Document:

Master Repurchase Agreement, dated as of August 30, 2005

 FINAL VERSION 
 $250,000,000 
 MASTER REPURCHASE AGREEMENT 
 Dated as of August 30, 2005 
 between 
 CBRE REALTY FINANCE HOLDINGS CDO FUNDING, LLC 
 as Seller, 
 and 
 DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH, 
 as Buyer 

 FINAL VERSION 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 1.
	  	APPLICABILITY	  	1
			
	 2.
	  	DEFINITIONS	  	1
			
	 3.
	  	INITIATION; CONFIRMATION; TERMINATION; FEES	  	14
			
	 4.
	  	MARGIN MAINTENANCE	  	20
			
	 5.
	  	INCOME PAYMENTS AND PRINCIPAL PAYMENTS	  	20
			
	 6.
	  	SECURITY INTEREST	  	22
			
	 7.
	  	PAYMENT, TRANSFER AND CUSTODY	  	23
			
	 8.
	  	SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED LOANS AND SECURITIES	  	28
			
	 9.
	  	[INTENTIONALLY OMITTED]	  	29
			
	 10.
	  	REPRESENTATIONS AND WARRANTIES	  	29
			
	 11.
	  	NEGATIVE COVENANTS OF SELLER	  	34
			
	 12.
	  	AFFIRMATIVE COVENANTS OF SELLER	  	35
			
	 13.
	  	SINGLE-PURPOSE ENTITY	  	38
			
	 14.
	  	EVENTS OF DEFAULT; REMEDIES	  	40
			
	 15.
	  	SINGLE AGREEMENT	  	45
			
	 16.
	  	RECORDING OF COMMUNICATIONS	  	46
			
	 17.
	  	NOTICES AND OTHER COMMUNICATIONS	  	46
			
	 18.
	  	ENTIRE AGREEMENT; SEVERABILITY	  	46
			
	 19.
	  	NON-ASSIGNABILITY	  	47
			
	 20.
	  	GOVERNING LAW	  	47
			
	 21.
	  	NO WAIVERS, ETC	  	47
			
	 22.
	  	USE OF EMPLOYEE PLAN ASSETS	  	47
			
	 23.
	  	INTENT	  	48
			
	 24.
	  	DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS	  	49
			
	 25.
	  	CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  	49
			
	 26.
	  	NO RELIANCE	  	50
			
	 27.
	  	INDEMNITY	  	50
			
	 28.
	  	DUE DILIGENCE	  	51
			
	 29.
	  	SERVICING	  	52
			
	 30.
	  	MISCELLANEOUS	  	53

 FINAL VERSION 
  

			
		  	ANNEXES AND EXHIBITS
	ANNEX I	  	 Names and Addresses for Communications between Parties

		
	EXHIBIT I	  	 Form of Confirmation

		
	EXHIBIT II	  	 Authorized Representatives of Seller

		
	EXHIBIT III	  	 Monthly Reporting Package

		
	EXHIBIT IV	  	 Form of Custodial Agreement

		
	EXHIBIT V	  	 Form of Power of Attorney

		
	EXHIBIT VI	  	 Representations and Warranties Regarding Individual Purchased Loans

		
	EXHIBIT VII	  	 Collateral Information

		
	EXHIBIT VIII	  	 Advance Procedure

		
	EXHIBIT IX	  	 Form of Redirection Letter

 MASTER REPURCHASE AGREEMENT, dated as of August 30, 2005, by and between CBRE REALTY FINANCE
HOLDINGS CDO FUNDING, LLC, a Delaware limited liability company (the “Seller”) and DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH, a branch of a German banking institution (the “Buyer”). 
 1. APPLICABILITY 
 From time to time the parties
hereto may enter into transactions in which the Seller agrees to transfer to the Buyer loans, interests in loans, securities or other assets (together, “Securities”) against the transfer of funds by Buyer, with a simultaneous
agreement by Buyer to transfer to Seller such Securities at a date certain or on demand, against the transfer of funds by Seller. Each such transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing,
shall be governed by this Agreement, including any supplemental terms or conditions contained in any exhibits identified herein as applicable hereunder. 
 2. DEFINITIONS 
 “Acceptable Attorney” means any attorney-at-law to which the Seller or the Custodian, as
applicable, has sent an Attorney Bailee Letter, except for an attorney whom the Buyer has notified the Custodian and the Seller is not reasonably satisfactory to the Buyer. 
 “Accepted Servicing Practices” shall mean with respect to any Purchased Loan, those mortgage servicing practices of prudent mortgage
lending institutions which service mortgage loans of the same type as such Purchased Loan in the jurisdiction where the related Mortgaged Property is located. 
 “Accelerated Repurchase Date” shall have the meaning specified in Section 14(a)(i) of this Agreement. 
 “Act of Insolvency” shall mean with respect to any party, (i) the commencement by such party as debtor of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation,
moratorium, dissolution, delinquency or similar law, or such party seeking the appointment or election of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property, or the convening of any
meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or election, (ii) the commencement of any such case or proceeding against such party, or another seeking such an appointment or election,
or the filing against a party of an application for a protective decree under the provisions of the Securities Investor Protection Act of 1970, which (A) is consented to or not timely contested by such party, (B) results in the entry of an
order for relief, such an appointment or election, the issuance of such a protective decree or the entry of an order having a similar effect, or (C) is not dismissed within 15 days, (iii) the making by such party of a general assignment
for the benefit of creditors, or (iv) the admission in writing by such party of such party’s inability to pay such party’s debts as they become due. 
 “Additional Purchased Securities” shall mean Securities provided by Seller to Buyer pursuant to Section 4(a) hereof. 
 Repurchase Agreement 
 $250MM Facility 

 FINAL VERSION 
  

 “Affiliate” shall mean, when used with respect to any specified Person, any other
Person directly or indirectly controlling, controlled by, or under common control with, such Person. Control shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise and “controlling” and “controlled” shall have meanings correlative thereto. 
 “Affiliate Repurchase Agreement” shall mean the Master Repurchase Agreement, dated as of August 30, 2005 by and between the Buyer
and CBRE Realty Finance TRS Warehouse Funding, LLC. 
 “Agreement” shall mean this Master Repurchase Agreement, dated as of
August 30, 2005, between CBRE Realty Finance Holdings CDO Funding, LLC and Deutsche Bank AG, Cayman Islands Branch, as such agreement may be modified or supplemented from time to time. 
 “Alternative Rate” shall have the meaning specified in Section 3(g) of this Agreement. 
 “Alternative Rate Transaction” shall mean, with respect to any Pricing Rate Period, any Transaction with respect to which the Pricing
Rate for such Pricing Rate Period is determined with reference to the Alternative Rate. 
 “Applicable Spread” shall mean,
with respect to any Transaction: 
 (i) so long as no Event of Default shall have occurred and be continuing, 125 basis points
(1.25%) per annum, and 
 (ii) after the occurrence and during the continuance of an Event of Default, the per annum rate
described in clause (i) of this definition, plus 400 basis points (4.0%). 
 “Attorney’s Bailee Letter” means a
letter from an Acceptable Attorney, in form and substance acceptable to the Buyer, wherein such Acceptable Attorney in possession of a Purchased Loan File (i) acknowledges receipt of such Purchased Loan File, (ii) confirms that such
Acceptable Attorney is holding the same as bailee of the Buyer under such letter and (iii) agrees that such Acceptable Attorney shall deliver such Purchased Loan File to the Custodian by not later than the third (3rd) Business Day
following the Purchase Date for the related Purchased Loan. 
 “Business Day” shall mean a day other than (i) a
Saturday or Sunday, or (ii) a day on which the New York Stock Exchange or banks in the State of New York or Illinois are authorized or obligated by law or executive order to be closed. 
 “Buyer” shall mean Deutsche Bank AG, Cayman Islands Branch, or any successor. 
 “Buyer’s Margin Amount” shall mean, with respect to any Transaction as of any date, the amount obtained by application of the
Buyer’s Margin Percentage to the Repurchase Price for such Transaction as of such date. 
  

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 “Buyer’s Margin Percentage” shall mean, with respect to any Transaction as of
any date, 153.8462% (i.e. the reciprocal of 65% or the percentage that when multiplied by 65% equals 1.00). 
 “Cash Management
Account” shall mean a segregated interest bearing account, in the name of Buyer, established at the Depository. 
 “Change
of Control” shall mean any of the following events shall have occurred without the prior approval of the Buyer: 
 (i) the Sponsor
shall failt to own, directly or indirectly, all of the ownership interest in Seller; or 
 (ii) any merger, reorganization or consolidation of
the Sponsor where the successor entity is not the Sponsor as of the date of this Agreement; or 
 (iii) all of Keith Gollenberg, Paul Martin
and Thomas Podgorski cease to be senior executives and devote at least a majority of their business time to matters relating to the management and operation of the Sponsor and the Seller. 
 “Collateral Information” shall mean, with respect to each Purchased Loan, the information set forth in Exhibit VII attached hereto.

 “Collection Period” shall mean with respect to the Remittance Date in any month, the period beginning on but excluding
the Cut-off Date in the month preceding the month in which such Remittance Date occurs and continuing to and including the Cut-off Date immediately preceding such Remittance Date. 
 “Confirmation” shall have the meaning specified in Section 3(b) of this Agreement. 
 “Custodial Agreement” shall mean the Custodial Agreement, dated as of August 30, 2005, by and among the Custodian, the Seller and
the Buyer. 
 “Custodial Delivery” shall mean the form executed by each Seller in order to deliver the Purchased Loan
Schedule and the Purchased Loan File to Buyer or its designee (including the Custodian) pursuant to Section 7, a form of which is attached hereto as Exhibit IV. 
 “Custodian” shall mean LaSalle Bank National Association, or any successor Custodian appointed by Buyer with the prior written consent of Seller (which consent shall not be unreasonably withheld or
delayed). 
 “Cut-off Date” shall mean the second Business Day preceding each Remittance Date. 
 “DBSI” shall mean Deutsche Bank Securities Inc. 
 “Default” shall mean any event which, with the giving of notice, the passage of time, or both, would constitute an Event of Default. 
  

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 “Deficit Cure Amount” shall mean, with respect to any Purchased Security or any
Purchased Loan as of any date, the amount (expressed in dollars) obtained by dividing (i) the Repurchase Price of such Purchased Security or Purchased Loan as of such date by (ii) the “Original Purchase Percentage.” 

“Depository” shall mean LaSalle Bank National Association, or any successor Depository appointed by Buyer with the prior written
consent of Seller (which consent shall not be unreasonably withheld or delayed). 
 “Diligence Materials” shall mean the
Preliminary Due Diligence Package together with the Supplemental Due Diligence List. 
 “Draft Appraisal” shall mean a short
form appraisal, “letter opinion of value,” or any other form of draft appraisal reasonably acceptable to Buyer. 
 “Early
Repurchase Date” shall have the meaning specified in Section 3(d) of this Agreement. 
 “Eligible Loans” shall
mean either of the following types of loans, which loans are acceptable to Buyer in its sole discretion and are secured directly or indirectly by a property that is a commercial or multifamily property (but excluding in all cases undeveloped land)
and is located in the United States of America, its territories or possessions: 
 (i) junior participation interests (or
junior notes) in performing whole mortgage loans secured by first liens on multifamily or commercial properties; and 
 (ii)
performing mezzanine loans secured by pledges of the equity ownership interests in entities that own multifamily or commercial properties. 
 “Eligible Securities” shall mean commercial mortgage backed securities that (a) have a rating of B- or higher from Standard & Poor’s Ratings Services, a Division of McGraw-Hill Companies, Inc. or Fitch,
Inc. and/or B3 or higher from Moody’s Investors Services, Inc. and (b) are otherwise acceptable to Buyer in its sole discretion. 
 “Equity” shall mean an amount equal to, with respect to each Purchased Loan or Purchased Security, the excess, if any, of (x) the Market Value of such Purchased Loan or Purchased Security over (y) the related
Repurchase Price. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time,
and the regulations promulgated thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and, as of the relevant date, any subsequent provisions of ERISA, amendatory thereof, supplemental thereto or
substituted therefor. 
 “ERISA Affiliate” shall mean any corporation or trade or business that is a member of any group of
organizations (i) described in Section 414(b) or (c) of the Code of which Seller is a member and (ii) solely for purposes of potential liability under Section 302(c)(11) of ERISA and Section 412(c)(11) of the Code and the lien created under Section
302(f) of ERISA and Section 412(n) of the Code, described in Section 414(m) or (o) of the Code of which Seller is a member. 
  

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 “Event of Default” shall have the meaning specified in Section 14 of this
Agreement. 
 “Exit Fee” shall mean the fee equal to 1.5% of the Purchase Price with respect to any Purchased Security or
Purchased Loan which is the subject of a Transaction which shall be due and payable pursuant to Section 3(f) of this Agreement. 
 “Extension Conditions” shall have the meaning specified in Section 3(e) of this Agreement. 
 “Facility Amount” shall mean $250,000,000. 
 “Federal Funds Rate” shall mean, for any day, the
weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day which is a Business Day, the average of the quotations for the day of such transactions received by the Buyer from three federal funds brokers of recognized standing selected by it. 
 “Filings” shall have the meaning specified in Section 6 of this Agreement. 
 “GAAP” shall mean United States generally accepted accounting principles consistently applied as in effect from time to time.

 “Governmental Authority” shall mean any national or federal government, any state, regional, local or other political
subdivision thereof with jurisdiction and any Person with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Guaranty” shall mean the Guaranty, dated as of the date hereof, from the Sponsor to the Buyer, of payment of the amounts due under this
Agreement to the Buyer in an amount equal to the lesser of (x) $20,000,000 and (y) $60,000,000 minus the Seller’s Equity, plus any costs of enforcement of such Guaranty. 
 “Hedging Transactions” shall mean, with respect to any or all of the Purchased Securities and/or Purchased Loans, any short sale of U.S.
Treasury Securities or mortgage-related securities, futures contract (including Eurodollar futures) or options contract or any interest rate swap, cap or collar agreement or similar arrangements providing for protection against fluctuations in
interest rates or the exchange of nominal interest obligations, either generally or under specific contingencies, entered into by Seller with Buyer or an Affiliate of Buyer or one or more other counterparties reasonably acceptable to the Buyer.

 “Income” shall mean, with respect to any Purchased Security or Purchased Loan at any time, the sum of (x) any
principal thereof and all interest, dividends or other distributions thereon and (y) all net sale proceeds received by Seller or any Affiliate of Seller in connection with a sale of such Purchased Security or Purchased Loan. 
  

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 “Indemnified Amounts” and “Indemnified Parties” shall have the
meaning specified in Section 27 of this Agreement. 
 “ISDA Master Agreement” shall mean any ISDA Master Agreement
(including respective schedules, annexes and confirmations) executed by the Seller and Buyer or an Affiliate of the Buyer in connection with a Hedging Transaction. 
 “LIBOR” shall mean the rate per annum calculated as set forth below: 
 (i)
On each Pricing Rate Determination Date, LIBOR for the next Pricing Rate Period will be the rate for deposits in United States dollars for a one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date; or

 (ii) On any Pricing Rate Determination Date on which no such rate appears on Telerate Page 3750 as described above, LIBOR
for the next Pricing Rate Period will be determined on the basis of the arithmetic mean of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on such date to prime banks
in the London interbank market for a one-month period. 
 All percentages resulting from any calculations or determinations referred to in this definition
will be rounded upwards, if necessary, to the nearest multiple of 1/100 of 1% and all U.S. dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent or more being rounding upwards).

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

					
		 	 LIBOR
	 	
		 	 1 – Reserve Requirement
	 	

 “LIBOR Transaction” shall mean, with respect to any Pricing Rate Period, any
Transaction with respect to which the Pricing Rate for such Pricing Rate Period is determined with reference to the LIBO Rate. 
 “Margin Deficit” shall have the meaning specified in Section 4(a) hereof. 
 “Margin Excess”
shall have the meaning specified in Section 4(a) hereof. 
 “Margin Notice Deadline” shall mean 11:00 a.m. (New York
City time). 
 “Market Value” shall mean, (A) with respect to any Purchased Loan, (1) as of the related Purchase
Date, the lesser of (x) the market value for such Purchased Loan on such date, as 

  

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determined by Buyer in its good faith business judgment and (y) the par amount of such Purchased Loan and (2) as of each date after the related
Purchase Date during the term of this Agreement, the market value for such Purchased Loan on such date (which may not exceed the par amount), as determined by Buyer in its good faith business judgment (and including, in each case, the value of any
Hedging Transactions pledged with such Purchased Loan where the Buyer, an Affiliate of the Buyer or other party acceptable to Buyer is the counterparty) and (B) with respect to any Purchased Security, (1) as of the related Purchase Date,
the market value for such Purchased Security on such date, as determined by Buyer in its good faith business judgment and (2) as of each date after the related Purchase Date during the term of this Agreement, the market value for such Purchased
Security on such date, as determined by Buyer in its good faith business judgment (and including, in each case, the value of any Hedging Transactions pledged with such Purchased Security where the Buyer, an Affiliate of the Buyer or other party
acceptable to Buyer is the counterparty). 
 “Mezzanine Note” shall mean a note or other evidence of indebtedness of the
owner or owners of all equity or ownership interests in an underlying real property owner secured by a pledge of such ownership interests. 
 “Master Netting Agreement” shall mean the Master Netting Agreement relating to this Agreement and certain Hedging Transactions as may be entered into between the Seller and the Buyer after the date hereof. 
 “Moody’s” shall mean Moody’s Investor Service, Inc. 
 “Mortgage” shall mean a mortgage, deed of trust, deed to secure debt or other instrument, creating a valid and enforceable first lien on
or a first priority ownership interest in an estate in fee simple or acceptable ground lease estate in real property and the improvements thereon, securing a mortgage note or similar evidence of indebtedness. 
 “Mortgage Note” shall mean a note or other evidence of indebtedness of a Mortgagor secured by a Mortgage. 
 “Mortgaged Property” shall mean the real property securing repayment of the debt evidenced by a Mortgage Note. 
 “Mortgagor” shall mean the obligor on a Mortgage Note and the grantor of the related Mortgage. 
 “Multiemployer Plan” shall mean a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been, or
were required to have been, made by Seller or any ERISA Affiliate and which is covered by Title IV of ERISA. 
 “New
Collateral” shall mean an Eligible Loan or Eligible Security that Seller proposes to be included as Collateral. 
 “Original
Purchase Percentage” shall mean, with respect to any Transaction as of any day, 65%. 
  

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 “Originated Collateral” shall mean any Collateral that is an Eligible Loan and whose
Purchased Loan Documents were prepared by Seller. 
 “Person” shall mean an individual, corporation, limited liability
company, business trust, partnership, joint tenant or tenant-in-common, trust, unincorporated organization, or other entity, or a federal, state or local government or any agency or political subdivision thereof. 
 “Plan” shall mean an employee benefit or other plan established or maintained by Seller or any ERISA Affiliate during the five year
period ended prior to the date of this Agreement or to which Seller or any ERISA Affiliate makes, is obligated to make or has, within the five year period ended prior to the date of this Agreement, been required to make contributions and that is
covered by Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code, other than a Multiemployer Plan. 
 “Portfolio Collateral” shall mean, collectively, the Portfolio Securities and the Purchased Loans. 
 “Portfolio Securities” shall mean, collectively, the Purchased Securities and the Related Securities. 
 “Pre-Existing Collateral” shall mean any Collateral that is an Eligible Loan and is not Originated Collateral. 
 “Preliminary Due Diligence Package” shall mean with respect to any New Collateral, a summary memorandum outlining the proposed transaction, including potential transaction benefits and all material underwriting risks, all
Underwriting Issues and all other characteristics of the proposed transaction that a reasonable buyer would consider material, together with the following due diligence information relating to the New Collateral to be provided by Seller to Buyer
pursuant to this Agreement: 
 With respect to each Eligible Loan: 
 (i) the Collateral Information; 
 (ii) current rent roll, if applicable; 
 (iii) cash flow pro-forma, plus historical
information, if available; 
 (iv) description of the Mortgaged Property and the ownership structure of the borrower and the
sponsor (including, without limitation, the board of directors, if applicable); 
 (v) indicative debt service coverage
ratios; 
 (vi) indicative loan-to-value ratio; 
 (vii) term sheet outlining the transaction generally; 
  

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 (viii) Seller’s relationship with the Mortgagor, if any; and 
 (ix) with respect to any New Collateral that is Pre-Existing Collateral, a list that specifically and expressly identifies any Purchased
Loan Documents that relate to such New Collateral but are not in Seller’s possession; and 
 (x) any exceptions to the
representations and warranties set forth in Exhibit VI to this Agreement. 
 With respect to each Eligible Security:

 (i) collateral summary books which include, to the extent provided to the Seller, the following: 
 (A) loan detail and asset description; 
 (B) map, photo; 
 (C) rent roll; 
 (D) operating information; 
 (E) appraisal, environmental, engineering summary; 
 (ii) loan data disk; 
 (iii) materials furnished to the Rating Agencies in connection with the issuance of the Eligible Securities, to the extent provided to
Seller; 
 (iv) Securitization Documents; 
 (v) remittance report for most recent period in Seller’s possession; 
 (vi) quarterly remittance reports in Seller’s possession; 
 (vii) accounting reports delivered with respect to the Eligible Security in Seller’s possession; and 
 (viii) legal opinions delivered with respect to the Eligible Security in Seller’s possession. 
 “Price Differential” shall mean, with respect to any Transaction as of any date, (a) the sum of the products obtained by
multiplying, for each day during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the date of determination (x) the Pricing Rate for such Transaction times (y) the Repurchase
Price for such Transaction (excluding Price Differential) times (z) 1/360 minus (b) the amount of such Price Differential previously paid by Seller to Buyer with respect to such Transaction. 
  

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 “Pricing Rate” shall mean, for any Pricing Rate Period, an annual rate equal to the
LIBO Rate for such Pricing Rate Period plus the relevant Applicable Spread for such Transaction and shall be subject to adjustment and/or conversion as provided in Sections 3(g) and 3(h) of this Agreement. 
 “Pricing Rate Determination Date” shall mean with respect to any Pricing Rate Period with respect to any Transaction, the second
(2nd) Business Day preceding the first day of such Pricing Rate Period. 
 “Pricing Rate Period” shall mean,
(a) in the case of the first Pricing Rate Period with respect to any Transaction, the period commencing on and including the Purchase Date for such Transaction and ending on and excluding the following Remittance Date, and (b) in the case
of any subsequent Pricing Rate Period, the period commencing on and including such Remittance Date and ending on and excluding the following Remittance Date; provided, however, that in no event shall any Pricing Rate Period end subsequent to the
Repurchase Date. 
 “Principal Payment” shall mean, with respect to any Purchased Loan or Purchased Security, any payment or
prepayment of principal received by the Depository in respect thereof. 
 “Purchase Date” shall mean the date on which
Purchased Loans or Purchased Securities are to be transferred by Seller to Buyer. 
 “Purchase Price” shall mean, with
respect to any Purchased Security or Purchased Loan, the price at which such Purchased Security or Purchased Loan is transferred by Seller to Buyer on the applicable Purchase Date, which shall be an amount (expressed in dollars) equal to the product
obtained by multiplying (i) the Market Value of such Purchased Security (or, if the Security proposed to be included in a Transaction is being or was acquired by the Seller from the Sponsor, the acquisition cost of the Sponsor in such Security,
if lower than the Market Value) or such Purchased Loan (or the par amount of such Purchased Loan, if lower than Market Value) by (ii) the “Original Purchase Percentage” for such Purchased Security or such Purchased Loan; provided,
that notwithstanding the foregoing, the Seller may request that the Purchase Price set forth in a Confirmation be determined by applying a percentage lower than the Original Purchase Percentage and, in such event, such lower percentage shall be
deemed the “Original Purchase Percentage” for purposes of the calculation of the Target Price but not for any other purpose under the Agreement. 
 “Purchased Loan File” shall mean the documents specified as the “Purchased Loan File” in Section 7(e), together with any additional documents and information required to be delivered to
Buyer or its designee (including the Custodian) pursuant to this Agreement. 
 “Purchased Loan Documents” shall mean, with
respect to a Purchased Loan, the documents comprising the Purchased Loan File for such Purchased Loan. 
 “Purchased Loans”
shall mean (i) with respect to any Transaction, the Eligible Loans sold by Seller to Buyer in such Transaction and (ii) with respect to the Transactions in general, all Eligible Loans sold by Seller to Buyer along with any additional
collateral delivered by Seller to Buyer pursuant to Section 4(a) of this Agreement. 
  

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 “Purchased Loan Schedule” shall mean a schedule of Purchased Loans attached to each
Trust Receipt and Custodial Delivery containing information substantially similar to the Collateral Information. 
 “Purchased
Securities” shall mean, (i) with respect to any Transaction, the Eligible Securities sold by Seller to Buyer in such Transaction, and (ii) with respect to the Transactions in general, all Eligible Securities sold by Seller to
Buyer along with any additional collateral delivered by Seller to Buyer pursuant to Section 4(a) of this Agreement. 
 “Rating
Agency” shall mean any of Fitch Inc., Moody’s Investors Service, Inc. and Standard & Poor’s, a division of the McGraw-Hill Companies. 
 “Reference Banks” shall mean banks each of which shall (i) be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market and (ii) have an
established place of business in London. Initially, the Reference Banks shall be JPMorgan Chase Bank, Barclays Bank, Plc and Deutsche Bank AG. If any such Reference Bank should be unwilling or unable to act as such or if the Buyer shall terminate
the appointment of any such Reference Bank or if any of the Reference Banks should be removed from the Reuters Monitor Money Rates Service or in any other way fail to meet the qualifications of a Reference Bank, the Buyer in the exercise of its good
faith business judgment may designate alternative banks meeting the criteria specified in clauses (i) and (ii) above. 
 “Related Securities” shall mean commercial mortgage backed securities (other than the Purchased Securities) issued as part of the same transaction as the transaction in which the Purchased Securities are issued and having a
lower rating than such Purchased Securities or having no rating. 
 “Relevant System” shall mean (a) The Depository
Trust Company in New York, New York, or (b) such other clearing organization or book-entry system as is designated in writing by the Buyer. 
 “Remittance Date” shall mean the fifteenth (15th) calendar day of each month, or the next succeeding Business Day, if such calendar day shall not be a Business Day, or such other day as is mutually agreed to by Seller
and Buyer. 
 “Replacement Collateral” shall have the meaning specified in Section 14(b)(ii) of this Agreement.

