lender shall severally advance its pro rata share (based on
its ratable portion of the Aggregate Outstanding Amount of the Class A Loan as identified on the Class A Loan Register) of such
Additional Class A Loan pursuant to this Indenture and Credit Agreement), provided that, in each case:

 

(i)                
the Future Advance Funding Conditions are satisfied;

 

(ii)              
the Holder of the Class B Notes has contributed the applicable Class B Note Additional Funding Amount for such Future Advance;

 

(iii)            
solely with respect to an Additional Class A Loan to be made by Class A Lender in its sole and absolute discretion, the
Class A Lender approves such Additional Class A Loan in its sole and absolute discretion (other than in the case of the Committed
Additional Class A Loan); and

 

 (iv)             receipt by the Class A Lender of the Additional Class A Loan Fee.

 

(d)               
Upon satisfaction of the conditions set forth in Sections 12.3(a) and (c), the Class A Lender shall fund such
Additional Class A Loan to or at the direction of the Issuer. Upon the making such Additional Class A Loan, the Issuer shall provide
notice thereof to the Collateral Agent and the Loan Agent and the Aggregate Outstanding Amount of the Class A Loan shall be increased
by the Class A Loan Additional Funding Amount.

 

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(e)               
If the Class A Lender elects (in its sole and absolute discretion) to make an Additional Class A Loan in accordance with
Section 16.1(b) to allow the Issuer to fund any Future Advance with respect to any Future Advance Mortgage Asset, the Issuer
shall use the proceeds of such Additional Class A Loan together with amounts funded or contributed by the Holder of the Class B
Notes or withdrawn from the Replenishment Reserve Account to fund such Future Advance. The Class A Lender may (in its sole and
absolute discretion) impose conditions (in addition to those specified in Section 12.3(a)) to the making of any applicable
Additional Class A Loan as it deems appropriate. The Aggregate Outstanding Amount of the Class B Notes shall be increased by an
amount equal to (i) the principal amount of such Future Advance made by the Issuer pursuant to this Section 12.3(e), if
any, as of the date of the related acquisition minus (ii) the amount of any Additional Class A Loan (and the amount withdrawn from
the Replenishment Reserve Account) related to the funding of such Future Advance.

 

(f)                
The Issuer acknowledges and agrees that, with respect to any Future Advance Mortgage Asset for which (i) Permitted Principal
Proceeds on deposit in the Replenishment Reserve Account are insufficient to fund (in whole or in part) such Future Advance because
the conditions set forth in Sections 12.3(a) and (b) are not satisfied or otherwise or (ii) the Class A Lender does
not advance any Additional Class A Loan to fund such Future Advance hereunder because the conditions set forth in Sections 12.3(a)
and (c) are not satisfied or otherwise, the Issuer shall advance, as and when required under the related Mortgage Asset
Documents, any and all Future Advances required thereunder. In connection therewith, the Holder of the Class B Notes shall contribute
Cash to the Issuer in an amount equal to the applicable Class B Note Additional Funding Amount in order to ensure that the Issuer
has sufficient Cash to fund such all such Future Advances in full, in which case the Issuer shall provide notice thereof to the
Collateral Agent and the Loan Agent and the Class B Note shall be increased by the applicable Class B Note Additional Funding Amount.
In the event that the conditions set forth in Sections 12.3(a) and (c) are later satisfied with respect to a Future
Advance and the Class A Lender makes an Additional Class A Loan in accordance with Section 12.3(c) and (d) hereof,
the Issuer shall provide notice thereof to the Collateral Agent and the Loan Agent and the Class B Note shall be reduced by the
applicable Class A Loan Additional Funding Amount for such Future Advance.

 

Section 12.4.        Conditions Applicable
to all Transactions Involving Sale or Grant.

 

(a)               
Any transaction effected after the Closing Date under Article 5, Article 9 or this Article 12 (other
than pursuant to Section 12.1(a)(i) and (ii)) shall be conducted on an arms’ length basis and if effected with
the Issuer, the Trustee, the Servicer or any Affiliate of any of the foregoing, shall be effected at fair market value on terms
at least as favorable to the Debtholders as would be the case if such Person were not so Affiliated. None of the Trustee, Note
Administrator, Collateral Agents or Loan Agent shall have any responsibility to oversee compliance with this clause by the other
parties.

 

(b)               
Upon any Grant pursuant to this Article 12, all of the Issuer’s right, title and interest in and to the Pledged
Mortgage Assets shall be Granted to the Collateral Agent pursuant to this Indenture and Credit Agreement, such Pledged Mortgage
Assets shall be assigned or endorsed to the Collateral Agent (or in blank), and, if applicable, the Collateral Agent shall receive
such Pledged Mortgage Assets (as well as, with respect to any Mortgage Assets, the delivery of all related Mortgage Asset Files
in accordance with Section 3.3(d) hereof). The Collateral Agent shall also receive, not later than the date of delivery
of any Mortgage Loan delivered after the Closing Date, an Officer’s Certificate of the Issuer certifying that, as of the
date of such Grant, such Grant complied with the applicable conditions of and is permitted by this Article 12.

 

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ARTICLE 13

 

DEBTHOLDERS’ RELATIONS

 

Section 13.1.         Subordination.

 

(a)               
Anything in this Indenture and Credit Agreement or the Debt to the contrary notwithstanding, the Issuer and the Holders
agree, for the benefit of the Holder of the Class A Loan, that the rights of the Holder of the Class B Notes shall be subordinate
and junior to the Class A Loan to the extent and in the manner set forth in Article 11; provided that on each Redemption
Date and each Payment Date following the occurrence and continuation of the acceleration of the Debt following the occurrence of
an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class A Loan shall be paid pursuant to
Section 11.1(a)(iii) in full in Cash or, to the extent of the Holder of the Class A Loan’s consent, other than in
Cash, before any further payment or distribution is made on account of any Class of Notes, to the extent and in the manner provided
in Section 11.1(a)(iii).

 

(b)               
In the event that notwithstanding the provisions of this Indenture and Credit Agreement, any Holders of any Class of Debt
shall have received any payment or distribution in respect of such Class contrary to the provisions of this Indenture and Credit
Agreement, then, unless and until all accrued and unpaid interest on and outstanding principal of all more senior Classes of Debt
have been paid in full in accordance with this Indenture and Credit Agreement, such payment or distribution shall be received and
held in trust for the benefit of, and shall forthwith be paid over and delivered to, the Collateral Agent, which shall pay and
deliver the same to the Holders of the more senior Classes of Debt in accordance with this Indenture and Credit Agreement.

 

(c)               
Each Holder of any Class of Debt agrees with the Collateral Agent on behalf of the Secured Parties that such Holder shall
not demand, accept, or receive any payment or distribution in respect of such Notes in violation of the provisions of this Indenture
and Credit Agreement including Section 11.1(a) and this Section 13.1; provided, however, that after all accrued and
unpaid interest on, and principal of, each Class of Debt senior to such Debt have been paid in full, the Holders of such Class
of Debt shall be fully subrogated to the rights of the Holders of each Class of Debt senior thereto. Nothing in this Section
13.1 shall affect the obligation of the Issuer to pay Holders of such Class of Debt any amounts due and payable hereunder.

 

(d)               
The Holders of each Class of Debt agree, for the benefit of all Holders of the Debt, not to institute against, or join any
other person in instituting against, the Issuer or any Permitted Subsidiary, any petition for bankruptcy, reorganization, arrangement,
moratorium, liquidation or similar proceedings under the laws of any jurisdiction before one year and one day or, if longer, the
applicable preference period then in effect, have elapsed since the final payments to the Holders of the Debt.

 

Section 13.2.        Standard of Conduct.

 

In exercising
any of its or their voting rights, rights to direct and consent or any other rights as a Debtholder under this Indenture and Credit
Agreement, a Debtholder or Debtholders shall not have any obligation or duty to any Person or to consider or take into account
the interests of any Person and shall not be liable to any Person for any action taken by it or them or at its or their direction
or any failure by it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits
or adversely affects any Debtholder, the Issuer, or any other Person, except for any liability to which such Debtholder may be
subject to the extent the same results from such Debtholder’s taking or directing an action, or failing to take or direct
an action, in bad faith or in violation of the express terms of this Indenture and Credit Agreement.

 

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ARTICLE
14

 

MISCELLANEOUS

 

Section 14.1.        Form of Documents
Delivered to the Trustee and the Collateral Agent.

 

In any case
where several matters are required to be certified by, or covered by an opinion of, any Specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate
or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such Authorized Officer knows, or in the exercise of reasonable care should know, that
the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous.
Any such certificate of an Authorized Officer of the Issuer or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, the Issuer, the Servicer or any other Person, stating that the
information with respect to such factual matters is in the possession of the Issuer, the Servicer or such other Person, unless
such Authorized Officer of the Issuer or such counsel knows that the certificate or opinion or representations with respect to
such matters are erroneous. Any Opinion of Counsel also may be based, insofar as it relates to factual matters, upon a certificate
or opinion of, or representations by, an Authorized Officer of the Issuer or the Servicer on behalf of the Issuer, certifying as
to the factual matters that form a basis for such Opinion of Counsel and stating that the information with respect to such matters
is in the possession of the Issuer or the Servicer on behalf of the Issuer, unless such counsel knows that the certificate or opinion
or representations with respect to such matters are erroneous.

 

Where any
Person is required to make, give or execute two (2) or more applications, requests, consents, certificates, statements, opinions
or other instruments under this Indenture and Credit Agreement, they may, but need not, be consolidated and form one instrument.

 

Whenever
in this Indenture and Credit Agreement it is provided that the absence of the occurrence and continuation of a Default or Event
of Default is a condition precedent to the taking of any action by the Trustee, the Note Administrator, the Collateral Agent or
the Loan Agent at the request or direction of the Issuer, then notwithstanding that the satisfaction of such condition is a condition
precedent to the Issuer’s rights to make such request or direction, the Trustee, the Note Administrator, the Collateral Agent
or the Loan Agent shall be protected in acting in accordance with such request or direction if it does not have knowledge of the
occurrence and continuation of such Default or Event of Default as provided in Section 6.1(g).

 

Section 14.2.        Acts of Debtholders.

 

(a)                Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture and Credit
Agreement to be given or taken by Debtholders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Debtholders in person or by an agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, the
Note Administrator, the Collateral Agent or the Loan Agent, and, where it is hereby expressly required, to the Issuer. Such
instrument or instruments (and the action or actions embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act” of the Debtholders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and Credit
Agreement and conclusive in favor of the Collateral Agent, the Trustee, the Note Administrator, the Loan Agent and the
Issuer, if made in the manner provided in this Section 14.2.

 

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(b)               
The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the
Collateral Agent, the Trustee, the Loan Agent or the Note Administrator deems sufficient.

 

(c)               
The principal amount and registered numbers of Debt held by any Person, and the date of his holding the same, shall be proved
by the Notes Register or the Class A Loan Register, as applicable. Notwithstanding the foregoing, the Trustee, the Collateral Agent,
the Loan Agent and the Note Administrator may conclusively rely on an investor certification to determine ownership of any Debt.

 

(d)               
Any request, demand, authorization, direction, notice, consent, waiver or other action by any Debtholder shall bind such
Debtholder (and any transferee thereof), in respect of anything done, omitted or suffered to be done by the Collateral Agent, the
Trustee, the Note Administrator, the Loan Agent or the Issuer in reliance thereon, whether or not notation of such action is made
upon such Debt.

 

Section 14.3.         Notices, etc.

 

Any request,
demand, authorization, direction, notice, consent, waiver or Act of Debtholders or other documents provided or permitted by this
Indenture and Credit Agreement to be made upon, given or furnished to, or filed with and shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to and mailed, by certified mail, return receipt requested, hand delivered,
sent by overnight courier service guaranteeing next day delivery or by email or facsimile in legible form to:

 

(a)          
the Trustee, the Note Administrator, Loan Agent, Custodian and Collateral Agent:

 

for Note
transfer purposes and presentment of the Notes for final payment thereon, Wells Fargo Bank, National Association, Corporate Trust
Services Division, Wells Fargo Center, 600 South 4th St., 7th Floor, MAC N9300-070 Minneapolis, Minnesota 55479, Attention: Corporate
Trust Services - TERRA MORTGAGE CAPITAL I, LLC;

 

for the
delivery of the Mortgage Asset Documents, Wells Fargo Bank, National Association, Corporate Trust Services Division, 1055 10th
Avenue SE, Minneapolis, Minnesota, 55414, Attention: TERRA MORTGAGE CAPITAL I,

LLC; and

 

for all
other purposes, 9062 Old Annapolis Road, Columbia, Maryland 21045- 1951, Attention: Corporate Trust Services (CMBS), TERRA MORTGAGE
CAPITAL I, LLC;

 

		(b)	the Issuer:

 

Terra
Mortgage Capital I, LLC c/o

Terra Mortgage Capital I, LLC

550 Fifth Ave, 6th Floor

New York, New York 10036

Attn:
Michael Muscat

Telephone:
#####

Email:
#####

 

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with copies to:

 

Terra Mortgage Capital I,
LLC 

550 Fifth Ave, 6th Floor

New York, New York 10036

Attn: Vik Uppal

Telephone:
#####

Email:
#####

 

and:

 

Terra Mortgage Capital I,
LLC 

550 Fifth Ave, 6th Floor

New York, New York 10036

Attn: Greg Pinkus

Telephone:
#####

Email:
#####

 

and:

 

Kirkland & Ellis LLP 

300
North LaSalle

Chicago,
Illinois 60654

Attention: Rachel Brown

Telephone: #####

Email:
#####

 

		(c)	the initial Class A Lender:

 

Goldman Sachs Bank USA

200 West Street

New
York, New York 10282 

Attention: Jeffrey Dawkins 

Email: #####

Email:
#####

Email:
#####

Email: ####

 

with copies to:

 

Dechert
LLP

300 South Tryon Street, Suite
800

Charlotte, NC 28202 

Attention:
Stewart McQueen

Email:
#####

Telephone:
#####

Telecopy:
#####

 

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(d)               
the Servicer shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand
delivered, sent by overnight courier service or by email or facsimile in legible form, to the Servicer addressed to it at the address
set forth in the Servicing Agreement, or at any other address previously furnished in writing to the Issuer, the Note Administrator
and the Trustee.

 

Section 14.4.         Notices to Holders;
Waiver.

 

Except as
otherwise expressly provided herein, where this Indenture and Credit Agreement or the Servicing Agreement provides for notice to
Holders of any event:

 

(a)               
such notice shall be sufficiently given to Holders if in writing and mailed, first class postage prepaid, to each Holder
affected by such event, at the address of such Holder as it appears in the Notes Register or Class A Loan Register, as applicable,
not earlier than the earliest date and not later than the latest date, prescribed for the giving of such notice; and

 

 (b)                 such notice shall be in the English language.

 

The Note
Administrator and Loan Agent, as applicable, shall deliver to the Holders any information or notice in its possession, requested
to be so delivered by at least 25% of the Holders of any Class of Debt.

 

Neither the
failure to mail any notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such
notice with respect to other Holders. In case by reason of the suspension of regular mail service or by reason of any other cause,
it shall be impracticable to give such notice by mail, then such notification to Holders shall be made with the approval of the
Collateral Agent and shall constitute sufficient notification to such Holders for every purpose hereunder.

 

Where this
Indenture and Credit Agreement provides for notice in any manner, such notice may be waived in writing by any Person entitled to
receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Note Administrator and Loan Agent, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.

 

In the event
that, by reason of the suspension of the regular mail service as a result of a strike, work stoppage or similar activity, it shall
be impractical to mail notice of any event to Holders when such notice is required to be given pursuant to any provision of this
Indenture and Credit Agreement, then any manner of giving such notice as shall be satisfactory to the Collateral Agent shall be
deemed to be a sufficient giving of such notice.

 

Section 14.5.         Effect of Headings
and Table of Contents.

 

The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 14.6.         Successors and
Assigns.

 

All covenants and agreements in
this Indenture and Credit Agreement by the Issuer shall bind its successors and assigns, whether so expressed or not.

 

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Section 14.7.         Severability.

 

In case
any provision in this Indenture and Credit Agreement or in the Debt shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 14.8.         Benefits of Indenture
and Credit Agreement.

 

Nothing
in this Indenture and Credit Agreement or in the Debt, expressed or implied, shall give to any Person, other than (a) the parties
hereto and their successors hereunder and (b) the Servicer, the Noteholders and the Sponsor (each of whom shall be an express third
party beneficiary hereunder), any benefit or any legal or equitable right, remedy or claim under this Indenture and Credit Agreement.

 

Section 14.9.         Governing Law;
Waiver of Jury Trial.

 

THIS INDENTURE
AND CREDIT AGREEMENT AND EACH DEBT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF STATE OF NEW YORK APPLICABLE
TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

 

THE PARTIES
HERETO AND EACH DEBTHOLDER HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THEIR RESPECTIVE RIGHTS TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS
INDENTURE AND CREDIT AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 14.10.       Submission to Jurisdiction.

 

Each party
hereto irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan
in The City of New York in any action or proceeding arising out of or relating to the Notes or this Indenture and Credit Agreement,
and each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined
in such New York State or federal court. Each party hereto hereby irrevocably waives, to the fullest extent that they may legally
do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The Issuer hereby irrevocably consents
to the service of any and all process in any action or proceeding by the mailing or delivery of copies of such process to it at
the office of the Issuer’s agent set forth in Section 7.2. Each party hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.

 

Section 14.11.        Counterparts.

 

This
Indenture and Credit Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an
authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or
photocopied manual signature; or (iii) any other electronic signature permitted by the federal Electronic Signatures in
Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant
electronic signatures law, including any relevant provisions of the UCC (collectively, “Signature Law”),
in each case, to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature,
shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature.
Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed,
scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to
investigate, confirm or otherwise verify the validity or authenticity thereof. This Indenture and Credit Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall,
together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for
execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended
character of the writings.

 

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Section 14.12.       [Reserved].

 

Section 14.13.       [Reserved].

 

Section 14.14.      Confidential Information.

 

(a)               
None of the Class A Lender, Trustee, Custodian, Collateral Agent, Loan Agent and Note Administrator shall disclose the Confidential
Information to any third party; provided that the Class A Lender, Trustee, Custodian, Collateral Agent, Loan Agent and Note Administrator
may deliver or disclose Confidential Information, as applicable, to:

 

(i)                   such
Person’s directors, trustees, managers, members, officers, employees, agents, attorneys and affiliates (collectively, “Representatives”)
and their Representatives who need to know such information in connection with the making, holding, administering and/or transferring
all or a portion of the Class A Loan and/or performing its obligations under this Indenture and Credit Agreement, the Servicing
Agreement and the other Transaction Documents (it being understood and agreed that such Person shall advise such Representatives
of their obligations concerning the confidentiality of such information and shall instruct such Representatives not to disclose
such information except as permitted by this Indenture and Credit Agreement or the other Transaction Documents);

 

(ii)                 
such Person’s legal advisors, financial advisors and other professional advisors who need to know such information
in connection with the making, holding, administering and/or transferring all or a portion of the Class A Loan and/or performing
its obligations under this Indenture and Credit Agreement, the Servicing Agreement and the other Transaction Documents and have
been advised to hold confidential the Confidential Information substantially in accordance with the terms of this Section 14.14;

 

(iii)               
any Holder of a Note, or any of the other parties to this Indenture and Credit Agreement or the other Transaction Documents;

 

(iv)                any prospective purchaser of all or a portion of the Class A Loan; provided that such prospective purchaser first
executes a confidentiality agreement with the Class A Lender substantially similar in substance as this Section 14.14 with
respect to the Confidential Information;

 

(v)                
any Federal or state or other regulatory, governmental or judicial authority having or claiming jurisdiction over such Person;

 

 (vi)                 any other Person with the written consent of the Notes Investor;

 

(vii)               
any other Person to which such delivery or disclosure is required under this Indenture and Credit Agreement or the other
Transaction Documents; or

 

(viii)              
any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any
law, rule, regulation or order applicable to such Person (unless prohibited by applicable law, rule, order or decree or other requirement
having the force of law), (B) in response to any subpoena or other legal process upon prior notice to the Issuer (unless prohibited
by applicable law, rule, order or decree or other requirement having the force of law), or (C) in connection with any litigation
to which such Person is a party upon prior notice to the Issuer (unless prohibited by applicable law, rule, order or decree or
other requirement having the force of law).

 

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Each of
the Class A Lender, Trustee, Custodian, Collateral Agent, Loan Agent and Note Administrator agrees that it shall use the Confidential
Information and disclose Confidential Information as provided for in clauses (i) through (viii) above, in each case
for the sole purpose of making, holding, administering and/or transferring all or a portion of the Class A Loan and/or performing
its obligations and/or exercising its rights under this Indenture and Credit Agreement, the Servicing Agreement and the other Transaction
Documents. In the event the Class A Lender receives a request to disclose any Confidential Information pursuant to clause (viii)
above, except for disclosures pursuant to regulatory supervisory oversight, to the extent reasonably practicable under the circumstances
and unless prohibited by applicable law, rule, order or decree or other requirement having the force of law, each of the Class
A Lender, Trustee, Custodian, Collateral Agent, Loan Agent and Note Administrator agrees that it shall (a) promptly notify the
Notes Investor thereof and (b) if disclosure is required on advice of counsel, use reasonable efforts to cooperate with the Notes
Investor, at the expense of the Notes Investor, in any attempt that the Notes Investor makes to obtain an order or other reliable
assurance that confidential treatment will be accorded to the Confidential Information so disclosed; provided, however,
that such reasonable consultation or cooperation does not cause the Class A Lender, Trustee, Custodian, Collateral Agent, Loan
Agent or Note Administrator to be in violation of the terms of any such request to disclose.

 

(b)               
For the purposes of this Section 14.14, “Confidential Information” means information delivered
to the Class A Lender, Trustee, Custodian, Collateral Agent, Loan Agent and Note Administrator in connection with and relating
to the transactions contemplated by or otherwise pursuant to this Indenture and Credit Agreement and/or the other Transaction Documents
(including, without limitation, the existence and terms of this Indenture and Credit Agreement, the Servicing Agreement and the
other Transaction Documents); provided that such term does not include information that (i) was publicly known or otherwise known
to such Person prior to the time of such disclosure, (ii) subsequently becomes publicly known other than as a result of a disclosure
by such Person or its Representatives in violation of this Section or (iii) is or becomes available to such Person from a third
party not known by such Person to be in breach of any legal or contractual obligation not to disclose such information to such
Person.

 

Section 14.15.              Patriot Act Compliance.

 

In order
to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including
those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Collateral
Agent, the Loan Agent, the Trustee and Note Administrator may be required to obtain, verify and record certain information relating
to individuals and entities which maintain a business relationship with the Trustee or Note Administrator, as the case may be.
Accordingly, each of the parties agrees to provide to the Collateral Agent, the Loan Agent, the Trustee and the Note Administrator,
upon its request from time to time, such identifying information and documentation as may be available for such party in order
to enable the Collateral Agent, the Loan Agent, the Trustee and the Note Administrator, as applicable, to comply with Applicable
Law.

 

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Section 14.16.              The Collateral
Agent and the Loan Agent.

 

(a)               
In connection with any requirement for the Collateral Agent to provide notice to the Class A Lender, the Collateral Agent
shall provide such notice to the Loan Agent who shall provide such notice to the Class A Lender.

 

(b)               
In connection with any requirement for the Collateral Agent to make payments to the Class A Lender, the Collateral Agent
shall make such payments to the Loan Agent who shall on the same Business Day, pay the Class A Lender.

 

(c)               
The Loan Agent agrees that promptly after its receipt of each payment from or on behalf of the Issuer in respect of the
Class A Loan hereunder, it shall distribute such payment to the Class A Lender.

 

ARTICLE
15

 

[RESERVED]

 

ARTICLE 16

 

CLASS A
LOAN; THE LOAN AGENT

 

Section 16.1.                The Class A Loan.

 

(a)               
The Class A Lender shall, on the Closing Date, and subject to the terms and conditions hereof, make the Class A Loan to
the Issuer in an amount of $102,989,377.79. References herein to the Issuer with respect to the Class A Loan shall mean the Issuer
as borrower of the Class A Loan.

 

(b)               
In connection with Future Advances, in each case in accordance with Article 12 hereof, the Class A Lender may, but
shall not be required to (other than in the case of the Committed Additional Class A Loan with respect to which Class A Lender
is committed to, and shall, fund in accordance with Article 12 hereof), make Additional Class A Loans to the Issuer. Each
Additional Class A Loan shall be in an amount equal to the Class A Loan Additional Funding Amount and shall be added to the Aggregate
Outstanding Amount of the Class A Loan and shall be part of the Class A Loan for all purposes of this Indenture and Credit Agreement.
In the event that the Class A Lender advances the Committed Additional Class A Loan, the Class B Note shall be reduced by the amount
of such Committed Class A Loan.

 

(c)               
Other than as expressly provided for hereunder, the Issuer shall not be permitted (and the Issuer shall not) prepay the
Class A Loan.

 

(d)                Notwithstanding
anything in the Indenture and Credit Agreement to the contrary, the Issuer may, at its option and upon not less than two (2)
days’ prior written notice to the Collateral Agent, the Loan Agent, the Class A Lender, the Note Administrator and the
Trustee, prepay the Class A Loan in part from time to time on a Payment Date; provided that (i) such prepayment shall
include all accrued and unpaid interest on and principal of the Class A Loan and all other amounts (without duplication) then
due and payable on the Class A Loan under the Transaction Documents through and including the date such Class A Loan is
prepaid in part and (ii) such prepayment shall include the amount of the Minimum Interest Partial Prepayment Amount on the
Class A Loan in connection with such prepayment of the Class A Loan in part; provided further that the Issuer may not
re-borrow the Class A Loan after prepayment or repayment thereof (but may borrow Additional Class A Loans). Notwithstanding
anything herein to the contrary, no sale or disposition of any other Mortgage Asset by the Collateral Agent will be made in
connection with a prepayment of the Class A Loan.

 

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(e)             Provided
no Event of Default has occurred and is continuing, the Issuer shall, at its option and upon not less than thirty (30) days’
prior written notice to the Collateral Agent, the Loan Agent, the Class A Lender, the Note Administrator and the Trustee, have
the right to prepay the Class A Loan in whole, but not in part, on any Payment Date thereafter (the date of such prepayment, the
 “Class A Loan Full Prepayment Date”); provided that, (i) such prepayment shall include all accrued and
unpaid interest on and principal of the Class A Loan and all other amounts (without duplication) then due and payable on the Class
A Loan under the Transaction Documents through and including such Class A Loan Full Prepayment Date, (ii) such prepayment shall
include the amount of the Minimum Interest Deficiency Amount on the Class A Loan as of such Class A Loan Full Prepayment Date,
and (iii) such prepayment shall include such amounts of accrued and unpaid fees to Collateral Agent, the Note Administrator, the
Loan Agent, the Trustee and the Custodian in respect of their services.

 

(f)             With
respect to each Payment Date prior to the Additional Funding Date of the Committed Additional Class A Loan, Issuer shall pay to
Class A Lender the Committed Additional Class A Loan Undrawn Fee, monthly in arrears.

 

Section 16.2.             Funding of the Borrowing.

