Document:

EX-10.2

 Exhibit 10.2 

Execution Version 

SIXTH AMENDED AND RESTATED 

LOAN AND SECURITY AGREEMENT 

by and among 
 OFFERPAD
(SPVBORROWER1), LLC, 
 as Borrower, 

LL PRIVATE LENDING FUND, L.P., 

as Senior Lender, 
 LL
PRIVATE LENDING FUND II, L.P. 
 as Mezz Lender, 

and 
 LL FUNDS, LLC,

 as Collateral Agent for Lenders 

Dated as of December 16, 2021 

			
	TABLE OF CONTENTS	  	 

					
	 1. Definitions
	  	 	2	
		
	 1.1.     Accounting Terms and Other Definitions
	  	 	2	
		
	 2. The Loan
	  	 	14	
		
	 2.1.     REVOLVING ADVANCES
	  	 	14	
	 2.1.1.     Revolving Senior Advances
	  	 	14	
	 2.1.2.     Revolving Mezz Advances
	  	 	15	
	 2.1.3.     Protective Advances
	  	 	15	
	 2.1.4.     Limitation on Revolving Advances Based on Inventory to Sales
Ratio
	  	 	15	
	 2.2.     CONDITIONS TO REVOLVING ADVANCES
	  	 	15	
	 2.2.1.     Conditions Precedent to Initial Revolving Advance
	  	 	15	
	 2.2.2.     Conditions Precedent to all Revolving Advances
	  	 	16	
	 2.2.3.     Covenant to Deliver
	  	 	17	
	 2.3.     Procedure for Requesting Revolving Advances
	  	 	18	
	 2.4.     Payment of Principal and Interest
	  	 	21	
	 2.5.     Maturity and Extension
	  	 	25	
	 2.6.     Making of Revolving Advances
	  	 	25	
	 2.7.     Monthly Statement
	  	 	25	
		
	 3. Security Interest Created; Obligations Secured
	  	 	27	
		
	 3.1.     Appointment of Collateral Agent
	  	 	27	
	 3.2.     Grant of Security Interest
	  	 	27	
	 3.3.     Financing Statements
	  	 	27	
	 3.4.     Insurance
	  	 	27	
	 3.5.     Further Assurances
	  	 	27	
	 3.6.     Cross Collateralization
	  	 	28	
	 3.7.     Subordination of Mezz Loans; Turnover
	  	 	28	
	 3.8.     No Other Indebtedness
	  	 	28	
		
	 4. REPRESENTATIONS AND WARRANTIES
	  	 	29	
		
	 4.1.     Organization and Qualification
	  	 	29	
	 4.2.     Valid Obligations; Compliance with Laws
	  	 	29	
	 4.3.     Subsidiaries
	  	 	29	
	 4.4.     Corporate Records
	  	 	29	
	 4.5.     Title to Properties; Absence of Liens
	  	 	29	
	 4.6.     Places of Business
	  	 	30	

  
 1 

							
	 4.7.
	  	Litigation	  	 	30	 
	 4.8.
	  	Taxes	  	 	30	 
	 4.9.
	  	Restriction on Use of Proceeds	  	 	30	 
	 4.10.
	  	Flood Insurance	  	 	30	 
	 4.11.
	  	Financial Statements; Financial Condition	  	 	30	 
	 4.12.
	  	Solvency	  	 	30	 
	 4.13.
	  	No Debt or Payment Obligations; Separateness	  	 	30	 
	 4.14.
	  	Full Disclosure	  	 	30	 
		
	5. AFFIRMATIVE COVENANTS	  	31	 
			
	 5.1.
	  	Use of Proceeds	  	 	31	 
	 5.2.
	  	Government Compliance	  	 	31	 
	 5.3.
	  	Payments and Performance	  	 	31	 
	 5.4.
	  	Books and Records; Inspection	  	 	31	 
	 5.5.
	  	Financial Statements	  	 	32	 
	 5.6.
	  	Conduct of Business	  	 	32	 
	 5.7.
	  	Separateness	  	 	32	 
	 5.8.
	  	Taxes	  	 	33	 
	 5.9.
	  	Notification of Default	  	 	33	 
	 5.10.
	  	Notification of Material Litigation	  	 	33	 
	 5.11.
	  	Notification of Financial Condition	  	 	34	 
	 5.12.
	  	USA Patriot Act Notification	  	 	34	 
	 5.13.
	  	Maintenance of Portfolio Properties	  	 	34	 
	 5.14.
	  	Make Payments When Due	  	 	34	 
	 5.15.
	  	Further Assurances	  	 	34	 
	 5.16.
	  	Reporting on Inventory to Sales Ratio	  	 	34	 
	 5.17.
	  	Independent Manager	  	 	34	 
	 5.18.
	  	Title Insurance	  	 	34	 
	 5.19.
	  	Auction Advances	  	 	34	 
		
	6. NEGATIVE COVENANTS	  	35	 
			
	 6.1.
	  	Limitations on Indebtedness	  	 	35	 
	 6.2.
	  	Encumbrance	  	 	35	 
	 6.3.
	  	Changes in Business, Control	  	 	35	 
	 6.4.
	  	Merger	  	 	35	 
	 6.5.
	  	Payment to Affiliates	  	 	35	 

  
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	7. DEFAULT	  	36	 
			
	 7.1.
	  	Event of Default	  	 	36	 
	 7.2.
	  	Acceleration; Remedies	  	 	37	 
	 7.3.
	  	[Reserved]	  	 	38	 
	 7.4.
	  	Nonexclusive Remedies	  	 	39	 
		
	8. MISCELLANEOUS	  	39	 
			
	 8.1.
	  	Waivers	  	 	39	 
	 8.2.
	  	Interest on Revolving Advances and Expenses	  	 	39	 
	 8.3.
	  	Waiver of Homestead	  	 	39	 
	 8.4.
	  	Severability	  	 	39	 
	 8.5.
	  	Indemnification	  	 	39	 
	 8.6.
	  	Costs and Expenses	  	 	40	 
	 8.7.
	  	Counterparts	  	 	40	 
	 8.8.
	  	Complete Agreement	  	 	40	 
	 8.9.
	  	Binding Effect of Agreement; Assignment of Agreement by Lenders	  	 	40	 
	 8.10.
	  	Further Assurances	  	 	41	 
	 8.11.
	  	Amendments in Writing; Waiver; Integration	  	 	41	 
	 8.12.
	  	Term of Agreement	  	 	41	 
	 8.13.
	  	Notices	  	 	42	 
	 8.14.
	  	Governing Law, Venue	  	 	44	 
	 8.15.
	  	Financial Statement Certifications	  	 	44	 
	 8.16.
	  	Time of Essence	  	 	44	 
	 8.17.
	  	Survival	  	 	44	 
	 8.18.
	  	Captions and Section References	  	 	45	 
	 8.19.
	  	Construction of Agreement	  	 	45	 
	 8.20.
	  	Relationship	  	 	45	 
	 8.21.
	  	Third Parties	  	 	45	 

  

  
 3 

 SIXTH AMENDED AND RESTATED 

LOAN AND SECURITY AGREEMENT 

This SIXTH AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (as may be amended, restated, supplemented or otherwise modified from time
to time, this “Agreement”) is made and entered into as of December 16, 2021, by and among (a) OFFERPAD (SPVBORROWER1), LLC (“Borrower”), as Borrower, (b) LL PRIVATE LENDING FUND,
L.P. (“Senior Lender”), as lender under the Revolving Senior Loan, (c) LL PRIVATE LENDING FUND II, L.P. (“Mezz Lender”), as lender under the Revolving Mezz Loan, and (d) LL FUNDS, LLC, as
collateral agent for Lenders (the “Collateral Agent”). 
 RECITALS 

WHEREAS, Borrower wishes to acquire, improve, offer for rent and sell certain single-family real estate properties and has requested
that Lenders agree to provide certain loan funds in the ordinary course of business of Borrower and the Guarantors (as defined below) for the acquisition and improvement of the same; 

WHEREAS, Lenders are willing to make loans to Borrower, with provision for multiple advances, pursuant to the terms hereof; 

WHEREAS, Lenders, Collateral Agent, Borrower and the other parties party thereto entered into a Loan and Security Agreement, dated as
of October 26, 2016, and, thereafter, have entered into a number of amendments and restatements with respect thereto (such agreement, as so amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the
“Original Loan and Security Agreement”); and 
 WHEREAS, Lenders, Collateral Agent and Borrower wish to further amend and
restate the Original Loan and Security Agreement as provided herein. Lenders, Collateral Agent and Borrower agree that it is their respective intent that the security interests granted in connection with the Original Loan and Security Agreement
shall remain in full force and effect under this Agreement, and such security interests shall secure the Obligations (as defined below) incurred hereunder. Lenders, Collateral Agent and Borrower further agree that it is their respective intent that
nothing herein shall constitute a novation or a termination of the obligations under the Original Loan and Security Agreement. 
 NOW,
THEREFORE, based on the foregoing recitals, and in consideration of the granting by Lenders of financial accommodations to or for the benefit of Borrower, including, without limitation, respecting the Obligations, Borrower represents and agrees
with Lenders, as of the date hereof and as of the date of each loan, credit and/or other financial accommodation, as follows: 

 1. DEFINITIONS 

1.1. Accounting Terms and Other Definitions. Accounting terms not defined in this Agreement shall be construed following GAAP.
Calculations and determinations must be made following GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in this Section 1. All other terms contained in this Agreement, unless otherwise indicated,
shall have the meaning provided by the Code to the extent such terms are defined therein. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the word “or” is not exclusive, the
words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. The term “continuing” in the context of an Event of Default
means that the Event of Default has not been remedied (if capable of being remedied) or waived. As used in this Agreement, the following capitalized terms have the following meanings: 

 

	 	(a)	 “60 Day Sales” means as of any date, the dollar value of Property sales by Borrower (net of
any sales commissions or other costs related to such sale) that have closed in the 60-day period prior to such date. 

  

	 	(b)	 “120 Day Inventory” means as of any date, the dollar value (calculated for each Property as
the acquisition price (net of platform fees or other similar fees associated with any Property under Section 2.2.2(g)), plus sales commissions and other closing costs related to the purchase, plus the cost of repair for such Property) of all
Property currently held for more than 120 days from date of the first Advance with respect to such Property by Borrower. 

  

	 	(c)	 “Acquisition Price” means, with respect to a Portfolio Property, the sale price set forth in
the contract governing the sale of such Portfolio Property by an unaffiliated third-party seller of such Portfolio Property to Borrower. 

  

	 	(d)	 “Adjusted Acquisition Price” means, with respect to any Portfolio Property, an amount equal to
the difference obtained by subtracting (1) an amount equal to six percent (6%) of the Acquisition Price of such Portfolio Property from (2) the Acquisition Price of such Portfolio Property. 

 

	 	(e)	 “Adjusted Property Valuation” means, with respect to any Portfolio Property, an amount equal
to the difference obtained by subtracting (1) an amount equal to six percent (6%) of the Acquisition Price of such Portfolio Property from (2) the Property Valuation of such Portfolio Property. 

 

	 	(f)	 “Advance” means, as appropriate, a Revolving Senior Advance and/or a Revolving Mezz Advance.

  

	 	(g)	 “Affiliate” means, with respect to any Person, each other Person that owns or controls
directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, including, without limitation, any parallel fund, related fund, or management company of a Person (or such other Person
responsible for its management), and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person’s managers and members. 

 

	 	(h)	 “Affiliate Advance” has the definition set forth in Section 6.5. 

  
 2 

	 	(i)	 “Agreement” has the definition set forth in the preamble to this Agreement.

  

	 	(j)	 “Approved Auction Purchase” means an Auction Purchase for which evidence of title has been
provided (in a form satisfactory to a national or regional title insurer acceptable to Lenders in their reasonable discretion to determine that an insurable interest exists in such Property in favor of Borrower) and such national or regional title
underwriter has issued a title insurance policy (or a commitment therefor). 

  

	 	(k)	 “As-Repaired Value” has the definition set forth in
Section 2.2.2(g). 

  

	 	(l)	 “Auction” means a judicial or non-judicial foreclosure
auction, trustee’s sale or sheriff’s sale. 

  

	 	(m)	 “Auction Advance” means, as appropriate, a Revolving Senior Auction Advance and/or a Revolving
Mezz Auction Advance made with respect to an Auction Purchase. 

  

	 	(n)	 “Auction Cost” means the cost of acquisition of Auction Purchase (net of platform fees or
other similar fees) plus anticipated closing costs (inclusive of curative amounts payable with respect to liens, code violations, HOA fees and similar items). 

 

	 	(o)	 “Auction Property Repair Cost” means Borrower’s estimated cost of repairs for an Approved
Auction Purchase. 

  

	 	(p)	 “Auction Purchase” means any Property purchased by Borrower at an Auction located in Alabama,
Arizona, California, Colorado, Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee, Texas or Utah, or such other states that Lenders shall agree in their sole discretion, that is not an Approved Auction Purchase.

  

	 	(q)	 “Auction Repair Advance” means, as appropriate, a Revolving Senior Auction Repair Advance
and/or a Revolving Mezz Auction Repair Advance. 

  

	 	(r)	 “Authorized Person” means any one of the individuals identified on Schedule A-1, as such schedule is updated from time to time by written notice from Borrower to each Lender. 

  

	 	(s)	 “Availability Period” means the period of time commencing on the date hereof through the last
day of the month prior to the month in which Maturity Date occurs (as such date may be extended in accordance with the terms of this Agreement). By way of example, if the Maturity Date is June 30, 2021, the Availability Period shall be the
period through May 31, 2021. 

  

	 	(t)	 “Balance Ratio” means, as to any Revolving Advance, a ratio, the numerator of which is the
principal amount owed by Borrower to the applicable Lender in respect of such Revolving Advance immediately before payment in full of the principal amount of such Revolving Advance and the denominator of which is the original principal amount of
such Revolving Advance prior to any repayments. 

  
 3 

	 	(u)	 “Borrower” has the definition set forth in the preamble to this Agreement.

  

	 	(v)	 “Business Day” means any day other than a Saturday, a Sunday or any other date that banks in
Pennsylvania or Arizona are closed for business. 

  

	 	(w)	 “Buyer Boost Advance” means, as appropriate, a Revolving Senior Buyer Boost Advance and/or a
Revolving Mezz Buyer Boost Advance. 

  

	 	(x)	 “Buyer Boost Property” means any Property that is (i) located in Alabama, Arizona,
California, Colorado, Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee, Texas or Utah, or such other states that Lenders, in their sole and absolute discretion, agree in writing may be a location of a Buyer Boost Property and
(ii) purchased by Borrower and leased to a Person who has a contract to purchase such Property and is awaiting finalization of financing to close on such purchase. 

 

	 	(y)	 “Buyer Boost Purchase” means the purchase of any Buyer Boost Property that is funded by a
Buyer Boost Advance. 

  

	 	(z)	 “Capital Expenditures” means, for any Portfolio Property, those expenditures, estimated by
Borrower in good faith immediately prior to the relevant Supplemental Advance, that are to be funded by Borrower with respect to such Portfolio Property; provided that the Capital Expenditures for any Portfolio Property shall not exceed ten percent
(10%) of the Acquisition Price for such Portfolio Property unless otherwise approved by each Lender in each Lender’s sole discretion. For the avoidance of doubt, Capital Expenditures do not include any fees, costs or expenses associated with
any ongoing recurring repairs or maintenance to any Portfolio Property. 

  

	 	(aa)	 “Certificate of Sale” means a receipt, certificate of sale, or equivalent evidence of purchase
that was duly issued to Borrower with respect to an Auction Purchase evidencing that Borrower has won the Auction to purchase such Property. 

  

	 	(bb)	 “Code” means the Delaware Uniform Commercial Code as amended from time to time.

  

	 	(cc)	 “Collateral” means the property described on Exhibit A. 

 

	 	(dd)	 “Collateral Agent” has the definition set forth in the preamble to this Agreement.

  

	 	(ee)	 “Commitment” has the definition set forth in the Pricing Side Letter. 

 

	 	(ff)	 “Commitment Fee” has the definition set forth in the Pricing Side Letter.

  
 4 

	 	(gg)	 “Commitment Fee Percentage” has the definition set forth in the Pricing Side Letter.

  

	 	(hh)	 “Committed Amount” has the definition set forth in the Pricing Side Letter.

  

	 	(ii)	 “Cost” has the definition set forth in Section 2.2.2(g). 

 

	 	(jj)	 “Default Rate” has the definition set forth in the Pricing Side Letter. 

 

	 	(kk)	 “Effective Date” means October 26, 2016. 

 

	 	(ll)	 “Environmental Action” means any written complaint, summons, citation, notice, directive,
order, claim, litigation, investigation, judicial or administrative proceeding, judgment, letter, or other written communication from any Governmental Authority, or any third party involving violations of Environmental Laws or releases of Hazardous
Materials (a) from any assets, properties, or businesses of Borrower, or any of its predecessors in interest, (b) from adjoining properties or businesses, or (c) from or onto any facilities which received Hazardous Materials generated
by Borrower, or any of its predecessors in interest. 

  

	 	(mm)	 “Environmental Law” means any applicable federal, state or local statute, law, rule,
regulation, ordinance, code, binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect and in each case as amended, or any judicial or administrative interpretation thereof, including
any judicial or administrative order, consent decree or judgment, in each case, to the extent binding on Borrower or any of its subsidiaries, relating to the environment, the effect of the environment on employee health, or Hazardous Materials, in
each case as amended from time to time. 

  

	 	(nn)	 “Environmental Liabilities” means all liabilities, monetary obligations, losses, damages,
costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or consultants, and, if necessary, customary and reasonable under the circumstances, costs of investigation and feasibility studies), fines,
penalties, sanctions, and interest incurred as a result of any claim or demand, or Remedial Action required, by any Governmental Authority or any third party, and which relate to any Environmental Action. 

 

	 	(oo)	 “Event of Default” has the definition set forth in Section 7.1. 

 

	 	(pp)	 “Excess Advance” has the definition set forth in Section 2.3(i). 

 

	 	(qq)	 “Extension Effective Date” has the definition set forth in Section 2.5(b).

  

	 	(rr)	 “Extension Notice” has the definition set forth in Section 2.5(a). 

 

	 	(ss)	 “Fifth Amended and Restated Effective Date” means March 31, 2021. 

 

	 	(tt)	 “Fourth Amended and Restated Effective Date” means August 27, 2020.

  
 5 

	 	(uu)	 “GAAP” means generally accepted accounting principles in effect from time to time in the
United States. 

  

	 	(vv)	 “Governmental Approval” means any consent, authorization, approval, order, license, franchise,
permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

  

	 	(ww)	 “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any
securities exchange and any self-regulatory organization. 

  

	 	(xx)	 “Guarantors” means the Parent and OfferPad, LLC, an Arizona limited liability company.

  

	 	(yy)	 “Guaranty” means that certain Fourth Amended and Restated Unconditional Guaranty, dated as of
the Sixth Amended and Restated Effective Date, made by each Guarantor for the benefit of each Lender, as may be amended, restated, supplemented or otherwise modified from time to time. 

 

	 	(zz)	 “Hazardous Materials” means (a) substances that are defined or listed in, or otherwise
classified pursuant to, any applicable laws or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,” or any other formulation intended to define, list, or
classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil, petroleum, or petroleum derived substances, natural gas, natural gas
liquids, synthetic gas, drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable substances or explosives or any
radioactive materials, and (d) asbestos in any form or electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million. 

 

	 	(aaa)	 “Indebtedness” means (x) all indebtedness for borrowed money or for the deferred purchase
price of property or services, and all obligations under leases which are or should be, under GAAP, recorded as capital leases, in respect of which a Person is directly or contingently liable as borrower, guarantor, endorser or otherwise, or in
respect of which a Person otherwise assures a creditor against loss, (y) all obligations for borrowed money or for the deferred purchase price of property or services secured by (or for which the holder has an existing right, contingent or
otherwise, to be secured by) any Lien upon property (including without limitation accounts receivable, contract rights or the proceeds thereof or any of the preceding owned by a Person, whether or not such Person has assumed or become liable for the
payment thereof), and (z) all other liabilities and obligations which would be classified in accordance with GAAP as liabilities on a balance sheet or to which reference should be made in footnotes thereto. 

  
 6 

	 	(bbb)	 “Indemnified Person” has the definition set forth in Section 8.5. 

 

	 	(ccc)	 “Independent Manager” has the definition set forth in Borrower’s Operating Agreement.

  

	 	(ddd)	 “Interest Rate” has the definition set forth in the Revolving Senior Note.

  

	 	(eee)	 “Inventory to Sales Ratio” means 120 Day Inventory divided by 60 Day Sales.

  

	 	(fff)	 “Lenders” means Senior Lender and Mezz Lender. 

 

	 	(ggg)	 “Lien” means a claim, mortgage, deed of trust, levy, attachment, charge, pledge, security
interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any Portfolio Property; provided that the leasehold interests of tenants in respect of rental properties and possessory
interests of occupants pursuant to an extended stay program shall not constitute Liens for purposes of this Agreement. 

  

	 	(hhh)	 “Listed Property” means a Portfolio Property (i) as to which all renovations and
improvements have been completed and (ii) which has been listed for sale by or on behalf of Borrower. 

  

	 	(iii)	 “Loan Documents” means this Agreement, the Revolving Senior Notes, the Revolving Mezz Notes,
the Pledge Agreement, the Guaranty, the Pricing Side Letter and any and all other documents, amendments or renewals executed and delivered in connection with any of the foregoing. 

 

	 	(jjj)	 “Loan Request” has the definition set forth in Section 2.2.2(g). 

 

	 	(kkk)	 “Material Adverse Change” means a material adverse change on (a) the property, taken as a
whole, business, operations, financial condition or prospects of the Borrower, (b) the ability of the Borrower to perform its obligations under any of the Loan Documents to which it is a party, (c) the validity or enforceability of any of
the Loan Documents, (d) the rights and remedies of any Lender under any of the Loan Documents, (e) the timely repayment of the principal and interest of all Advances or payment of other amounts payable in connection therewith or
(f) the Collateral. 

  

	 	(lll)	 “Maturity Date” means December 30, 2022, as such date may be extended in accordance with
Section 2.5. 

  

	 	(mmm)	 “Mezz Availability Period” has the definition set forth in Section 2.1.2.

  

	 	(nnn)	 “Mezz Interest Rate” has the definition set forth in the Mezz Revolving Note.

  

	 	(ooo)	 “Mezz Lender” has the definition set forth in the preamble to this Agreement.

  
 7 

	 	(ppp)	 “Minimum Number of Days” means, as applicable, 45 days for a Revolving Advance that is neither
an Auction Advance nor a Same-Day Borrowing, 90 days for a Revolving Advance that is a Same-Day Borrowing and 180 days for a Revolving Advance that is an Auction
Advance; provided, however, that for any Auction Advance for an Auction Purchase that fails to become an Approved Auction Purchase, the Minimum Number of Days shall be zero. 

 

	 	(qqq)	 “Obligations” means, without limitation, all loans, advances, indebtedness, notes, liabilities
and amounts, liquidated or unliquidated, owing by Borrower to any Lender at any time, of each and every kind, nature and description, whether arising under this Agreement or the Loan Documents, and whether secured or unsecured, direct or indirect
(that is, whether the same are due directly by Borrower to any Lender; or are due indirectly by Borrower to any Lender as endorser, guarantor or other surety, or as borrower of obligations due third persons which have been endorsed or assigned to
any Lender, or otherwise), absolute or contingent, due or to become due, now existing or hereafter arising or contracted, including, without limitation, payment when due of all amounts outstanding respecting any of the Loan Documents. Said term
shall also include all interest and other charges chargeable to Borrower or due from Borrower to any Lender from time to time pursuant to this Agreement and the other Loan Documents and all costs and expenses referred to in this Agreement or the
other Loan Documents. 

  

	 	(rrr)	 “Operating Documents” means, for any Person, such Person’s formation documents, as
certified with the Secretary of State (or equivalent) of such Person’s jurisdiction of formation on a date that is no earlier than ten (10) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in
current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the
foregoing with all current amendments or modifications thereto. 

  

	 	(sss)	 “Original Base” means the lesser of the following amounts at the time the original Revolving
Advance was made for such Listed Property: (i) the Cost of such Listed Property that was the subject of such advance or (ii) the As-Repaired Value of such Listed Property. 

 

	 	(ttt)	 “Original Loan and Security Agreement” has the definition set forth in the recitals to this
Agreement. 

  

	 	(uuu)	 “Original Price Percentage Amount” means the Price Percentage for a Listed Property multiplied
by the Original Base. 

  

	 	(vvv)	 “Parent” means OfferPad, Inc., a Delaware corporation. 

 

	 	(www)	 “Payment Day Ratio” means a ratio, the numerator of which is the greater of (a) the
number of days that have transpired from the date of the Revolving Advance through the date on which a payment is made to each Lender by Borrower in partial or full satisfaction of the principal amount of such Revolving Advance and (b) the
Minimum Number of Days, and the denominator of which is 180. 

  
 8 

	 	(xxx)	 “Permitted Liens” means (i) Liens created in favor of the Lenders hereunder or under the
other Loan Documents, (ii) Liens imposed by homeowners associations, (iii) Liens imposed by any Governmental Authority, operation of law or any homeowners association for taxes, assessments or charges not yet delinquent or which are being
contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of any Borrower in accordance with, and to the extent required by, GAAP, (iv) applicable zoning, building and land use
laws, ordinances, rules and regulations, (v) materialmen’s, mechanic’s, carriers’, workmen’s, repairmen’s and similar Liens, in each case, arising in the ordinary course of business securing obligations that are not yet
delinquent, (vi) all non-monetary liens, encumbrances, easements and other matters of record, (vii) any matters set forth in any of the owner’s title insurance policy for the applicable
Property, (viii) rights of tenants under an extended stay arrangement, (ix) Liens arising under any solar leases or power purchase agreements with respect to solar panels secured solely by such solar panels or equipment, and
(x) easements, restrictive covenants and other encumbrances which do not in any case materially detract from the value of the Property subject thereto or interfere in any material respect with the business conducted on such Property.

  

	 	(yyy)	 “Person” or “party” means any individual, sole proprietorship, partnership,
limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

 

	 	(zzz)	 “Pledge Agreement” means that certain Fourth Amended and Restated Pledge and Security
Agreement, dated as of the Sixth Amended and Restated Effective Date, made by Parent for the benefit of Collateral Agent as collateral agent for Lenders, as may be amended, restated, supplemented or otherwise modified from time to time.

  

	 	(aaaa)	 “Portfolio Property” means any Property owned by Borrower; provided, however, that an Auction
Purchase shall only become a Portfolio Property when it becomes an Approved Auction Purchase. 

  

	 	(bbbb)	 “Price Percentage” has the definition set forth in the Pricing Side Letter.

  

	 	(cccc)	 “Pricing Side Letter” means that certain Pricing Side Letter, dated as of the Fifth Amended
and Restated Effective Date, by and among the Borrower and the Lenders, as may be amended, restated, supplemented or otherwise modified from time to time. 

  

	 	(dddd)	 “Property” means, with respect to Borrower, a single-family residence, condominium, townhome
or PUD located in the State of Alabama, Arizona, California, Colorado, Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee, Texas or Utah, or such other locations as Lenders may agree to from time to time. 

  
 9 

	 	(eeee)	 “Property Valuation” means the fair market value of a Property determined by a broker’s
price opinion, an appraisal ordered by any Lender or the Collateral Agent or a contract for the sale of such Property, all as provided in Section 2.4(j). 

 

	 	(ffff)	 “Property Valuation Notice” has the definition set forth in Section 2.4(j).

  

	 	(gggg)	 “Protective Advance” has the definition set forth in Section 2.1.3.

  

	 	(hhhh)	 “Refinancing Advance Limit” means the lesser of (i) the latest list price for such
Portfolio Property subject to the Senior Mezz Refinancing Advance and (ii) the fair market value of such Portfolio Property as determined by Mezz Lender in its sole discretion. When so determining fair market value, Mezz Lender may seek one or
more appraisals and/ or broker’s price opinions at Borrower’s cost. 

  

	 	(iiii)	 “Remedial Action” means all actions taken to (a) clean up, remove, remediate, contain,
treat, monitor, assess, evaluate, or in any way address Hazardous Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened release of Hazardous Materials so they do not migrate or endanger or threaten to
endanger public health or welfare or the indoor or outdoor environment, (c) restore or reclaim natural resources or the environment, (d) perform any pre-remedial studies, investigations, or
post-remedial operation and maintenance activities, or (e) conduct any other actions with respect to Hazardous Materials required by Environmental Laws. 

  

	 	(jjjj)	 “Required Insurance” means the insurance set forth on Exhibit B hereto. 

 

	 	(kkkk)	 “Requirement of Law” means, as to any Person, any material law (statutory or common), treaty,
rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

  

	 	(llll)	 “Revolving Advance” means, as appropriate, a Revolving Senior Advance and/or a Revolving Mezz
Advance. 

  

	 	(mmmm)	 “Revolving Advance Form” means that certain form attached hereto as Exhibit C.

  

	 	(nnnn)	 “Revolving Advance Borrowing Base” means the sum, for all outstanding Revolving Advances, of
the product obtained by multiplying (i) the original amount of each such Revolving Advance by (ii) the Price Percentage or SFR Price Percentage applicable to such Revolving Advance based on the number of days that have elapsed since the
date of such Revolving Advance. 

  
 10 

	 	(oooo)	 “Revolving Advance Schedule” has the definition set forth in the Pricing Side Letter.

  

	 	(pppp)	 “Revolving Auction Advance” means a Revolving Senior Auction Advance and/or a Revolving Mezz
Auction Advance, as applicable. 

  

	 	(qqqq)	 “Revolving Auction Advance Schedule” has the definition set forth in the Pricing Side Letter.

  

	 	(rrrr)	 “Revolving Buyer Boost Senior Loan Amount” means an amount equal to Two Million Two Hundred Twenty-Two Thousand Dollars and Twenty-Two Cents ($2,222,222.22). 

  

	 	(ssss)	 “Revolving Buyer Boost Mezz Loan Amount” means an amount equal to Two Hundred Seventy-Seven
Thousand Seven Hundred Seventy-Seven Dollars and Seventy-Eight Cents ($277,777.78). 

  

	 	(tttt)	 “Revolving Loan” means the Revolving Senior Loan and the Revolving Mezz Loan.

  

	 	(uuuu)	 “Revolving Mezz Advances” has the definition set forth in Section 2.1.2.

  

	 	(vvvv)	 “Revolving Mezz Auction Advance” means a Revolving Mezz Advance used for an Auction Purchase.