 “Repurchase Date” shall mean April     , 2006; provided, however, that if all of
the Extension Conditions described in Section 3(e) of this Agreement shall be timely satisfied, the Repurchase Date shall be extended for up to two additional three (3) month periods following the initial Repurchase Date or the first
extended Repurchase Date, as applicable. 
 “Repurchase Price” shall mean, with respect to any Purchased Securities or
Purchased Loans as of any date, the sum of the Purchase Price of such Purchased Securities or Purchased Loans and the Price Differential with respect to such Purchased Securities or Purchased Loans as of the date of such determination, minus,
without duplication, all Income and cash actually received by Buyer in respect of such Transaction pursuant to Sections 4(a) and 5 of this Agreement. 
  

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 “Requirement of Law” shall mean any law, treaty, rule, regulation, code, directive,
policy, order or requirement or determination of an arbitrator or a court or other governmental authority whether now or hereafter enacted or in effect. 
 “Reserve Requirement” shall mean, with respect to any Pricing Rate Period, the aggregate (without duplication) of the rates (expressed as a decimal fraction) of reserve requirements in effect during
such Pricing Rate Period (including, without limitation, basic, supplemental, marginal and emergency reserves under any regulations of the Board of Governors of the Federal Reserve System or other governmental authority having jurisdiction with
respect thereto) dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of such Board of Governors) maintained by the Buyer. 
 “Reset Date” shall mean, with respect to any Pricing Rate Period, the second Business Day preceding the first day of such Pricing Rate
Period with respect to any Transaction. 
 “Securities” shall have the meaning specified in Section 1. 
 “Securitization Document” shall mean, with respect to any Eligible Securities, any pooling and servicing agreement or other agreement
governing the issuance and administration of such Eligible Securities. 
 “Seller” shall mean CBRE Realty Finance Holdings
CDO Funding, LLC, a Delaware limited liability company. 
 “Seller’s Equity” shall mean an aggregate amount equal to
the sum of the Equity with respect to each Purchased Loan and Purchased Security and Supplemental Equity Collateral, which amount and its relationship to the Minimum Seller’s Equity Requirement (i.e. lower than on the one hand or equal to or
greater than on the other hand) shall determine the applicable “Original Purchase Percentage for each Transaction. 
 “Servicing
Agreement” shall have the meaning specified in Section 29(b). 
 “Servicing Records” shall have the meaning
specified in Section 29(b). 
 “Single-Purpose Entity” shall mean a Person, other than an individual, which is formed
or organized solely for the purpose of holding, directly and subject to this Agreement, the Portfolio Collateral, does not engage in any business unrelated to the Portfolio Collateral and the financing thereof, does not have any assets other than
the Portfolio Collateral and the financing thereof, or any indebtedness other than as permitted by this Agreement, has its own separate books and records and its own accounts, in each case which are separate and apart from the books and records and
accounts of any other Person, and holds itself out as being a Person, separate and apart from any other Person. 
  

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 “Sponsor” shall mean CBRE Realty Finance Inc., a Maryland corporation. 

“Supplemental Due Diligence List” shall mean, with respect to any New Collateral, information or deliveries concerning the New
Collateral that Buyer shall reasonably request in addition to the Preliminary Due Diligence Package. 
 “Survey” shall mean
a certified ALTA/ACSM (or applicable state standards for the state in which the Collateral is located) survey of a Mortgaged Property prepared by a registered independent surveyor or engineer and in form and content satisfactory to the Buyer and the
company issuing the Title Policy for such Property. 
 “Target Price” shall mean, with respect to any Purchased Securities
or Purchased Loans as of any date, the amount (expressed in dollars) obtained by multiplying (i) the Market Value of such Purchased Securities or Purchased Loans as of such date by (ii) the “Original Purchase Percentage” for such
Purchased Securities or such Purchased Loans. 
 “Telerate Page 3750” shall mean the display page currently so designated on
the Dow Jones Telerate Service (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 
 “Transaction” shall have the meaning specified in Section 1 of this Agreement. 
 “Transaction Conditions Precedent” shall have the meaning specified in Section 3(b) of this Agreement. 
 “Transaction Documents” shall mean, collectively, this Agreement, any applicable Annexes to this Agreement, the Guaranty, the Custodial Agreement, the Master Netting Agreement and all Confirmations executed pursuant to this
Agreement in connection with specific Transactions. 
 “Trustee” shall mean, with respect to any Eligible Securities, the
trustee under the Securitization Document applicable to such Eligible Securities. 
 “Trust Receipt” shall mean a trust
receipt issued by Custodian to Buyer confirming the Custodian’s possession of certain Purchased Loan Files which are the property of and held by Custodian for the benefit of the Buyer (or any other holder of such trust receipt) or a bailment
arrangement with counsel or other third party acceptable to Buyer in its sole discretion. 
 “UCC” shall have the meaning
specified in Section 6 of this Agreement. 
 “Underwriting Issues” shall mean, with respect to any Collateral as to
which Seller intends to request a Transaction, all material information that has come to Seller’s attention that, based on the making of reasonable inquiries and the exercise of reasonable care and diligence under the circumstances, would be
considered a materially “negative” factor (either separately or in the aggregate with other information), or a material defect in loan documentation or closing deliveries (such as any absence of any material Purchased Loan Document(s)), to
a reasonable institutional mortgage Buyer in determining whether to originate or acquire the Collateral in question. 
  

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 3. INITIATION; CONFIRMATION; TERMINATION; FEES 
 (a) Subject to the terms and conditions set forth in this Agreement (including, without limitation, the “Transaction Conditions Precedent”
specified in Section 3(b) of this Agreement), an agreement to enter into a Transaction shall be made in writing at the initiation of Seller as provided below; provided, however, that (i) the aggregate Repurchase Price
(excluding the Price Differential with respect to the Purchased Securities and Purchased Loans as of the date of determination) for all Transactions shall not exceed the Facility Amount and (ii) the Buyer shall not have any obligation to enter
into Transactions with the Seller after the nine month anniversary date of the date of the Agreement. Seller shall give Buyer written notice of each proposed Transaction and Buyer shall inform Seller of its determination with respect to any assets
proposed to be sold to Buyer by Seller solely in accordance with Exhibit VIII attached hereto. Buyer shall have the right to review all Eligible Loans and Eligible Securities proposed to be sold to Buyer in any Transaction and to conduct its own due
diligence investigation of such Eligible Loans and Eligible Securities as Buyer reasonably determines. Buyer shall be entitled to make a determination, in the exercise of its good faith business judgment, whether it will purchase any or all of the
Eligible Loans or Eligible Securities proposed to be sold to Buyer by Seller. 
 (b) Upon agreeing to enter into a Transaction hereunder,
provided each of the Transaction Conditions Precedent (as hereinafter defined) shall have been satisfied (or waived by Buyer), Buyer shall promptly deliver to Seller a written confirmation in the form of Exhibit I attached hereto of each Transaction
(a “Confirmation”). Such Confirmation shall describe the Purchased Securities (including CUSIP number, if any) and/or Purchased Loans, shall identify Buyer and Seller, and shall set forth: 
 (i) the Purchase Date; 
 (ii) the Purchase Price for such Purchased Securities and/or Purchased Loans; 
 (iii) the
Repurchase Date; 
 (iv) the Pricing Rate applicable to the Transaction (including the Applicable Spread); and 
 (v) any additional terms or conditions not inconsistent with this Agreement. 
 With respect to any Transaction, the Pricing Rate shall be determined initially on the Pricing Rate Determination Date applicable to the first Pricing Rate Period for
such Transaction, and shall be reset on each Reset Date for the next succeeding Pricing Rate Period for such Transaction. Buyer or its agent shall determine in accordance with the terms of this Agreement the Pricing Rate on each Pricing Rate
Determination Date for the related Pricing Rate Period and notify Seller of such rate for such period on the Reset Date. For purposes of this Section 3(b), 

  

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the “Transaction Conditions Precedent” shall be deemed to have been satisfied with respect to any proposed Transaction if: 
  

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

  

	 	(B)	Seller shall have certified to Buyer in writing the acquisition cost of such Securities (including therein reasonable supporting documentation required by the Buyer, if any);

  

	 	(C)	the representations and warranties made by Seller in any of the Transaction Documents shall be true and correct in all material respects as of the Purchase Date for such Transaction
(except to the extent such representations and warranties are made as of a particular date); 

  

	 	(D)	Buyer shall have (I) determined, in accordance with the applicable provisions of Section 3(a) of this Agreement, that the assets proposed to be sold to Buyer by Seller in
such Transaction are Eligible Securities and/or Eligible Loans and (II) obtained internal credit approval for the inclusion of such Eligible Loan as a Purchased Loan in a Transaction; and 

  

	 	(E)	with respect to any proposed Transaction for Purchased Securities which are rated “B+ “ (or the equivalent) or lower or are not rated, in the event an Affiliate of the
Sellers owns the Related Securities (it being understood that for purposes of this provision, Related Securities shall include (a) the securities issued in a “real estate mortgage investment conduit” transaction which have no rating
and (b) if such unrated securities do not entitle the holder thereof to control the selection of the special servicer for the mortgage loans underlying such Purchased Securities, the securities which have a rating and entitle the holder thereof
to control the selection of the special servicer for the mortgage loans underlying such Purchased Securities), the Seller shall have 

 (x) (i) caused ownership of the Related Securities to be transferred to the Seller simultaneous with or prior to the purchase of the Purchased Securities by Buyer and (ii) delivered to the Buyer a power of attorney, bond power and
any other documentation reasonably required by the Buyer sufficient to permit the Buyer upon the occurrence and during the continuance of an Event of Default (other than with respect to Buyer) to register the transfer of the Related Securities from
the Seller to Buyer or its designee, or 
  

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 (y) delivered to the Buyer an agreement satisfactory to Buyer irrevocably conveying and transferring
to Buyer the right to control the selection of the special servicer for the related mortgage loans if an Event of Default (other than with respect to Buyer) occurs and is continuing under the Agreement. 
 (c) Each Confirmation, together with this Agreement, shall be conclusive evidence of the terms of the Transaction(s) covered thereby unless specific
objection is made no more than three (3) Business Days after the date thereof. In the event of any conflict between the terms of such Confirmation and the terms of this Agreement, the Confirmation shall prevail. An objection sent by Seller with
respect to any Confirmation must state specifically that the writing is an objection, must specify the provision(s) of such Confirmation being objected to by Seller, must set forth such provision(s) in the manner that Seller believes such provisions
should be stated, and must be received by Buyer no more than three (3) Business Days after such Confirmation is received by Seller. 
 (d) No Transaction shall be terminable on demand by Buyer (other than upon the occurrence and during the continuance of an Event of Default (other than with respect to Buyer)). Seller shall be entitled to terminate a Transaction on demand
and repurchase all of the Purchased Securities and/or Purchased Loans subject to a Transaction in whole or in part on any Business Day prior to the Repurchase Date (an “Early Repurchase Date”); provided, however, that:

  

	 	(i)	Seller notifies Buyer in writing of its intent to terminate such Transaction and repurchase such Purchased Securities and/or Purchased Loans no later than five (5) Business
Days prior to such Early Repurchase Date, 

  

	 	(ii)	on such Early Repurchase Date Seller pays to Buyer an amount equal to the sum of the Repurchase Price for such Transaction, the Exit Fee, if any, with respect to each Purchased
Security and/or Purchased Loan subject to such Transaction and any other amounts payable under this Agreement (including, without limitation, Section 3(i) of this Agreement) with respect to such Transaction against transfer to the Seller or its
agent of such Purchased Securities and/or Purchased Loans, and 

  

	 	(iii)	on such Early Repurchase Date, in addition, but after giving effect to the amounts set forth in subclause (ii) above, Seller pays to Buyer, on account of each Purchased
Security or Purchased Loan, an amount sufficient to reduce the Repurchase Price for each Purchased Security and each Purchased Loan to the Target Price for each such Purchased Security and Purchased Loan. 

 Such notice shall set forth the Early Repurchase Date and shall identify with particularity the Purchased Securities and/or Purchased Loans to be repurchased on such
Early Repurchase Date. 
  

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 (e) On the Repurchase Date, termination of the Transactions will be effected by transfer to Seller or
its agent of the Purchased Securities and Purchased Loans and any Income in respect thereof received by Buyer (and not previously credited or transferred to, or applied to the obligations of, Seller pursuant to Section 5 of this Agreement)
against the simultaneous transfer of the Repurchase Price to an account of Buyer. Notwithstanding the foregoing, provided all of the Extension Conditions (as hereinafter defined) shall have been satisfied, the Repurchase Date shall be extended up to
two times with respect to all of the Transactions until the date three months after the originally scheduled Repurchase Date or the first extended Repurchase Date, as applicable (all of the other terms and conditions of such Transactions remaining
the same). For purposes of the preceding sentence, the “Extension Conditions” shall be deemed to have been satisfied if: 
  

	 	(i)	Seller shall have given Buyer written notice, not less than thirty (30) days prior to the originally scheduled Repurchase Date, of Seller’s desire to extend the Repurchase
Date; 

  

	 	(ii)	no Default or Event of Default under this Agreement shall have occurred and be continuing as of the originally scheduled Repurchase Date, and 

  

	 	(iii)	with respect to the second extension of the Repurchase Date only, Seller shall have paid Buyer an extension fee in an amount equal to one-quarter of one percent (0.25%) of the
aggregate outstanding Repurchase Price of all Transactions as of the date three months after the originally scheduled Repurchase Date. 

 (f) Seller shall pay to Buyer the Exit Fee with respect to any Purchased Loan or Purchased Security if the related Transaction is terminated for any reason prior to the Repurchase Date agreed upon by Buyer and Seller;
provided, that the Exit Fee shall be deemed waived by Buyer if the reason for the termination is any of 
 (1)
principal payments (either prepayments or repayments) received on the Purchased Loan or Purchased Security, or 
 (2) the
related Purchased Loan or Purchased Security is included contemporaneously in a securitization transaction where DBSI is sole lead manager (or co-lead manager, provided the economics to DBSI are as outlined in an engagement letter for a
collateralized debt obligation securitization transaction mutually acceptable to DBSI and the Sponsor) and sole bookrunner, or 
 (3) the occurrence of an Early Repurchase Date with respect to a Purchased Loan or Purchased Security that has been the subject of a Margin Deficit where the related Market Value has decreased by more than 25% from such Market Value as of
the related Purchase Date or 
  

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 (4) the occurrence of an event set forth in (x) Section 3(j) or
(k) below which results in an increased cost to Seller for the continuance of the related Transaction or (y) Section 7(f). 
 (g) If prior to the first day of any Pricing Rate Period with respect to any Transaction, (i) Buyer shall have determined in the exercise of its reasonable business judgment (which determination shall be conclusive and binding upon
Seller) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the LIBO Rate for such Pricing Rate Period, or (ii) the LIBO Rate determined or to be determined for such
Pricing Rate Period will not adequately and fairly reflect the cost to Buyer (as reasonably determined and certified by Buyer) of making or maintaining Transactions during such Pricing Rate Period, Buyer shall give telecopy or telephonic notice
thereof to Seller as soon as practicable thereafter. If such notice is given, the Pricing Rate with respect to such Transaction for such Pricing Rate Period, and for any subsequent Pricing Rate Periods until such notice has been withdrawn by Buyer,
shall be a per annum rate equal to the Federal Funds Rate plus 125 basis points (1.25%) (the “Alternative Rate”). 
 (h) Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for Buyer to effect Transactions as contemplated by the
Transaction Documents, (a) the commitment of Buyer hereunder to enter into new Transactions and to continue Transactions as such shall forthwith be canceled, and (b) the Transactions then outstanding shall be converted automatically to
Alternative Rate Transactions on the last day of the then current Pricing Rate Period or within such earlier period as may be required by law. 
 (i) Upon demand by Buyer, Seller shall indemnify Buyer and hold Buyer harmless from any net loss or expense (not to include any lost profit or opportunity) (including, without limitation, reasonable and documented attorneys’ fees and
disbursements) which Buyer may sustain or incur as a consequence of (i) default by the Seller in terminating any Transaction after the Seller has given a notice in accordance with Section 3(d) of a termination of a Transaction,
(ii) any payment of the Repurchase Price on any day other than a Remittance Date (including, without limitation, any such reasonable loss or expense arising from the reemployment of funds obtained by Buyer to maintain Transactions hereunder or
from fees payable to terminate the deposits from which such funds were obtained) or (iii) a default by Seller in selling Eligible Loans or Eligible Securities to Buyer hereunder after Seller has notified Buyer of a proposed Transaction and
Buyer has agreed to purchase such Eligible Loans or Eligible Securities in accordance with the provisions of this Agreement. A certificate as to such costs, losses, damages and expenses, setting forth the calculations therefor shall be submitted
promptly by Buyer to Seller and shall be prima facie evidence of the information set forth therein. 
 (j) If the adoption of or any change
in any Requirement of Law or in the interpretation or application thereof by any Governmental Authority or compliance by Buyer with any request or directive (whether or not having the force of law) from any central bank or other Governmental
Authority having jurisdiction over Buyer made subsequent to the date hereof: 
  

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	 	(i)	shall subject Buyer to any tax of any kind whatsoever with respect to the Transaction Documents, any Purchased Security or Purchased Loan or any Transaction, or change the basis of
taxation of payments to Buyer in respect thereof (except for income taxes and any changes in the rate of tax on Buyer’s overall net income); 

  

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

  

	 	(iii)	shall impose on Buyer any other condition; 

 and the result of any of the
foregoing is to increase the cost to Buyer, by an amount which Buyer deems, in the exercise of its reasonable business judgment, to be material, of entering into, continuing or maintaining Transactions or to reduce any amount receivable under the
Transaction Documents in respect thereof; then, in any such case, Seller shall promptly pay Buyer, upon its demand, any additional amounts necessary to compensate Buyer for such increased cost or reduced amount receivable. If Buyer becomes entitled
to claim any additional amounts pursuant to this Section 3(j), it shall, within ten (10) Business Days of such event, notify Seller of the event by reason of which it has become so entitled. Such notification as to the calculation of any
additional amounts payable pursuant to this subsection shall be submitted by Buyer to Seller and shall be prima facie evidence of such additional amounts. This obligation of the Seller shall survive the termination of this Agreement and the
repurchase by Seller of any or all of the Purchased Securities and Purchased Loans. 
 (k) If Buyer shall have determined that the adoption
of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by Buyer or any corporation controlling Buyer with any request or directive regarding capital adequacy (whether or
not having the force of law) from any Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on Buyer’s or such corporation’s capital as a consequence of its obligations
hereunder to a level below that which Buyer or such corporation could have achieved but for such adoption, change or compliance (taking into consideration Buyer’s or such corporation’s policies with respect to capital adequacy) by an
amount deemed by Buyer, in the exercise of its reasonable business judgment, to be material, then from time to time, after submission by Buyer to Seller of a written request therefor, Seller shall pay to Buyer such additional amounts as will
compensate Buyer for such reduction. Such notification as to the calculation of any additional amounts payable pursuant to this subsection shall be submitted by Buyer to Seller and shall be prima facie evidence of such additional amounts. This
obligation of the Seller shall survive the termination of this Agreement and the repurchase by Seller of any or all of the Purchased Securities and Purchased Loans. 
  

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 4. MARGIN MAINTENANCE 
 (a) If at any time, the Market Value of any of the Purchased Securities or any of the Purchased Loans shall be less than the Buyer’s Margin Amount for such Purchased Securities or Purchased Loans, respectively (a
“Margin Deficit”), by greater than $250,000, when calculated on an aggregate basis with any other Purchased Securities or Purchased Loans, then Buyer may by notice to Seller require Seller to transfer to Buyer, not later than the
Business Day after such notice is given, cash or additional collateral acceptable to Buyer in its sole and absolute discretion, so that the Market Value of each of the Purchased Securities or Purchased Loans shall equal or exceed the Deficit Cure
Amount (taking into account the application of such cash or additional collateral to be delivered in reduction of the Repurchase Price) for such Purchased Securities or Purchased Loans, respectively, as of the same date. 
 (b) If at any time, Target Price for any Purchased Security or Purchased Loan (as applied to the related Transaction) shall be greater than the
Repurchase Price for such Purchased Security or Purchased Loan, respectively (a “Margin Excess”), then Seller may by notice to Buyer require Buyer to transfer to Seller cash in an amount (expressed in dollars) up to the Margin Excess;
provided, that any such transfer of cash (1) shall be subject to the restriction that, when calculated on an aggregate basis with other Purchased Securities and Purchased Loans, there may be no Margin Deficit either created or increased as the
result of such transfer of cash, (2) shall not be in any amount less than $500,000 and (3) shall be evidenced by amended and restated Confirmations and any other documentation as reasonably required. 
 (c) If any notice is given by Buyer under Paragraph 4(a) of this Agreement on any Business Day, the Seller shall transfer cash or additional collateral
as provided in Paragraph 4(a) by no later than the next Business Day after the giving of such notice. Notice required pursuant to Section 4(a) of this Agreement may be given by any means permitted under Section 17 of this Agreement. The
failure of Buyer, on any one or more occasions, to exercise its rights under Section 4(a) of this Agreement shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later
date. Buyer and Seller agree that any failure or delay by Buyer to exercise its rights under Section 4(a) of this Agreement shall not limit such party’s rights under this Agreement or otherwise existing by law or in any way create
additional rights for such party. 
 (d) Any cash transferred to Buyer pursuant to Section 4(a) of this Agreement with respect to any
Purchased Securities or any Purchased Loans shall be attributed to such Purchased Security or Purchased Loan, respectively, for which there was a Margin Deficit. 
 5. INCOME PAYMENTS AND PRINCIPAL PAYMENTS 
 (a) The Cash Management Account shall be established at the Depository
concurrently with the execution and delivery of this Agreement by Seller and Buyer. Buyer shall have sole dominion and control over the Cash Management Account. All Income in respect of the Portfolio Collateral and any payments in respect of
associated Hedging Transactions, as well as any interest received from the reinvestment of such Income, shall be deposited directly into the Cash Management Account and shall be remitted by the Depository in accordance with the applicable provisions
of Sections 5(b), 5(c), 5(d), 5(e), and 14(a)(i) of this Agreement. 
  

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 (b) With respect to Purchased Loans, Seller shall deliver to each Mortgagor, issuer of a
participation or borrower under a Purchased Loan an irrevocable direction letter in the form attached as Exhibit IX to this Agreement instructing the Mortgagor, issuer of a participation or borrower to pay all amounts payable under the related
Purchased Loan to the Cash Management Account and shall provide to Buyer proof of such delivery. If a Mortgagor, issuer of a participation or borrower forwards any Income with respect to a Purchased Loan to Seller rather than directly to the Cash
Management Account, Seller shall (i) deliver an additional irrevocable direction letter to the applicable Mortgagor, issuer of a participation or borrower and make other commercially reasonable efforts to cause such Mortgagor, issuer of a
participation or borrower to forward such amounts directly to the Cash Management Account and (ii) deposit in the Cash Management Account any such amounts by not later than the Business Day after receipt thereof. 
 (c) So long as no Event of Default (other than with respect to Buyer) with respect to any Purchased Security or Purchased Loan shall have occurred and be
continuing, all Income (other than Principal Payments and net sale proceeds) received by the Depository in respect of the Portfolio Collateral and the associated Hedging Transactions during each Collection Period shall be applied by the Depository
on the related Remittance Date as follows: 
  

	 	(i)	first, to remit to Buyer an amount equal to the Price Differential which has accrued and is outstanding as of such Remittance Date; and 

  

	 	(ii)	second, to remit to Seller the remainder, if any. 

 (d) So long as no Event of Default (other than with respect to Buyer) with respect to any Purchased Security or Purchased Loan shall have occurred, any Income received by the Depository constituting Principal Payments and any net sale
proceeds in excess of the related Repurchase Price in respect of any Portfolio Collateral during each Collection Period shall be applied by the Depository on the related Remittance Date in the following order of priority: 
  

	 	(i)	first, to make a payment to Buyer in reduction of the Repurchase Price of the Purchased Securities or Purchased Loans in respect of which such Principal Payment has been
received, until the Repurchase Price for such Purchased Securities or Purchased Loans has been reduced to the Target Price for such Purchased Securities or Purchased Loans, respectively as of the date of such payment (as determined by Buyer after
giving effect to such Principal Payment); 

  

	 	(ii)	second, to make a payment on account of the Repurchase Price of any other Purchased Securities or Purchased Loans as to which the Repurchase Price exceeds the Target Price
(for this purpose, making such payment in the order of those Purchased Securities or Purchased Loans with the largest to smallest excess of Repurchase Price over Target Price), until the aggregate Repurchase Price for all of such Purchased
Securities or Purchased Loans has been reduced to the aggregate Target Price for all of the Purchased Securities or Purchased Loans, respectively as of the date of such payment (as determined by Buyer after giving effect to such Principal Payment
and application of net sale proceeds); and 

  

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	 	(iii)	third, to remit to Seller the remainder of such Principal Payment or net sale proceeds. 

 (e) If an Event of Default (other than with respect to Buyer) shall have occurred and be continuing, all Income received by the Depository in respect of
the Portfolio Collateral and the associated Hedging Transactions shall be applied by the Depository on the Business Day next following the Business Day on which such funds are deposited in the Cash Management Account as follows: 
  

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

  

	 	(ii)	second, to make a payment to Buyer on account of the Repurchase Price of the Purchased Securities and Purchased Loans until the Repurchase Price for all of the Purchased
Securities and all of the Purchased Loans has been reduced to zero; and 

  

	 	(iii)	third, to remit to Seller the remainder. 