 

(a)            
No later than 10:00 a.m. (New York time) on the Closing Date and each Additional Funding Date, the Class A Lender shall
fund to Issuer the Class A Loan (including an Additional Class A Loan, as the case may be). Such amounts shall be made available
in Dollars, and in immediately available funds to the account specified by the Issuer.

 

(b)               
In connection with each Class A Loan (including any Additional Class A Loan), each Class A Lender shall severally advance
its pro rata share (based on its ratable portion of the Aggregate Outstanding Amount of the Class A Loan as identified on
the Class A Loan Register) of such Class A Loan (including any Additional Class A Loan) pursuant to this Indenture and Credit Agreement.

 

Section 16.3.             Class A Lender Promissory
Note.

 

(a)            
On the Closing Date, the Issuer shall, if requested by the Class A Lender (i) sign a Class A Lender Promissory Note in the
name of the Class A Lender in the initial principal amount set forth in Section 16.1, plus such other amount as may be agreed
by the Issuer and the Class A Lender (including, without limitation, any Additional Class A Loan), which such Class A Lender Promissory
Note shall be dated as of the Closing Date and substantially in the form of Exhibit A (a “Class A Lender Promissory
Note”) and (ii) deliver such Class A Lender Promissory Note to the Loan Agent on behalf of the Class A Lender for delivery
by the Loan Agent to the Class A Lender.

 

(b)             The
Issuer hereby irrevocably authorizes the Class A Lender to make (or cause to be made) appropriate notations on its internal
records or on the grid attached to its Class A Lender Promissory Note (or on a continuation of such grid attached to such
Class A Lender Promissory Note and made a part thereof), which notations shall evidence, inter alia, the date of, the
Aggregate Outstanding Amount of, and the interest rate applicable to, the Class A Loan evidenced thereby. Subject to Section
16.22, the notations on such internal records or on each such grid indicating the Aggregate Outstanding Amount of the
Class A Loan shall be prima facie evidence (absent manifest error) of the principal amount thereof owing and unpaid,
but the failure to record any such amount, or any error therein, shall not limit or otherwise affect the obligations of the
Issuer hereunder or under any Class A Lender Promissory Note to make payment of principal of or interest on the Class A Loan
when due. Notwithstanding anything to the contrary contained above in this Section 16.3 or elsewhere in this Indenture
and Credit Agreement, Class A Lender Promissory Notes shall be delivered only to the Class A Lenders if at any time the Class
A Lender specifically requests the delivery of such Class A Lender Promissory Notes. No failure of the Class A Lender to
request or obtain a Class A Lender Promissory Note evidencing the Class A Loan shall affect or in any manner impair the
obligations of the Issuer to pay the Class A Loan that would otherwise be evidenced thereby in accordance with the
requirements of this Indenture and Credit Agreement. If at any time (including, without limitation, to replace any Class A
Lender Promissory Note that has been destroyed or lost), the Class A Lender requests the delivery of a Class A Lender
Promissory Note to evidence the Class A Loan, the Issuer shall promptly execute and deliver to the Class A Lender the
requested Class A Lender Promissory Note in the appropriate amount or amounts to evidence the Class A Loan; provided that,
in the case of a substitute or replacement Class A Lender Promissory Note, the Issuer shall have received from such
requesting Class A Lender (i) an affidavit of loss or destruction and (ii) a customary lost/destroyed Class A Lender
Promissory Note indemnity, in each case, in form and substance reasonably acceptable to the Issuer and such requesting Class
A Lender, and duly executed by such requesting Class A Lender.

 

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Section 16.4.             Payment of Principal
and Interest and Other Amounts; Principal and Interest Rights Preserved.

 

(a)             The
Class A Loan shall accrue interest during each Interest Accrual Period at the Class A Loan Rate applicable to such Class and such
interest will be payable in arrears on each Payment Date on the average Aggregate Outstanding Amount thereof during the related
Interest Accrual Period (after giving effect to payments of principal thereof on such date). To the extent lawful and enforceable,
interest on any interest that is not paid when due on the Class A Loan shall accrue at the Class A Loan Rate applicable until
paid as provided herein.

 

(b)             The principal of the Class A Loan matures at par and is due and payable on the date of the Stated Maturity Date, unless
such principal has been previously repaid or unless the unpaid principal of the Class A Loan becomes due and payable at an earlier
date by declaration of acceleration, call for redemption or otherwise. The payment of principal on the Class A Loan is subordinated
to the payment on each Payment Date of certain other amounts in accordance with the Priority of Payments. Payments of principal
of the Class A Loan in connection with a Mandatory Clean-Up Event or Tax Redemption will be made in accordance with Section
9.1 and the Priority of Payments.

 

(c)             The
Issuer shall make payments of Sale Proceeds to the Class A Lender in the manner provided for in, and pursuant to, the Priority
of Payments.

 

(d)             As
a condition to the payment of principal, interest and other amounts of the Class A Loan without the imposition of U.S.
withholding tax or at a reduced rate of withholding, the Issuer shall require certification acceptable to it to enable the
Issuer, the Trustee, the Collateral Agent, the Loan Agent and the Paying Agent to determine their duties and liabilities with
respect to taxes or other charges that they may be required to deduct or withhold from payments in respect of the Class A
Loan under any present or future law or regulation of the United States or any present or future law or regulation of any
political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any
such law or regulation. Such certification may include U.S. federal income tax forms, such as IRS Form W-8BEN (Certificate of
Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E
(Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities), IRS Form
W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity or Certain U.S. Branches for United States Tax
Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI
(Certificate of Foreign Person’s Claim that Income Is Effectively Connected with the Conduct of a Trade or Business in
the United States) or any successors to such IRS forms) (together with all required attachments). In addition, each of the
Issuer, the Trustee, the Collateral Agent, the Loan Agent or any Paying Agent may require certification acceptable to it to
enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives
payments on its Collateral. The Class A Lender agrees to provide any certification requested pursuant to this Section
16.4(d), or upon it becoming obsolete or inaccurate in any respect to update or replace such form or certification in
accordance with its terms or its subsequent amendments.

 

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Section 16.5.             Interest Rules
and Calculations.

 

Unless otherwise
directed in writing by the Loan Agent (at the written direction of the Class A Lender) to the contrary, the Issuer shall cause
all payments of interest on the Class A Loan to be made to the Loan Agent for the account of the Class A Lender in accordance with
Section 14.16(b).

 

(a)               
The Class A Lender hereby consents to the Issuer’s appointment of the Collateral Agent to serve as Calculation Agent
under this Indenture and Credit Agreement. All computations of interest of the Class A Loan shall be made by the Calculation Agent
in accordance with the provisions of this Indenture. All other calculations regarding the Class A Loan shall be made by the Loan
Agent.

 

(b)               
In no event shall the rate of interest applicable to the Class A Loan exceed the maximum rate permitted by Applicable Law.

 

(c)               
Upon an assignment of the Class A Loan pursuant to Section 16.15, unless otherwise directed by the assignor Class
A Lender, the assigned Class A Loan shall trade without accrued interest and the Loan Agent shall, in accordance with the Priority
of Payments on the Payment Date immediately succeeding the date of assignment, disburse to (i) the assignor Class A Lender, the
interest accrued on such assigned Class A Loan from and including the previous Payment Date (or in the case of the first Interest
Accrual Period, the Closing Date) to but excluding such date of assignment and (ii) the assignee Class A Lender, the interest accrued
on such assigned Class A Loan from and including such date of assignment to but excluding such Payment Date.

 

Section 16.6.             Method and Place
of Payment.

 

To the extent
funds are available pursuant to the Priority of Payments, all payments by the Issuer of principal and interest and other amounts
in respect of the Class A Loan hereunder shall be made in Dollars. Except as otherwise specifically provided herein all payments
under this Indenture and Credit Agreement shall be made to the Class A Loan Account (which funds, if delivered to the Class A Loan
Account, the Loan Agent shall promptly forward to the Class A Lender), not later than 3:00 p.m. (New York time) on the date when
due and shall be made in immediately available funds at the Corporate Trust Office of the Loan Agent. Any payments under this Indenture
and Credit Agreement which are made later than 3:00 p.m. (New York time) shall be deemed to have been made on the succeeding Business
Day. The Class A Lender shall be paid interest accrued on the Class A Loan it holds for each day it holds the Class A Loan (but
excluding any date of assignment) during an Interest Accrual Period on the related Payment Date (in the case of an assignment of
the Class A Loan, regardless of whether or not it holds the Class A Loan on such Payment Date).

 

Section 16.7.             Maintenance of Office
or Agency.

 

(a)            
The Issuer hereby appoints the Wells Fargo Bank, National Association as Loan Agent for payments on the Class A Loan and
to maintain the Class A Loan Register as set forth in Section 16.22.

 

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(b)            
The Issuer may at any time and from time to time vary or terminate the appointment of any such agent or appoint any additional
agents for any or all of such purposes and shall give prompt written notice to the Trustee, the Loan Agent, the Collateral Agent
and the Class A Lender of the appointment or termination of any such agent and of the location and any change in the location of
any office or agency.

 

Section 16.8.             Money for Debt
Payments to be Held in Trust.

 

All payments
of amounts due and payable with respect to the Class A Loan that are to be made from amounts withdrawn from the Payment Account
shall be deposited in the Class A Loan Account and made on behalf of the Issuer by the Loan Agent with respect to payments on the
Class A Loan.

 

Section 16.9.             Appointment.

 

The Class
A Lender hereby designates Wells Fargo Bank, National Association to act as Loan Agent for the Class A Lender hereunder. By becoming
a party to this Indenture and Credit Agreement, the Class A Lender hereby irrevocably authorizes the Loan Agent to take such action
on its behalf under the provisions of this Indenture and Credit Agreement and any other instruments and agreements referred to
herein or therein and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated
to or required of the Loan Agent by the terms hereof and thereof and such other powers as are reasonably incidental thereto. The
Loan Agent may perform any of its duties hereunder or thereunder by or through its respective officers, directors, agents, employees
or affiliates.

 

Section 16.10.           Certain Duties
and Responsibilities of the Loan Agent.

 

(a)             The
Class A Lender hereby designates and appoints the Loan Agent as its agent under this Indenture and Credit Agreement and hereby
authorizes the Loan Agent to take such action on its behalf under the provisions of this Indenture and Credit Agreement and to
exercise such powers and perform such duties as are expressly delegated to the Loan Agent by the terms of this Indenture and Credit
Agreement, together with such powers as are reasonably incidental thereto. The Loan Agent shall not have or be deemed to have
any fiduciary relationship with the Class A Lenders, the Trustee, any Holder or the Issuer, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Indenture and Credit Agreement or otherwise exist
against the Loan Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in
this Indenture and Credit Agreement with reference to the Loan Agent is not intended to connote any fiduciary or other implied
(or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of
market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

 

(b)            
The Loan Agent undertakes to perform such duties and only such duties as are set forth in this Indenture and Credit Agreement,
and no implied covenants or obligations shall be read into this Indenture and Credit Agreement against the Loan Agent; and in the
absence of manifest error, or bad faith on its part, Loan Agent may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Loan Agent, and conforming to the
requirements of this Indenture and Credit Agreement; provided, however, that in the case of any such certificates
or opinions which by any provision hereof are specifically required to be furnished to the Loan Agent, the Loan Agent shall be
under a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture and
Credit Agreement and shall promptly notify the party delivering the same if such certificate or opinion does not conform. If a
corrected form shall not have been delivered to the Loan Agent within fifteen (15) days after such notice from the Loan Agent shall
notify the party providing such instrument and requesting the correction thereof.

 

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(c)           
In case an Event of Default actually known to a Bank Officer of the Loan Agent has occurred and is continuing, the Loan
Agent shall take such actions (including providing direction to the Collateral Agent on behalf of the Class A Lender) as instructed
by the Class A Lender.

 

(d)           
If, in performing its duties under this Indenture and Credit Agreement, the Loan Agent is required to decide between alternative
courses of action, the Loan Agent may request written instructions from the Class A Lender as to courses of action desired by it.
If the Loan Agent does not receive such instructions within two (2) Business Days after it has requested them, it may, but shall
be under no duty to, take or refrain from taking such action. The Loan Agent shall act in accordance with instructions received
after such two (2) Business Day period except to the extent they have already taken, or committed itself to take, action inconsistent
with such instructions. The Loan Agent shall be entitled to request and rely on the advice of legal counsel and Independent accountants
in the performance of its duties hereunder, in each case selected in good faith and, with reasonable care, in performing its duties
hereunder and be deemed to have acted in good faith and shall not be subject to any liability if it acts in reliance thereon, in
good faith and in accordance with such advice or opinion.

 

(e)            
No provision of this Indenture and Credit Agreement shall be construed to relieve the Loan Agent from liability for its
own grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that the Loan Agent
shall not be liable:

 

(f)             
for any error of judgment made in good faith by a Bank Officer, unless it shall be proven that the Loan Agent was grossly
negligent in ascertaining the pertinent facts; or

 

(i)              
with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Issuer
and/or the Holder of the Class A Loan relating to the time, method and place of conducting any Proceeding for any remedy available
to the Loan Agent in respect of the Class A Loan or exercising any trust or power conferred upon the Loan Agent under this Indenture
and Credit Agreement.

 

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

 

(h)            
The Loan Agent shall not be liable to the Class A Lender for any action taken or omitted by it at the direction of the Issuer,
the Servicer, the Controlling Class, the Trustee, the Note Administrator and/or a Class A Lender under circumstances in which such
direction is required or permitted by the terms of this Indenture and Credit Agreement.

 

(i)              For
all purposes under this Indenture and Credit Agreement, the Loan Agent shall not be deemed to have notice or knowledge of any
Event of Default or Mortgage Asset Default, unless a Bank Officer of the Loan Agent has actual knowledge thereof or unless
written notice of any event which is in fact such an Event of Default or Mortgage Asset Default is received by the Loan Agent
at its Corporate Trust Office, and such notice references the Class A Loan and this Indenture and Credit Agreement. For
purposes of determining the Loan Agent’s responsibility and liability hereunder, whenever reference is made in this
Indenture and Credit Agreement to such an Event of Default or a Default, such reference shall be construed to refer only to
such an Event of Default or Default of which the Loan Agent is deemed to have notice as described in this Section
16.10(i). The availability or delivery (including pursuant to this Indenture and Credit Agreement) of reports or other
documents (including news or other publicly available reports or documents) to the Loan Agent shall not constitute actual or
constructive knowledge or notice of in-formation contained in or determinable from those reports or documents, except for
such reports or documents that this Indenture or Credit Agreement expressly requires the Loan Agent to review.

 

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(j)              The
Loan Agent shall, upon reasonable prior written notice, permit the Issuer and its designees, during its normal business hours,
to review all books of account, records, reports and other papers of the Loan Agent relating to the Class A Loan and to make copies
and extracts therefrom (the reasonable out-of-pocket expenses incurred in making any such copies or extracts to be reimbursed
to the Loan Agent, as applicable, by such Person).

 

Section 16.11.           Certain Rights
of the Loan Agent.

 

Except as otherwise provided in Section
16.10:

 

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

 

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

 

(c)            
whenever in the administration of this Indenture and Credit Agreement the Loan Agent shall deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any action hereunder, the Loan Agent (unless other evidence be
herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate;

 

(d)            
as a condition to the taking or omitting of any action by it hereunder, the Loan Agent may consult with counsel (including
with respect to any matters, other than factual matters, in connection with the execution by the Loan Agent of a supplemental indenture
and credit agreement pursuant to Section 8.3) selected in good faith and with reasonable care and shall be deemed to have
acted in good faith and shall not be subject to any liability if it acts in reliance thereon, in good faith and in accordance with
the advice or opinion issued by such counsel in connection therewith;

 

(e)            
the Loan Agent shall not be under any obligation to exercise or to honor any of the rights or powers vested in it by this
Indenture and Credit Agreement at the request or direction of Class A Lender pursuant to this Indenture and Credit Agreement, or
to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation
hereto at the request, order or direction of the Class A Lender unless the Class A Lender shall have offered to the Loan Agent
indemnity acceptable to it against the costs, expenses and liabilities which might reasonably be incurred by them in compliance
with such request or direction;

 

(f)            
the Loan Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper documents and shall be
entitled to rely conclusively thereon;

 

(g)             the
Loan Agent may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and upon any such appointment of an agent or attorney and shall not be responsible for any misconduct or
negligence on the part of any attorney or agent appointed by it with reasonable care, provided that the Loan Agent will
provide notice of any such appointment to the Debtholders, such agent or attorney shall be conferred with all the same
rights, indemnities, and immunities as the Loan Agent;

 

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(h)            
the Loan Agent shall not be liable for any action it takes or omits to take in good faith that it reasonably and prudently
believes to be authorized or within its rights or powers hereunder;

 

(i)             
the Loan Agent shall not be responsible for the accuracy of the books or records of, or for any acts or omissions of any
Transfer Agent, any Calculation Agent (other than the Loan Agent itself acting in that capacity) or any Paying Agent (other than
the Loan Agent itself acting in that capacity);

 

(j)             
the Loan Agent shall not be liable for the actions or omissions of the Class A Lender, the Issuer, the Servicer, the Trustee,
or the Note Administrator; and without limiting the foregoing, The Loan Agent shall not be under any obligation to verify compliance
by any party hereto with the terms of this Indenture and Credit Agreement (other than itself) to verify or independently determine
the accuracy of information received by it from the Servicer (or from any selling institution, agent bank, trustee or similar source)
with respect to the Mortgage Assets;

 

(k)             to
the extent any defined term hereunder, or any calculation required to be made or determined by the Loan Agent hereunder, is dependent
upon or defined by reference to GAAP, the Loan Agent shall be entitled to request and receive (and rely upon) instruction from
the Issuer or the accountants appointed pursuant to Section 16.11(g) as to the application of GAAP in such connection,
in any instance;

 

(l)              the
Loan Agent shall not have any responsibility to the Issuer or the Secured Parties hereunder to make any inquiry or investigation
as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants by the Issuer;

 

(m)           
in determining any affiliations of the Class A Lender with any party hereto or otherwise, the Loan Agent shall be entitled
to request and conclusively rely on a certification provided by the Class A Lender;

 

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

 

(o)            
the Loan Agent shall not be required to give any bond or surety in respect of the execution of the trusts created hereby
or the powers granted hereunder;

 

(p)            
in no event shall the Loan Agent be liable for any failure or delay in the performance of its obligations hereunder because
of circumstances beyond its control, including, but not limited to acts of God, flood, war (whether declared or undeclared), terrorism,
fire, riot, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or
the like which restrict or prohibit the providing of the services contemplated by this Indenture and Credit Agreement, inability
to obtain material, equipment, or communications or computer facilities, or the failure of equipment or interruption of communications
or computer facilities, any act or provision of any present or future governmental authority, labor disputes, disease, epidemic,
pandemic, quarantine, national emergency, loss or malfunction of utilities or computer software or hardware, the unavailability
of the Federal Reserve Bank wire or telex or other wire or communication facility and other causes beyond the Loan Agent’s
control, as applicable, whether or not of the same Class or kind as specifically named above;

 

(q)            except
as otherwise expressly set forth in this Indenture and Credit Agreement, Wells Fargo Bank, National Association, acting in
any particular capacity hereunder will not be deemed to be imputed with knowledge of (i) Wells Fargo Bank, National
Association acting in any other capacity hereunder or in a capacity that is unrelated to the transactions contemplated by
this Indenture and Credit Agreement, where some or all of the obligations performed in such capacities are performed by one
or more employees within the same Corporate Trust Office of Wells Fargo Bank, National Association or where the Corporate
Trust Office responsible for performing the obligations in such capacities have one or more of the same Bank Officers;
and

 

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(r)             
nothing herein shall require the Loan Agent to act in any manner that is contrary to applicable law.

 

Section 16.12.           Not Responsible
for Recitals or Incurrence of Loans.

 

The recitals
contained herein and in any Class A Lender Promissory Note shall be taken as the statements of the Issuer, and the Loan Agent shall
not assume any responsibility for their correctness. The Loan Agent shall not make any representation as to the validity or sufficiency
of this Indenture and Credit Agreement, the Collateral or the Class A Loan. The Loan Agent shall not be accountable for the use
or application by the Issuer of the Class A Loan or the proceeds thereof or any amounts paid to the Issuer pursuant to the provisions
hereof.

 

Section 16.13.           May Hold Loans.

 

The Loan
Agent or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of the Class A
Loan and may otherwise deal with the Issuer or any of their Affiliates with the same rights it would have if it were not the Loan
Agent or such other agent.

 

Section 16.14.           Amounts Held in
Trust.

 

Amounts held
by the Loan Agent hereunder shall be held to the extent required herein. The Loan Agent shall be under no liability for interest
on any amounts received by it hereunder, except in its capacity as the Securities Intermediary to the extent of income or other
gain on investments which are deposits in or certificates of deposit of the Loan Agent in its commercial capacity.

 

Section 16.15.          Holders of Class A Lender Promissory Note; Transferee of Assignment and Assumption Agreement.

 

(a)            
The Loan Agent shall deem and treat the payee of any Class A Lender Promissory Note as the owner thereof for all purposes
hereof unless and until a written notice of the assignment, transfer or endorsement thereof, as the case may be, shall have been
filed with the Loan Agent and the requirements set forth in Section 16.21 have been satisfied. Any request, authority or
consent of any Person who, at the time of making such request or giving such authority or consent, is the Holder of any Class A
Lender Promissory Note shall be conclusive and binding on any subsequent holder, transferee, assignee or endorsee, as the case
may be, of such Class A Lender Promissory Note or of any Class A Lender Promissory Note issued in exchange therefor.

 

(b)           
The Loan Agent shall deem and treat the transferee of a properly executed and delivered Assignment and Assumption Agreement
pursuant to Section 16.21 subject to recordation in the Class A Loan Register, as the Class A Lender under this Indenture
and Credit Agreement with all of the same rights and obligations as a Holder of the Class A Lender Promissory Note, whether or
not such Class A Lender requests a Class A Lender Promissory Note pursuant to Section 16.21, for all purposes hereof unless
and until the Loan Agent receives and accepts a subsequent Assignment and Assumption Agreement properly executed and delivered
pursuant to Section 16.21.

 

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Section 16.16.          Compensation and
Reimbursement.

 

(a)             The
Issuer agrees, in each case without duplication of any expense reimbursements, indemnification payments or other payments made
to Wells Fargo Bank, National Association in its capacity as Custodian, Note Administrator or Collateral Agent, whether pursuant
to the Servicing Agreement or this Indenture and Credit Agreement:

 

(i)                to
pay the Loan Agent, the Collateral Agent, Trustee, Loan Agent and Note Administrator Fee in accordance with the Priority of Payments
for all services rendered by such party hereunder;

 

(ii)             
except as otherwise expressly provided herein, to reimburse the Loan Agent in a timely manner upon its request for all reasonable
out-of-pocket and documents expenses (including the reasonable fees and expenses of third-party attorneys, advisers, accountants
and experts employed hereunder), disbursements and advances incurred or made by the Loan Agent in connection with its performance
of its obligations under, or otherwise in accordance with any provision of this Indenture and Credit Agreement, the Servicing Agreement
and the Securities Account Control Agreement;

 

(iii)             
to indemnify the Loan Agent and its Officers, directors, employees and agents for, and to hold them harmless against, any
loss, liability or expense (including the reasonable fees and expenses of third-party attorneys) incurred without gross negligence,
willful misconduct or bad faith on their part, arising out of or in connection with the acceptance or administration of this trust,
including the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance
of any of their powers or duties hereunder or any other Transaction Document or the enforcement of this Section and whether such
loss, liability or expense arises from a claim by a Debtholder, the Class A Lender, the Issuer or any other Person; and

 

(iv)             to
reimburse the Loan Agent for its actually incurred, out-of-pocket third party expenses (including reasonable counsel fees) for
any collection or enforcement action taken pursuant to Section 5.4 hereof.

 

(b)             The Issuer may remit payment for such fees and expenses to the Loan Agent or, in the absence thereof, the Note Administrator
may from time to time deduct payment of their fees and expenses hereunder from amounts on deposit in the Payment Account in accordance
with the Priority of Payments.

 

(c)             The
Loan Agent hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer or any Permitted Subsidiary until
at least one year and one day (or, if longer, the applicable preference period then in effect) after the payment in full of all
of the Class A Loan issued under this Indenture and Credit Agreement. This provision shall survive termination of this Indenture
and Credit Agreement and the resignation or removal of the Loan Agent.

 

(d)             The
Loan Agent agrees that the payment of all amounts to which it is entitled pursuant to Section 16.16(a)(i) – (iv)
shall be subject to the Priority of Payments, shall be payable only to the extent funds are available in accordance with such
Priority of Payments, shall be payable solely from the Collateral and following realization of the Collateral, any such claims
of the Loan Agent against the Issuer, and all obligations of the Issuer, shall be extinguished. The Loan Agent will be a Secured
Party hereunder; provided that the Loan Agent shall not institute any proceeding for enforcement of any liens except in
connection with an action taken pursuant to Section 5.3 hereof.

 

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(e)             The Loan Agent shall receive amounts pursuant to Section 16.16(a)(i) – (iv) only to the extent that
such payment is made in accordance with the Priority of Payments and the failure to pay such amounts to the Loan Agent will not,
by itself, constitute an Event of Default. Subject to Section 16.18, the Loan Agent shall continue to serve under this Indenture
and Credit Agreement notwithstanding the fact that the Loan Agent shall not have received amounts due to it hereunder; provided
that the Loan Agent shall not be required to expend any funds or incur any expenses unless reimbursement therefor is reasonably
assured to them. No direction by a Majority of the Controlling Class shall affect the right of the Loan Agent to collect amounts
owed to it under this Indenture and Credit Agreement.

 

(f)             
If on any Payment Date, an amount payable to the Loan Agent pursuant to this Indenture and Credit Agreement is not paid
because there are insufficient funds available for the payment thereof, all or any portion of such amount not so paid shall be
deferred and payable on any later Payment Date on which sufficient funds are available therefor in accordance with the Priority
of Payments.

 

The obligations
of the Issuer under this Section shall survive the resignation or removal of the Loan Agent and the satisfaction and discharge
of this Indenture and Credit Agreement.

 

Section 16.17.           Loan Agent Required;
Eligibility.

 

There shall
at all times be a Loan Agent which shall be (a) an organization or entity organized and doing business under the laws of the United
States of America or of any state thereof, authorized under such laws to exercise corporate trust powers, having a combined capital
and surplus of at least U.S.$200,000,000, subject to supervision or examination by federal or state authority, or (b) an institution
insured by the Federal Deposit Insurance Corporation, that in the case of (a) or (b), has a long- term unsecured debt rating of
at least “A2” by Moody’s; provided, that with respect to the Loan Agent, it may maintain a long-term unsecured
debt rating of at least “Baa1” by Moody’s and a short-term unsecured debt rating of at least “P-2”
by Moody’s so long as the Servicer maintains a long-term unsecured debt rating of at least “A2” by Moody’s
(the Servicer shall have no obligation to maintain such rating), and having an office within the United States. If such entity
publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section 16.17, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Loan
Agent shall cease to be eligible in accordance with the provisions of this Section 16.17, the Loan Agent shall resign immediately
in the manner and with the effect hereinafter specified in this Article 16.

 

Section 16.18.           Resignation and
Removal of Loan Agent; Appointment of Successor Loan Agent.