  

	 	(wwww)	 “Revolving Mezz Auction Repair Advance” means a Revolving Mezz Advance used for an Auction
Property Repair Cost. 

  

	 	(xxxx)	 “Revolving Mezz Buyer Boost Advance” means a Revolving Mezz Advance used for a Buyer Boost
Purchase. 

  

	 	(yyyy)	 “Revolving Mezz Loan” has the definition set forth in Section 2.1.2.

  

	 	(zzzz)	 “Revolving Mezz Loan Amount” means the maximum principal amount as set forth in the Revolving
Mezz Notes, as the same may be amended from time to time. 

  

	 	(aaaaa)	 “Revolving Mezz Note” means that certain Fifth Amended and Restated Revolving Mezzanine Note,
dated as of the Sixth Amended and Restated Effective Date, in the original principal amount of FOURTEEN MILLION and 00/100 Dollars ($14,000,000), made by Borrower in favor of Mezz Lender, which shall be subject and subordinate to the Revolving
Senior Note, as may be amended, restated, supplemented or otherwise modified from time to time. 

  

	 	(bbbbb)	 “Revolving Mezz SFR Advance” means a Revolving Mezz Advance used for an SFR Purchase.

  

	 	(ccccc)	 “Revolving Notes” means the Revolving Senior Note and the Revolving Mezz Note.

  
 11 

	 	(ddddd)	 “Revolving Senior Advances” has the definition set forth in Section 2.1.1.

  

	 	(eeeee)	 “Revolving Senior Auction Advance” means a Revolving Senior Advance used for an Auction
Purchase. 

  

	 	(fffff)	 “Revolving Senior Auction Repair Advance” means a Revolving Senior Advance used for an Auction
Property Repair Cost. 

  

	 	(ggggg)	 “Revolving Senior Buyer Boost Advance” means a Revolving Senior Advance used for a Buyer Boost
Purchase. 

  

	 	(hhhhh)	 “Revolving Senior Loan” has the definition set forth in Section 2.1.1.

  

	 	(iiiii)	 “Revolving Senior Loan Amount” means the maximum principal amount as set forth in the
Revolving Senior Note, the same may be amended from time to time, including pursuant to the Pricing Side Letter. 

  

	 	(jjjjj)	 “Revolving Senior Note” means that certain Tenth Amended and Restated Revolving Senior Note,
dated as of the Sixth Amended and Restated Effective Date, in the original principal amount of EIGHTY-FIVE MILLION and 00/100 Dollars ($85,000,000), made by Borrower in favor of Senior Lender, as may be amended, restated, supplemented or otherwise
modified from time to time. 

  

	 	(kkkkk)	 “Revolving Senior SFR Advance” means a Revolving Senior Advance used for an SFR Purchase.

  

	 	(lllll)	 “Revolving SFR Mezz Loan Amount” means an amount equal to no more than five percent (5%) of
the Revolving Mezz Loan Amount. 

  

	 	(mmmmm)	 “Revolving SFR Senior Loan Amount” means an amount equal to no more than five percent (5%) of
the Revolving Senior Loan Amount. 

  

	 	(nnnnn)	 “Runoff Date” means the date which is six months after the Maturity Date.

  

	 	(ooooo)	 “Same-Day Borrowing” means a Loan Request where
Borrower seeks a Revolving Advance from Lenders with respect to a Same-Day Funding Property. 

  

	 	(ppppp)	 “Same-Day Funding Property” means any Portfolio
Property that is to be funded by Lenders by the making of a Revolving Advance on the same day that it is purchased by Borrower, excluding any Auction Purchase.  

 

	 	(qqqqq)	 “Senior Availability Period” has the definition set forth in Section 2.1.1.

  

	 	(rrrrr)	 “Senior Lender” has the definition set forth in the preamble to this Agreement.

  

	 	(sssss)	 “Senior Mezz Refinancing Advance” has the definition set forth in Section 2.3(h).

  
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	 	(ttttt)	 “Sequential Date” means the first date after the end of the Availability Period when
Borrower owns twenty or fewer Portfolio Properties. 

  

	 	(uuuuu)	 “Servicing Agreement” means that certain Amended and Restated Property Servicing Agreement
dated as of the Third Amended and Restated Effective Date between Borrower and OfferPad, LLC, as may be amended, restated, supplemented or otherwise modified from time to time. 

 

	 	(vvvvv)	 “SFR 1-Year Anniversary” has the definition set forth
in Section 2.4(g)(iii). 

  

	 	(wwwww)	 “SFR Advance” means a Revolving Senior SFR Advance and/or a Revolving Mezz SFR Advance, as
applicable. 

  

	 	(xxxxx)	 “SFR Conversion” has the definition set forth in Section 2.4(k). 

 

	 	(yyyyy)	 “SFR Conversion Shortfall” has the definition set forth in Section 2.4(k).

  

	 	(zzzzz)	 “SFR Conversion Valuation” has the definition set forth in Section 2.4(k).

  

	 	(aaaaaa)	 “SFR Eligibility Conditions” has the definition set forth in Section 2.4(k).

  

	 	(bbbbbb)	 “SFR Advance Schedule” has the definition set forth in the Pricing Side Letter.

  

	 	(cccccc)	 “SFR Price Percentage” has the definition set forth in the Pricing Side Letter.

  

	 	(dddddd)	 “SFR Portfolio Property” means any Property that is (i) located in Alabama, Arizona,
California, Colorado, Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee, Texas, Utah or such other states that the Lenders, in their sole and absolute discretion, agree in writing may be a location of an SFR Portfolio Property and
(ii) purchased by Borrower, renovated and rented to a tenant. 

  

	 	(eeeeee)	 “SFR Purchase” means the purchase of any SFR Portfolio Property that is funded by an SFR
Advance. 

  

	 	(ffffff)	 “SFR Valuation” has the definition set forth in Section 2.4(g)(iii).

  

	 	(gggggg)	 “SFR Valuation Percentage” has the definition set forth in the Pricing Side Letter.

  

	 	(hhhhhh)	 “Side Letter” means that certain letter agreement, dated as of March 17, 2020, by and
among the Lenders, the Collateral Agent, the Borrower and the other parties names therein. 

  

	 	(iiiiii)	 “Sixth Amended and Restated Effective Date” means December [16], 2021. 

  
 13 

	 	(jjjjjj)	 “SPAC Transaction” means the merger, acquisition, contribution, equity purchase or similar
reorganization transaction or series of transactions, in which (i) a subsidiary of a special purpose acquisition company merges into the Parent, and (ii) the name of the Parent becomes “Offerpad Holdings LLC”, substantially in
accordance with the terms made available and presented to the public on or about the date hereof. 

  

	 	(kkkkkk)	 “Supplemental Advance” has the definition set forth in Section 2.3(g).

  

	 	(llllll)	 “Supplemental Base” means the lesser of (i) the latest list price for such Listed
Property, or (ii) the sum of (x) the Acquisition Price for such Listed Property and (y) the product of two (2) times any Capital Expenditures with respect to such Listed Property. 

 

	 	(mmmmmm)	 “Supplemental Price Percentage Amount” means the Price Percentage for a Listed Property
multiplied by the Supplemental Base. 

  

	 	(nnnnnn)	 “Third Amended and Restated Effective Date” means March 17, 2020. 

 

	 	(oooooo)	 “Title Insurance Policy/Commitment” has the definition set forth in Section 5.18.

  

	 	(pppppp)	 “Unused Facility Fee” has the definition set forth in the Pricing Side Letter.

  

	 	(qqqqqq)	 “Unused Facility Fee Percentage” has the definition set forth in the Pricing Side Letter.

  

	 	(rrrrrr)	 “Valuation Shortfall” has the definition set forth in Section 2.4(j).

  

	 	(ssssss)	 “Voluntary Prepayment Amount” has the definition set forth in Section 2.7

  

	 	(tttttt)	 “Voluntary Prepayment Fee” has the definition set forth in the Pricing Side Letter.

 2. THE LOAN 

2.1. REVOLVING ADVANCES 
 2.1.1.
Revolving Senior Advances. Subject to the terms and conditions of this Agreement and provided that there is no continuing uncured Event of Default, (a) Senior Lender hereby agrees to make a loan (the “Revolving Senior
Loan”) comprised of revolving advances (the “Revolving Senior Advances”) to or for the account of Borrower, upon Borrower’s request therefor, in an aggregate amount of up to the Revolving Senior Loan Amount. The
Revolving Senior Loan shall be evidenced by the Revolving Senior Note. Senior Lender’s agreement to make any advances pursuant to this Agreement and evidenced by the Revolving Senior Note shall expire on the last day of the Availability Period
(the period during which Borrower can request advances herein with respect to the Revolving Senior Loan is referred to as the “Senior Availability Period” for such Revolving Senior Loan). Amounts borrowed hereunder may be repaid
and, prior to the expiration of the Senior Availability Period, reborrowed, subject to the applicable terms and conditions precedent herein. 

  
 14 

 2.1.2. Revolving Mezz Advances. Subject to the terms and conditions of this Agreement
and provided that there is no continuing uncured Event of Default, (a) Mezz Lender hereby agrees to make a loan (the “Revolving Mezz Loan”) comprised of revolving advances (the “Revolving Mezz Advances”) to or
for the account of Borrower, upon Borrower’s request therefor, in an aggregate amount of up to the Revolving Mezz Loan Amount. The Revolving Mezz Loan shall be evidenced by the Revolving Mezz Note. Mezz Lender’s agreement to make any
advances pursuant to this Agreement and evidenced by Revolving Mezz Note shall expire the last day of the Availability Period (the period during which Borrower can request advances herein with respect to the Revolving Mezz Loan is referred to as the
“Mezz Availability Period”). Amounts borrowed hereunder may be repaid and, prior to the expiration of the Mezz Availability Period, reborrowed, subject to the applicable terms and conditions precedent herein. 

2.1.3. Protective Advances. Any Lender may make one or more Revolving Advances for any reason in such Lender’s good faith
judgment, without Borrower’s compliance with any of the conditions of this Agreement and the other Loan Documents, and (i) disburse the proceeds directly to third Persons in order to protect Collateral Agent’s interest in the
Collateral or to perform any obligation under this Agreement and the other Loan Documents or otherwise to enhance the likelihood of repayment of the Obligations, or (ii) apply the proceeds to outstanding Obligations then due and payable (such
Revolving Advance, a “Protective Advance”). 
 2.1.4. Limitation on Revolving Advances Based on Inventory to Sales
Ratio. Notwithstanding anything otherwise set forth herein or in any other Loan Document, neither Senior Lender nor Mezz Lender shall have any obligation to make any Revolving Advances at any time after the Inventory to Sales Ratio with respect
to Borrower equals or exceeds 1.5 and until the Inventory to Sales Ratio falls below 1.25. 
 2.2. CONDITIONS TO REVOLVING ADVANCES 

2.2.1. Conditions Precedent to Initial Revolving Advance. The obligation of each Lender to make an initial Revolving Advance is subject
to the condition precedent that such Lender shall have received, in form and substance reasonably satisfactory to such Lender: 
  

	 	(a)	 duly executed copy or facsimile, whether in portable document format (pdf) or otherwise, of signatures to each
of the Loan Documents; provided, however, that original signatures to the Loan Documents shall be delivered to Lenders as soon as reasonably practicable; 

 

	 	(b)	 Operating Documents of Borrower and Guarantors, reasonably acceptable to Lenders, and good standing
certificates of Borrower and Guarantors certified by, as applicable, the Secretary of State of the State of Delaware, the Secretary of State of Arizona and the Secretary of State (or equivalent agency) of each other jurisdiction in which Borrower
and/or Guarantors is qualified to conduct business, in each case as of a date no earlier than fifteen (15) days prior to the Effective Date; 

  
 15 

	 	(c)	 duly executed copy or facsimile, whether in portable document format (pdf) or otherwise, of a certificate with
respect to Borrower and each Guarantor evidencing that the execution and delivery of the Loan Documents to which it is a party, and all transactions related thereto has been duly authorized; and 

 

	 	(d)	 an opinion of outside counsel to Borrower typical of a transaction of this nature which shall opine as to,
among other things, perfection, authority/enforceability and non-contravention. 

2.2.2. Conditions Precedent to all Revolving Advances. The obligation of each Lender to make a Revolving Advance and each other
extension of credit to or on account of Borrower (including the initial Revolving Advance and the first extension of credit) shall be subject to the conditions precedent that, on the date of each Revolving Advance or each extension of credit and
after the making of such Revolving Advance or extension of credit: 
  

	 	(a)	 The representations and warranties contained in Section 4 and in any other document, instrument or
certificate delivered to such Lender hereunder are true, accurate, and complete; 

  

	 	(b)	 No event has occurred and is continuing which constitutes, or, with the lapse of time or giving of notice or
both, would constitute an Event of Default; 

  

	 	(c)	 With respect to Senior Lender, the total amount of all Revolving Senior Advances, including the requested
Revolving Senior Advance, shall not exceed the Revolving Senior Loan Amount; 

  

	 	(d)	 With respect to Mezz Lender, the total amount of all Revolving Mezz Advances, including the requested Revolving
Mezz Advance, shall not exceed the Revolving Mezz Loan Amount; 

  

	 	(e)	 With respect to Senior Lender, the total amount of (i) all Revolving Senior Buyer Boost Advances,
including the requested Revolving Senior Buyer Boost Advance, shall not exceed the Revolving Buyer Boost Senior Loan Amount and (ii) all Revolving Senior SFR Advances, including the requested Revolving Senior SFR Advance, shall not exceed the
Revolving SFR Senior Loan Amount; 

  

	 	(f)	 With respect to Mezz Lender, the total amount of (i) all Revolving Mezz Buyer Boost Advances, including
the requested Revolving Mezz Buyer Boost Advance, shall not exceed the Revolving Buyer Boost Mezz Loan Amount and (ii) all Revolving Mezz SFR Advances, including the requested Revolving Mezz SFR Advance, shall not exceed the Revolving SFR Mezz
Loan Amount; 

  

	 	(g)	 Borrower shall have delivered a Revolving Advance Form to Lenders by electronic mail identifying the proposed
Portfolio Properties (a “Loan Request”), together with a schedule showing for each Property: (i) whether such Property is intended to be financed as a Buyer Boost Purchase, an SFR Purchase or an Auction Purchase, or is a Same-Day Borrowing; (ii) the cost of acquisition of such Property (net of platform fees or other similar fees), anticipated closing costs and Borrower’s

  
 16 

	 	
estimated cost of repairs (such amounts, collectively, “Cost”); (iii) other than for SFR Purchases, the estimated as-repaired value of
such Property as determined by Borrower (the “As-Repaired Value”); and (iv) in the case of a Buyer Boost Purchase, the Adjusted Acquisition Price and Adjusted Property Valuation with
respect to such Property. A Revolving Advance Form sent to any Lender by an Authorized Person using such Authorized Person’s offerpad.com email address with the electronic signature of such Authorized Person affixed thereon shall for all
purposes be considered an authorized submission by Borrower to Lenders of the Revolving Advance Form and all statements and representations set forth therein shall have been duly made and given; 

 

	 	(h)	 Except with respect to (i) an Auction Purchase for which an Auction Advance is sought or (ii) a Same-Day Borrowing, Borrower shall have delivered by 9:00 a.m. prevailing East Coast time on the Business Day of the proposed Revolving Advance a Title Insurance Policy/Commitment for each proposed Portfolio
Property, and the final settlement statement with respect to such Portfolio Property; 

  

	 	(i)	 Borrower shall have extended the Required Insurance to cover any proposed Portfolio Property that is the
subject of the requested Advance; 

  

	 	(j)	 Borrower shall have paid all of each Lender’s fees, costs and expenses, including reasonable
attorneys’ fees, costs and expenses, if any; 

  

	 	(k)	 There has not been any Material Adverse Change since October 26, 2016; and 

 

	 	(l)	 With respect to any Revolving Advance on or after the Fifth Amended and Restated Effective Date, each of the
following shall have occurred to each Lender’s satisfaction: 

  

	 	(i)	 receipt by Lenders of duly executed copy or facsimile, whether in portable document format (pdf) or otherwise,
of signatures to each of the Loan Documents dated as of the Fifth Amended and Restated Effective Date; provided, however, that original signatures to such Loan Documents shall be delivered to Lenders as soon as reasonably practicable; and

  

	 	(ii)	 duly executed copy or facsimile, whether in portable document format (pdf) or otherwise, of a certificate with
respect to Borrower and each Guarantor evidencing that the execution and delivery of the Loan Documents dated as of the Fifth Amended and Restated Effective Date to which it is a party, and all transactions related thereto have been duly authorized.

 2.2.3. Covenant to Deliver. Borrower and Guarantors shall each deliver to Lenders, each item required to be
delivered to Lenders under this Agreement and the other Loan Documents as a condition precedent to any Revolving Advances. A Revolving Advance made prior to the receipt by either or both Lenders of any such item shall not constitute a waiver by
Lenders of Borrower’s and/or any Guarantor’s obligation to deliver such item, and the making of any Revolving Advance in the absence of a required item shall be in each Lender’s reasonable discretion. 

  
 17 

 2.3. Procedure for Requesting Revolving Advances. 

 

	 	(a)	 For any Revolving Advance that is not a Buyer Boost Advance, a SFR Advance, an Auction Advance, or an Auction
Repair Advance, provided that Borrower has satisfied the requirements for Revolving Advances and each Lender has approved the Cost and/or As-Repaired Value in its reasonable discretion, (1) with respect
to a Same-Day Borrowing, on the same Business Day as the Loan Request if such Loan Request is actually received by Lenders by no later than 12:00 p.m. prevailing East Coast time on a Business Day or if
received after such time, on the next Business Day, or (2) with respect to a Revolving Advance that is not a Same-Day Borrowing, on the same Business Day as the Loan Request if such Loan Request is
actually received by Lenders by no later than 9:00 a.m. prevailing East Coast time on a Business Day or if received after such time, on the next Business Day, (a) Senior Lender shall make a Revolving Senior Advance to Borrower equal to eighty
percent (80%) of the lesser of (i) the Cost of each Portfolio Property that is the subject of such advance and (ii) the As-Repaired Value of each such Portfolio Property and (b) Mezz Lender
shall make a Revolving Mezz Advance to Borrower in an amount equal to thirteen percent (13%) of the lesser of the amounts described in (a)(i) and (a)(ii) of this paragraph; For the avoidance of doubt, the sum of a Revolving Senior Advance and
Revolving Mezz Advance shall not exceed ninety three percent (93%) of the lesser of (x) the Cost of each Portfolio Property that is the subject of such advance or (y) the As-Repaired Value of each
such Portfolio Property. 

  

	 	(b)	 For any Revolving Advance that is a SFR Advance, provided that Borrower has satisfied the requirements for
Revolving Advances, (1) with respect to a Same-Day Borrowing, on the same Business Day as such Loan Request if such Loan Request is actually received by Lenders by no later than 12:00 p.m. prevailing East
Coast time on a Business Day or if received after such time, on the next Business Day, or (2) with respect to a Revolving Advance that is not a Same-Day Borrowing, on the same Business Day as such Loan
Request if such Loan Request is actually received by Lenders by no later than 9:00 a.m. prevailing East Coast time on a Business Day or if received after such time, on the next Business Day, (a) Senior Lender shall make a Revolving Senior
Advance to Borrower equal to eighty percent (80%) of the Cost with respect to each SFR Portfolio Property that is the subject of such advance and (b) Mezz Lender shall make a Revolving Mezz Advance to Borrower in an amount equal to thirteen
percent (13%) of the Cost with respect to each SFR Portfolio Property that is the subject of such advance. For the avoidance of doubt, the sum of a Revolving Senior Advance and Revolving Mezz Advance shall not exceed ninety three percent (93%) of
the Cost of each SFR Portfolio Property that is the subject of such advance. 

  

	 	(c)	 For any Revolving Advance that is a Buyer Boost Advance, provided that Borrower has satisfied the requirements
for Revolving Advances, on the same Business Day as the Loan Request if such Loan Request is actually received by Lenders by no later than 9:00 a.m. prevailing East Coast time on a Business Day or if received after such time, on the next Business
Day, (1) Senior Lender shall make a 

  
 18 

	 	
Revolving Senior Buyer Boost Advance to Borrower equal to eighty percent (80%) of the lesser of (a) the Adjusted Acquisition Price of each Portfolio Property that is the subject of such
advance and (b) the Adjusted Property Valuation of each such Portfolio Property and (2) Mezz Lender shall make a Revolving Mezz Buyer Boost Advance to Borrower in an amount equal to thirteen percent (13%) of the lesser of the amounts
described in (1)(a) and (1)(b) of this paragraph. For the avoidance of doubt, the sum of a Revolving Senior Buyer Boost Advance and Revolving Mezz Buyer Boost Advance shall not exceed ninety three percent (93%) of the lesser of (x) the Adjusted
Acquisition Price of each Portfolio Property that is the subject of such advance and (y) the Adjusted Property Valuation of each such Portfolio Property. 

  

	 	(d)	 For any Revolving Advance that is an Auction Advance, provided that (i) Borrower has satisfied the
requirements for Revolving Advances, and (ii) Lenders have received from Borrower a Certificate of Sale acceptable to each Lender in its reasonable discretion with respect to the proposed Auction Purchase, on the same Business Day as the Loan
Request if such Loan Request is actually received by Lenders by no later than 9:00 a.m. prevailing East Coast time on a Business Day or if received after such time, on the next Business Day, (a) Senior Lender shall make a Revolving Senior
Auction Advance to Borrower equal to eighty percent (80%) of the Auction Cost of such Auction Purchase that is the subject of such advance and (b) Mezz Lender shall make a Revolving Mezz Auction Advance to Borrower in an amount equal to
thirteen percent (13%) of such Auction Cost of such Auction Purchase. 

  

	 	(e)	 With respect to any Auction Purchase for which an Auction Advance was previously made, provided that
(i) Borrower has satisfied the requirements for Revolving Advances, (ii) each Lender has approved the Auction Property Repair Cost and/or As-Repaired Value in its reasonable discretion and
(iii) Borrower has provided each Lender satisfactory evidence that such Property is now an Approved Auction Purchase, on the date that is two Business Days from the date that such requirements have been satisfied, (a) Senior Lender shall
make a Revolving Senior Repair Advance to Borrower equal to eighty percent (80%) of the lesser of (1) the Auction Property Repair Cost of the Portfolio Property that is the subject of such advance or (2) the
As-Repaired Value of such Portfolio Property minus the Auction Cost and (b) Mezz Lender shall make a Revolving Mezz Repair Advance to Borrower in an amount equal to thirteen percent (13%) of the lesser of
the amounts described in (a)(1) and (a)(2) of this paragraph; provided, however that the sum of the aggregate Auction Repair Advance and the Auction Advance with respect to such Portfolio Property cannot exceed ninety three percent (93%) of the
lesser of (x) the Cost of such Portfolio Property or (y) the As-Repaired Value of such Portfolio Property. On the date any such Property becomes an Approved Auction Purchase, Borrower shall be deemed
to have represented that each of the conditions precedent set forth in Section 2.2.2 would have been satisfied in the event the Auction Advance with respect to such Property had been requested on such date. 

  
 19 

	 	(f)	 For any Revolving Advance that is a Same-Day Borrowing, Borrower shall
have three (3) Business Days from the date of such Revolving Advance to (i) deliver to each Lender evidence to each Lender’s reasonable satisfaction of Title Insurance Policy/Commitment for each Portfolio Property subject to such Same-Day Borrowing, the final settlement statement with respect to such Portfolio Property, a flood certification and to the extent applicable to such Portfolio Property, flood insurance or (ii) repay to
Lenders all Obligations related to such Portfolio Property plus an amount equal to 0.15% of such Revolving Advance. 

  

	 	(g)	 With regard to any Portfolio Property that is subject to an outstanding Revolving Senior Advance and an
outstanding Revolving Mezz Advance, in each case, other than a Buyer Boost Advance or an SFR Advance, Borrower may request a supplemental Revolving Advance (a “Supplemental Advance”) from the Lenders, provided that Borrower has
satisfied the requirements for Revolving Advances. If a Loan Request is actually received by Lenders by no later than 9:00 a.m. prevailing East Coast time on a Business Day (or if received after such time, on the next Business Day), (a) Mezz Lender
shall make a supplemental Revolving Mezz Advance in amount equal to (x) thirteen percent (13%) of the Supplemental Base minus (y) thirteen percent (13%) of the Original Base and (b) Senior Lender shall make a supplemental Revolving
Senior Advance in amount equal to the amount of the Supplemental Price Percentage Amount minus the amount of the Original Price Percentage Amount, minus the amount of the outstanding Revolving Mezz Amount as calculated in subpart (a) of this
section. 

  

	 	(h)	 Borrower may request a Revolving Mezz Advance from Mezz Lender to refinance any Portfolio Property that is or
was subject to a Revolving Advance from Lender, other than a Buyer Boost Advance or an SFR Advance (a “Senior Mezz Refinancing Advance”). If a Loan Request is actually received by Mezz Lender by no later than 9:00 a.m. prevailing
East Coast time on a Business Day or if received after such time, on the next Business Day, Mezz Lender shall make a Revolving Mezz Advance to Borrower equal to no more than eighty percent (80%) of the Refinancing Advance Limit and to the extent
there are any outstanding Revolving Advances applicable to the Portfolio Property being refinanced, Borrower shall use the proceeds of such Senior Mezz Refinancing Advance to repay such Revolving Advances as required by Section 2.4(g).

  

	 	(i)	 Notwithstanding the foregoing or any other provision herein to the contrary, at the request of Borrower, each
Lender may, in its sole discretion, make Advance(s) in excess of the Revolving Senior Loan Amount and/or the Revolving Mezz Loan Amount, as applicable (any such advance, an “Excess Advance”), provided that any Excess Advance
(x) shall bear an interest premium of two percent above the Interest Rate or Mezz Interest Rate, as applicable, (y) may be made with such other terms and conditions, if any, as the Lender making such Excess Advance shall deem appropriate
in its sole discretion and (z) shall be evidenced by a new promissory note in substantially the same form as the Revolving Senior Note and/or Revolving Mezz Note, as applicable (subject to the interest premium and other terms and conditions
contemplated by this Section 2.3(i)). 

  
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 2.4. Payment of Principal and Interest.

 

	 	(a)	 Promise to Pay. Borrower unconditionally promises to pay (a) Senior Lender the outstanding
principal amount of all Revolving Senior Advances and accrued and unpaid interest thereon as and when due in accordance with this Agreement and the other Loan Documents and (b) Mezz Lender the outstanding principal amount of all Revolving Mezz
Advances made by Mezz Lender and accrued and unpaid interest thereon as and when due in accordance with this Agreement and the other Loan Documents. 

  

	 	(b)	 Scheduled Principal Payments. Each Revolving Senior Advance, each Revolving Mezz Advance and all other
Obligations shall be due and payable on the Maturity Date or on any earlier acceleration thereof. Notwithstanding the preceding sentence, so long as there is no continuing and uncured Event of Default existing on and as of the Maturity Date,
Borrower may repay its outstanding Revolving Advances through but no later than the Runoff Date but otherwise in accordance with the other provisions of this Section 2.4. 

 

	 	(c)	 Mandatory Prepayment. Within two Business Days of the date of receipt by Borrower of proceeds from the
sale or other disposition of a Portfolio Property, Borrower shall prepay in full and with all accrued interest, the applicable outstanding Revolving Senior Loan Advances and Revolving Mezz Loan Advances that were advanced to purchase and improve
such Portfolio Property. 

  

	 	(d)	 Overadvance. Subject to the Pricing Side Letter, at any time that the sum of aggregate outstanding
(a) Revolving Senior Advances (other than any Excess Advance(s)) exceeds the Revolving Senior Loan Amount, (b) Revolving Mezz Advances (other than any Excess Advance(s)) exceeds the Revolving Mezz Loan Amount and/or (c) Revolving
Advances (other than any Excess Advance(s)) exceeds the Revolving Advance Borrowing Base, Borrower shall, in each case, immediately pay to each Lender in cash the amount of such excess (subject to Section 2.4(i)). 

 

	 	(e)	 Termination. The obligation to make Revolving Senior Advances and Revolving Mezz Advances terminates on
the last day of the applicable Availability Period. 

  

	 	(f)	 Interest. Interest shall accrue on each Revolving Senior Advance at the Interest Rate and each Revolving
Mezz Advance at the Mezz Interest Rate and shall be due to each Lender on the first Business Day of each calendar month; provided, however, on the date of each Revolving Senior Advance and each Revolving Mezz Advance, Borrower shall
pay stub interest on such Revolving Senior Advance and Revolving Mezz Advance from the date made to Borrower through the last day of the calendar month in which such Revolving Advance is made. In computing interest, the date of the making of any
Revolving Advance shall be included and the date of payment shall be excluded; provided, however, that if any Revolving Advance is repaid on the same day on which it is made, such day shall be included in computing interest on such
Revolving Advance. Interest shall be computed on the basis of a 360-day year for the actual number of days elapsed. 

  
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	 	(g)	 Obligation to Repay Revolving Advances. At no time shall the aggregate amount of all outstanding
Revolving Advances (including the amount of any Revolving Advance being requested) exceed the Revolving Advance Borrowing Base. In furtherance of the foregoing: 

 

	 	(i)	 Borrower shall repay to the Lenders, in accordance with the payment allocations set forth in
Section 2.4(i), each Revolving Advance (other than a Revolving Auction Advance or an SFR Advance) based on the Revolving Advance Schedule (as defined in the Pricing Side Letter) and determined by reference to the number of days that have
elapsed since the date of such Revolving Advance (provided that, notwithstanding such schedule, all such Revolving Advances shall be paid in full upon any earlier acceleration thereof. 

 

	 	(ii)	 Borrower shall repay to the Lenders, in accordance with the payment allocations set forth in
Section 2.4(i), each Revolving Advance that is a Revolving Auction Advance based on the Revolving Auction Advance Schedule (as defined in the Pricing Side Letter) and determined by reference to the number of days that have elapsed since the
date of such Revolving Advance (provided that, notwithstanding such schedule, all such Revolving Advances shall be paid in full upon any earlier acceleration thereof). 

Without limiting the foregoing, (A) if an Auction Purchase does not become an Approved Auction Purchase within 45 days of the date of the
Auction Advance with respect to such Auction Purchase or (B) upon a court having jurisdiction over an Auction finally determining that it will not approve such Auction Purchase, Borrower shall, within five days of the deadline set forth in
subsection (A) of this sentence or, if earlier, within five days of the date of the court determination set forth in subsection (B) of this sentence, repay each such Revolving Advance made with respect to such Auction Purchase (and any
accrued interest thereon). 
  