 6. SECURITY INTEREST

 The Buyer and Seller intend that all Transactions hereunder be sales to the Buyer of the Purchased Securities and Purchased Loans and
not loans from the Buyer to Seller secured by the Purchased Securities and Purchased Loans. However, in the event any such Transaction is deemed to be a loan, Seller hereby pledges all of its right, title, and interest in, to and under and grants a
first priority lien on, and security interest in, all of the following property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located (collectively, the “Collateral”) to the Buyer to secure the
payment and performance of all other amounts or obligations owing to the Buyer pursuant to this Agreement and the related documents described herein: 
 (a) the Purchased Securities and all “securities accounts” (as defined in Section 8-501(a) of the UCC) to which any or all of the Purchased Securities are credited; 
 (b) the Purchased Loans, Servicing Agreements, Servicing Records, insurance relating to the Purchased Loans, and collection and escrow accounts relating
to the Purchased Loans; 
 (c) the Hedging Transactions entered into pursuant to this Agreement; 
 (d) the Cash Management Account and all monies from time to time on deposit in the Cash Management Account; 
 (e) all “general intangibles”, “accounts” and “chattel paper” as defined in the UCC relating to or constituting any and all
of the foregoing; and 
  

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 (f) all replacements, substitutions or distributions on or proceeds, payments, income and profits of,
and records (but excluding any financial models or other proprietary information) and files relating to any and all of any of the foregoing. 
 The Buyer’s security interest in the Collateral shall terminate only upon termination of the Seller’s obligations under this Agreement and the documents delivered in connection herewith and therewith. Upon such termination, the
Buyer will be deemed to automatically release its interest in the Portfolio Collateral, without representation or warranty, and the Buyer shall deliver to Seller such UCC termination statements, assignments, bills of sale and other release documents
and instruments as the Seller may reasonably request and to return the Portfolio Collateral to Seller. For purposes of the grant of the security interest pursuant to Section 6 of this Agreement, this Agreement shall be deemed to constitute a
security agreement under the New York Uniform Commercial Code (the “UCC”). Buyer shall have all of the rights and may exercise all of the remedies of a secured creditor under the UCC and the other laws of the State of New York. In
furtherance of the foregoing, (a) Seller, at its sole cost and expense, shall cause to be filed in such locations as may be necessary to perfect and maintain perfection and priority of the security interest granted hereby, UCC financing
statements and continuation statements (collectively, the “Filings”), and shall forward copies of such Filings to Buyer upon completion thereof, and (b) Seller shall from time to time take such further actions as may be
reasonably requested by Buyer to maintain and continue the perfection and priority of the security interest granted hereby (including marking its records and files to evidence the interests granted to Buyer hereunder). 
 7. PAYMENT, TRANSFER AND CUSTODY 
 (a) On the Purchase
Date for each Transaction, ownership of the Portfolio Securities and/or Purchased Loans shall be transferred to Buyer or its designee (including the Custodian) against the simultaneous transfer of the Purchase Price to an account of Seller specified
in the Confirmation relating to such Transaction. 
 (b) On or prior to the applicable Purchase Date, the Seller shall deliver the related
Portfolio Securities re-registered in the name of the Buyer or other designee of the Buyer in accordance with the Custodial Agreement and the Buyer or its other designee shall have all rights of conversions, exchange, subscription and any other
rights, privileges and options pertaining to such Portfolio Securities as the owner thereof, and in connection therewith, the right to deposit and deliver any and all of the Portfolio Securities with any committee, depositary transfer, agent,
register or other designated agency upon such terms and conditions as the Buyer may determine. The Portfolio Securities shall be held by the Buyer or its designee, as exclusive bailee and agent for the Buyer, either directly or through the
facilities of a Relevant System, as “securities intermediary” (as defined in Section 8-102(a)(14) of the UCC and 31 C.F.R. Section 357.2) and credited to the “securities account” (as defined in Section 8-501(a) of
the UCC) of the Buyer. The Buyer, as “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC) with respect to the Portfolio Securities, shall be entitled to receive all cash dividends and distributions paid in respect
thereof. Any such dividends or distributions with respect to the Portfolio Securities received by the Seller shall be promptly remitted to the Cash Management Account. 
  

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 (c) With respect to Portfolio Securities that shall be delivered or held in uncertificated form and
the ownership of which is registered on books maintained by the issuer thereof or its transfer agent, the Seller shall cause the registration of such security or other item of investment property in the name of Buyer or its designee and at the
request of the Buyer, shall take such other and further steps, and shall execute and deliver such documents or instruments necessary in the reasonable opinion of the Buyer, to effect a legally valid transfer to Buyer hereunder. With respect to
Portfolio Securities that shall be delivered or held in definitive, certificated form, the Seller shall deliver to the Buyer or its designee (which shall be the Custodian initially) the original of the relevant certificate registered in the name of
the Buyer or its designee. Unless otherwise instructed by Buyer, any delivery of a security or other item of investment property in definitive, certificated form shall be made to the Custodian. With respect to Portfolio Securities that shall be
delivered through a Relevant System in book entry form and credited to or otherwise held in a securities account, the Seller shall take such actions necessary to provide instruction to the relevant financial institution or other entity, which
instruction shall be sufficient if complied with to register the transfer of Portfolio Securities from Seller to Buyer or its designee. In connection with any account to which the Portfolio Securities are credited or otherwise held, the Seller shall
execute and deliver such other and further documents or instruments necessary, in the reasonable opinion of the Buyer, to effect a legally valid transfer to Buyer hereunder. Any account to which the Portfolio Securities are credited or otherwise
held shall be designated in accordance with the Custodial Agreement or such variation thereon as the Buyer may direct. Any delivery of a Portfolio Security in accordance with this paragraph, or any other method acceptable to the Buyer, shall be
sufficient to cause the Buyer to be the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC) with respect to the Portfolio Securities and, if the Transaction is recharacterized as a secured financing, to have a
perfected first priority security interest therein. No Portfolio Securities, whether certificated or uncertificated, shall remain in the name, or possession, of Seller or any of its agents or in any securities account in the name of Seller or any of
its agents. 
 (d) Except to the extent waived by Buyer in its sole discretion, as a condition to Buyer’s purchase of any Securities or
Purchased Loans, as applicable, Seller shall deliver to Buyer on or prior to the Purchase Date: 
 With respect to each
Security: 
  

	 	(i)	copies of the executed Securitization Document governing such Securities, and the offering documents related to such Securities, each certified by the Seller as a true, correct and
complete copy of the original document delivered to the Seller, and any ancillary documents required to be delivered to holders of the Securities under such Securitization Document; 

  

	 	(ii)	one or more officer’s certificates with respect to the completeness of the documents delivered and one or more opinions of counsel as may be reasonably requested by Buyer,

  

	 	(iii)	an instruction letter from the Seller to the Trustee under such Securitization Document, instructing the Trustee to remit all sums required to be remitted to the holder of such
Securities under such Securitization Document to the Depository or as otherwise directed in a written notice signed by Seller and Buyer, 

  

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	 	(iv)	copies of all distribution statements, if any, delivered to the Seller pursuant to such Securitization Document during the three-month period immediately preceding such Purchase
Date, and 

  

	 	(v)	any other documents or instruments necessary in the reasonable opinion of the Buyer to consummate the sale of such Securities to the Buyer or, if such Transaction is recharacterized
as a secured financing, to create and perfect in favor of Buyer a valid perfected first priority security interest in such Securities. 

 (e) On or before each Purchase Date, Seller shall deliver or cause to be delivered to Buyer or its designee the Custodial Delivery in the form attached hereto as Exhibit IV; provided, that notwithstanding the
foregoing, upon request of the Seller, the Buyer in its sole discretion may elect to permit the Seller to make such delivery by not later than the third (3rd) Business Day after the related Purchase Date, so long as the Seller causes an Acceptable Attorney to deliver to the Buyer and the Custodian an Attorney’s Bailee Letter on or prior to such
Purchase Date. In connection with each sale, transfer, conveyance and assignment of a Purchased Loan, on or prior to each Purchase Date with respect to such Purchased Loan, the Seller shall deliver or cause to be delivered and released to the
Custodian the following original documents (collectively, the “Purchased Loan File”), pertaining to each of the Purchased Loans identified in the Custodial Delivery delivered therewith: 
 With respect to each Purchased Loan which is a mezzanine loan secured by a pledge of the direct or indirect equity ownership interest of Seller in an
entity that owns a multifamily or commercial property: 
  

	 	(i)	The original Mezzanine Note signed in connection with the Purchased Loan bearing all intervening endorsements, endorsed “Pay to the order of
             without recourse” and signed in the name of the last endorsee (the “Last Endorsee”) by an authorized Person (in the event that the Mezzanine Note was
acquired by the Last Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by merger to [name of predecessor]”; in the event that the Purchased Loan was acquired or originated by the Last Endorsee
while doing business under another name, the signature must be in the following form: “[Last Endorsee], formerly known as [previous name]”); 

  

	 	(ii)	The original of the loan agreement and the guarantee, if any, executed in connection with the Purchased Loan; 

  

	 	(iii)	The original intercreditor or loan coordination agreement, if any, executed in connection with the Purchased Loan; 

  

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	 	(iv)	The original security agreement executed in connection with the Purchased Loan; 

  

	 	(v)	Copies of all documents relating to the formation and organization of the borrower of such Purchased Loan, together with all consents and resolutions delivered in connection with
such borrower’s obtaining the Purchased Loan; 

  

	 	(vi)	All other documents and instruments evidencing, guaranteeing, insuring or otherwise constituting or modifying or otherwise affecting such Purchased Loan, or otherwise executed or
delivered in connection with, or otherwise relating to, such Purchased Loan, including all documents establishing or implementing any lockbox pursuant to which Seller is entitled to receive any payments from cash flow of the underlying real
property; 

  

	 	(vii)	The assignment of Purchased Loan sufficient to transfer to Buyer all of Seller’s rights, title and interest in and to the Purchased Loan; 

  

	 	(viii)	A copy of the borrower’s opinion of counsel (if any); 

  

	 	(ix)	A copy of the UCC financing statements, certified as true and correct by the Seller, and all necessary UCC continuation statements with evidence of filing thereon or copies thereof
certified by the Seller to have been sent for filing, and UCC assignments executed by the Seller in blank, which UCC assignments shall be in form and substance acceptable for filing; 

  

	 	(x)	The original certificates representing the pledged equity interests (if any); 

  

	 	(xi)	Stock powers relating to each pledged equity interest, executed in blank, if an original stock certificate is provided; 

  

	 	(xii)	Assignment of any management agreements, agreements among equity interest holders or other material contracts; and 

  

	 	(xiii)	If no original stock certificate is provided, evidence (which may be a certificate of an Authorized Representative of Seller confirming such circumstances) that the pledged
ownership interests have been transferred to, or otherwise made subject to a first priority security interest in favor of, the Seller. 

 With respect to each Purchased Loan which is a junior participation interest (including a junior or “B” note) in a commercial mortgage loan secured by a first lien on a multifamily or commercial property:

  

	 	(i)	the original or a copy of all of the documents described above with respect to a Purchased Loan secured by a Mortgage; 

  

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	 	(ii)	the original of any participation agreement, intercreditor agreement and/or servicing agreement executed in connection with the Purchased Loan; and 

  

	 	(iii)	the assignment of Purchased Loan sufficient to transfer to Buyer all of Seller’s rights, title and interest in and to the Purchased Loan. 

 With respect to each Purchased Loan which is a participation interest in a mezzanine loan secured by a pledge of the entire equity interest in an entity
that owns a commercial property: 
  

	 	(i)	Copies of all of the applicable documents described above with respect to a Purchased Loan which is such a mezzanine loan; 

  

	 	(ii)	The original participation certificate, if any, together with the original of any participation agreement, inter-lender agreement and/or servicing agreement executed in connection
with the Purchased Loan; and 

  

	 	(iii)	The assignment of Purchased Loan in blank sufficient to transfer to Buyer all of Seller’s rights, title and interest in and to the Purchased Loan. 

 In addition, with respect to each Purchased Loan, the Seller shall deliver an instruction letter in the form of Exhibit IX hereto from the Seller to
either the Mortgagor or the borrower under such Purchased Loan or the servicer with respect to such Purchased Loan, instructing the Mortgagor, the borrower or the servicer, as applicable, to remit all sums required to be remitted to the holder of
such Purchased Loan under the loan documents to the Depository for deposit in the Cash Management Account or as otherwise directed in a written notice signed by Seller and Buyer. 
 From time to time, Seller shall forward to the Custodian additional original documents or additional documents evidencing any assumption, modification,
consolidation or extension of a Purchased Loan approved in accordance with the terms of this Agreement, and upon receipt of any such other documents, the Custodian shall hold such other documents as Buyer shall request from time to time. With
respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned to Seller in time to permit their delivery hereunder at the time required, in lieu of delivering such original
documents, Seller shall deliver to Buyer a true copy thereof with a certificate of an Authorized Representative of the Seller certifying that such copy is a true, correct and complete copy of the original, which has been transmitted for recordation.
Seller shall deliver such original documents to the Custodian promptly when they are received. With respect to all of the Purchased Loans delivered by Seller to Buyer or its designee (including the Custodian), Seller shall execute an omnibus power
of attorney substantially in the form of Exhibit V attached hereto irrevocably appointing Buyer its attorney-in-fact with full power to (i) complete the endorsement of the Mezzanine Note and (ii) take such other steps as may be reasonably
necessary or desirable to enforce Buyer’s rights against such Purchased Loans and the related Purchased Loan Files and the Servicing Records. Buyer shall deposit the Purchased Loan Files representing the Purchased Loans, or direct that the
Purchased Loan Files be deposited directly, with the Custodian. The Purchased Loan Files shall be maintained in accordance with the Custodial Agreement. Any Purchased Loan Files not 

  

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delivered to Buyer or its designee (including the Custodian) are and shall be held in trust by Seller or its designee for the benefit of Buyer as the owner
thereof. Seller or its designee shall maintain a copy of the Purchased Loan File and the originals of the Purchased Loan File not delivered to Buyer or its designee. The possession of the Purchased Loan File by Seller or its designee is at the will
of the Buyer for the sole purpose of servicing the related Purchased Loan, and such retention and possession by the Seller or its designee is in a custodial capacity only. The books and records (including, without limitation, any computer records or
tapes) of Seller or its designee shall be marked appropriately to reflect clearly the sale of the related Purchased Loan to Buyer. Seller or its designee (including the Custodian) shall release its custody of the Purchased Loan File only in
accordance with written instructions from Buyer, unless such release is required as incidental to the servicing of the Purchased Loans, is in connection with a repurchase of any Purchased Loan by Seller or as otherwise required by law. 

(f) Unless an Event of Default shall have occurred and be continuing, except as otherwise provided in Section 12(e) of this Agreement, Buyer
shall exercise all voting and corporate rights with respect to the Portfolio Securities in accordance with Seller’s written instructions; provided, however, that Buyer shall not be required to follow Seller’s instructions
concerning any vote or corporate right if doing so would, in Buyer’s good faith business judgment, impair the Portfolio Securities or be inconsistent with or result in any violation of any provision of the Transaction Documents; provided
further however, that if Buyer does not follow Seller’s instructions concerning any vote or corporate right with respect to such Portfolio Securities, Seller may repurchase the related Purchased Securities on an Early Repurchase
Date without payment of an Exit Fee. Upon the occurrence and during the continuation of an Event of Default (other than with respect to Buyer), Buyer shall be entitled to exercise all voting and corporate rights with respect to the Portfolio
Securities without regard to Seller’s instructions (including, but not limited to, if an Act of Insolvency shall occur with respect to Seller or the Sponsor, to the extent Seller controls or is entitled to control selection of the special
servicer, Buyer may transfer such special servicing to an entity satisfactory to Buyer). 
 8. SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED LOANS
AND SECURITIES 
 (a) Title to all Purchased Securities and Purchased Loans shall pass to Buyer on the applicable Purchase Date, and Buyer
shall have free and unrestricted use of all Purchased Securities and Purchased Loans. Nothing in this Agreement or any other Transaction Document shall preclude Buyer from engaging in repurchase transactions with the Purchased Securities and
Purchased Loans or otherwise selling, transferring, pledging, repledging, hypothecating, or rehypothecating the Purchased Securities and Purchased Loans, but no such transaction shall relieve Buyer of its obligations to transfer the Purchased
Securities and/or Purchased Loans to Seller pursuant to Sections 3 or 11 of this Agreement or of Buyer’s obligation to credit or pay Income to, or apply Income to the obligations of, Seller pursuant to Section 5 hereof. 
 (b) Nothing contained in this Agreement or any other Transaction Document shall obligate Buyer to segregate any Purchased Securities or Purchased Loans
delivered to Buyer by Seller. Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, no Purchased Security or Purchased Loan shall remain in the custody of the Seller or an Affiliate of the Seller without the
consent of the Buyer. 
  

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 9. [INTENTIONALLY OMITTED] 
 10. REPRESENTATIONS AND WARRANTIES 
 (a) Each of Buyer and Seller represents and warrants to the other
that (i) it is duly authorized to execute and deliver this Agreement, to enter into Transactions contemplated hereunder and to perform its obligations hereunder and has taken all necessary action to authorize such execution, delivery and
performance, (ii) it will engage in such Transactions as principal (or, if agreed in writing, in the form of an annex hereto or otherwise, in advance of any Transaction by the other party hereto, as agent for a disclosed principal),
(iii) the person signing this Agreement on its behalf is duly authorized to do so on its behalf (or on behalf of any such disclosed principal), (iv) it has obtained all authorizations of any governmental body required in connection with
this Agreement and the Transactions hereunder and such authorizations are in full force and effect, except where the failure to obtain or maintain such authorizations would not have a material adverse effect on the Seller’s performance under
the Transaction Documents and (v) the execution, delivery and performance of this Agreement and the Transactions hereunder will not violate in any material respect any law, ordinance or rule applicable to it or its organizational documents or
any agreement by which it is bound or by which any of its assets are affected. On the Purchase Date for any Transaction Buyer and Seller shall each be deemed to repeat all the foregoing representations made by it. 
 (b) In addition to the representations and warranties in subsection (a) above, Seller represents and warrants to Buyer that as of the Purchase Date
for the purchase of any Purchased Securities or Purchased Loans by Buyer from Seller and any Transaction thereunder and as of the date of this Agreement and at all times while this Agreement and any Transaction thereunder is in full force and
effect: 
  

	 	(i)	Organization. Seller is duly incorporated, validly existing and in good standing under the laws and regulations of the state of Seller’s incorporation and is duly
licensed, qualified, and in good standing in every state where such licensing or qualification is necessary for the transaction of Seller’s business, except where the failure to obtain or maintain such licenses, qualifications or good standings
would not have a material adverse affect on the Seller’s performance under the Transaction Documents. Seller has the power to own and hold the assets it purports to own and hold, and to carry on its business as now being conducted and proposed
to be conducted, and has the power to execute, deliver, and perform its obligations under this Agreement and the other Transaction Documents. 

  

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

  

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	 	(iii)	Non-Contravention. Neither the execution and delivery of the Transaction Documents, nor consummation by Seller of the transactions contemplated by the Transaction Documents
(or any of them), nor compliance by Seller with the terms, conditions and provisions of the Transaction Documents (or any of them) will conflict with or result in a material breach of any of the terms, conditions or provisions of (i) the
organizational documents of Seller, (ii) any material contractual obligation to which Seller is now a party or the rights under which have been assigned to Seller or the obligations under which have been assumed by Seller or to which the assets
of Seller are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of the assets of Seller, other than pursuant to the Transaction Documents, (iii) any judgment or order, writ,
injunction, decree or demand of any court applicable to Seller, or (iv) any applicable Requirement of Law. 

  

	 	(iv)	Litigation; Requirements of Law. There is no action, suit, proceeding, investigation, or arbitration pending or, to the best knowledge of Seller, threatened against Seller,
the Sponsor or any of their respective assets, nor is there any action, suit, proceeding, investigation, or arbitration pending or, to the best knowledge of the Seller, threatened against the Sponsor, which may result in any material adverse change
in the business, operations, financial condition, properties, or assets of Seller or the Sponsor, or which may have an adverse effect on the validity of the Transaction Documents or the Purchased Securities or any action taken or to be taken in
connection with the obligations of Seller under any of the Transaction Documents. Seller is in compliance in all material respects with all Requirements of Law. Neither Seller nor the Sponsor is in default in any material respect with respect to any
judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or Governmental Authority. 

  

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

  

	 	(vi)	 Good Title to Purchased Securities and Purchased Loans. Immediately prior to the purchase of any Purchased Securities or Purchased Loans by Buyer from
Seller, such Purchased Securities and Purchased Loans are free and clear of any lien, encumbrance or impediment to transfer (including any “adverse claim” as defined in Section 8-102(a)(1) of the UCC, but subject to customary
exceptions for “permitted liens”), and Seller is the record and beneficial owner of and has good and marketable 

  

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title to and the right to sell and transfer such Purchased Securities and Purchased Loans to Buyer and, upon transfer of such Purchased Securities or
Purchased Loans to Buyer, Buyer shall be the owner of such Purchased Securities and Purchased Loans free of any adverse claim, but subject to customary exceptions for “permitted liens”. In the event the related Transaction is
recharacterized as a secured financing of the Purchased Securities or Purchased Loans, the provisions of this Agreement are effective to create in favor of the Buyer a valid security interest in all rights, title and interest of the Seller in, to
and under the Collateral and the Buyer shall have a valid, perfected first priority security interest in the Purchased Securities or Purchased Loans (and without limitation on the foregoing, the Buyer, as entitlement holder, shall have a
“security entitlement” to the Purchased Securities). 

  

	 	(vii)	No Default. No Default or Event of Default (other than with respect to Buyer) exists under or with respect to the Transaction Documents. 

  

	 	(viii)	Representations in Securitization Documents. The Seller has no reason to believe that any of the Purchased Securities have not been validly issued and are fully paid and
non-assessable and not subject to preemptive rights and have been offered, issued and sold in compliance with all Requirements of Law. To the extent that an Affiliate of the Seller is a party thereto, the Securitization Documents are in full force
and effect and the legal, valid and binding obligation of such Affiliate enforceable in accordance with their terms. To the Seller’s knowledge, the Securitization Documents have not been altered or modified in any material respect, except as
disclosed to the Buyer in writing. The Seller has not waived the performance of any action or any default, breach or violation resulting from action or inaction under a Securitization Document and has not been made aware of any such waiver. To the
Seller’s knowledge, except as disclosed to the Buyer in writing, there is no default, breach, violation or event of acceleration existing under a Securitization Document and no event has occurred which, with the passage of time or giving of
notice or both and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration thereunder. Each Purchased Security is freely assignable and the related Securitization Document permits the Seller
to sell, assign or pledge such Purchased Security. 

  

	 	(ix)	 Representations and Warranties Regarding Purchased Loans; Delivery of Purchased Loan File. Seller represents and warrants to the Buyer that each Purchased
Loan sold hereunder and each pool of Purchased Loans sold in a Transaction hereunder, as of each Purchase Date for a Transaction conform to the applicable representations and warranties set forth in Exhibit VI attached hereto, except as disclosed to
the Buyer in writing. It is understood and agreed that the representations and 

  

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warranties set forth in Exhibit VI hereto, if any, shall survive delivery of the respective Purchased Loan File to Buyer or its designee (including the
Custodian) to the extent permitted by applicable law. Except to the extent provided in Section 7(e), with respect to each Purchased Loan, the Mezzanine Note and any other documents required to be delivered under this Agreement and the Custodial
Agreement for such Purchased Loan have been delivered to the Buyer or the Custodian on its behalf. Except to the extent provided in Section 7(e), Seller or its designee is in possession of a complete, true and accurate Purchased Loan File with
respect to each Purchased Loan, except for such documents the originals of which have been delivered to the Custodian. 

  

	 	(x)	Adequate Capitalization; No Fraudulent Transfer. Seller has adequate capital for the normal obligations reasonably foreseeable in a business of its size and character
and in light of its contemplated business operations. Seller is generally able to pay, and as of the date hereof is paying, its debts as they come due. Seller has not become, or is presently, insolvent nor will Seller be made insolvent by virtue of
Seller’s execution of or performance under any of the Transaction Documents within the meaning of the bankruptcy laws or the insolvency laws of any jurisdiction. Seller has not entered into any Transaction Document or any Transaction pursuant
thereto in contemplation of insolvency or with intent to hinder, delay or defraud any creditor. 

  

	 	(xi)	Consents. No consent, approval or other action of, or filing by Seller with, any Governmental Authority or any other Person is required to authorize, or is otherwise required
in connection with, the execution, delivery and performance of any of the Transaction Documents (other than consents, approvals and filings that have been obtained or made, as applicable). 

  

	 	(xii)	Shareholders. Seller does not have any shareholders other than Sponsor. 

  

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

  

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

  

	 	(xv)	 Federal Regulations. Seller is not (A) an “investment company,” or a company “controlled by an investment company,” within the
meaning of 

  

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the Investment Company Act of 1940, as amended, or (B) a “holding company,” or a “subsidiary company of a holding company,” or an
“affiliate” of either a “holding company” or a “subsidiary company of a holding company,” as such terms are defined in the Public Utility Holding Company Act of 1935, as amended. 

  

	 	(xvi)	Taxes. Seller has filed or caused to be filed all tax returns which to the knowledge of Seller would be delinquent if they had not been filed on or before the date hereof and
has paid all taxes shown to be due and payable on or before the date hereof on such returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it and any of its assets by any
Governmental Authority except for any such taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided in accordance with GAAP; no tax liens
have been filed against any of Seller’s assets and, to Seller’s knowledge, no claims are being asserted with respect to any such taxes, fees or other charges. 

  

	 	(xvii)	ERISA. Seller does not have any Plans or any ERISA Affiliates and makes no contributions to any Plans or any Multiemployer Plans. 

  

	 	(xviii)	Judgments/Bankruptcy. There are no judgments against Seller or the Sponsor unsatisfied of record or docketed in any court located in the United States of America and no Act
of Insolvency has ever occurred with respect to Seller or the Sponsor. 

  

	 	(xix)	Full and Accurate Disclosure. The information contained in the Transaction Documents, or any written statement, in each case furnished by or on behalf of Seller pursuant to
the terms of the Transaction Documents, is, in all material respects, true and correct. 

  

	 	(xx)	Financial Information. All financial data concerning Seller and the Purchased Securities and Purchased Loans that has been delivered by or on behalf of Seller to Buyer is
true, complete and correct in all material respects and has been prepared in accordance with GAAP. Since the delivery of such data, except as otherwise disclosed in writing to Buyer, there has been no change in the financial position of Seller or
the Purchased Securities and Purchased Loans, or in the results of operations of Seller, which change is reasonably likely to have in a material adverse effect on Seller. 

  

	 	(xxi)	Selection Process. To the Seller’s knowledge, the Purchased Securities and Purchased Loans were selected from among the outstanding Portfolio Collateral owned by the
Sponsor and its Affiliates as to which the representations and warranties set forth in this Agreement could be made and such selection was not made in a manner so as to affect adversely the interests of Buyer. 

  

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	 	(xxii)	Notice Address; Jurisdiction of Organization. On the date of this Agreement, the Seller’s address for notices is located at c/o CBRE Realty Finance, Inc., 185 Asylum
Street, 37th Floor, Hartford, CT 06103, Seller’s principal place of business is located at c/o CBRE Realty
Finance, Inc., 185 Asylum Street, 37th Floor, Hartford, CT 06103, Seller’s jurisdiction of incorporation is
Maryland. The location where the Seller keeps its books and records, including all computer tapes and records relating to the Collateral, is its notice address. 