 

(a)           
No resignation or removal of the Loan Agent and no appointment of a successor Loan Agent, pursuant to this Article 16
shall become effective until the acceptance of appointment by such successor Loan Agent under Section 16.18(e).

 

(b)            The
Loan Agent may resign at any time by giving written notice thereof to the Collateral Agent, Issuer, the Servicer, the
Debtholders, the Note Administrator and the Trustee. Upon receiving such notice of resignation, the Issuer shall promptly
appoint a successor Loan Agent, as the case may be, by written instrument, in duplicate, executed by an Authorized Officer of
the Issuer, one copy of which shall be delivered to the Loan Agent so resigning and one copy to the successor Loan Agent,
together with a copy to each Holder, the Servicer and the parties hereto; provided that such successor Loan Agent shall be
appointed only upon the written consent of the Class A Lender or, at any time when an Event of Default shall have occurred
and be continuing or when a successor Loan Agent has been appointed pursuant to Section 16.18(e), by Act of the Class
A Lender. If no successor Loan Agent shall have been appointed and an instrument of acceptance by a successor Loan Agent
shall not have been delivered to the within thirty (30) days after the giving of such notice of resignation, the resigning
Loan Agent, the Class A Lender, on behalf of himself and all others similarly situated, or the Loan Agent may petition any
court of competent jurisdiction for the appointment of a successor Loan Agent, as the case may be, at the expense of the
Issuer. No resignation or removal of the Loan Agent and no appointment of a successor Loan Agent will become effective until
the acceptance of appointment by the successor Loan Agent, as applicable.

 

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(c)             The Loan Agent may be removed at any time upon thirty (30) days’ notice by Act of a Supermajority of the Debt or when
a successor Loan Agent has been appointed pursuant to Section 16.18(e), by Act of Class A Lender, in each case, upon written
notice delivered to the parties hereto.

 

(d)             If
at any time:

 

(i)               the Loan Agent shall cease to be eligible under Section 16.17 and shall fail to resign after written request therefor
by the Issuer or by any Holder; or

 

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

 

then, in
any such case (subject to Section 16.18(a)), (a) the Issuer, by Issuer Order, may remove the Loan Agent, or (b) subject
to Section 5.15, the Class A Lender may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Loan Agent and the appointment of a successor thereto.

 

(e)            
If the Loan Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the
Loan Agent for any reason, the Issuer, by Issuer Order, shall promptly appoint a successor Loan Agent, and the successor Loan Agent
so appointed shall, forthwith upon its acceptance of such appointment, become the successor Loan Agent, as the case may be. If
the Issuer fails to appoint a successor Loan Agent within thirty (30) days after such resignation, removal or incapability or the
occurrence of such vacancy, a successor Loan Agent may be appointed by Act of the Class A Lender delivered to the Servicer and
the parties hereto, including the retiring Loan Agent, and the successor Loan Agent so appointed shall, forthwith upon its acceptance
of such appointment, become the successor Loan Agent, as applicable, and supersede any successor Loan Agent proposed by the Issuer.
If no successor Loan Agent shall have been so appointed by the Issuer or the Class A Lender and shall have accepted appointment
in the manner hereinafter provided, subject to Section 5.15, the Class A Lender, on behalf of itself and all others similarly
situated, or the Loan Agent may petition any court of competent jurisdiction for the appointment of a successor Loan Agent.

 

(f)              The
Issuer shall give prompt notice of each resignation and each removal of the Loan Agent and each appointment of a successor Loan
Agent by mailing written notice of such event by first class mail, postage prepaid, to the Servicer, the parties hereto, and to
the Holders of the Debt as their names and addresses appear in the Class A Loan Register or the Notes Register, as applicable.
Each notice shall include the name of the successor Loan Agent, and the address of its Corporate Trust Office. If the Issuer fails
to mail such notice within ten (10) days after acceptance of appointment by the successor Loan Agent, the successor Loan Agent
shall cause such notice to be given at the expense of the Issuer. The resignation or removal of a Loan Agent in any capacity in
which it is serving hereunder shall be deemed a resignation or removal, as applicable, in each of the other capacities in which
it serves hereunder.

 

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Section 16.19.           Acceptance of Appointment
by Successor Loan Agents.

 

Every successor
Loan Agent appointed hereunder shall execute, acknowledge and deliver to the Servicer, and the parties hereto including the retiring
Loan Agent, as the case may be, an instrument accepting such appointment. Upon delivery of the required instruments, the resignation
or removal of the retiring Loan Agent shall become effective and such successor Loan Agent, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Loan Agent, as the case may be;
but, on request of the Issuer or Class A Lender or the successor Loan Agent, such retiring Loan Agent shall, upon payment of its
indemnities and other amounts then unpaid, execute and deliver an instrument transferring to such successor Loan Agent all the
rights, powers and trusts of the retiring Loan Agent, as the case may be, and shall duly assign, transfer and deliver to such successor
Loan Agent all property and amounts held by such retiring Loan Agent hereunder, subject nevertheless to its lien, if any, provided
for in Section 16.16(d). Upon request of any such successor Loan Agent, the Issuer shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Loan Agent all such rights, powers and trusts.

 

No successor
Loan Agent shall accept its appointment unless at the time of such acceptance such successor shall be qualified and eligible under
this Article 16.

 

Section
16.20.           Merger, Conversion, Consolidation or Succession to Business of Loan Agent.

 

Any corporation
or banking association into which the Loan Agent may be merged or converted or with which it may be consolidated, or any corporation
or banking association resulting from any merger, conversion or consolidation to which the Loan Agent, shall be a party, or any
corporation or banking association succeeding to all or substantially all of the corporate trust business of the Loan Agent, shall
be the successor of the Loan Agent hereunder; provided that with respect to the Loan Agent, such corporation or banking
association shall be otherwise qualified and eligible under this Article 16, without the execution or filing of any paper
or any further act on the part of any of the parties hereto.

 

Section 16.21.           Assignment of Class
A Loan.

 

(a)             Upon
receipt of the Assignment and Assumption Agreement acknowledged by the Loan Agent, the Class A Lender may assign all or a
portion of its rights and obligations under this Indenture and Credit Agreement (including the Class A Loan and, if
applicable, such Class A Lender’s Class A Lender Promissory Note, if any), in whole or in part, to (i) unless an Event
of Default shall have occurred and be continuing, a Qualified Transferee that is not a Prohibited Transferee and (ii) if an
Event of Default shall have occurred and be continuing, any Person. If any Class A Lender so sells or assigns all or any
portion of its rights hereunder or, if applicable, under the Class A Lender Promissory Note, any reference in this Indenture
and Credit Agreement or the Class A Lender Promissory Note to such assigning Class A Lender shall thereafter refer to such
Class A Lender and to the respective assignee to the extent of their respective interests and the respective assignee shall
have, to the extent of such assignment (unless otherwise provided therein), the same rights and benefits as it would if it
were such assigning Class A Lender. Each assignment pursuant to this Section 16.21 shall be effected by the assigning
Class A Lender and the assignee Class A Lender executing an Assignment and Assumption Agreement, which Assignment and
Assumption Agreement shall be substantially in the form of Exhibit D (appropriately completed) (an
 “Assignment and Assumption Agreement”). In the event of, and at the time of any assignment pursuant to
this Section 16.21, (i) this Indenture and Credit Agreement shall be deemed to be amended to reflect the Class A
Lender Promissory Note (or the portion of the Class A Loan for such assignee) of the respective assignee (which shall result
in a direct reduction to the Class A Lender Promissory Note (or the portion of the Class A Loan for such assigning Class A
Lender) of the assigning Class A Lender), and (ii) the Issuer shall, if requested by the assignee and/or the assigning Class
A Lender, issue a new Class A Lender Promissory Note to the respective assignee and/or to the assigning Class A Lender, as
applicable, in conformity with the requirements of this Section 16.21. No transfer or assignment under this Section
16.21 shall be effective until recorded by the Loan Agent on the Class A Loan Register pursuant to Section 16.22.
To the extent of any assignment pursuant to this Section 16.21, the assigning Class A Lender shall be relieved of its
obligations hereunder with respect to its assigned portion of the Class A Loan (including any Class A Lender Promissory
Note). If any transfer or assignment of a portion of the Class A Loan will result in Goldman Sachs Bank USA no longer holding
a Majority of the Class A Loan, such transfer or assignment shall be subject to the consent of the Issuer, such consent not
to be unreasonably withheld. Each Class A Lender and the Issuer agree to execute such documents (including amendments to this
Indenture and Credit Agreement and the other Transaction Documents (to the extent authorized to do so under such Transaction
Documents)) as shall be necessary to effect the foregoing. Nothing in this Indenture and Credit Agreement shall prevent or
prohibit the Class A Lender from pledging the Class A Lender Promissory Note or the Class A Loan to a Federal Reserve Bank in
support of borrowings made by the Class A Lender from such Federal Reserve Bank. Notwithstanding anything in the Indenture
and Credit Agreement to the contrary, Goldman Sachs Bank USA, or an affiliate thereof shall (i) at all times own and hold at
least twenty-five percent (25%) (by Aggregate Outstanding Amount) of the Class A Loan and (ii) notwithstanding any assignment
under this Section 16.21, serve as the representative of the Class A Lenders hereunder (the “Class A Lender
Representative”) and retain all decision-making authority hereunder with respect to the Class A Loan, unless, in
each case, Goldman Sachs Bank USA (or, as applicable, its affiliate) is removed by a majority of Class A Lenders (x)
following an Event of Default hereunder, (y) upon the commencement of bankruptcy or for failing, in any material respect, to
perform its obligations hereunder or (z) for Goldman Sachs Bank USA (and its affiliates) ceasing (or being required to cease)
doing business in the commercial real estate industry. If Goldman Sachs Bank USA is no longer the Class A Lender
Representative, the holders of a Majority of the Aggregate Outstanding Amount of the Class A Loan shall immediately appoint a
successor Class A Lender Representative and notify the Issuer, the Servicer, the Trustee, the Note Administrator, the
Collateral Agent and the Loan Agent of such appointment. The Class A Lender Representative shall act on behalf of the Class A
Lenders under this Indenture and Credit Agreement and the other Transaction Documents and shall exercise all rights of the
Class A Lenders under this Indenture and Credit Agreement and the other Transaction Documents (including, without limitation,
as the Controlling Class hereunder), and the Issuer, the Servicer, the Trustee, the Note Administrator, the Collateral Agent
and the Loan Agent shall be entitled to and protected in relying on statements from the Class A Lender Representative that
the requisite votes or consents have been obtained from the Class A Lenders.

 

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(b)            With
the consent of all of the Class A Lenders, as certified by the Class A Lender Representative to the Issuer, the Servicer, the
Trustee, the Note Administrator, the Collateral Agent and the Loan Agent, the Class A Lenders may request, subject to the
terms of this Indenture and Credit Agreement, the Issuer to exchange the Class A Lender Promissory Notes (the
 “Original Notes”) for amended and restated Class A Lender Promissory Notes or additional Class A Lender
Promissory Notes (in either case, “New Notes”) reallocating the principal and/or interest of the Original
Notes to such New Notes; structuring such New Notes as pari passu or senior/subordinate notes, or severing the
Original Notes into one or more further “component” notes in the aggregate principal amount equal to the then
outstanding principal balance of the Original Notes; provided that (i) the aggregate principal balance of all
outstanding New Notes following such amendments is no greater than the aggregate principal of the Original Notes prior to
such amendments, (ii) immediately after giving effect to such amendments, the weighted average interest rate of the Class A
Lender Promissory Notes will be equal to the initial weighted average interest rate of the Class A Lender Promissory Notes
immediately prior to such amendments, (iii) such reallocated or component notes shall be automatically subject to the terms
of this Indenture and Credit Agreement, (iv) after giving effect to such amendments, payments of principal when an Event of
Default has not occurred (or if it has occurred, is not continuing) shall be made on a pro rata and pari passu
basis to all of the Class A Lender Promissory Notes, (v) after giving effect to such amendments, the rights and obligations
of the Holders of the Class A Lender Promissory Notes on an aggregate basis shall be identical to the rights and obligations
of the Holders of the Class A Lender Promissory Notes immediately prior to such amendments, and (vi) the Class A Lenders
deliver to the Issuer a written opinion, in a form and substance reasonably acceptable to the Issuer, of nationally
recognized legal counsel nationally experienced in such matters (upon which both the Issuer and the Sponsor shall be entitled
to rely), that such amendments will not cause the Issuer or the Collateral (or any portion of the Issuer or the Collateral or
Sponsor (assuming that the Sponsor has no assets or liabilities other than in connection with its interests in the Issuer))
to be treated as a taxable mortgage pool for U.S. federal income tax purposes and that such amendment will not result in a
significant modification within the meaning of Section 1001 of the Code and the Treasury Regulations thereunder with respect
to the Class A Loan. If the Issuer so requests, the initial Holders of the New Notes (and any subsequent Holders of such
Notes) shall execute a confirmation of the continuing applicability of this Indenture and Credit Agreement to the New Notes,
as so modified. In connection with the foregoing (provided the conditions set forth in clauses (i) through (vi),
as certified by the Class A Lender Representative, on which certification the Issuer can rely), the Issuer, the Trustee, the
Note Administrator, the Collateral Agent and the Loan Agent shall reasonably cooperate with the Class A Lenders to amend this
Indenture and Credit Agreement for the purpose of reflecting such reallocation of principal and the requested exchange of
Class A Lender Promissory Notes. The Class A Lender Representative shall continue to represent the Holders of the Class A
Loan.

 

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Section 16.22.           Class A Loan Register.

 

The Class
A Lender hereby acknowledges that the Loan Agent will serve as the Issuer’s agent, solely for purposes of this Section
16.22, to maintain a register (the “Class A Loan Register”) on which it shall record the names and addresses
of each Class A Lender, the Class A Loan (and transfers thereof) made by each such persons, the principal amount and stated interest
of each such Person in the Class A Loan and each repayment in respect of the principal amount (and related interest amounts) of
the Class A Loan. Failure to make any such recordation, or any error in such recordation shall not affect the Issuer’s obligations
in respect of the Class A Loan. For the avoidance of doubt, the Class A Loan Register is intended to be and shall be maintained
so as to cause the Class A Loan to be considered issued in registered form under Treasury Regulations Section 5f.103-1(c) or proposed
Section 1.163-5 of such regulations and any applicable amended or successor regulations. With respect to the Class A Lender, the
transfer of the rights to the principal of, and interest on, the Class A Loan made by the Class A Lender shall not be effective
until such transfer is recorded on the Class A Loan Register maintained by the Loan Agent with respect to ownership of the Class
A Loan as provided in this Section 16.22 and prior to such recordation all amounts owing to the transferor with respect
to the Class A Loan shall remain owing to the transferor. The registration of assignment or transfer of all the Class A Loan shall
be recorded by the Loan Agent on the Class A Loan Register only upon the acceptance by the Loan Agent of a properly executed and
delivered Assignment and Assumption Agreement pursuant to Section 16.21. Coincident with the delivery of such an Assignment
and Assumption Agreement to the Loan Agent for acceptance and registration of assignment or transfer of the Class A Loan, or as
soon thereafter as practicable, the assigning or transferor Class A Lender shall surrender its Class A Lender Promissory Note,
if any, and thereupon one or more new Class A Lender Promissory Notes in the same aggregate principal amount shall, if requested
by the assignee or transferee Class A Lender be issued to the assignee or transferee Class A Lender.

 

The Loan
Agent shall make such Class A Loan Register available to the Collateral Agent, the Trustee and the Issuer upon request therefor.

 

Section 16.23.             Distributions;
Establishment of Class A Loan Account.

 

(a) On
each Payment Date on which amounts are received by the Loan Agent for distribution to the Class A Lenders pursuant to Section
11.1 of hereof, the Loan Agent shall distribute such amounts to the Class A Lenders, pro rata, allocated based on
amounts due thereto.

 

(b)
The Loan Agent shall, prior to the Closing Date, establish a single, segregated trust account, which shall be designated as
the “Class A Loan Account”. Any and all funds at any time on deposit in, or otherwise to the credit of, the Class
A Loan Account shall be held by the Loan Agent for the benefit of the Class A Lender. The only permitted withdrawal from or
application of funds on deposit in, or otherwise to the credit of, the Class A Loan Account shall be to pay the interest on
and the principal of the Class A Loans in accordance with the provisions of this Indenture and Credit Agreement. All funds
received in the Class A Loan Account shall remain uninvested.

 

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ARTICLE 17

 

SERVICING

Section 17.1.             Servicing.

 

(a)             The
Issuer shall cause all Mortgage Assets to be serviced by the Servicer (or a replacement Servicer reasonably acceptable to the
Majority of the Controlling Class) in accordance with the Servicing Agreement (or a replacement Servicing Agreement reasonably
acceptable to the Majority of the Controlling Class), in each case in accordance with the Servicing Standard. The Issuer shall
obtain the written consent of the Majority of the Controlling Class prior to appointing any replacement Servicer or entering into
or amending or modifying any Servicing Agreement with respect to the Mortgage Assets with a Servicer, which consent shall not
be unreasonably withheld, conditioned or delayed. Upon the occurrence and continuance of an Event of Default, the Majority of
the Controlling Class shall have the right to terminate the Servicer and the Servicing Agreement and appoint a replacement Servicer
to service and administer the Mortgage Assets. In connection with the foregoing, the Issuer, the Trustee and the Collateral Agent
shall reasonably cooperate with the Controlling Class in effecting such replacement and termination.

 

(b)            
Subject to the Mortgage Asset Documents, the terms of the Servicing Agreement and the Servicing Standard, the Servicer shall
have full power and authority, acting alone and/or through one or more Affiliates, vendors or other third parties for the performance
of incidental services of the Servicer hereunder, such as performing inspections or monitoring insurance and/or taxes; provided
that the Servicer shall remain obligated and liable to the Issuer for the servicing and administering of the Mortgage Assets in
accordance with the provisions of the Servicing Agreement hereof without diminution of such obligation or liability by virtue of
such contract. The Servicer shall be obligated to pay all fees and expenses of any Affiliates, vendors or other third parties to
which it has delegated or subcontracted any of its duties under the Servicing Agreement out of its Servicing Fee.

 

(a)             The
Servicer may, at no cost to Issuer, enter into sub-servicing agreements with sub-servicers (so long as such sub-servicer is a
Qualified Servicer and, so long as the Class A Loan is Outstanding, a Majority of the Holders of the Class A Loan approve
such sub-servicer and sub-servicing agreement), to do or cause to be done any and all things in connection with such
servicing and administration that it may deem, in its reasonable judgment, necessary or desirable; provided that the Servicer
shall remain obligated and liable to the Issuer for the servicing and administering of the Mortgage Assets in accordance with
the provisions of the Servicing Agreement without diminution of such obligation or liability by virtue of such sub-servicing
agreement and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and
administering the Mortgage Assets. References in this Indenture and Credit Agreement and the related Servicing Agreement to
actions taken or to be taken by the Servicer in servicing the Mortgage Assets include actions taken or to be taken by a
sub-servicer on behalf of the Servicer. For purposes of this Indenture and Credit Agreement, the Servicer shall be deemed to
have received any payment in respect of a Mortgage Asset when the applicable or related sub-servicer receives such payment.
The Servicer shall be obligated to pay all fees and expenses of any sub-servicer out of its Servicing Fee. Any sub-servicing
agreement entered into by Servicer (or a side letter agreement entered into by the Servicer, the applicable sub-servicer, the
Issuer and the Class A Lender (for so long as the Class A Loan is Outstanding)) shall (x) conform to the provisions in this Section
17.1, (y) provide that it shall terminate automatically upon the termination of the Servicer and (z) terminate, at the
option of a Majority of the Controlling Class, upon the occurrence and continuance of an Event of Default hereunder.

 

(b)             The Issuer and the Class A Lender hereby approve the Servicing Agreement. Except as otherwise expressly provided herein,
the Issuer shall not cause or permit the Servicing Agreement to be amended, modified or supplemented without the consent of a Majority
of the Holders of the Controlling Class.

 

[SIGNATURE PAGES
FOLLOW]

 

    141

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed and delivered this Indenture and Credit Agreement as of the day and year first above written.

 

	 	TERRA MORTGAGE CAPITAL
    I, LLC, as Issuer
	 	 
	 	By:	 /s/ Vikram Uppal
	 	 	Name: Vikram Uppal
	 	 	Title: Chief Executive Officer

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

[GS/Terra - Signature Page to Indenture and Credit Agreement]

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL
    ASSOCIATION,
	 	as Trustee, Collateral Agent,
    Custodian, Loan Agent, and
	 	Note Administrator
	 	 
	 	By: 	/s/ Amy Mofsenson
	 	 	Name: Amy Mofsenson
	 	 	Title: Vice President

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

[GS/Terra - Signature Page to Indenture and Credit Agreement]

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA,
    as Class A Lender
	 	 
	 	By: 	/s/ Jeffrey Dawkins
	 	 	Name:  Jeffrey Dawkins
	 	 	Title:    Authorized Person

 

[GS/Terra - Signature Page to Indenture
and Credit Agreement]

 

     

     

    

 

SCHEDULE A

 

MORTGAGE
ASSET SCHEDULE

 

	 	 		 	 	Committed	 	 		 	 		 	 	Total	 
	 	 	Initial
    Class	 	 	Additional	 	 		 	 	Total
    Future	 	 	Mortgage	 
	Mortgage
    Assets	 	A
    Loan

    Balance	 	 	Class
    A Loan

    Amount	 	 	Initial
    Class B

    Note Balance	 	 	Advance

    Amount	 	 	Asset
    Loan

    Commitment	 
	330 S Tryon
    St	 	$	13,680,000.00	 	 	$	0.00	 	 	$	9,120,000.00	 	 	$	1,100,000.00	 	 	$	23,900,000.00	 
	Boundary	 	$	28,045,277.67	 	 	$	0.00	 	 	$	20,776,487.43	 	 	$	11,178,234.90	 	 	$	60,000,000.00	 
	Peachtree Retreat	 	$	13,985,001.04	 	 	$	0.00	 	 	$	9,323,334.03	 	 	$	1,191,664.93	 	 	$	24,500,000.00	 
	Margaritaville	 	$	22,529,099.08	 	 	$	3,597,905.12	 	 	$	21,015,907.92	 	 	$	500,000.00	 	 	$	44,045,007.00	 
	3105 Patrick Henry	 	$	10,800,000.00	 	 	$	0.00	 	 	$	7,200,000.00	 	 	$	0.00	 	 	$	18,000,000.00	 
	University Park	 	$	13,950,000.00	 	 	 	0.00	 	 	$	9,300,000.00	 	 	$	3,250,000.00	 	 	$	26,500,000.00	 

 

     

     

    

 

  

SCHEDULE
B

 

BENCHMARK 

 

Calculation
of Benchmark. For purposes of calculating the Benchmark (which
shall initially be the London Interbank Offer Rate (“LIBOR”)), the Issuer shall initially appoint the Collateral
Agent as calculation agent (in such capacity, the “Calculation Agent”).

 

Calculation
of LIBOR. LIBOR with respect to any Interest Accrual Period
shall be determined by the Calculation Agent in accordance with the following provisions:

 

(a)               
On each Benchmark Determination Date, LIBOR (other than for the
initial Interest Accrual Period) shall equal the rate, as obtained by the Calculation Agent, for deposits in U.S. Dollars for
a period of one month, which appears on the Reuters Page LIBOR01 (or such other page that may replace that page on such service
for the purpose of displaying comparable rates) as reported by Bloomberg Financial Markets Commodities News as of the Reference
Time. “London Banking Day” means any day on which commercial banks are open for general business (including
dealings in foreign exchange and foreign currency deposits) in London, England.

 

(b)                If
such rate does not appear on Reuters Screen LIBOR01 (or its equivalent), as of the Reference Time, the Calculation Agent
shall request the principal London office of any four major reference banks in the London interbank market selected by the
Calculation Agent to provide quotations of such reference bank’s offered quotations to prime banks in the London
interbank market for deposits in U.S. Dollars for a period of one month, as of the Reference Time, in a principal amount of
not less than $1,000 that is representative for a single transaction in the relevant market at the relevant time. If at least
two such rates are so provided, then LIBOR shall be the arithmetic mean of such quotations. If fewer than two such quotations
are so provided, the Calculation Agent shall be required to request any three major banks in New York City selected by the
Calculation Agent to provide such banks’ rates for loans in U.S. Dollars to leading European banks for a one-month
period as of 11:00 a.m., New York City time, as of the applicable Benchmark Determination Date, in a principal amount not
less than $1,000 that is representative for a single transaction in the relevant market at the relevant time. If at least two
such rates are so provided, then LIBOR shall be the arithmetic mean of such quotations. If fewer than two rates are so
provided, then LIBOR shall be the LIBOR rate used for the immediately preceding Interest Accrual Period.

 

(c)               
In respect of the initial Interest Accrual Period, LIBOR shall
be determined on the second London Banking Day preceding the Closing Date.

 

(d)
               
In no event shall LIBOR be less than the Benchmark Floor.

 

In
making the above calculations, (A) all percentages resulting from the calculation (other than the calculation determined pursuant
to clause (b) above) shall be rounded, if necessary, to the nearest one hundred thousandth of a percentage point (0.00001%) and
(B) all percentages determined pursuant to clause (b) above shall be rounded, if necessary, in accordance with the method set
forth in (A), but to the same degree of accuracy as the two rates used to make the determination (except that such percentages
shall not be rounded to a lower degree of accuracy than the nearest one thousandth of a percentage point (0.001%)).

 

  

    Schedule B-1

     

    

 

SCHEDULE
C

 

PROHIBITED
TRANSFEREE

 

 

 

 

    Schedule C

     

    

 

SCHEDULE
D

 

MORTGAGE
ASSETS REPRESENTATIONS AND WARRANTIES

 

With
respect to each Mortgage Asset and the related Mortgaged Property or Mortgaged Properties, as of the Closing Date, Issuer makes
the following representations and warranties:

 

		1.	Whole
                                         Loan; Ownership of Mortgage Assets. Each Mortgage Asset is a whole loan and not a
                                         participation interest in a loan. At the time of the sale, transfer and assignment to
                                         Issuer, no Mortgage Note or Mortgage was subject to any assignment (other than assignments
                                         to Issuer), participation or pledge, and Issuer had good title to, and was the sole owner
                                         of, each Mortgage Asset free and clear of any and all liens, charges, pledges, encumbrances,
                                         participations, any other ownership interests on, in or to such Mortgage Asset. Issuer
                                         has full right and authority to sell, assign and transfer each Mortgage Asset, free and
                                         clear of any and all liens, pledges, charges or security interests of any nature encumbering
                                         such Mortgage Asset.