	 	(iii)	 Borrower shall repay to the Lenders, in accordance with the payment allocations set forth in
Section 2.4(i), each Revolving Advance that is an SFR Advance based on the SFR Advance Schedule (as defined in the Pricing Side Letter) and determined by reference to the number of days that have elapsed since the date of such Revolving Advance
(provided that, notwithstanding such schedule, all such Revolving Advances shall be paid in full upon any earlier acceleration thereof). 

On the 360-day anniversary of each SFR Advance (the “SFR
1-Year Anniversary”), Borrower shall, at its expense, obtain a valuation of the underlying SFR Portfolio Property (the result of such valuation, the “SFR Valuation”). Borrower shall
repay each such SFR Advance, in accordance with the payment allocations set forth in Section 2.4(i), in an amount equal to the SFR Valuation Percentage (as defined in the Pricing Side Letter) of the SFR Valuation every 30 days following the SFR
1-Year Anniversary until such SFR Advance is fully repaid. 

  
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	 	(iv)	 Notwithstanding anything herein to the contrary, if a Property that is the subject of a Same-Day Borrowing fails to become a Portfolio Property within two Business Days following the funding of the Same-Day Borrowing, Borrower shall repay to the Lenders, in
accordance with the payment allocations set forth in Section 2.4(i), the amounts described in, and in accordance with, Section 2.3(f). 

  

	 	(h)	 Voluntary Prepayment. Borrower may, on any Business Day, prepay to Senior Lender any Revolving Senior
Advance, without premium or penalty, in whole or in part, together with all accrued and unpaid interest owing with respect to the amount to be prepaid to the date of such prepayment. Subject to the Pricing Side Letter, if, and only if, no amount is
outstanding with respect to the corresponding Revolving Senior Advance as to a particular Portfolio Property, Borrower may, on any Business Day, prepay to Mezz Lender any Revolving Mezz Advance, without premium or penalty, in whole or in part,
together with all accrued and unpaid interest owing with respect to the amount to be prepaid to the date of such prepayment. For the avoidance of doubt, Borrower may not prepay any Revolving Mezz Advance at any time when there is any amount
outstanding under the corresponding Revolving Senior Advance except as otherwise expressly provided in the Pricing Side Letter. 

  

	 	(i)	 Allocation of Payments. All payments and proceeds (of whatever nature) received with respect to
Revolving Advances made by Senior Lender and Mezz Lender will be retained by such Lenders and be allocated as between them (and solely between them) in accordance with this Section. Subject to the Pricing Side Letter, any such payments and proceeds
will be allocated in the following order of priority: first, in an amount equal to the accrued and outstanding reasonable and documented out-of-pocket fees
and expenses of Lenders (including, without limitation, Lenders’ reasonable and documented out-of-pocket attorney’s fees (including, without limitation, those
of Cogent Legal Services LLC), second, in an amount equal to the accrued and unpaid interest on the Revolving Senior Note with respect to the related Revolving Senior Advance; third, in an amount equal to the unpaid
principal portion on the Revolving Senior Note with respect to the related Revolving Senior Advance until the related Revolving Senior Advance is paid in full; fourth, in an amount equal to the accrued and unpaid interest on the
Revolving Mezz Note with respect to the related Revolving Mezz Advance; fifth, in an amount equal to the unpaid principal portion on the Revolving Mezz Note with respect to the related Revolving Mezz Advance until the related Revolving
Mezz Advance is paid in full; and sixth, any amount remaining, to Borrower. Notwithstanding the foregoing, (a) at any time as there is a continuing Event of Default and/or (b) from and after the Sequential Date, Mezz Lender
may not receive any payment until and unless Senior Lender has been paid in full for all Obligations owed to it. 

  
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	 	(j)	 Property Valuations. Borrower shall, at its expense, obtain a valuation of each SFR Portfolio Property
underlying an outstanding SFR Advance upon (i) the SFR 1-Year Anniversary with respect to such SFR Advance or (ii) the conversion of any Revolving Advance into an SFR Advance pursuant to
Section 2.4(k). Additionally, any Lender may in its discretion from time to time seek to confirm the valuation of the Portfolio Properties by obtaining a Property Valuation. Up to two such Property Valuations (which, for the avoidance of doubt,
will cover all the Portfolio Properties) per year will be at the expense of Borrower. Upon written notice by such Lender(s) to Borrower (a “Property Valuation Notice”), Borrower will cause all such Portfolio Properties to be valued
and such valuation must be completed within 30 days following the Property Valuation Notice. For any such Portfolio Property that is under contract to be sold as of the date of the Property Valuation Notice, the value of such Portfolio Property will
be the sales price set forth in the sale contract. For all other such Portfolio Properties, the value of such Portfolio Properties will be as set forth in one or more broker’s price opinions using real estate brokers reasonably satisfactory to
the applicable Lender(s). If (x) the sum of the so-ascertained values of such Portfolio Properties for Borrower is less than the aggregate Cost of such Portfolio Properties or (y) solely with respect
to a Supplemental Advance, the so-ascertained values of the Portfolio Properties subject to the Supplemental Advance is less than Supplemental Senior Advance Limit and/or the Supplemental Mezz Advance Limit
using the values set forth in such valuation in subclause (i) of the definition of Price Percentage Amount (each such difference, a “Valuation Shortfall”), Borrower, within 10 Business Days of receipt of written notice of such
Valuation Shortfall by Borrower, shall pay down the applicable Revolving Senior Loan and/or Revolving Mezz Loan, as the case may be, by an amount equal to the Valuation Shortfall for each such Portfolio Property for which the Valuation Shortfall is
largest, until the Valuation Shortfall is reduced to zero. 

  

	 	(k)	 SFR Conversion/Eligibility. Borrower may, at any time, convert any Revolving Advance that is not an SFR
Advance to an SFR Advance (each, an “SFR Conversion”) by notifying the Lenders in writing of its intent to effect such SFR Conversion, provided that, at the time of such SFR Conversion, (i) the Portfolio Property underlying
such Revolving Advance qualifies as an SFR Portfolio Property and (ii) Borrower has a lease agreement on such underlying Portfolio Property to provide monthly rent in an amount that is no less than 0.7% of the Cost with respect to such
Portfolio Property ((i) and (ii), collectively, the “SFR Eligibility Conditions”). At the time of any such SFR Conversion, Borrower shall, at its expense, obtain a valuation of the underlying Portfolio Property (the result of such
valuation, the “SFR Conversion Valuation”) and, if the SFR Conversion Valuation is less than the Cost with respect to such underlying Portfolio Property at the time the original Revolving Advance was made (an “SFR Conversion
Shortfall”), (A) Borrower shall immediately pay the amount of such SFR Conversion Shortfall to the Lenders in accordance with the payment allocation set forth in Section 2.4(i) and (B) the amount of the original Revolving Advance
shall be deemed to be reduced by the amount of such SFR Conversion Shortfall. If, at any time following the 180-day anniversary of the date on which any SFR Advance

  
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was originally made (including any Revolving Advance that was subsequently converted into an SFR Advance pursuant to this Section 2.4(k)), the SFR Eligibility Conditions fail to be met with
respect to the SFR Portfolio Property underlying such SFR Advance for 90 consecutive days, such SFR Advance shall automatically convert into, and be governed by the terms applicable to, a Revolving Advance that is not an SFR Advance.

 2.5. Commitment Fee. For each calendar quarter during the Availability Period beginning on January 1, 2022,
Borrower shall pay to the Lenders (ratably, based on relative Committed Amounts) a non-refundable Commitment Fee. The Commitment Fee shall be calculated as of the beginning of each calendar quarter, and fully
earned as of the beginning of each such calendar quarter, for and with respect to Advances made available hereunder during such calendar quarter. Each fully earned Commitment Fee shall be due and payable on a quarterly basis on the first (1st) Business Day of each calendar quarter, and any unpaid portion thereof shall be immediately due and payable upon any acceleration of the Obligations hereunder or upon the Maturity Date. 

2.6. Unused Facility Fee. For each calendar quarter during the Availability Period beginning on January 1, 2022, Borrower shall
pay to the Lenders (ratably, based on relative unused Committed Amounts) an Unused Facility Fee. Each Unused Facility Fee shall be payable in arrears within fifteen (15) Business Days following the end of the applicable calendar quarter, and
any unpaid portion thereof shall be immediately due and payable upon any acceleration of the Obligations hereunder or upon the Maturity Date. 

2.7. Voluntary Prepayment Fee. If, at any time after January 1, 2022 and prior to the Maturity Date, Borrower makes a voluntary
prepayment on any Advance pursuant to Section 2.4(h) (the amount of any such prepayment(s), the “Voluntary Prepayment Amount”), the Borrower shall pay to the Lenders (ratably, based on relative Voluntary
Prepayment Amounts) a Voluntary Prepayment Fee with respect to such Voluntary Prepayment Amount. Each Voluntary Prepayment Fee shall be payable within fifteen (15) Business Days following the applicable prepayment(s), and any unpaid portion
thereof shall be immediately due and payable upon any acceleration of the Obligations hereunder or upon the Maturity Date. 
 2.8.
Maturity and Extension. 
  

	 	(a)	 Notification of Extension. Borrower may request to extend the Maturity Date for up to two
(2) additional one (1) year periods from the then-applicable Maturity Date by written notice to Lenders (each such notice, an “Extension Notice”) not later than 90 days prior to the then-applicable Maturity Date. If such
notice is timely given, Senior Lender and Mezz Lender shall notice Borrower by no later than 15 days after they each receive such notice whether they each consent to an extension of the applicable Maturity Date, such decision to be made at the sole
discretion of Senior Lender and Mezz Lender. If both Senior Lender and Mezz Lender consent to such an extension, the applicable Maturity Date shall then be so extended. 

  
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	 	(b)	 Conditions Precedent to Effectiveness of Maturity Date Extensions. As conditions precedent to the
effectiveness of any such extension, each of the following requirements shall be satisfied or waived on or prior to the then-applicable Maturity Date, as determined in good faith by Lenders (the first date on which such conditions precedent are
satisfied or waived with respect to the then-applicable Maturity Date, an “Extension Effective Date”): 

  

	 	(i)	 Lenders and the Collateral Agent shall have received an Extension Notice within the period required under
clause (a) above and each Lender has consented to such extension under clause (a) above; 

  

	 	(ii)	 On the date of such Extension Notice and both immediately before and immediately after giving effect to such
extension of the Maturity Date, there is no continuing and uncured Event of Default; and 

  

	 	(iii)	 Lenders shall have received a certificate of Borrower dated as of the Extension Effective Date, signed by an
authorized officer of Borrower (i) certifying and attaching the resolutions adopted by Borrower approving or consenting to such extension and (ii) certifying that, before and after giving effect to such extension, (A) the
representations and warranties contained in Section 4 are true and correct in all material respects on and as of the Extension Effective Date, except (x) to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct as of such earlier date, and (y) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Change” or similar language
shall be true and correct in all respects as of such date after giving effect to such qualification and (B) there is no continuing and uncured Event of Default. 

 

	 	(c)	 Effectiveness of Extensions. Any extension of the Maturity Date shall become effective on the Extension
Effective Date and Lenders shall promptly confirm to Borrower such effectiveness. 

 2.9. Making of Revolving
Advances. Each Revolving Advance shall be conclusively deemed to have been made at the request of and for the benefit of Borrower when paid in accordance with Borrower’s written instructions. 

2.10. Monthly Statement. At the option of Senior Lender and/or Mezz Lender, in each case in their sole discretion, after the end of
each calendar month, Senior Lender and/or Mezz Lender may render to Borrower a written statement of the Revolving Senior Loan account and Revolving Mezz Loan account, as the case may be, showing all applicable credits and debits. Each statement
shall be considered correct and to have been accepted by Borrower and shall be conclusively binding upon Borrower in respect of all charges, debits and credits of whatsoever nature contained therein respecting the applicable Revolving Advances, and
the closing balance shown therein, unless Borrower notifies the applicable Lender in writing of any discrepancy within twenty (20) days of the issuance of such statement by such Lender to Borrower.  

  
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 3. SECURITY INTEREST CREATED; OBLIGATIONS SECURED. 

3.1. Appointment of Collateral Agent. Each of Senior Lender and Mezz Lender hereby appoint the Collateral Agent (and the Collateral
Agent hereby accepts such appointment) to take any action including, without limitation, the registration of any Collateral in the name of the Collateral Agent or its nominees prior to or during the continuance of an Event of Default, the exercise
of voting rights upon the occurrence and during the continuance of an Event of Default, the application of any cash collateral received by the Collateral Agent to the payment of the Obligations, the making of any demand under the Loan Documents, the
exercise of any remedies given to Lenders or the Collateral Agent pursuant to the Loan Documents and the exercise of any authority pursuant to the appointment of the Collateral Agent as an attorney-in-fact that the Collateral Agent deems necessary or proper for the administration of the Collateral pursuant to the Loan Documents. Upon realizing on any of the Collateral in accordance with the
Loan Documents, the Collateral Agent shall promptly distribute any cash or Collateral in accordance with the term hereof (including, without limitation, Section 2.4(i)) to Lenders and, if applicable, Borrower. Lenders must notify Collateral
Agent in writing of the existence of future Obligations owed by Borrower to Lenders. The Collateral Agent will not be required to act hereunder in connection with future Obligations the existence of which was not disclosed in writing to the
Collateral Agent nor will the Collateral Agent be required to act on behalf of any assignee of Obligations without the written consent of Collateral Agent. The Collateral Agent will not be responsible or liable for any action taken or omitted to be
taken by it hereunder or any other Loan Document except for an inaction or inaction arising from Collateral Agent’s own gross negligence or willful misconduct. 

3.2. Grant of Security Interest. Borrower hereby grants to the Collateral Agent, for the benefit of Senior Lender and Mezz Lender, to
secure the payment and performance in full of all of the Obligations owed to either or both of them, a continuing security interest in, and assigns by way of collateral to the Collateral Agent, for the benefit of Senior Lender and Mezz Lender, the
Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 
 3.3.
Financing Statements. Borrower hereby authorizes the Collateral Agent, for the benefit of Senior Lender and Mezz Lender, to prepare and file financing statements with respect to the security interests granted hereby, continuation statements
with respect thereto, and any amendments to such financing statements that may be necessitated to continue to perfect each such Lender’s interest in the Collateral. Borrower agrees that, notwithstanding any provision in the Code to the
contrary, Borrower shall not file a termination statement with respect to any financing statement filed by the Collateral Agent in connection with any security interest granted under this Agreement if the Collateral Agent reasonably objects to the
filing of such termination statement. 
 3.4. Insurance. All liability insurance policies (with the exception of worker’s
compensation insurance to the extent not available under statutory law) shall designate each Lender and its successors and assigns as additional insureds as their interests may appear. 

3.5. Further Assurances. The Collateral Agent, for the benefit of Senior Lender and Mezz Lender, shall at all times have a perfected
security interest in the Collateral that shall be prior to any other interests therein other than Liens permitted under Section 6.2. Borrower shall do all acts and things, shall execute and file all instruments (including security agreements,
UCC financing statements, continuation statements, etc.) requested by Collateral Agent to establish, maintain and continue the perfected security interest in the Collateral and shall promptly on 

  
 27 

 
demand pay all reasonable and documented out-of-pocket costs and expenses of (i) filing and recording,
including the costs of any searches reasonably deemed necessary by Collateral Agent from time to time to establish and determine the validity and the continuing priority of such security interest, and (ii) all other claims and charges that in
the reasonable opinion of Collateral Agent might prejudice, imperil or otherwise affect the Collateral or security interest thereon. Borrower agrees that a carbon, photographic or other reproduction of a security agreement or financing statement
shall be sufficient as a financing statement. The Collateral Agent is hereby irrevocably appointed as attorney-in-fact for Borrower to take any of the foregoing actions
requested of Borrower by Collateral Agent if Borrower should fail to take such actions, which appointment shall be deemed coupled with an interest. 

3.6. Cross Collateralization. Borrower acknowledges that the Revolving Senior Advances and Revolving Mezz Advances and all other
Obligations owed to Senior Lender and Mezz Lender are, and shall at all times be, cross collateralized. Borrower acknowledges that the Obligations owed to Senior Lender and Mezz Lender are cross guaranteed by the Guarantors and cross defaulted. 

3.7. Subordination of Mezz Loans; Turnover. Notwithstanding anything herein or otherwise to the contrary, each of Senior Lender and
Mezz Lender, respectively, agree that Revolving Mezz Advances made by Mezz Lender will be subordinate and junior with respect to the Collateral and right of payment to the Revolving Senior Advances made by Senior Lender. At any time as there is a
continuing and uncured Event of Default and/or from and after the Sequential Date, (a) no payments in respect of a Revolving Mezz Loans may be made to Mezz Lender until all Obligations owed to the related Senior Lender have been paid in full
and (b) all dispositions from any Collateral or any other amounts available shall be paid by the Collateral Agent to Senior Lender in respect of the Revolving Senior Advances. Mezz Lender agrees to forebear and not take any action to enforce
its rights under (or in connection with) this Agreement, the other Loan Documents, the Servicing Agreement or otherwise (including, without limitation, any rights arising at law or in equity) until and unless Senior Lender has been paid in full for
all Obligations owed to it; provided, however, Mezz Lender may take any action solely for the purpose of preserving its rights in the Collateral and against Borrower such as the giving of notice of an Event of Default. If and to the extent that
Mezz Lender received or receives any payment from Borrower, Guarantors, Collateral Agent or otherwise to which it is not entitled under this Agreement and the other Loan Documents (including, without limitation, because Senior Lender has not been
repaid in full with respect to any Advances on account of a particular Portfolio Property), Mezz Lender shall be deemed to hold such amount in trust for Senior Lender and shall promptly turnover such amount to Senior Lender without any need for
Senior Lender to make a demand therefor. 
 3.8. No Other Indebtedness. Borrower shall not incur any Indebtedness, secured or
unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation or assuming liability for the debts of any other Person and Borrower will not hold itself out as being liable for the debts of any other Person) except as
expressly permitted hereunder. Except as permitted pursuant to Section 6.2, no Indebtedness other than the Revolving Senior Loan and the Revolving Mezz Loan or any other obligations to any Lender making such Loans may be secured (subordinate or
pari passu) by the Collateral or any portion thereof. 

  
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 4. REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows to Lenders that, as of the Fifth Amendment Effective Date: 

4.1. Organization and Qualification. Borrower and each Guarantor is duly existing and in good standing in its jurisdiction of formation
and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified, except where the failure to do so could not reasonably be
expected to cause a Material Adverse Change. 
 4.2. Valid Obligations; Compliance with Laws. The execution, delivery and performance
by Borrower and each Guarantor of the Loan Documents to which it is a party (a) have been duly authorized by all necessary action and each represents a legal, valid and binding obligation of Borrower and is fully enforceable according to its
terms, except as limited by laws regarding the enforcement of creditors’ rights or equitable principles and (b) do not (i) conflict with Borrower’s or any Guarantor’s Organizational Documents, (ii) contravene, conflict
with, constitute a default under or violate any Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any
Guarantor or any of its respective property or assets may be bound or affected, (iv) subject to any perfection requirement, require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental
Authority, or (v) constitute an event of default under any material agreement by which Borrower or any Guarantor is bound to an extent or in a manner which has or is reasonably likely to cause a Material Adverse Change. Borrower and each
Guarantor has obtained all necessary consents to enter into this Agreement and the other Loan Documents, as applicable. Neither Borrower nor any Guarantor is in default under any agreement to which it is a party or by which it may be bound in which
the default could reasonably be expected to cause a Material Adverse Change. Borrower and each Guarantor, having consulted with outside counsel, is in material compliance with all laws applicable to it in the states in which it does business and
there is no material conflict with the business conducted by Borrower and each Guarantor and relevant state laws. The Revolving Senior Advances and Revolving Mezz Advances will be made to Borrower in the ordinary course of Borrower’s business
and used exclusively for the acquisition and improvement of single-family real estate properties. 
 4.3. Subsidiaries. Borrower has
no subsidiaries other than those listed on Schedule 4.3, if any, and Borrower has never consolidated, merged or acquired substantially all of the assets of any other entity or Person other than those listed on Schedule 4.3, if any. 

4.4. Corporate Records. The articles of organization and all amendments thereto for Borrower and each Guarantor have been duly filed
and are in proper order. 
 4.5. Title to Properties; Absence of Liens. Borrower and each Guarantor has good and clear record and
marketable title to all of its respective properties and assets, and all Portfolio Properties, as well as any other property held by Borrower, are free and clear of all Liens, other than the security interest granted to the Collateral Agent or
Lenders under the Loan Documents or under any other agreement between Borrower and any Lender or as otherwise permitted under Section 6.2. 

  
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 4.6. Places of Business. Borrower’s chief executive office is correctly stated
in the signature lines to this Agreement. Borrower shall, during the term of this Agreement, keep each of Lenders currently and accurately informed in writing of each of its other places of business, and shall not change the location of such chief
executive office or open or close, move or change any existing or new place of business without giving each Lender at least thirty (30) days prior written notice thereof. 

4.7. Litigation. There are no actions, suits or proceedings pending or to the knowledge of Borrower threatened against Borrower or any
Guarantor which might materially adversely affect the ability of Borrower or any Guarantor to conduct its respective business or to pay or perform the Obligations. 

4.8. Taxes. Borrower and each Guarantor has filed all federal, state and other tax returns required to be filed (except for such
returns for which current and valid extensions have been filed), and all taxes, assessments and other governmental charges due from Borrower have been fully paid. Borrower and each Guarantor have established on its books reserves adequate for the
payment of all federal, state and other tax liabilities (if any), that are being contested in good faith by appropriate proceedings. 
 4.9.
Restriction on Use of Proceeds. No portion of any Revolving Advance is to be used for personal, family or household purposes. The Collateral is not used or acquired in any respect for personal, family or household purposes of the Borrower and
the Guarantors. 
 4.10. Flood Insurance. To Borrower’s knowledge, after due diligence and inquiry, no Portfolio Property it
acquired (or purported to acquire) is located within any designated flood plain or special flood hazard area; or there is flood insurance covering direct physical damage to such Portfolio Property in an amount equal to the least of: (a) the
maximum amount of flood insurance available to Borrower through the federal government’s National Flood Insurance Program; (b) the replacement cost of the improvements on the Property; and (c) an amount equal to the Revolving Senior
Advance and Revolving Mezz Advance applicable thereto. 
 4.11. Financial Statements; Financial Condition. All financial statements
for Borrower and each Guarantor delivered to Lenders fairly present in all material respects the financial condition of Borrower or such Guarantor, as the case may be. There has not been any material deterioration in the financial condition of
Borrower or any Guarantor since the date of the most recent financial statements submitted to Lenders. 
 4.12. Solvency. The fair
salable value (taken on a going concern basis) of Borrower’s and each Guarantor’s respective assets exceeds the fair value of its liabilities; Borrower and each Guarantor is not left with unreasonably small capital after effecting the
transactions in this Agreement or any of the other Loan Documents; and Borrower and each Guarantor is able to pay its debts (including trade debts) as they mature. 

4.13. No Debt or Payment Obligations; Separateness. Borrower has not incurred any debt or other payment obligations since its
formation. At all times since its formation, Borrower has operated in a manner so as to maintain Borrower’s identity as a separate legal entity and to make it apparent to third Persons that Borrower is an entity with assets and liabilities
distinct from those of any of its Affiliates and any other Person, and is not a division of any Affiliate or any other Person. Without limiting the generality of the immediately preceding sentence, Borrower has operated since its formation in a
manner consistent with the requirements of Section 5.7(a) through (g). 
 4.14. Full Disclosure. No representation, warranty or
other statement of Borrower or any Guarantor in any of the Loan Documents related certificate or written statement given to Lenders, as of the date such representation, warranty, or other statement was made, taken together with all such written
certificates and written statements given to Lenders, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading in any material
respect. 

  
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 5. AFFIRMATIVE COVENANTS 

5.1. Use of Proceeds. Borrower shall use the proceeds of the Revolving Senior Advances and Revolving Mezz Advances solely (a) as
working capital and (b) to fund Borrower’s general business requirements to acquire and improve certain single-family residential real estate property (including, without limitation, through Buyer Boost Purchases and/or SFR Purchases), and
not for personal, family, household or agricultural purposes of the Borrower and the Guarantors. 
 5.2. Government Compliance.
Borrower shall (a) maintain its legal existence and good standing in its jurisdiction of formation and maintain qualification in each jurisdiction in which the failure to so qualify could reasonably be expected to cause a Material Adverse
Change and (b) comply with all laws, ordinances and regulations to which it is subject, noncompliance with which could reasonably be expected to cause a Material Adverse Change. 

5.3. Payments and Performance. Borrower will duly and punctually pay all Obligations owed by it becoming due to Senior Lender and Mezz
Lender hereunder and will duly and punctually perform all Obligations on its part to be done or performed under this Agreement. 
 5.4.
Books and Records; Inspection. Borrower will at all times keep proper books of account in which full, true and correct entries will be made of its transactions in accordance with GAAP, consistently applied and which are acceptable to Lenders,
adequate to determine fairly the financial condition and the results of operations of Borrower. Borrower will at all reasonable times make its books and records available in its offices for inspection and examination by either Lender and such
Lender’s representatives and will permit inspection of any Portfolio Property (including, without limitation, appraisals thereof) at Borrower’s sole expense, and all of its properties by such Lender and such Lender’s representatives.
Borrower will from time to time furnish Lenders with such information and statements as any Lender may request in its sole discretion with respect to the Obligations or Collateral Agent’s security interest in the Collateral. Borrower shall,
during the term of this Agreement, keep Lenders currently and accurately informed in writing of each location where Borrower’s records relating to its accounts and contract rights are kept, and shall not remove such records to another state
without giving each Lender at least thirty (30) days prior written notice thereof. Any information provided by Borrower to one Lender shall be furnished substantially contemporaneously to the other Lender. 

  
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 5.5. Financial Statements. Borrower will furnish to each Lender: 

 

	 	(a)	 as soon as available to Borrower, but in any event within 45 days after the close of each quarterly period of
its fiscal year, a full and complete signed copy of financial statements for Parent, prepared by Parent which shall include a balance sheet of Parent, as at the end of such quarter, and statement of profit and loss of Parent reflecting the results
of its operations during such quarter, and prepared on a compiled basis in accordance with GAAP consistently applied, subject to year-end adjustments; 

 

	 	(b)	 as soon as available to Borrower, but in any event within 120 days the close of each fiscal year thereafter, a
full and complete signed copy of financial statements, prepared and audited by certified public accountants acceptable to each Lender, which shall include a balance sheet of Parent, as at the end of such year, statement of cash flows and statement
of profit and loss of Parent reflecting the results of its operations during such year, bearing the unqualified opinion of such certified public accountants and prepared on an audited basis in accordance with GAAP, consistently applied;

  

	 	(c)	 [reserved]; 

  

	 	(d)	 Borrower’s and each Guarantor’s filed Federal and state tax returns, including all schedules thereto,
for the prior year promptly upon such Lender’s written request, which shall be no early than fifteen (15) days after the date that Borrower’s and each Guarantor’s tax returns are actually filed each such year; and

  

	 	(e)	 from time to time, such financial data and information about Borrower and/or any Guarantor as any Lender may
reasonably request (including, without limitation, within 15 Business Days following each calendar month, a “loan tape” with respect to Advances pursuant to this Agreement that shall include each of the fields set forth on Schedule 5.5(e)
hereto; provided, however, that such loan tape shall not be required to the extent that the information that would be contained in such loan tape has been provided to the applicable Lender in connection with Borrower’s requests for Advances
hereunder). 

 5.6. Conduct of Business. Borrower will maintain its existence in good standing and comply with all
laws and regulations of the United States and of any state or states thereof and of any political subdivision thereof, and of any Governmental Authority which may be applicable to it or to its business, except where the failure to do so could not
reasonably be expected to cause a Material Adverse Change; provided that this covenant shall not apply to any tax, assessment or charge which is being contested in good faith and with respect to which reserves have been established and are being
maintained. 
 5.7. Separateness. Notwithstanding anything herein to the contrary, Borrower acknowledges that each Lender is entering
into the transactions contemplated by this Agreement in reliance upon Borrower’s identity as a legal entity separate from each of its Affiliates. Therefore, from and after the date hereof, Borrower shall take all reasonable steps to continue

  
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Borrower’s identity as a separate legal entity and to make it apparent to third Persons that Borrower is an entity with assets and liabilities distinct from those of any of its Affiliates
and any other Person, and is not a division of any Affiliate or any other Person. Without limiting the generality of the foregoing, each Loan Party shall take such actions as shall be required in order that: 

 

	 	(a)	 Borrower’s books and records shall be maintained separately from those of any of its Affiliates;

  

	 	(b)	 Borrower shall maintain and utilize separate stationery, invoices and checks, shall otherwise conduct its
business in its own name, and correct any known misunderstanding regarding its separate identity; 

  

	 	(c)	 Borrower shall allocate fairly and reasonably any expenses which Borrower shares with any other Person,
including shared office space and services; 

  

	 	(d)	 All financial statements of any Affiliates of Borrower that are consolidated or combined to include Borrower
shall contain detailed notes clearly stating that (i) all of Borrower’s assets are owned by Borrower, and (ii) Borrower is a separate entity with creditors who have not received security interests in Borrower’s assets;

  

	 	(e)	 Borrower’s assets shall be maintained in a manner that facilitates their identification and segregation
from those of any of its Affiliates; 

  

	 	(f)	 Borrower shall strictly observe corporate formalities in its dealings with any of its Affiliates, and funds or
other assets of Borrower shall not be commingled or pooled with those of any of its Affiliates. Borrower shall not maintain joint bank accounts or other depository accounts to which any of its Affiliates has independent access; and

  

	 	(g)	 Borrower shall maintain arm’s-length relationships with each of
its Affiliates. 

 5.8. Taxes. Borrower will promptly pay all real and personal property taxes, assessments and
charges and any franchise, income, unemployment, old age benefits, withholding, sales and other taxes assessed against it or payable by it before delinquent; provided that this covenant shall not apply to any tax assessment or charge which is being
contested in good faith and with respect to which reserves have been established and are being maintained. 
 5.9. Notification of
Default. Within five (5) days of becoming aware of the existence of any condition or event which constitutes an Event of Default, or any condition or event which would upon notice or lapse of time, or both, constitute an Event of Default,
Borrower shall give each Lender written notice thereof specifying the nature and duration thereof and the action being or proposed to be taken with respect thereto. 