 (c) On the Purchase Date for any Transaction, Seller shall be deemed to have made all of the representations set forth in Section 10(b) of this
Agreement as of such Purchase Date. 
 11. NEGATIVE COVENANTS OF SELLER 
 On and as of the date hereof and each Purchase Date and until this Agreement are no longer in force with respect to any Transaction, Seller shall not without the prior written consent of the Buyer: 
 (a) take any action which would directly or indirectly impair or adversely affect Buyer’s title to the Purchased Securities or the Purchased Loans;

 (b) transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of, or pledge or hypothecate, directly or
indirectly, any interest in the Purchased Securities or the Purchased Loans (or any of them) to any Person other than Buyer, or engage in repurchase transactions or similar transactions with respect to the Purchased Securities or Purchased Loans (or
any of them) with any Person other than Buyer; 
 (c) create, incur or permit to exist any lien, encumbrance or security interest in or on
the Purchased Securities or the Purchased Loans, except as described in Section 6 of this Agreement; 
 (d) create, incur or permit to
exist any lien, encumbrance or security interest in or on any of the other Collateral subject to the security interest granted by Seller pursuant to Section 6 of this Agreement; 
 (e) modify in any material respect or terminate any of the organizational documents of Seller; 
 (f) consent or assent to any amendment or supplement to, or termination of, any Securitization Document, any note, loan agreement, mortgage or guaranty
relating to the Purchased Loans or other material agreement or instrument relating to the Portfolio Securities or the Purchased Loans other than in accordance with Section 7(f); 
  

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 (g) admit any additional shareholders in Seller, or permit the respective sole shareholder of Seller
to assign or transfer all or any portion of its shares in Seller; 
 (h) at any time after an Event of Default has occurred and is
continuing, vote or take any action to exercise any rights afforded to a holder of the Portfolio Securities under the related Securitization Documents; or 
 (i) after the occurrence and during the continuation of any Default or Event of Default, make any distribution, payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase,
redemption, defeasance, retirement or other acquisition of any equity or ownership interest of Seller, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or
property or in obligations of Seller. 
 12. AFFIRMATIVE COVENANTS OF SELLER 
 (a) Seller shall promptly notify Buyer of any material adverse change in its business operations and/or financial condition; provided,
however, that nothing in this Section 12(a) shall relieve Seller of its obligations under this Agreement. 
 (b) Seller shall
provide Buyer with copies of such documents as Buyer may reasonably request evidencing the truthfulness of the representations set forth in Section 10. 
 (c) Seller (1) shall defend the right, title and interest of the Buyer in and to the Collateral against, and take such other action as is necessary to remove, the Liens, security interests, claims and demands of
all Persons (other than security interests by or through Buyer) and (2) shall, at Buyer’s reasonable request, take all action reasonably necessary to ensure that Buyer will have a first priority security interest in the Purchased
Securities and Purchased Loans subject to any of the Transactions in the event such Transactions are recharacterized as secured financings. 
 (d) Seller shall notify Buyer and the Depository of the occurrence of any Default or Event of Default (other than with respect to Buyer) as soon as possible but in no event later than the second (2nd) Business Day after obtaining
actual knowledge of such event. 
 (e) Seller shall cause the special servicer rating of the special servicer with respect to all mortgage
loans underlying Portfolio Securities to be no lower than “above average” by Standard & Poor’s Ratings Group to the extent Seller controls or is entitled to control the selection of the special servicer. In the event the
special servicer rating with respect to any Person acting as special servicer for any mortgage loans underlying Portfolio Securities shall be below “above average” by Standard & Poor’s Rating Group, or if an Act of Insolvency
occurs with respect to Seller or Sponsor, Buyer shall be entitled to transfer special servicing with respect to all Portfolio Securities to an entity satisfactory to Buyer, to the extent Seller controls or is entitled to control the selection of the
special servicer. 
  

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 (f) With respect to each Purchased Loan which bears interest at a fixed interest rate, Seller shall
enter into Hedging Transactions pursuant to a hedging strategy acceptable to Buyer (in Buyer’s reasonable discretion) and pledge such Hedging Transactions to Buyer as Collateral. 
 (g) Seller shall promptly (and in any event not later than two (2) Business Days following receipt) deliver to Buyer (i) any notice of the
occurrence of an event of default under or report received by Seller pursuant to the Purchased Loan Documents or Securitization Documents; (ii) any notice of transfer of servicing under the Purchased Loan Documents or Securitization Documents
and (iii) any other information with respect to the Portfolio Collateral as may be reasonably requested by Buyer from time to time. 
 (h) [Intentionally omitted]. 
 (i) If the Seller shall at any time become entitled to receive or shall receive any rights, whether
in addition to, in substitution of, as a conversion of, or in exchange for the Portfolio Securities, or otherwise in respect thereof, the Seller shall accept the same as the Buyer’s agent, hold the same in trust for the Buyer and deliver the
same forthwith to the Buyer in the exact form received, duly endorsed by the Seller to the Buyer, if required, together with an undated bond power covering such certificate duly executed in blank to be held by the Buyer hereunder as additional
collateral security for the Transactions. If any sums of money or property so paid or distributed in respect of the Portfolio Securities shall be received by the Seller, the Seller shall, until such money or property is paid or delivered to the
Buyer, hold such money or property in trust for the Buyer, segregated from other funds of the Seller, as additional collateral security for the Transactions. 
 (j) At any time from time to time upon the reasonable request of Buyer, at the sole expense of Seller, Seller will promptly and duly execute and deliver such further instruments and documents and take such further
actions as Buyer may reasonably request for the purposes of obtaining or preserving the full benefits of this Agreement including the first priority security interest granted hereunder and of the rights and powers herein granted (including, among
other things, filing such UCC financing statements as Buyer may reasonably request). If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument or chattel paper, such
note, instrument or chattel paper shall be immediately delivered to the Buyer, duly endorsed in a manner reasonably satisfactory to the Buyer, to be held as Collateral pursuant to this Agreement, and the documents delivered in connection herewith.

 (k) Seller shall provide Buyer with the following financial and reporting information: 
  

	 	(i)	Within 45 days after the last day of each of the first three fiscal quarters in any fiscal year, commencing with the fiscal quarter ending September 30, 2005, Sponsor’s
and Seller’s unaudited consolidated statements of income and statements of changes in cash flow for such quarter and balance sheets as of the end of such quarter, in each case presented in accordance with GAAP and certified as being true and
correct by an officer’s certificate; 

  

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	 	(ii)	Within 90 days after the last day of its fiscal year, commencing with the fiscal year ending December 31, 2005, Sponsor’s and Seller’s audited consolidated statements
of income and statements of changes in cash flow for such year and balance sheets as of the end of such year, in each case presented in accordance with GAAP, and accompanied, in all cases, by an unqualified report of a nationally recognized
independent certified public accounting firm consented to by Buyer (such consent not to be unreasonably withheld); 

  

	 	(iii)	Within 45 days after the last day of each calendar quarter in any fiscal year, commencing with the fiscal quarter ending September 30, 2005, any and all property level
financial information with respect to the Purchased Loans that is in the possession of the Seller or an Affiliate, including, without limitation, rent rolls and income statements; 

  

	 	(iv)	Within 45 days after the last day of each calendar quarter in any fiscal year, commencing with the fiscal quarter ending September 30, 2005, an officer’s certificate from
the Seller addressed to Buyer certifying that, as of the last day of such calendar quarter, (x) Seller is in compliance with all of the terms, conditions and requirements of this Agreement, and (y) no Event of Default has occurred and is
continuing; and 

  

	 	(v)	Within 15 days after each month end, a monthly reporting package containing all substantially in the form of Exhibit III attached hereto. 

 (l) Seller shall at all times comply in all material respects with all laws, ordinances, rules and regulations of any federal, state, municipal or other
public authority having jurisdiction over Seller or any of its assets and Seller shall do or cause to be done all things reasonably necessary to preserve and maintain in full force and effect its legal existence, and all licenses material to its
business. 
 (m) Seller shall at all times keep proper books of records and accounts in which full, true and correct entries shall be made of
its transactions in accordance with GAAP and set aside on its books from its earnings for each fiscal year all such proper reserves in accordance with GAAP. 
 (n) Seller shall observe, perform and satisfy all the terms, provisions, covenants and conditions required to be observed, performed or satisfied by it, and shall pay when due all costs, fees and expenses required to
be paid by it, under the Transaction Documents. Seller shall pay and discharge all taxes, levies, liens and other charges on its assets and on the Collateral that, in each case, in any manner would create any lien or charge upon the Collateral,
except for any such taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided in accordance with GAAP. 
 (o) Seller will maintain records with respect to the Collateral and the conduct and operation of its business with no less a degree of prudence than if
the Collateral were held by 

  

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Seller for its own account and will furnish Buyer, upon reasonable request by Buyer or its designated representative, with reasonable information reasonably
obtainable by Seller with respect to the Collateral and the conduct and operation of its business. 
 13. SINGLE-PURPOSE ENTITY 
 Seller hereby represents and warrants to Buyer, and covenants with Buyer, that as of the date hereof and so long as any of the Transaction Documents shall
remain in effect: 
 (a) It is and intends to remain solvent and it has paid and will pay its debts and liabilities (including employment and
overhead expenses) from its own assets as the same shall become due. 
 (b) It has complied and will comply with the provisions of its
organizational documents. 
 (c) It has done or caused to be done and will, to the extent under its control, do all things necessary to
observe corporate formalities and to preserve its existence. 
 (d) It has maintained and will maintain all of its books, records, financial
statements and bank accounts separate from those of its Affiliates, its members and any other Person, and it will file its own tax returns, if any, which are required by law (except to the extent consolidation is required under GAAP or as a matter
of law). 
 (e) It has been, is and will be, and at all times will hold itself out to the public as, a legal entity separate and distinct
from any other entity (including any Affiliate), shall correct any known misunderstanding regarding its status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates as a division or part of
the other, shall maintain and utilize separate stationery, invoices and checks, and shall pay to any Affiliate that incurs costs for office space and administrative services that it uses, the amount of such costs allocable to its use of such office
space and administrative services. 
 (f) It has not owned and will not own any property or any other assets other than Portfolio Collateral,
cash and its interest under any associated Hedging Transactions. 
 (g) It has not engaged and will not engage in any business other than the
acquisition, ownership, financing and disposition of Portfolio Collateral in accordance with the applicable provisions of the Transaction Documents. 
 (h) It has not entered into, and will not enter into, any contract or agreement with any of its Affiliates, except upon terms and conditions that are substantially similar to those that would be available on an
arm’s-length basis with Persons other than such Affiliate. 
 (i) It has not incurred and will not incur any indebtedness or obligation,
secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation), other than (A) obligations under the Transaction Documents and (B) unsecured trade payables, in an aggregate amount not to exceed
$100,000 at any one time outstanding, incurred in the 

  

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ordinary course of acquiring, owning, financing and disposing of Portfolio Collateral; provided, however, that any such trade payables incurred by
Seller shall be paid within 60 days of the date incurred. 
 (j) It has not made and will not make any loans or advances to any other Person,
and shall not acquire obligations or securities of any shareholder or any Affiliate of any shareholder or any other Person. 
 (k) It will
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. 
 (l) It shall not seek its dissolution, liquidation or winding up, in whole or in part, or suffer any Change of Control, consolidation or merger with respect to Seller or the Sponsor. 
 (m) It will not commingle its funds and other assets with those of any of its Affiliates or any other Person. 
 (n) It has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its
individual assets from those of any of its Affiliates or any other Person. 
 (o) It has not held and will not hold itself out to be
responsible for the debts or obligations of any other Person. 
 (p) The Seller shall not take any of the following actions: (i) permit
its shareholders to dissolve or liquidate the Seller, in whole or in part; (ii) consolidate or merge with or into any other entity or convey or transfer all or substantially all of its properties and assets to any entity; or
(iii) institute any proceeding to be adjudicated as bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against it, or file a petition or answer or consent seeking reorganization or relief under the
Bankruptcy Code, or effect any similar procedure under any similar law, or consent to the filing of any such petition or to the appointment of a receiver, rehabilitator, conservator, liquidator, assignee, trustee or sequestrator (or other similar
official) of the Seller or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, or make an assignment for the benefit of creditors, or admit in writing its inability to pay its debts generally as they
become due, or take any action in furtherance of any of the foregoing. 
 (q) It has no liabilities, contingent or otherwise, other than
those normal and incidental to the acquisition, ownership, financing and disposition of Portfolio Collateral. 
 (r) It has conducted and
shall conduct its business consistent with the requirements of being a Single-Purpose Entity. 
 (s) It shall not maintain any employees.

  

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 14. EVENTS OF DEFAULT; REMEDIES 
 After the occurrence and during the continuance of an Event of Default (other than with respect to Buyer), Seller hereby appoints Buyer as attorney-in-fact of Seller for the purpose of carrying out the provisions of
this Agreement and taking any action and executing or endorsing any instruments that Buyer may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. In the
event that: 
  

	 	(i)	Seller fails to repurchase or Buyer fails to transfer Purchased Securities or Purchased Loans upon the applicable Repurchase Date; 

  

	 	(ii)	Seller fails to comply with Section 4 hereof; 

  

	 	(iii)	Buyer fails, after one Business Day’s notice, to comply with Section 5 hereof; 

  

	 	(iv)	an Act of Insolvency occurs with respect to Seller; 

  

	 	(v)	Seller shall admit its inability to, or its intention not to, perform any of its obligations hereunder; 

  

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

  

	 	(vii)	in the event that the Buyer or any of its Affiliates is a party to an ISDA Master Agreement with Seller and an event occurs which would constitute an Event of Default, a Termination
Event or an Additional Termination Event under any Transaction between Seller and the Buyer or any of its Affiliates, regardless of whether such Transaction is in effect on the date of such occurrence (capitalized terms used in this paragraph
(vii) shall have the respective meanings ascribed to them in the ISDA Master Agreement (including respective Schedules and Confirmations) between Seller and the Buyer and/or any of its Affiliates); 

  

	 	(viii)	 failure of the Buyer to receive on any Remittance Date the Price Differential for the related period (less any amount of such Price Differential previously paid by
Seller to Buyer) (including, without limitation, in the event the Income paid or distributed on or in respect of the Purchased Securities and Purchased Loans is insufficient to make such payment and the Seller does not make such payment or cause
such payment to be made) (except that such failure shall not be an Event of 

  

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Default by Seller if sufficient Income, other than Principal Payments, is on deposit in the Cash Management Account and the Depository fails to remit such
funds to Buyer); 

  

	 	(ix)	failure of the Seller to make any other payment owing to the Buyer which has become due, whether by acceleration or otherwise under the terms of this Agreement which failure is not
remedied within the applicable period (in the case of a failure pursuant to Section 4 of this Agreement) or five Business Days (in the case of any other such failure); 

  

	 	(x)	any governmental, regulatory, or self-regulatory authority shall have taken any action to remove, limit, restrict, suspend or terminate the rights, privileges, or operations of
Seller, which suspension has a material adverse effect on the financial condition or business operations of Seller; 

  

	 	(xi)	a Change of Control or an Act of Insolvency shall have occurred with respect to the Sponsor; 

  

	 	(xii)	any representation made by Seller or Buyer shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated (other than the
representations and warranties set forth in Section 10(a)(viii) or (ix) or (xx) (in the case of (xx), with respect to the affected Purchased Securities or Purchased Loans only) made by the Seller, which shall not be considered an
Event of Default if incorrect or untrue in any material respect, provided the Buyer terminates the related Transaction, as applicable, and repurchases the related Purchased Securities or Purchased Loans on an Early Repurchase Date no later than
three (3) Business Days after receiving notice of such incorrect or untrue representation; unless the Seller shall have made any such representation with knowledge that it was materially incorrect or untrue at the time made);

  

	 	(xiii)	the Sponsor shall fail to observe any of the financial covenants set forth in Section 5 of the Guaranty or shall have defaulted or failed to perform under the Guaranty;

  

	 	(xiv)	a final judgment by any competent court in the United States of America for the payment of money in an amount greater than $100,000 (in the case of the Seller) or $1 million (in the
case of the Sponsor) shall have been rendered against Seller or the Sponsor, and remained undischarged or unpaid for a period of sixty (60) days, during which period execution of such judgment is not effectively stayed by bonding over or other
means acceptable to Buyer; 

  

	 	(xv)	 Sponsor shall have defaulted or failed to perform under any note, indenture, loan agreement, guaranty, swap agreement or any other contract, agreement or
transaction to which it is a party, which default (A) 

  

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 FINAL VERSION 
  

	 	 
involves the failure to pay a monetary obligation in excess of $5 million, or (B) permits the acceleration of the maturity of obligations by any other
party to or beneficiary of such note, indenture, loan agreement, guaranty, swap agreement or other contract, agreement or transaction; provided, however, that any such default, failure to perform or breach shall not constitute an Event
of Default if Sponsor cures such default, failure to perform or breach, as the case may be, within the grace period, if any, provided under the applicable agreement; 

  

	 	(xvi)	an “Event of Default” (as such term is defined in the Affiliate Repurchase Agreement) on the part of CBRE Realty Finance TRS Warehouse Funding, LLC shall have occurred and
is continuing; or 

  

	 	(xvii)	if Seller or Buyer shall breach or fail to perform any of the terms, covenants, obligations or conditions of this Agreement, other than as specifically otherwise referred to in this
definition of “Event of Default”, and such breach or failure to perform is not remedied within ten (10) Business Days after notice thereof to Seller or Buyer from the applicable party or its successors or assigns (each of
(i) through (xviii), an “Event of Default”). 

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

	 	(i)	At the option of Buyer, exercised by written notice to Seller (which option shall be deemed to have been exercised, even if no notice is given, immediately upon the occurrence of an
Act of Insolvency), the Repurchase Date for each Transaction hereunder shall, if it has not already occurred, be deemed immediately to occur (the date on which such option is exercised or deemed to have been exercised being referred to hereinafter
as the “Accelerated Repurchase Date”). 

  

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

  

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

  

	 	(B)	 to the extent permitted by applicable law, the Repurchase Price with respect to each Transaction (determined as of the Accelerated Repurchase Date) shall be
increased by the aggregate amount obtained by daily application of, on a 360 day per year basis for the actual number of days during the period from and including the Accelerated Repurchase Date to but excluding the date of payment of the Repurchase
Price (as so increased), (x) the Pricing Rate for such Transaction multiplied by (y) the Repurchase Price for such 

  

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 FINAL VERSION 
  

	 	 
Transaction (decreased by (I) any amounts actually remitted to Buyer by the Depository or Seller from time to time pursuant to Section 5 of this
Agreement and applied to such Repurchase Price, and (II) any amounts applied to the Repurchase Price pursuant to Section 14(a)(iii) of this Agreement); and (C) the Custodian shall, upon the request of Buyer, deliver to Buyer all
instruments, certificates and other documents then held by the Custodian relating to the Purchased Securities and Purchased Loans. 

  

	 	(iii)	Upon the occurrence of an Event of Default with respect to Seller, Buyer may (A) immediately sell, at a public or private sale in a commercially reasonable manner and at such
price or prices as Buyer may reasonably deem satisfactory any or all of the Purchased Securities and Purchased Loans or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Securities and Purchased Loans, to
give Seller credit for such Purchased Securities and Purchased Loans in an amount equal to the Market Value of such Purchased Securities and Purchased Loans against the aggregate unpaid Repurchase Price for such Purchased Securities and Purchased
Loans and any other amounts owing by Seller under the Transaction Documents. The proceeds of any disposition of Purchased Securities and/or Purchased Loans effected pursuant to this Section 14(a)(iii) shall be applied, (v) first, to
the costs and expenses incurred by Buyer in connection with Seller’s default; (w) second, to consequential damages, including, but not limited to, costs of cover and/or Hedging Transactions, if any; (x) third, to the
Repurchase Price; (y) fourth, to the Exit Fee with respect to each Purchased Security and/or Purchased Loan and any other outstanding obligation of Seller to Buyer or its Affiliates; and (z) fifth, to return any excess to
Seller. 

  

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

  

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	 	(v)	Seller shall be liable to Buyer for (A) the amount of all expenses, including reasonable and documented legal fees and expenses, actually incurred by Buyer in connection with
or as a consequence of an Event of Default with respect to Seller, (B) consequential damages, including, without limitation, all costs incurred in connection with covering transactions or Hedging Transactions, and (C) any other loss,
damage, cost or expense directly arising or resulting from the occurrence of an Event of Default with respect to Seller. 

  

	 	(vi)	Buyer shall have, in addition to its rights and remedies under the Transaction Documents, all of the rights and remedies provided by applicable federal, state, foreign, and local
laws (including, without limitation, if the Transactions are recharacterized as secured financings, the rights and remedies of a secured party under the UCC of the State of New York, to the extent that the UCC is applicable, and the right to offset
any mutual debt and claim), in equity, and under any other agreement between Buyer and Seller. Without limiting the generality of the foregoing, Buyer shall be entitled to set off the proceeds of the liquidation of the Purchased Securities and
Purchased Loans against all of Seller’s obligations to Buyer, whether or not such obligations are then due, without prejudice to Buyer’s right to recover any deficiency. 

  

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

  

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

  

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

  

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

 (b) If an Event of Default occurs and is continuing with respect to Buyer, the following rights and remedies shall be available to Seller: 
  

	 	(i)	Upon tender by Seller of payment of the aggregate Repurchase Price for all Purchased Securities and Purchased Loans, Buyer’s right, title and interest in such Purchased
Securities and Purchased Loans shall be deemed transferred to Seller, and Buyer shall deliver such Purchased Securities and Purchased Loans to Seller at Buyer’s expense and take any actions as the Seller may reasonably request to release any
security interest created hereunder in favor of the Buyer. 

  

	 	(ii)	If Seller exercises the option referred to in Section 14(b)(i) hereof and Buyer fails to deliver any Purchased Securities or Purchased Loans to Seller, after three
(3) Business Days’ notice to Buyer, Seller may (A) purchase securities or loans, as applicable (“Replacement Collateral”), that are in as similar an amount and interest rate as is reasonably practicable or (B) in
its sole discretion elect, in lieu of purchasing Replacement Collateral, to be deemed to have purchased Replacement Collateral at a price therefor equal to the Market Value of such Purchased Securities or Purchased Loans as of such date.

  

	 	(iii)	Buyer shall be liable to Seller for any excess of the price paid (or deemed paid) by Seller for Replacement Collateral therefor over the Repurchase Price for the Purchased
Securities and Purchased Loans replaced thereby. 

 15. SINGLE AGREEMENT 
 Buyer and Seller acknowledge that, and have entered hereinto and will enter into each Transaction hereunder in consideration of and in reliance upon the
fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made in consideration of each other. Accordingly, each of Buyer and Seller agrees (i) to perform all of its obligations in respect of
each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder, (ii) that each of them shall be entitled to set off claims and apply property
held by them in respect of 

  

 Repurchase Agreement 
 $250MM Facility 
 45 

 FINAL VERSION 
  

 
any Transaction against obligations owing to them in respect of any other Transactions hereunder and (iii) that payments, deliveries and other transfers
made by either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder, and the obligations to make any such payments,
deliveries and other transfers may be applied against each other and netted. 
 16. RECORDING OF COMMUNICATIONS 
 EACH OF BUYER AND SELLER SHALL HAVE THE RIGHT (BUT NOT THE OBLIGATION) FROM TIME TO TIME TO MAKE OR CAUSE TO BE MADE TAPE RECORDINGS OF COMMUNICATIONS
BETWEEN ITS EMPLOYEES, IF ANY, AND THOSE OF THE OTHER PARTY WITH RESPECT TO TRANSACTIONS; PROVIDED, HOWEVER, THAT SUCH RIGHT TO RECORD COMMUNICATIONS SHALL BE LIMITED TO COMMUNICATIONS OF EMPLOYEES TAKING PLACE ON THE TRADING FLOOR OF THE APPLICABLE
PARTY. EACH OF BUYER AND SELLER HEREBY CONSENTS TO THE ADMISSIBILITY OF SUCH TAPE RECORDINGS IN ANY COURT, ARBITRATION, OR OTHER PROCEEDINGS, AND AGREES THAT A DULY AUTHENTICATED TRANSCRIPT OF SUCH A TAPE RECORDING SHALL BE DEEMED TO BE A WRITING
CONCLUSIVELY EVIDENCING THE PARTIES’ AGREEMENT. 
 17. NOTICES AND OTHER COMMUNICATIONS 
 Unless otherwise provided in this Agreement, all notices, consents, approvals and requests required or permitted hereunder shall be given in writing and
shall be effective for all purposes if hand delivered or sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery service, either
commercial or United States Postal Service, with proof of attempted delivery, or (d) by telecopier (with answerback acknowledged) or other electronic transmission provided that such telecopied or other electronic notice must also be delivered
by one of the means set forth in (a), (b) or (c) above, to the address specified in Annex I hereto or at such other address and person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to
the other parties hereto in the manner provided for in this Section 17. A notice shall be deemed to have been given: (a) in the case of hand delivery, at the time of delivery, (b) in the case of registered or certified mail,
when delivered or the first attempted delivery on a Business Day, (c) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day, or (d) in the case of telecopier or other electronic transmission, upon
receipt of answerback confirmation or other receipt, provided that such telecopied or electronic notice was also delivered as required in this Section 17. A party receiving a notice which does not comply with the technical requirements
for notice under this Section may elect to waive any deficiencies and treat the notice as having been properly given. 
 18. ENTIRE AGREEMENT;
SEVERABILITY 
 This Agreement shall supersede any existing agreements between the parties containing general terms and conditions for
repurchase transactions. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or
agreement. 
  