 

		2.	Loan
                                         Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases, Rents
                                         and Profits (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 Mortgage
                                         Asset 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
                                         agreements and any applicable state anti- deficiency, one-action or market value limit
                                         deficiency legislation), as applicable, and is enforceable in accordance with its terms,
                                         except (a) as such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent
                                         transfer, reorganization, moratorium or other similar laws affecting the enforcement
                                         of creditors’ rights generally and (ii) general principles of equity (regardless
                                         of whether such enforcement is considered in a proceeding in equity or at law) and (b)
                                         that certain provisions in such Mortgage Asset Documents (including, without limitation,
                                         provisions requiring the payment of default interest, late fees or prepayment/yield maintenance
                                         or prepayment 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 (a) above) such limitations or unenforceability will not render such Mortgage
                                         Asset Documents invalid as a whole or materially interfere with the mortgagee’s
                                         realization of the principal benefits and/or security provided thereby (clauses (a)
                                         and (b) collectively, the “Standard Qualifications”). Except
                                         as set forth in the immediately preceding sentences, there is no valid offset, defense,
                                         counterclaim or right of rescission available to the related borrower with respect to
                                         any of the related Mortgage Notes, Mortgages or other Mortgage Asset Documents, including,
                                         without limitation, any such valid offset, defense, counterclaim or right based on intentional
                                         fraud by Issuer in connection with the origination of the Mortgage Asset, that would
                                         deny the mortgagee the principal benefits intended to be provided by the Mortgage Note,
                                         Mortgage or other Mortgage Asset Documents.

 

		3.	Mortgage
                                         Provisions. The Mortgage Asset Documents for each Mortgage Asset 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,
                                         non-judicial foreclosure subject to the limitations set forth in the Standard Qualifications.

 

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

 

    Schedule D

     

    

 

		5.	Mortgage
                                         Status; Waivers and Modifications. Since origination and except by written instruments
                                         set forth in the related Mortgage Asset File or as otherwise provided in the related
                                         Mortgage Asset Documents (a) the material terms of such Mortgage, Mortgage Note, guaranty,
                                         participation agreement, if applicable, and related Mortgage Asset Documents have not
                                         been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded
                                         in any respect that could have a material adverse effect on Mortgage Asset; (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 borrower nor the related guarantor nor the related participating
                                         Person has been released from its material obligations under the Mortgage Asset Documents.
                                         With respect to each Mortgage Asset, except as contained in a written document included
                                         in the Mortgage Asset File, there have been no modifications, amendments or waivers,
                                         that could be reasonably expected to have a material adverse effect on such Mortgage
                                         Asset consented to by Issuer.

 

		6.	Lien;
                                         Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage
                                         and assignment of Assignment of Leases, Rents and Profits to Issuer constitutes a legal,
                                         valid and binding assignment to the Issuer. Each related Mortgage and Assignment of Leases,
                                         Rents and Profits is freely assignable without the consent of the related Mortgagor.
                                         Each related Mortgage is a legal, valid and enforceable first lien on the related Mortgagor’s
                                         fee or leasehold interest in the Mortgaged Property in the principal amount of such Mortgage
                                         Asset or allocated loan amount (subject only to Permitted Encumbrances (as defined below)),
                                         except as the enforcement thereof may be limited by the Standard Qualifications. Such
                                         Mortgaged Property (subject to and excepting Permitted Encumbrances) is free and clear
                                         of any recorded mechanics’ liens, recorded materialmen’s liens and other
                                         recorded encumbrances, and no rights exist which under law could give rise to any such
                                         lien or encumbrance that would be prior to or equal with the lien of the related Mortgage,
                                         except those which are bonded over, escrowed for or insured against by a lender’s
                                         title insurance policy (as described below). Any security agreement, chattel mortgage
                                         or equivalent document related to and delivered in connection with the Mortgage Asset
                                         establishes and creates a valid and enforceable lien on property described therein, except
                                         as such enforcement may be limited by Standard Qualifications subject to the limitations
                                         described in Paragraph (9) below. Notwithstanding anything herein to the contrary,
                                         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 is required in order to effect such perfection.

 

    Schedule D

     

    

 

	 	7.
    	Permitted
    Liens; Title Insurance. Each Mortgaged Property securing a Mortgage Asset is covered by an American Land Title Association
    (ALTA) lender’s title insurance policy or a comparable form of lender’s title insurance policy (or escrow instructions
    binding on the applicable a nationally-recognized title insurance company (each, a “Title Company”) and
    irrevocably obligating the Title Company to issue such title insurance policy, a title policy commitment or pro- forma “marked
    up” at the closing of the related Mortgage Asset and countersigned by the Title Company or its authorized agent) as
    adopted in the applicable jurisdiction (each, a “Title Policy”) in the original principal amount of such
    Mortgage Asset (or with respect to a Mortgage Asset 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) all liens,encumbrances and other matters disclosed in the
    applicable Title Policy, (b) liens, if any, for taxes imposed by any governmental authority not yet due or delinquent, (c)
    leases, equipment leases, or other similar instruments entered into in accordance with the Mortgage Asset Documents, (d) mechanics’
    liens, materialmen’s liens and other recorded encumbrances which are being contested in accordance with the Mortgage
    Asset Documents, bonded over, escrowed for or insured against by the applicable Title Policy, and (e) liens and encumbrances
    incurred in accordance with the terms of the Mortgage Asset Documents (collectively, the “Permitted Encumbrances”).
    None of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related
    Mortgage. 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 Issuer thereunder and no claims have been paid thereunder.
    Neither Issuer, nor to Issuer’s knowledge, any other holder of the Mortgage Asset, has done, by act or omission, anything
    that would materially impair the coverage under such Title Policy. Each Title Policy contains no exclusion for, or affirmatively
    insures (except for any Mortgaged Property located in a jurisdiction where such affirmative insurance is not available in
    which case such exclusion may exist), (a) that the area shown on the survey is the same as the property legally described
    in the Mortgage and (b) to the extent that the Mortgaged Property consists of two or more adjoining parcels, such parcels
    are contiguous.

 

		8.	Junior
                                         Liens. There are no subordinate mortgages or junior liens securing the payment of
                                         money encumbering the related Mortgaged Property (other than Permitted Encumbrances).
                                         Issuer has no knowledge of any mezzanine debt secured directly by interests in the related
                                         Mortgagor.

 

		9.	Assignment
                                         of Leases, Rents and Profits. There exists as part of the related Mortgage Asset
                                         File an Assignment of Leases, Rents and Profits (either as a separate instrument or incorporated
                                         into the related Mortgage). Subject to the Permitted Encumbrances, each related Assignment
                                         of Leases, Rents and Profits 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. No Person other
                                         than the related Mortgagor owns any interest in any payments due under such lease or
                                         leases that is superior to or of equal priority with the lender’s interest therein.
                                         The related Mortgage or related Assignment of Leases, Rents and Profits, subject to applicable
                                         law, provides that, upon an event of default under the Mortgage Asset, 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.

 

	 	10.
    	UCC
    Filings. Issuer 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-1 financing statements in the appropriate public filing and/or
    recording offices necessary at the time of the origination of the Mortgage Asset 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 Mortgage Asset
    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-1 financing statements are required
    in order to effect such perfection. Each UCC-1 financing statement, if any, filed with respect to personal property constituting
    a part of the related Mortgaged Property and each UCC-2 or UCC-3 assignment, if any, of such financing statement to Issuer
    was in suitable form for filing in the filing office in which such financing statement was filed.

 

    Schedule D

     

    

 

	 	11.	Condition
    of Property. Issuer or the originator of the Mortgage Asset inspected or caused to be inspected each related Mortgaged
    Property within six (6) months of origination of the Mortgage Asset and within twelve (12) months of the Cut-off Date. An
    engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Asset
    no more than twelve (2) months prior to the Cut-off Date. To Issuer’s knowledge, based solely upon due diligence customarily
    performed in connection with the origination of comparable mortgage loans, each related Mortgaged Property was (a) free and
    clear of any material damage, (b) in good repair and condition and (c) is free of structural defects, except in each case
    (i) for any damage or deficiencies that would not materially and adversely affect the use, operation or value of such Mortgaged
    Property as security for the Mortgage Asset, (ii) if such repairs have been completed or (iii) if escrows in an aggregate
    amount consistent with the standards utilized by Issuer with respect to similar loans its holds for its own account have been
    established, which escrows will in all events be in an aggregate amount not less than the estimated cost of such repairs.
    Issuer has no knowledge of any material issues with the physical condition of the Mortgaged Property that Issuer believes
    would have a material adverse effect on the use, operation or value of the Mortgaged Property other than those disclosed in
    the engineering report and those addressed in clauses (i), (ii) and (iii) above.

 

		12.	Taxes
                                         and Assessments. All real estate taxes, governmental assessments and other similar
                                         outstanding governmental charges (including, without limitation, water and sewage charges),
                                         or installments thereof, that 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 Cut-off Date have become delinquent in respect of each related Mortgaged Property
                                         have been paid, or, if the appropriate amount of such taxes or charges is being appealed
                                         or is otherwise in dispute, 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 Paragraph (12), 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.

 

		13.	Condemnation.
                                         As of the date of origination and to Issuer’s knowledge as of the Cut-off Date,
                                         there is no proceeding pending, and, to Issuer’s knowledge as of the date of origination
                                         and as of the Cut- off Date, there is no proceeding 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.

 

		14.	Actions
                                         Concerning Mortgage Asset. As of the date of origination and to Issuer’s knowledge
                                         as of the Cut-off Date, there was no pending, filed or threatened action, suit or proceeding,
                                         arbitration or governmental investigation involving any Mortgagor, guarantor, or the
                                         Mortgaged Property, 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 Mortgage Asset Documents, (d) such guarantor’s ability
                                         to perform under the related guaranty, (e) the use, operation or value of the Mortgaged
                                         Property, (f) the principal benefit of the security intended to be provided by the Mortgage
                                         Asset Documents, (g) the current ability of the Mortgaged Property to generate net cash
                                         flow sufficient to service such Mortgage Asset or (h) the current principal use of the
                                         Mortgaged Property.

 

    Schedule D

     

    

 

		15.	Escrow
                                         Deposits. All escrow deposits and payments required to be escrowed with lender pursuant
                                         to the Mortgage Asset Documents are in the possession, or under the control, of Issuer
                                         or its servicer, and there are no deficiencies (subject to any applicable grace or cure
                                         periods) in connection therewith. Any and all requirements under the Mortgage Asset Documents
                                         as to completion of any material improvements and as to disbursements of any funds escrowed
                                         for such purpose, which requirements were to have been complied with on or before the
                                         Cut-Off Date, have been complied with in all material respects or the funds so escrowed
                                         have not been released. No other escrow amounts have been released except in accordance
                                         with the terms and conditions of the Mortgage Asset Documents.

 

		16.	No
                                         Holdbacks. The principal balance of the Mortgage Asset set forth on the Mortgage
                                         Asset Schedule has been fully disbursed as of the Cut-off Date and there is no requirement
                                         for future advances thereunder (except in those cases where the full amount of the Mortgage
                                         Asset 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 Issuer to merit such holdback), and any requirements or conditions to disbursements
                                         of any loan proceeds held in escrow have been satisfied with respect to any disbursements
                                         of any such escrow fund made on or prior to the date hereof.

 

		17.	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 Mortgage Asset Documents and having a claims-paying or financial
                                         strength rating of any one of the following: (i) at least “A-:VII” from A.M.
                                         Best Company, Inc., (ii) at least “A3” (or the equivalent) from Moody’s
                                         or (iii) at least “A-” from Standard & Poor’s (collectively, the
                                         “Insurance Rating Requirements”), in an amount (subject to a customary
                                         deductible) not less than the lesser of (1) the original principal balance of the Mortgage
                                         Asset 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.

 

Each
related Mortgaged Property is also covered, and required to be covered pursuant to the related Mortgage Asset Documents, by business
interruption or rental loss insurance which (subject to a customary deductible) (i) covers a period of not less than twelve (12)
months (or with respect to each Mortgage Asset on a single asset with a principal balance of $50 million or more, eighteen (18)
months); (ii) for a Mortgage Asset with a principal balance of $50 million or more, contains a 180 day “extended period
of indemnity”; and (iii) covers the actual loss sustained during restoration.

 

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 as having special flood hazards, the related Mortgagor is required
to maintain insurance in the maximum amount available under the National Flood Insurance Program, plus such additional excess
flood coverage in an amount as is generally required by prudent institutional commercial mortgage lenders originating mortgage
loans for securitization.

 

    Schedule D

     

    

 

If
windstorm and/or windstorm related perils and/or “named storms” are excluded from the primary property damage insurance
policy, the Mortgaged Property is insured by a separate windstorm insurance policy issued by an insurer meeting the Insurance
Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms in an amount
at least equal to 100% of the full insurable value on a replacement cost basis of the improvements and personalty and fixtures
included in the related Mortgaged Property by an insurer meeting the Insurance Rating Requirement.

 

The
Mortgaged Property is covered, and required to be covered pursuant to the related Mortgage Asset 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 a prudent institutional
commercial mortgage lender for loans originated for securitization, and in any event not less than $1 million per occurrence and
$2 million in the aggregate.

 

An
architectural or engineering consultant has performed an analysis of 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 either the
scenario expected limit (the “SEL”) or the probable maximum loss (the “PML”) for the Mortgaged
Property in the event of an earthquake. In such instance, the SEL or PML, as applicable, 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 or PML, as
applicable, 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:VII” by A.M. Best Company, Inc. or “A3” (or the
equivalent) from Moody’s or “A-” by Standard & Poor’s in an amount not less than 150% of the SEL or
PML, as applicable.

 

The
Mortgage Asset 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 Mortgage Asset, the lender (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 reduction of the outstanding principal balance of such Mortgage
Asset together with any accrued interest thereon.

 

All
premiums on all insurance policies referred to in this Paragraph (17) required to be paid as of the Cut-off Date have been paid,
and such insurance policies name the lender under the Mortgage Asset 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 Trustee. Each related Mortgage Asset obligates the related Mortgagor to maintain all such insurance
and, at such Mortgagor’s failure to do so, authorizes the lender to maintain such insurance at the Mortgagor’s cost
and expense and to charge such Mortgagor for related premiums and other related expenses, including reasonable attorney’s
fees. All such insurance policies (other than commercial liability policies) require at least 10 days’ prior notice to the
lender of termination or cancellation arising because of nonpayment of a premium and at least 30 days prior notice to the lender
of termination or cancellation (or such lesser period, not less than 10 days, 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 Issuer.

 

    Schedule D

     

    

 

		18.	Access;
                                         Utilities; Separate Tax Lots. 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
                                         which do not include any property which is not part of the Mortgaged Property or is subject
                                         to an endorsement under the related Title Policy insuring the Mortgaged Property, 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 Mortgage Asset Documents
                                         require 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
                                         or the non-recourse carveout guarantor under the Mortgage Asset Documents has indemnified
                                         the mortgagee for any loss suffered in connection therewith.

 

		19.	No
                                         Encroachments. To Issuer’s knowledge based solely on surveys obtained in connection
                                         with origination (which may have been a previously existing “as built” survey)
                                         and the lender’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 Mortgage Asset,
                                         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 Mortgage
                                         Asset 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 for which insurance or endorsements were obtained under the Title Policy.
                                         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 for which insurance or endorsements were obtained under
                                         the Title Policy. No material 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 for which insurance or endorsements have been obtained
                                         under the Title Policy.

 

		20.	No
                                         Contingent Interest or Equity Participation. No Mortgage Asset has a shared appreciation
                                         feature, any other contingent interest feature or a negative amortization feature (except
                                         that an anticipated repayment date 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 Issuer.

 

		21.	REMIC.
                                         The Mortgage Asset is a “qualified mortgage” within the meaning of Section
                                         860G(a)(3) of the Code (but determined without regard to the rule in 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 Mortgage Asset to the related Mortgagor
                                         at origination did not exceed the non-contingent principal amount of the Mortgage Asset
                                         and (b) either: (i) such Mortgage Asset is secured by an interest in real property (including
                                         buildings and structural components thereof, but excluding personal property) having
                                         a fair market value (A) at the date the Mortgage Asset was originated at least equal
                                         to 80% of the adjusted issue price of the Mortgage Asset on such date or (B)  at
                                         the Cut-off Date at least equal to 80% of the adjusted issue price of the Mortgage Asset
                                         on such date, provided that, for purposes hereof, the fair market value of the real property
                                         interest must first be reduced by (1) the amount of any lien on the real property interest
                                         that is senior to the Mortgage Asset and (2) a proportionate amount of any lien that
                                         is in parity with the Mortgage Asset; or (ii) substantially all of the proceeds of such
                                         Mortgage Asset were used to acquire, improve or protect the real property which served
                                         as the only security for such Mortgage Asset (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 the Mortgage Asset was “significantly modified” prior to the Cut-off Date
                                         so as to result in a taxable exchange under Section 1001 of the Code, it either (i) 
                                         was modified as a result of the default or reasonably foreseeable default of such
                                         Mortgage Asset or (ii) satisfies the provisions of either clause (b)(i)(A) above (substituting
                                         the date of the last such modification for the date the Mortgage Asset was originated)
                                         or clause (b)(i)(B), including the proviso thereto. Any prepayment premium and yield
                                         maintenance charges applicable to the Mortgage Asset constitute “customary prepayment
                                         penalties” within the meaning of Treasury Regulations Section 1.860G-(b)(2). All
                                         terms used in this Paragraph (21) shall have the same meanings as set forth in the related
                                         Treasury Regulations.

 

    Schedule D

     

    

 

		22.	Compliance
                                         with Usury Laws. The interest rate (exclusive of any default interest, late charges,
                                         yield maintenance charges, exit fees, or prepayment premiums) of such Mortgage Asset
                                         complied as of the date of origination with, or was exempt from, applicable state or
                                         federal laws, regulations and other requirements pertaining to usury.

 

		23.	Authorized
                                         to do Business. To the extent required under applicable law, as of the Cut-off Date
                                         and as of each 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 Mortgage Asset by Issuer.

 

		24.	Trustee
                                         under Deed of Trust. With respect to each Mortgage which is a deed of trust, 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, and except in connection with a trustee’s sale after a default by the
                                         related Mortgagor or in connection with any full or partial release of the related Mortgaged
                                         Property or related security for such Mortgage Asset, and except in connection with a
                                         trustee’s sale after a default by the related Mortgagor, no fees are payable to
                                         such trustee except for de minimis fees paid.

 

		25.	Local
                                         Law Compliance. To Issuer’s knowledge, based upon any of a letter from any
                                         governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s
                                         report, an endorsement to the related Title Policy, or other affirmative investigation
                                         of local law compliance consistent with the investigation conducted by Issuer for similar
                                         commercial, multifamily and manufactured housing community mortgage loans intended for
                                         securitization, with respect to the improvements located on or forming part of each Mortgaged
                                         Property securing a Mortgage Asset, there are no material violations of applicable laws,
                                         zoning ordinances, rules, covenants, building codes, restrictions and land laws (collectively,
                                         “Zoning Regulations”) other than those which (i) constitute a legal
                                         non- conforming use or structure, as to which the Mortgaged Property may be restored
                                         or repaired to the full extent necessary to maintain the use of the structure immediately
                                         prior to a casualty or the inability to restore or repair to the full extent necessary
                                         to maintain the use or structure immediately prior to the casualty would not materially
                                         and adversely affect the use or operation of the Mortgaged Property, (ii) are insured
                                         by the Title Policy or other insurance policy, (iii) are insured by law and ordinance
                                         insurance coverage in amounts customarily required by prudent commercial mortgage lenders
                                         for loans originated for securitization that provides coverage for additional costs to
                                         rebuild and/or repair the property to current Zoning Regulations or (iv) would not have
                                         a material adverse effect on the Mortgage Asset. The terms of the Mortgage Asset Documents
                                         require the Mortgagor to comply in all material respects with all applicable governmental
                                         regulations, zoning and building laws.

 

    Schedule D

     

    

 

		26.	Licenses
                                         and Permits. Each Mortgagor covenants in the Mortgage Asset Documents that it shall
                                         keep all material licenses, permits, franchises, certificates of occupancy, consents
                                         and applicable governmental authorizations necessary for its operation of the Mortgaged
                                         Property in full force and effect, and to Issuer’s knowledge based upon a letter
                                         from any government authorities or other affirmative investigation of local law compliance
                                         consistent with the investigation conducted by Issuer for similar commercial, multifamily
                                         and manufactured housing community mortgage loans intended for securitization, all such
                                         material licenses, permits and applicable governmental authorizations are in effect.
                                         The Mortgage Asset Documents require the related Mortgagor to be qualified to do business
                                         in the jurisdiction in which the related Mortgaged Property is located and for the Mortgagor
                                         and the Mortgaged Property to be in compliance in all material respects with all regulations,
                                         zoning and building laws.

 

		27.	Recourse
                                         Obligations. The Mortgage Asset Documents for each Mortgage Asset provide that such
                                         Mortgage Asset is non-recourse to the related parties thereto except that: (a) the related
                                         Mortgagor and a guarantor (which is a natural person or persons, or an entity distinct
                                         from the Mortgagor (but may be affiliated with Mortgagor) that has assets other than
                                         equity in the related Mortgaged Property that are not de minimis) shall be fully
                                         liable for losses, liabilities, costs and damages arising from certain acts of the related
                                         Mortgagor and/or its principals specified in the related Mortgage Asset Documents, which
                                         acts generally include the following: (i) acts of fraud or intentional material misrepresentation,
                                         (ii) misappropriation of rents (following an event of default), insurance proceeds or
                                         condemnation awards, (iii) intentional material physical waste of the Mortgaged Property,
                                         (iv) intentional misconduct and (v) any breach of the environmental covenants contained
                                         in the related Mortgage Asset Documents, and (b) the Mortgage Asset shall become full
                                         recourse to the related Mortgagor and a guarantor (which is a natural person or persons,
                                         or an entity distinct from the Mortgagor (but may be affiliated with Mortgagor) that
                                         has assets other than equity in the related Mortgaged Property that are not de minimis),
                                         upon any of the following events: (i) if any petition for bankruptcy, insolvency, dissolution
                                         or liquidation pursuant to federal bankruptcy law, or nay similar federal or state law,
                                         shall be filed, consented to, or acquiesced in by the Mortgagor, (ii) 
Mortgagor and/or its principals shall have colluded with other
creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) upon the transfer of either the Mortgaged
Property or equity interests in Mortgagor made in violation of the Mortgage Asset Documents.

 

		28.	Mortgage
                                         Releases. The terms of the related Mortgage or related Mortgage Asset 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 of not
                                         less than a specified percentage at least equal to the lesser of (i) 115% of the related
                                         allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding
                                         principal balance of the Mortgage Asset, (b) upon payment in full of such Mortgage Asset,
                                         (c) 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 Mortgage Asset and are not necessary for physical access to the
                                         Mortgaged Property or compliance with zoning requirements, or (d) as required pursuant
                                         to an order of condemnation. With respect to any partial release under the preceding
                                         clause (a) or (d), either: (i) such release of collateral (A) would not
                                         constitute a “significant modification” of the subject Mortgage Asset within
                                         the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (B) would not cause the
                                         subject Mortgage Asset to fail to be a “qualified mortgage” within the meaning
                                         of Section 860G(a)(3)(A) of the Code; or (ii) the mortgagee or servicer can, in accordance
                                         with the related Mortgage Asset Documents, condition such release of collateral on the
                                         related Mortgagor’s delivery of an opinion of tax counsel to the effect specified
                                         in the immediately preceding clause (i). For purposes of the preceding clause
                                         (i), if the fair market value of the real property constituting such Mortgaged Property
                                         after the release is not equal to at least 80% of the principal balance of the Mortgage
                                         Asset 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 provisions governing a “real
                                         estate mortgage investment conduit” as defined in Section 860D of the Code (the
                                         “REMIC Provisions”).

 

    Schedule D

     

    

 

In
the event of a taking of any portion of a Mortgaged Property by a State or any political subdivision or authority thereof, whether
by legal proceeding or by agreement, the Mortgagor can be required to pay down the principal balance of the Mortgage Asset in
an amount not less than the amount required by the REMIC Provisions and, to such extent, awards are not required to be applied
to the restoration of the Mortgaged Property or to be released to the Mortgagor, if, immediately after the release of such portion
of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value
of the real property constituting the remaining Mortgaged Property is not equal to at least 80% of the remaining principal balance
of the Mortgage Asset.

 

No
such Mortgage Asset that is secured by more than one Mortgaged Property or that is cross- collateralized with another Mortgage
Asset permits the release of cross-collateralization of the related Mortgaged Properties, other than in compliance with the REMIC
Provisions.

 

		29.	Financial
                                         Reporting and Rent Rolls. The Mortgage Asset Documents for each Mortgage Asset require
                                         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 respect to each Mortgage Asset 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.

 

		30.	Acts
                                         of Terrorism Exclusion. With respect to each Mortgage Asset over $20 million, the
                                         related special-form all-risk insurance policy and business interruption policy (issued
                                         by an insurer meeting the Insurance Rating Requirements) do not specifically exclude
                                         Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended
                                         by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (collectively, the
                                         “TRIA”), from coverage, or if such coverage is excluded, it is covered
                                         by a separate terrorism insurance policy. With respect to each other Mortgage Asset,
                                         the related special-form all-risk insurance policy and business interruption policy (issued
                                         by an insurer meeting the Insurance Rating Requirements) does not specifically exclude
                                         Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded,
                                         it is covered by a separate terrorism insurance policy. With respect to each Mortgage
                                         Asset, the related Mortgage Asset Documents do not expressly waive or prohibit the mortgagee
                                         from requiring coverage for Acts of Terrorism, as defined in the TRIA, 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; provided, however,
                                         that if the TRIA or a similar or subsequent statute is not in effect, then, provided
                                         that terrorism insurance is commercially available, the Mortgagor under each
                                         Mortgage Asset is required to carry terrorism insurance, but in such event the Mortgagor
                                         shall not be required to spend on terrorism insurance coverage more than two times the
                                         amount of the insurance premium that is payable in respect of the property and business
                                         interruption/rental loss insurance required under the related Mortgage Asset Documents
                                         (without giving effect to the cost of terrorism and earthquake components of such casualty
                                         and business interruption/rental loss insurance) at the time of the origination of the
                                         Mortgage Asset, and if the cost of terrorism insurance exceeds such amount, the borrower
                                         is required to purchase the maximum amount of terrorism insurance available with funds
                                         equal to such amount.
                                                                                                                                                                                                                                                        

    Schedule D

     

    

  

		31.	Due
                                         on Sale or Encumbrance. Subject to specific exceptions set forth below, each Mortgage
                                         Asset contains a “due on sale” or other such provision for the acceleration
                                         of the payment of the unpaid principal balance of such Mortgage Asset 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 Mortgage Asset Documents
                                         (which provide for transfers without the consent of the lender which are customarily
                                         acceptable to prudent commercial and multifamily mortgage lending institutions 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 Mortgage Asset 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 Mortgage Asset Documents, (iii) transfers that do
                                         not result in a change of Control of the related Mortgagor or transfers of passive interests
                                         so long as the guarantor retains Control, (iv) transfers to another holder of direct
                                         or indirect equity in the Mortgagor, a specific Person designated in the related Mortgage
                                         Asset Documents or a Person satisfying specific criteria identified in the related Mortgage
                                         Asset 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 Paragraph (28) herein, or (vii) to the extent set forth
                                         in the exceptions contained on Schedule D-1(b), by reason of any mezzanine debt that
                                         existed at the origination of the related Mortgage Asset, or future permitted mezzanine
                                         debt in each case as set forth on Schedule D-1(c) or (b) the related Mortgaged Property
                                         is encumbered with a subordinate lien or security interest against the related Mortgaged
                                         Property, other than any Permitted Encumbrances. The Mortgage or other Mortgage Asset
                                         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 fees and expenses incurred by the Mortgagee
                                         relative to such transfer or encumbrance. For purposes of the foregoing representation,
                                         “Control” means the power to direct the management and policies of an entity,
                                         directly or indirectly, whether through the ownership of voting securities or other beneficial
                                         interests, by contract or otherwise.