5.10. Notification of Material Litigation. Borrower will promptly notify each Lender in writing of any litigation or of any
investigative proceedings of a governmental agency or authority commenced or threatened against it which would or might cause a Material Adverse Change to the financial condition of Borrower or any Guarantor. 

  
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 5.11. Notification of Financial Condition. Borrower will promptly notify each Lender
of any adverse material changes in such Borrower’s financial condition. 
 5.12. USA Patriot Act Notification. Borrower agrees
to provide evidence of the identity of Borrower that either Lender may request from time to time to permit such Lender to verify the identity of Borrower or to otherwise comply with applicable governmental laws and regulations, including without
limitation Section 326 of the USA Patriot Act of 2001, 31 U.S.C. 5318. 
 5.13. Maintenance of Portfolio Properties. At all
times prior to the payment in full of the Revolving Loans, Borrower shall: (a) cause its Portfolio Properties to be maintained in compliance with all provisions of all applicable zoning, subdivision, land use, environmental, traffic, fire,
building, and occupational safety and health rules, regulations, codes, acts and statutes; and (b) comply with all existing and future federal, state and local laws, ordinances, rules and regulations and court orders affecting or which may be
interpreted as affecting its Portfolio Properties and all zoning, subdivision, land use, environmental, traffic, fire, building, and occupational safety and health rules, regulations, codes, acts and statutes. 

5.14. Make Payments When Due. Borrower shall remain current on its payment obligations to third Persons and make all payments to third
Persons when due in the ordinary course of business. 
 5.15. Further Assurances. Borrower shall execute any further instruments and
take further action as either Lender reasonably requests to perfect or continue Collateral Agent’s Lien in the Collateral or to effect the purposes of this Agreement or the other Loan Documents. 

5.16. Reporting on Inventory to Sales Ratio. Borrower shall furnish to each Lender the Inventory to Sales Ratio on Monday of each week
(or the next Business Day if a Monday is not a Business Day). 
 5.17. Independent Manager. At all times from and after the date
commencing thirty (30) calendar days from the Effective Date until such time as all Obligations have been paid in full, Borrower shall have at least one (1) Independent Manager. Borrower shall not remove the Independent Manager before a
replacement therefor has been appointed. Any new or replacement Independent Manager shall require the reasonable consent of each Lender. 

5.18. Title Insurance. At the time that Borrower purchases a Property that becomes a Portfolio Property, Borrower shall have in place
title insurance from a title insurer acceptable to Lenders in their reasonable discretion insuring Borrower’s ownership interest in such Portfolio Property, such title insurance to be evidenced by a title insurance policy or a marked-up title commitment in form and substance acceptable to Lenders in their reasonable discretion (“Title Insurance Policy/Commitment”). 

5.19. Auction Advances. With regard to Auction Advances, an amount equal to the amount of the Auction Cost (other than anticipated
closing costs (inclusive of curative amounts payable with respect to liens, code violations, HOA fees and similar items)) will at all times be held by a Governmental Authority until such time as the Auction Property becomes an Approved Auction
Property or the amount so held is returned to Borrower. 

  
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 6. NEGATIVE COVENANTS 

6.1. Limitations on Indebtedness. Borrower shall not issue any evidence of Indebtedness or create, assume, guarantee, become
contingently liable for, or suffer to exist Indebtedness other than Indebtedness to Lenders and Indebtedness approved by each such Lender in its sole discretion. 

6.2. Encumbrance. Borrower shall not create, incur, allow, or suffer any Lien on any of its property, including, without limitation,
any Portfolio Property, or assign or convey any right to receive income or permit any Collateral not to be subject to the first priority security interest granted herein, other than Permitted Liens. 

6.3. Changes in Business, Control. Borrower shall not, without the prior consent of the Lenders, which consent will not be unreasonably
withheld or delayed, (a) engage in any business other than the businesses currently engaged in by Borrower (for purposes of this provision, purchasing properties other than single-family residential real estate shall be deemed to be engaging in
a business other than a business currently engaged in by Borrower, but the leasing of owned single-family residential real estate shall not be deemed to be engaging in a business other than a business currently engaged in by Borrower;
(b) liquidate or dissolve; (c) permit, allow or suffer to occur a change of control, provided, that, the consummation of the SPAC Transaction shall not constitute a change of control; or (d) without at least thirty (30) days
prior written notice to each Lender, (1) add any new Borrower offices or business locations, (2) change the jurisdiction of organization of Borrower, (3) change the organizational structure or type of Borrower, (4) change its
legal name or (5) change any organizational number (if any) assigned by the jurisdiction of organization of Borrower. 
 6.4.
Merger. Other than in connection with the SPAC Transaction, Borrower will not merge or consolidate or be merged or consolidated with or into any other entity without each Lender’s prior written consent (which may be granted or withheld
in each such Lender’s sole discretion). 
 6.5. Payment to Affiliates. Borrower shall not directly or indirectly make any
payment to an Affiliate, including, without limitation, by way of dividend or distribution, without the consent of each Lender, except for payments made to any Affiliate (i) under and in accordance with the Servicing Agreement to the Manager
thereunder, (ii) upon receipt of one or more Advances hereunder when such Affiliate has funded the purchase of an Auction Property or Portfolio Property (an “Affiliate Advance”) pending the receipt of one or more Advances
hereunder, or (iii) upon the sale of an Auction Property or Portfolio Property and the repayment in full of all Advances and other Obligations with respect to such sold Auction Property or Portfolio Property. Notwithstanding anything to the
contrary in the foregoing, at any time an Event of Default has occurred and is continuing and/or from and after the Sequential Date, (x) no payment may be made under clause (i) of this paragraph other than payment of the Management Fee (as
defined in the Servicing Agreement) as required by the Servicing Agreement, and (y) no payment may be made under clauses (ii) and (iii) of this paragraph, and (z) any amounts available to Borrower shall be used to make the payments to
Lenders contemplated in Section 3.7. In the case of a payment under clause (ii) of this paragraph, the amount of the payment to such Affiliate shall not be more than the lesser of (1) the amount of such Advance or Advances hereunder
with respect 

  
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to such Auction Property or Portfolio Property and (2) the amount paid by such Affiliate for such Auction Property. In the case of a payment under clause (iii) of this paragraph, the
payment to the Affiliate shall not be more than the amount received for such sold Auction Property or Portfolio Property (net of all transaction costs) minus the amount repaid hereunder in respect of such Auction Property or Portfolio Property.
Borrower represents that the fee paid by Borrower under the Servicing Agreement to the Manager (as defined in the Servicing Agreement) is an arms-length fee and takes into account, among other things, the fact that such Manager may make Affiliate
Advances. Without limiting the foregoing, Borrower shall not transfer to any non-Borrower any amount borrowed hereunder except for amounts due under the Servicing Agreement or as otherwise specifically
permitted under this paragraph. 
 7. DEFAULT 

7.1. Event of Default. “Event of Default” shall mean the occurrence of one or more of any of the following events
(taking into consideration any notice and opportunity to cure provisions set forth below): 
  

	 	(a)	 Borrower shall fail to pay the principal amount of any Obligations within 5 days of when due or interest on the
Obligations within 5 days of when due; 

  

	 	(b)	 Borrower or any Guarantor shall be in default under any loan facility (or there should exist any default under
an loan facility with respect to which Borrower or Guarantor is a borrower or a guarantor) equal to or greater than $1.0 million in borrowings and/or availability and such default has not been cured within 10 days of its occurrence;

  

	 	(c)	 Borrower or any Guarantor shall fail to perform or observe any term, covenant or agreement contained in this
Agreement, any other Loan Document, the Servicing Agreement or in any other document, instrument or agreement relating to this Agreement or any other document or agreement executed by Borrower or any Guarantor with or in favor of any Lender and any
such failure shall continue unremedied for more than 30 days; provided, however, that there shall be no such 30 day period where Borrower fails to comply with its obligations under Section 2.3(f) and Borrower’s failure to comply with the
requirements set forth therein within the time period specified in such section shall be an immediate Event of Default; 

  

	 	(d)	 if any statement, representation or warranty heretofore, now or hereafter made by Borrower or any Guarantor in
connection with this Agreement, in any other Loan Document or in any supporting financial statement of Borrower or any Guarantor shall be determined by any Lender to have been false in any material respect when made; 

 

	 	(e)	 if Borrower or any Guarantor is a corporation, trust, partnership or limited liability company, the
liquidation, termination or dissolution of any such organization, or the merger or consolidation of such organization into another entity, or its ceasing to carry on actively its present business or the appointment of a receiver for its property;

  
 36 

	 	(f)	 the institution by or against Borrower or any Guarantor of any proceedings under Title 11 of the United States
Code, or any other law in which Borrower or any Guarantor is alleged to be insolvent or unable to pay its debts as they mature, or the making by Borrower or any Guarantor of an assignment for the benefit of creditors or the granting by Borrower or
any Guarantor of a trust mortgage for the benefit of creditors; 

  

	 	(g)	 a judgment or judgments for the payment of money in excess of $250,000, shall be rendered against Borrower or
any Guarantor, and any such judgment shall remain unsatisfied and in effect for any period of thirty (30) consecutive days without a stay of execution; 

  

	 	(h)	 (i) any levy, Lien (including mechanics lien), seizure, attachment, execution or similar process shall be
issued or levied on any of any Portfolio Property, or any property of any Guarantor, and shall not be discharged or bonded against or released within 30 days after the issuance or attachment of such writ or lien, or (ii) any levy, Lien
(including mechanics lien), seizure, attachment, execution or similar process shall be issued or levied on any of any Portfolio Property, or any property of any Guarantor, which individually or in the aggregate total more than $100,000;
provided, however, that in the situation arising under clause (ii) of this subsection (h), such shall not be an Event of Default (A) if such Lien is a mortgage or similar Lien incurred by a Guarantor in the ordinary course of
business, or (B) for so long as Borrower and/or Guarantor(s) are contesting the imposition of such levy, Lien, seizure, attachment, execution in good faith and have fully reserved for same; or 

 

	 	(i)	 the occurrence of a Material Adverse Change of Borrower or any Guarantor, or the occurrence of any other event
or circumstance, such that any Lender, in its sole discretion, deems that it is insecure or that the prospects for timely or full payment or performance of any obligation of Borrower or any Guarantor to such Lender has been or may be impaired.

 7.2. Acceleration; Remedies. Upon the occurrence of any Event of Default, any or each Lender may
(a) declare the entire Revolving Senior Loan or Revolving Mezz Loan owing to it, as the case may be, to be immediately due and payable without presentment, demand, protest, notice of protest or dishonor, notice of intent to accelerate the
maturity thereof, notice of acceleration of the maturity thereof, or other notice of default of any kind, all of which are hereby expressly waived by Borrower, (b) terminate the obligation, if any, of such Lender to advance amounts hereunder,
and (c) exercise all rights and remedies therefor under this Agreement and the other Loan Documents at law or in equity (including, without limitation, sale of any of its Collateral at public or private sale and/or retention by Lenders of such
Collateral); provided nothing in this section shall limit or prejudice any Lender’s ability to make Protective Advances to protect the Collateral securing the Revolving Loans. 

  
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 If Borrower shall fail, refuse or neglect to make any payment or perform any act required by
the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse any or each Lender may have because of such Event of Default, such Lender
or Lenders which have outstanding Revolving Loans to Borrower may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right, to the fullest extent permitted by
applicable law, to enter upon any Portfolio Property owned by Borrower for such purpose and to take all such action thereon and with respect to such Portfolio Properties as it may deem necessary or appropriate. If any or each Lender shall so elect
to pay any sum due with reference to the Portfolio Properties, such Lender or Lenders may do so in reliance on any bill, statement or assessment procured from the appropriate Governmental Authority or other issuer thereof without inquiring into the
accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, no Lender shall be bound to inquire into the validity of any apparent or threatened adverse title, Lien,
encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any hazardous substances affect or threaten to affect such Portfolio Properties, any or each Lender may (but shall not be
obligated to) give such notices and take such actions as it deems necessary or advisable in order to abate the discharge of any hazardous substances or remove the hazardous substances. To the fullest extent permitted by applicable law, Borrower
shall indemnify, defend and hold each Lender harmless from and against, and be responsible for, any and all losses, liabilities, claims, damages, expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of any kind or
nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by any such Lender pursuant to the provisions of this section, including those arising from the joint, concurrent, or comparative
negligence of such Lender, except as a result of such Lender’s or its Affiliate’s gross negligence or willful misconduct. All sums paid by any Lender pursuant to this section and all other sums expended by any such Lender to which it shall
be entitled to be indemnified, shall be deemed to be a Revolving Advance by such Lender, shall constitute additions to the Revolving Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lenders upon demand. 

To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets
of Borrower, and others with interests in Borrower, and of its Portfolio Properties, and agrees not to assert any right under any laws pertaining to the marshalling of assets, homestead exemption, the administration of estates of decedents, or any
other matters whatsoever to defeat, reduce or affect the right of Lenders under the Loan Documents to a sale of such Portfolio Properties for the collection of the Obligations without any prior or different resort for collection or of the right of
Lenders to the payment of the Obligations out of the net proceeds of such Portfolio Properties in preference to every other claimant whatsoever. Borrower agrees that the actions, sales, proceedings and foreclosure described herein or in any of the
other Loan Documents may be commenced in any order determined by each or any Lender with outstanding Revolving Loans to it and Borrower agrees and covenants to cooperate with each such Lender in connection with the foregoing. 

7.3. [Reserved]. 

  
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 7.4. Nonexclusive Remedies. All of each Lender’s rights and remedies not only
under the provisions of this Agreement but also under any other agreement or transaction shall be cumulative and not alternative or exclusive, and may be exercised by any or each Lender at such time or times and in such order of preference as such
Lender in its sole discretion may determine. 
 8. MISCELLANEOUS 

8.1. Waivers. Borrower waives notice of intent to accelerate, notice of acceleration, notice of nonpayment, demand, presentment,
protest or notice of protest of the Obligations, and all other notices (other than those required by the Loan Documents), consents to any renewals or extensions of time of payment thereof, and generally waives any and all suretyship defenses and
defenses in the nature thereof. 
 8.2. Interest on Revolving Advances and Expenses. All Revolving Senior Advances and Revolving Mezz
Advances made and any reasonable fees, costs and expenses incurred at any time by each Lender pursuant to the provisions of this Agreement or the other Loan Documents or under applicable law, including without limitation Protective Advances, or
monies Advanced as a consequence or to cure any default by Borrower hereunder, shall be secured by the Collateral. All such Revolving Senior Advances, Revolving Mezz Advances and expenses shall bear interest at a rate that equals the aggregate of
the Default Rate plus the Interest Rate (if such advance is a Revolving Senior Advance) or the Default Rate plus the Mezz Interest Rate (if such advance is a Revolving Mezz Advance) from the date that each such Revolving Advance or expense is made
or incurred to the date of repayment and all such Revolving Advances and expenses with interest thereon shall be paid by Borrower to Lenders on demand. 

8.3. Waiver of Homestead. To the maximum extent permitted under applicable law, Borrower hereby waives and terminates any homestead
rights and/or exemptions respecting any of its property under the provisions of any applicable homestead laws. 
 8.4. Severability.
If any provision of this Agreement or portion of such provision or the application thereof to any Person or circumstance shall to any extent be held invalid or unenforceable, to the fullest extent permitted by applicable law, the remainder of this
Agreement (or the remainder of such provision) and the application thereof to other Persons or circumstances shall not be affected thereby. 

8.5. Indemnification. To the fullest extent permitted by applicable law, Borrower shall indemnify, defend and hold each Lender,
Collateral Agent (acting on behalf of such Lenders) and each of their respective directors, officers, employees, agents, attorneys, or any other Person (other than any other Lender) affiliated with or representing such Lender (each, an
“Indemnified Person”) harmless against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (b) all
losses or expenses in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising from the transactions contemplated by the Loan Documents, except for obligations, demands, claims, and
liabilities and/or losses directly caused by such Indemnified Person’s or its Affiliate’s gross negligence or willful misconduct. Without limiting the foregoing clause (b), the indemnification provided by this section shall include claims
arising in connection with or arising out of any presence or release of Hazardous 

  
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Materials at, on, under, to or from any assets or properties owned, leased or operated by Borrower, including, without limitation Portfolio Properties, or any Environmental Actions, Environmental
Liabilities or Remedial Actions related in any way to any such assets or properties of Borrower except for claims directly arising from such Indemnified Person’s or its Affiliate’s gross negligence or willful misconduct. 

8.6. Costs and Expenses. Borrower shall pay to each Lender and/or Collateral Agent (acting on behalf of such Lenders) any and all fees,
costs and expenses (including, without limitation, reasonable and documented out-of-pocket attorneys’ fees and disbursements (including, without limitation, those
of Cogent Legal Services LLC), court costs, litigation and other expenses) incurred or paid by any such Lender and/or such Collateral Agent in establishing, maintaining, protecting or enforcing any of such Lender’s or such Collateral
Agent’s rights or the Obligations, including, without limitation, any and all such fees, costs and expenses incurred or paid by such Collateral Agent (for the benefit of such Lender(s)) in defending such Collateral Agent’s security
interest in, title or right to the Collateral or in collecting or attempting to collect or enforcing or attempting to enforce payment of the Obligations. 

8.7. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original, but all of which
shall constitute but one agreement. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mail, .pdf or any other electronic means that reproduces an image of the actual
executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. 
 8.8. Complete
Agreement. This Agreement and the other Loan Documents constitute the entire agreement and understanding between and among the parties hereto relating to the subject matter hereof, and supersedes all prior proposals, negotiations, agreements and
understandings among the parties hereto with respect to such subject matter. Lenders, Collateral Agent and Borrower agree that it is their respective intent that the security interests granted in connection with the Original Loan and Security
Agreement, shall remain in full force and effect under this Agreement and such security interests shall secure the obligation incurred hereunder. Lenders, Collateral Agent and Borrower further agrees that it is their respective intent that nothing
herein shall constitute a novation or a termination of the obligations under the Original Loan and Security Agreement, other than the release of the Legacy Borrowers (as defined in the Original Loan and Security Agreement), the Secondary Borrower
(as defined in the Original Loan and Security Agreement) and the Limited Guarantors (as defined in the Original Loan and Security Agreement) and the termination of the Limited Guaranty (as defined in the Original Loan and Security Agreement) and the
confessions of judgment related to the Legacy Borrowers, the Secondary Borrower and the Limited Guarantors as provided in the Side Letter. 

8.9. Binding Effect of Agreement; Assignment of Agreement by Lenders. This Agreement shall be binding upon and inure to the benefit of
the respective successors and assigns of the parties hereto, and shall remain in full force and effect (and each Lender shall be entitled to rely thereon) until terminated as to future transactions by written notice from any party to another party
of the termination hereof; provided that any such termination shall not release or affect any Collateral in which Collateral Agent already has a security interest or any Obligations incurred or rights accrued hereunder prior to the effective date of
such notice (as hereinafter defined) of such termination. The Collateral Agent will not assign its obligations hereunder without the consent of 

  
 40 

 
the Lenders. Notwithstanding any such termination, the Collateral Agent, for the benefit of the Lenders, shall have a security interest in all Collateral to secure the payment and performance of
the Obligations arising after such termination as a result of commitments or undertakings made or entered into by such Lender prior to such termination. Either Lender may at any time and upon notice to Borrower (and without the consent of Borrower),
transfer and assign this Agreement and direct the Collateral Agent to deliver the Collateral to an assignee, who shall thereupon have all of the rights of such Lender; and Collateral Agent shall then be relieved and discharged of any responsibility
or liability with respect to this Agreement and the Collateral; provided, that, such assignee shall have executed a joinder agreement hereto in form and substance reasonably acceptable to the Collateral Agent. Such assignee upon such assignment
shall assume all obligations of such Lender hereunder and shall become a Senior Lender or a Mezz Lender, as the case may be. To the fullest extent permitted by applicable law, Borrower may not assign or transfer any of its rights or obligations
under this Agreement. Except as expressly provided herein or in the other Loan Documents, nothing, expressed or implied, is intended to confer upon any party, other than the parties hereto, any rights, remedies, obligations or liabilities under or
by reason of this Agreement or the other Loan Documents. Borrower acknowledges that Senior Lender and Mezz Lender each reserve the right to participate its interest in the Revolving Loans. 

8.10. Further Assurances. Borrower shall do, execute, acknowledge and deliver, at Borrower’s sole cost and expense, such further
acts, instruments or documentation, including additional title insurance policies or endorsements, and title reinsurance, as either Lender or Collateral Agent may reasonably require from time to time to better assure, transfer and confirm unto such
Lender or Collateral Agent the rights now or hereafter intended to be granted to such Lender or Collateral Agent under this Agreement or any other Loan Document. 

8.11. Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or
termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which enforcement or admission is sought. Without limiting the
generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan
Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or
commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations
between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 
 8.12. Term of Agreement. This
Agreement shall continue in full force and effect so long as any Obligations or obligation of Borrower to any Lender shall be outstanding, or Lenders shall have any obligation to extend any financial accommodation hereunder, and is supplementary to
each and every other agreement between Borrower and either Lender and shall not be so construed as to limit or otherwise derogate from any of the rights or remedies of any Lender or any of the liabilities, obligations or undertakings of Borrower
under any such agreement, nor shall any contemporaneous or subsequent agreement between Borrower and either Lender be construed to limit or otherwise derogate from any of the rights or remedies of either Lender or any of the liabilities, obligations
or undertakings of Borrower hereunder, unless such other agreement specifically refers to this Agreement and expressly so provides. 

  
 41 

 8.13. Notices. All notices, consents, requests, approvals, demands, or other
communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (1) upon the earlier of actual receipt and three Business Days after deposit in the
U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (2) upon transmission, when sent by electronic mail; (3) one Business Day after deposit with a reputable overnight courier with all
charges prepaid; or (4) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address or email address indicated below. Lender or Borrower may change its mailing or
electronic mail address by giving the other party written notice thereof in accordance with the terms of this Section 8.13. 
 If to
Senior Lender, at the following address: 
 LL Private Lending Fund, L.P. 

Attn: Paul Frick and Scott Powers 

2400 Market Street, Suite 302 

Philadelphia, PA 19103 

Email: Paul.Frick@llfunds.com 

Scott.Powers@llfunds.com 

with a copy to: 

John E. Royer, Jr., Esq. 

Marc E. Hirschfield, Esq. 

Royer Cooper Cohen Braunfeld LLC 

101 West Elm Street 

Suite 400 

Conshohocken, PA 19428 

Email: jroyer@rccblaw.com 

mhirschfield@rccblaw.com 

If to Mezz Lender, at the following address: 

LL Private Lending Fund II, L.P. 

Attn: Paul Frick and Scott Powers 

2400 Market Street, Suite 302 

Philadelphia, PA 19103 

Email: Paul.Frick@llfunds.com 

Scott.Powers@llfunds.com 

with a copy to: 

John E. Royer, Jr., Esq. 

Marc E. Hirschfield, Esq. 

Royer Cooper Cohen Braunfeld LLC 

  
 42 

 101 West Elm Street 

Suite 400 

Conshohocken, PA 19428 

Email: jroyer@rccblaw.com 

mhirschfield@rccblaw.com 

If to Collateral Agent, at the following address: 

LL Funds, LLC 

Attn: Paul Frick and Scott Powers 

2400 Market Street, Suite 302 

Philadelphia, PA 19103 

Email: Paul.Frick@llfunds.com 

Scott.Powers@llfunds.com 

with a copy to: 

John E. Royer, Jr., Esq. 

Marc E. Hirschfield, Esq. 

Royer Cooper Cohen Braunfeld LLC 

101 West Elm Street 

Suite 400 

Conshohocken, PA 19428 

Email: jroyer@rccblaw.com 

mhirschfield@rccblaw.com 

If to Borrower, at the following address: 

c/o OfferPad, LLC 

2150 E. Germann Rd., Suite 1 

Chandler, AZ 85286 

Attention: Benjamin Aronovich (Chief Legal Officer) 

Email: benjamin.aronovitch@offerpad.com 

with a copy (which shall not constitute notice) to: 

DLA Piper LLP (US) 

51 John F. Kennedy Parkway, Suite 120 

Short Hills, NJ 07078 

Attn: Kira Mineroff 

Tel.: (212) 335-4932 

Email: kira.mineroff@dlapiper.com 

A party receiving a notice that does not comply with the technical requirements for notice under this Section 8.13 may elect to waive any deficiencies
and treat the notice as having been properly given. Notwithstanding anything herein, whenever a provision of this Agreement requires Borrower to deliver a document to both Lenders. Borrower may fulfill such obligation by delivering such document to
the Collateral Agent or the Independent Manager only. 

  
 43 

 8.14. Governing Law, Venue. This Agreement is to be construed in accordance with and
governed by the internal laws of the Commonwealth of Pennsylvania without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the Commonwealth of Pennsylvania to
the rights and duties of the parties. The parties agree that any action brought by any party under or in relation to this Agreement, including without limitation to interpret or enforce any provision of this Agreement, shall be brought in, and the
parties agree to and do hereby submit to the jurisdiction and venue of, any state or federal court located in the County of Philadelphia, Pennsylvania. Further, Borrower waives any objection that it may have based upon lack of personal jurisdiction,
improper venue, or forum non conveniens and consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Borrower waives personal service of the summons, complaints, and other process issued in such
action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in Section 8.14 of this Agreement and that service so made shall be
deemed completed on Borrower and/or any Guarantor upon the earlier to occur of actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF BORROWER, EACH LENDER AND COLLATERAL AGENT WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES HERETO TO ENTER INTO
THIS AGREEMENT. EACH PARTY HERETO HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 This Section 8.14 shall survive the termination of this Agreement.

 8.15. Financial Statement Certifications. The undersigned hereby certifies to each Lender that all financial information
(“information”) submitted to such Lenders at all times during the term of this Agreement does, and will fairly and accurately represent the financial condition of Borrower and each Guarantor. Financial information includes, but is
not limited to all business financial statements (including interim and year-end financial statements that are company-prepared and/or CPA-prepared), and business income
tax returns. The undersigned understands that each such Lender will rely on all financial information, whenever provided, and that such information is a material inducement to each such Lender to make, to continue to make, or otherwise extend credit
accommodations to the undersigned. 
 8.16. Time of Essence. Time is of the essence for the performance of all Obligations in this
Agreement. 
 8.17. Survival. All covenants, representations and warranties made in this Agreement continue in full force until this
Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full and satisfied.

  
 44 

 8.18. Captions and Section References. The headings used in this Agreement are for
convenience only and shall not affect the interpretation of this Agreement. Unless indicated otherwise, section references herein are to sections of this Agreement. 

8.19. Construction of Agreement. The parties hereto mutually acknowledge that they and their attorneys have participated in the
preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

8.20. Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement. The
parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

8.21. Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights
or remedies under or by reason of this Agreement on any Persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any Person not an express party
to this Agreement; or (c) give any Person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

[SIGNATURE PAGES FOLLOW] 

  
 45 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  

							
	BORROWER:	 		 	OFFERPAD (SPVBORROWER1), LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	 	/s/ Michael S. Burnett
		 		 	Name: Michael S. Burnett
		 		 	Title: Chief Financial Officer
				
		 		 	By:	 	/s/ Benjamin Aronovitch
		 		 	Name: Benjamin Aronovitch
		 		 	Title: Chief Legal Officer
			
	SENIOR LENDER:	 		 	LL PRIVATE LENDING FUND, L.P.
			
		 		 	By: LL Funds GP, LP, its General Partner
			
		 		 	By: LL Funds GP, LLC, its General Partner
				
		 		 	By:	 	/s/ Paul A. Frick
		 		 	Name: Paul A. Frick
		 		 	Title: Vice President
			
	MEZZ LENDER:	 		 	LL PRIVATE LENDING FUND II, L.P.
			