 Repurchase Agreement 
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 FINAL VERSION 
  

 19. NON-ASSIGNABILITY 
 (a) The rights and obligations of the Seller under the Transaction Documents and under any Transaction shall not be assigned by the Seller without the prior written consent of the Buyer. 
 (b) Buyer shall be entitled to assign its rights and obligations under the Transaction Documents and/or under any Transaction to any other Person or
issue one or more participation interests with respect to any or all of the Transactions and, in connection therewith, may bifurcate or allocate (i.e. senior/subordinate) amounts due to Buyer; provided, however, that (i) Buyer shall act as
exclusive agent for all assignees and participants in any dealings with Seller in connection with such Transactions and (ii) Seller shall not be obligated to deal directly with any party other than Buyer in connection with such Transactions, or
to pay or reimburse Buyer for any costs that would not have been incurred by Buyer had no participation interests in such Transactions been issued. Seller shall cooperate with any reasonable request of Buyer in connection with any such assignment or
participation. 
 (c) Subject to the foregoing, the Transaction Documents and any Transactions shall be binding upon and shall inure to the
benefit of the parties and their respective successors and assigns. Nothing in the Transaction Documents, express or implied, shall give to any Person, other than the parties to the Transaction Documents and their respective successors, any benefit
or any legal or equitable right, power, remedy or claim under the Transaction Documents. 
 20. GOVERNING LAW 
 This Agreement shall be governed by the laws of the State of New York, and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws including New York General Obligations laws Sections 5-1401 and 5-1402, but otherwise without regard to the conflict of laws doctrine applied in such state. 
 21. NO WAIVERS, ETC. 
 No express or implied waiver of
any Event of Default by either party shall constitute a waiver of any other Event of Default and no exercise of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or
waiver of any provision of this Agreement and no consent by any party to a departure herefrom shall be effective unless and until such shall be in writing and duly executed by both of the parties hereto. Without limitation on any of the foregoing,
the failure to give notice pursuant to Section 4(a) or 4(b) hereof will not constitute a waiver of any right to do so at a later date. 
 22. USE OF
EMPLOYEE PLAN ASSETS 
 (a) If assets of an employee benefit plan subject to any provision of the Employee Retirement Income Security Act
of 1974 (“ERISA”) are intended to be used by either party 

  

 Repurchase Agreement 
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 FINAL VERSION 
  

 
hereto (the “Plan Party”) in a Transaction, the Plan Party shall so notify the other party prior to the Transaction. The Plan Party shall
represent in writing to the other party that the Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and the other party may proceed in reliance thereon but shall not be required so to proceed.

 (b) Subject to the last sentence of subparagraph (a) of this Paragraph, any such Transaction shall proceed only if Seller furnishes
or has furnished to Buyer its most recent available audited financial statement and its most recent subsequent unaudited financial statement. 
 (c) By entering into a Transaction pursuant to this Paragraph, Seller shall be deemed (i) to represent to Buyer that since the date of Seller’s latest such financial statements, there has been no material adverse change in
Seller’s financial condition which Seller has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition as they are issued, so long as it is a Seller in any
outstanding Transaction involving a Plan Party. 
 23. INTENT 
 (a) The parties recognize that each Transaction is a “repurchase agreement” as that term is defined in Section 101 of Title 11 of the United States Code, as amended (except insofar as the type of
Securities subject to such Transaction or the term of such Transaction would render such definition inapplicable), and a “securities contract” as that term is defined in Section 741 of Title 11 of the United States Code, as amended
(except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 
 (b) It is understood that
either party’s right to liquidate Securities delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to Section 11 hereof is a contractual right to liquidate such Transaction as described in
Sections 555 and 559 of Title 11 of the United States Code, as amended. 
 (c) The parties agree and acknowledge that if a party hereto is an
“insured depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term is defined in
FDIA and any rules, orders or policy statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 
 (d) It is understood that this Agreement constitutes a “netting contract” as defined in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991
(“FDICIA”) and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual payment obligation”,
respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA). 
  

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 FINAL VERSION 
  

 24. DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS 
 The parties acknowledge that they have been advised that: 
 (a) in the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission (“SEC”) under Section 15 of the Securities Exchange Act of
1934 (“1934 Act”), the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 (“SIPA”) do not protect the other party with respect to
any Transaction hereunder; 
 (b) in the case of Transactions in which one of the parties is a government securities broker or a government
securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any Transaction hereunder; and 
 (c) in the case of Transactions in which one of the parties is a financial institution, funds held by the financial institution pursuant to a Transaction
hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable. 
 25. CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 
 (a) Each party irrevocably and unconditionally
(i) submits to the non-exclusive jurisdiction of any United States Federal or New York State court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or proceeding brought to enforce
its obligations under this Agreement or relating in any way to this Agreement or any Transaction under this Agreement and (ii) waives, to the fullest extent it may effectively do so, any defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court and any right of jurisdiction on account of its place of residence or domicile. 
 (b) To the
extent that either party has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set off or any legal process (whether service or notice, attachment prior
to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any of its property, such party hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action
brought to enforce its obligations under this Agreement or relating in any way to this Agreement or any Transaction under this Agreement. 
 (c) The parties hereby irrevocably waive, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding and irrevocably consent to the service of any summons and
complaint and any other process by the mailing of copies of such process to them at their respective address specified herein. The parties hereby agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Section 25 shall affect the right of the Buyer to serve legal process in any other manner permitted by law or affect the right of the Buyer to
bring any action or proceeding against the Seller or its property in the courts of other jurisdictions. 
  

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 FINAL VERSION 
  

 (d) EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER. 
 26. NO RELIANCE 
 Each of Buyer and Seller hereby acknowledges, represents and warrants to the other
that, in connection with the negotiation of, the entering into, and the performance under, the Transaction Documents and each Transaction thereunder: 
 (a) It is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the other party to the Transaction Documents, other than the
representations expressly set forth in the Transaction Documents; 
 (b) It has consulted with its own legal, regulatory, tax, business,
investment, financial and accounting advisors to the extent that it has deemed necessary, and it has made its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction) based upon its own
judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the other party; 
 (c) It is a
sophisticated and informed Person that has a full understanding of all the terms, conditions and risks (economic and otherwise) of the Transaction Documents and each Transaction thereunder and is capable of assuming and willing to assume
(financially and otherwise) those risks; 
 (d) It is entering into the Transaction Documents and each Transaction thereunder for the
purposes of managing its borrowings or investments or hedging its underlying assets or liabilities and not for purposes of speculation; and 
 (e) It is not acting as a fiduciary or financial, investment or commodity trading advisor for the other party and has not given the other party (directly or indirectly through any other Person) any assurance, guaranty or representation
whatsoever as to the merits (either legal, regulatory, tax, business, investment, financial accounting or otherwise) of the Transaction Documents or any Transaction thereunder. 
 27. INDEMNITY 
 The Seller hereby agrees to indemnify the Buyer, the Buyer’s designee and each of
its officers, directors, employees and agents (“Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, taxes (including stamp, excise, sales or other taxes
which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement and the documents delivered in connection herewith, other than income and franchise
taxes of the Buyer), fees, costs, expenses (including reasonable and documented attorneys fees 

  

 Repurchase Agreement 
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 50 

 FINAL VERSION 
  

 
and disbursements) or disbursements (all of the foregoing, collectively “Indemnified Amounts”) which may at any time (including, without
limitation, such time as this Agreement shall no longer be in effect and the Transactions shall have been repaid in full) be imposed on or asserted against any Indemnified Party in any way whatsoever arising out of or in connection with, or relating
to, this Agreement or any Transactions thereunder or any action taken or omitted to be taken by any Indemnified Party under or in connection with any of the foregoing; provided, that Seller shall not be liable for Indemnified Amounts resulting from
the gross negligence or willful misconduct of any Indemnified Party. Without limiting the generality of the foregoing, Seller agrees to indemnify and hold Buyer harmless from and against all Indemnified Amounts with respect to all Purchased Loans
relating to or arising out of any violation or alleged violation of any environmental law, rule or regulation or any consumer credit laws, including without limitation ERISA, the Truth in Lending Act and/or the Real Estate Settlement Procedures Act,
that, in each case, results from anything other than Buyer’s gross negligence or willful misconduct. In any suit, proceeding or action brought by Buyer in connection with any Purchased Loan for any sum owing thereunder, or to enforce any
provisions of any Purchased Loan, Seller will save, indemnify and hold Buyer harmless from and against all expense (including reasonable attorneys’ fees), loss or damage suffered by reason of any defense, set-off, counterclaim, recoupment or
reduction or liability whatsoever of the account debtor or obligor thereunder, arising out of a breach by Seller of any obligation thereunder or arising out of any other agreement, indebtedness or liability at any time owing to or in favor of such
account debtor or obligor or its successors from Seller. Seller hereby acknowledges that, the obligation of Seller hereunder is a recourse obligation of Seller. 
 28. DUE DILIGENCE 
 (a) Seller agrees that Buyer has the right to perform continuing due diligence reviews with respect to
the Purchased Securities and the Purchased Loans, for purposes of verifying compliance with the representations, warranties and specifications made hereunder, or otherwise, and Seller agrees that upon reasonable prior notice to Seller, Buyer or its
authorized representatives will be permitted, upon 2 Business Days prior written request, during normal business hours and subject to the Seller’s normal security and confidentiality procedures to examine, inspect, and make copies and extracts
of, the Purchased Loan Files, Servicing Records and any and all documents, records, agreements, instruments or information relating to such Purchased Securities and Purchased Loans in the possession or under the control of Seller, any other servicer
or subservicer and/or the Custodian. Seller also shall make available to Buyer a knowledgeable financial or accounting officer for the purpose of answering questions respecting the Purchased Loan Files and the Purchased Securities and Purchased
Loans. Without limiting the generality of the foregoing, Seller agrees that Buyer may enter into Transactions with the Seller based solely upon the information provided by Seller to Buyer and the representations, warranties and covenants contained
herein, and that Buyer, at its option, has the right at any time to conduct a partial or complete due diligence review on some or all of the Purchased Securities and Purchased Loans. Buyer may underwrite such Purchased Loans itself or engage a third
party underwriter to perform such underwriting. Seller agrees to reasonably cooperate with Buyer and any third party underwriter reasonably acceptable to Seller in connection with such underwriting, including, but not limited to, providing Buyer and
any third party underwriter with access to any and all documents, records, agreements, instruments or information relating to such Purchased 

  

 Repurchase Agreement 
 $250MM Facility 
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 FINAL VERSION 
  

 
Securities and Purchased Loans in the possession, or under the control, of Seller. In addition, Seller shall provide Buyer with reasonable access to
operating statements, the occupancy status and other property level information, with respect to the Mortgaged Properties, plus any such additional reports as Buyer may reasonably request. Seller also agrees to reimburse Buyer as and when billed by
Buyer for any and all out-of-pocket costs and expenses reasonably incurred in connection with Buyer’s due diligence reviews with respect to the Purchased Loans and Purchased Securities pursuant to this Section 28 and the enforcement
or the preservation of Buyer’s rights under this Agreement or any Transaction contemplated hereby, including without limitation the reasonable fees and disbursements of its counsel; provided, that with respect to such costs and expenses
relating to due diligence reviews prior to any Event of Default, Seller shall only be required to reimburse Buyer for such costs and expenses relating to two due diligence reviews during any 12 month period. 
 29. SERVICING 
 (a) Notwithstanding the purchase and
sale of the Purchased Loans hereby, Seller or Sponsor or any other third party servicer approved by Buyer shall continue to service the Purchased Loans for the benefit of Buyer and, if Buyer shall exercise its rights to pledge or hypothecate the
Purchased Loans prior to the Repurchase Date pursuant to Section 8, Buyer’s assigns; provided, however, that the obligations of Seller or Sponsor to service any of the Purchased Loans shall cease upon the payment by Seller to
Buyer of the Repurchase Price therefor. Seller shall service or cause the servicer to service the Purchased Loans in accordance with Accepted Servicing Practices approved by Buyer in the exercise of its reasonable business judgment. 
 (b) Seller agrees that Buyer is the owner of all servicing records, including but not limited to any and all servicing agreements (the “Servicing
Agreements”), files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating
to or evidencing the servicing of Purchased Loans (the “Servicing Records”) so long as the Purchased Loans are subject to this Agreement. Seller grants Buyer a security interest in all servicing fees and rights relating to the
Purchased Loans and all Servicing Records to secure the obligation of the Seller or its designee to service in conformity with this Section and any other obligation of Seller to Buyer. Seller covenants to safeguard such Servicing Records and to
deliver them promptly to Buyer or its designee (including the Custodian) at Buyer’s request. 
 (c) Upon the occurrence and continuance
of an Event of Default, Buyer may, in its sole discretion, (i) sell its right to the Purchased Loans on a servicing released basis or (ii) terminate the Seller (in its capacity as servicer) or any sub-servicer of the Purchased Loans with
or without cause, in each case without payment of any termination fee. 
 (d) Seller shall not employ sub-servicers (other than the Sponsor)
to service the Purchased Loans without the prior written approval of Buyer. If the Purchased Loans are serviced by a sub-servicer, Seller shall irrevocably assign all rights, title and interest in the Servicing Agreements in the Purchased Loans to
Buyer. 
  

 Repurchase Agreement 
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 FINAL VERSION 
  

 (e) Seller shall cause any sub-servicers engaged by Seller to execute a letter agreement with Buyer
acknowledging Buyer’s security interest and agreeing that it shall deposit all Income with respect to the Purchased Loans in the Cash Management Account. 
 (f) The payment of servicing fees shall be subordinate to payment of amounts outstanding under any Transaction and this Agreement. 
 30. MISCELLANEOUS 
 (a) The Transaction Documents may be executed in counterparts, each of which so executed shall be deemed
to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 (b) The headings in the
Transaction Documents are for convenience of reference only and shall not affect the interpretation or construction of the Transaction Documents. 
 (c) Without limiting the rights and remedies of Buyer under the Transaction Documents, Seller shall pay Buyer’s reasonable actual out-of-pocket costs and expenses, including reasonable and documented fees and expenses of accountants,
attorneys and advisors, incurred in connection with the preparation, negotiation, execution and consummation of, and any amendment, supplement or modification to, the Transaction Documents and the Transactions thereunder. Seller agrees to pay Buyer
on demand all costs and expenses (including reasonable expenses for legal services of every kind) of any subsequent enforcement of any of the provisions hereof, or of the performance by Buyer of any obligations of Seller in respect of the Purchased
Loans and Purchased Securities, or any actual or attempted sale, or any exchange, enforcement, collection, compromise or settlement in respect of any of the Collateral and for the custody, care or preservation of the Collateral (including insurance
costs) and defending or asserting rights and claims of Buyer in respect thereof, by litigation or otherwise. In addition, Seller agrees to pay Buyer on demand all reasonable costs and expenses (including reasonable expenses for legal services)
incurred in connection with the maintenance of the Cash Management Account and registering the Collateral in the name of Buyer or its nominee. All such expenses shall be recourse obligations of Seller to Buyer under this Agreement. 
 (d) Each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
Agreement shall be prohibited by or be invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

 (e) This Agreement contains a final and complete integration of all prior expressions by the parties with respect to the subject matter
hereof and thereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings. 
 (f) The parties understand that this Agreement is a legally binding agreement that may affect such party’s rights. Each party represents to the other that it has received legal advice from counsel of its choice
regarding the meaning and legal significance of this Agreement and that it is satisfied with its legal counsel and the advice received from it. 
  

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 53 

 FINAL VERSION 
  

 (g) Should any provision of this Agreement require judicial interpretation, it is agreed that a court
interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against any Person by reason of the rule of construction that a document is to be construed more strictly against the Person who
itself or through its agent prepared the same, it being agreed that all parties have participated in the preparation of this Agreement. 
  

 Repurchase Agreement 
 $250MM Facility 
 54 

  

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

			
	BUYER:
	
	DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SELLER:
	
	CBRE REALTY FINANCE HOLDINGS CDO FUNDING, LLC, a Delaware limited liability company
		
	By:	 	CBRE Realty Finance Holdings, LLC, a Delaware limited liability company, its sole member
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated August 30, 2005 

 Repurchase Agreement 
 $250MM Facility 

			
		  	ANNEXES AND EXHIBITS
		
	ANNEX I	  	Names and Addresses for Communications between Parties
		
	EXHIBIT I	  	Form of Confirmation
		
	EXHIBIT II	  	Authorized Representatives of Seller
		
	EXHIBIT III	  	Monthly Reporting Package
		
	EXHIBIT IV	  	Form of Custodial Delivery
		
	EXHIBIT V	  	Form of Power of Attorney
		
	EXHIBIT VI	  	Representations and Warranties Regarding Individual Purchased Loans
		
	EXHIBIT VII	  	Collateral Information
		
	EXHIBIT VIII	  	Advance Procedure
		
	EXHIBIT IX	  	Form of Re-Direction Letter

 ANNEX I 
 Names and Addresses for Communications Between Parties 
 Buyer: 
 Deutsche Bank AG, Cayman Islands Branch 
 60
Wall Street, 10th Floor 
 New York, New York 10005 
 Attention:        Tom Traynor 

Telephone:      (212) 250-5125 
 Telecopy:        (212) 797-4461 
 With
copies to: 
 Deutsche Bank AG, Cayman Islands Branch 
 60 Wall Street 
 New York, New York 10005 
 Attention: General Counsel 
 and 

Sidley Austin Brown & Wood LLP 
 787 Seventh Avenue 
 New York, New York 10019 
 Attention:        Brian Krisberg, Esq. 
 Telephone:      (212) 839-8735 
 Telecopy:        (212) 839-5599 
 Seller: 
 CBRE Realty Finance CDO Funding, LLC 
 c/o
CBRE Realty Finance Inc. 
 185 Asylum Street, 37th Floor 
 Hartford, CT 06103 
 Attention:        Thomas Podgorski 
 Telephone:      (860) 275-6203 
 Telecopy:        (860) 275-6225 
 With a copy to: 

Dechert LLP 
 1717 Arch Street 

4000 Bell Atlantic Tower 
 Philadelphia, PA
19103 
 Attention:        Richard D. Jones 
 Telephone:      (215) 994-2501 
 Telecopy:        (215) 994-2222 

 EXHIBIT I 
 CONFIRMATION STATEMENT 
 DEUTSCHE BANK AG, 
 Cayman Islands Branch 
 Ladies and Gentlemen: 
 Deutsche Bank AG, Cayman Islands Branch, is pleased to deliver our written CONFIRMATION of our
agreement to enter into the Transaction pursuant to which Deutsche Bank AG, Cayman Islands Branch shall purchase from you the Purchased Securities and/or Purchased Loans identified in the Master Repurchase Agreement, dated as of August 30, 2005
(the “Agreement”), between Deutsche Bank AG, Cayman Islands Branch (the “Buyer”) and CBRE Realty Finance CDO Funding, LLC, (the “Seller”) as follows below and on the attached Schedule 1. Capitalized
terms used herein without definition have the meanings given in the Agreement. 
  

					
		
	Purchase Date:	 	                        ,
200  
		
	Purchased Securities/Purchased	 	As identified on attached Schedule 1
	Loans:	 	
		
	Aggregate Principal Amount of Purchased Securities/Purchased Loans:	 	As identified on attached Schedule 1
		
	Repurchase Date:	 	
		
	Purchase Price:	 	$
		
	Pricing Rate:	 	one month LIBOR plus                %
		
	Buyer’s Margin Percentage:	 	As identified in Schedule 2
		
	Margin Notice Deadline:	 	11:00 a.m.
		
	Governing Agreements:	 	As identified on attached Schedule 1
			
	Name and address for communications:	 	Buyer:	 	Deutsche Bank AG, Cayman Islands Branch
		 		 	60 Wall Street
		 		 	New York, New York 10005
		 		 	Attention:     Tom Traynor
		 		 	Telephone:   (212) 250-5125
		 		 	Telecopy:     (212) 797-4461
			
		 	Seller:	 	CBRE Realty Finance CDO Funding, LLC
		 		 	c/o CBRE Realty Finance Inc.
		 		 	185 Asylum Street, 37th Floor
		 		 	Hartford, CT 06103
		 		 	Attention:Thomas Podgorski
		 		 	Telephone: (860) 275-6203
		 		 	Telecopy: (860) 275-6225

			
	DEUTSCHE BANK AG, CAYMAN ISLANDS
BRANCH
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 AGREED AND ACKNOWLEDGED:
  
 CBRE REALTY FINANCE HOLDINGS CDO FUNDING, LLC, a Delaware limited liability company

		
	By:	 	CBRE Realty Finance Holdings, LLC, a Delaware limited liability company, its sole member
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 2 

 Schedule 1 to Confirmation Statement 
 Purchased Securities: 
 Aggregate Principal Amount: 
 CUSIP NO.: 
 Securitization Document (including trustee): 
 Purchased Loans: 
 Aggregate Principal Amount: 
  

 3 

 EXHIBIT II 
 AUTHORIZED REPRESENTATIVES OF SELLER 
  

			
	 Name
	 	 Specimen Signature

	  
  
	 	  

	  
  
	 	  

	  
  
	 	  

 EXHIBIT III 
 MONTHLY REPORTING PACKAGE 
 [SAMPLE TO BE ATTACHED] 

 EXHIBIT IV 
 FORM OF CUSTODIAL DELIVERY 
 On this
             of                     , 200_, CBRE Realty Finance CDO
Funding, LLC, as Seller under that certain Master Repurchase Agreement, dated as of August 30, 2005 (the “Repurchase Agreement”) between Deutsche Bank AG, Cayman Islands Branch (“Buyer”) and CBRE Realty Finance
CDO Funding, LLC does hereby deliver to LaSalle Bank National Association (“Custodian”), as custodian under that certain Custodial Agreement, dated as of August 30, 2005 (the “Custodial Agreement”), among
Buyer, Custodian and CBRE Realty Finance CDO Funding, LLC, the Purchased Loans to be purchased by Buyer pursuant to the Repurchase Agreement, which Purchased Loans are listed on the Purchased Loan Schedule attached hereto and which Purchased Loans
shall be subject to the terms of the Custodial Agreement on the date hereof. 
 With respect to the Purchased Loan Files delivered hereby,
for the purposes of issuing the Trust Receipt, the Custodian shall review the Purchased Loan Files to ascertain delivery of the documents listed in Section 3(g) to the Custodial Agreement. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Custodial Agreement. 
 IN WITNESS WHEREOF, the Seller has caused its name to be signed hereto by its officer thereunto duly authorized as of the day and year first above
written. 
  

			
	CBRE REALTY FINANCE HOLDINGS CDO
FUNDING, LLC, a Delaware limited liability
company
		
	By:	 	CBRE Realty Finance Holdings, LLC, a Delaware limited liability company, its sole member
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT V 
 FORM OF POWER OF ATTORNEY 
 Know All Men by These Presents, that CBRE Realty Finance CDO Funding, LLC
(“Seller”), does hereby appoint Deutsche Bank AG, Cayman Islands Branch (“Buyer”), its attorney-in-fact to act in Seller’s name, place and stead in any way which Seller could do pursuant to Section 14 of
the Master Repurchase Agreement dated as of August 30, 2005 (the “Repurchase Agreement”), among Buyer, CBRE Realty Finance CDO Funding, LLC with respect to (i) the completion of the endorsements of all Mezzanine Notes, B
notes and participation certificates and/or participation agreements and (ii) the enforcement of the Seller’s rights under the Purchased Loans purchased by Buyer pursuant to the Repurchase Agreement, and to take such other steps as may be
necessary or desirable to enforce Buyer’s rights against such Purchased Loans, the related Purchased Loan Files and the Servicing Records to the extent that Seller is permitted by law to act through an agent. 
 TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OF FACSIMILE OF THIS INSTRUMENT MAY
ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OR SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY, AND SELLER ON ITS OWN
BEHALF AND ON BEHALF OF SELLER’S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING RELIED ON THE
PROVISIONS OF THIS INSTRUMENT. 
 IN WITNESS WHEREOF Seller has caused this Power of Attorney to be executed as a deed this
     day of                     , 2005. 
  

			
	CBRE REALTY FINANCE HOLDINGS CDO
FUNDING, LLC, a Delaware limited liability
company
		
	By:	 	CBRE Realty Finance Holdings, LLC, a Delaware limited liability company, its sole member
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT VI 
 REPRESENTATIONS AND WARRANTIES 
 REGARDING EACH INDIVIDUAL PURCHASED LOAN 
 WHICH IS A MEZZANINE LOAN SECURED BY A PLEDGE OF THE 
 EQUITY OWNERSHIP INTEREST IN AN ENTITY THAT OWNS 
 A MULTIFAMILY OR COMMERCIAL PROPERTY 
 (1) Purchased Loan Information. The information set forth in the Purchased Loan Schedule is complete, true and correct in all material respects.

 (2) No Material Default or Dispute Under Purchased Loan Documents. There exists no material default, breach, violation or event of
acceleration (and no event which, with the passage of time or the giving of notice, or both, would constitute any of the foregoing) under the documents evidencing or securing the Purchased Loan, in any such case to the extent the same materially and
adversely affects the value of the Purchased Loan and the related underlying real property. 
 (3) No Offsets, Defenses or
Counterclaims. There is no valid offset, defense or counterclaim to such Purchased Loan. 
 (4) Equity Pledges. The pledge of
ownership interests securing such Purchased Loan relates to all direct or indirect equity or ownership interests in the underlying real property owner (so that, except for the equity interests pledged to Seller, there are no direct or indirect
equity or ownership interests in underlying real property owner or in any constituent entity) and has been fully perfected in favor of Seller as mezzanine lender. 
 (5) Lockbox. The lockbox administrator, if any, is not an Affiliate of Seller. 
 (6)
Enforceability. The Purchased Loan Documents have been duly and properly executed by Seller, and each is the legal, valid and binding obligation of the parties thereto, enforceable in accordance with its terms, except as such enforcement may
be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws relating to or affecting the rights of creditors generally and by general principles of equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law). The Purchased Loan complied with, or is exempt from, all applicable usury laws in effect at its date of origination. Seller has fully and validly perfected all security interests created or intended to be created
pursuant to the Purchased Loan Documents. 
 (7) Waivers and Modifications. The terms of the related Purchased Loan Documents have not
been impaired, waived, altered or modified in any material respect (other than by a written instrument which is included in the related Purchased Loan File). 
 (8) Valid Assignment. The assignment of Purchased Loan constitutes the legal, valid and binding assignment of such Purchased Loan from Seller to or for the benefit of Buyer. No consent or approval by any third
party is required for any such assignment of such Purchased Loan, for Buyer’s exercise of any rights or remedies under the assignment of Purchased Loan, or for Buyer’s sale or other disposition of such Purchased Loan if Buyer acquires
title thereto, other 

 
than consents and approvals which have been obtained. No third party (including underlying real property owner and underlying real property mortgagee) holds
any “right of first refusal,” “right of first negotiation,” “right of first offer,” purchase option, or other similar rights of any kind on account of the occurrence of any of the foregoing. No other impediment exists
to any such transfer. 
 (9) Certain Representations and Warranties. All representations and warranties in the Purchased Loan
Documents and in the underlying real property mortgage documents are true and correct in all material respects. 
 (10) Parties
Authorized. To the extent required under applicable law as of the Purchase Date, each party to the Purchased Loan Documents was authorized to do business in the jurisdiction in which the related underlying real property is located at all times
when it held the Purchased Loan to the extent necessary to ensure the validity and enforceability of such Purchased Loan. 
 (11) No
Advances of Funds. No party to the Purchased Loan Documents has advanced funds on account of any default under the Purchased Loan or under the underlying real property mortgage documents. 
 (12) Servicing. The servicing and collection practices used by Seller for the Purchased Loan have complied with applicable law in all material
respects and are consistent with those employed by prudent servicers of comparable Purchased Loans. 
 (13) No Assignment. Seller has
not effectuated any transfer, sale, assignment, hypothecation, or other conveyance of any of its rights and obligations under any Purchased Loan Document, except in connection with the Agreement. 
 (14) No Bankruptcy. To Seller’s actual knowledge, none of the following parties is a debtor in any state or federal bankruptcy or insolvency
proceeding: Seller; underlying real property owner; or underlying real property mortgagee. 
 REPRESENTATIONS AND WARRANTIES 
 REGARDING EACH INDIVIDUAL PURCHASED LOAN 
 WHICH
IS A JUNIOR PARTICIPATION INTEREST 
 (OR JUNIOR OR “B” NOTE) IN A PERFORMING COMMERCIAL 
 MORTGAGE LOAN SECURED BY A FIRST LIEN ON 
 A
MULTIFAMILY OR COMMERCIAL PROPERTY 
 (1) Purchased Loan Information. The information set forth in the Purchased Loan Schedule is
complete, true and correct in all material respects. 
 (2) No Default or Dispute Under Purchased Loan Documents. There exists no
material default, breach, violation or event of acceleration (and no event which, with the passage of time or the giving of notice, or both, would constitute any of the foregoing) under the documents evidencing or securing the Purchased Loan, in any
such case to the extent the same materially and adversely affects the value of the Purchased Loan and the related underlying real property. 
  