 

		32.	Single-Purpose
                                         Entity. Each Mortgage Asset requires the borrower to be a Single-Purpose Entity for
                                         at least as long as the Mortgage Asset is outstanding. Both the Mortgage Asset Documents
                                         and the organizational documents of the Mortgagor with respect to each Mortgage Asset
                                         with a principal amount on the Cut-off Date of $5 million or more provide that the borrower
                                         is a Single- Purpose Entity, and each Mortgage Asset with a principal amount on the Cut-off
                                         Date of $20 million or more has a counsel’s opinion regarding non-consolidation
                                         of the Mortgagor. For purposes of this Paragraph (32), a “Single-Purpose
                                         Entity” shall mean an entity, other than an individual, whose organizational
                                         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 Mortgage Assets and prohibit it from engaging in any business unrelated to such Mortgaged
                                         Property or Properties, and whose organizational documents further provide, or which
                                         entity represented in the related Mortgage Asset Documents, substantially to the effect
                                         that it does not have any assets other than those related to its interest in and operation
                                         of such Mortgaged Property or Properties, or any indebtedness other than as permitted
                                         by the related Mortgage(s) or the other related Mortgage Asset Documents, that it has
                                         its own books and records and accounts separate and apart from those of any other person,
                                         and that it holds itself out as a legal entity, separate and apart from any other person
                                         or entity.

 

    Schedule D

     

    

 

		33.	Defeasance.
                                         With respect to any fixed rate Mortgage Asset that, pursuant to the Mortgage Asset Documents,
                                         can be defeased, (i) the Mortgage Asset Documents provide for defeasance as a unilateral
                                         right of the Mortgagor, subject to satisfaction of conditions specified in the Mortgage
                                         Asset Documents; (ii) the Mortgage Asset cannot be defeased within two years after the
                                         closing date of a securitization of such Mortgage Asset ; (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 be sufficient
                                         to make all scheduled payments under the Mortgage Asset 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)
                                         and if the Mortgage Asset permits partial releases of real property in connection with
                                         partial defeasance, the revenues from the collateral will be sufficient to pay all such
                                         scheduled payments calculated on a principal amount equal to a specified percentage at
                                         least equal to 115% of the allocated loan amount for the real property to be released;
                                         (iv)  the defeasance collateral is not permitted to be subject to prepayment, call,
                                         or early redemption; (v)    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; (vi) if the Mortgagor would continue to own assets in addition
                                         to the defeasance collateral, the portion of the Mortgage Asset secured by defeasance
                                         collateral is required to be assumed by a Single-Purpose Entity; (vii) 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 (viii) 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 expenses associated
                                         with defeasance, including, but not limited to, accountant’s fees and opinions
                                         of counsel.

 

		34.	Ground Leases. 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 Mortgage Asset where the Mortgage Asset 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 Issuer, its successors and assigns, Issuer represents and warrants that:

  

		(a)	(i)
                                         the Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or
                                         submitted for recordation in a form that is acceptable for recording in the applicable
                                         jurisdiction; (ii) 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 and (iii) no material change in the terms of the Ground Lease had
                                         occurred since its recordation, except by any written instrument which are included in
                                         the related Mortgage Asset File;

 

    Schedule D

     

    

 

		(b)	the
                                         lessor under such Ground Lease has agreed in a writing included in the related Mortgage
                                         Asset File (or in such Ground Lease) that the Ground Lease may not be amended or modified,
                                         or canceled or terminated, without the prior written consent of the lender (except termination
                                         or cancellation if (i) notice of a default under the Ground Lease is provided to lender
                                         and (ii) such default is curable by lender as provided in the Ground Lease but remains
                                         uncured beyond the applicable cure period), and no such consent has been granted by Issuer
                                         since the origination of the Mortgage Asset except as reflected in any written instruments
                                         which are included in the related Mortgage Asset File;

 

		(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 Mortgage Asset, or 10 years past the stated maturity if such
                                         Mortgage Asset fully amortizes by the stated maturity (or with respect to a Mortgage
                                         Asset 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 commercially unreasonable restrictions on the identity of
                                         the mortgagee and the Ground Lease is assignable to the holder of the Mortgage Asset
                                         and its successors and assigns without the consent of the lessor thereunder, and in the
                                         event it is so assigned, it is further assignable by the holder of the Mortgage Asset
                                         and its successors and assigns without the consent of the lessor;

 

		(f)	Issuer
                                         has not received any written notice of material default under or notice of termination
                                         of such Ground Lease and, to Issuer’s 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, to Issuer’s
                                         knowledge, such Ground Lease is in full force and effect;

 

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

 

		(h)	a
                                         lender 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 lender’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 as commercially
                                         unreasonable by a prudent commercial mortgage lender;

 

		(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 Paragraph (34)(k) below) 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
                                         Mortgage Asset Documents) the lender 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 Mortgage Asset, together with any accrued
                                         interest;

    Schedule D

     

    

 

		(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 Mortgage Asset, together
                                         with any accrued interest; and

 

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

 

		35.	Servicing.
                                         The servicing and collection practices used by Issuer with respect to the Mortgage Asset
                                         have been, in all material respects, legal and have met customary industry standards
                                         for servicing of similar commercial loans.

 

		36.	Origination
                                         and Underwriting. The origination practices of Issuer (or the related originator
                                         if Issuer was not the originator) with respect to each Mortgage Asset have been, in all
                                         material respects, legal and as of the date of its origination, such Mortgage Asset and
                                         the origination thereof complied in all material respects with, or was exempt from, all
                                         requirements of federal, state or local laws and regulations relating to the origination
                                         of such Mortgage Asset. At the time of origination of such Mortgage Asset, the origination,
                                         due diligence and underwriting performed by or on behalf of Issuer in connection with
                                         each Mortgage Asset complied in all material respects with the terms, conditions and
                                         requirements of Issuer’s origination, due diligence, underwriting procedures, guidelines
                                         and standards for similar commercial and multifamily loans.

 

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

 

		38.	No
                                         Material Default; Payment Record. No Mortgage Asset has been more than 30 days delinquent,
                                         without giving effect to any grace or cure period, in making required payments since
                                         origination, and as of the Cut-off Date, no Mortgage Asset is delinquent (beyond any
                                         applicable grace or cure period) in making required payments. To Issuer’s knowledge,
                                         there is (a) no, and since origination there has been no, material default, breach, violation
                                         or event of acceleration existing under the related Mortgage Asset Documents, 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 clause (a) or (b),
                                         materially and adversely affects the value of the Mortgage Asset, or the value, use or
                                         operation of the related Mortgaged Property, provided, however,
                                         that this Paragraph (38) does not cover any default, breach, violation or event
                                         of acceleration that specifically pertains to or arises out of an exception scheduled
                                         hereto to any other representation and warranty made by Issuer. No person other than
                                         the holder of such Mortgage Asset may declare any event of default under the Mortgage
                                         Asset or accelerate any indebtedness under the Mortgage Asset Documents.

 

    Schedule D

     

    

  

		39.	Bankruptcy.
                                         As of the date of origination of the related Mortgage Asset and to Issuer’s knowledge
                                         as of the Cut-off Date, neither the 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 state or federal bankruptcy, insolvency or similar proceeding.

 

		40.	Organization
                                         of Mortgagor. With respect to each Mortgage Asset, in reliance on certified copies
                                         of the organizational documents of the Mortgagor delivered by the Mortgagor in connection
                                         with the origination of such Mortgage Asset, 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. No Mortgage Asset has a Mortgagor that is an Affiliate of
                                         another borrower.

 

Issuer
has obtained an organizational chart or other description of each Mortgagor which identifies all beneficial controlling owners
of the Mortgagor (i.e., managing members, general partners or similar controlling person for such Mortgagor) (the “Controlling
Owner”) and all owners that hold a 20% or greater direct ownership share (the “Major Sponsors”).
Issuer (a) required questionnaires to be completed by each Controlling Owner and guarantor or performed other processes designed
to elicit information from each Controlling Owner and guarantor regarding such Controlling Owner’s or guarantor’s
prior history regarding any bankruptcies or other insolvencies, any felony convictions, and (b) performed or caused to be performed
searches of the public records or services such as Lexis/Nexis, or a similar service designed to elicit information about each
Controlling Owner, Major Sponsor and guarantor regarding such Controlling Owner’s, Major Sponsor’s or guarantor’s
prior history regarding any bankruptcies or other insolvencies, any felony convictions, and provided, however, that
manual public records searches were limited to the last 10 years (clauses (a) and (b) collectively, the “Sponsor
Diligence”). Based solely on the Sponsor Diligence, to the knowledge of Issuer, no Major Sponsor or guarantor (i) was
in a state or federal bankruptcy or insolvency proceeding, (ii) had a prior record of having been in a state of federal bankruptcy
or insolvency, or (iii) had been convicted of a felony.

 

    Schedule D

     

    

 

		41.	Environmental
                                         Conditions. At origination, each Mortgagor represented and warranted that to its
                                         knowledge no hazardous materials or any other substances or materials which are included
                                         under or regulated by any federal, state, foreign or local statute, law, rule, regulation,
                                         ordinance, code, guideline, written policy and rule of common law now or hereafter in
                                         effect and in each case as amended, and any judicial or administrative interpretation
                                         thereof, including any judicial or administrative order, consent decree or judgment,
                                         relating to the environment, employee health and safety or hazardous materials, including,
                                         without limitation, CERCLA; RCRA; the Federal Water Pollution Control Act, 33 U.S.C.
                                         § 1251 et seq.; the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq.;
                                         the Clean Air Act, 42 U.S.C. § 7401 et seq.; the Safe Drinking Water Act, 42 U.S.C.
                                         § 3803 et seq.; the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq.; the
                                         Emergency Planning and the Community Right-to-Know Act of 1986, 42 U.S.C. § 11001
                                         et seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 et seq. and
                                         the Occupational Safety and Health Act, 29 U.S.C. § 651 et seq.; and any state and
                                         local or foreign counterparts or equivalents, in each case as amended from time to time
                                         (the “Environmental Laws”) are located on, or have been handled,
                                         manufactured, generated, stored, processed, or disposed of on or released or discharged
                                         from the Mortgaged Property, except for those substances commonly used in the operation
                                         and maintenance of properties of kind and nature similar to those of the Mortgaged Property
                                         in compliance with all Environmental Laws and in a manner that does not result in contamination
                                         of the Mortgaged Property or in a material adverse effect on the value, use or operations
                                         of the Mortgaged Property. A Phase I environmental site assessment (or update of a previous
                                         Phase I and or Phase II site assessment) and, with respect to certain Mortgage Assets,
                                         a Phase II environmental site assessment (collectively, an “ESA”)
                                         meeting ASTM requirements was conducted by a reputable environmental consultant in connection
                                         with such Mortgage Asset within 12 months prior to its origination date (or an update
                                         of a previous ESA was prepared), and such ESA either (i) did not identify the existence
                                         of recognized “environmental conditions” as such term is defined in ASTM
                                         E1527-05 or its successor (the “Environmental Conditions”) at the
                                         related Mortgaged Property or the need for further investigation with respect to any
                                         Environmental Condition that was identified, or (ii) if the existence of an Environmental
                                         Condition or need for further investigation was indicated in any such ESA, then at least
                                         one of the following statements is true: (A) an amount reasonably estimated by a reputable
                                         environmental consultant to be sufficient to cover the estimated cost to cure any material
                                         noncompliance with applicable environmental laws or the Environmental Condition has been
                                         escrowed by the related Mortgagor and is held or controlled by the related lender; (B)
                                         if the only Environmental Condition relates to the presence of asbestos-containing materials,
                                         radon in indoor air, lead based paint or lead in drinking water, and the only recommended
                                         action in the ESA is the institution of such a plan, an operations or maintenance plan
                                         has been required to be instituted by the related Mortgagor that can reasonably be expected
                                         to mitigate the identified risk; (C) the Environmental Condition identified in the related
                                         environmental report was remediated or abated in all material respects prior to the date
                                         hereof, and, if and as appropriate, a no further action or closure letter was obtained
                                         from the applicable governmental regulatory authority (or the Environmental Condition
                                         affecting the related Mortgaged Property was otherwise listed by such governmental authority
                                         as “closed” or a reputable environmental consultant has concluded that no
                                         further action is required); (D) a secured creditor environmental policy or a pollution
                                         legal liability insurance policy that covers liability for the Environmental Condition
                                         was obtained from an insurer rated no less than “A-” (or the equivalent)
                                         by Moody’s, Standard & Poor’s and/or Fitch, Inc.; (E) a party not related
                                         to the Mortgagor was identified as the responsible party for such Environmental Condition
                                         and such responsible party has financial resources reasonably estimated to be adequate
                                         to address the situation; or (F) a party related to the Mortgagor having financial resources
                                         reasonably estimated to be adequate to address the situation is required to take action.
                                         To Issuer’s knowledge, except as set forth in the ESA, there is no Environmental
                                         Condition (as such term is defined in ASTM E1527-05 or its successor) at the related
                                         Mortgaged Property.

 

In
the case of each Mortgage Asset with respect to which there is an environmental insurance policy (the “Environmental
Insurance Policy”), (i) such Environmental Insurance Policy has been issued and is effective as of the Cut-off
Date, (ii) as of origination and to Issuer’s knowledge as of the Cut-off Date the Environmental Insurance Policy is in
full force and effect, there is no deductible and Issuer is a named insured under such policy, (iii) (A) a property condition
or engineering report was prepared, if the related Mortgaged Property was constructed prior to 1985, with respect to
asbestos-containing materials (“ACM”) and, if the related Mortgaged Property is a multifamily property,
with respect to radon gas (“RG”) and lead-based paint (“LBP”), and (B) if such report
disclosed the existence of a material and adverse LBP, ACM or RG environmental condition or circumstance affecting the
related Mortgaged Property, the related Mortgagor (1) was required to remediate the identified condition prior to closing the
Mortgage Asset or provide additional security or establish with the mortgagee a reserve in an amount deemed to be sufficient
by Issuer, for the remediation of the problem, and/or (2) agreed in the Mortgage Asset Documents to establish an operations
and maintenance plan after the closing of the Mortgage Asset that should reasonably be expected to mitigate the environmental
risk related to the identified LBP, ACM or RG condition, (iv) on the effective date of the Environmental Insurance Policy,
Issuer as originator had no knowledge of any material and adverse environmental condition or circumstance affecting the
Mortgaged Property (other than the existence of LBP, ACM or RG) that was not disclosed to the applicable policy issuer in one
or more of the following: (A) the application for insurance, (B) a Mortgagor questionnaire that was provided to the
applicable policy issuer, or (C) an engineering or other report provided to the applicable policy issuer, and (v) the premium
of any Environmental Insurance Policy has been paid through the maturity of the policy’s term and the term of such
policy extends at least five years beyond the maturity of the Mortgage Asset.

 

    Schedule D

     

    

 

	 	42.	Lease
    Estoppels. With respect to each Mortgage Asset secured by retail, office or industrial properties, Issuer requested the
    related Mortgagor to obtain estoppels from each commercial tenant with respect to the rent roll delivered as of the origination
    date. With respect to each Mortgage Asset predominantly secured by a retail, office or industrial property leased to a single
    tenant, Issuer reviewed such estoppel obtained from such tenant no earlier than 90 days prior to the origination date of the
    related Mortgage Asset, and to Issuer’s knowledge, (i) the related lease is in full force and effect and (ii) there
    exists no default under such lease, either by the lessee thereunder or by the lessor subject, in each case, to customary reservations
    of tenant’s rights, such as with respect to common area maintenance (“CAM”) and pass-through audits
    and verification of landlord’s compliance with co-tenancy provisions. With respect to each Mortgage Asset predominantly
    secured by a retail, office or industrial property, Issuer has received lease estoppels executed within 90 days of the origination
    date of the related Mortgage Asset that collectively account for at least 65% of the in-place base rent for the Mortgaged
    Property that secure a Mortgage Asset that is represented as of the origination date. To Issuer’s knowledge, (i) each
    lease represented on the rent roll delivered as of the origination date is in full force and effect and (ii) there exists
    no material default under any such related lease that represents 20% or more of the in- place base rent for the Mortgaged
    Property either by the lessee thereunder or by the related Mortgagor, subject, in each case, to customary reservations of
    tenant’s rights, such as with respect to CAM and pass-through audits and verification of landlord’s compliance
    with co-tenancy provisions.

 

		43.	Appraisal.
                                         The Mortgage Asset File contains an appraisal of the related Mortgaged Property with
                                         an appraisal date within six months of the Mortgage Asset origination date, and within
                                         12 months of the Cut-off Date. The appraisal is signed by an appraiser who is a Member
                                         of the Appraisal Institute. Each appraiser has represented in such appraisal or in a
                                         supplemental letter that the appraisal satisfies the requirements of the “Uniform
                                         Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards
                                         Board of the Appraisal Foundation and has certified that such appraiser had no interest,
                                         direct or indirect, in the Mortgaged Property or the borrower or in any loan made on
                                         the security thereof, and its compensation is not affected by the approval or disapproval
                                         of the Mortgage Asset.

 

		44.	Mortgage
                                         Asset Schedule. The information pertaining to each Mortgage Asset which is set forth
                                         in the Mortgage Asset Schedule is true and correct in all material respects as of the
                                         Cut-off Date and contains all information required by the Indenture and Credit Agreement
                                         to be contained therein.

 

		45.	Cross-Collateralization.
                                         No Mortgage Asset is cross-collateralized or cross-defaulted with any other mortgage
                                         loan.

 

		46.	Advance
                                         of Funds by the Issuer. After origination, no advance of funds has been made by Issuer
                                         to the related Mortgagor other than in accordance with the Mortgage Asset Documents,
                                         and, to Issuer’s 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 Mortgage
                                         Asset (other than as contemplated by the Mortgage Asset Documents, such as, by way of
                                         example and not in limitation of the foregoing, amounts paid by the tenant(s) into a
                                         lender-controlled lockbox if required or contemplated under the related lease or Mortgage
                                         Asset Documents). Neither Issuer nor any affiliate thereof has any obligation to make
                                         any capital contribution to any Mortgagor under a Mortgage Asset, other than contributions
                                         made on or prior to the date hereof.

 

    Schedule D

     

    

 

		47.	Compliance
                                         with Anti-Money Laundering Laws. Issuer has complied in all material respects with
                                         the Prescribed Laws. Issuer has established an anti-money laundering compliance program
                                         as required by (a) the Uniting and Strengthening America by Providing Appropriate Tools
                                         Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (the “USA
                                         Patriot Act”), (b) Executive Order 13224 on Terrorist Financing, effective
                                         September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With
                                         Persons Who Commit, Threaten to Commit, or Support Terrorism, (c) the International Emergency
                                         Economic Power Act, 50 U.S.C. §1701 et. seq., (d) the Bank Secrecy Act (31 U.S.C.
                                         Sections 5311 et seq.) as amended and (e) all other 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 relating
                                         to money laundering or terrorism, including without limitation, all regulations and executive
                                         orders promulgated with respect to money laundering or terrorism, including, without
                                         limitation, those promulgated by the Office of Foreign Assets Control of the United States
                                         Department of the Treasury (the “Prescribed Laws”), has conducted
                                         the requisite due diligence in connection with the origination of the Mortgage Asset
                                         for purposes of the Prescribed Laws, including with respect to the legitimacy of the
                                         applicable Mortgagor and the origin of the assets used by the said Mortgagor to purchase
                                         the property in question, and maintains, and will maintain, sufficient information to
                                         identify the applicable Mortgagor for purposes of the Prescribed Laws.

 

		48.	OFAC.
                                         (a) No Mortgage Asset is (i) subject to nullification pursuant to Executive Order 13224
                                         or the regulations promulgated by OFAC (the “OFAC Regulations”) or
                                         (ii) in violation of Executive Order 13224 or the OFAC Regulations, and (b) no Mortgagor
                                         is (i) subject to the provisions of Executive Order 13224 or the OFAC Regulations or
                                         (ii) listed as a “blocked person” for purposes of the OFAC Regulations.

 

		49.	Floating
                                         Interest Rates. Each Mortgage Asset bears interest at a floating rate of interest
                                         that is based on LIBOR plus a margin (which interest rate may be subject to a minimum
                                         or “floor” rate).

 

		50.	Prior
                                         Asset Pledges/Sales. No Mortgage Asset has been pledged as collateral to any lender
                                         in connection with any loan or sold to any buyer in connection with a repurchase or other
                                         facility.

 

    Schedule D

     

    

 

Schedule
D-1(a) to Schedule D

 

Exceptions
to Representations and Warranties

  

 

 

    Schedule D

     

    

 

 

Schedule
D-1(b) to Schedule D

 

Existing
Mezzanine Debt

 

 

 

    Schedule D

     

    

 

Schedule D-1(c) to Schedule D

 

Future
Mezzanine Debt

 

 

 

    Schedule D

     

    

 

Schedule D-1(d) to Schedule D

 

Crossed
Mortgage Loans

 

 

 

    Schedule D

     

    

 

EXHIBIT A

 

[FORM
OF]

 

CLASS
A LENDER PROMISSORY NOTE DUE 2025

 

Original Principal Amount: $[]

Maximum Principal Amount: $[]
+ Additional Class A Loans made pursuant to the Indenture and Credit Agreement, as listed in Schedule I hereto.

 

Issuance Date: September 3, 2020

Stated Maturity Date: As defined in
the Indenture and Credit Agreement

 

FOR VALUE
RECEIVED, Terra Mortgage Capital I, LLC (the “Issuer”) hereby promises to pay to Goldman Sachs Bank USA or its
registered assigns (the “Class A Lender”), in accordance with the provisions of the Indenture and Credit Agreement
(as hereinafter defined), the principal amount equal to the Class A Loan plus such other amount as may be agreed by the Issuer
and the Class A Lender pursuant to the Indenture and Credit Agreement, dated as of September 3, 2020 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Indenture and Credit Agreement”; the terms
defined therein being used herein as therein defined), by and among the Issuer, Wells Fargo Bank, National Association, as collateral
agent (in such capacity, the “Collateral Agent”), as loan agent (in such capacity, the “Loan Agent”),
as note administrator (in such capacity, the “Note Administrator”), as custodian (in such capacity, the “Custodian”),
and as trustee (in such capacity, the “Trustee”) and Goldman Sachs Bank USA, as the Class A lender (in
such capacity, the “Class A Lender”).

 

The obligations
of the Issuer under this Class A Lender Promissory Note and the Indenture and Credit Agreement are non-recourse obligations of
the Issuer payable solely from the Mortgage Assets and other Collateral pledged by the Issuer as security for the Debt under the
Indenture and Credit Agreement, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such
obligations, any claims of the Holders of the Debt shall be extinguished, all in accordance with the Indenture and Credit Agreement.

 

The Issuer
promises to pay interest on the unpaid principal amount of the Class A Loan (including the Committed Additional Class A Loan and,
if applicable, any Additional Class A Loans) made by the Class A Lender from the date of such Class A Loan until such principal
amount is paid in full, at such interest rates and at such times as provided in the Indenture and Credit Agreement. All payments
of principal and interest shall be made to the Class A Lender in U.S. dollars in immediately available funds. If any amount is
not paid in full when due hereunder, such unpaid amount shall bear interest, from the due date thereof until the date of actual
payment (and before as well as after judgment) computed at the per annum rate set forth in the Indenture and Credit Agreement.

 

This note
is a Class A Lender Promissory Note referred to in the Indenture and Credit Agreement and is entitled to the benefits thereof under
the Indenture and Credit Agreement. This Class A Lender Promissory Note may be prepaid in whole or in part subject to the terms
and conditions provided in the Indenture and Credit Agreement and, upon the occurrence and continuation of an Event of Default
specified in the Indenture and Credit Agreement, all amounts then remaining unpaid on this Class A Lender Promissory Note may become
or be declared due and payable in the manner and with the effect provided in the Indenture and Credit Agreement.

 

The
Class A Lender may attach schedules to this Class A Note and endorse thereon the date, the amount of any Class A Loans
(including the Committed Additional Class A Loan and, if applicable, any Additional Class A Loans) and payments with respect
thereto. The notations on such schedule indicating the Aggregate Outstanding Amount of the Class A Loan (including Additional
Class A Loans) shall be prima facie evidence (absent manifest error) of the principal amount thereof owing and unpaid, but
the failure to record any such amount, or any error therein, shall not limit or otherwise affect the obligations of the
Issuer hereunder or under any Class A Lender Promissory Note to make payment of principal of or interest on the Class A Loan
(including Additional Class A Loans) when due.

 

    Exhibit A-1

     

    

 

The Issuer,
for itself and its respective successors and assigns, hereby waive diligence, presentment, protest and demand and notice of protest,
demand, dishonor and non-payment of this Class A Lender Promissory Note, except for any applicable notices expressly provided for
in the Indenture and Credit Agreement.

 

In the
event of any conflict between the provisions of this Class A Lender Promissory Note and those of the Indenture and Credit Agreement,
the provisions of the Indenture and Credit Agreement shall prevail.

 

The Class
A Lender agrees that, for all tax purposes, it will treat the Class A Loan (including the Committed Additional Class A Loan and,
if applicable, any Additional Class A Loans) as debt of the Issuer, and to report all income (or loss) in accordance with such
treatment and not take any action inconsistent with such treatment unless otherwise required by law.

 

This note
is registered as to principal and interest payments. The transfer of this note shall not be effective unless recorded in the register
in accordance with the terms of the Indenture and Credit Agreement. This paragraph shall be construed so that this note is at all
times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2), and 881(c)(2) of the Internal
Revenue Code of 1986, as amended.

 

In connection
with the purchase of this Class A Lender Promissory Note, the Holder and each beneficial owner thereof agrees that: (a) none of
the Issuer, the Servicer, the Collateral Agent, the Trustee, the Note Administrator, the Loan Agent or any of their respective
affiliates is acting as a fiduciary or financial or investment advisor for such Holder or beneficial owner; (b) such Holder or
beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations
(whether written or oral) of the Issuer, the Servicer, the Collateral Agent, the Trustee, the Note Administrator, the Loan Agent
or any of their respective affiliates; (c) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business,
investment, financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including
decisions regarding the suitability of any transaction pursuant to the Indenture and Credit Agreement) 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 Issuer, the Servicer,
the Collateral Agent, the Trustee, the Note Administrator, the Loan Agent or any of their respective affiliates.

 

THE HOLDER
OF THIS CLASS A LENDER PROMISSORY NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY REORGANIZATION, ARRANGEMENT,
MORATORIUM, LIQUIDATION OR SIMILAR PROCEDURES AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARIES IN ANY APPLICABLE OR RELEVANT JURISDICTION
UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL
OF THE CLASS A LOAN AND ALL NOTES ISSUED UNDER THE INDENTURE AND CREDIT AGREEMENT.

 

AS PROVIDED
IN THE INDENTURE AND CREDIT AGREEMENT, THE INDENTURE AND CREDIT AGREEMENT AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO
THE CONFLICT OF LAWS PRINCIPLES THEREOF.