		 		 	By: LLPLF II GP, LLC, its General Partner
				
		 		 	By:	 	/s/ Paul A. Frick
		 		 	Name: Paul A. Frick
		 		 	Title: Vice President
			
	COLLATERAL AGENT:	 		 	LL FUNDS, LLC
				
		 		 	By:	 	/s/ Paul A. Frick
		 		 	Name: Paul A. Frick
		 		 	Title: Vice President

  
 SIGNATURE PAGE TO SIXTH AMENDED AND
RESTATED LOAN AND SECURITY AGREEMENTEX-10.3

 Exhibit 10.3 

Execution Version 

SECOND AMENDED AND RESTATED 

MEZZANINE LOAN AND SECURITY AGREEMENT 

AMONG 
 OP SPE BORROWER PARENT,
LLC, 
 as Parent Borrower, 
 OP
SPE PHX1, LLC, 
 as a Borrower, 

OP SPE TPA1, LLC, 
 as a Borrower,

 and 
 LL PRIVATE LENDING FUND
II, L.P., 
 as the Lender 

Dated as of December 16, 2021 

 TABLE OF CONTENTS 

Page 
  

							
	 ARTICLE I
	  		  			
	 DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS
	  	 	2	 
	 Section 1.01
	  	Definitions	  	 	2	 
	 Section 1.02
	  	Rules of Construction	  	 	17	 
	 Section 1.03
	  	Computation of Time Periods	  	 	17	 
	 ARTICLE II
	  		  			
	 ADVANCES
	  	 	17	 
	 Section 2.01
	  	Revolving Credit Facility	  	 	17	 
	 Section 2.02
	  	Making of Advances	  	 	18	 
	 Section 2.03
	  	Evidence of Indebtedness	  	 	18	 
	 Section 2.04
	  	Payment of Principal and Interest	  	 	18	 
	 Section 2.05
	  	Prepayment of Advances	  	 	19	 
	 Section 2.06
	  	Changes of Commitment	  	 	20	 
	 Section 2.07
	  	Maximum Lawful Rate	  	 	20	 
	 Section 2.08
	  	Rescission or Return of Payment	  	 	20	 
	 Section 2.09
	  	Post-Default Interest	  	 	20	 
	 Section 2.10
	  	Payments Generally	  	 	20	 
	 Section 2.11
	  	Commitment Fee	  	 	21	 
	 Section 2.12
	  	Unused Facility Fee	  	 	21	 
	 Section 2.13
	  	Voluntary Prepayment Fee	  	 	21	 
	 Section 2.14
	  	Extension of the Availability Period	  	 	21	 
	 ARTICLE III
	  		  			
	 CONDITIONS PRECEDENT
	  	 	21	 
	 Section 3.01
	  	Conditions Precedent to Effectiveness	  	 	21	 
	 Section 3.02
	  	Conditions Precedent to Each Borrowing	  	 	23	 
	 Section 3.03
	  	Conditions Precedent to Each Borrowing on and after the Amendment and Restatement Effective Date	  	 	23	 
	 ARTICLE IV
	  		  			
	 REPRESENTATIONS AND WARRANTIES
	  	 	24	 
	 Section 4.01
	  	Representations and Warranties of the Borrowers	  	 	24	 
	 ARTICLE V
	  		  			
	 COVENANTS
	  	 	28	 
	 Section 5.01
	  	Affirmative Covenants of Each Borrower	  	 	28	 

					
	 Section 5.02
	  	Negative Covenants of Each Borrower	  	33

							
	 ARTICLE VI
	  		  			
	EVENTS OF DEFAULT	  	37	 
	 Section 6.01
	  	Events of Default	  	 	37	 
	 ARTICLE VII
	  		  			
	PLEDGE OF COLLATERAL; RIGHTS OF THE LENDER	  	38	 
	 Section 7.01
	  	Grant of Security	  	 	38	 
	 Section 7.02
	  	Release of Security Interest	  	 	39	 
	 Section 7.03
	  	Rights and Remedies	  	 	39	 
	 Section 7.04
	  	Remedies Cumulative	  	 	40	 
	 Section 7.05
	  	Protection of Collateral	  	 	40	 
	 ARTICLE VIII
	  		  			
	MISCELLANEOUS	  	41	 
	 Section 8.01
	  	No Waiver; Modifications in Writing	  	 	41	 
	 Section 8.02
	  	Notices, Etc.	  	 	41	 
	 Section 8.03
	  	Taxes	  	 	42	 
	 Section 8.04
	  	Costs and Expenses; Indemnification	  	 	46	 
	 Section 8.05
	  	Execution in Counterparts	  	 	47	 
	 Section 8.06
	  	Assignability	  	 	47	 
	 Section 8.07
	  	Governing Law	  	 	49	 
	 Section 8.08
	  	Severability of Provisions	  	 	49	 
	 Section 8.09
	  	Confidentiality	  	 	49	 
	 Section 8.10
	  	Merger	  	 	50	 
	 Section 8.11
	  	Survival	  	 	50	 
	 Section 8.12
	  	Submission to Jurisdiction; Waivers; Etc.	  	 	50	 
	 Section 8.13
	  	Waiver of Jury Trial	  	 	51	 
	 Section 8.14
	  	PATRIOT Act Notice	  	 	51	 
	 Section 8.15
	  	Legal Holidays	  	 	51	 
	 Section 8.16
	  	Non Petition.	  	 	51	 
	 Section 8.17
	  	Waiver of Setoff	  	 	51	 
	 Section 8.18
	  	Recourse Against Certain Parties	  	 	51	 
	 Section 8.19
	  	Intercreditor Agreementt	  	 	52	 
	 Section 8.20
	  	Amendment and Restatement	  	 	52	 

 EXHIBITS AND SCHEDULES 

EXHIBIT A Form of Promissory Note 
 EXHIBIT B Form of Notice of
Borrowing 
 EXHIBIT C Insurance Requirements 
 SCHEDULE 1
Notice Information 
  

 AMENDED AND RESTATED MEZZANINE LOAN AND SECURITY AGREEMENT 

This Second Amended and Restated Mezzanine Loan and Security Agreement, dated as of December 16, 2021, is by and among OP SPE Borrower
Parent, LLC, a Delaware limited liability company (“Parent Borrower”), and OP SPE PHX1, LLC, a Delaware limited liability company, and OP SPE TPA1, LLC, a Delaware limited liability company (each, a
“Borrower” and, collectively with Parent Borrower, the “Borrowers”), on the one hand, and LL Private Lending Fund II, L.P., a Delaware limited partnership, as lender (the
“Lender”), on the other hand. 
 RECITALS 

WHEREAS, the Borrowers are in the business of, among other things, buying and selling certain Properties, as further specified herein; 

WHEREAS, Borrowers and the Lender entered into an Amended and Restated Mezzanine Loan and Security Agreement, dated as of March 31, 2021
(such agreement, as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Loan and Security Agreement”); 

WHEREAS, the Borrowers are party to a certain Amended and Restated Master Loan and Security Agreement, dated as of February 25, 2021
(such agreement, as amended, restated, modified and/or supplemented, the “Senior Loan Agreement”), with Citibank, N.A., as the lender (the “Senior Lender”), and Wells Fargo
Bank, N.A., as calculation agent and paying agent; 
 WHEREAS, the Borrowers have requested that the Senior Lender make certain loans to
them from time to time, the proceeds of which will be used to provide interim funding for the acquisition of certain Properties and for other corporate purposes on the terms and subject to the conditions set forth in the Senior Facility Documents;

 WHEREAS, pursuant to the Existing Loan and Security Agreement, the Lender has made and will make certain loans to the Borrowers from time
to time, the proceeds of which, together with the proceeds received by the Borrowers from borrowings from the Senior Lender under the Senior Loan Agreement, are used to provide interim funding for the acquisition of certain Properties and for other
corporate purposes; and 
 WHEREAS, Borrower and the Lender wish to amend and restate the Existing Loan and Security Agreement as provided
herein. 
 NOW THEREFORE, in consideration of the premises and of the mutual covenants herein contained, and intending to be legally bound,
the parties hereto agree as follows: 

  
 1 

 ARTICLE I 

DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS 

Section 1.01 Definitions. As used in this Agreement (including in the introduction and recitals above), the
following terms shall have the meanings indicated: 
 “Advance” has the meaning assigned to such term in
Section 2.01.  
 “Advance Percentage” has the meaning ascribed to such term in the
Pricing Side Letter. 
 “Affiliate” means, in respect of a referenced Person, another Person Controlling, Controlled by or
under common Control with such referenced Person. 
 “Agreement” means this Amended and Restated Mezzanine Loan and
Security Agreement, as further amended, restated or otherwise modified from time to time. 
 “Amendment and Restatement Effective
Date” means December 16, 2021. 
 “Applicable Law” means any Law of any Governmental Authority, including all
federal and state banking or securities laws, to which the Person in question is subject or by which it or any of its assets or properties are bound. 

“Asset Management Rights” means all right, title and interest of each Borrower in and to any and all of the following (if
any): (a) rights to manage and make all decisions with respect to the Eligible Properties, (b) rights to make protective advances and receive reimbursement therefor, (c) rights to receive a management fee for managing the Eligible
Properties, (d) late fees, penalties or similar payments with respect to the Eligible Properties, (e) agreements and documents creating or evidencing any such rights to manage, documents, files and records relating to the servicing of the
Eligible Properties, and rights of any Person thereunder, (f) escrow, reserve and similar amounts with respect to the Eligible Properties, (g) rights to appoint, designate and retain any other managers,
sub-managers, agents, custodians, trustees and liquidators with respect to the Eligible Properties, and (h) accounts and other rights to payment related to the Eligible Properties. 

“Assignment and Acceptance” means an Assignment and Acceptance entered into by the Lender, a Permitted Assignee and, if
applicable, the Borrowers. 
 “Availability Period” means the period from and including the Closing Date to and including
the earliest of: (a) the date of any voluntary termination of this Agreement by the Borrower, (b) the termination of the Availability Period pursuant to Section 6.01, and (c) the “Maturity Date”
(as defined in the Senior Loan Agreement) pursuant to the terms of the Senior Loan Agreement. The Availability Period may be extended pursuant to Section 2.1 1. 

“Bankruptcy Code” means the United States Bankruptcy Code, Title 11, United States Code §§101 et seq. 

“Borrowers” has the meaning assigned to such term in the introduction to this Agreement. 

  
 2 

 “Borrowing” has the meaning assigned to such term in
Section 2.01. 
 “Borrowing Date” means the date of a Borrowing. 

“Business Day” means any day of the year except: a Saturday, Sunday or other day on which commercial banks in New York, New
York and San Francisco, California are authorized or required by law to close. 
 “Capital Lease Obligations” shall mean,
for any Person, all obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) Property to the extent such obligations are required to be classified and accounted for as a capital lease
on a balance sheet of such Person under GAAP, and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. 

“Cash” means Dollars immediately available on the day in question. 

“Cash Equivalents” means (a) securities with maturities of 90 days or less from the date of acquisition issued or fully
guaranteed or insured by the United States Government or any agency thereof, (b) certificates of deposit and eurodollar time deposits with maturities of 90 days or less from the date of acquisition and overnight bank deposits of any commercial
bank having capital and surplus in excess of $500,000,000, (c) repurchase obligations of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than seven days with respect to securities
issued or fully guaranteed or insured by the United States Government, (d) commercial paper of a domestic issuer rated at least A-1 or the equivalent thereof by S&P or
P-1 or the equivalent thereof by Moody’s and in either case maturing within 90 days after the day of acquisition, (e) securities with maturities of 90 days or less from the date of acquisition issued
or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state,
commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s, (f) securities with maturities of 90 days or less from the date of acquisition
backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause (b) of this definition, or (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the
requirements of clauses (a) through (f) of this definition. 
 “Change in Law” means (a) the adoption or taking
effect of any law, rule or regulation after the Closing Date, (b) any change in any law, rule or regulation or in the interpretation or-application thereof by any Governmental Authority after the Closing
Date or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority made or issued after the Closing Date; provided that, notwithstanding anything herein to the
contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in implementation thereof and (y) all requests,
rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each
case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” hereunder regardless of the date of effectiveness. 

  
 3 

 “Closing Date” means March 16, 2020. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” has the meaning assigned to such term in Section 7.01. 

“Commitment” has the meaning ascribed to such term in the Pricing Side Letter. 

“Commitment Fee” has the meaning ascribed to such term in the Pricing Side Letter. 

“Commitment Fee Percentage” has the meaning ascribed to such term in the Pricing Side Letter. 

“Commitment Termination Date” means the last day of the Availability Period, provided that if the Commitment Termination Date
would otherwise not be a Business Day, then the Commitment Termination Date shall be the immediately succeeding Business Day. 

“Committed Amount” has the meaning ascribed to such term in the Pricing Side Letter. 

“Constituent Documents” means, in respect of any Person, the certificate or articles of formation or organization, the
limited liability company agreement, operating agreement, partnership agreement, joint venture agreement, trust agreement or other applicable agreement of formation or organization (or equivalent or comparable constituent documents) and other
organizational documents and by laws and any certificate of incorporation, certificate of formation, certificate of limited partnership, certificate of trust and other agreement, similar instrument filed or made in connection with its formation or
organization, in each case, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Contractual Obligation” means, with respect to any Person, any provision of any securities issued by such Person or any
indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject. 

“Contributed Property” means any Property owned by a Borrower. 

“Control” means the direct or indirect possession of the power to direct or cause the direction of the management or policies
of a Person, whether through ownership, by contract, arrangement or understanding, or otherwise; provided, however that “Control” does not include the contractual right to appoint less than a majority of the directors or managers to the
board of a Person or to appoint advisors to the board, board committees or management committees of a Person. “Controlled” and “Controlling” have the meaning correlative thereto. 

  
 4 

 “Default” means any event which, with the passage of time, the giving of
notice, or both, would (if not cured or otherwise remedied during the applicable cure period) constitute an Event of Default. 

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

“Eligible Properties” has the meaning assigned to such term in the Senior Loan Agreement. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated and rulings
issued thereunder. 
 “ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of
ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the thirty (30) day notice requirement is waived); (b) the failure with respect to any Plan to satisfy the “minimum funding standard” (as
defined in Section 412 of the Code or Section 302 of ERISA); (c) the filing pursuant to Section 412(c) of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan;
(d) a determination that any Plan is, or is expected to be, in “at risk” status (as defined in Section 430 of the Code or Section 303 of ERISA); (e) the incurrence by any Borrower or any member of its ERISA Group of any
material liability under Title IV of ERISA with respect to the termination of any Plan; (f) (i) the receipt by any Borrower or any member of its ERISA Group from the PBGC of a notice of determination that the PBGC intends to seek
termination of any Plan or to have a trustee appointed for any Plan under Section 4041(c) of ERISA, or (ii) the filing by any Borrower or any member of its ERISA Group of a notice of intent to terminate any Plan; (g) the incurrence by
any Borrower or any member of its ERISA Group of any material liability (i) with respect to a Plan pursuant to Sections 4063 and 4064 of ERISA, (ii) with respect to a facility closing pursuant to Section 4062(e) of ERISA, or
(iii) with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (h) the receipt by any Borrower or any member of its ERISA Group of any notice concerning the imposition of Withdrawal Liability that could or a
determination that a Multiemployer Plan is, or is expected to be, in endangered status or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA or is or is expected to be insolvent, within the meaning of
Title IV of ERISA; or (i) the failure of any Borrower or any member of its ERISA Group to make any required contribution to a Multiemployer Plan. 

“ERISA Group” means each controlled group of corporations or trades or businesses (whether or not incorporated) under common
control that is treated as a single employer under Section 414(b) or (c) or, for purposes of ERISA Section 302 or Code Section 412, (m) or (o) of the Code with the Borrower. 

“Event of Default” means the occurrence of any of the events, acts or circumstances set forth in
Section 6.01. 

  
 5 

 “Excluded Taxes” means any of the following Taxes imposed on or with
respect to the Lender or required to be withheld or deducted from a payment to the Lender: (a) Taxes imposed on or measured by the Lender’s net income (however denominated), franchise Taxes imposed on the Lender, and branch profits Taxes
imposed on the Lender, in each case, (i) by the jurisdiction (or any political subdivision thereof) under the laws of which the Lender is organized or in which its principal office is located or, in which its applicable lending office is
located or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of the Lender pursuant to a law in effect on the date on which (i) the Lender becomes a party hereto
or (ii) the Lender changes its lending office, except in each case to the extent that, pursuant to Section 8.03(a), amounts with respect to such Taxes were payable either to the Lender’s assignor immediately
before the Lender became a party hereto or to the Lender immediately before it changed its lending office, (c) Taxes attributable to the Lender’s failure to comply with Section 8.03(f), and (d) any Taxes
imposed under FATCA. 
 “Existing Loan and Security Agreement” has the definition set forth in the recitals to this
Agreement. 
 “Facility Documents” means this Agreement, Promissory Note, Pricing Side Letter, Guaranty, Pledge Agreement
and any other security agreements and other instruments entered into or delivered by or on behalf of the Borrowers pursuant to Section 5.01(k) (Further Assurances) to create, perfect or otherwise evidence the Lender’s
security interest in the Collateral. 
 “FATCA” means Sections 1471 through 1474 of the Code, as in effect on the date of
this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the
Code. 
 “FATCA Withholding Tax” means any withholding or deduction required pursuant to FATCA. 

“Final Maturity Date” means the date falling six (6) months after the “Maturity Date” (as defined in the
Senior Loan Agreement); provided that, in no event shall the Final Maturity Date occur on the date that is on or after the fifth (5th) anniversary of the Closing Date. 

“Final Payment Date” means the date on which the aggregate outstanding principal amount of the Advances have been repaid in
full and all interest and fees and all other Obligations (other than contingent indemnification and reimbursement obligations which are unknown, unmatured and/or for which no claim giving rise thereto has been asserted) have been paid in full, and
the Borrowers shall have no further right to request any additional Advances. 
 “Fundamental Amendment” means any
amendment, modification, waiver or supplement of or to this Agreement that would (a) increase or extend the term of the Commitment or the Availability Period or change the Final Maturity Date, (b) extend the date fixed for the payment of
principal of or interest on any Advance or any fee hereunder, (c) reduce the amount of any such payment of principal, (d) reduce the rate at which interest is payable thereon or any fee is payable hereunder, (e) release any material
portion of the Collateral, except in connection with dispositions permitted hereunder, (f) alter the terms of Section 8.01, or (g) modify the definition of the terms “Event of Default” or
“Fundamental Amendment.” 

  
 6 

 “GAAP” means generally accepted accounting principles in effect from time
to time in the United States. 
 “Governmental Authority” means, with respect to any Person, any nation or government, any
state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
government and any court or arbitrator having jurisdiction over such Person. 
 “Governmental Authorizations” means all
franchises, permits, licenses, approvals, consents and other authorizations of all Governmental Authorities. 
 “Governmental
Filings” means all filings, including franchise and similar tax filings, and the payment of all fees, assessments, interests and penalties associated with such filings with all Governmental Authorities. 

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

“Guarantor” means Parent, in its capacity as guarantor under the Guaranty. 

“Guaranty” means that certain Amended and Restated Limited Guaranty and Recourse Indemnity Agreement, dated as of the
Amendment and Restatement Effective Date, made by the Guarantor for the benefit of the Lender, as may be amended, restated, supplemented or otherwise modified from time to time. 

“Indebtedness” means, for any Person: (a) obligations created, issued or incurred by such Person for borrowed money
(whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such Property from such Person); (b) obligations of such Person to
pay the deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business so long as such trade accounts
payable are payable within ninety (90) days of the date 

  
 7 

 
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 the
account of such Person; (e) Capital Lease Obligations of such Person; (f) obligations of such Person under repurchase agreements or like arrangements; (g) indebtedness of others Guaranteed by such Person; (h) all obligations of
such Person incurred in connection with the acquisition or carrying of fixed assets by such Person; (i) indebtedness of general partnerships of which such Person is a general partner; and (j) any other indebtedness of such Person by a
note, bond, debenture or similar instrument. 
 “Indemnified Party” has the meaning assigned to such term in
Section 8.04(b). 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed
on or with respect to any payment made by or on account of any obligation of the Borrowers under any Facility Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Independent Director” or “Independent Manager” means, with respect to any Offerpad Entity, an individual
who has prior experience as an independent director, independent manager or independent member with at least three (3) years of employment experience and who is provided by Amacar Group, CT Corporation, Corporation Service Company, Global
Securitization Services, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation or, if none of those companies is then providing professional Independent Directors/Independent Managers,
another nationally recognized company approved by the Lender in the exercise of its reasonable discretion, in each case that is not an Affiliate of any Offerpad Entity and that provides professional Independent Director/Independent Manager and other
corporate services in the ordinary course of its business, and which individual is duly appointed as a member of the board of directors or board of managers of such corporation or limited liability company and is not, has never been, and will not
while serving as Independent Director or Independent Manager be: (a) a member, partner, equity holder, manager, director, officer or employee of any Offerpad Entity, any of their respective equity holders or Affiliates (other than as an
Independent Director or Independent Manager of any Offerpad Entity or Affiliate thereof or any of their respective single-purpose entity equity holders (provided that such Independent Director or Independent Manager is employed by a company that
routinely provides professional Independent Directors or Independent Managers)); (b) a creditor, supplier or service provider (including provider of professional services) to any Offerpad Entity, any single-purpose entity equity holder, or any of
their respective equity holders or Affiliates (other than a nationally-recognized company that routinely provides professional Independent Directors or Independent Managers and other corporate services to any Offerpad Entity, any single-purpose
entity equity holder, or any of their respective equity holders or Affiliates in the ordinary course of business); (c) a family member of any such member, partner, equity holder, manager, director, officer, employee, creditor, supplier or service
provider; or (d) a Person that controls (whether directly, indirectly or otherwise) any of the individuals described in the preceding clauses (a), (b) or (c). An individual who otherwise satisfies the preceding definition other than clause
(a) by reason of being the Independent Director or Independent Manager of a “special purpose entity” affiliated with any Offerpad Entity shall not be disqualified from serving as an Independent Director or Independent Manager of a
Borrower or the Parent if the fees that such individual earns from serving in such role in any given year constitute in the aggregate less than 5% of such individual’s annual income for that year. 

  
 8 

 “Independent Director Event” shall mean with respect to the Independent
Director or Independent Manager (as applicable) for any Borrower or Pledgor, (i) any act or omission by such Independent Director that constitutes willful disregard of its duties under the applicable Governing Documents, (ii) such
Independent Director engaging in or being charged with, or being convicted of, fraud or other acts constituting a crime under any law applicable to such Independent Director, or (iii) such Independent Director no longer meeting the definition
of Independent Director. 
 “Insolvency Action” means “Insolvency Action” (as defined in the Senior Loan
Agreement). 
 “Insolvency Event” means, with respect to a specified Person, (a) the filing of a decree or order for
relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under the Bankruptcy Code or any other applicable Insolvency Law now or hereafter in effect, or appointing
a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding up or liquidation of such Person’s affairs, and such decree or order
shall remain unstayed and in effect for a period of sixty (60) days; or (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, or the consent by such Person to the
entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such
Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by
such Person in furtherance of any of the foregoing. 
 “Insolvency Laws” means the Bankruptcy Code and all other applicable
liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 

“Insolvency Proceeding” means any case, action or proceeding before any court or Governmental Authority relating to an
Insolvency Event. 
 “Interest Rate” has the meaning ascribed to such term in the Pricing Side Letter. 

“Intercreditor Agreement” means that certain Intercreditor and Standstill Agreement dated the date hereof between the Senior
Lender, as senior creditor, and the Lender, as junior creditor, as such may be amended, restated, modified and/or supplemented from time to time. 

  
 9 

 “Investment Company Act” means the Investment Company Act of 1940, as
amended, and the rules and regulations promulgated thereunder. 
 “Knowledge” means (a) as to any natural Person, the
actual awareness of the fact, event or circumstance at issue or receipt of notification by proper delivery of such fact, event or circumstance, after due inquiry, and (b) as to any Person that is not a natural Person, the actual awareness of
the fact, event or circumstance at issue by a Responsible Officer of such Person or receipt, by a Responsible Officer of such Person, of notification by proper delivery of such fact, event or circumstance, after due inquiry. 

“Law” means any action, code, consent decree, constitution, decree, directive, enactment, finding, guideline, law,
injunction, interpretation, judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, treaty, rule of public policy, settlement agreement, statute, or writ, of any Governmental Authority,
or any particular section, part or provision thereof. 
 “Lender” has the meaning assigned to such term in the introduction
to this Agreement. 
 “Liabilities” means all liabilities, obligations, losses, claims, damages, penalties, actions,
judgments, suits, costs, expenses (including reasonable and documented out of pocket attorneys’ fees and expenses) and disbursements of any kind or nature whatsoever. 

“Lien” means any deed of trust, mortgage, lien, pledge, charge, security interest or encumbrance of any kind (including any
agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing;
provided that the leasehold interests of tenants in respect of rental properties and possessory interests of occupants pursuant to an extended stay program shall not constitute Liens for purposes of this Agreement. 

“Liquidity” means, with respect to any Person, the sum of (a) its unrestricted Cash, plus (b) its unrestricted Cash
Equivalents. 
 “Margin Stock” has the meaning assigned to such term in Regulation U. 

“Material Adverse Effect” shall mean a material adverse effect on (a) the property, taken as a whole, business,
operations, financial condition or prospects of any Borrower, (b) the ability of any Borrower to perform its obligations under any of the Loan Documents to which it is a party, (c) the validity or enforceability of any of the Loan
Documents, (d) the rights and remedies of the Lender under any of the Loan Documents, (e) the timely repayment of the principal and interest of all Advances or payment of other amounts payable in connection therewith or (f) the
Collateral. 
 “Minimum Liquidity Amount” has the meaning ascribed to such term in the Pricing Side Letter. 

  
 10 

 “Minimum Tangible Net Worth Amount” has the meaning ascribed to such term
in the Pricing Side Letter. 
 “Multiemployer Plan” means an employee pension benefit plan within the meaning of
Section 4001(a)(3) of ERISA that is sponsored by any Borrower or a member of its ERISA Group or to which any Borrower or a member of its ERISA Group is obligated to make contributions or has any liability. 

“Net Worth” means, with respect to any Person, the excess of total assets of such Person, over total liabilities of such
Person, determined in accordance with GAAP. 
 “Non-U.S. Lender” has the meaning
assigned to such term in Section 8.03(f). 
 “Notice of Borrowing” has the meaning assigned to
such term in Section 2.02. 
 “Notice of Prepayment” has the meaning assigned to such term in
Section 2.05. 
 “Obligations” means all financial indebtedness, whether absolute or fixed, at
any time or from time to time owing by the Borrowers to the Lender under or in connection with this Agreement or any other Facility Document, including all amounts payable by the Borrowers in respect of the Advances, with interest thereon, and all
other amounts payable hereunder or thereunder by the Borrower. 
 “OFAC” means the U.S. Office of Foreign Assets Control.

 “Offerpad Entities” means the Parent and each Borrower. 

“Other Connection Taxes” means, in the case of the Lender, any Taxes imposed as a result of a present or former connection
between the Lender and the jurisdiction imposing such Tax (other than a connection arising from the Lender having executed, delivered, become a party to, performed obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced this Agreement or any other Facility Document). 
 “Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the
receipt or perfection of a security interest under, or otherwise with respect to any Facility Document, except any such Taxes that are imposed with respect to an assignment (other than an assignment made pursuant to
Section 8.03(g)). 
 “Parent” means Offerpad, Inc., a Delaware corporation. 

“Parent Borrower” has the meaning assigned to such term in the introduction to this Agreement. 

“Participant” means any bank or other Person to whom participation is sold as permitted by
Section 8.06(c). 

  
 11 

 “Participant Register” has the meaning assigned to such term in
Section 8.06(c)(ii). “PATRIOT Act” has the meaning assigned to such term in Section 8.14. 

“Payment Date” means the twentieth Business Day of each calendar month (or, if such day is not a Business Day, then the
following Business Day), commencing March 20, 2020. 
 “PBGC” means the Pension Benefit Guaranty Corporation, or any
successor agency or entity performing substantially the same functions. 
 “Permitted Assignee” means any financial or
other institution (other than the Borrowers or any Affiliate thereof) which has been approved in writing by the Senior Lender at all times prior to the Senior Facility Release Date. 

“Permitted Liens” means (a) Liens created in favor of the Lender hereunder or under the other Facility Documents,
(b) Liens created in favor of the Senior Lender under the Senior Facility Documents, (c) Liens imposed by homeowners associations, (d) Liens imposed by any Governmental Authority, operation of law or any homeowners association for
taxes, assessments or charges not yet delinquent or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of any Borrower in accordance with, and to the extent
required by, GAAP, (e) applicable zoning, building and land use laws, ordinances, rules and regulations, (f) materialmen’s, mechanic’s, carriers’, workmen’s, repairmen’s and similar Liens, in each case, arising in
the ordinary course of business securing obligations that are not yet delinquent, (g) all non-monetary liens, encumbrances, easements and other matters of record, (h) any matters set forth in any of
the owner’s title insurance policy for the applicable Property, (i) rights of tenants under an extended stay arrangement, (j) Liens arising under any solar leases or power purchase agreements with respect to solar panels secured
solely by such solar panels or equipment, and (k) easements, restrictive covenants and other encumbrances which do not in any case materially detract from the value of the Property subject thereto or interfere in any material respect with the
business conducted on such Property. 
 “Person” means an individual or a corporation (including a business trust),
partnership, trust, incorporated or unincorporated association, joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any kind. 

“Plan” means an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or
subject to the minimum funding standards under Section 412 of the Code that is sponsored by any Borrower or a member of its ERISA Group or to which any Borrower or a member of its ERISA Group is obligated to make contributions or has any
liability. 
 “Pledge Agreement” means, collectively, that certain Pledge and Security Agreement, dated as of the Closing
Date, made by Pledgor for the benefit of the Lender and that certain Pledge and Security Agreement, dated as of the Closing Date, made by Parent Borrower, as each may be amended, restated, supplemented or otherwise modified from time to time. 

  
 12 

 “Pledged Interest Control Date” has the meaning assigned to such term in
Section 4.01(m)(iv). 
 “Pledged Membership Interests” means the “Pledged Equity”
(as defined in the Senior Loan Agreement). 
 “Pledgor” means OP SPE Holdco, LLC. 

“Post-Default Rate” has the meaning ascribed to such term in the Pricing Side Letter. 

“Pricing Side Letter” means that certain Amended and Restated Pricing Side Letter, dated as of the Amendment and Restatement
Effective Date, by and among the Borrowers and the Lender, as may be amended, restated, supplemented or otherwise modified from time to time. 

“Private Authorizations” means all approvals, consents and other authorizations of all Persons (other than Governmental
Authorities). 
 “Proceeds” has, with reference to any asset or property, the meaning assigned to it under Section 9
102(a)(64) of the UCC and, in any event, shall include any and all amounts from time to time paid or payable under or in connection with such asset or property. 

“Prohibited Transaction” means a transaction described in Section 406(a) of ERISA, that is not exempted by a statutory
or administrative or individual exemption pursuant to Section 408 of ERISA. 
 “Promissory Note” means that certain
Note, dated as of the Closing Date, in the principal amount of $65,000,000, made by the Borrowers and in favor of the Lender substantially in the form attached hereto as Exhibit A, as may be amended, restated, supplemented or otherwise
modified from time to time. 
 “Property” means residential real property, together with all buildings, fixtures and
improvements thereon and all other rights, benefits and proceeds arising from and in connection with such property, together with the related records, the related Asset Management Rights, any related takeout commitment, and all instruments, chattel
paper and general intangibles comprising or relating to any or all of the foregoing 
 “QIB” has the meaning assigned to
such term in Section 8.06(e). 
 “Qualified Purchaser” has the meaning assigned to such term in
Section 8.06(e). 
 “Regulation T,” “Regulation U” and “Regulation X”
mean Regulation T, U and X, respectively, of the Board of Governors of the Federal Reserve System, as in effect from time to time. 

“Requested Amount” has the meaning assigned to such term in Section 2.02. 

“Requirement of Law” shall mean as to any Person, the certificate of incorporation and bylaws or other organizational or
governing documents of such Person, all governmental licenses and authorizations and any law, treaty, rule or regulation or interpretation thereof or determination of an arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

  
 13 

 “Responsible Officer” means (a) in the case of a corporation,
partnership or limited liability company (other than the Offerpad Entities) that, pursuant to its Constituent Documents, has officers, any chief executive officer, chief financial officer, chief operating officer, chief administrative officer,
president, senior vice president, vice president, assistant vice president, treasurer, director or manager, and, in any case where two Responsible Officers are acting on behalf of such entity, the second such Responsible Officer may be a secretary
or assistant secretary, (b) in the case of a limited partnership (other than the Offerpad Entities), the Responsible Officer of the general partner, acting on behalf of such general partner in its capacity as general partner, (c) in
the case of a limited liability company (other than the Offerpad Entities), any Responsible Officer of the sole member or managing member, acting on behalf of the sole member or managing member in its capacity as sole member or managing member,
(d) in the case of a trust, the Responsible Officer of the trustee, acting on behalf of such trustee in its capacity as trustee, (e) in the case of the Offerpad Entities, the respective president and/or chief executive officer, chief
financial officer or secretary of the Offerpad Entity and (f) in the case of the Lender, an officer of the Lender responsible for the administration of this Agreement. Each Borrower may designate other and additional Responsible Officers from
time to time by notice to the Lender. 
 “Sanctioned Country” means, at any time, a country or territory that is, or whose
government is, the subject or target of any Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person
listed in any Sanctions related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any Person located, organized or resident in a
Sanctioned Country or (c) any Person controlled by any such Person. 
 “Sanctions” means economic or financial
sanctions or trade embargoes administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her
Majesty’s Treasury of the United Kingdom. 
 “Securities Act” means the Securities Act of 1933 and the rules and
regulations promulgated thereunder, all as from time to time in effect. 
 “Security Entitlement” has the meaning specified
in Section 8 102(a)(17) of the UCC. “Senior Advance” means a borrowing by the Borrowers under the Senior Loan Agreement. 