 2 

 (3) No Offsets, Defenses or Counterclaims. There is no valid offset, defense or counterclaim to
such Purchased Loan. 
 (4) Lockbox. The lockbox administrator, if any, is not an Affiliate of Seller. 
 (5) Enforceability. The Purchased Loan Documents have been duly and properly executed by Seller, and each is the legal, valid and binding
obligation of the parties thereto, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws relating to or affecting the rights of creditors
generally and by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). The Purchased Loan complied with, or is exempt from, all applicable usury laws in effect at its date of
origination. Seller has fully and validly perfected all security interests created or intended to be created pursuant to the Purchased Loan Documents. 
 (6) Waivers and Modifications. The terms of the related Purchased Loan Documents have not been impaired, waived, altered or modified in any material respect (other than by a written instrument which is included
in the related Purchased Loan File). 
 (7) Valid Assignment. The assignment of Purchased Loan constitutes the legal, valid and
binding assignment of such Purchased Loan from Seller to or for the benefit of Buyer. No consent or approval by any third party is required for any such assignment of such Purchased Loan, for Buyer’s exercise of any rights or remedies under the
assignment of Purchased Loan, or for Buyer’s sale or other disposition of such Purchased Loan if Buyer acquires title thereto, other than consents and approvals which have been obtained. No third party (including underlying real property owner
and underlying real property mortgagee) holds any “right of first refusal,” “right of first negotiation,” “right of first offer,” purchase option, or other similar rights of any kind on account of the occurrence of any
of the foregoing. No other impediment exists to any such transfer. 
 (8) Certain Representations and Warranties. All representations
and warranties in the Purchased Loan Documents and in the underlying documents for the performing commercial mortgage loan secured by a first lien on a multifamily or commercial property to which such Purchased Loan relates are true and correct in
all material respects. 
 (9) Parties Authorized. To the extent required under applicable law as of the Purchase Date, each party to
the Purchased Loan Documents was authorized to do business in the jurisdiction in which the related underlying real property is located at all times when it held the Purchased Loan to the extent necessary to ensure the validity and enforceability of
such Purchased Loan. 
 (10) No Advances of Funds. No party to the Purchased Loan Documents has advanced funds on account of any
default under the Purchased Loan or under the underlying real property mortgage documents. 
  

 3 

 (11) Servicing. The servicing and collection practices used by Seller for the Purchased Loan have
complied with applicable law in all material respects and are consistent with those employed by prudent servicers of comparable Purchased Loans. 
 (12) No Assignment. Seller has not effectuated any transfer, sale, assignment, hypothecation, or other conveyance of any of its rights and obligations under any Purchased Loan Document, except in connection with the Agreement.

 (13) No Bankruptcy. To Seller’s actual knowledge, none of the following parties is a debtor in any state or federal bankruptcy
or insolvency proceeding: Seller; underlying real property owner; or underlying real property mortgagee. 
  

 4 

 EXHIBIT VII 
 COLLATERAL INFORMATION 
 Loan ID #: 
 Borrower Name: 
 Borrower Address: 
 Borrower City: 
 Borrower State: 
 Borrower Zip Code: 
 Recourse? 
 Guaranteed? 
 Related Borrower Name(s): 
 Original Principal Balance: 
 Note Date: 
 Loan Date: 
 Loan Type (e.g. fixed/arm): 
 Current Principal Balance: 
 Current Interest Rate (per annum): Paid to date: 
 Annual P&I: 
 Next Payment due date: 
 Index (complete whether fixed or arm): 
 Gross Spread/Margin (complete whether fixed or
arm): 
 Life Cap: 
 Life Floor: 
 Periodic Cap: 
 Periodic Floor: 
 Rounding Factor: 
 Lookback (in days): 
 Interest Calculation Method (e.g., Actual/360): 
 Interest rate adjustment frequency: 
 P&I payment frequency: 
 First P&I payment due: 
 First interest rate adjustment date: 
 First payment adjustment date: 
 Next interest rate adjustment date: 
 Next payment adjustment date: 
 Conversion Date: 
 Converted Interest Rate Index: 
 Converted Interest Rate Spread: 
 Maturity date: Loan term: 
 Amortization term: 
 Hyper-Amortization Flag: 
 Hyper-Amortization Term: 
 Hyper-Amortization Rate Increase: 
 Balloon Amount: 

 COLLATERAL INFORMATION 
 Balloon LTV: 
 Prepayment Penalty Flag: 
 Prepayment Penalty Text: 
 Lockout Period: 
 Lien Position: 
 Fee/Leasehold: 
 Ground Lease Expiration Date: 
 CTL (Yes/No): 
 CTL Rating (Moody’s): 
 CTL Rating (Duff): CTL Rating (S&P): 
 CTL Rating (Fitch): 
 Lease Guarantor: 
 CTL Lease Type (NNN, NN, Bondable): 
 Property Name: 
 Property Address: 
 Property City: 
 Property Zip Code: 
 Property Type (General): 
 Property Type (Specific): 
 Cross-collateralized (Yes/No)*: 
 Property Size: 
 Year built: 
 Year renovated: 
 Actual Average Occupancy: Occupancy Rent Roll Date: 
 Underwritten Average Occupancy: 
 Largest Tenant: 
 Largest Tenant SF: 
 Largest Tenant Lease Expiration: 
 2nd Largest Tenant: 
 2nd Largest Tenant SF: 
 2nd Largest Tenant Lease Expiration: 
 3rd Largest Tenant: 
 3rd Largest Tenant SF: 
 3rd Largest Tenant Lease Expiration: 
 Underwritten Average Rental Rate/ADR: 
 Underwritten Vacancy/Credit Loss: 
 Underwritten Other Income: 
 Underwritten Total Revenues: 
 Underwritten Replacement Reserves: 
 Underwritten Management Fees: 
  

	*	If yes, give property information on each property covered and in aggregate as appropriate. Loan ID’s should be denoted with a suffix letter to signify
loans/collateral. 

  

 2 

 COLLATERAL INFORMATION 
 Underwritten Franchise Fees: 
 Underwritten Total Expenses: 
 Underwritten Leasing Commissions: 
 Underwritten Tenant Improvement Costs: 
 Underwritten NOI: 
 Underwritten NCF: 
 Underwritten Debt Service Constant: 
 Underwritten DSCR at NOI: 
 Underwritten DSCR at NCF: 
 Underwritten NOI Period End Date: 
 Hotel Franchise: Hotel Franchise Expiration Date: 
 Appraiser Name: 
 Appraised Value: 
 Appraisal Date: 
 Appraisal Cap Rate: 
 Appraisal Discount Rate: 
 Underwritten LTV: 
 Environmental Report Preparer: 
 Environmental Report Date: 
 Environmental Report Issues: 
 Architectural and Engineering Report Preparer: 
 Architectural and Engineering Report Date: 
 Deferred Maintenance Amount: 
 Ongoing Replacement Reserve Requirement per A&E Report:

 Immediate Repairs Escrow % (e.g. 125%): 
 Replacement Reserve Annual Deposit: 
 Replacement Reserve Balance: 
 Tenant Improvement/Leasing Commission Annual Deposits:

 Tenant Improvement/Leasing Commission Balance: 
 Taxes paid through date: 
 Monthly Tax Escrow: 
 Tax Escrow Balance: 
 Insurance paid through date: 
 Monthly Insurance Escrow: 
 Insurance Escrow Balance: 
 Reserve/Escrow Balance as of Date: 
 Probable Maximum Loss %: 
 Covered by Earthquake Insurance (Yes/No): 
 Number of times 30 days late in last 12 months: 
 Number of times 60 days late in last 12 months: 
 Number of times 90 days late in last 12 months: 
 Servicing Fee: 
 Notes: 
  

 3 

 EXHIBIT VIII 
 ADVANCE PROCEDURE 
 Final Approval of New Collateral Which is an Eligible Security/Preliminary Approval
of New Collateral Which is an Eligible Loan. 
 (b) Seller may, from time to time, submit to Buyer a Preliminary Due
Diligence Package for Buyer’s review and approval in order to enter into a Transaction with respect to any New Collateral that Seller proposes to be included as Collateral under the Agreement. 
 (c) Upon Buyer’s receipt of a complete Preliminary Due Diligence Package, Buyer, within five (5) Business Days, shall have the
right to request, in Buyer’s good faith business judgment, additional diligence materials and deliveries that Buyer shall specify on a Supplemental Due Diligence List. Upon Buyer’s receipt of all of the Diligence Materials or Buyer’s
waiver thereof, Buyer within ten (10) Business Days and following receipt of internal credit approval, shall either (i) notify Seller of the Purchase Price and the Market Value for the New Collateral or (ii) deny, in Buyer’s sole
and absolute discretion, Seller’s request for a Transaction. Buyer’s failure to respond to Seller within ten (10) Business Days, as applicable, shall be deemed to be a denial of Seller’s request for an Advance, unless Buyer and
Seller have agreed otherwise in writing. 
 Final Approval of New Collateral which is an Eligible Loan. Upon Buyer’s notification
to Seller of the Purchase Price and the Market Value for any New Collateral which is an Eligible Loan, Seller shall, if Seller desires to enter into a Transaction with respect to such New Collateral, satisfy the conditions set forth below (in
addition to satisfying the conditions precedent to obtaining each advance, as set forth in Section 3(b) of this Agreement) as a condition precedent to Buyer’s approval of such New Collateral as Collateral, all in a manner reasonably
satisfactory to Buyer and pursuant to documentation reasonably satisfactory to Buyer: 
 (d) Delivery of Purchased Loan
Documents. Seller shall deliver to Buyer: (i) with respect to New Collateral that is Pre-Existing Collateral, each of the Purchased Loan Documents, except Purchased Loan Documents that Seller expressly and specifically disclosed in
Seller’s Preliminary Due Diligence Package were not in Seller’s possession; and (ii) with respect to New Collateral that is Originated Collateral, each of the Purchased Loan Documents. 
 (e) Environmental and Engineering. Buyer shall have received a “Phase 1” (and, if necessary, “Phase 2”)
environmental report, an asbestos survey, if applicable, and an engineering report, each in form reasonably satisfactory to Buyer, by an engineer or environmental consultant reasonably approved by Buyer. 
 (f) Appraisal. Buyer shall have received either an appraisal approved by Buyer (or a Draft Appraisal), each by an MAI appraiser. If
Buyer receives only a Draft Appraisal prior to entering into a Transaction, Seller shall deliver an appraisal approved by Buyer by an MAI appraiser on or before thirty (30) days after the Purchase Date. 

 (g) Insurance. Buyer shall have received certificates or other evidence of
insurance demonstrating insurance coverage in respect of the Mortgaged Property of types, in amounts, with insurers and otherwise in compliance with the terms, provisions and conditions set forth in the Purchased Loan Documents. Such certificates or
other evidence shall indicate that Seller will be named as an additional insured as its interest may appear and shall contain a loss payee endorsement in favor of such additional insured with respect to the policies required to be maintained under
the Purchased Loan Documents. 
 (h) Survey. Buyer shall have received all surveys of the Mortgaged Property that are
in Seller’s possession. 
 (i) Lien Search Reports. Buyer or Buyer’s counsel shall have received, as
reasonably requested by Buyer, satisfactory reports of UCC, tax lien, judgment and litigation searches and title updates conducted by search firms and/or title companies acceptable to Buyer with respect to the Eligible Loan, Mortgaged Property,
Seller and Mortgagor, such searches to be conducted in each location Buyer shall reasonably designate. 
 (j) Opinions of
Counsel. Buyer shall have received copies of all legal opinions in the Seller’s possession with respect to the Eligible Loan which shall be in form and substance reasonably satisfactory to Buyer. 
 (k) Additional Real Estate Matters. Seller shall have delivered to Buyer to the extent in Seller’s possession such other real
estate related certificates and documentation as may have been requested by Buyer, such as: (i) certificates of occupancy issued by the appropriate Governmental Authority and either letters certifying that the Mortgaged Property is in
compliance with all applicable zoning laws issued by the appropriate Governmental Authority or evidence that the related Title Policy includes a zoning endorsement and (ii) abstracts of all leases in effect at the Mortgaged Property and
estoppel certificates, in form and substance acceptable to Buyer, from any ground lessor and from any tenant that occupies 7.5% or more of the rentable space at the Mortgaged Property, and in any event from tenants whose occupancies aggregate not
less than 70% of the occupied rentable square footage at the Mortgaged Property. 
 (l) Other Documents. Buyer shall
have received such other documents as Buyer or its counsel shall reasonably deem necessary. 
 Within five (5) Business Days of Seller’s
satisfaction of all of the conditions enumerated in clauses (a) through (i) above, Buyer shall either (i) if the Purchased Loan Documents with respect to the New Collateral are not reasonably satisfactory in form and substance to
Buyer, notify Seller that Buyer has not approved the New Collateral as Collateral or (ii) notify Seller that Buyer has approved the New Collateral as Collateral. Buyer’s failure to respond to Seller within two (2) Business Days shall
be deemed to be a denial of Seller’s request that Buyer approve the New Collateral, unless Buyer and Seller have agreed otherwise in writing. 
  

 2 

 EXHIBIT IX 
 FORM OF RE-DIRECTION LETTER 
 CBRE Realty Finance CDO Funding, LLC 
 c/o CBRE Realty Finance Inc. 
 185 Asylum
Street, 37th Floor 
 Hartford, CT 06103 
 REDIRECTION LETTER 
 [AS OF [                        ], 200[  ] 
  

	[                        ]	

 Please refer to: (a) that certain [Loan Agreement], dated
[                        ], 200[  ], by and among
[                ] (the “Borrower”), as borrower, and [                ]
(the “Lender”), as lender; and (b) all documents securing or relating to that certain $ [            ] loan made by the Lender to the Borrower on
[                        ], 200[  ] (the “Loan”). 
  

	You	are advised as follows, effective as of the date of this letter. 

 Assignment of the Loan. The Lender has entered into a Master Repurchase Agreement, dated as August 30, 2005 (as the same may be amended and/or restated from time to time, the “Repo Agreement”), with
Deutsche Bank AG, Cayman Islands Branch (“DBAG”), 60 Wall Street, New York, NY 10005, and has assigned its rights and interests in the Loan (and all of its rights and remedies in respect of the Loan) to DBAG. This assignment shall
remain in effect unless and until DBAG has notified Borrower otherwise in writing. 
 Direction of Funds. In connection with Lender’s
obligations under the Repo Agreement, Lender hereby directs Borrower to disburse, by wire transfer, any and all payments to be made under or in respect of the Loan to the following account at LaSalle Bank for the benefit of DBAG: 
 LaSalle Bank 
 ABA 071000505 
 BNF: LaSalle Trust 
 Account: 7229061 
 Attn: DB CBRE 2005 Repurchase Brumwell x46858 
 This direction shall remain in effect unless and until DBAG has
notified Borrower otherwise in writing. 
 Modifications, Waivers, Etc. No modification, waiver, deferral, or release (in whole or in part) of
any party’s obligations in respect of the Loan, or of any collateral for any obligations in respect of the Loan, shall be effective without the prior written consent of DBAG. 
  
 Please acknowledge your acceptance of the terms and directions contained in this correspondence by
executing a counterpart of this correspondence and returning it to the undersigned. 
 [Signature Page Follows] 

			
	Very truly yours,
	
	CBRE REALTY FINANCE HOLDINGS CDO FUNDING, LLC, a Delaware limited liability company
		
	By:	 	CBRE Realty Finance Holdings, LLC, a Delaware limited liability company, its sole member
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Agreed and accepted this [        ] day
of
[                        ] , 200[  ]
	
	[                                     
 ]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 2Master Repurchase Agreement, dated as of January 27, 2006.

 EXECUTION VERSION 
  

 MASTER REPURCHASE AGREEMENT

 Dated as of January 27, 2006 
 among 
 CBRE REALTY FINANCE HOLDINGS III, LLC 
 as Seller 
 BANK OF AMERICA, N.A., 
 as a Buyer 
 and 
 BANC OF AMERICA SECURITIES LLC, 
 as a Buyer 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	DEFINITIONS	  	1
			
	2.	  	INITIATION; CONFIRMATION; TERMINATION; FEES	  	19
			
	3.	  	MARGIN MAINTENANCE	  	26
			
	4.	  	INCOME PAYMENTS AND PRINCIPAL PAYMENTS	  	27
			
	5.	  	SECURITY INTEREST	  	29
			
	6.	  	PAYMENT, TRANSFER AND CUSTODY	  	31
			
	7.	  	SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED SECURITIES	  	38
			
	8.	  	REPRESENTATIONS	  	38
			
	9.	  	NEGATIVE COVENANTS OF SELLER	  	43
			
	10.	  	AFFIRMATIVE COVENANTS OF SELLER	  	45
			
	11.	  	EVENTS OF DEFAULT; REMEDIES	  	49
			
	12.	  	RECORDING OF COMMUNICATIONS	  	56
			
	13.	  	SINGLE AGREEMENT 	  	56
			
	14.	  	NOTICES AND OTHER COMMUNICATIONS	  	56
			
	15.	  	ENTIRE AGREEMENT; SEVERABILITY	  	57
			
	16.	  	NON-ASSIGNABILITY	  	57
			
	17.	  	CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  	58
			
	18.	  	GOVERNING LAW	  	59
			
	19.	  	NO WAIVERS, ETC	  	59
			
	20.	  	USE OF EMPLOYEE PLAN ASSETS	  	59
			
	21.	  	INTENT	  	59
			
	22.	  	DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS	  	60
			
	23.	  	NO RELIANCE	  	60
			
	24.	  	INDEMNITY	  	61
			
	25.	  	DUE DILIGENCE	  	62
			
	26.	  	SERVICING	  	63
			
	27.	  	MISCELLANEOUS	  	63

  

 -i- 

 EXHIBITS 
  

			
	EXHIBIT I	 	Form of Confirmation
		
	EXHIBIT II	 	Authorized Representatives of Seller
		
	EXHIBIT III	 	Monthly Servicing Information
		
	EXHIBIT IV	 	Form of Custodial Delivery Certificate
		
	EXHIBIT V	 	Form of Power of Attorney
		
	EXHIBIT VI	 	Representations and Warranties Regarding Individual Purchased Assets
		
	EXHIBIT VII	 	Transaction Procedure
		
	EXHIBIT VIII	 	Form of Redirection Letter
		
	EXHIBIT IX	 	Form of Servicer Notice and Agreement
		
	EXHIBIT X	 	Form of Bailee Agreement
		
	EXHIBIT XI	 	Form of Guarantee
		
	EXHIBIT XII	 	Form of Omnibus Assignment

 MASTER REPURCHASE AGREEMENT 
 MASTER REPURCHASE AGREEMENT, dated as of January 27, 2006 (as amended, restated, supplemented or otherwise modified and in effect from time to time,
this “Agreement”), among CBRE REALTY FINANCE HOLDINGS III, LLC, as seller (“Seller”), and BANK OF AMERICA, N.A. (“BANA”) and BANC OF AMERICA SECURITIES LLC (“BAS”, together with
BANA, and their respective successors and assigns, collectively, the “Buyers”, each, a “Buyer”). 
 WHEREAS, subject to the terms and conditions hereof, from time to time a Buyer and Seller may enter into one or more Transactions (defined below), pursuant to which Seller agrees to sell to the Buyer, and the Buyer agrees to purchase from
Seller, on the Purchase Date (defined below) for such Transaction, certain Eligible Assets (defined below) against payment by the Buyer of an amount equal to the Purchase Price (defined below) for such Eligible Assets, with a simultaneous agreement
by the Buyer to sell to Seller, and by Seller to repurchase from the Buyer, such Eligible Assets on the related Repurchase Date (defined below) against payment by Seller of an amount equal to the Repurchase Price (defined below) for such Eligible
Assets. 
 NOW THEREFORE, the parties hereto hereby agree as follows: 
 1. DEFINITIONS 
 1.1 Defined Terms. As used herein, the following capitalized terms shall have
the respective meanings set forth below (all terms defined in this Section 1.1 or in any other provision of this Agreement in the singular shall have the same meanings when used in the plural and vice versa). 
 “1934 Act” shall have the meaning specified in Section 22(a) of this Agreement. 
 “Acceptable Appraisal” shall mean, with respect to a Purchased Loan or a loan which Seller proposes to become a Purchased Loan, a
third-party appraisal acceptable to the Buyer and meeting the standards of Title XI FIRREA, performed by an MAI appraiser and dated within twelve (12) months of the Purchase Date for such Purchased Loan. 
 “Accepted Servicing Practices” shall mean with respect to any Purchased Loan, those servicing practices of prudent mortgage loan
servicers which service mortgage, mezzanine or other commercial loans of the same type as such Purchased Loan in the jurisdiction where the related Underlying Mortgaged Property is located. 
 “Act of Insolvency” shall mean with respect to any party, (i) the commencement by such party as debtor of any case or proceeding
under any bankruptcy, insolvency, reorganization, liquidation, moratorium, dissolution, delinquency or similar law, or such party seeking the appointment or election of a receiver, conservator, trustee, custodian or similar official for such party
or any substantial part of its property, or the convening of any meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or election, (ii) the commencement of any such case or proceeding
against such party, or another seeking such an appointment or election, or the filing against a party of an 

 application for a protective decree under the provisions of the Securities Investor Protection Act of 1970, which
(A) is consented to or not timely contested by such party, (B) results in the entry of an order for relief, such an appointment or election, the issuance of such a protective decree or the entry of an order having a similar effect, or
(C) is not dismissed within fifteen (15) days, (iii) the making by such party of a general assignment for the benefit of creditors, or (iv) the admission in writing by such party of such party’s inability to pay such
party’s debts as they become due. 
 “Affiliate” shall mean, when used with respect to any specified Person, any other
Person directly or indirectly controlling, controlled by, or under common control with, such Person. Control shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise and “controlling” and “controlled” shall have meanings correlative thereto; provided that, any Person which owns directly or indirectly 10% or
more of the securities having ordinary voting power for the election of directors or other governing body of a corporation or 10% or more of the partnership or other ownership interests of any other Person (other than as a limited partner of such
other Person) will be deemed to control such corporation or other Person. 
 “Affiliated Hedge Counterparty” shall mean any
Affiliate of BANA that is party to a Hedging Agreement. 
 “Aggregate Purchase Price” shall mean, with respect to any
Purchased Asset, the aggregate amount of Purchase Price paid by the Buyers hereunder on the initial Purchase Date therefor and on any Subsequent Purchase Date. 
 “Agreement” shall have the meaning specified in the introductory paragraph of this Agreement. 
 “Allocated Portion” shall have the meaning specified in Section 4.3(c) of this Agreement. 
 “Allocated Underlying Debt” With respect to the Underlying Mortgaged Property related to any Purchased Asset, any senior or pari passu Indebtedness secured directly or indirectly by such Underlying Mortgaged
Property, including, without limitation, any preferred equity interest or mezzanine debt that is senior to, or pari passu with, such Purchased Asset in right of payment or priority. 
 “Alternative Rate” shall have the meaning specified in Section 2.8 of this Agreement. 
 “Alternative Rate Transaction” shall mean, with respect to any Pricing Rate Period, any Transaction with respect to which the Pricing
Rate for such Pricing Rate Period is determined with reference to the Alternative Rate. 
 “Applicable Spread” shall mean,
with respect to a Transaction, 
  

 2 

 (i) so long as no Event of Default shall have occurred and be continuing, the incremental
per annum rate (expressed as a number of “basis points”, each basis point being equivalent to 1/100 of 1%) specified in the Pricing Letter as being the “Applicable Spread” for the applicable Eligible Asset Class and the
applicable Rating Category or Asset Level LTV, and 
 (ii) after the occurrence and during the continuance of an Event of
Default, the applicable incremental per annum rate described in clause (i) of this definition, plus 300 basis points (3.0%). 
 “Asset Level LTV” shall mean the Asset Level LTV specified in the Schedule I to the Pricing Letter. 
 “Assignment of Leases” shall mean with respect to any Purchased Loan, any assignment of leases, rents and profits or equivalent instrument, whether contained in the related Mortgage or executed separately, assigning to the
holder or holders of such Mortgage all of the related Mortgagor’s interest in the leases, rents and profits derived from the ownership, operation, leasing or disposition of all or a portion of the related Mortgaged Property as security for
repayment of such Purchased Loan. 
 “Assignment of Mortgage” shall mean, with respect to any Mortgage, an assignment of the
mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related property is located to reflect the assignment and pledge of the Mortgage. 
 “Bailee Agreement” shall mean a bailee agreement, substantially in the form attached as Exhibit X hereto, executed and delivered
by a duly authorized officer of each of the parties thereto. 
 “BofA Indebtedness” shall mean any indebtedness of Seller,
Member or Guarantor under any arrangement (other than the Transaction Documents) between Seller, Member or Guarantor, on the one hand, and any Buyer or any Affiliate of a Buyer, on the other hand. 
 “Breakage Costs” shall have the meaning set forth in Section 2.13 of this Agreement. 
 “Business Day” shall mean a day other than (i) a Saturday or Sunday, or (ii) a day in which the New York Stock Exchange or
banks in the State of New York and Chicago, Illinois are authorized or obligated by law or executive order to be closed. When used with respect to a Reset Date, a “Business Day” shall mean a day other than a day on which banks in London,
England are closed for interbank or foreign exchange transactions. 
 “Buyers” shall have the meaning set forth in the
introductory paragraph of this Agreement. 
  