 

[Signature Page
Follows]

 

    Exhibit A-2

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this Class A Lender Promissory Note to be duly executed as of the day and year first above written.

 

	 	TERRA MORTGAGE CAPITAL I, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-3

     

    

 

SCHEDULE I TO CLASS A LENDER PROMISSORY NOTE

 

	Date	Amount of Increase in

 Principal Amount of the

 Class A Loan Evidenced

 by This Class A Lender

 Promissory Note.	Amount of Decrease in

 Principal Amount of the

 Class A Loan Evidenced

 by This Class A Lender

 Promissory Note	Principal Amount of Class

 A Loan Evidenced by This

 Class A Lender Promissory

 Note After Giving Effect to

 Such Increase or Decrease	Signature of Authorized

 Officer of Class A Lender
	September 3, 2020	$[]	 	$[]	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    Exhibit A-4

     

    

 

EXHIBIT B

 

[FORM
OF]

 

CLASS
B INCOME NOTE DUE 2025

 

THIS
NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
 “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE
ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940
ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT
OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) AN INSTITUTION THAT IS AN
 “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER
THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2)  A
 “QUALIFIED PURCHASER,” AS DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A
 “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $960,000 (AND INTEGRAL MULTIPLES OF $500 IN
EXCESS THEREOF PLUS ANY RESIDUAL AMOUNT) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN
CONDITIONS SPECIFIED IN THE INDENTURE AND CREDIT AGREEMENT, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A NOTE WILL BE REQUIRED TO MAKE THE
REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE AND CREDIT AGREEMENT. ANY TRANSFER IN VIOLATION OF
THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE
TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE, THE COLLATERAL AGENT, THE NOTE
ADMINISTRATOR OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE AND CREDIT AGREEMENT, THE TRUSTEE, THE
COLLATERAL AGENT AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE
TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER.

 

    Exhibit B-1

     

    

 

No. 1

U.S. $[] or as
listed in Schedule I hereto.

 

Terra
Mortgage Capital I, LLC, a Delaware limited liability company (the “Issuer”) for value received, hereby promises
to pay to Notes Investor or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted
by the Indenture and Credit Agreement referred to below), any remaining Principal Proceeds on the Payment Date in March, 2025 (the
 “Stated Maturity Date”), to the extent not previously paid to the extent of available funds thereof, in accordance
with the Indenture and Credit Agreement referred to below unless the unpaid principal of this Note becomes due and payable at an
earlier date by declaration of acceleration, call for redemption or otherwise and (b) any remaining Interest Proceeds on this Note
in accordance with the Indenture and Credit Agreement payable initially on the Payment Date occurring in September, 2020, and thereafter
monthly on the fourth (4th) Business day following each Determination Date (or if such
day is not a Business Day, then on the next succeeding Business Day) (each, a “Payment Date”). The Class B Notes
shall not have a stated interest rate and shall be entitled to receive distributions of amount of remaining Interest Proceeds or
Principal Proceeds on each Payment Date only to the extent that funds are available to make such distributions on such Payment
Date in accordance with the Priority of Payments.

 

Payments
due on any Payment Date on this Note shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto,
by wire transfer in immediately available funds to a Dollar account maintained by the Registered Holder hereof; provided that the
Registered Holder shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire
transfer cannot be effected, by Dollar check drawn on a bank as provided in the Indenture and Credit Agreement and mailed to the
Registered Holder at its address in the Notes Register.

 

The obligations
of the Issuer under this Note and the Indenture and Credit Agreement are non- recourse obligations of the Issuer payable solely
from the Mortgage Assets, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations,
any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture and Credit Agreement.

 

This Note
will receive payments only in accordance with the Priority of Payments. The principal of this Note shall be due and payable no
later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration
of acceleration, call for redemption or otherwise.

 

Notwithstanding
the foregoing, the final payment of Interest Proceeds and Principal Proceeds on this Note shall be made only upon presentation
and surrender of this Note (except as otherwise provided in the Indenture and Credit Agreement) at the Corporate Trust Office of
the Note Administrator or at any Paying Agent.

 

The Registered Holder of this Note
shall be treated as the owner hereof for all purposes.

 

Except
as specifically provided herein and in the Indenture and Credit Agreement, the Issuer shall not be required to make any payment
with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing
authority thereof or therein.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent by the manual signature of one of its authorized
officers, this Note shall not be entitled to any benefit under the Indenture and Credit Agreement or be valid or obligatory for
any purpose.

 

This
Note is one of a duly authorized issue of Class B Income Notes Due 2025, of the Issuer (the “Class B
Notes,” and together with any other Classes of Notes issued under the Indenture and Credit Agreement, the
 “Notes”), issued under the Indenture and Credit Agreement, dated as of September 3, 2020 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the “Indenture and Credit
Agreement”); the terms defined therein being used herein as therein defined), by and among the Issuer, Wells Fargo
Bank, National Association, as collateral agent (in such capacity, the “Collateral Agent”), as loan agent
(in such capacity, the “Loan Agent”), as note administrator (in such capacity, the “Note
Administrator”), as custodian (in such capacity, the “Custodian”) and as trustee (in such
capacity, the “Trustee”) and Goldman Sachs Bank USA, as the Class A lender (in such capacity, the
 “Class A Lender”).

 

    Exhibit B-2

     

    

 

Reference
is hereby made to the Indenture and Credit Agreement and all indentures supplemental thereto for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Collateral Agent, the Loan Agent,
the Note Administrator and the Holders of the Notes and the terms upon which the Notes are, and are to be, executed, authenticated
and delivered.

 

Payments on the Class B Notes
shall be payable in accordance with Priority of Payments. Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Indenture and Credit Agreement.

 

The Notes
are subject to redemption pursuant to Article 9 of the Indenture and Credit Agreement in accordance with the terms and procedures
for redemption thereunder.

 

If an Event
of Default shall occur and be continuing, the Class B Notes may become or be declared due and payable in the manner and with the
effect provided in the Indenture and Credit Agreement.

 

At any
time after a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of
the amounts due has been obtained by the Collateral Agent as provided in the Indenture and Credit Agreement, such declaration of
acceleration may rescinded and annulled and its consequences if certain conditions set forth in the Indenture and Credit Agreement
are satisfied.

 

The Indenture
and Credit Agreement may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein.

 

The term
 “Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture and Credit Agreement.

 

Each purchaser
and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as equity for U.S. federal income tax purposes.

 

In connection
with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (a) none of the Issuer, the Servicer,
the Collateral Agent, the Trustee, the Note Administrator, the Loan Agent or any of their respective affiliates is acting as a
fiduciary or financial or investment advisor for such Holder or beneficial owner; (b) such Holder or beneficial owner is not relying
(for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral)
of the Issuer, the Servicer, the Collateral Agent, the Trustee, the Note Administrator, the Loan Agent or any of their respective
affiliates; (c) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial
and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding
the suitability of any transaction pursuant to the Indenture and Credit Agreement) 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 Issuer, the Servicer, the Collateral Agent,
the Trustee, the Note Administrator, the Loan Agent or any of their respective affiliates.

 

Each
Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented and agreed to the Issuer, the
Servicer, the Collateral Agent, the Trustee, the Note Administrator and the Loan Agent that it is not and will not be during
the time that it holds the Notes, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to
Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the
Code a “benefit plan investor” within the meaning of Section 3(42) of ERISA, or any other employee benefit plan
that is subject to any federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of
the Code or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee
benefit plan’s or other plan’s investment in the entity or otherwise.

 

    Exhibit B-3

     

    

 

Title
to Notes shall pass by registration in the Register kept by the Note Registrar, acting through its Corporate Trust Office.

 

No service
charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

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

 

This instrument
may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

THE HOLDER
OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR
SIMILAR PROCEDURES AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARIES IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE
YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF THE CLASS A LOAN
AND ALL NOTES ISSUED UNDER THE INDENTURE AND CREDIT AGREEMENT.

 

AS PROVIDED
IN THE INDENTURE AND CREDIT AGREEMENT, THE INDENTURE AND CREDIT AGREEMENT AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO
THE CONFLICT OF LAWS PRINCIPLES THEREOF.

 

IN WITNESS WHEREOF, the Issuer has
caused this Note to be duly executed.

 

Dated as of September
3, 2020

 

	 	Terra Mortgage Capital I, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit B-4

     

    

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes referred
to in the within-mentioned Indenture and Credit Agreement. 

 

Dated: September 3, 2020

 

	 	Wells
Fargo Bank, National Association, as Authentication Agent
	 	 	 
	 	By:	
	 	 	Authorized Signatory

 

    Exhibit B-5

     

    

 

SCHEDULE I TO CLASS B INCOME NOTE

 

	Date	Amount of Increase in

 Principal Amount of the

 Class B Note Evidenced

 by This Class B Income

 Note	Amount of Decrease in

 Principal Amount of the

 Class B Note Evidenced

 by This Class B Income

 Note	Principal Amount of Class

 B Note Evidenced by This

 Class B Income Note After

 Giving Effect to Such

 Increase or Decrease	Signature of

 Authorized Officer

 of []
	September 3, 2020	$[]	 	$[]	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    Exhibit B-6

     

    

 

ASSIGNMENT FORM

 

For value received

 

hereby sell, assign and transfer
unto

 

Please insert social security or

other identifying number of assignee

 

Please print or type name

and address, including zip
code,

of assignee:

 

the within
Note and does hereby irrevocably constitute and appoint __________ Attorney to transfer the Note on the books of the
Issuer with full power of substitution in the premises.

 

	Date:	Your Signature:
	 	 	(Sign exactly as your
name appears on this Note)
	 	 	 
	 	 	 
	 	 	Signature Guaranteed1:

 

 

1 *NOTE: The signature to this assignment
must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without
alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    Exhibit B-7

     

    

 

EXHIBIT C

 

[FORM OF]

TRANSFER
CERTIFICATE

(Transfers pursuant to Article
2 of the Indenture and Credit Agreement)

 

Wells Fargo Bank, National Association,
as Note Administrator and as Trustee

Corporate Trust Services Division

600 South 4th St., 7th Floor

MAC N9300-070 Minneapolis, Minnesota
55479

Attention: Corporate Trust Services
- TERRA MORTGAGE CAPITAL I, LLC

 

		Re:	Terra Mortgage Capital I, LLC, as Issuer of: the Class B Notes, Due 2025 (the “Transferred
Notes”)

 

Reference
is hereby made to the Indenture and Credit Agreement dated as of September 3, 2020 (the “Indenture and Credit Agreement”),
by and among Terra Mortgage Capital I, LLC, as Issuer, Wells Fargo Bank, National Association, as Note Administrator (in such capacity,
the “Note Administrator”), as Custodian, as Collateral Agent (in such capacity, the “Collateral Agent”),
as Loan Agent and as Trustee (in such capacity, the “Trustee”) and Goldman Sachs Bank USA, as the Class A Lender.
Capitalized terms used but not defined herein will have the meanings assigned to such terms in the Indenture and Credit Agreement
and if not defined in the Indenture and Credit Agreement then such terms will have the meanings assigned to them in the Securities
Act of 1933, as amended (the “Securities Act”), and the rules promulgated thereunder.

 

This letter
relates to the transfer of $[] aggregate principal amount of Class B Notes being transferred in exchange for a Definitive Note
of the same Class or any other transfer of an equity interest in the Issuer in the name of [name of transferee] (the “Transferee”).
All references to Class B Notes herein shall include the Class B Notes and any other equity interest in the Issuer.

 

In connection
with such request, the Transferee hereby certifies that such transfer has been effected in accordance with the transfer restrictions
set forth in the Indenture and Credit Agreement, and hereby represents, warrants and agrees for the benefit of the Issuer, the
Note Administrator, the Collateral Agent and the Trustee that:

 

	(i)	the Transferee is a “United States person” as defined in Section 7701(a)(30) and
agrees that if in future it should sell or otherwise transfer any Class B notes or any interest or participation therein, it will
do so only to a person whom it reasonably believes is a “United States person” as defined in Section 7701(a)(30) of
the Code purchasing for its own account;

 

	(ii)	under applicable United States federal income tax law, no United States federal income taxes
are, as of the date of its acquisition of an interest in the Class B Notes, required to be withheld by the Issuer or the Trustee
or any other person with respect to any payments to be made to it in respect of an interest in the Class B Notes;

 

	(iii)	either (a) it is not and will not become, for U.S. federal income tax purposes, a partnership,
S corporation, or grantor trust (each such entity a “flow-through entity”) or (b) if it is or becomes a flow-through
entity, then (1) none of the direct or indirect beneficial owners of any of the interests in such flow-through entity has or ever
will have more than 50% of the value of its interest in such flow-through entity attributable to the beneficial interest of such
flow-through entity in the Class B Notes, other interest (direct or indirect) in the Issuer, or any interest created under this
Indenture and Credit Agreement and (2) it is not and will not be a principal purpose of the arrangement involving the flow-through
entity's beneficial interest in any Class B Note to permit any entity to satisfy the 100-partner limitation of Section 1.7704-1(h)(1)(ii)
of the Treasury Regulations necessary
for such entity not to be classified as a publicly traded partnership for U.S. federal income tax purposes;

 

    Exhibit C-1

     

    

 

	(iv)	it will not (a) acquire, sell, transfer, assign, pledge or otherwise dispose of any of its interests
in a Class B Note (or any interest therein that is described in Section 1.7704-1(a)(2)(i)(B) of the Treasury Regulations) on or
through (x) a U.S. national, regional or local securities exchange, (y) a foreign securities exchange or (z) an inter-dealer quotation
system that regularly disseminates firm buy or sell quotations by identified brokers or dealers (including, without limitation,
the National Association of Securities Dealers Automated Quotation System) ((x), (y) and (z), collectively, an “Exchange”)
or (b) cause any of its interests in the Class B Note to be marketed on or through an Exchange;

 

	(v)	the Transferee is a QIB (as defined below) or an institution that is an “accredited investor”
as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act (an “IAI”), or an entity
in which all of the equity owners are such “QIBs” or “accredited investors”, who is also a “qualified
purchaser” as defined in Section 2(a)(51) of the 1940 Act and the rules promulgated thereunder (a “Qualified Purchaser”);
	 	 

	(vi)	the Transferee is acquiring the Notes for its own account (and not for the
account of any other Person) in a minimum denomination of $960,000 and in integral multiples of $500 in excess thereof and does
not and shall not hold a beneficial interest in any Class B Note that does not have an original principal amount of at least $960,000
and it does not and shall not hold any interest in any Class B Note on behalf of any person unless such person’s beneficial
interest is in respect of at least$960,000
original principal amount of such Class B Note. It will not sell, transfer, assign, participate, or otherwise dispose of any beneficial
interest in any Class B Note or enter into any financial instrument or contract the value of which is determined by reference in
whole or in part to any Class B Note, in each case, if the effect of doing so would be that the beneficial interest of any person
in a Class B Note would be in respect of Class B Notes with an original principal amount that is less than $960,000;

 

	(vii)	the Transferee will not enter into any financial instrument the payment
on which, or the value of which, is determined in whole or in part by reference to an interest in the Class B Note (including the
amount of payments on the Class B Note, the value of the Class B Note or any contract that otherwise is described in Section 1.7704-1(a)(2)(i)(B)
of the Treasury Regulations) other than any nonconvertible debt instrument described in Section 1.7704-1(a)(2)(ii) of the Treasury
Regulations.

 

	(viii)	the Transferee will not use the Class B Note as collateral for the issuance
of any securities that could cause the Issuer to become subject to taxation as a corporation or a publicly traded partnership taxable
as a corporation for U.S. federal income tax purposes.

 

	(ix)	the Transferee will not take any action that could cause, and will not omit
to take any action, which omission could cause, the Issuer to become taxable as a corporation for U.S. federal income tax purposes;

 

	(x)	the Transferee understands that the Notes have not been and will not be
registered or qualified under the Securities Act or the securities laws of any state or other jurisdiction, and, if in the future
the Transferee decides to reoffer, resell, pledge or otherwise transfer the Notes, such Notes may be reoffered, resold, pledged
or otherwise transferred only in accordance with the provisions of the Indenture and Credit Agreement and the legends on such Notes,
including the requirement for written certifications. In particular, the Transferee understands that the Notes may be transferred
only to a person that is both (a) (i) a “qualified institutional buyer” as defined in Rule 144A (a “QIB”),
who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A, or (ii) an IAI and
(b) a Qualified Purchaser. The Transferee acknowledges that no representation is made
as to the availability of any exemption from registration or qualification under the Securities Act or any state or other securities
laws for resale of the Notes;

 

    Exhibit C-2

     

    

 

	(xi)	in connection with the Transferee’s purchase of the Notes: (a) none
of the Issuer, the Servicer, the Note Administrator, the Trustee, the Collateral Agent, or any of their respective affiliates is
acting as a fiduciary or financial or investment adviser for the Transferee; (b) the Transferee is not relying (for purposes of
making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Servicer,
the Note Administrator, the Trustee, the Collateral Agent, or any of their respective affiliates; (c) none of the Issuer, the Servicer,
the Note Administrator, the Trustee, the Collateral Agent, or any of their respective affiliates has given to the Transferee (directly
or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected
success, profitability, return, performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial,
accounting, or otherwise) of the Transferee’s purchase of the Notes; (d) the Transferee has consulted with its own legal,
regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and has
made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture and
Credit Agreement) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any
view expressed by the Issuer, the Servicer, the Note Administrator, the Trustee, the Collateral Agent, or any of their respective
affiliates; (e) the Transferee will hold and transfer at least the minimum denomination of such Notes; (f) the Transferee was not
formed for the purpose of investing in the Notes; and (g) the Transferee is a sophisticated investor and is purchasing the Notes
with a full understanding of all of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume
those risks;

 

	(xii)	the Transferee is acquiring the Notes as principal solely for its own account
for investment and not with a view to the resale, distribution or other disposition thereof in violation of the Securities Act
or the securities laws of any state or other jurisdiction; it is not a (A) partnership, (B) common trust fund, or (C) special trust,
pension, profit-sharing or other retirement trust fund or plan in which the partners, beneficiaries or participants may designate
the particular investments to be made; it agrees that it shall not hold any Notes for the benefit of any other person, that it
shall at all times be the sole beneficial owner thereof for purposes of the 1940 Act and all other purposes and that it shall not
sell participation interests in the Notes or enter into any other arrangement pursuant to which any other person shall be entitled
to a beneficial interest in the distributions on the Notes;

 

	(xiii)	the Transferee represents and agrees that it is not and will not be, during
the time it holds the Notes, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Title I of
ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, a “benefit
plan investor” within the meaning of Section 3(42) of ERISA or any other employee benefit plan that is subject to any federal,
state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code or any entity whose underlying
assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or other plan’s
investment in the entity or otherwise;

 

	(xiv)	the Transferee will treat its Notes as equity of the Issuer for United States
federal and, to the extent permitted by law, state and local income and franchise tax purposes unless otherwise required by any
relevant taxing authority;

 

	(xv)	the Transferee acknowledges that it is its intent and that it understands
it is the intent of the Issuer that, for purposes of U.S. federal, state and local income and franchise tax and any other income
taxes, for so long as a direct or indirect wholly-owned subsidiary of Notes Investor (or, if the Notes Investor is itself a disregarded
entity for U.S. federal income tax purposes, the Person treated as owning the assets of Notes Investor for U.S. federal income
tax purposes) or subsequent REIT owns 100%
of the Class B Notes and any other equity interests of the Issuer, the Issuer will be treated as a Qualified REIT Subsidiary (or
other entity disregarded from its owner for U.S. federal income tax purposes) and the Notes will be treated as equity solely of
Notes Investor. or such subsequent REIT; the Transferee agrees to such treatment and agrees to take no action inconsistent with
such treatment;

 

    Exhibit C-3

     

    

 

	(xvi)	the Transferee acknowledges that the Transferred Notes are limited recourse obligations of the
Issuer payable solely from the Collateral in accordance with the Indenture and Credit Agreement, and following realization of the
Collateral in accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive;

 

	(xvii)	the Transferee understands that (A) the Issuer, the Trustee, the Collateral
Agent or the Paying Agent will require certification acceptable to them (1) as a condition to the payment of principal of and interest
on any Notes without, or at a reduced rate of, U.S. withholding or backup withholding tax, and (2) to enable the Issuer, the Trustee,
the Collateral Agent and the Paying Agent to determine their duties and liabilities with respect to any taxes or other charges
that they may be required to pay, deduct or withhold from payments in respect of such Notes or the holder of such Notes under any
present or future law or regulation of the United States or any present or future law or regulation of any political subdivision
thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation, which
certification may include U.S. federal income tax forms (such as IRS Form W-9 (Request for Taxpayer Identification Number and Certification)
or any successors to such IRS forms and such other forms and information as may be required to confirm the availability of any
applicable exemption from United States federal, state or local withholding taxes); (B) the Issuer, the Trustee, the Collateral
Agent or the Paying Agent may require certification acceptable to them to enable the Issuer to qualify for a reduced rate of withholding
in any jurisdiction from or through which the Issuer receives payments on its assets; (C) 
the Issuer, the Trustee, the Collateral Agent or the Paying Agent will require the Transferee to provide the Issuer, the
Trustee, the Collateral Agent or the Paying Agent with any correct, complete and accurate information that may be required for
the Issuer, the Trustee, the Collateral Agent or the Paying Agent to comply with FATCA requirements and will take any other actions
necessary for the Issuer, the Trustee, the Collateral Agent or the Paying Agent to comply with FATCA requirements on or prior to
the date on which it becomes a holder of the Notes and, in the event the Transferee fails to provide such information or take such
actions, (1) the Issuer, the Trustee, the Collateral Agent and the Paying Agent are authorized to withhold amounts otherwise distributable
to the Transferee as compensation for any amount withheld from payments to the Issuer, the Trustee, the Collateral Agent or the
Paying Agent as a result of such failure, (2) to the extent necessary to avoid an adverse effect on the Issuer or any other holder
of Notes as a result of such failure, the Transferee may be compelled to sell its Notes or, if the Transferee does not sell its
Notes within ten (10) business days after notice from the Issuer, the Trustee, the Collateral Agent or the Paying Agent, such Notes
may be sold at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such
sale (taking into account any taxes incurred by the Issuer in connection with such sale) to the Transferee as payment in full for
such Notes and (3) the Issuer may also assign each such Note a separate CUSIP or CUSIPs in the Issuer’s sole discretion;
(D) if the Transferee is a “foreign financial institution” or other foreign financial entity subject to FATCA and does
not provide the Issuer, the Trustee, the Collateral Agent or Paying Agent with evidence that it has complied with the applicable
FATCA requirements, the Issuer, Note Administrator, Trustee, the Collateral Agent or Paying Agent may be required to withhold amounts
under FATCA on payments to the Transferee; and (E) the Transferee agrees to provide any certification requested pursuant to this
paragraph and to update or replace such form or certification in accordance with its terms or its subsequent amendments;

 

    Exhibit C-4

     

    

 

	(xviii)	the Transferee agrees not to seek to commence in respect of the Issuer, or
cause the Issuer to commence, a bankruptcy reorganization, arrangement, moratorium, liquidation or similar proceeding before a
year and a day has elapsed since the payment in full to the holders of the Notes issued pursuant to the Indenture and Credit Agreement
or, if longer, the applicable preference period (plus one day) then in effect;

 

	(xix)	the Transferee acknowledges that, to the extent required by the Issuer, as determined by the Issuer
or the Servicer on behalf of the Issuer, the Issuer may, upon notice to the Note Registrar, the Collateral Agent and the Trustee,
impose additional transfer restrictions on the Notes to comply with the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”) and other similar laws
or regulations, including, without limitation, requiring each transferee of a Note to make representations to the Issuer in connection
with such compliance;

 

	(xx)	the Transferee acknowledges that each investor or prospective investor will
be required to make such representations to the Issuer, as determined by the Issuer or the Servicer on behalf of the Issuer, as
the Issuer will require in connection with applicable AML/OFAC obligations, including, without limitation, representations to the
Issuer that such investor or prospective investor (or any person controlling or controlled by the investor or prospective investor;
if the investor or prospective investor is a privately held entity, any person having a beneficial interest in the investor or
prospective investor; or any person for whom the investor or prospective investor is acting as agent or nominee in connection with
the investment) is not (i) an individual or entity named on any available lists of known or suspected terrorists, terrorist organizations
or of other sanctioned persons issued by the United States government and the government(s) of any jurisdiction(s) in which the
partnership is doing business, including the List of Specially Designated Nationals and Blocked Persons administered by OFAC, as
such list may be amended from time to time; (ii) an individual or entity otherwise prohibited by the OFAC sanctions programs; or
(iii) a current or former senior foreign political figure or politically exposed person, or an immediate family member or close
associate of such an individual. Further, such investor or prospective investor must represent to the Issuer that it is not a prohibited
foreign shell bank;

 

	(xxi)	the Transferee acknowledges that, each investor or prospective investor will
also be required to represent to the Issuer that amounts invested with the Issuer were not directly or indirectly derived from
activities that may contravene U.S. Federal, state or international laws and regulations, including, without limitation, any applicable
anti-money laundering laws and regulations;
	 	 

	(xxii)	the Transferee acknowledges that, by law, the Issuer, the Servicer or other
service providers acting on behalf of the Issuer, may be obligated to “freeze” any investment in a Note by such investor.
The Issuer, the Servicer or other service providers acting on behalf of the Issuer may also be required to report such action and
to disclose the investor’s identity to OFAC or other applicable governmental and regulatory authorities;

 

	(xxiii)	the Transferee understands that the Issuer, the Note Administrator, the
Trustee and the Collateral Agent will rely upon the accuracy and truth of the foregoing representations, and it hereby consents
to such reliance; and

 

	(xxiv)	the Definitive Notes will bear a legend to the following effect unless the
Issuer determines otherwise in compliance with applicable law:

 

    Exhibit C-5

     

    

 

THIS
NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
 “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE
ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940
ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT
OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT,
OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2)  A
 “QUALIFIED PURCHASER,” AS DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A
 “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $960,000 (AND INTEGRAL MULTIPLES OF $500 IN
EXCESS THEREOF PLUS ANY RESIDUAL AMOUNT) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN
CONDITIONS SPECIFIED IN THE INDENTURE AND CREDIT AGREEMENT, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A NOTE WILL BE REQUIRED TO MAKE THE
REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE AND CREDIT AGREEMENT. ANY TRANSFER IN VIOLATION OF
THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE
TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE, THE COLLATERAL AGENT, THE NOTE
ADMINISTRATOR OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE AND CREDIT AGREEMENT, THE TRUSTEE, THE
COLLATERAL AGENT AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE
TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER.