“Senior Advance Amount” means, with respect to each Senior Advance, the principal amount extended by the Senior Lender
pursuant to such Senior Advance. 
 “Senior Advance Date” means, with respect to each Senior Advance, the “Funding
Date” (as defined in the Senior Loan Agreement) for such Senior Advance. 

  
 14 

 “Senior Facility Documents” means the Senior Loan Agreement, each other
“Loan Document” (as defined in the Senior Loan Agreement) and all other documents, instruments and agreements now or hereafter executed or delivered by or on behalf of the Borrowers or any guarantor in connection with the Senior Loan
Agreement, as any of the same may be modified, amended, restated, replaced, supplemented, extended, split, severed or consolidated from time to time. 

“Senior Facility Funding Request” means, with respect to each Senior Advance, the “Notice of Borrowing and Pledge”
(as defined in the Senior Loan Agreement) delivered by the Borrowers to the Lender and the “Diligence Agent” (as defined in the Senior Loan Agreement) in connection with such Senior Advance pursuant to the Senior Loan Agreement. 

“Senior Facility Release Date” means, with respect to the Collateral, the date on which the Senior Lender has fully and
completely released all of its right, title and interest in, to and under all of the Collateral pursuant to a written security release executed by the Senior Lender. 

“Senior Lenders” has the meaning assigned to such term in the recitals to this Agreement. 

“Senior Loan Agreement” has the meaning assigned to such term in the recitals to this Agreement. 

“Solvent” means, as to any Person at any point in time, having a state of affairs such that all of the following conditions
are met at such time: (a) the fair value of the assets and property of such Person and its consolidated Subsidiaries is greater than the amount of such Person’s and its consolidated Subsidiaries’ liabilities (including disputed,
contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 91(32) of the Bankruptcy Code, (b) the present fair saleable value of the assets and property of such Person and its
consolidated Subsidiaries in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person and its consolidated Subsidiaries on its debts as they become absolute and matured,
(c) such Person and its consolidated Subsidiaries is able to realize upon its assets and property and pay its and their debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal
course of business, (d) such Person and its consolidated Subsidiaries do not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s and its consolidated Subsidiaries’ ability to pay as such debts
and liabilities mature, and (e) such Person and its consolidated Subsidiaries are not engaged in a business or a transaction, and are not about to engage in a business or a transaction, for which such Person’s and its consolidated
Subsidiaries’ assets and property would constitute unreasonably small capital. 
 “SPAC Transaction” means the merger,
acquisition, contribution, equity purchase or similar reorganization transaction or series of transactions, in which (i) a subsidiary of a special purpose acquisition company merges into the Parent, and (ii) the name of the Parent becomes
“Offerpad Holdings LLC”, substantially in accordance with the terms made available and presented to the public on or about the date hereof. 

  
 15 

 “Subsidiaries” means, as to any Person, a corporation, partnership, limited
liability company or other entity of which shares of stock of each class or other interests having ordinary voting power (other than stock or other interests having such power only by reason of the happening of a contingency) to elect a majority of
board of directions or other managers of such entity are at the time owned, or management of which is otherwise controlled: (a) by such Person, (b) by one or more Subsidiaries of such Person, or (c) by such Person and one or more
Subsidiaries of such Person. 
 “Tangible Net Worth” means, with respect to any Person as of any date of determination, the
consolidated Net Worth of such Person and its Subsidiaries, less the consolidated net book value of all assets of such Person and its Subsidiaries (to the extent reflected as an asset in the balance sheet of such Person or any Subsidiary at such
date) which will be treated as intangibles under GAAP, including, without limitation, such items as deferred financing expenses, net leasehold improvements, good will, trademarks, trade names, service marks, copyrights, patents, licenses and
unamortized debt discount and expense; provided, that residual securities issued by such Person or its Subsidiaries shall not be treated as intangibles for purposes of this definition. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“UCC” means the New York Uniform Commercial Code; provided that if, by reason of any mandatory provisions of law, the
perfection, the effect of perfection or non-perfection or priority of the security interests granted to the Lender pursuant to this Agreement are governed by the Uniform Commercial Code as in effect in a
jurisdiction of the United States of America other than the State of New York, then “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of such perfection, effect of perfection or non-perfection or priority. 
 “U.S. Person” means any Person that is a “United
States person” as defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the
meaning assigned to such term in Section 8.03(f)(iii). 
 “Unused Facility Fee” has the meaning
ascribed to such term in the Pricing Side Letter. 
 “Unused Facility Fee Percentage” has the meaning ascribed to such term
in the Pricing Side Letter. 
 “Voluntary Prepayment Amount” has the meaning assigned to such term in
Section 2.13. 
 “Voluntary Prepayment Fee” has the meaning ascribed to such term in the Pricing
Side Letter. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

  
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 Section 1.02 Rules of Construction. Unless otherwise
defined or specified herein, all accounting terms shall be construed herein, all accounting determinations hereunder shall be made, all financial statements required to be delivered hereunder shall be prepared and all financial records shall be
maintained in accordance with GAAP. When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance
with GAAP; (iii) “or” is not exclusive; (iv) “including” means including without limitation; (v) words in the singular include the plural and words in the plural include the singular; (vi) any agreement, instrument or
statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or
instruments) references to all attachments thereto and instruments incorporated therein; (vii) references to a Person are also to its successors and permitted assigns; (viii) the words “hereof’, “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision hereof; (ix) references contained herein to Section, Schedule and Exhibit, as applicable,
are references to Sections, Schedules and Exhibits in this Agreement unless otherwise specified; (x) references to “writing” include printing, typing, lithography, electronic copies of documents, electronic mail and other means of
reproducing words in a visible form; and (xi) the term “proceeds” and each other capitalized term herein utilized in defining the categories of Collateral that is defined in Article 1, 8 or 9 of the applicable UCC shall have the
meaning set forth in such UCC. 
 Section 1.03 Computation of Time Periods. Unless otherwise stated
in the applicable Facility Document, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including”, the word “through” means “to and
including” and the words “to” and “until” both mean “to but excluding.” Periods of days referred to in any Facility Document shall be counted in calendar days unless Business Days are expressly prescribed. Unless
otherwise indicated herein, all references to time of day refer to Eastern standard time or Eastern daylight savings time, as in effect in New York City on such day. 

ARTICLE II 
 ADVANCES

 Section 2.01 Revolving Credit Facility. On the terms and subject to the
conditions hereinafter set forth, including Article III, the Lender agrees to make loans to the Borrowers (each, an “Advance”) from time to time on the same date as any Senior Advance Date, in an aggregate
principal amount at any one time outstanding up to but not exceeding the then-applicable Advance Percentage of the Senior Advance Amount extended on such Senior Advance Date. Each such borrowing of an Advance on any single day is referred to herein
as a “Borrowing.” Within such limits and subject to the other terms and conditions of this Agreement, the Borrowers may borrow (and re borrow) Advances under this Section 2.01 and
prepay Advances under Section 2.05. 

  
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 Section 2.02 Making of Advances. If the Borrowers
desire to make a Borrowing under this Agreement, they shall give the Lender a written notice (each, a “Notice of Borrowing”) for such Borrowing (which notice shall be irrevocable and effective upon receipt) not
later than 2:00 p.m. ET at least two (2) Business Days prior to the day of the requested Borrowing (or such lesser period of time as the Lender may agree). Each Notice of Borrowing shall be substantially in the form of Exhibit B
hereto, dated the date the request for the related Borrowing is being made, shall attach the related Senior Facility Funding Request, and shall otherwise be appropriately completed. The proposed Borrowing Date specified in each Notice of Borrowing
shall be a Business Day falling on or prior to the Commitment Termination Date, and the amount of the Borrowing requested in such Notice of Borrowing (the “Requested Amount”) shall be the then-applicable Advance Percentage of the
related Senior Advance Amount (or, if less, the remaining unfunded Commitment hereunder). The Lender shall, not later than 4:00 p.m. ET on each Borrowing Date in respect of an Advance, make the applicable Requested Amount available to the Borrowers
by disbursing such funds in Dollars to an account designated in writing by the Borrowers in the Notice of Borrowing. 

Section 2.03 Evidence of Indebtedness. The Lender shall maintain in accordance with its usual practice
an account or accounts evidencing the indebtedness of the Borrowers to it and resulting from the Advances made by the Lender to the Borrowers, from time to time, including the amounts of principal and interest thereon and paid to it, from time to
time hereunder; provided that the failure of the Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Advances in accordance with the terms of this Agreement. 

Section 2.04 Payment of Principal and Interest. The Borrowers shall pay principal and interest on the
Advances as follows: 
 (a) 100% of the then outstanding principal amount of each Advance, together with all accrued and unpaid interest
thereon, shall be payable on the Final Maturity Date. 
 (b) Interest shall accrue at a rate equal to the Interest Rate on the unpaid
principal amount of each Advance from the date of such Advance until such principal amount is paid in full. 
 (c) Accrued interest shall be
payable in immediately available funds in arrears on each Payment Date. Accrued interest related to any Advances being prepaid pursuant to Section 2.05 shall also be payable in arrears on each Payment Date in accordance
with the terms of the preceding sentence in connection with any such prepayment; provided that (x) with respect to any prepayment in full of the Advances outstanding, accrued interest on such amount through the date of prepayment may be payable
on such date or as otherwise agreed to between the Lender and the Borrowers and (y) with respect to any partial prepayment of the Advances outstanding, accrued interest on such amount through the date of prepayment shall be payable on the
Payment Date following such prepayment (or on such date of prepayment if requested in writing by the Lender). 
 (d) Subject in all cases to
Section 2.04(f), the obligation of the Borrowers to pay the Obligations, including the obligation of the Borrowers to pay the Lender the outstanding principal amount of the Advances and accrued interest thereon, shall be
absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms hereof (including Section 2.10), under any and all circumstances and irrespective of any setoff, counterclaim or defense to
payment which the Borrowers or any other Person may have or have had against the Lender or any other Person. 

  
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 (e) As a condition to the payment of principal of and interest on any Advance without the
imposition of withholding tax, the Borrowers or the Lender may require certification acceptable to it to enable the Borrowers and the Lender 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 Advance under any present or future law or regulation of the United States and any other applicable jurisdiction, 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. 
 (f)
Notwithstanding any other provision of this Agreement, the obligations of the Borrowers under this Agreement are limited recourse obligations of the Borrowers. No recourse shall be had against any officer, director, employee, shareholder,
beneficiary, Affiliate, member, manager, agent, partner, principal or incorporator of the Borrowers or their respective successors or assigns for any amounts payable under this Agreement. It is understood that the foregoing provisions of this clause
(f) shall not (i) prevent recourse to the Borrowers or 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 this Agreement. It is further understood that the foregoing provisions of this clause (f) shall not limit the right of any Person to name any Borrower as a party defendant in any proceeding or in the
exercise of any other remedy under this 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 such Borrower. 

Section 2.05 Prepayment of Advances. 

(a) Optional Prepayments. Subject to the terms of the Intercreditor Agreement and Section 2.13, the Borrowers
may, from time to time on any Business Day, voluntarily prepay Advances in whole or in part; provided that the Borrowers shall have delivered to the Lender written notice of such prepayment (such notice, a “Notice of Prepayment”)
not later than 2:00 p.m. ET two (2) Business Days prior to the date of such prepayment. Each such Notice of Prepayment shall be irrevocable and effective upon receipt and shall be dated the date such notice is being given, signed by a
Responsible Officer of the Borrowers and otherwise appropriately completed. Each prepayment of any Advance by the Borrowers pursuant to this Section 2.05(a) shall in each case be in a principal amount of at least $250,000
or, if less, the entire outstanding principal amount of the Advances of the Borrowers. If a Notice of Prepayment is given by the Borrowers, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. 
 (b) Mandatory Prepayments. On any date on which the Borrowers are required to make a
prepayment under the Senior Loan Agreement, the Borrowers shall, on the date of such prepayment, make a prepayment of the outstanding Advances in an amount equal to the then-applicable Advance Percentage of the amount prepaid by the Borrowers under
the Senior Loan Agreement. Notwithstanding the preceding sentence to the contrary, a mandatory prepayment pursuant to this Section 2.05(b) shall only be required to the extent there are funds available to the Borrowers and
the application of proceeds toward the prepayment of the Advances hereunder is permitted by the terms of the Intercreditor Agreement. 

  
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 (c) Additional Prepayment Provisions. Each prepayment pursuant to this
Section 2.05 shall be subject to Sections 2.04(c), 2.10 and 2.13. 

Section 2.06 Changes of Commitment. The Commitment shall be automatically reduced to zero at 5:00 p.m.
ET on the Commitment Termination Date. 
 Section 2.07 Maximum Lawful Rate. It is the intention of the
parties hereto that the interest on the Advances shall not exceed the maximum rate permissible under Applicable Law. Accordingly, anything herein to the contrary notwithstanding, in the event any interest is charged to, collected from or received
from or on behalf of the Borrowers by the Lender pursuant hereto or thereto in excess of such maximum lawful rate, then the excess of such payment over that maximum shall be applied first to the payment of amounts then due and owing by the Borrowers
to the Lender under this Agreement (other than in respect of principal of and interest on the Advances) and then to the reduction of the outstanding principal amount of the Advances of the Borrowers. 

Section 2.08 Rescission or Return of Payment. The Borrowers agree that, if at any time (including
after the occurrence of the Final Maturity Date) all or any part of any payment theretofore made by it to the Lender or any designee of the Lender is or must be rescinded or returned for any reason whatsoever (including the insolvency, bankruptcy or
reorganization of the Borrowers or any of their Affiliates), the obligation of the Borrowers to make such payment to the Lender shall, for the purposes of this Agreement, to the extent that such payment is or must be rescinded or returned, be deemed
to have continued in existence and this Agreement and any other applicable Facility Document shall continue to be effective or be reinstated, as the case may be, as to such obligations, all as though such payment had not been made. 

Section 2.09 Post-Default Interest. The Borrowers shall pay interest on all Obligations that are not
paid when due for the period from the due date thereof until the date the same is paid in full at the Post-Default Rate. Interest payable at the Post-Default Rate shall be payable on each Payment Date and shall be paid and discharged in cash. 

Section 2.10 Payments Generally. All amounts owing and payable to the Lender or any Indemnified Party,
in respect of the Advances and other Obligations, including the principal thereof, interest, fees, indemnities, expenses or other amounts payable under this Agreement or any other Facility Document, shall be paid by the Borrowers to the applicable
recipient in Dollars, in immediately available funds. All payments shall be without counterclaim, setoff, deduction, defense, abatement, suspension or deferment. The Lender shall provide wire instructions to the Borrowers in respect of payments in
cash. Payments in cash must be received by the Lender on or prior to 2:00 p.m. on a Business Day, provided that payments in cash received after 2:00 p.m. on a Business Day will be deemed to have been paid on the next following Business Day. Except
as otherwise expressly provided herein, all computations of interest, fees and other Obligations shall be made on the basis of a year of three-hundred sixty (360) days for the actual number of days elapsed in computing interest on any Advance,
the date 

  
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of the making of the Advance shall be included and the date of payment shall be excluded, provided that if an Advance is repaid on the same day on which it is made, one (1) day’s
interest shall be paid on such Advance. All computations made by the Lender under this Agreement or any other Facility Document shall be conclusive, absent manifest error. 

Section 2.11 Commitment Fee. For each calendar quarter during the Availability Period beginning on
January 1, 2022, the Borrowers shall pay to the Lender a non-refundable Commitment Fee. The Commitment Fee shall be calculated as of the beginning of each calendar quarter, and fully earned as of the
beginning of each such calendar quarter, for and with respect to Advances made available hereunder during such calendar quarter. Each fully earned Commitment Fee shall be due and payable on a quarterly basis on the first (1st) Business Day of each calendar quarter, and any unpaid portion thereof shall be immediately due and payable upon any acceleration of the Obligations hereunder or upon the Final Maturity Date. 

Section 2.12 Unused Facility Fee. For each calendar quarter during the Availability Period beginning on
January 1, 2022, the Borrowers shall pay to the Lender an Unused Facility Fee. Each Unused Facility Fee shall be payable in arrears within fifteen (15) Business Days following the end of the applicable calendar quarter, and any unpaid
portion thereof shall be immediately due and payable upon any acceleration of the Obligations hereunder or upon the Final Maturity Date. 

Section 2.13 Voluntary Prepayment Fee. If, at any time after January 1, 2022 and
prior to the Final Maturity Date, the Borrowers make a voluntary prepayment on any Advance pursuant to Section 2.05(a) (the amount of any such prepayment(s), the “Voluntary Prepayment Amount”), the
Borrowers shall pay to the Lender a Voluntary Prepayment Fee with respect to such Voluntary Prepayment Amount. Each Voluntary Prepayment Fee shall be payable within fifteen (15) Business Days following the applicable prepayment(s), and any
unpaid portion thereof shall be immediately due and payable upon any acceleration of the Obligations hereunder or upon the Final Maturity Date. 

Section 2.14 Extension of the Availability Period. The Lender and the Borrowers may agree to extend
the Availability Period at any time in their respective sole discretion. As part of any extension of the Availability Period the Final Maturity Date shall also be extended by an equal period of time unless otherwise mutually agreed to by the Lender
and the Borrowers. 
 ARTICLE III 

CONDITIONS PRECEDENT 

Section 3.01 Conditions Precedent to Effectiveness. The effectiveness of this Agreement shall be
subject to the conditions precedent that the Lender shall have received, reviewed and approved on or before the Closing Date the following, each in form and substance reasonably satisfactory to the Lender: 

(a) each of the Facility Documents required to be delivered on the Closing Date and the Intercreditor Agreement duly executed and delivered by
the parties thereto, which shall each be in full force and effect; 

  
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 (b) true and complete copies of the Senior Facility Documents, as in effect on the Closing
Date; 
 (c) true and complete copies of the Constituent Documents of each Borrower, Guarantor and Pledgor as in effect on the Closing Date;

 (d) a certificate of a Responsible Officer of each Borrower, Guarantor and Pledgor certifying (i) as to such entity’s
Constituent Documents, (ii) as to such entity’s resolutions or other action of such entity’s board of directors or members approving this Agreement and the other Facility Documents to which such entity is a party and the transactions
contemplated hereby and thereby, (iii) a good standing certificate issued by the secretary of state of such entity’s state of formation, and (iv) as to the incumbency and specimen signature of each of such entity’s Responsible
Officers authorized to execute the Facility Documents to which such entity is a party; 
 (e) a certificate of a Responsible Officer of such
Borrower certifying (i) that such Borrower’s representations and warranties set forth in the Facility Documents to which such Borrower is a party are true and correct in all material respects as of the Closing Date (except to the extent
such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), and (ii) that no Default or Event of
Default has occurred and is continuing hereunder and no “Default” or “Event of Default” under the Senior Loan Agreement has occurred and is continuing thereunder; 

(f) (i) proper financing statements (or the equivalent thereof in any applicable foreign jurisdiction, as applicable), to be duly filed
substantially concurrently with the Closing Date, under the UCC with the Delaware Secretary of State and any other applicable filing office in any applicable jurisdiction that the Lender deems necessary or desirable in order to perfect the
Lender’s interests in the Collateral contemplated by this Agreement and (ii) all other actions as the Lender shall have requested to perfect the security interests created hereunder shall have been taken; 

(g) the “Termination Date” under the Senior Loan Agreement shall not have occurred, and the Senior Loan Agreement shall be in
full force and effect; 
 (h) a favorable written opinion of DLA Piper LLP (US), special counsel for the Borrowers, (A) dated the
Closing Date, (B) addressed to the Lender and (C) covering such matters relating to the Facility Documents as the Lender shall reasonably request; and 

(i) completion of such know your customer, background and other checks on the Borrowers as the Lender shall have reasonably requested. 

  
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 Section 3.02 Conditions Precedent to Each Borrowing. The
obligation of the Lender to make each Advance to be made by it (including the initial Advance) on each Borrowing Date shall be subject to the fulfillment of the following conditions: 

(a) the Lender shall have received a Notice of Borrowing with respect to such Advance (including the related Senior Facility Funding Request,
all duly completed) delivered in accordance with Section 2.02; 
 (b) each of the representations and warranties
of the Borrowers contained in the Facility Documents shall be true and correct in all material respects as of such Borrowing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such
representations and warranties shall be true and correct in all material respects as of such earlier date as if made on such date); 
 (c)
no Default or Event of Default shall have occurred and be continuing at the time of the making of such Advance or shall result upon the making of such Advance; 

(d) the Availability Period shall not have terminated; 

(e) the Borrowers shall have paid all of the Lender’s reasonable and documented out-of-pocket fees, costs and expenses, including reasonable and documented out-of-pocket attorneys’ fees, costs and
expenses of counsel (including, without limitation, those of Cogent Legal Services LLC), if any, incurred in connection with such Borrowing; and 

(f) the related Senior Advance Amount shall have been funded by the Senior Lender. 

Section 3.03 Conditions Precedent to Each Borrowing on and after the Amendment and Restatement Effective Date.
The obligation of the Lender to make each Advance to be made by it on each Borrowing Date on and after the Amendment and Restatement Effective Date shall be subject to the fulfillment of the following conditions: 

(a) receipt by the Lender of duly executed copy or facsimile, whether in portable document format (pdf) or otherwise, of signatures to each of
the Facility Documents dated as of the Amendment and Restatement Effective Date; provided, however, that original signatures to such Facility Documents shall be delivered to the Lender as soon as reasonably practicable; and 

(b) duly executed copy or facsimile, whether in portable document format (pdf) or otherwise, of a certificate with respect to each Borrower
and each Guarantor evidencing that the execution and delivery of the Facility Documents dated as of the Amendment and Restatement Effective Date to which it is a party, and all transactions related thereto have been duly authorized. 

  
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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.01 Representations and Warranties of the Borrowers. Each Borrower represents and warrants to
the Lender on and as of the Closing Date, the Amendment and Restatement Effective Date and each Borrowing Date, as follows: 
 (a)
Organization and Good Standing. Such Borrower is a Delaware limited liability company, duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation, and has full power, authority and legal right
to own or lease its properties and conduct its business as such business is presently conducted and had at all relevant times on and after the Closing Date, and now has, all necessary power, authority and legal right to acquire, own and pledge the
Collateral. 
 (b) Due Qualification and Good Standing. Such Borrower is qualified to do business as a Delaware limited liability
company, is in good standing, and has obtained all licenses and approvals as required under the laws of all jurisdictions in which the ownership or lease of its property and or the conduct of its business (including the performance of its
obligations under this Agreement, the other Facility Documents to which it is a party and its Constituent Documents) requires such qualification. standing, license or approval, except to the extent that the failure to so qualify, maintain such
standing or be so licensed or approved would not have a Material Adverse Effect. 
 (c) Power and Authority; Due Authorization. Such
Borrower (i) has all necessary power and authority and legal right to (A) execute and deliver this Agreement and the other Facility Documents to which it is a party, (B) carry out the terms of the Facility Documents to which it is a
party, (C) grant Liens on the Collateral, and (D) receive Advances on the terms and conditions provided herein, and (ii) has duly authorized by all necessary limited liability company action the execution, delivery and performance of
this Agreement and the other Facility Documents to which it is a party and the Lien on the Collateral on the terms and conditions herein provided. This Agreement and each other Facility Document to which such Borrower is a party have been duly
executed and delivered by such Borrower. 
 (d) No Violation. The execution and delivery of this Agreement and each Facility Document
to which such Borrower is a party, the Borrowings, the pledge of the Collateral hereunder, the performance by such Borrower of the transactions contemplated hereby and thereby and the fulfillment of the terms hereof and thereof will not conflict
with or result in any breach of any of the terms and provisions of, and will not constitute (with or without notice or lapse of time or both) a default under, such Borrower’s Constituent Documents or any material Contractual Obligation of such
Borrower and will not conflict with or violate, in any material respect, any Applicable Law. Such Borrower is not party to any agreement or instrument or subject to any corporate restriction that has resulted or could reasonably be expected to
result in a Material Adverse Effect. 
 (e) No Proceedings. There are no proceedings against such Borrower or, to the knowledge of
such Borrower, against the Parent or any of its Subsidiaries, before any Governmental Authority (i) asserting the invalidity of this Agreement or any Facility Document to which such Borrower is a party, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement or any Facility Document to which such Borrower is a party or (iii) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect.

  
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 (f) All Consents Required. All Governmental Authorizations and Private Authorizations
required in connection with the due execution, delivery and performance by such Borrower of this Agreement and any Facility Document to which such Borrower is a party, have been obtained. 

(g) Agreements Enforceable. This Agreement and each Facility Document to which such Borrower is a party constitute the legal, valid and
binding obligation of such Borrower, enforceable against such Borrower in accordance with their respective terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles
of equity (whether considered in a suit at law or in equity). 
 (h) Solvency. Such Borrower is not the subject of any Insolvency
Proceeding or Insolvency Event. After giving effect to the transactions contemplated under this Agreement and each Facility Document to which such Borrower is a party, such Borrower will be Solvent. 

(i) Senior Facility Documents. True, correct and complete copies of the material Senior Facility Documents in effect as of the date
hereof have been delivered to the Lender. 
 (j) Taxes. Such Borrower has timely filed or caused to be timely filed all federal
income tax returns and all other material Tax returns required to be filed by it. Such Borrower has paid all federal and state Taxes and all assessments made against it or any of its property (other than any amount of Tax the validity of which is
being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Borrower). 

(k) Government Regulations. Such Borrower is not engaged in the business of extending credit for the purpose of “purchasing”
or “carrying” any Margin Stock. Such Borrower owns no Margin Stock, and no portion of the proceeds of any Advance hereunder will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock, for the purpose
of reducing or retiring any Indebtedness that was originally incurred to purchase or carry any Margin Stock or for any other purpose that might cause any portion of such proceeds to be considered a “purpose credit” within the meaning of
Regulation T, U or X of the Federal Reserve Board. Such Borrower will not take or permit to be taken any action that might cause any Facility Document to violate any regulation of the Federal Reserve Board. 

(l) No Liens. The Collateral is owned by the applicable Borrower free and clear of any Lien (except for Permitted Liens as
provided herein), claim or encumbrance of any Person, and the Lender, has a valid and, upon the taking of all of the actions required hereunder for perfection, including but not limited to the requirements under
Section 4.01(m) hereof, second priority security interest at all times prior to the Senior Facility Release Date, and first priority security interest following the Senior Facility Release Date, in each case in the
Collateral then existing or thereafter arising, free and clear of any Liens, except for Permitted Liens; provided, however, that such security interest shall be a first priority security interest at all times on and after the Senior Facility Release
Date. No effective financing statement or other instrument similar in effect covering any Collateral is on file in any recording office except such as may be filed in favor of the Lender relating to this Agreement or the Senior Lender. Such Borrower
is not aware of the filing of any judgment, ERISA or material tax lien filings against such Borrower, except for Permitted Liens. 

  
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 (m) Security Interest. This Agreement creates a valid and continuing security
interest (as defined in the applicable UCC) in favor of the Lender in the Collateral, which is enforceable in accordance with Applicable Law, and upon the taking of all actions required hereunder for perfection, including but not limited to the
requirements under this Section 4.01(m), will be prior to all other Liens except Permitted Liens and will be enforceable as such against creditors of and purchasers from such Borrower. Substantially concurrently with the
Closing Date, all filings (including, without limitation, such UCC filings) as are necessary in any jurisdiction to perfect the interest of the Lender in the Collateral have been or will be made and are or will be effective. 

(i) This Agreement constitutes a “security agreement” within the meaning of Section 9 102(a)(73) of the UCC as in effect from
time to time in the State of New York. 
 (ii) The Collateral is comprised of “general intangibles,” “deposit
accounts,” “investment property” and “proceeds” (each as defined in the applicable UCC) and such other categories of collateral under the applicable UCC as to which such Borrower has complied with its obligations under this
Section 4.01(m) (Security Interest). 
 (iii) All Collateral is owned by such Borrower, free and clear of any
adverse claim, judgment or Lien other than Permitted Liens. 
 (iv) At such time following the Senior Facility Release Date that any
Pledged Membership Interests are no longer held by the Senior Lender (the “Pledged Interest Control Date”), such Borrower has taken all action required on its part for control (as defined in
Section 8-106 of the UCC) to have been obtained by the Lender over the Pledged Membership Interests. As of and after the Pledged Interest Control Date, no person other than the Lender will have control or
possession of all or any part of the Pledged Membership Interests. Without limiting the foregoing, all certificates, agreements or instruments representing or evidencing the Pledged Membership Interests in existence on the date hereof have been
delivered to the Lender on the Pledged Interest Control Date in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank. As of and after the Pledged Interest Control Date, no financing
statement or other similar instrument in effect covering any of the Collateral or any interest therein is on file in any recording office except such as may be filed in connection with any Lien arising solely as the result of any action taken by the
Lender (or any assignee thereof). No consent of any other Person and no authorization, approval, or other action by, and no notice to or filing with, any Governmental Authority is required (x) for the pledge by such Borrower of the Collateral
pursuant to this Agreement, (y) for the perfection or maintenance of the security interest created hereby (including the second priority nature of such security interest prior to the Senior Facility Release Date and first priority security
nature thereafter subject to Permitted Liens) or (z) for the exercise by the Lender of the rights provided for in this Agreement or the remedies in respect of the Collateral pursuant to this Agreement. 

(n) Reports Accurate. All information, documents, books, records or reports furnished or to be furnished by or on behalf of such
Borrower to the Lender in connection with this Agreement or any other Facility Document are true, complete and accurate in all material respects to the best knowledge of the Person at the time of delivery thereof 

  
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 (o) Location of Offices. Such Borrower’s location (within the meaning of Article
9 of the UCC) is Delaware. Such Borrower’s principal place of business and chief executive office and the office where such Borrower keeps all its records is located at the address of such Borrower referred to in Schedule 1 hereof (or at such
other locations as to which the notice and other requirements specified in Section 5.02(g) (Change of Name or Jurisdiction of Borrower; Records) shall have been satisfied). Such Borrower has not changed its name, whether by
amendment of its certificate of formation, by reorganization or otherwise, or its jurisdiction of organization within the period commencing on the date of formation of such Borrower and ending on the Closing Date. 