 3 

 “Capital Lease” shall mean, as applied to any Person, any lease of any property (whether
real, personal or mixed) by that Person or entity as lessee that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of that Person or entity. 
 “Capital Stock” shall mean any and all shares, interests, participations or other equivalents (however designated) of capital stock of a
corporation, any and all equivalent equity ownership interests in a Person which is not a corporation, including, without limitation, any and all member or other equivalent interests in any limited liability company, and any and all warrants or
options to purchase any of the foregoing. 
 “Cash Management Account” shall mean a segregated interest bearing account, in
the name of the Buyers’ designee, maintained at the Depository. 
 “CDO II” shall mean the second collateralized debt
obligation issuance sponsored by the Guarantor, which is anticipated to close on or prior to October 31, 2006 and include assets that were Purchased Assets. 
 “Change of Control” shall mean (a) the Guarantor shall fail to directly own 100% of the issued and outstanding Capital Stock (including all warrants, options, conversion rights and other rights
to purchase or convert into such Capital Stock) of Seller, (b) any “person” or “group” (within the meaning of Section 13(d) or 14(d) of the 1934 Act) shall become, or obtain rights (whether by means of warrants, options
or otherwise) to become, the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the 1934 Act), directly or indirectly, of a percentage of 20% or more of the total voting power of all classes of Capital Stock of Guarantor
entitled to vote generally in the election of directors or (c) CBRE Realty Finance Management, LLC shall cease to be the manager of the Guarantor. 
 “Closing Date” shall mean the day and year first above written. 
 “CMBS”
shall mean performing commercial mortgage-backed securities that (A) either (1) have a Rating Category listed on Schedule I to the Pricing Letter or (2) are unrated securities, which securities, in either case, are acceptable
to the Buyers in their sole discretion, (B) are denominated in United States Dollars and (C) conform to the applicable representations and warranties set forth in Part D of Exhibit VI attached hereto (except as otherwise agreed by
the Buyer). 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. 
 “Collateral” has the meaning given to that term in Section 5.2 of this
Agreement. 
 “Collection Period” shall mean, with respect to each Remittance Date, the period beginning on but excluding
the Cut-off Date relating to the immediately preceding Remittance Date and continuing to and including the Cut-off Date relating to such Remittance Date. 
 “Confirmation” shall have the meaning specified in Section 2.2 of this Agreement. 
  

 4 

 “Contingent Purchase Price” shall mean, at any time, with respect to any Purchased
Asset, an amount equal to the difference between (x) the product obtained by multiplying (i) the Market Value of such Purchased Asset at such time by (ii) the applicable Purchase Percentage minus (y) the Aggregate Purchase
Price paid by the Buyers hereunder in respect of such Purchased Asset prior to such date. 
 “Credit Approval Memo” shall
mean a memorandum describing each applicable Eligible Asset (including a summary of the potential transaction benefits and all material underwriting risks, all Underwriting Issues and all other characteristics of the proposed transaction that a
reasonable buyer would consider material) and approved by Seller’s investment committee, granting credit approval for Seller’s transaction with respect to each applicable Eligible Asset. 
 “Custodial Agreement” shall mean a custodial agreement, in form and substance satisfactory to the Buyers and executed and delivered by a
duly authorized officer of each of the parties thereto. 
 “Custodial Delivery Certificate” shall mean the certificate
executed by Seller in order to deliver the Purchased Asset Schedule and the Purchased Asset File to the Buyer or its designee (including the Custodian) pursuant to Section 6, a form of which is attached hereto as Exhibit IV. 

“Custodian” shall have the meaning specified in the Custodial Agreement. 
 “Cut-off Date” shall mean the second (2nd) Business Day preceding each Remittance Date. 
 “Default” shall mean
any event which, with the giving of notice, the passage of time, or both, would constitute an Event of Default. 
 “Defaulted
Asset” shall mean any Purchased Asset as to which any “default” or “event of default,” howsoever defined, under the related Purchased Asset Documents has occurred at any time after the related Purchase Date. 

“Delinquent Asset” shall mean any Purchased Asset as to which any related obligor has, at any time after the related Purchase Date,
failed to pay in full when due any payment required to be made in favor of the holder of such Purchased Asset. 
 “Depository” shall mean the bank at which the Cash Management Account is maintained. 
 “Diligence
Materials” shall mean the Preliminary Due Diligence Package together with the Supplemental Due Diligence List. 
 “Early
Repurchase Date” shall have the meaning specified in Section 2.4 of this Agreement. 
  

 5 

 “Eligible Asset Class” shall mean any Eligible Asset Class listed on Schedule I
to the Pricing Letter. 
 “Eligible Assets” shall mean, collectively, the Eligible Securities and the Eligible Loans;
provided, that in no event shall Eligible Assets include any Eligible Security or Eligible Loan that (a) with respect to Eligible Loans only, has an Underlying Mortgage Property that is (i) operated as an operating business,
including, but not limited to, a restaurant, convenience store, gas station, golf course or healthcare facility, (ii) a single non-credit tenant retail property or office property, (iii) a condo conversion property or (iv) any
property then requiring rehabilitation or repositioning as reflected in Seller’s underwriting analysis, (b) is subject to any Lien that is not in favor of the Buyer or its designee, (c) is owned by the Buyer 364 days or more after the
initial Purchase Date for such Eligible Security or Eligible Loan, or (d) does not satisfy all applicable Rating Agency criteria for inclusion in collateralized debt obligation transactions, including, without limitation, applicable
participation agreement or intercreditor agreement criteria. 
 “Eligible B Notes” shall mean junior participation interests
in, or junior notes in, performing commercial mortgage loans, or participations secured by first liens in multifamily or commercial properties, which conform to the applicable representations and warranties set forth in Part C of Exhibit VI
attached hereto (except as otherwise agreed by the Buyer), and are acceptable to the Buyer in its sole discretion. 
 “Eligible First
Mortgage Loans” shall mean performing loans, or senior participations, secured by first liens in multifamily or commercial properties which conform in all material respects to the applicable representations and warranties set forth in Part
A of Exhibit VI attached hereto (except as otherwise agreed by the Buyer), and are acceptable to the Buyer in its sole discretion. 
 “Eligible Loans” shall mean any Eligible First Mortgage Loans, Eligible Mezzanine Loans and Eligible B Notes, which the Buyer has approved in its sole discretion and which are secured directly or indirectly by, including
payments which are derived from, an Underlying Mortgaged Property that may include, but not be limited to, multifamily, retail, office, industrial or warehouse properties located in the United States of America and with respect to which the LTV
(taking into account any senior or pari passu Indebtedness secured directly or indirectly by the same Underlying Mortgaged Property) is not greater than 85% (with respect to Eligible Mezzanine Loans and Eligible First Mortgage Loans) or 80% (with
respect to Eligible B Notes). 
 “Eligible Mezzanine Loans” shall mean performing mezzanine loans secured by pledges of all
or partial equity ownership interests in entities that directly or indirectly own multifamily or commercial properties (or participation interests in such performing mezzanine loans), which conform to the applicable representations and warranties
set forth in Part B of Exhibit VI attached hereto (except as otherwise agreed by the Buyer), and are acceptable to the Buyer in its sole discretion. 
 “Eligible Securities” shall mean (i) CMBS which are acceptable to the Buyer in its sole discretion and (ii) any other performing real estate structured finance asset that the Buyer 

  

 6 

 elects to purchase in its sole discretion and conform to representations and warranties to be determined by the Buyer;
provided, however, that no asset specified in either clause (i) or (ii) above shall constitute an Eligible Security if such asset is (y) rated below “investment grade” by any Rating Agency and (z) was
issued by, underwritten by or previously owned by, BAS. 
 “Environmental Report” shall have the meaning specified in
paragraph 12 of Part A of Exhibit VI attached hereto. 
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended from time to time, and the regulations promulgated thereunder. Section references to ERISA are to ERISA, as in effect as of the Closing Date and, as of the relevant date, any subsequent provisions of ERISA, amendatory thereof,
supplemental thereto or substituted therefor. 
 “ERISA Affiliate” means any corporation or trade or business that is a
member of any group of organizations (i) described in Section 414(b) or (c) of the Code of which Seller is a member and (ii) solely for purposes of potential liability under Section 302(c)(11) of ERISA and
Section 412(c)(11) of the Code and the lien created under Section 302(f) of ERISA and Section 412(n) of the Code, described in Section 414(m) or (o) of the Code of which Seller is a member. 
 “Event of Default” shall have the meaning specified in Section 11 of this Agreement. 
 “Exit Fee” shall have the meaning specified in the Pricing Letter. 
 “Federal Funds Opening Rate” shall mean, for any day, the opening quotation for Federal Funds that appears on the display designated as
the BTMM page of Bloomberg, or in the event that Bloomberg is not available on such day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York , or, if such rate is not so published for any day which is a Business Day, the average of the quotations for the day of such transactions received by the Buyers
from three federal funds brokers of recognized standing selected by it. 
 “Filings” shall have the meaning specified in
Section 5.3 of this Agreement. 
 “FIRREA” shall mean the Federal Institutions, Reform, Recovery and Enforcement Act of
1989 and the regulations promulgated thereunder (as the foregoing are amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time). 
 “GAAP” shall mean with respect to the financial statements or other financial information of any Person, generally accepted accounting
principles in the United States which are in effect from time to time. 
 “Governmental Authority” shall mean any national
or federal government, any state, regional, local or other political subdivision thereof with jurisdiction and any Person with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
government. 
  

 7 

 “Guarantee” shall mean that certain Guarantee, of even date herewith, made by Guarantor
in favor of the Buyer (as the same may be amended, restated or otherwise modified and in effect from time to time). 
 “Guarantor” CBRE Realty Finance, Inc. 
 “Hedging Agreements” shall mean, with respect to any
Purchased Asset, any futures options contract or any interest rate swap, cap or collar agreement or similar derivative instruments providing for protection against fluctuations in interest rates or the exchange of nominal interest obligations,
either generally or under specific contingencies, entered into by Seller with respect to such Purchased Asset with a counterparty acceptable to the Buyer. Seller shall provide the Buyers (or an Affiliate designated by the Buyers) with an opportunity
to bid on any Hedging Agreement to be entered into by Seller, but Seller shall have no obligation to enter into any Hedging Agreement with any Buyer or any such Affiliate. 
 “Income” shall mean with respect to any Purchased Asset at any time, any Principal Payments made in respect thereof and all interest,
dividends or other distributions thereon. 
 “Indebtedness” shall mean, for any Person: (a) obligations created, issued
or incurred by such Person for borrowed money; (b) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued
expenses incurred, in the ordinary course of business so long as such trade accounts payable are payable within 90 days of the date the respective goods are delivered or the respective services are rendered; (c) indebtedness of others secured
by a Lien on the property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks
and other financial institutions for account of such Person; (e) Capital Leases of such Person; and (f) indebtedness of others guaranteed by such Person. 
 “Indemnified Amounts” and “Indemnified Parties” shall each have the meaning specified in Section 24 of this Agreement. 
 “Initial Termination Date” shall mean, at the Buyer’s sole discretion, either (a) January 26, 2007 or (b) the date
on which CDO II closes. 
 “LIBOR” shall mean the rate per annum calculated as set forth below: 
 (i) On each Reset Date, LIBOR for the next Pricing Rate Period, unless otherwise requested in accordance with paragraph (ii) below,
will be with respect to each day during such Pricing Rate Period the rate per annum for deposits in United States dollars for a one-month period which appears on Telerate Page 3750 (or any successor page) as of 11:00 a.m., London time, on such date;

  

 8 

 (ii) Upon written request to the Buyer not less than two (2) Business Days prior to
a Reset Date, Seller may request that Buyer determine LIBOR based upon the rate for deposits in United States Dollars for the requested Pricing Rate Period (which shall be one month, two months or three months) which appears on Telerate Page 3750 as
of 11:00 a.m., London time, on such date, provided, however, that not more than five (5) Transactions shall be subject to different LIBOR rates at any time and that each fixed tranche shall not have a notional amount of less than $5,000,000; or

 (iii) On any Reset Date on which no such rate appears on Telerate Page 3750 as described above, LIBOR for the next Pricing
Rate Period will be determined on the basis of the rate per annum at which deposits in United States Dollars are offered by London Branch of Bank of America, N.A. at approximately 11:00 a.m., London time, on such date to prime banks in the London
interbank market for a one-month, two-month or three-month period, as applicable. 
 All percentages resulting from any calculations or determinations
referred to in this definition will be rounded upwards, if necessary, to the nearest multiple of l/100th of 1% and all U.S. dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent or more
being rounding upwards). 
 “LIBO Rate” shall mean, with respect to any Pricing Rate Period pertaining to a Transaction, a
rate per annum determined for such Pricing Rate Period in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  

					
		 	 LIBOR
	 	
		 	1 – Reserve Requirement	 	

 “LIBOR Transaction” shall mean, with respect to any Pricing Rate Period, any
Transaction with respect to which the Pricing Rate for such Pricing Rate Period is determined with reference to the LIBO Rate. 
 “Lien” shall mean any mortgage, lien, encumbrance, charge or other security interest, whether arising under contract, by operation of law, judicial process or otherwise. 
 “Loan-to-Value Ratio” or “LTV” shall mean, with respect to any Purchased Asset, at the time of determination, the ratio
of (a) the outstanding principal amount of such Purchased Asset at such time plus the amount of any Allocated Underlying Debt for such Purchased Asset at such time to (b) the lesser of (i) the appraised value of the related Underlying
Mortgaged Property, as determined by reference to an Acceptable Appraisal of such Underlying Mortgaged Property, with such appraised value being subject to adjustment by the Buyer in its sole discretion, (ii) the purchase price of such
Underlying Mortgaged Property and (iii) the current Market Value of such Purchased Asset. 
 “Margin Deficit” shall
mean, at any time, with respect to (i) any Purchased Security, the excess, if any of (A) an amount equal to the Repurchase Price (less any unpaid 

  

 9 

 
Price Differential and Exit Fee) of such Purchased Security minus (B) the sum of (1) an amount equal to the product of the Market Value of
such Purchased Security at such time times the Purchase Percentage applicable to such Purchased Security and (2) the net value of any related Hedging Agreements pledged to the Buyer, as determined by the Buyer on the basis of the economic terms
thereof as set forth in the related hedge documentation provided to the Buyer by Seller, and (ii) any Purchased Loan, the excess, if any, of (A) an amount equal to the Repurchase Price (less any unpaid Price Differential and Exit Fee) of
such Purchased Loan minus (B) the sum of (1) an amount equal to the product of the Market Value of such Purchased Loan at such time times the Purchase Percentage applicable thereto and (2) the net value of any related Hedging
Agreements pledged to the Buyer, as determined by the Buyer on the basis of the economic terms thereof as set forth in the related hedge documentation provided to the Buyer by Seller. 
 “Market Value” shall mean, with respect to any Purchased Assets as of any date, the market value for such Purchased Assets on such date,
as determined by the Buyer in its sole discretion; provided, that the Market Value shall be $0 for (a) each Purchased Asset that is a Delinquent Asset or a Defaulted Asset and (b) each Purchased Asset that is, after its Purchase
Date, determined not to be an Eligible Loan or Eligible Security. The Market Value of all Purchased Assets shall be determined by the Buyer in its sole discretion on each Business Day during the term of the Agreement. 
 “Material Adverse Change” shall mean a material adverse change in the business, operations, property, financial condition or prospects
of Seller or the Guarantor. 
 “Maximum Facility Amount” shall mean $200,000,000, as reduced pursuant to Section 2.7 of
this Agreement. 
 “Member” shall mean CBRE Realty Finance Holdings, LLC, a Delaware limited liability company. 

“Mezzanine Note” shall mean a note or other evidence of indebtedness of the owner or owners of all equity or ownership interests in
an underlying real property owner secured by a pledge of such ownership interests. 
 “Monthly Servicing Information” shall
mean the information contained on Exhibit III attached hereto. 
 “Moody’s” shall mean Moody’s Investor
Service, Inc. 
 “Mortgage” shall mean a mortgage, deed of trust, deed to secure debt or other instrument, creating a valid
and enforceable lien on or an ownership interest in an estate in fee simple or leasehold estate in real property and the improvements thereon, securing a mortgage note or similar evidence of indebtedness. 
 “Mortgage Note” shall mean a note or other evidence of indebtedness of a Mortgagor secured by a Mortgage. 
  

 10 

 “Mortgaged Property” shall mean the real property securing repayment of the debt
evidenced by a Mortgage Note. 
 “Mortgagor” shall mean the obligor on a Mortgage Note and the grantor of the related
Mortgage. 
 “Multiemployer Plan” shall mean a multiemployer plan defined as such in Section 3(37) of ERISA to which
contributions have been, or were required to have been, made by Seller or any ERISA Affiliate and which is covered by Title IV of ERISA. 
 “New Asset” shall mean an Eligible Loan or Eligible Security that Seller proposes to be included as a Purchased Asset. 
 “Omnibus Assignment” shall mean an omnibus assignment in the form of Exhibit XII attached hereto. 
 “Permitted Purchased Loan Modification” shall mean any modification of a Purchased Loan, other than a modification which (1) amends or modifies the interest rate, principal amount, maturity date or any other financial
or economic term (including, but not limited to, the amortization schedule) of a Purchased Loan, (2) extends any payment date for the payment of such principal or interest, (3) amends, modifies or waives any cash management or reserve
account requirements of a Purchased Loan, (4) releases or subordinates any portion of the collateral securing such Purchased Loan, (5) waives any foreclosure rights with respect to any portion of the collateral securing such Purchased
Loan, (6) releases or modifies any guarantee or (7) modifies the terms of any provisions applicable to casualty or condemnation proceeds. 
 “Person” shall mean an individual, corporation, limited liability company, business trust, partnership, joint tenant or tenant-in-common, trust, unincorporated organization, or other entity, or a federal, state or local
government or any agency or political subdivision thereof. 
 “Plan” means an employee benefit or other plan established or
maintained by Seller or any ERISA Affiliate during the five year period ended prior to the Closing Date or to which Seller or any ERISA Affiliate makes, is obligated to make or has, within the five year period ended prior to the Closing Date been
required to make contributions and that is covered by Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code, other than a Multiemployer Plan. 
 “Preliminary Due Diligence Package” shall mean with respect to any New Asset, the Underwriting Package, together with, to the extent available to Seller after using commercially reasonable efforts,
the following due diligence information relating to the New Asset to be provided by Seller to the Buyer pursuant to this Agreement: 
 With
respect to each Eligible Loan: 
 (i) an Acceptable Appraisal; 
  

 11 

 (ii) a “Phase 1” (and, if necessary, “Phase 2”) environmental report,
an asbestos survey, if applicable, and an engineering report, each in form satisfactory to the Buyer, by an engineer or environmental consultant approved by the Buyer; 
 (iii) the Purchased Asset Information; 
 (iv) current rent roll; 
 (v) financial statements of the related property-owning entity,
certified by such entity, for the past two (2) years, and separate financial or other reporting statements with respect to each property owned by such entity and relating to such Eligible Loan; 
 (vi) trailing 12-month unaudited income statement of the related property-owning entity, and income statements with respect to each
property owned by such entity and relating to such Eligible Loan; 
 (vii) cash flow pro-forma, plus historical information;

 (viii) currernt operating budget of the related property-owning entity, and a separate operating budget with respect to
each property owned by such entity and relating to such Eligible Loan; 
 (ix) description of the Mortgaged Property and the
ownership structure of the borrower (including, without limitation, the board of directors, if applicable) and financial statements of the borrower; 
 (x) indicative debt service coverage ratios; 
 (xi) indicative loan-to-value ratio;

 (xii) term sheet outlining the transaction generally; 
 (xiii) Seller’ s relationship with the Mortgagor, if any; 
 (xiv) a list that specifically and expressly identifies any Purchased Asset Documents that relate to such New Assets but are not in
Seller’s possession; 
 (xv) any exceptions to the representations and warranties set forth in Part A, Part B or Part C,
as applicable, of Exhibit VI attached thereto; 
 (xvi) confirmation that such Eligible Loan has been approved by
Seller’s credit committee; 
 (xvii) if such Purchased Loan is serviced by a sub-servicer engaged by Seller, the identity
of such sub-servicer; 
 (xviii) a summary of material intercreditor provisions contained in any intercreditor agreement or
participation agreement (provided that each Buyer acknowledges and agrees that each such summary shall be used solely for such Buyer’s ease of reference in such Buyer’s own independent review of the underlying loan documentation); and

  

 12 

 (xix) such other information as may be requested in writing by the Buyer in respect of a
particular Eligible Loan. 
 With respect to each Eligible Security: 
 (xx) collateral summary books for the ten (10) largest loans (and any other specific loans requested by the Buyer) which include, the
following: 
 (A) an asset summary providing loan detail and a collateral asset description; 
 (B) map, photo; 
 (C) rent roll; 
 (D) operating information; and 
 (E) summary information with respect to the appraisal, environmental, engineering summary (all of which may be included in the asset
summary); 
 (xxi) Seller’s underwriting materials and analysis, which includes the executive summary, all loss scenarios
and the asset summaries prepared by Seller for the twenty (20) largest loans; 
 (xxii) loan data disk; 
 (xxiii) any rating letter or pre-sale report issued by any Rating Agency in respect of the Eligible Security; 
 (xxiv) the Securitization Documents (each certified by Seller as a true, correct and complete copy of the original document delivered to
Seller) and any ancillary documents required to be delivered to a holder of the Eligible Security under such Securitization Documents; 
 (xxv) all distribution date statements issued in respect of the Eligible Security during the immediately preceding twelve (12) months (or, if less, since the date the Eligible Security was issued); 
 (xxvi) all monthly CMBS reporting packages issued in respect of the Eligible Security during the immediately preceding twelve
(12) months (or, if less, since the date the Eligible Security was issued); 
 (xxvii) any special servicing or other
reports, if any, delivered in respect of the Eligible Security; 
 (xxviii) all legal opinions delivered in respect of the
Eligible Security; 
  

 13 

 (xxix) any exceptions to the representations and warranties set forth in Part D of
Exhibit VI attached hereto; 
 (xxx) a copy of the executed trade ticket (including evidence of the dollar price paid
by Seller and, purchase spread over Treasuries or other relevant benchmark for the Eligible Security) and any adjustments to the purchase price not reflected in such trade ticket; and 
 (xxxi) such other information as may be requested in writing by the Buyer in respect of the Eligible Security. 
 “Price Differential” shall mean, with respect to any Transaction as of any date, the aggregate amount obtained by daily application of
the Pricing Rate for such Transaction to the Repurchase Price for such Transaction on a 360-day-per-year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but
excluding) the date of determination (reduced by any amount of such Price Differential previously paid by Seller to the Buyer with respect to such Transaction). 
 “Pricing Letter” shall mean that certain Pricing Letter, of even date herewith, between the Buyer and Seller (as the same may be amended, restated or otherwise modified and in effect from time to
time). 
 “Pricing Rate” shall mean, for any Pricing Rate Period, an annual rate equal to the LIBO Rate for such Pricing
Rate Period plus the relevant Applicable Spread, subject to adjustment and/or conversion as provided in Sections 2.8 and 2.9 of this Agreement. 
 “Pricing Rate Period” shall mean, (a) in the case of the first Pricing Rate Period with respect to any Transaction, the period commencing on and including the Purchase Date for such Transaction and ending on and
excluding the following Reset Date, and (b) in the case of any subsequent Pricing Rate Period, the period commencing on and including the last date of the preceding Pricing Rate Period for such Transaction and ending on and excluding the Reset
Date that is one month, two months, three months thereafter, in each case specified by Seller in accordance with clause (ii) of the definition of “LIBOR”; provided, however, that in no event shall any Pricing Rate Period
end after the Repurchase Date. 
 “Principal Payment” shall mean, with respect to any Purchased Asset, any payment or
prepayment of principal received by the Depository in respect thereof. 
 “Purchase Date” shall mean the date on which any
Purchased Asset is sold by Seller to the Buyer hereunder and, as the context may require, any Subsequent Purchase Date applicable to such Purchased Asset. 
 “Purchase Percentage” shall mean, with respect to any Transaction as of any day, the “Purchase Percentage” specified in Schedule I to the Pricing Letter for the applicable Eligible
Asset Class and the applicable Rating Category or Asset Level LTV; provided, however, that the Purchase Percentage for any Eligible Security that was issued by, underwritten by, or previously owned by, BAS shall be no greater than 80%.

  

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 “Purchase Price” shall mean, with respect to any Purchased Asset, (a) as of the
initial Purchase Date therefor, an amount equal to (i) the product obtained by multiplying (x) the Market Value of such Purchased Asset by (y) the applicable Purchase Percentage or (ii) such lesser amount as Seller may request,
in either case, as specified in the related Confirmation, and (b) as of any Subsequent Purchase Date therefor, increased by all or any portion of the amount of the Contingent Purchase Price for such Purchased Asset paid by the Buyers on such
Subsequent Purchase Date. 
 “Purchased Asset Documents” shall mean, with respect to a Purchased Asset, the documents
comprising the Purchased Asset File for such Purchased Asset. 
 “Purchased Asset File” shall mean the documents specified
as the “Purchased Asset File” in Section 6.5 together with any additional documents and information required to be delivered to the Buyer or its designee (including the Custodian) pursuant to this Agreement. 
 “Purchased Asset Information” shall mean, with respect to each Purchased Asset, a data tape containing information consistent with the
Rating Agencies’ informational requirements for a securitization and such other information as the Buyer shall request. 
 “Purchased Assets” shall mean, collectively, the Purchased Securities and the Purchased Loans. 
 “Purchased Asset Schedule” shall mean a schedule of Purchased Assets attached to each Trust Receipt and Custodial Delivery Certificate. 
 “Purchased Loans” shall mean (i) with respect to any Transaction, the Eligible Loans sold by Seller to the Buyer in such Transaction until such Eligible Loans are repurchased pursuant to this
Agreement and (ii) with respect to the Transactions in general, all Eligible Loans sold by Seller to the Buyers until such Eligible Loans are repurchased pursuant to this Agreement. 
 “Purchased securities” shall mean, (i) with respect to any Transaction, the Eligible Securities sold by Seller to the Buyer in such
Transaction until such Eligible Securities are repurchased pursuant to this Agreement, and (ii) with respect to the Transactions in general, all Eligible Securities sold by Seller to the Buyers until such Eligible Securities are repurchased
pursuant to this Agreement. Whenever any Purchased Security is rated by more than one Rating Agency and a split rating applies to such Purchased Security (i.e., one Rating Agency rates such Purchased Security at a lower rating level than the other
of such Rating Agencies), then for all purposes of this Agreement where a rating is to be selected, the applicable rating shall be the lowest of the ratings. 
 “Rating Agency” shall mean any of Fitch Inc., Moody’s and Standard & Poor’s. 
 “Rating Category” shall mean any of the rating categories listed on Schedule I to the Pricing Letter. 
  