 

	 	[Name
of Transferee]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 

 

	cc:	Terra Mortgage Capital I, LLC c/o

                                                                                                                                                       Terra Mortgage Capital I, LLC

                                                                                                                                                       550 Fifth Ave, 6th Floor

                                                                                New York, New York 10036

                                                                                Attn: Michael Muscat

                                                                                Telephone:
#####

                                                                                Email:
#####

                                                                                 

                                                                                with copies to:

                                                                                 

                                                                                Terra
Mortgage Capital I, LLC

                                                                                550 Fifth Ave, 6th Floor

                                                                                New York, New York 10036

                                                                                Attn:
Vik Uppal

                                                                                Telephone:
#####

                                                                                Email:
#####

                                                                                 

                                                                                and:

                                                                                 

                                                                                Terra
Mortgage Capital I, LLC

                                                                                550 Fifth Ave, 6th Floor

                                                                                New York, New York 10036

                                                                                Attn:
Greg Pinkus

                                                                                Telephone:
                                         #####

                                                                                Email:
#####

                                                                                 

                                                                                and:

                                                                                 

                                                                                Kirkland & Ellis LLP

                                                                                300
North LaSalle

                                                                                Chicago,
Illinois 60654

                                                                                Attention:
                                         Rachel Brown

                                                                                Telephone:
                                         #####

                                                                                Email:
#####

    

 

    Exhibit C-6

     

    

 

Exhibit
D 

 

[FORM OF]

 

ASSIGNMENT AND ASSUMPTION
AGREEMENT

 

Reference
is made to the Indenture and Credit Agreement dated as of September 3 2020 (as modified and supplemented and in effect from time
to time, the “Indenture and Credit Agreement”) by and among Terra Mortgage Capital I, LLC (the “Issuer”),
Wells Fargo Bank, National Association, as Collateral Agent (in such capacity, the “Collateral Agent”), as
Note Administrator (in such capacity, the “Note Administrator”), as Custodian (in such capacity, the “Custodian”),
as Loan Agent (in such capacity, the “Loan Agent”) and as Trustee (in such capacity, the “Trustee”)
and Goldman Sachs Bank USA, as Class A Lender (the “Class A Lender”). Terms used but not defined herein have
the respective meanings given to such terms in (or incorporated by reference in) the Indenture and Credit Agreement.

 

The
Assignor named on the signature pages hereof (the “Assignor”) hereby sells and assigns to the Assignee
named on the signature pages hereof (the “Assignee”), and the Assignee hereby purchases and assumes from the
Assignor, effective as of the Assignment Date set forth below, the interests set forth below (the “Assigned Interest”)
in the Assignor’s rights and obligations under the Indenture and Credit Agreement, including, without limitation, the interests
set forth below in the Class A Loan held by (and outstanding principal amount of the Class A Loan held by) the Assignor on the
Assignment Date. The Assignee hereby acknowledges receipt of a copy of the Indenture and Credit Agreement. From and after the
Assignment Date (a) the Assignee shall be a party to and be bound by the provisions of the Indenture and Credit Agreement and,
to the extent of the Assigned Interest, have the rights and obligations of a Class A Lender thereunder and (b) the Assignor shall,
to the extent of the Assigned Interest, relinquish its rights and be released from its obligations under the Indenture and Credit
Agreement. The Assignor hereby represents and warrants to the Assignee that, as of the Assignment Date, the Assignor owns the
Assigned Interest free and clear of any lien or other encumbrance. The Assignee hereby representation and warrants to the Assignor,
the Issuer, the Collateral Agent and the Trustee, that it is a Qualified Transferee.

 

Each
of the parties hereby covenants and agrees that so long as the Assignee is a registered Class A Lender:

 

(1)               
it waives any right to set-off and to appropriate and apply any and all deposits and any other indebtedness at any time
held or owing thereby to or for the credit or the account of the Assignee against and on account of the obligations and liabilities
of the Assignee to such party under the Indenture and Credit Agreement; and

 

(2)               
notwithstanding anything to the contrary herein, no provision of the Indenture and Credit Agreement adversely affecting
the rights or duties of the Assignee may be amended or waived without the written consent of the Assignee.

 

This
Assignment and Assumption Agreement shall be governed by, and construed in accordance with, the law of the State of New York.

 

[Remainder of page
left intentionally blank]

 

    Exhibit D-1

     

    

 

Legal Name of Assignor:
[]

 

Legal Name of Assignee:
[]

 

Assignee’s Address
for Notices:

 

[ADDRESS]

 

Fax
No.: []

 

Details of electronic
messaging system: []

 

Payment Instructions:
[]

 

Federal Taxpayer ID
No. of Assignee: []

 

Effective date of Assignment
(“Assignment Date”):

 

	 	Amount
    Assigned	Amount Retained
	Outstanding Principal Amount of Class A Loan:	U.S.$ [●]	U.S.$ [●]

 

The
terms set forth above are hereby agreed to:

 

	 	[Name of Assignor], as Assignor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[Name of Assignee], as Assignee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit D-2

     

    

 

EXHIBIT E

 

[FORM OF]

 

CUSTODIAN
POST-CLOSING CERTIFICATION

 

September 3, 2020

 

To
the Persons Listed on the attached Schedule A

 

	Re:	Terra Mortgage Capital I, LLC Ladies and Gentlemen:

 

In
accordance with Section 3.3(f) of the Indenture and Credit Agreement, dated as of September 3, 2020 (the “Indenture and
Credit Agreement”), by and among Terra Mortgage Capital I, LLC, as Issuer, Wells Fargo Bank, National Association, Collateral
Agent, Note Administrator, Custodian, Loan Agent and Trustee and Goldman Sachs Bank USA, as the Class A Lender, the undersigned,
as the Custodian, hereby certifies, subject to the terms of the Indenture and Credit Agreement, that with respect to each Mortgage
Asset listed on the Mortgage Asset Schedule attached to the Indenture and Credit Agreement as Schedule A, (a) each such document
referred to in Section 3.3(e) of the Indenture and Credit Agreement and with respect to each clause, solely to the extent such
documents are identified by the Issuer in writing to the Custodian to be included in the delivery of a Mortgage Asset File has
been received; and (b) that each such document has been reviewed by the Custodian, has been executed, appears on its face to be
what it purports to be, purports to be recorded or filed (as applicable), has not been torn, mutilated or otherwise defaced, and
appears on its face to relate to the Mortgage Asset identified on the Mortgage Asset Schedule, in each case, except as set forth
on Schedule B attached hereto.

 

The
Custodian makes no representations as to, and shall not be responsible to verify, (i) the validity, legality, enforceability,
due authorization, recordability, sufficiency, or genuineness of any of the documents in its custody relating to a Mortgage Asset,
or (ii) the collectability, insurability, effectiveness or suitability of any such documents in its custody relating to a Mortgage
Asset.

 

Capitalized
terms used but not defined herein shall have the respective meanings set forth in the Indenture and Credit Agreement.

 

	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, solely
    in its capacity as Custodian

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit E-1

     

    

 

SCHEDULE
A TO CUSTODIAN POST-CLOSING CERTIFICATION

 

	 	 
	Issuer	Class
    A Lender
	Terra Mortgage Capital I, LLC c/o	Goldman Sachs Bank USA
	Terra Mortgage Capital I, LLC	200 West Street
	550 Fifth Ave, 6th Floor	New York, New York 10282
	New York, New York 10036	Attention: Jeffrey Dawkins
	Attn: Michael Muscat	 
	Telephone: #####	with copies to:
	Email: #####	 
	 	Dechert LLP
	with copies to:	300 South Tryon Street, Suite 800
	 	Charlotte, NC 28202
	Terra Mortgage Capital I, LLC	Attention: Stewart McQueen
	550 Fifth Ave, 6th Floor	Telephone: #####
	New York, New York 10036	Telecopy: #####
	Attn: Vik Uppal	 
	Telephone: #####	Note
    Administrator; Collateral Agent, Loan Agent and Trustee
	Email: #####	Wells Fargo Bank, National Association
	 	Corporate Trust Services Division
	and:	9062 Old Annapolis Road
	 	Columbia, Maryland 21045-1951
	Terra Mortgage Capital I, LLC	Attention: Corporate Trust Services (CMBS),
	550 Fifth Ave, 6th Floor	TERRA MORTGAGE CAPITAL I, LLC
	New York, New York 10036	 
	Attn: Greg Pinkus	Servicer
	Telephone: #####	Trimont Real Estate Advisors, LLC
	Email: #####	One Alliance Center
	 	3500 Lenox Road NE, Suite G1
	and:	Atlanta, Georgia 30326
	 	Attn: Servicing Department
	Kirkland & Ellis LLP	Telephone: #####
	300 North LaSalle	Email: #####
	Chicago, Illinois 60654	 
	Attention: Rachel Brown	 
	Telephone: #####	 
	Email: #####	 
	 	 

 

    Exhibit E-2

     

    

 

SCHEDULE
B TO CUSTODIAN POST-CLOSING CERTIFICATION

 

MORTGAGE ASSET EXCEPTIONS
REPORT

 

[TO BE PROVIDED]

 

    Exhibit E-3

     

    

 

EXHIBIT F

 

[FORM OF]

 

REQUEST FOR
RELEASE

 

REQUEST FOR RELEASE
OF DOCUMENTS AND RECEIPT

 

		To:	Wells Fargo Bank, National Association
                                         Corporate Trust Services Division

Wells Fargo Center, 600 South
4th St., 7th Floor MAC N9300-070 Minneapolis, Minnesota 55479

Attention: Corporate Trust Services
- TERRA MORTGAGE CAPITAL I, LLC

 

In
connection with the administration of the Mortgage Assets held by you as the Custodian on behalf of the Issuer, we request the
release, to the [Issuer][Servicer] of [specify document] for the Mortgage Asset described below, for the reason indicated.

 

	Borrower’s Name, Address & Zip Code	Ship Files To:

 

	 	Name:
	 	 
	 	Address
	 	 
	 	Telephone Number

 

	Mortgage Asset Description:	 	 
	 
	Current Outstanding Principal Balance:	 	 

 

Reason for Requesting Documents (check
one):

 

	 1.	Mortgage
    Asset Paid in Full. The [Issuer][Servicer] hereby certifies
    that all amounts received in connection therewith that are required to be remitted by the borrower or other obligors thereunder
    have been paid in full and that any amounts in respect thereof required to be remitted to the Collateral Agent pursuant to
    the Indenture and Credit Agreement have been so remitted.
	 2.	Mortgage
    Asset Liquidated By . The [Issuer][Servicer] hereby certifies
    that all proceeds of insurance, condemnation or other liquidation have been finally received and that any amounts in respect
    thereof required to be remitted to the Collateral Agent pursuant to the Indenture and Credit Agreement have been so remitted.
	 3.	Other
    (explain) .

 

If
box 1 or 2 above is checked, and if all or part of the underlying instruments were previously released to us, please release to
us our previous request and receipt on file with you, as well as any additional documents in your possession relating to the specified
Mortgage Asset.

 

If
box 3 above is checked, upon our return of all of the above documents to you as the Custodian, please acknowledge your receipt
by signing in the space indicated below and returning this form.

 

If
box 3 above is checked, it is hereby acknowledged that a security interest pursuant to the Uniform Commercial Code in the Mortgage
Asset described above and in the proceeds of said Mortgage Asset has been granted to the Collateral Agent pursuant to the Indenture
and Credit Agreement.

 

    Exhibit F-1

     

    

 

If
box 3 above is checked, in consideration of the aforesaid delivery by the Custodian, the Servicer hereby agrees to hold said Mortgage
Asset in trust for the Collateral Agent, as provided under and in accordance with all provisions of the Indenture and Credit Agreement
and the Servicing Agreement, and to return said Mortgage Asset to the Custodian no later than the close of business on the twentieth
(20th) day following the date hereof or, if such day is not a Business Day, on the immediately preceding Business Day.

 

The
Servicer hereby acknowledges that it shall hold the above-described Mortgage Asset and any related underlying instruments in trust
for, and as the bailee of, the Collateral Agent, and shall return said Mortgage Asset and any related documents only to the Custodian.

 

Capitalized
terms used but not defined in this Request have the meanings assigned to them in the Indenture and Credit Agreement, dated as
of September 3, 2020, by and among Terra Mortgage Capital I, LLC, as Issuer, Wells Fargo Bank, National Association, as Collateral
Agent, Note Administrator, Loan Agent, Custodian and Trustee and Goldman Sachs Bank USA, as the Class A Lender.

 

[ISSUER][SERVICER]

 

	 	By:	 
	 	 	Name:

 

Title:Acknowledged
by:

GOLDMAN
SACHS BANK USA, as Class A Lender

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

Acknowledgment
of documents returned:

WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

	Date:	 	 

 

    Exhibit F-2

     

    

 

Exhibit G

 

MONTHLY REPORTING
PACKAGE

 

The
Monthly Reporting Package shall include, inter alia, the following:

 

		1.	A
                                         listing of all Mortgage Assets reflecting (i) the payment status of each Mortgage Asset
                                         and any material changes in the financial or other condition of each Mortgage Asset,
                                         including, without limitation any new or ongoing litigation; and (ii) any representation
                                         and/or warranty breaches under the Mortgage Asset Documents.

 

		2.	Any
                                         and all financial statements, rent rolls, leasing status reports for the immediately
                                         preceding twelve (12) month period, copies of any newly executed leases, any other financial
                                         reports or certificates, or other material information received from the borrowers related
                                         to each Mortgage Asset.

 

		3.	A
                                         listing of any existing Defaults.

 

		4.	A
                                         remittance report containing servicing information, including, without limitation, the
                                         beginning and ending balances of the Mortgage Assets for such period (listing the dates
                                         and amounts of any activity impacting the outstanding principal balances of the Mortgage
                                         Assets), the amount of each periodic payment due, the amount of each periodic payment
                                         received, the date of receipt, the date due, and whether there has been any material
                                         adverse change to the real property, on a loan by loan basis and in the aggregate, with
                                         respect to the Mortgage Assets serviced by any servicer (such remittance report, a “Servicing
                                         Tape”), or to the extent any servicer does not provide any such Servicing Tape,
                                         a remittance report containing the servicing information that would otherwise be set
                                         forth in the Servicing Tape or in the Servicer’s standard format.

 

		5.	Any
                                         reports or reportable information deliverable pursuant to the Mortgage Asset Documents
                                         during the applicable month.

 

		6.	All
                                         other information as Class A Lender, from time to time, may reasonably request with respect
                                         to Issuer or any Mortgage Asset, obligor or Mortgaged Property.

 

    Exhibit G

     

    

 

Exhibit
H

 

QUARTERLY
REPORTING PACKAGE

 

The Quarterly Reporting Package
shall include, inter alia, the following:

 

		1.	Consolidated
                                         unaudited financial statements of Guarantor presented fairly in accordance with GAAP
                                         or, if such financial statements being delivered have been filed with the SEC pursuant
                                         to the requirements of the Exchange Act, or similar state securities laws, presented
                                         in accordance with applicable statutory and/or regulatory requirements and delivered
                                         to Class A Lender within the same time frame as are required to be filed in accordance
                                         with such applicable statutory or regulatory requirements, including a statement of operations
                                         and a statement of changes in cash flows for such quarter and statement of net assets
                                         as of the end of such quarter, and certified as being true and correct.

 

		2.	Quarterly
                                         asset management reports.

 

		3.	A
                                         business plan update, monthly and year-to-date operating statements, rent rolls, comparison
                                         of budget and actual income and expenses, ARGUS (or similar) cash flow projections model,
                                         and a leasing status report for the Mortgage Assets, to the extent available.

 

    Exhibit HExhibit 10.2

 

EXECUTION VERSION

 

GUARANTY

 

GUARANTY,
dated as of September 3, 2020 (as amended, restated, supplemented or otherwise modified from time to time, this “Guaranty”),
made by TERRA PROPERTY TRUST, INC., a Maryland corporation (“Guarantor”), for the benefit of GOLDMAN SACHS BANK
USA, a New York State member bank (“Class A Lender”).

 

W
I T N E S S E T H :

 

WHEREAS,
Class A Lender, Terra Mortgage Capital I, LLC, a Delaware limited liability company (the “Issuer”) and Wells
Fargo Bank, National Association, as custodian, trustee, collateral agent, loan agent and note administrator, are parties to that
certain Indenture and Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified and
in effect from time to time, the “Indenture”);

 

WHEREAS,
Guarantor owns, directly or indirectly, all of the membership interest of Issuer and Guarantor will derive benefits, indirectly,
from the execution, delivery and performance by Issuer of the Transaction Documents, and the transactions contemplated by the Indenture
and the other Transaction Documents; and

 

WHEREAS,
it is a condition precedent to the Indenture and the consummation of the transaction contemplated thereunder that Guarantor execute
and deliver this Guaranty for the benefit of Class A Lender.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Guarantor does
hereby agree as follows:

 

ARTICLE
I.

 

DEFINED TERMS

 

(a)           
Unless otherwise defined herein, terms defined in the Indenture and used herein

shall
have the meanings given to them in the Indenture.

 

(b)          
The words “hereof,” “herein” and “hereunder” and words of similar import when used in
this Guaranty shall refer to this Guaranty as a whole and not to any particular provision of this Guaranty. All accounting terms
not specifically defined herein shall be construed in accordance with generally accepted accounting principles.

 

ARTICLE II.

 

NATURE
AND SCOPE OF GUARANTY

 

(a)            Guaranty
of Obligations. The Guarantor’s guaranteed obligations (the “Guaranteed Obligations”) are as follows:

 

(i)            Guarantor
hereby irrevocably and unconditionally guarantees and promises to Class A Lender and its successors and assigns, the prompt
and complete payment when due, whether at stated maturity, by acceleration or otherwise, of all of (A) all reasonable out of
pocket court costs, enforcement costs and legal and other expenses (including reasonable attorneys’ fees and expenses
of outside counsel) (collectively, “Costs”) that are incurred by Class A Lender in the enforcement of any obligation of
Guarantor under this Guaranty; and (B) all actual losses, damages and Costs (collectively, “Losses”) that
are incurred by Class A Lender arising out of or in connection with any of the following events:

 

     

     

    

 

(1)           
any fraud, intentional material misrepresentation, or willful misconduct by Issuer, Guarantor or Notes Investor (each a
 “Terra Finance Party” and collectively, the “Terra Finance Parties”) in connection with the
Indenture, the other Transaction Documents or any Mortgage Asset;

 

(2)          
the misapplication or misappropriation of any income or other amounts received from any Mortgage Asset or any Mortgage Loan
by any Terra Finance Party, or any Affiliate thereof;

 

(3)            any
Terra Finance Party, or any Affiliate thereof, in bad faith (as determined by a court of competent jurisdiction), contests or
colludes with any Person contesting the exercise of remedies pursued by Class A Lender pursuant to the Indenture;

 

(4)            any Terra Finance Party or any subsidiary thereof voluntarily grants or creates, or consents in writing to the grant or
creation of, any lien, encumbrance or security interest in or on any Mortgage Asset or any Collateral, other than liens, encumbrances
or security interests created pursuant to or otherwise permitted by the Transaction Documents;

 

(5)           
Issuer’s failure to obtain Class A Lender’s prior written consent to any incurrence of Indebtedness obtained
by Issuer or any of its successors or assigns that are not permitted under the Transaction Documents or voluntary liens granted
by Issuer on the Mortgage Assets, in each case, in violation of the Transaction Documents; or

 

(6)            any
failure by (i) the Issuer, as holder of a Future Advance Mortgage Asset, to make any Future Advances under the related Mortgage
Asset Documents (to the extent such Future Advances are determined by a court of competent jurisdiction to be required to be made
thereunder) to the related obligor under such Mortgage Asset or (ii) the Holder of the Class B Notes to contribute Cash to the
Issuer in an amount equal to the applicable Class B Note Additional Funding Amount in order to ensure that the Issuer has sufficient
Cash to fund all such Future Advances in full (pursuant to the terms of the Indenture).

 

(ii)            Notwithstanding
anything to the contrary herein, Guarantor irrevocably and unconditionally guarantees and promises to pay to Class A Lender
and its successors and assigns, in lawful money of the United States, in immediately available funds, the entire Aggregate
Outstanding Amount of the Class A Loan (plus all other amounts due and payable to the Class A Lender under the Transaction
Documents) immediately upon the occurrence of with respect to any Terra Finance Party (A) the commencement by such Person as
debtor of any case or proceeding under the Bankruptcy Code or any similar federal or state law, or such Person seeking the
appointment or election of a receiver, conservator, trustee, custodian or similar official for such Person or all or
substantially all of the property of and assets of such Person (unless consented to by Class A Lender), (B) the commencement
of an involuntary case or proceeding against such Person under the Bankruptcy Code or any similar federal or state law (other
than by Class A Lender) in connection with which either (1) such Person or any affiliate of such Person has colluded in any
way with the creditors commencing or filing such involuntary case or proceeding, or (2) such Person, any affiliate of such
Person or any representative of such Person files an answer consenting to, or otherwise acquiescing in, or joining in, such
involuntary case or proceeding, (C) such Person (x) consents to, or acquiesces in, or joins in, an application seeking the
appointment of a custodian, receiver, liquidator, trustee or examiner for such Person, or (y) makes an assignment for the
benefit of creditors or (D) any material breach of the separateness covenants contained in Section 7.4 of the
Indenture that results in the substantive consolidation of any of the assets and/or liabilities of Issuer or Guarantor with
any of the assets and/or liabilities of any other entity in a bankruptcy or insolvency proceeding under the Bankruptcy
Code.

 

    2

     

    

 

(b)           Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and
not a guaranty of collection. This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to
any Guaranteed Obligations arising or created after any attempted revocation by Guarantor. This Guaranty may be enforced by Class
A Lender and any successor, endorsee, transferee or assignee under the Indenture and shall not be discharged by the assignment
or negotiation of all or part thereof.

 

(c)            Satisfaction of Guaranteed Obligations. Guarantor shall satisfy its obligations hereunder without demand, presentment,
protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the
maturity or any other notice whatsoever. The obligations of Guarantor hereunder shall not be reduced, discharged or released because
or by reason of any existing or future offset, claim or defense of Issuer, or any other party, against Class A Lender or against
the payment of the Guaranteed Obligations, other than the payment of the Guaranteed Obligations, whether such offset, claim or
defense arises in connection with such Guaranteed Obligations or otherwise.

 

(d)           No
Duty to Pursue Others. Except as otherwise expressly set forth in any of the Transaction Documents, it shall not be necessary
for Class A Lender (and Guarantor hereby waives any rights which Guarantor may have to require Class A Lender), in order to enforce
the obligations of Guarantor hereunder, first to (i) institute suit or exhaust its remedies against Issuer or others liable on
the Guaranteed Obligations or any other person, (ii) enforce or exhaust Class A Lender’s rights against any collateral which
shall ever have been given to secure the Guaranteed Obligations, (iii) join Issuer or any others liable on the Guaranteed Obligations
in any action seeking to enforce this Guaranty or (iv) resort to any other means of obtaining payment of the Guaranteed Obligations.
Class A Lender shall not be entitled to actually receive payment of the same amounts from both Issuer and Guarantor. Class A Lender
shall not be required to mitigate damages or take any other action to collect or enforce the Guaranteed Obligations.

 

(e)            Waivers. Except as otherwise expressly set forth in any of the Transaction Documents, Guarantor agrees to the provisions
of the Transaction Documents, and hereby waives notice of (i) any loans or advances made by Class A Lender to Issuer, (ii) acceptance
of this Guaranty, (iii) any amendment or extension of the Indenture, or of any other Transaction Documents, (iv) the execution
and delivery by Issuer and Class A Lender of any other agreement or of Issuer’s execution and delivery of any other documents
arising under the Transaction Documents or in connection with the Guaranteed Obligations, (v) the occurrence of any breach by Issuer
or an Event of Default under the Transaction Documents, (vi) Class A Lender’s transfer or disposition of the Transaction
Documents, or any part thereof in accordance with the terms and conditions of the Transaction Documents, (vii) sale or foreclosure
(or posting or advertising for sale or foreclosure) of any collateral for the Guaranteed Obligations, (viii) protest, proof of
non-payment or default by Issuer, (ix) any other action at any time taken or omitted by Class A Lender and (x) all other demands
and notices of every kind in connection with this Guaranty, the Transaction Documents and any documents or agreements evidencing,
securing or relating to any of the Guaranteed Obligations.

 

(f)            Payment
of Expenses. In the event that Guarantor should breach or fail to timely make any payment when due pursuant to the
provisions of this Guaranty, Guarantor shall promptly after demand by Class A Lender, pay Class A Lender all reasonable,
out-of-pocket costs and expenses (including, without limitation, the reasonable and documented fees and expenses of outside
counsel) actually incurred by Class A Lender in the enforcement hereof or the preservation of Class A Lender’s rights hereunder.
The covenant contained in this Article II(f) shall survive the payment of the Guaranteed Obligations.

 

    3

     

    

 

(g)           Effect
of Bankruptcy. In the event that, pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief
law, or any judgment, order or decision thereunder, Class A Lender must rescind or restore any payment, or any part thereof, received
by Class A Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the
terms of this Guaranty given to Guarantor by Class A Lender shall be without effect, and this Guaranty shall remain in full force
and effect. It is the intention of Issuer and Guarantor that Guarantor’s obligations hereunder shall not be discharged except
by Issuer’s or Guarantor’s payment of the Guaranteed Obligations which is not so rescinded.

 

(h)           Deferral
of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained in this Guaranty, Guarantor
hereby unconditionally and irrevocably defers any and all rights it may now or hereafter have under any agreement, at law or in
equity (including, without limitation, any law subrogating Guarantor to the rights of Class A Lender), to assert any claim against
or seek contribution, indemnification or any other form of reimbursement from Issuer or any other party liable for payment of
any or all of the Guaranteed Obligations for any payment made by Guarantor under or in connection with this Guaranty until payment
in full of the Guaranteed Obligations and termination of the Indenture. Guarantor hereby subordinates all of its subrogation rights
against Issuer arising from payments made under this Guaranty to the full payment of the Guaranteed Obligations due Class A Lender
for a period of ninety-one (91) days following the final payment of the last of all of the Guaranteed Obligations and termination
of the Indenture. If any amount shall be paid to Guarantor on account of such subrogation rights at any time when all of the Guaranteed
Obligations shall not have been paid in full, such amount shall be held by Guarantor in trust for Class A Lender, segregated from
other funds of Guarantor, and shall, forthwith upon receipt by Guarantor, be turned over to Class A Lender in the exact form received
by Guarantor (duly indorsed by Guarantor to Class A Lender, if required), to be applied against the Guaranteed Obligations, whether
matured or unmatured, in such order as Class A Lender may determine.

 

(i)             Issuer.
The term “Issuer” as used herein shall include any new or successor corporation, association, partnership (general
or limited), joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale,
transfer, devise, gift or bequest of any Issuer or any interest in any Issuer.

 

ARTICLE III.

 

EVENTS
AND CIRCUMSTANCES NOT REDUCING

 OR DISCHARGING GUARANTOR’S OBLIGATIONS

 

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

 

    4

     

    

 

(b)           Guaranty Absolute and Unconditional, Etc. This Guaranty shall be construed as a continuing, absolute and unconditional
guarantee of payment without regard to (i) the validity, regularity or enforceability of any Transaction Document, any of the Guaranteed
Obligations or any collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to
time held by Class A Lender, (ii) any defense, set-off or counterclaim (other than a defense of payment or performance) which may
at any time be available to or be asserted by Issuer against Class A Lender, (iii) any requirement that Class A Lender exhaust
any right to take any action against Issuer or any other Person prior to or contemporaneously with proceeding to exercise any right
against Guarantor under this Guaranty or (iv) any other circumstance whatsoever (with or without notice to or knowledge of Issuer
and Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of Issuer for the Guaranteed
Obligations, in bankruptcy or in any other instance. When pursuing its rights and remedies hereunder against Guarantor, Class A
Lender may, but shall be under no obligation to, pursue such rights and remedies that Class A Lender may have against Issuer or
any other Person or against any collateral security or guarantee for the Guaranteed Obligations or any right of offset with respect
thereto, and any failure by Class A Lender to pursue such other rights or remedies or to collect any payments from Issuer or any
such other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any
release of Issuer or any such other Person or any such collateral security, guarantee or right of offset, shall not relieve Guarantor
of any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a
matter of law, of Class A Lender against Guarantor.