(p) Tradenames. Such Borrower has no trade names, fictitious names, assumed names or “doing business as” names or other names
under which it has done or is doing business. 
 (q) Separate Entity. Such Borrower is operated as an entity with assets and
liabilities distinct from those of each Offerpad Entity and any Affiliates thereof (other than such Borrower), and such Borrower hereby acknowledges that the Lender is entering into the transactions contemplated by this Agreement in reliance upon
such Borrower’s identity as a separate legal entity from the other Offerpad Entities and from each such other Affiliate of the other Offerpad Entities, other than for tax purposes. Such Borrower is and since the date of its formation has at all
times been in compliance with Section 5.01(g) (Separate Existence). 
 (r) Investment Company Act. Such
Borrower is not, and after giving effect to the transactions contemplated hereby, will not be, required to register as, an “investment company” within the meaning of the Investment Company Act. 

(s) ERISA. Such Borrower is in material compliance with ERISA with respect to its Plans and has not incurred and does not expect to
incur any liabilities (except for premium payments arising in the ordinary course of business) payable to the PBGC under ERISA with respect to its Plans. 

(t) Plan Assets. The assets of such Borrower are not treated as “plan assets” for purposes of Section 3(42) of ERISA,
and the Collateral is not deemed to be “plan assets” for purposes of Section 3(42) of ERISA. Such Borrower has not taken, or omitted to take, any action which would result in any of the Collateral being treated as “plan
assets” for purposes of Section 3(42) of ERISA or the occurrence of any Prohibited Transaction in connection with the transactions contemplated hereunder. 

(u) Accuracy of Representations and Warranties. Each representation or warranty by such Borrower contained herein or in any report,
financial statement, exhibit, schedule, certificate or other document furnished by such Borrower pursuant hereto, in connection herewith or in connection with the negotiation hereof is true and correct in all material respects (except for such
representations and warranties as are qualified by materiality, a Material Adverse Effect, knowledge or any similar qualifier, which representations shall be true and correct in all respects). 

  
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 (v) USA Patriot Act. Neither such Borrower nor any of such Borrower’s Affiliates
is (w) a Sanctioned Person, (x) a Person that resides or has a place of business in a country or territory named on such lists or which is designated as a “Non-Cooperative Jurisdiction” by
the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction, (y) a “Foreign Shell Bank” within the meaning of the Patriot Act, i.e., a foreign bank
that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision, or (z) a person or entity that resides in or is organized under the
laws of a jurisdiction designated by the United States Secretary of the Treasury under Section 311 or 312 of the Patriot Act as warranting special measures due to money laundering concerns. 

(w) No Material Adverse Effect. No event, development or circumstance that has had or would reasonably be expected to have a Material
Adverse Effect has occurred since October 26, 2016. 
 (x) Compliance with Law. Such Borrower has complied in all material
respects with all Applicable Laws to which it may be subject, and no item of Collateral contravenes any Applicable Law in any material respect. 

(y) Tax Status. For U.S. federal income tax purposes, such Borrower is (i) disregarded as an entity separate from its owner and
(ii) has not made an election under U.S. Treasury Regulation Section 301.7701 3 and is not otherwise treated as an association taxable as a corporation. 

(z) Investments. Such Borrower does not own or hold, directly or indirectly, any capital stock or equity security of, or any equity
interest in, any Person (other than, in the case of the Parent Borrower, the other Borrowers). 
 (aa) Business. Since its formation,
such Borrower has conducted no business other than holding equity interests in the other Borrowers (only in the case of the Parent Borrower), the borrowing of funds under this Agreement and the Senior Loan Agreement, entering into the Facility
Documents and the Senior Loan Documents to which it is a party, performing its duties and obligations and exercising its rights and privileges thereunder, granting Liens on Collateral under the Facility Documents and the Senior Loan Documents, and
such other activities as are incidental to the foregoing. 
 ARTICLE V 

COVENANTS 

Section 5.01 Affirmative Covenants of Each Borrower. Each Borrower hereby covenants and agrees that,
until the Final Payment Date: 
 (a) Compliance with Laws; Authorizations. Such Borrower shall (i) comply in all material
respects with all Applicable Laws and all Contractual Obligations and (ii) obtain, maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary to properly carry
out its business and the transactions contemplated to be performed by it under the Facility Documents to which it is a party and its Constituent Documents. 

  
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 (b) Preservation of Existence. Such Borrower shall preserve and maintain its
existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing in each jurisdiction where the failure to maintain such existence, rights, franchises, privileges and qualification
has had, or would reasonably be expected to have, a Material Adverse Effect. 
 (c) Performance and Compliance with Collateral. Such
Borrower shall, at its expense, timely and fully perform and comply with all provisions, covenants and other promises (if any) required to be observed by it under agreements related to the Collateral. 

(d) Keeping of Records and Books of Account. Such Borrower shall keep proper books of record and account in which full, true and
correct entries in conformity with GAAP as consistently applied and all requirements of law are made of all dealings and transactions in relation to its business and activities. Such Borrower shall permit any representatives designated by the Lender
to visit, on any Business Day during normal business hours, and inspect the financial records and the properties of such Borrower upon reasonable prior notice. 

(e) Collateral. With respect to each item of Collateral acquired by such Borrower, such Borrower shall (i) take all actions
necessary to perfect, protect and more fully evidence such Borrower’s ownership of or security interest in such Collateral, including, without limitation, (A) filing and maintaining, effective financing statements (Form UCC 1) naming such
Borrower as debtor and the Lender as secured party in all necessary or appropriate filing offices, and filing continuation statements, amendments or assignments with respect thereto in such filing offices, and (B) executing or causing to be
executed such other instruments or notices as may be necessary or appropriate, and (ii) take all additional action that the Lender may reasonably request to perfect, protect and more fully evidence the respective interests of the parties to
this Agreement in the Collateral. 
 (f) Separate Existence. Such Borrower shall be in compliance with the special purpose entity
requirements set forth in Section 5.02(1) (Special Purpose Entity). 
 (g) Taxes. Such Borrower shall
(i) timely file or cause to be timely filed all federal and material state tax returns required to be filed by it, (ii) timely pay all federal and material state taxes that become due and payable and all assessments made against it or any
of its property (other than any amount of tax or assessment the validity of which is being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such
Borrower) and (iii) satisfy or contest any tax lien that is filed or any claim asserted against its property due to any tax, except where the failure to do so would not, individually or in the aggregate, have a Material Adverse Effect. 

  
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 (h) Use of Proceeds. Such Borrower will use the proceeds of each Advance made
hereunder, together with the proceeds received by such Borrower from borrowings from the Senior Lender under the Senior Loan Agreement, for the purpose of financing the acquisition of, holding, renovating and maintaining the Eligible Properties
identified to the Lender in writing on each “Property Schedule” delivered pursuant to the Senior Loan Agreement, as such Property Schedule may be amended from time to time, and for other general corporate purposes not inconsistent with the
terms of this Agreement. 
 (i) Reporting. Such Borrower will furnish to the Lender: 

(i) As soon as available, but in any event no later than one hundred twenty (120) days after the end of each fiscal year, consolidated
financial statements of the Parent as of the end of such fiscal year, audited by an independent certified public accountants reasonably acceptable to the Lender and certified, without any qualifications (including any (x) “going concern”
or like qualification or exception, (y) qualification or exception as to the scope of such audit or (z) qualification which relates to the treatment or classification of any item and which, as a condition to the removal of such
qualification, would require an adjustment to such item) (other than, with respect to any report delivered within one year prior to the Final Maturity Date, any explanatory paragraph or note made due to such Final Maturity Date occurring within one
year after such report and other than, with respect to any report delivered within one year prior to the Maturity Date (as defined in the Senior Loan Agreement), any explanatory paragraph or note made due to such Maturity Date (as defined in the
Senior Loan Agreement) occurring within one year after such report), by such accountants to have been prepared in accordance with GAAP (such audited financial statements to include a balance sheet, income statement, and statement of cash flow and,
if prepared, such accountants’ letter to management, in each case, as at the end of such year and the related statements of income and retained earnings for such year, setting forth in each case in comparative form the figures for the previous
year or predecessor period, as applicable); 
 (ii) As soon as available, but in any event not later than sixty (60) days after the
end of each fiscal quarter of each fiscal year of the Parent, the unaudited balance sheets of the Parent as at the end of such quarter and the related unaudited statements of income and retained earnings of the Parent for such quarter and the
portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year (or predecessor period, as applicable), certified by a Responsible Officer as being fairly stated in all
material respects (subject to normal year-end audit adjustments); 
 (iii) All such financial
statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such
accountants or officer, as the case may be, and disclosed therein); 
 (iv) Borrowing Base Certificate. Such Borrower shall deliver
to the Lender a copy of each Final Report (as defined under the Senior Loan Agreement) at the same time such Final Report is delivered to the Senior Lender; 

(v) Significant Events. As soon as possible and in any event within three (3) Business Days after a Responsible Officer obtains
Knowledge of the occurrence of a Default or Event of Default, a written statement, signed by a Responsible Officer, setting forth the details of such event and the action that such Borrower proposes to take with respect thereto; 

  
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 (vi) Breaches of Representations and Warranties. Promptly upon such Borrower
obtaining Knowledge that any representation or warranty set forth in Section 4.01 was incorrect in any material respect at the time it was given or deemed to have been given and at the same time deliver to the Lender a
written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, such Borrower shall notify the Lender in the manner set forth in the preceding sentence before any
Borrowing Date of any facts or circumstances within the Knowledge of such Borrower which would render any of the said representations and warranties untrue in any material respect at the date when such representations and warranties were made or
deemed to have been made; 
 (vii) Other Information. Promptly upon request, such other information, documents, records or reports
or the condition or operations, financial or otherwise, of such Borrower as the Lender may from time to time reasonably request in order to protect the interests of the Lender under or as contemplated by this Agreement. Without duplication of
anything provided to the Lender hereunder, such Borrower shall provide to the Lender any information, documents, records or reports or the condition or operations, financial or otherwise that is provided to the Senior Lender substantially
contemporaneously when such is provided to the Senior Lender; 
 (viii) Material Adverse Effect. Promptly upon such Borrower
obtaining Knowledge of a Material Adverse Effect, including, without limitation, the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting such Borrower or any portion of
the Collateral that, if adversely determined, would reasonably be expected to result in a Material Adverse Effect; 
 (ix) Facility
Document Reporting. Promptly, but in no event later than three (3) Business Days after its receipt thereof, copies of any and all default notices or reports delivered under any Facility Document; 

(x) [Reserved]; 
 (xi)
ERISA. Promptly after receiving notice of any ERISA Event, a copy of such notice and copies of any communications with all Governmental Authorities or any Multiemployer Plan with respect to such ERISA Event; 

  
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 (xii) Corporate Changes. At least thirty (30) days prior written notice of any
change in the name, jurisdiction of organization, corporate structure, tax characterization or location of records of such Borrower, provided that such Borrower agrees not to effect or permit any such change referred unless it has delivered to the
Lender all Uniform Commercial Code financing statements and amendments thereto as the Lender shall request and has taken all other actions deemed reasonably necessary by the Lender to continue its perfected status in the Collateral with the same or
better priority; 
 (xiii) Anti-money laundering. Upon request, all information reasonably available to such Borrower and reasonably
required by the Lender to carry out its obligations under applicable anti money laundering laws and the Lender’s anti-money laundering policies and procedures. 

(j) Maintenance of Properties; Insurance. Such Borrower shall maintain and preserve all of its properties which are necessary or useful
in the proper conduct of its business in good working order and condition, ordinary wear and tear excepted, and comply in all material respects at all times with the provisions of all material leases to which it is a party as lessee, so as to
prevent any loss or forfeiture thereof or thereunder. Such Borrower shall cause each Property to be covered by insurance in accordance with the Insurance Requirements set forth on Exhibit C. The Lender shall not be liable for any
Insurance Premiums thereon or subject to any assessments under any insurance policy. 
 (k) Further Assurances. Such Borrower shall
execute any and all further documents, financing statements, agreements and instruments, and take all further action (including filing UCC and other financing statements, agreements or instruments) that may be required under Applicable Law and that
the Lender may reasonably request in order to effectuate the transactions contemplated by the Facility Documents and in order to grant, preserve, protect and perfect the validity and second priority at all times prior to the Senior Facility Release
Date and first priority thereafter (subject to Permitted Liens) of the security interests and Liens created or intended to be created hereby. Such Borrower shall deliver or cause to be delivered to the Lender all such instruments and documents
(including legal opinions and lien searches) as it shall reasonably request to evidence compliance with this Section 5.01(k). Such Borrower agrees to provide such evidence as the Lender shall reasonably request as to the
perfection and priority status of each such security interest and Lien. 
 (l) Obligations. Such Borrower shall pay its Indebtedness
and other obligations promptly and in accordance in all material respects with their terms and pay and discharge promptly when due all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien upon the
Collateral or any part thereof. 
 (m) Tax Matters. Such Borrower shall (and the Lender hereby agrees to) treat the Advances as debt
for U.S. federal, state and local income and franchise tax purposes and will take no contrary position, unless otherwise required pursuant to a closing agreement with the U.S. Internal Revenue Service or other applicable Governmental Authority or a non-appealable judgment of a court of competent jurisdiction. 

  
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 (n) Financial Covenants. The Parent shall, at all times, maintain consolidated: 

(i) Tangible Net Worth in an amount not less than the Minimum Tangible Net Worth Amount; and 

(ii) Liquidity in an amount not less than the Minimum Liquidity Amount. 

Section 5.02 Negative Covenants of Each Borrower. Each Borrower covenants and agrees that, until the
Final Payment Date: 
 (a) Activities of Borrower. Without the prior written consent of the Lender, such Borrower shall not engage in
any business or activity of any kind, or enter into any transaction or indenture, mortgage, instrument, agreement, contract, or other undertaking, which is not incidental to the transactions contemplated and authorized by this Agreement, any other
Facility Document or the Senior Facility Documents; provided that Borrowers shall be permitted to acquire and hold single-family residential real estate for rental purposes, without the prior written consent of the Lender. 

(b) Indebtedness. Such Borrower shall not create, incur, assume or suffer to exist any Indebtedness, except (i) obligations
incurred under this Agreement, any other Facility Document or any Senior Facility Document, (ii) liabilities incident to the maintenance of its existence in good standing and (iii) indebtedness in respect of endorsement of instruments or
other payment items for deposit or collection in the ordinary course of business. 
 (c) [Reserved]. 

(d) Security Interests. Except as contemplated by the Facility Documents, such Borrower shall not sell, pledge, assign or
transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any Collateral, whether now existing or hereafter transferred hereunder, or any interest therein, other than Permitted Liens. Such Borrower will promptly
notify the Lender of the existence of any Lien on any Collateral, and such Borrower shall defend the right, title and interest of the Lender in, to and under the Collateral against all claims of third parties; provided, however, that nothing in this
Section 5.02(d) shall prevent or be deemed to prohibit such Borrower from suffering to exist Permitted Liens upon any Collateral. 

(e) Merger; Sales. Other than in connection with the SPAC Transaction, such Borrower shall not enter into any transaction of merger or
consolidation, or, to the fullest extent permitted by law, liquidate or dissolve itself (or suffer any liquidation or dissolution), or acquire or be acquired by any Person, or convey, sell, loan or otherwise dispose of all or substantially all of
its property or business, except as provided for in this Agreement. 
 (f) Distributions. Subject to the conditions set forth in the
Senior Facility Documents, Borrowers may make quarterly distributions in amounts equal to the Tax liabilities of its direct owners (or the ultimate owner(s) of a direct owner if such direct owner is a pass-through entity) attributable to items of
income or gain incurred or realized by the applicable Borrower. 

  
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 (g) Change of Name or Jurisdiction of Borrower; Records. Such Borrower shall
not change its name or jurisdiction of organization other than in accordance with Section 5.01(i)(xii) hereof. 

(h) ERISA Matters. Such Borrower shall not (a) engage or permit any member of the Borrower’s ERISA Group to engage in any
prohibited transaction for which an exemption is not available or has not previously been obtained from the United States Department of Labor, (b) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA
and Section 412(a) of the Code, or funding deficiency with respect to any Plan other than a Multiemployer Plan, (c) fail to make any payments to a Multiemployer Plan that such Borrower or any member of its ERISA Group may be required to
make under the agreement relating to such Multiemployer Plan or any law pertaining thereto could reasonably be expected to result in a Material Adverse Effect, (d) terminate any Plan so as to result in any liability could reasonably be expected
to result in a Material Adverse Effect, or (e) permit to exist any occurrence of any reportable event described in Title IV of ERISA. 

(i) Change in the Facility Documents. Such Borrower will not amend, modify, waive or terminate any terms or conditions of any of the
Facility Documents to which it is a party (or with respect to which it has consent rights) in a manner adverse to the interests of the Lender without the prior written consent of the Lender. 

(j) Senior Facility Documents. No Senior Facility Document may be amended, modified or supplemented without the prior consent of the
Lender except in accordance with the Intercreditor Agreement. 
 (k) No Assignments. Such Borrower will not assign or delegate, grant
any interest in or permit any Lien (other than Permitted Liens) to exist upon any of its rights, obligations or duties under this Agreement. 

(l) Special Purpose Entity. 

(i) Covenants Applicable to each Borrower. Each Borrower shall (a) own no assets, and shall not engage in any business, other
than the assets and transactions specifically contemplated by this Agreement and any other Facility Document, (b) not incur any Indebtedness or other obligation, secured or unsecured, direct or indirect, absolute or contingent (including
guaranteeing any obligation) without the Lender’s prior written consent, other than (i) with respect to the Property Documents (as defined in the Senior Loan Agreement) and the Retained Interests (as defined in the Senior Loan Agreement),
and (ii) as otherwise permitted under this Agreement, (c) not make any loans or advances to any Affiliate or third party and shall not acquire obligations or securities of its Affiliates, in each case other than in connection with the
acquisition of Eligible Properties and the sale of assets under the Facility Documents, (d) pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) only from its own assets, provided, however, that no
Person shall be required to make any direct or indirect additional capital contribution to such Borrower, (e) comply with the provisions of its Constituent Documents, (f) do all things necessary to observe organizational formalities and to
preserve its existence, and shall not amend, modify, waive provisions of or otherwise change its Constituent Documents except with the prior written consent of the Lender, 

  
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(g) maintain all of its books, records, financial statements and bank accounts separate from those of its Affiliates (except that Borrowers may maintain joint bank accounts and financial records
and statements with one another) and any financial statements may be consolidated with other entities to the extent consolidation is required under GAAP or as a matter of Requirements of Law; provided, that (i) appropriate notation shall be
made on such consolidated financial statements to indicate the separateness of a Borrower from such Affiliate and to indicate that such Borrower’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate
or any other Person and (ii) such assets shall also be listed on such Borrower’s own separate balance sheet, and file its own tax returns (except to the extent consolidation is required or permitted under Requirements of Law or separate
tax returns are not required because Borrowers, as single-member limited liability companies, have chosen to be disregarded as separate entities for applicable tax purposes), (h) be, and at all times shall hold itself out to the public as, a legal
entity separate and distinct from any other entity (including any Affiliate), shall correct any known misunderstanding regarding its status as a separate entity, shall conduct business in its own name, and shall not identify itself or any of its
Affiliates as a division of the other, (i) maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations and shall remain Solvent,
provided, however, that no Person shall be required to make any direct or indirect additional capital contribution to such Borrower, (j) not engage in or suffer any Change of Control (as defined in the Senior Loan Agreement) or, to the fullest
extent permitted by law, any dissolution, winding up, liquidation, consolidation or merger in whole or in part or convey or transfer all or substantially all of its properties and assets to any Person (except as contemplated herein), (k) not
commingle its funds or other assets with those of any Affiliate or any other Person (except as contemplated herein with respect to any other Borrower) and shall maintain its properties and assets in such a manner that it would not be costly or
difficult to identify, segregate or ascertain its properties and assets from those of any Affiliate or any other Person, (1) except as contemplated herein with respect to each other Borrower, maintain its properties, assets and accounts
separate from those of any Affiliate or any other Person, (m) except as expressly contemplated herein with respect to any other Borrower, not hold itself out to be responsible for the debts or obligations of any other Person, (n) not,
without the prior unanimous written consent of all of its board of directors including the Independent Director, take any Insolvency Action, (o) (i) have at all times one Independent Director appointed by such Borrower and (ii) provide the
Lender with up-to-date contact information for each such Independent Director and a copy of the agreement pursuant to which such Independent Director consents to and
serves as an “Independent Director” for such Borrower, (p) the Constituent Documents for such Borrower shall provide (i) that no Independent Director of such Borrower may be removed or replaced except as a result of an
Independent Director Event or as otherwise consented to by the Lender in writing and Borrower must provide the Lender with not less than three (3) Business Days’ prior written notice of (x) any such proposed removal of an Independent
Director, together with a statement as to the reasons for such removal, and (y) the identity of the proposed replacement Independent Director, together with a certification that such replacement satisfies the requirements set forth in the
organizational documents for an Independent Director and (ii) that (x) any Independent Director of such Borrower shall not have any fiduciary duty to anyone including the holders of the equity interests in such Borrower and any Affiliates of
such Borrower except such Borrower and the creditors of such Borrower with respect to taking of, or otherwise voting on, any Insolvency Action, (y) to the fullest extent permitted by Requirements

  
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of Law, and notwithstanding any duty otherwise existing at law or in equity, the Independent Director shall consider only the interests of such Borrower, including the constituent members of such
Borrower (the “Borrower Constituent Members”) in acting or otherwise voting on the matters provided for herein, which such fiduciary duties to Borrower Constituent Members and such Borrower (including such Borrower’s
creditors), in each case, shall be deemed to apply solely to the extent of their respective economic interests in such Borrower exclusive of (A) all other interests (including, without limitation, all other interests of Borrower Constituent
Members), (B) the interests of other Affiliates of Borrower Constituent Members and such Borrower and (C) the interests of any group of Affiliates of which Borrower Constituent Members or such Borrower is a part and (z) other than as
provided above, the Independent Director shall have fiduciary duties of loyalty and care similar to that of a director of a business corporation organized under the General Corporate Law of the State of Delaware; provided, that the foregoing shall
not eliminate the implied contractual covenant of good faith and fair dealing, (q) not enter into any transaction with an Affiliate of such Borrower except those expressly contemplated under this Agreement in favor of the Lender and on
commercially reasonable terms substantially similar to those available to unaffiliated parties in an arm’s-length transaction, (r) maintain a sufficient number of employees in light of contemplated
business operations, (s) use separate stationery, invoices and checks bearing its own name, (t) allocate fairly and reasonably any overhead for shared office space and for services performed by an employee of an affiliate, and (u) not
pledge its assets to secure the obligations of any other Person or take any action or permit any action to be taken to encumber any Contributed Property except, in each case, pursuant to the Facility Documents. 

(ii) Covenants Applicable to each Borrower and Pledgor. Borrowers shall and shall cause Pledgor to comply with the following
additional provisions: 
 (1) For each Person that is a multi-member limited liability company, it shall have one member or shall be
managed by a manager that is a Special Purpose Entity, which is a corporation or a single-member Delaware limited liability company, with one Independent Director; and 

(2) For each Person that is a single-member limited liability company, it (i) shall be organized in a jurisdiction acceptable to the
Lender (provided that Delaware and Nevada are deemed to be acceptable jurisdictions), (ii) shall have one Independent Director or Independent Manager serving as manager of such company, (iii) shall not take any Insolvency Action and shall not
cause or permit the members or managers of such entity to take any Insolvency Action, either with respect to itself or any of its Subsidiaries unless all of its Independent Directors or Independent Managers then serving as managers of the company
shall have consented in writing to such action, and (iv) shall have either (A) a member which owns no economic interest in the company, has signed the company’s limited liability company agreement and has no obligation to make capital
contributions to the company, or (B) one natural person or one entity that is not a member of the company, that has signed its limited liability company agreement and that, under the terms of such limited liability company agreement becomes a
member of the company immediately prior to the resignation or dissolution of the last remaining member of the company. 

  
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 ARTICLE VI 

EVENTS OF DEFAULT 

Section 6.01 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) any Borrower shall fail to (i) pay any interest, fees or other amounts due under this
Agreement or any other Facility Document, and such failure shall continue for more than two (2) Business Days after the due date thereof; or (ii) repay all Advances and other Obligations to $0 on the Final Maturity Date; or 

(b) any default or termination event, after expiration of applicable notice and cure periods, if any, shall occur under any of the Senior
Facility Documents, but only to the extent such default or termination event has resulted in the obligations under the Senior Facility Documents becoming due prior to their scheduled maturity; or 

(c) if the Borrowers and/or the Senior Lender shall modify, amend or change any of the terms or conditions or any of the Senior Facility
Documents except as is permitted under the terms of the Intercreditor Agreement; or 
 (d) a default in any material respect in the
performance, or breach in any material respect, of any covenant, obligation or agreement of any Borrower(s) contained in Sections 5.01(b) (Preservation of Existence), 5.01(f) (Separate Existence). 5.01(h) (Use of Proceeds), or
5.02 (Negative Covenants of the Borrower) and such default or breach remains uncured (to the extent such default or breach may be cured) for a period of five (5) Business Days after the earlier of (x) written notice to the Borrowers
(which may be by e mail) by the Lender, and (y) the acquisition of actual knowledge thereof by a Responsible Officer of one of the Borrowers; or 

(e) except as otherwise provided in this Section 6.01, (i) the default by any Borrower in any material respect in
the performance, or breach in any material respect of any of its respective covenants or agreements, under this Agreement or the other Facility Documents to which it is a party, and, in each case, the continuation of such default, breach or failure
for a period of thirty (30) days after the earlier of (x) written notice to the Borrowers (which may be by e mail) by the Lender, and (y) the acquisition of actual knowledge thereof by a Responsible Officer of one of the Borrowers; or

 (f) any representation or warranty of any Borrower made or deemed made in this Agreement or any other Facility Document or any amendment
or modification hereof or thereof, or in any Notice of Borrowing, or any other report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Facility Document or any amendment or
modification hereof or thereof, shall prove to be incorrect in any material respect as of the time when the same shall have been made or deemed to have been made and such breach, if susceptible to a cure, shall continue unremedied for a period of
thirty (30) days after date on which written notice of such failure requiring the same to be remedied shall have been given to such Borrower by the Lender; or 

  
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 (g) the institution by or against any Borrower or any Offerpad Entity of any proceedings
under the Bankruptcy Code, or any other law in which any Borrower or any Offerpad Entity is alleged to be insolvent or unable to pay its debts as they mature, or the making by any Borrower or any Offerpad Entity of an assignment for the benefit of
creditors or the granting by any Borrower or any Offerpad Entity of a trust mortgage for the benefit of creditors and, in any such case, such proceeding shall continue undismissed for a period of 60 or more days or an order or decree approving or
ordering any of the foregoing shall be entered; or 
 (h) Parent Borrower ceases to have an ownership interest in, any material portion of
the Collateral (subject to Permitted Liens) or the Lender shall fail for any reason to have a valid security interest, subject and subordinate to the Senior Lender’s security interest, in any material portion of the Collateral; or 

(i) (1) any Facility Document shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to
be the legally valid, binding and enforceable obligation of any Offerpad Entity, or (2) any Offerpad Entity shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability or any Lien
purported to be created thereunder. 
 Subject to the following sentence, upon the occurrence of any Event of Default, in addition to all
rights and remedies specified in this Agreement and the other Facility Documents, including Article VII, and the rights and remedies of a secured party under Applicable Law, including the UCC, the Lender may, by notice to the Borrowers,
(1) terminate the Availability Period, (2) terminate the Commitment, and (3) declare the principal of and the accrued interest on the Advances and all other Obligations whatsoever payable by the Borrowers hereunder immediately due and
payable without presentment, demand, protest or other formalities of any kind, all of which are hereby waived by the Borrowers, in each case, without any further action by any party. Upon the occurrence of an Event of Default as a result of an
Insolvency Event of any Offerpad Entity, the principal of and the accrued interest on the Advances and all other Obligations whatsoever payable by the Borrowers hereunder shall automatically become immediately due and payable without presentment,
demand, protest or other formalities of any kind, all of which are hereby waived by each Borrower. 
 ARTICLE VII 

PLEDGE OF COLLATERAL; RIGHTS OF THE LENDER 

Section 7.01 Grant of Security. Each Borrower hereby grants, pledges, transfers and collaterally
assigns to the Lender as collateral security for all Obligations, a continuing security interest in, and a Lien upon, all of such Borrower’s right, title and interest in, to and under, the following, in each case whether tangible or intangible,
wheresoever located, and whether now owned by such Borrower or hereafter acquired and whether now existing or hereafter coming into existence (collectively, the “Collateral”): all assets of the Borrowers but
only to the extent that the Senior Lender has a lien on such assets as of the Closing Date; provided that “Collateral” 

  
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shall exclude all interests in Properties, other than Permitted Second Liens, as such term is defined in the Senior Loan Agreement. For the avoidance of doubt, with regard to any Contributed
Property, the Lender will not acquire a Lien on such Contributed Property until and unless a mortgage has been duly and validly recorded in the appropriate jurisdiction in favor of the Senior Lender to evidence and perfect the Senior Lender’s
first priority Lien on such Contributed Property. 
 Section 7.02 Release of Security Interest. On
the Final Payment Date, the Lender, shall, at the expense of the Borrowers, promptly execute, deliver and file or authorize for filing such instruments as the Borrowers shall reasonably request in order to reassign, release or terminate the
Lender’s security interest in and Lien on the Collateral. Any and all actions under this Article VII in respect of the Collateral shall be without any recourse to, or representation or warranty by the Lender and shall be at the sole cost and
expense of the Borrowers. 
 Section 7.03 Rights and Remedies. The Lender shall have all of the
rights and remedies of a secured party under the UCC and other Applicable Law. Upon the occurrence and during the continuance of an Event of Default, the Lender or its designee may, subject to the terms of the Intercreditor Agreement,
(a) instruct the Borrowers to deliver any or all of the Collateral, and any other document relating to the Collateral to the Lender or its designees and otherwise give all instructions for the Borrowers regarding the Collateral, (b) sell
or otherwise dispose of the Collateral in a commercially reasonable manner, all without judicial process or proceedings, (c) take control of the Proceeds of any such Collateral, (d) exercise any consensual or voting rights in respect of
the Collateral, (e) release, make extensions, discharges, exchanges or substitutions for, or sun-ender all or any part of the Collateral, (f) enforce the Borrowers’ rights and
remedies with respect to the Collateral, (g) institute and prosecute legal and equitable proceedings to enforce collection of, or realize upon, any of the Collateral, (h) require that the Borrowers immediately take all actions necessary to
cause the liquidation of the Collateral, (i) redeem any asset of the Borrowers to pay amounts due and payable in respect of the Obligations, (j) make copies of all books, records and documents relating to the Collateral and
(k) endorse the name of any of the Borrowers upon any items of payment relating to the Collateral or upon any proof of claim in bankruptcy against an account debtor. 

Each Borrower hereby agrees that, upon the occurrence and during the continuance of an Event of Default, at the request of the Lender, it
shall execute all documents and agreements which are necessary or appropriate to have the Collateral to be assigned to the Lender or its designee. For purposes of taking the actions described in clauses (a) through (k) of this
Section 7.03, each Borrower hereby irrevocably appoints the Lender as its attorney in fact (which appointment being coupled with an interest and is irrevocable while any of the Obligations remain unpaid), with power of
substitution, in the name of the Lender or in the name of such Borrower or otherwise, for the use and benefit of the Lender, but at the cost and expense of such Borrower and, except as expressly required by Applicable Law, without notice to such
Borrower. 
 The Lender agrees that unless an Event of Default shall have occurred and be continuing, each Borrower may, to the extent such
Borrower has such right as a holder of the Pledged Membership Interests, vote and give consents, ratifications and waivers with respect thereto, except to the extent that, any such vote, consent, ratification or waiver could detract from the value
thereof as Collateral or which could be inconsistent with or result in any violation of any provision of this Agreement, and from time to time, upon request from such Borrower, the Lender shall deliver to such Borrower suitable proxies so that such
Borrower may cast such votes, consents, ratifications and waivers. 

  
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 The Lender agrees that such Borrower may, unless an Event of Default shall have occurred and
be continuing, receive and retain all cash dividends and other distributions with respect to the Pledged Membership Interests. 

Section 7.04 Remedies Cumulative. Each right, power, and remedy of the Lender, as provided for in this
Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this
Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by the Lender of any one or more of such rights, powers, or remedies shall not
preclude the simultaneous or later exercise by such Persons of any or all such other rights, powers, or remedies. 

Section 7.05 Protection of Collateral. Upon the Lender’s reasonable request, the Borrowers shall
from time to time execute and deliver all such supplements and amendments hereto and file or authorize the filing of all such UCC 1 financing statements and continuation statements and the equivalent thereof in any applicable foreign jurisdiction,
if applicable, instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable to secure the rights and remedies of the Lender hereunder (including, without limitation, following the Senior
Facility Release Date, with respect to all Collateral over which control may be obtained within the meaning of Section 8-106 and 9-104 of the UCC, the Borrowers
take all actions as may be requested from time to time by the Lender so that control of such Collateral is obtained and at all times held by the Lender) and to: 

(a) grant security more effectively on all or any portion of the Collateral; 

(b) maintain, preserve and perfect any grant of security made or to be made by this Agreement including the second priority nature of the Lien
granted hereunder while at all times prior to the Senior Facility Release Date and first priority security interests thereafter or carry out more effectively the purposes hereof; 

(c) perfect, publish notice of or protect the validity of any grant made or to be made by this Agreement (including any and all actions
necessary as a result of changes in Law); 
 (d) enforce any of the Collateral or other instruments or property included in the Collateral;

 (e) preserve and defend title to the Collateral and the rights therein of the Lender in the Collateral against the claims of all third
parties other than the Senior Lender; and 
 (f) pay or cause to be paid any and all taxes levied or assessed upon all or any part of the
Collateral. 

  
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 Each Borrower hereby authorizes the Lender to prepare and file financing statements with
respect to the security interests granted hereby, continuation statements with respect thereto, and any amendments to such financing statements that may be necessary to continue to perfect the Lender’s interest in the Collateral. Each Borrower
agrees that such Borrower shall not file a termination statement with respect to any financing statement filed by the Lender in connection with any security interest granted under this Agreement if the Lender reasonably objects to the filing of such
termination statement, due to the continuing existence of any outstanding Obligations. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of Collateral that
describes such property in any other manner as the Lender may determine in its sole discretion is necessary, advisable or prudent to ensure the perfection of the security interest in the Collateral granted herein, including, without limitation,
describing such property as “all assets, whether now owned or hereafter acquired” or “all personal property, whether now owned or hereafter acquired”; provided that in each case at all times prior to the Senior Facility Release
Date, such description shall include language that explicitly excludes interests in Properties, other than Permitted Second Liens, as such term is defined in the Senior Loan Agreement. 

ARTICLE VIII 

MISCELLANEOUS 

Section 8.01 No Waiver; Modifications in Writing. No failure or delay on the part of the Lender
exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power
or remedy. Any waiver of any provision of this Agreement or any other Facility Document, and any consent to any departure by any party to this Agreement or any other Facility Document from the terms of any provision of this Agreement or such other
Facility Document, shall be effective only in the specific instance and for the specific purpose for which given. No notice to or demand on the Borrowers in any case shall entitle the Borrowers to any other or further notice or demand in similar or
other circumstances. No amendment, modification, supplement or waiver of this Agreement shall be effective unless signed by the Borrowers and the Lender; provided, however, any such amendment executed prior to the Senior Facility Release Date shall
require Borrowers to obtain the consent of the Senior Lender prior to any such amendment, which consent shall be deemed given so long as it does not have a material effect on (i) any of the collateral of the Senior Lender, (ii) any rights
of the Senior Lender or obligations of Borrowers or (iii) any administrative, reporting or accounting requirements, in each case, under the Senior Facility Documents. 

Section 8.02 Notices, Etc. Except where telephonic instructions are authorized
herein to be given, all notices, demands, instructions and other communications required or permitted to be given to or made upon any party hereto shall be in writing and shall be personally delivered or sent by registered, certified or express
mail, postage prepaid, or by prepaid courier service, or by facsimile transmission or electronic mail with confirmation of receipt (if the recipient has provided a fax or an email address in Schedule 1), and shall be deemed to be given for purposes
of this Agreement on the day that such writing is received by the intended recipient thereof in accordance with the provisions of this Section 8.02. Unless otherwise specified in a notice sent or delivered in accordance
with the foregoing provisions of this Section 8.02, notices, demands, 

  
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instructions and other communications in writing shall be given to or made upon the respective parties hereto at their respective addresses (or to their respective facsimile numbers or email
addresses) indicated in Schedule 1, and, in the case of telephonic instructions or notices, by calling the telephone number or numbers indicated for such party in Schedule 1. 

Section 8.03 Taxes. 

(a) Any and all payments by the Borrowers to or for the account of the Lender under any Facility Document shall be made free and clear of and
without deduction or withholding for any and all present or future Taxes with respect thereto, unless required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of the Borrowers) requires the deduction or
withholding of any Tax from any such payment by the Borrowers, then the Borrowers shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance
in all material respects with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrowers shall be increased as may be necessary so that after such deduction or withholding has been made (including such deductions
and withholdings applicable to additional sums payable under this Section 8.03) the applicable recipient receives an amount equal to the sum it would have received had no deductions or withholding of
Indemnified Taxes been made. 
 (b) The Borrowers agree to timely pay to the relevant Governmental Authority in accordance with Applicable
Law, or at the option of the Lender timely reimburse it for the payment of, any Other Taxes. 
 (c) The Borrowers agree to indemnify the
Lender, within ten (10) days after demand therefor, for (i) the full amount of Indemnified Taxes (including any Indemnified Taxes imposed or asserted on amounts payable under this Section 8.03) payable or paid by
the Lender or required to be withheld or deducted from a payment to the Lender and (ii) any reasonable expenses arising from Indemnified Taxes or with respect thereto, in each case whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrowers by the Lender, shall be conclusive absent manifest error. 

(d) As soon as practicable after the date of any payment of Taxes by the Borrowers to a Governmental Authority pursuant to this
Section 8.03, the Borrowers will furnish to the Lender the original or a certified copy of a receipt issued by the relevant Governmental Authority evidencing payment thereof (or other evidence of payment as may be
reasonably satisfactory to the Lender). 
 (e) If any party determines, in its sole discretion, exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 8.03 (including by the payment of additional amounts pursuant to this Section 8.03), it shall pay to the
indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out of pocket expenses (including Taxes) of such indemnified
party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such 

  
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refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this clause (e) (plus any penalties, interest,
or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this clause (e), in no event will
the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (e) the payment of which would place the indemnified party in a less favorable net after-Tax position
than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld, or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax
had never been paid. This paragraph shall entitle the Borrowers to request certification from an indemnified party as to whether it has received or expects to receive any such refund but shall not be construed to require any indemnified party to
make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(f) (i) If, at any time, the Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Facility Document, it shall deliver to the Borrowers, at the time or times reasonably requested by the Borrowers, such properly completed and executed documentation reasonably requested by the Borrowers as will permit such payments to be
made without withholding or at a reduced rate of withholding. In addition, the Lender, if reasonably requested by the Borrowers, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrowers as will
enable the Borrowers to determine whether or not the Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of
such documentation (other than such documentation set forth in Sections 14.03(g)(ii), (iii), (v) and (vi) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would
subject the Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Lender. 

  
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 (ii) Without limiting the generality of Section 8.03(f)(i), to
the extent the Lender is a U.S. Person, the Lender shall, on or prior to the date on which it becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers), deliver to the Borrowers (in such
number of copies as shall be requested by the recipient), executed originals of U.S. Internal Revenue Service Form W-9 or any successor form, certifying that the Lender is entitled to an exemption from U.S.
backup withholding tax. 
 (iii) Without limiting the generality of Section 8.03(f)(i), to the extent the Lender
is not a U.S. Person (a “Non-U.S. Lender”), it shall, to the extent it is legally entitled to do so, deliver to the Borrowers (in such number of copies as shall be requested by the recipient),
on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time-to time thereafter upon the reasonable request of the
Borrowers), whichever of the following is applicable: 
 (A) in the case of a Non-U.S. Lender
claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Facility Document, executed originals of U.S. Internal Revenue Service Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable
payments under any Facility Document, U.S. Internal Revenue Service Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant
to the “business profits” or “other income” article of such tax treaty; 
 (B) executed originals of U.S. Internal
Revenue Service Form W-8ECI; 
 (C) in the case of a
Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate reasonably satisfactory to the Borrowers to the effect that such Non-U.S. Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower within the meaning of
Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of U.S. Internal Revenue
Service Form W-8BEN-E; or 
 (D) to the extent a Non-U.S. Lender is not the beneficial owner, executed copies of U.S. Internal Revenue Service Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate reasonably satisfactory to the Borrowers, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct or indirect
partners of such Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate reasonably
satisfactory to the Borrowers, together with executed originals of U.S. Internal Revenue Service Form W-8BEN-E, on behalf of each such direct and indirect partner. 

  
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 (iv) Each Non-U.S. Lender shall, to the extent it
is legally entitled to do so, deliver to the Borrowers (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrowers), executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrowers to determine the withholding or deduction required to be made. 

(v) If a payment made to the Lender under any Facility Document would be subject to FATCA Withholding Tax if the Lender were to fail to
comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), the Lender shall deliver to the Borrowers at the time or times prescribed by law and at such time
or times reasonably requested by the Borrowers such documentation prescribed by Applicable Law and such documentation as is reasonably requested by the Borrowers as may be necessary for the Borrowers to comply with their obligations thereunder and
to determine that the Lender has complied with its obligations thereunder or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 8.03(f)(v), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement. 
 (vi) The Lender agrees that, from time to time after the Closing Date, it
shall deliver the forms described above, as applicable, as promptly as practicable after (a) receipt of a reasonable written request therefor from the Borrowers or (b) when a lapse in time or change in circumstance renders a previously
provided form or certificate obsolete or inaccurate. Notwithstanding any other provision of this Section 8.03, the Lender shall not be required to deliver any form after the Closing Date pursuant to this
Section 8.03(f) that it is not legally able to deliver. 
 (g) If the Lender requires the Borrowers to pay any
Indemnified Taxes or additional amount to the Lender or any Governmental Authority for the account of the Lender pursuant to this Section 8.03. then the Lender shall (at the request of the Borrowers) use reasonable efforts
to designate a different lending office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if the Lender determines, in its discretion that such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to this Section 8.03 in the future and (ii) would not subject the Lender to any unreimbursed cost or expense and would not otherwise
be disadvantageous to the Lender. The Borrowers hereby agree to pay all reasonable and documented out-of-pocket costs and expenses incurred by the Lender in connection
with any such designation or assignment. 
 (h) Nothing in this Section 8.03 shall be construed to require the
Lender to make available its Tax returns (or, subject to Section 8.03(f), any other information relating to its Taxes that it deems confidential) to the Borrowers or any other Person. 

(i) Without prejudice to the survival of any other agreement of the Borrowers hereunder, the agreements and obligations of the Borrowers and
the Lender contained in this Section 8.03 shall survive any assignment of rights by, or the replacement of the Lender, and the termination of this Agreement. 

  
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 (j) For purposes of this Section, the term “Applicable Law” includes FATCA.

 Section 8.04 Costs and Expenses; Indemnification. 

(a) Each Borrower agrees, on a joint and several basis, to promptly pay on demand all reasonable and documented out of pocket costs and
expenses of the Lender in connection with the preparation, review, negotiation, reproduction, execution and delivery of this Agreement and the other Facility Documents, including the reasonable and documented fees and disbursements of counsel for
the Lender (including, without limitation, those of Cogent Legal Services LLC), reasonable and documented out-of-pocket costs and expenses of creating, perfecting,
releasing or enforcing the Lender’s security interests in the Collateral, including filing and recording fees, expenses, search fees, UCC filing fees and the equivalent thereof in any foreign jurisdiction, if applicable, and all other related
fees and expenses in connection therewith; and in connection with the administration and any modification or amendment of this Agreement or any other Facility Document and advising the Lender as to their respective rights, remedies and
responsibilities. Each Borrower agrees, on a joint and several basis, to promptly pay on demand all reasonable and documented out-of-pocket costs and expenses of the
Lender in connection with the enforcement of this Agreement or any other Facility Document, including all reasonable and documented out-of-pocket costs and expenses
incurred by the Lender in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Facility Documents or any interest, right, power or remedy of the Lender or in connection with the collection or
enforcement of any of the Obligations or the proof, protection, administration or resolution of any claim based upon the Obligations in any insolvency proceeding, including all reasonable and documented out of pocket fees and disbursements of
attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by the Lender. Without prejudice to its rights hereunder, the expenses and the compensation for the services of the Lender are intended to constitute expenses
of administration under any applicable bankruptcy law. For the avoidance of doubt, this Section 8.04(a) shall not apply to Taxes, which shall be covered by Section 8.03. 

(b) Each Borrower agrees, on a joint and several basis, to indemnify and hold harmless the Lender, and each of its Affiliates and the
respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing (each, an “Indemnified Party”) from and against any and all Liabilities that may be incurred by or asserted or awarded
against any Indemnified Party, in each case arising out of or in connection with or by reason of the execution, delivery, enforcement, performance, administration of or otherwise arising out of or incurred in connection with this Agreement, any
other Facility Document or any transaction contemplated hereby or thereby (and regardless of whether or not any such transactions are consummated), including any such Liability that is incurred or arises out of or in connection with, or by reason of
any one or more of the following: (i) in connection with any enforcement (including any action, claim or suit brought) by the Indemnified Party of any indemnification or other obligation of any Borrower, any other party to the Facility
Documents or any other Person and a defense of any claim, investigation, litigation or proceeding arising out of, related to or in 

  
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connection with this Agreement, any other Facility Document or any of the transactions contemplated hereby or thereby; (ii) any breach of any covenant by any Borrower contained in any
Facility Document; (iii) any representation or warranty made or deemed made by any Borrower contained in any Facility Document or in any certificate, statement or report delivered in connection therewith is false or incorrect; (iv) any
failure by any Borrower to comply with any Applicable Law or Contractual Obligation binding upon it; (v) any failure to vest, or delay in vesting, in the Lender a valid security interest in all of the Collateral, free and clear of all Liens
(other than Permitted Liens); (vi) any action or omission, not expressly authorized by the Facility Documents, by any Borrower or any Affiliate of any Borrower which has the effect of impairing the validity or enforceability of the Collateral or the
rights of the Lender with respect thereto; (vii) the failure to file, or any delay in filing, financing statements, continuation statements or the equivalent thereof in any foreign jurisdiction or other similar instruments or documents under
the UCC of any applicable jurisdiction or other Applicable Law with respect to any Collateral, whether at the time of any Advance or at any subsequent time; and (viii) any Default or Event of Default; provided, that no Indemnified Party shall
be entitled to the payment of any such Liabilities resulting from its or its affiliates’ gross negligence, or willful misconduct. 

Section 8.05 Execution in Counterparts. This Agreement may be executed in any number of counterparts
and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement.
Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. 

Section 8.06 Assignability. 

(a) The Lender may assign to an assignee all or a portion of its rights and obligations under this Agreement (including all or a portion of
its outstanding Advances or interests therein owned by it, together with ratable portions of its Commitment) to a Permitted Assignee. The parties to each such assignment shall execute and deliver to the Borrowers an Assignment and Acceptance and the
applicable tax forms required by Section 8.03(f). The Lender, acting solely for this purpose as a non-fiduciary agent of Borrowers, shall maintain a register on which it enters the
name and address of each Lender assignee, and the principal amounts (and stated interest) of each Lender assignee’s interest in the rights and obligations under this Loan Agreement and related Loan Documents (the “Register”). No
assignment shall be effective unless recorded in the Register. Subject to notification to the Borrowers of an assignment and compliance with the terms of the Intercreditor Agreement, the assignee shall be a party hereto and, to the extent of the
interest assigned, have the rights and obligations of the existing Lender under this Agreement, and the existing Lender shall, to the extent of the interest assigned, be released from its obligations under this Agreement. The Borrowers hereby agree
to execute any amendment and/or any other document that may be necessary to effectuate such an assignment, including an amendment to this Agreement to provide for multiple lenders and an administrative agent to act on behalf of such lenders. Any
assignment or transfer by the Lender of rights or obligations under this Agreement that does not comply with this Section 8.06(a) shall be treated for purposes of this Agreement as a sale by the Lender of a participation in
such rights and obligations in accordance with 8.06(c). 

  
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 (b) The Borrowers may not assign their rights or obligations hereunder or any interest
herein without the prior written consent of the Lender. 
 (c) (i) The Lender may, without the consent of the Borrowers, sell participations
to Participants that are Permitted Assignees in all or a portion of the Lender’s rights and obligations under this Agreement, provided that (A) the Lender’s obligations under this Agreement shall remain unchanged, (B) the Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) the Borrowers shall continue to deal solely and directly with the Lender in connection with the Lender’s rights and obligations under
this Agreement, and (D) each Participant shall have agreed to be bound by this Section 8.06(c), Section 8.06(e) and Section 8.16. Any agreement pursuant to which the Lender
sells such a participation shall provide that the Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement, provided that such agreement may provide that the
Lender will not, without the consent of the Participant, agree to any Fundamental Amendment that affects such Participant. Section 8.03 (subject to the requirements and limitations therein, including the requirements under
Section 8.03(f) (it being understood that the documentation required under Section 8.03(f) shall be delivered to the participating Lender)) shall apply to each Participant as if it were a Lender
and had acquired its interest by assignment pursuant to clause (a) of this Section 8.06; provided that no Participant shall be entitled to any amount under Section 8.03 which is greater than
the amount the related Lender would have been entitled to under any such Sections or provisions if the applicable participation had not occurred. 

(i) In the event that the Lender sells participations in any portion of its rights and obligations hereunder, the Lender, as nonfiduciary
agent for the Borrowers, shall maintain a register on which it enters the name and address of all participants in the Advances held by it and the principal amount (and stated interest thereon) of the portion of the Advance and any other obligations
under the Facility Documents which is the subject of the participation (the “Participant Register”). An Advance may be participated in whole or in part only by registration of such participation on the Participant Register. Any
participation of such Advance may be effected only by the registration of such participation on the Participant Register. The Participant Register shall be available for inspection by the Borrowers to the extent necessary for the Borrowers to
establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in a Participant Register shall be
conclusive absent manifest error, and the Lender shall treat each Person whose name is recorded in such Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

(d) Notwithstanding any other provision in this Agreement, (i) the Lender may at any time create a security interest in, or pledge, all
or any portion of its rights under this Agreement in favor of any Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Bank or U.S. Treasury Regulation 31 CFR §203.24, and such Federal Reserve Bank may enforce such pledge
or security interest in any manner permitted under Applicable Laws and this Section 8.06 shall not apply to any such pledge or grant of a security interest. No creation or grant of a security interest, pledge or collateral
assignment pursuant to the preceding sentence shall release the Lender from any of its obligations hereunder or substitute any pledgee or assignee for the Lender as a party hereto. 

  
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 (e) Notwithstanding anything to the contrary set forth herein or in any other Facility
Document, the Lender, each Permitted Assignee which becomes a Lender and each Participant, must at all times be a “qualified purchaser” as defined in the Investment Company Act (a “Qualified Purchaser”) and a
“qualified institutional buyer” as defined in Rule 144A under the Securities Act (a “QIB”). The Lender and each Permitted Assignee which becomes a Lender represents to the Borrower, (i) on the date that it becomes a
party to this Agreement (whether by being a signatory hereto or by entering into an Assignment and Acceptance) and (ii) on each date on which it makes an Advance hereunder, that it is a Qualified Purchaser and a QIB. The Lender and each
Permitted Assignee which becomes a Lender further agree that they shall not assign, or grant any participations in, any of their respective Advances or Commitment to any Person unless such Person is a Qualified Purchaser and a QIB. 

Section 8.07 Governing Law. This agreement and the rights and obligations of the parties under this
Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this agreement or any other Facility Document (except, as to any other Facility Document, as
expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by and construed in accordance with the law of the State of New York. 

Section 8.08 Severability of Provisions. Any provision of this Agreement or any other Facility
Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction. 
 Section 8.09 Confidentiality. The Lender
agrees to keep confidential all non-public information provided to it by the Borrowers with respect to the Borrowers, their Affiliates, the Collateral or any other information furnished to the Lender pursuant
to this Agreement or any other Facility Document (collectively, the “Borrower Information”), provided that nothing herein shall prevent the Lender from disclosing any Borrower Information (a) in connection
with this Agreement and the other Facility Documents and not for any other purpose, (x) to any other Person who becomes a party hereto, or (y) any of its Affiliates, employees, directors, agents, attorneys, accountants and
other professional advisors (collectively, the “Lender Representatives”), it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Borrower
Information and instructed to keep such Borrower Information confidential, (b) subject to an agreement to comply with the provisions of this Section (or other provisions at least as restrictive as this Section), (i) to use the Borrower
Information only in connection with this Agreement and the other Facility Documents and not for any other purpose, to any actual or bona fide prospective permitted assignees and Participants in the Lender’s interests under or in connection with
this Agreement and (ii) as reasonably required by any direct or indirect contractual counterparties or professional advisors thereto, to any swap or derivative transaction relating to any Borrower and its obligations, (c) to the extent
required or requested by any regulatory authority purporting to have jurisdiction over the Lender or any of its Affiliates (with prior notice to the Borrowers to the extent lawful), (d) in response 

  
 49 

 
to any order of any court or other Governmental Authority or as may otherwise be required to be disclosed pursuant to any Applicable Law, (e) that is a matter of general public knowledge or
that has heretofore been made available to the public by any Person other than the Lender or any Lender Representative, or (f) in connection with the exercise of any remedy hereunder or under any other Facility Document. In addition, the Lender
may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Lender in connection with the administration and management
of this Agreement and the other Facility Documents. 
 Section 8.10 Merger. This Agreement and the
other Facility Documents taken as a whole incorporate the entire agreement between the parties hereto and thereto concerning the subject matter hereof and thereof and this Agreement and such other Facility Documents supersede any prior agreements
among the parties relating to the subject matter thereof. 
 Section 8.11 Survival.
All representations and warranties made hereunder, in the other Facility Documents and in any certificate delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery of this Agreement and
the making of the Advances hereunder. The agreements in Sections 2.04(f), 2.08, 8.03, 8.04, 8.09, 8.14, 8.16 and this Section 8.11 shall survive the termination or assignment of this Agreement in whole or in
part, the payment in full of the principal of and interest on the Advances. 
 Section 8.12 Submission to
Jurisdiction; Waivers; Etc. Each party hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property
in any legal action or proceeding relating to this Agreement or the other Facility Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive
general jurisdiction of the courts of the State of New York in the Borough of Manhattan, the courts of the United States of America for the Southern District of New York, and the appellate courts of any of them; 

(b) consents that any such action or proceeding may be brought in any court described in Section 8.12(a) and waives
to the fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not
to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof
by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address set forth in Section 8.02 or at such other address as may be permitted thereunder; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding against
the Lender arising out of or relating to this Agreement or any other Facility Document any special, exemplary, punitive or consequential damages. 

  
 50 

 Section 8.13 Waiver of Jury Trial. Each of the
parties hereto hereby irrevocably and unconditionally waives trial by jury in any legal action or proceeding relating to this Agreement or any other Facility Document or for any counterclaim herein or therein or relating hereto or thereto. 

Section 8.14 PATRIOT Act Notice. The Lender hereby notifies the Borrowers that, pursuant to the
requirements of the USA PATRIOT Act (Title III of Pub. L. 107 56 (signed into law on October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies the
Borrowers, which information includes the names and addresses of the Borrowers and other information that will allow the Lender to identify the Borrowers in accordance with the PATRIOT Act. The Borrowers shall provide, to the extent commercially
reasonable, such information and take such actions as are reasonably requested by the Lender in order to assist the Lender in maintaining compliance with the PATRIOT Act. 

Section 8.15 Legal Holidays. In the event that the date of prepayment of Advances or the Final
Maturity Date shall not be a Business Day, then notwithstanding any other provision of this Agreement or any other Facility Document, payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and
effect as if made on the nominal date of any such date of prepayment or Final Maturity Date, as the case may be, and interest shall accrue on such payment for the period from and after any such nominal date to but excluding such next succeeding
Business Day. 
 Section 8.16 Non Petition. Each party hereto (other than the Borrowers) hereby
agree not to institute against, or join, cooperate with or encourage any other Person in instituting against, any Borrower any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other
proceeding under federal or state bankruptcy or similar laws until at least one year and one day, or, if longer, the applicable preference period then in effect plus one day, after the payment in full of all outstanding Obligations and the
termination of all Commitments. 
 Section 8.17 Waiver of Setoff. Each Borrower hereby waives any
right of setoff it may have or to which it may be entitled under this Agreement or under any Applicable Law from time to time against the Lender or its assets. 

Section 8.18 Recourse Against Certain Parties. No recourse under or with respect to any obligation,
covenant or agreement of any party hereto as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any incorporator, affiliate, stockholder,
officer, employee or director of any party hereto, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of each party hereto
contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such party hereto, and that no personal
liability whatsoever shall attach to or be incurred by any incorporator, stockholder, affiliate, officer, 

  
 51 

 
employee or director of such party under or by reason of any of the obligations, covenants or agreements of such party hereto contained in this Agreement or in any other such instruments,
documents or agreements, or that are implied therefrom, and that any and all personal liability of each incorporator, stockholder, affiliate, officer, employee of such party, or any of them, for breaches by any party hereto of any such obligations,
covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. Notwithstanding
the foregoing, the Lender shall not be deemed to have waived any legal rights which they may have and, to the extent of such rights, shall have recourse against any incorporator, affiliate, stockholder, officer, employee or director of the Borrowers
to the extent of any loss, cost or expense incurred in whole or in part from any such Person’s (i) willful misconduct, fraud, theft, misappropriation of funds or criminal acts, (ii) intentional interference with the Lender’s Lien
on the Collateral or rights with respect thereto, (iii) disposition of Collateral in violation of the terms of this Agreement, (iv) action in furtherance of an Insolvency Event with respect to any Borrower, (v) action in furtherance
of the consolidation of the Borrower’s assets with the assets of any other Person or (vi) action in furtherance of the dissolution or liquidation of any Borrower. 

Section 8.19 Intercreditor Agreement. The Lender acknowledges that the exercise of its rights
under this Agreement and the other Facility Documents are subject to the terms of the Intercreditor Agreement. 

Section 8.20 Amendment and Restatement. This Agreement amends and restates the Original Loan Agreement. This
Agreement is not intended to constitute a novation of the Original Loan Agreement. Upon the effectiveness of this Agreement, each reference to the Original Loan Agreement in any other document, instrument or agreement executed and/or delivered in
connection therewith shall mean and be a reference to this Agreement. 
 [Signature Pages to Follow] 

  
 52 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	
	OP SPE BORROWER PARENT, LLC,
as Parent Borrower

 
			
		
	By:	 	/s/ Michael S. Burnett

 
			
	Name:	 	Michael S. Burnett
	Title:	 	Chief Financial Officer

 
			
		
	By:	 	/s/ Benjamin Aronovitch

 
			
	Name:	 	Benjamin Aronovitch
	Title:	 	Chief Legal Officer
	
	OP SPE PHX1, LLC,
as a Borrower

 
			
		
	By:	 	/s/ Michael S. Burnett

 
			
	Name:	 	Michael S. Burnett
	Title:	 	Chief Financial Officer

 
			
		
	By:	 	/s/ Benjamin Aronovitch

 
			
	Name:	 	Benjamin Aronovitch
	Title:	 	Chief Legal Officer
	
	 OP SPE TPA1, LLC,
as a Borrower

			
		
	By:	 	/s/ Michael S. Burnett

 
			
	Name:	 	Michael S. Burnett
	Title:	 	Chief Financial Officer

 
			
		
	By:	 	/s/ Benjamin Aronovitch

 
			
	Name:	 	Benjamin Aronovitch
	Title:	 	Chief Legal Officer

  
 [Signature Page to
Amended and Restated Mezzanine Loan and Security Agreement] 

 
			
	LL PRIVATE LENDING FUND II, L.P.,
as the Lender
	By: LLPLF II GP, LLC, its General Partner
		
	By:	 	/s/ Paul A. Frick

 
			
	Name:	 	Paul A. Frick
	Title:	 	Vice President

  
 [Signature Page to
Amended and Restated Mezzanine Loan and Security Agreement]

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