Without
limiting the generality of the foregoing, Guarantor hereby agrees, acknowledges, and represents and warrants to Class A Lender
as follows:

 

(i)           
Guarantor hereby waives any defense arising by reason of, and any and all right to assert against Class A Lender any claim
or defense based upon, an election of remedies by Class A Lender which in any manner impairs, affects, reduces, releases, destroys
and/or extinguishes Guarantor’s subrogation rights, rights to proceed against Issuer or any other guarantor for reimbursement
or contribution, and/or any other rights of Guarantor to proceed against Issuer, any other guarantor or any other person or security.

 

(ii)           Guarantor
is presently informed of the financial condition of Issuer and of all other circumstances which diligent inquiry would reveal
and which bear upon the risk of nonpayment of the Guaranteed Obligations. Guarantor hereby covenants that it will make its
own investigation and will continue to keep itself informed about the financial condition of Issuer, the status of other
guarantors, if any, and of all other circumstances which bear upon the risk of nonpayment and that it will continue to rely
upon sources other than Class A Lender for such information and will not rely upon Class A Lender for any such information.
Absent a written request for such information by Guarantor to Class A Lender, Guarantor hereby waives the right, if any, to
require Class A Lender to disclose to Guarantor any information which Class A Lender may now or hereafter acquire concerning
such condition or circumstances including,
but not limited to, the release of or revocation by any other guarantor.

 

    5

     

    

 

(iii)          Guarantor has independently reviewed the Transaction Documents and related agreements and has made an independent determination
as to the validity and enforceability thereof, and in executing and delivering this Guaranty to Class A Lender, Guarantor is not
in any manner relying upon the validity, and/or enforceability, and/or attachment, and/or perfection of any liens or security interests
of any kind or nature granted by Issuer or any other guarantor to Class A Lender, now or at any time and from time to time in the
future.

 

(c)          
Reinstatement. This Guaranty shall continue to be effective, or be reinstated, as the case may be, if at any time
payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by Class
A Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Issuer, Guarantor or any other party at
any time liable for the payment of all or part of the Guaranteed Obligations or upon or as a result of the appointment of a receiver,
intervenor or conservator of, or trustee or similar officer for, Issuer or any substantial part of the property of Issuer, or otherwise,
all as though such payments had not been made.

 

(d)          
Payments. Guarantor hereby agrees that the Guaranteed Obligations will be paid to Class A Lender, without set-off
or counterclaim, in United States Dollars.

 

ARTICLE IV.

 

REPRESENTATIONS AND WARRANTIES

 

To
induce Class A Lender to enter into the Transaction Documents, Guarantor represents and warrants to Class A Lender as follows:

 

(a)            Benefit.
Guarantor has received, or will receive, indirect benefit from the execution, delivery and performance by Issuer of the Transaction
Documents, and the transactions contemplated therein.

 

(b)           Familiarity
and Reliance. Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition
of Issuer and is familiar with the value of any and all collateral intended to be pledged as security for the payment of the Guaranteed
Obligations.

 

(c)            No
Representation By Class A Lender. Neither Class A Lender nor any other party on Class A Lender’s behalf has made any
representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty.

 

(d)           Solvency.
As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor is,
and intends to remain, solvent, and has, and intends to have, assets which, fairly valued, exceed its obligations, liabilities
(including contingent liabilities fairly estimated in accordance with GAAP) and debts, and has, and intends to have, property
and assets sufficient to satisfy and repay its obligations and liabilities, as and when the same become due.

 

(e)            Performance. Guarantor does not believe, nor does it have any reason or cause to believe, that it cannot perform
in all respects all covenants and obligations contained in this Guaranty applicable to Guarantor.

 

(f)            Organization.
Guarantor (i) is duly organized, validly existing and in good standing under the laws and regulations of the jurisdiction of
its formation, (ii) is duly licensed, qualified, and in good standing in each jurisdiction where such licensing or
qualification is necessary for the transaction
of Guarantor’s business, except where failure to be so licensed or qualified could not be reasonably likely to have a
material adverse effect, (iii) has the power to own its assets and to transact the businesses in which it is now engaged.

 

    6

     

    

 

(g)           Authority.
Guarantor represents that (i) it is duly authorized to execute and deliver this Guaranty and to perform its obligations under
this Guaranty, and has taken all necessary action to authorize such execution, delivery and such payment, and (ii) each person
signing this Guaranty on its behalf is duly authorized to do so on its behalf.

 

(h)           Due
Execution. This Guaranty has been duly executed and delivered by Guarantor, for good and valuable consideration.

 

(i)             Enforceability.
This Guaranty is a legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms
subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles.

 

(j)            Approvals and Consents. No consent, approval or other action of, or filing by, Guarantor with any governmental authority
or any other Person is required to authorize, or is otherwise required in connection with, the execution, delivery and payment
when due pursuant to the provisions of this Guaranty (other than consents, approvals and filings that have been obtained or made
on or prior to the date hereof).

 

(k)            Non-Contravention.
Neither the execution and delivery of this Guaranty, nor consummation by Guarantor of the transactions contemplated by this
Guaranty, nor compliance by Guarantor with the terms, conditions and provisions of this Guaranty will conflict with or result
in a breach of any of the terms, conditions or provisions of (i) the organizational documents of Guarantor, (ii) any
agreement by which Guarantor is bound or to which any assets of Guarantor are subject or constitute a default thereunder, or
result thereunder in the creation or imposition of any lien upon any of the assets of Guarantor, other than pursuant to (or
as otherwise permitted by) the Transaction Documents, to the extent that such breach could be reasonably likely to have a
material adverse effect, (iii) any judgment or order, writ, injunction, decree or demand of any court applicable to
Guarantor, to the extent that such breach could be reasonably likely to have material adverse effect, or (iv) any requirement
of law applicable to Guarantor in any material respect.

 

(l)             Litigation/Proceedings. As of the Closing Date, and except as disclosed in writing to Class A Lender prior to such
date, there is no action, suit, proceeding, investigation, or arbitration pending or, to the best knowledge of Guarantor, threatened
in writing against Guarantor, or any of its assets that (i) questions or challenges the validity or enforceability of any of the
Transaction Documents or any action to be take in connection with the transactions contemplated hereby or thereby or

(ii) 
could be reasonably likely to have a material adverse effect.

 

(m)          No
Outstanding Judgments. Except as disclosed to Class A Lender in writing, there are no judgments against Guarantor unsatisfied
of record or docketed in any court located in the United States of America that materially and adversely affect Guarantor’s
net worth or its ability to perform its obligations hereunder.

 

(n)           Compliance
with Law. Guarantor is in compliance in all material respects with all requirements of law. Guarantor is not in default with
respect to any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or governmental authority.

 

All
representations and warranties made by Guarantor herein shall survive until payment in full of the Guaranteed Obligations and termination
of the Indenture.

 

    7

     

    

 

ARTICLE V.

 

COVENANTS
OF GUARANTOR

 

Guarantor
covenants and agrees with Class A Lender that, until payment in full of all Guaranteed Obligations and termination of the Indenture:

 

(a)           
Guarantor Notices.

 

(i)           
Default or Event of Default. Guarantor shall, as soon as possible but in no event later than the immediately succeeding
Business Day after obtaining actual knowledge of such event, notify Class A Lender of the occurrence of any Default or Event of
Default.

 

(ii)           Other
Defaults. Guarantor shall promptly, and in any event within two (2)  Business Days after obtaining actual knowledge thereof,
notify Class A Lender of any default or event of default (or similar event) on the part of Guarantor under any Indebtedness or
other material contractual obligations of Guarantor to the extent that such default or event of default (or similar event) could
be reasonably likely to have material adverse effect on this Guaranty or Guarantor’s obligations hereunder.

 

(iii)          Litigation
and Judgments. Guarantor shall promptly (and in any event within two (2) Business Days after obtaining actual knowledge
thereof) notify Class A Lender of the commencement or written threat of, settlement of, or judgment in, any litigation,
action, suit, arbitration, investigation or other legal or arbitrable proceeding affecting Guarantor or any of its
subsidiaries which (A) relates to the
Mortgage Asset, and, which, if adversely determined, could be reasonably likely to have a material adverse effect thereon,
(B) questions or challenges the validity or enforceability of this Guaranty or any action to be taken in connection with the
transactions contemplated hereby, or (C) which, individually or in the aggregate, if adversely determined, could be
reasonably likely to have a material adverse effect on this Guaranty or Guarantor’s obligations hereunder.

 

(b)           Reporting.
Guarantor shall deliver (or cause to be delivered) to Class A Lender all financial information and certificates with respect to
Guarantor that are required to be delivered pursuant to Section 10.5 of the Indenture.

 

(c)          
Preservation of Existence; Licenses. Guarantor shall at all times maintain and preserve its legal existence and in
all material respects all of the rights, privileges, licenses, permits and franchises necessary for the operation of its business
and for the making of any payment when due pursuant to the provisions of this Guaranty, except to the extent the failure to maintain
any such rights, privileges, licenses, permits and franchises would not be reasonably likely to have a material adverse effect
on this Guaranty or Guarantor’s obligations hereunder.

 

(d)          
Compliance with Obligations. Guarantor shall at all times comply in all material respects (i) with its organizational
documents, (ii) with any agreements by which it is bound or to which its assets are subject and (iii) any requirement of law applicable
to it.

 

(e)          
Books of Record and Accounts. Guarantor shall at all times keep proper books of records and accounts in which full,
true and correct entries shall be made of its transactions fairly in accordance with GAAP, consistently applied, and set aside
on its books from its earnings for each fiscal year all such proper reserves in accordance with GAAP, consistently applied.

 

(f)            Taxes
and Other Charges. Guarantor shall timely file all income, franchise and other tax returns required to be filed by it and
shall pay and discharge all taxes, levies, assessments and other charges imposed on it, on its income or profits, on any of
its property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the
payment of which is being contested in good
faith and by proper proceedings and against which adequate reserves are being maintained in accordance with GAAP.

 

    8

     

    

 

(g)           Due
Diligence. Guarantor shall permit Class A Lender to conduct continuing due diligence in accordance with the Servicing Agreement.

 

(h)          
No Change of Control. Guarantor shall not, without the prior consent of Class A Lender, own less than 95% of either
the Issuer or the Notes Investor, and shall (in any event) retain Control of the Issuer and Notes Investor.

 

(i)           
Voluntary or Collusive Filing. Guarantor shall not voluntarily file a case, or join or collude with any Person in
the filing of an involuntary case, in respect of Issuer under the Bankruptcy Code.

 

(j)            
Financial Covenants. Guarantor shall at all times satisfy the following financial covenants, as determined quarterly
on a consolidated basis in accordance with GAAP, consistently applied:

 

(i)             Minimum
Tangible Net Worth: Guarantor shall not permit its Tangible Net Worth at any time to be less than an amount equal to the sum
of (x) seventy-five percent (75%) of its current Tangible Net Worth as of the date hereof.

 

(ii)          
Liquidity. Guarantor shall maintain at all times minimum Liquidity of not less than Ten Million and No/100 Dollars
($10,000,000.00).

 

(iii)         
Interest Coverage Ratio. Guarantor shall not permit its Interest Coverage Ratio to be less than 1.5 to 1.0.

 

ARTICLE VI.

 

SET-OFF

 

In
addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation of any such rights,
Guarantor hereby grants to Class A Lender a right, following the occurrence and during the continuance of any failure by Guarantor
to timely perform any of its Guaranteed Obligations as set forth herein, without prior notice to Guarantor, upon any Guaranteed
Obligations becoming due and payable by Guarantor (whether at stated maturity, by acceleration or otherwise), to set-off any sum
or obligation solely under this Guaranty and irrespective of the currency, place of payment or booking office of the sum or obligation
owed by Guarantor to Class A Lender or any Affiliate of Class A Lender against (i) any sum or obligation whether or not arising
under this Guaranty and irrespective of the currency, place of payment or booking office of the sum or obligation owed by Class
A Lender or its Affiliates to Guarantor and (ii) any and all deposits (general or specified), monies, credits, securities, collateral
or other property of Guarantor and the proceeds therefrom, now or hereafter held or received for the account of Guarantor (whether
for safekeeping, custody, pledge, transmission, collection, or otherwise) by Class A Lender or its Affiliates or any entity under
the control of Class A Lender or its Affiliates and its respective successors and assigns (including, without limitation, branches
and agencies of Class A Lender, wherever located).

 

Class
A Lender and its Affiliates are hereby authorized at any time and from time to time upon the occurrence and during the
continuance of any failure by Guarantor to timely perform any of its Guaranteed Obligations as set forth herein, without
prior notice to Guarantor, to set-off, appropriate, apply and enforce such right of set-off against any and all items
hereinabove referred to against any amounts owing to Class A Lender or its Affiliates by Guarantor under this Guaranty,
irrespective of whether Class A
Lender or its Affiliates shall have made any demand hereunder and although such amounts, or any of them, shall be contingent
or unmatured and regardless of any other collateral securing such amounts. If a sum or obligation is unascertained, Class A
Lender 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 Article VI shall be effective to create a
charge or other security interest. This Article VI 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). Class A Lender shall notify Guarantor promptly of any such set-off and the application made by
Class A Lender.

 

    9

     

    

 

ANY
AND ALL RIGHTS TO REQUIRE CLASS A LENDER OR ITS AFFILIATES TO EXERCISE THEIR RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL
THAT SECURE THE AMOUNTS OWING TO CLASS A LENDER OR ITS AFFILIATES BY GUARANTOR UNDER THIS GUARANTY, PRIOR TO EXERCISING THEIR RIGHT
OF SET-OFF WITH RESPECT TO SUCH MONIES, SECURITIES, COLLATERAL, DEPOSITS, CREDITS OR OTHER PROPERTY OF GUARANTOR, ARE HEREBY KNOWINGLY,
VOLUNTARILY AND IRREVOCABLY WAIVED BY GUARANTOR.

ARTICLE
VII.

 

MISCELLANEOUS

 

(a)          
Waiver. No failure to exercise, and no delay in exercising, on the part of Class A Lender, any right hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any other right. The rights of Class A Lender hereunder shall be in addition to all other rights provided by law.
No modification or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall be effective unless in writing
signed by Class A Lender and Guarantor and no such consent or waiver shall extend beyond the particular case and purpose involved.
No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other
instances without such notice or demand (except to the extent such a notice or demand is required by the terms hereof).

 

(b)          
Notices. Unless otherwise provided in this Guaranty, all notices, consents, approvals and requests required or permitted
hereunder shall be given in writing and shall be effective for all purposes if sent by (i) hand delivery, with proof of delivery,
(ii) certified or registered United States mail, postage prepaid, (iii) expedited prepaid delivery service, either commercial or
United States Postal Service, with proof of delivery, (iv) by facsimile (with answerback acknowledged), provided that such facsimile
notice must also be delivered by one of the means set forth in (i), (ii) or (iii) above, or (v) by electronic mail, provided that
such electronic mail notice must also be delivered by one of the means set forth in (i), (ii) or (iii) above; in the case of notice
to the Class A Lender, at Goldman Sachs Bank USA, 200 West Street, New York, New York 102802, Attention: General Counsel and, in
the case of notice to Guarantor, to the address specified below, or to such other address and person as shall be designated from
time to time by Guarantor or Class A Lender, as the case may be, in a written notice to the other in the manner provided for in
this Article VII(b). A notice shall be deemed to have been given: (1) in the case of hand delivery, at the time of delivery,
(2) in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day, (3) in the case
of expedited prepaid delivery upon the first attempted delivery on a Business Day, (4) in the case of facsimile, upon receipt of
answerback confirmation, provided that such facsimile notice was also delivered as required in this Article VII or (5) in
the case of electronic mail, upon receipt of a verbal or electronic communication confirming receipt thereof, provided that such
electronic mail notice was also delivered as required in this Article VII. A party receiving a notice that does not comply
with the technical requirements for notice under this Article VII may elect to waive any deficiencies and treat the notice
as having been properly given.

 

    10

     

    

 

Guarantor:
                            Terra Property Trust, Inc.

805
Third Avenue, 8th Floor 

New York, New York 10022 

Attn: Michael Muscat

Telephone:
#####

Email:
#####

 

with
copies to:

 

Terra
Property Trust, Inc. 

805 Third Avenue, 8th Floor 

New York, New York 10022 

Attn: Vik Uppal

Telephone:
#####

Email:
#####

 

and:

 

Terra
Property Trust, Inc.

 805 Third Avenue, 8th Floor 

New York, New York 10022 

Attn: Greg Pinkus

Telephone:
#####

Email:
#####

 

and:

 

Kirkland
 & Ellis LLP 

300 North LaSalle

Chicago,
Illinois 60654 

Attention: Rachel Brown 

Telephone: #####

Email:
#####

 

(c)            GOVERNING LAW. THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS,
RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO CONFLICT OF LAWS
PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

(d)           SUBMISSION
TO JURISDICTION; WAIVERS.

 

(i)            
Each of Guarantor, and by its acceptance of the benefits of this Guaranty, Class A Lender, irrevocably and unconditionally
(A) submits to the non-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 Guaranty or relating in any way to this Guaranty, the Indenture or the Transaction Documents and (B) 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.

 

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(ii)            To the extent that Guarantor, and by its acceptance of the benefits of this Guaranty, Class A Lender, 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 Guaranty or relating
in any way to this Guaranty, the Indenture or the Transaction Documents.

 

(iii)          
Each of Guarantor and by its acceptance of the benefits of this Guaranty, Class A Lender, hereby irrevocably waives, to
the fullest extent each 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 it at its address specified herein. Each of Guarantor and by its acceptance of the benefits of this Guaranty, Class A Lender,
hereby agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Article VII(d) shall affect the right of
Class A Lender or Guarantor to serve legal process in any other manner permitted by law or affect the right of Class A Lender or
Guarantor to bring any action or proceeding against the other party or its property in the courts of other jurisdictions, and nothing
in this Article VII(d) shall affect the right of any party to serve legal process in any other manner permitted by law or
affect the right of any party to bring any action or proceeding against the other party or its property in the courts of other
jurisdictions.

 

(iv)          GUARANTOR,
AND BY ITS ACCEPTANCE OF THE BENEFITS OF THIS GUARANTY, THE CLASS A LENDER, HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER TRANSACTION DOCUMENT OR
ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER.

 

(e)          
Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present
or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining
provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary
to the basic understandings and intentions of the parties as expressed herein.

 

(f)           
Amendments. This Guaranty may be amended only by an instrument in writing executed by Guarantor and Class A Lender.

 

(g)          
Parties Bound; Assignment; Joint and Several. This Guaranty shall be binding upon and inure to the benefit of the
parties hereto and their respective successors, assigns and legal representatives; provided, however, that Guarantor
may not, without the prior written consent of Class A Lender, assign any of its rights, powers, duties or obligations hereunder.
If Guarantor consists of more than one person or party, the obligations and liabilities of each such person or party shall be joint
and several. Class A Lender may assign or transfer its rights under this Guaranty in accordance with the transfer of assignment
provisions of the Indenture.

 

(h)          
Headings. Section headings are for convenience of reference only and shall in no way affect the interpretation or
construction of this Guaranty.

 

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(i)           
Recitals. The recital and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall
be considered prima facie evidence of the facts and documents referred to therein.

 

(j)            
Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by Issuer to Class A Lender, by endorsement
or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights
of Class A Lender hereunder shall be cumulative of any and all other rights that Class A Lender may ever have against Guarantor.
The exercise by Class A Lender of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not
preclude the concurrent or subsequent exercise of any other right or remedy.

 

(k)          
Entirety. This Guaranty embodies the final, entire agreement of Guarantor and Class A Lender with respect to Guarantor’s
guaranty of the Guaranteed Obligations and supersedes any and all prior commitments, agreements, representations, and understandings,
whether written or oral, relating to the subject matter hereof. This Guaranty is intended by Guarantor and Class A Lender as a
final and complete expression of the terms of the guaranty, and no course of dealing between Guarantor and Class A Lender, no course
of performance, no trade practices, and no evidence of prior, contemporaneous or subsequent oral agreements or discussions or other
extrinsic evidence of any nature shall be used to contradict, vary, supplement or modify any term of this Guaranty. There are no
oral agreements between Guarantor and Class A Lender relating to the subject matter hereof.

 

(l)           
Signature. This Guaranty shall be valid, binding, and enforceable against the Guarantor when executed and delivered
by an authorized individual on behalf of the Guarantor by means of (i) an original manual signature; (ii) a faxed, scanned, or
photocopied manual signature; or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global
and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, the Electronic Signatures and Records Act,
and/or any other relevant electronic signatures law, including any relevant provisions of the UCC, in each case, to the extent
applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the
same validity, legal effect, and admissibility in evidence as an original manual signature.

 

[SIGNATURE
ON NEXT PAGE]

 

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IN
WITNESS WHEREOF, the undersigned executed this Guaranty as of the day first written above.

 

	 	TERRA PROPERTY TRUST,
    INC., as Guarantor
	 	 
	 	 	By: 	/s/ Vikram Uppal
	 	 	 	Name: Vikram Uppal
	 	 	 	Title: Chief Executive Officer

 

[GS/Terra - Signature Page to Guaranty]

 

     

     

    

 

EXHIBIT A

 

FINANCIAL COVENANT DEFINITIONS

 

“Capitalized
Lease Obligations”: Any obligations under a lease that are required to be capitalized for financial reporting
purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as
would be required to be reflected on the balance sheet prepared in accordance with GAAP of the applicable Person as of the applicable
date.

 

“Cash
and Cash Equivalents”: Any of the following: (a) cash, (b) fully federally insured demand deposits, or (c) USTs
with residual maturity of ninety (90) days or less.

 

“Consolidated
EBITDA”: With respect to any Person, for any period of four (4) consecutive fiscal quarters ended on the last
day of any fiscal quarter of such Person, an amount equal to, the following, all determined on a consolidated basis, without duplication,
for any Person and its consolidated Subsidiaries in accordance with GAAP: (a) Consolidated Net Income (or loss) of such Person,
plus (b) the following (but only to the extent actually deducted in calculating such Consolidated Net Income (or loss)): (i) depreciation
and amortization expense, (ii) Interest Expense, (iii) income tax expense, (iv) extraordinary or non-cash non-recurring losses
and (v) transaction costs in connection with the Transaction Documents, and minus (c) the following (but only to the extent actually
added in calculating such Consolidated Net Income (or loss)): extraordinary or non-cash non-recurring gains; determined, in each
case, on a consolidated basis.

 

“Consolidated
Net Income”: With respect to any Person for any period of four (4) consecutive fiscal quarters ended on the last
day of any fiscal quarter of such Person, the sum of all the consolidated net income of such Person and its consolidated Subsidiaries
determined in accordance with GAAP and in each case, determined on a consolidated basis without duplication.

 

“Financing
Lease” 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.

 

“GAAP”:
Generally accepted accounting principles as in effect from time to time in the United States, consistently applied.

 

“Indebtedness”:
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) calendar days of the date the respective goods are delivered or the respective services are rendered; (c)
Indebtedness of others secured by a Lien on the property of such Person, whether or not the respective Indebtedness so
secured has been assumed by such Person; (d) obligations (contingent or otherwise) of such Person in respect of letters of
credit or similar instruments issued or accepted by banks and other financial institutions for account of such Person; (e)
obligations of such Person under repurchase agreements, sale/buy-back agreements or like arrangements; (f)
Indebtedness of others guaranteed by such Person; (g) all obligations of such Person incurred in connection with the
acquisition or carrying of fixed assets by such Person; (h) Indebtedness of general partnerships of which such Person is
secondarily or contingently liable (other than by endorsement of instruments in the course of collection), whether by reason
of any agreement to acquire such indebtedness to supply or advance sums or otherwise; (i) Capitalized Lease
Obligations of such Person; (j) all net liabilities or obligations under any interest rate, interest rate swap, interest rate
cap, interest rate floor, interest rate collar, or other agreement; and (k) all obligations of such Person under Financing
Leases.

 

     

     

    

 

“Interest
Coverage Ratio”: As of any date of determination in respect of any fiscal quarter, Consolidated EBITDA for the
preceding four (4) fiscal quarters divided by Interest Expense for the preceding four (4) fiscal quarters.

 

“Interest
Expense”: With respect to any Person and its consolidated Subsidiaries in respect of any period of four (4) consecutive
fiscal quarters, ended on the last day of any fiscal quarter of such Person, determined on a consolidated basis without duplication,
consolidated interest expense of such Person and its consolidated Subsidiaries, whether paid or accrued, without deduction of consolidated
interest income of such Person and its consolidated Subsidiaries, including, without limitation or duplication, or, to the extent
not so included, with the addition of: (i) interest expense associated with any interest rate hedging activity of such Person;
(ii) the amortization of debt discounts by such Person; and

(iii) 
prepayment penalties and debt extinguishment charges paid by such Person, in all cases as reflected in the applicable consolidated
financial statements of such Person and all as determined in accordance with GAAP.

 

“Liquidity”:
With respect to Guarantor on any date of determination, (i) unrestricted and unencumbered (other than pursuant to the Transaction
Documents) Cash and Cash Equivalents held by Guarantor and its consolidated Subsidiaries (including, without limitation, Cash and
Cash Equivalents held by Issuer), and (ii) the aggregate amount of all unfunded investor capital commitments of Guarantor, if any,
that are available to be called on without condition (other than customary notice conditions or as otherwise set forth in the Governing
Documents of Guarantor) and are not pledged to any other Person or subject to any Lien (other than pursuant to a subscription financing
line of credit), net of amounts outstanding under any subscription financing line of credit of Guarantor or any of its consolidated
Subsidiaries.

 

“Subsidiary”:
With respect to any Person, any corporation, partnership, limited liability company or other entity (heretofore, now or hereafter
established) of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting
power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership,
limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly
owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of
such Person, and shall include all Persons the accounts of which are with those of such Person pursuant to GAAP.

 

“Tangible
Net Worth”: With respect to Guarantor on any date of determination, (A) the sum of (i) all amounts that would
be included under capital or shareholder’s equity (or any like caption) on a balance sheet of Guarantor and its consolidated
Subsidiaries at such date, minus (B) the sum of (i) amounts owing to Guarantor from any Affiliate thereof, or from officers, employees,
partners, members, directors, shareholders or other Persons similarly affiliated with Guarantor or any Affiliate thereof, (ii)
intangible assets of Guarantor and its consolidated Subsidiaries, if any, and (iii) prepaid taxes and/or expenses, all on or as
of such date and all without duplication as determined in accordance with GAAP.

 

“UST”:
U.S. Dollar-denominated senior debt securities of the United States of America issued by the U.S. Treasury Department in Federal
Reserve book entry form and backed by the full faith and credit of the United States of America, but excluding Treasury Inflation
Protected Securities (or “TIPS”) and Treasury Separate Trading of Registered Interest and Principal Securities (or
 “STRIPS”).

 

    A-2

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