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 “REIT” shall mean a Person satisfying the conditions and limitations set forth in
Section 856(b) and 856(c) of the Code which are necessary to qualify such Person as a “real estate investment trust”, as defined in Section 856(a) of the Code. 
 “Relevant System” shall mean (a) The Depository Trust Company in New York, New York, or (b) such other clearing organization
or book-entry system as is designated in writing by the Buyer. 
 “REMIC” shall mean a real estate mortgage investment
conduit, within the meaning of Section 860D(a) of the Code. 
 “Remittance Date” shall mean the fifth (5th) calendar day of each month, or the next succeeding Business Day, if such calendar day shall not be a Business Day.

 “Repurchase Date” shall mean, with respect to each Purchased Asset, the earlier of (a) the Termination Date and
(b) 364 days after the initial Purchase Date for such Purchased Asset. 
 “Repurchase Price” shall mean, with respect
to any Purchased Asset as of any date, the price at which such Purchased Asset is to be transferred from the Buyer to Seller upon termination of the related Transaction in whole or in part; such price will be determined in each case as the sum of
the Purchase Price of such Purchased Asset and the Price Differential with respect to such Purchased Asset as of the date of such determination and the Exit Fee, minus all Income and cash actually received by the Buyer in respect of such Transaction
and allocated by the Buyer to such Transaction pursuant to Sections 3, 4.2 and 4.3 of this Agreement. 
 “Requirement of
Law” shall mean any law, treaty, rule, regulation, code, directive, policy, order or requirement or determination of an arbitrator or a court or other Governmental Authority whether now or hereafter enacted or in effect. 
 “Reserve Requirement” shall mean, with respect to any Pricing Rate Period, the aggregate (without duplication) of the rates (expressed
as a decimal fraction) of reserve requirements in effect during such Pricing Rate Period (including, without limitation, basic, supplemental, marginal and emergency reserves under any regulations of the Board of Governors of the Federal Reserve
System or other governmental authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of such Board of
Governors) maintained by the Buyers. 
 “Reset Date” shall mean the fifth (5th) calendar day of each month, or the next succeeding Business Day, if such calendar day shall not be a Business Day. 
 “Responsible Officer” shall mean, as to any Person, the president or any executive vice president or, with respect to financial matters,
the chief financial officer of such Person. 
 “Securitization Documents” shall mean, with respect to any Eligible
Securities, any pooling and servicing agreements, special servicing agreements or other agreements governing the issuance and administration of such Eligible Securities and any offering document 

  

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 used in the distribution and sale of such Eligible Securities (including, without limitation, all structural and
collateral term sheets and all other computational or other similar materials provided to Seller in connection with its acquisition of such Eligible Securities, the preliminary and final private placement memorandum, prospectus and/or offering
memorandum). 
 “Seller” shall mean CBRE Realty Finance Holdings III, LLC, a limited liability company organized under the
laws of the State of Delaware. 
 “Servicer” shall mean each of GEMSA Loan Services, L.P., Midland Loan Services, Inc., or
any other servicer engaged by Seller in respect of the Purchased Loans, which other servicer shall have been approved by the Buyers in their sole discretion. 
 “Servicer Notice and Agreement” shall have the meaning specified in Section 26.5 of this Agreement. 
 “Servicing Agreement” has the meaning specified in Section 26.2 of this Agreement. 
 “Servicing Records” has the meaning specified in Section 26.2 of this Agreement. 
 “Settlement
Agent” shall mean, with respect to any Transaction involving Table Funded Purchased Loans, an entity satisfactory to the Buyer in its sole discretion (which may be a title company, escrow company or attorney in accordance with local law and
practice in the jurisdiction where the related Table Funded Purchased Loan is being originated), to which the Purchase Price is to be wired by the Buyer at the request of Seller. In the event that a Purchased Security is deemed to be a “Table
Funded Purchased Loan” in accordance with the definition thereof, the Settlement Agent for such Purchased Security shall be the Depository Trust Company or equivalent clearing agency or other entity satisfactory to the Buyer in its sole
discretion. 
 “Standard & Poor’s” shall mean Standard & Poor’s Ratings Services, a division of
The McGraw-Hill Companies, Inc. 
 “Subsequent Purchase Date” shall mean, as to any Purchased Asset, the date on which all
or any portion of the Contingent Purchase Price is paid by a Buyer to Seller in respect of such Purchased Asset. 
 “Subsidiary” shall mean, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such
other ownership interests having such power only by reason of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned, or the
management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. 
 “Supplemental Due Diligence List” shall mean, with respect to any New Assets, information or deliveries concerning the New Assets that the Buyer shall request in addition to the Preliminary Due Diligence Package.

  

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 “Survey” shall mean a certified ALTA/ACSM (or applicable state standards for the state
in which the Mortgaged Property is located) survey of a Mortgaged Property prepared by a registered independent surveyor and in form and content satisfactory to the Buyer and the company issuing the Title Policy for such Mortgaged Property.

 “Table Funded Purchased Loan” shall mean a Purchased Loan which is sold to the Buyer simultaneously with the origination
or acquisition thereof, which origination or acquisition is financed with the Purchase Price, pursuant to Seller’s request, paid directly to the Settlement Agent for disbursement in connection with such origination or acquisition. A Purchased
Loan shall cease to be a Table Funded Purchased Loan after the Custodian has delivered a Trust Receipt to the Buyer certifying its receipt of the Purchased Asset File therefor. The Buyer in its reasonable discretion may permit a Purchased Security
to be tabled-funded pursuant to the terms and conditions of this Agreement and the Custodial Agreement, as such terms and conditions are applicable to such Purchased Security, in which case such Purchased Security shall be deemed to be a Table
Funded Purchased Loan under this Agreement and the Custodial Agreement. 
 “Telerate page 3750” shall mean the display page
currently so designated on the Dow Jones Service (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 
 “Termination Date” shall mean the Initial Termination Date or such later date as may be in effect pursuant to Section 2.15, or such earlier date on which this Agreement shall terminate in
accordance with the provisions hereof or by operation of law. 
 “Title Policy” shall have the meaning specified in
paragraph 6 of Part A of Exhibit VI attached hereto. 
 “Transaction” shall mean any transaction the Buyer and Seller
may enter into from time to time pursuant to which Seller agrees to transfer to the Buyer Purchased Assets against the transfer of funds by the Buyer, with a simultaneous agreement by the Buyer to transfer to Seller such Purchased Assets at a date
certain or on demand against the transfer of funds by Seller. 
 “Transaction Conditions Precedent” shall have the meaning
specified in Section 2.2 of this Agreement. 
 “Transaction Documents” shall mean, collectively, this Agreement, any
applicable Schedules or Exhibits to the Agreement, the Custodial Agreement, the Pricing Letter, the Guarantee and all Confirmations executed pursuant to this Agreement in connection with specific Transactions. 
 “Trustee” shall mean, with respect to any Eligible Securities, the trustee under the Securitization Documents applicable to such
Eligible Securities. 
 “Trust Receipt” shall mean a trust receipt issued by Custodian to the Buyer confirming the
Custodian’s possession of certain Purchased Asset Files which are the property of and held by Custodian for the benefit of the Buyer (or any other holder of such trust receipt). 
  

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 “UCC” shall have the meaning specified in Section 5.3 of this Agreement.

 “Underlying Mortgaged Property” shall mean, with respect to any Eligible Loan or Eligible Security, the income-producing
commercial real estate which directly or indirectly secures such Eligible Loan or Eligible Security or to which such Eligible Loan or Eligible Security is otherwise related. 
 “Underwriting Guidelines” shall mean the underwriting guidelines of Seller as in effect on the Closing Date. 
 “Underwriting Issues” shall mean, with respect to any New Asset, all material information that would be considered a materially
“negative” factor (either separately or in the aggregate with other information) including but not limited to, any material adverse change in the market conditions relevant to such New Asset, whether any such New Asset was rejected for
inclusion in, or repurchased from, any securitization transaction, warehouse loan facility or a repurchase transaction due to the breach of a representation and warranty, or a material defect in loan documentation or closing deliveries (such as any
absence of any material Purchased Asset Document(s)), to a reasonable institutional buyer in determining whether to originate or acquire the New Asset in question. 
 “Underwriting Package” shall mean (i) the Credit Approval Memo and any other internal document setting forth all material information relating to a New Asset prepared by Seller for its evaluation
of such New Asset, (ii) any source documentation or supporting information referenced in the Credit Approval Memo and (iii) such further documents or information as the Buyer may request in its sole discretion. 
 1.2 Other Definitional Provisions. 
 (a) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and,
unless otherwise specified herein or required by the context, all section, schedule and exhibit references are to this Agreement. 
 (b)
Unless otherwise required by the context, all references herein, or in any other Transaction Document, to “the Buyer” shall refer to the applicable Buyer of a Purchased Asset in connection with a Transaction hereunder. 
 (c) All references herein to “Dollars or “$” or amounts of money shall be deemed to refer to lawful money of the United States of America.

 2. INITIATION; CONFIRMATION; TERMINATION; FEES 
 2.1 Subject to the terms and conditions set forth in this Agreement (including, without limitation, the “Transaction Conditions Precedent” specified in Section 2.2 of this Agreement) the Buyers shall from time to time
separately enter into Transactions with Seller on any Business Day from and including the Closing Date to but excluding the Termination Date and pursuant to any such Transaction, Seller shall be entitled to sell, repurchase and re-sell any assets in
accordance with this Agreement; provided, however, that the aggregate Repurchase 

  

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 Price (excluding Exit Fees and the Price Differential with respect to the Purchased Assets as of the date of
determination) for all Transactions shall not exceed the Maximum Facility Amount. An agreement to enter into a Transaction shall be made in writing at the initiation of Seller as provided below. Seller shall give the Buyer written notice of each
proposed Transaction and the Buyer shall inform Seller of their determination with respect to any assets proposed to be sold to the Buyer by Seller solely in accordance with Exhibit VII attached hereto. The Buyer shall have the right to
review all Eligible Loans and Eligible Securities proposed to be sold to the Buyer in any Transaction and to conduct its own due diligence investigation of such Eligible Loans and Eligible Securities as the Buyer determines. The Buyer shall be
entitled to make a determination, in its sole discretion, that they shall not purchase any or all of the New Assets proposed to be sold to the Buyer by Seller. On the Purchase Date for the Transaction, which shall be no later than fifteen
(15) days after Seller has received the notice of approval of the request for transaction in accordance with Exhibit VII attached hereto and at least two (2) Business Days from the date upon which the Confirmation is fully executed
by Seller and the Buyer, provided each of the Transaction Conditions Precedent shall have been satisfied (or waived by the Buyer), the Purchased Assets shall be transferred to the Buyer or its agent against the transfer of the Purchase Price to an
account of Seller. On each Subsequent Purchase Date, which shall be no less man two (2) Business Days following the date upon which the Confirmation is fully executed by the Buyer and Seller in accordance with Exhibit VII attached
hereto, provided each of the Transaction Conditions Precedent shall have been satisfied (or waived by the Buyer), the Buyer shall transfer to the account of Seller all or the portion of the Contingent Purchase Price requested in such Confirmation.
Upon the execution and delivery of any such Confirmation in connection with a Subsequent Purchase Date, such Confirmation shall supercede any previous confirmation executed and delivered in respect of the relevant Purchased Asset. 
 2.2 Upon agreeing to enter into a Transaction hereunder, provided each of the Transaction Conditions Precedent shall have been satisfied (or waived by
the Buyer), Seller shall prepare and Seller and the Buyer shall execute a written confirmation in the form of Exhibit I attached hereto of each Transaction (a “Confirmation”) and follow all other Transaction procedures
described in Exhibit VII attached hereto. In the absence of execution and delivery by the Buyer of a separate Confirmation with respect to each Purchased Asset which is the subject of a proposed Transaction, Buyer shall under no circumstances
be deemed to have agreed to enter into such Transaction or purchase such Purchased Asset. With respect to any Transaction, the Pricing Rate shall be determined initially on the Purchase Date applicable to such Transaction, and shall be reset on each
Reset Date for the related Pricing Rate Period. The Buyer or its agent shall determine in accordance with the terms of this Agreement the Pricing Rate on each Reset Date for the related Pricing Rate Period and notify Seller and Custodian of such
rate for such period on the Reset Date. 
 For purposes of this Agreement, the “Transaction Conditions Precedent” shall be deemed
to have been satisfied with respect to any proposed Transaction if: 
 (a) no Default or Event of Default under this Agreement shall have
occurred and be continuing as of the Purchase Date for such proposed Transaction; 
  

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 (b) the representations and warranties made by Seller in each of the Transaction Documents shall be true
and correct in all material respects as of the Purchase Date for such Transaction; 
 (c) no Margin Deficit shall exist, either immediately
prior to or after giving effect to the requested Transaction; 
 (d) none of the following shall have occurred and be continuing: 

(i) an event or events shall have occurred in the determination of Buyer resulting in the effective absence of a “repo
market” or related “lending market” for purchasing (subject to repurchase) or financing debt obligations secured by commercial mortgage loans or securities or an event or events shall have occurred resulting in Buyer not being able to
finance Purchased Assets through the “repo market” or “lending market” with traditional counterparties at rates which would have been commercially reasonable prior to the occurrence of such event or events; or 
 (ii) an event or events shall have occurred resulting in the effective absence of a “securities market” for securities backed by
Purchased Assets or an event or events shall have occurred resulting in the Buyer not being able to sell securities backed by Purchased Assets at prices which would have been commercially reasonable prior to such event or events; or 
 (iii) there shall have occurred a material adverse change in the “repo market” or comparable “lending market” which
affects (or can reasonably be expected to affect) materially and adversely the ability of Seller to fund its obligations under this Agreement; 
 (e) the Buyer shall have received, reviewed and approved the applicable Diligence Materials, the Purchased Asset Documents and any source documentation or supporting information referenced therein, including without limitation third party
reports and, in the case of CMBS securities, any related rating letters, private and public placement memoranda, and trustee reports; 
 (f)
the Buyer’s counsel shall have completed in full any legal review requested by the Buyer; 
 (g) the Buyer shall have
(A) determined, in accordance with the applicable provisions of Section 2.1 of this Agreement, that the assets proposed to be sold to the Buyer by Seller in such Transaction are Eligible Assets, (B) determined that the Purchase Price
of no single asset proposed to be sold to the Buyer by Seller in such Transaction exceeds 10% of the Maximum Facility Amount (unless otherwise approved by the Buyer in its sole discretion), (C) completed all legal due diligence in respect of
such Eligible Securities and/or Eligible Loans and (D) obtained internal credit approval for the inclusion of such Eligible Securities and/or Eligible Loans as Purchased Assets in a Transaction; 
 (h) the (i) Purchase Price of any Purchased Asset sold to the Buyer under the Agreement on any Purchase Date shall not be less than $1,000,000 and
(ii) the portion of the Contingent Purchase Price related to any Purchased Asset paid by the Buyer to Seller on any Purchase Date shall not be less than $1,000,000; 
  

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 (i) Reserved; 
 (j) the Buyer shall have received the Custodial Agreement, executed and delivered by an authorized officer of each of the parties thereto; 
 (k) the Buyer shall have received the Guarantee, executed and delivered by an authorized officer of Guarantor, and the Guarantee shall be in the form attached hereto as Exhibit XI; 
 (1) the Buyer shall have received an opinion of counsel to Seller with respect to due authorization, execution and delivery and enforceability and the
perfection of the Buyer’s security interests in the New Assets, and such opinion shall be satisfactory to the Buyer in form and substance; 
 (m) with respect to each Purchased Loan that is not a Table Funded Purchased Loan, the Buyer shall have received a Trust Receipt from the Custodian, and with respect to each Table Funded Purchased Loan, the Buyer shall have received an
executed Bailee Agreement and a Trust Receipt (as defined in such Bailee Agreement) from the Settlement Agent; and 
 (n) with respect to any
Purchased Asset that is acquired by Seller from an Affiliate of Seller, the Buyers shall have received the written agreement of such Affiliate (i) consenting to Seller’s pledge of such Purchased Asset and any Collateral related thereto to
each Buyer under this Agreement and (ii) agreeing that, if the transfer by such Affiliate to Seller is deemed to be a loan by Seller to such Affiliate, such Affiliate’s rights in respect of such Purchased Asset and any Collateral related
thereto shall be subject and subordinate to the rights of the Buyers under this Agreement. 
 2.3 Upon execution by the Buyer, each
Confirmation, together with this Agreement, shall be conclusive evidence of the terms of the Transaction(s) covered thereby. 
 2.4 No
Transaction shall be terminable on demand by the Buyer, other than (1) upon the occurrence and during the continuance of an Event of Default by Seller and/or (2) to the extent of such Eligible Assets, with respect to any Eligible Assets
that become delinquent, defaulted or similarly affected, as determined in the Buyer’s sole discretion. Seller shall be entitled to (and shall, in the event demand is given by the Buyer pursuant to the immediately preceding sentence, in
accordance with the Buyer’s demand) terminate a Transaction in whole or in part on demand and repurchase all or a portion of the Purchased Assets subject to a Transaction on any Business Day prior to the Repurchase Date (an “Early
Repurchase Date”); provided, however, that: 
 (a) Seller repurchases on such Early Repurchase Date, all or the portion
of the Purchased Assets subject to such Transaction which Seller has elected to repurchase; 
  

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 (b) Seller notifies the Buyer in writing of its intent to terminate such Transaction and repurchase such
Purchased Assets no less than two (2) Business Days prior to such Early Repurchase Date; 
 (c) on such Early Repurchase Date, Seller
pays to the Buyer an amount equal to the sum of the Repurchase Price for such Transaction (or, in the case of a termination of a Transaction in part an amount acceptable to the Buyer in its sole discretion, but not more than such Repurchase Price),
and any other amounts payable under this Agreement (including, without limitation, Section 2.11 of this Agreement) with respect to such Transaction against transfer to Seller or its agent of such Purchased Assets; and 
 (d) Reserved. 
 Such notice shall set forth
the Early Repurchase Date and shall identify with particularity the Purchased Assets to be repurchased on such Early Repurchase Date. 
 2.5
On the Repurchase Date for a Transaction, termination of such Transaction shall be effected by transfer to Seller or its agent of the applicable Purchased Assets and any Income in respect thereof received by the Buyer (and not previously credited or
transferred to, or applied to the obligations of, Seller pursuant to Section 4 of this Agreement) against the simultaneous transfer of the applicable Repurchase Price to an account of the Buyer. As part of the Repurchase Price payable under
this Section 2.5 or otherwise pursuant to this Agreement, Seller shall pay to the Buyer the Exit Fee. 
 2.6 Seller shall reimburse the
Buyer for all fees, costs, disbursements and expenses of legal counsel associated with the preparation, negotiation and consummation of this Agreement and related documentation. To the extent not previously covered in this Section 2.6, Seller
shall reimburse the Buyer for all costs and expenses incurred by the Buyer for establishing and maintaining the facility created by this Agreement, including all expenses for due diligence, travel and fees and disbursements of its counsel.

 2.7 No more than once in each calendar quarter, Seller may by notice to the Buyer reduce the Maximum Facility Amount to an amount not less
than the aggregate amount of all then-open Transactions. If on any day the weighted average daily outstanding of the aggregate Repurchase Prices (less any unpaid Price Differential and Exit Fees) of all Purchased Assets over the immediately
preceding four-month period is less than seventy-five percent (75%) of the then current Maximum Facility Amount, the Buyers may, by written notice to Seller, reduce the Maximum Facility Amount to an amount equal to such weighted average daily
outstanding divided by 0.75. Once reduced, the Maximum Facility Amount may not be increased. 
 2.8 If prior to the first day of any Pricing
Rate Period with respect to any Transaction, (i) the Buyer shall have determined (which determination shall be conclusive and binding upon Seller) that, by reason of circumstances affecting the relevant market, adequate means do not exist for
ascertaining the LIBO Rate for such Pricing Rate Period, or (ii) the LIBO Rate determined or to be determined for such Pricing Rate Period will not adequately and fairly reflect the cost to the Buyer (as determined and certified by the Buyer)
of making or maintaining 
  

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 Transactions during such Pricing Rate Period, the Buyer shall give facsimile or telephonic notice thereof to Seller as
soon as practicable thereafter. If such notice is given, the Pricing Rate with respect to such Transaction for such Pricing Rate Period, and for any subsequent Pricing Rate Periods until such notice has been withdrawn by the Buyer, shall be a per
annum rate (the “Alternative Rate”) equal to a rate determined based on an index approximating the behavior of LIBOR as determined by the Buyer (which may be the Federal Funds Opening Rate). 
 2.9 Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application
thereof shall make it unlawful for any Buyer to effect Transactions as contemplated by the Transaction Documents, (a) (i) the commitment of such Buyer hereunder to enter into new Transactions shall be forthwith cancelled and (ii) the
commitment of such Buyer to continue Transactions shall be cancelled on the 90th day following the date upon which
notice of such adoption or change is delivered by such Buyer to Seller, and (b) the Transactions then outstanding shall be converted automatically to Alternative Rate Transactions on the last day of the then current Pricing Rate Period or
within such earlier period as may be required by law. If any such conversion of a Transaction occurs on a day which is not the last day of the then current Pricing Rate Period with respect to such Transaction, Seller shall pay to the Buyer such
amounts, if any, as may be required pursuant to Section 2.11 of this Agreement. 
 2.10 Upon demand by the Buyer, Seller shall indemnify
the Buyer and hold the Buyer harmless from any net loss or expense (not to include any lost profit or opportunity cost) (including, without limitation, out-of-pocket attorneys’ fees and disbursements of external counsel) which the Buyer may
sustain or incur as a consequence of (i) default by Seller in selling Eligible Securities or Eligible Loans after Seller has notified the Buyer of a proposed Transaction and the Buyer have agreed to purchase such Eligible Securities or Eligible
Loans in accordance with the provisions of this Agreement (including, but not limited to, a default by Seller in selling Eligible Securities and Eligible Loans on the Purchase Date as set forth in an irrevocable notice in accordance with
Section 2.1 hereto), (ii) any payment of the Repurchase Price on any day other than a Remittance Date or (iii) default by Seller in terminating any Transaction after Seller has given a notice in accordance with Section 2.4 of a
termination of a Transaction (in each case of (i)-(iii) above, including, without limitation, any such loss or expense in the nature of a breakage cost attributable thereto arising from the reemployment of funds obtained by the Buyer to
maintain Transactions hereunder or from fees payable to terminate the deposits from which such funds were obtained). As a condition to Seller’s liability under this paragraph, the Buyer shall promptly deliver to Seller a certificate as to such
costs, losses, damages and expenses, setting forth the calculations therefor and including any available supporting documentation, which certificate shall be conclusive and binding on Seller in the absence of manifest error. 
 2.11 If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof by any Governmental Authority or
compliance by any Buyer with any directive from any central bank or other Governmental Authority having jurisdiction over such Buyer made subsequent to the date hereof: 
 (a) shall subject such Buyer to any tax of any kind whatsoever with respect to the Transaction Documents, any Purchased Asset or any Transaction, or change the basis of taxation of payments to such Buyer in respect
thereof (except for changes in the rate of tax on such Buyer’s overall net income); 
  

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 (b) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar
requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Buyer which is not otherwise included in the
determination of the LIBO Rate hereunder; or 
 (c) shall impose on such Buyer any other condition; 
 and the result of any of the foregoing is to increase the cost to the Buyer, by an amount which the Buyer deems to be material, of entering into, continuing or
maintaining Transactions or to reduce any amount receivable under the Transaction Documents in respect thereof; then, in any such case, Seller shall promptly pay the Buyer, upon their demand, any additional amounts necessary to compensate the Buyer
for such increased cost or reduced amount receivable. If the Buyer becomes entitled to claim any additional amounts pursuant to this Section 2.11, they shall promptly notify Seller of the event by reason of which they have become so entitled.
As a condition to Seller’s liability under this paragraph, the Buyer shall promptly deliver to Seller a certificate as to the calculation of any additional amounts payable pursuant to this subsection and including any available supporting
documentation, which certificate shall be conclusive and binding upon Seller in the absence of manifest error. This covenant shall survive the termination of this Agreement and the repurchase by Seller of any or all of the Purchased Assets.

 2.12 If any Buyer shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the
interpretation or application thereof or compliance by such Buyer or any corporation controlling such Buyer with any request or directive regarding capital adequacy from any Governmental Authority made subsequent to the date hereof does or shall
have the effect of reducing the rate of return on such Buyer’s or such corporation’s capital as a consequence of its obligations hereunder to a level below that which such Buyer or such corporation could have achieved but for such
adoption, change or compliance by an amount which is deemed by such Buyer to be material, then from time to time, after submission by such Buyer to Seller of a written request therefore, Seller shall pay to such Buyer such additional amount or
amounts as will compensate such Buyer for such reduction. As a condition to Seller’s liability under this paragraph, such Buyer shall promptly deliver to Seller a certificate as to the calculation of any additional amounts payable pursuant to
this subsection and including any available supporting documentation, which certificate shall be conclusive and binding upon Seller in the absence of manifest error. This covenant shall survive the termination of this Agreement and the repurchase by
Seller of any or all of the Purchased Assets. 
 2.13 If Seller repurchases Purchased Assets on a day other than the last day of the Pricing
Rate Period applicable to the related Transaction, or if Seller repurchases Purchased Assets on any day which is not a Repurchase Date for such Purchased Assets, Seller shall indemnify the Buyer and hold the Buyer harmless from any losses, costs
and/or expenses which Buyer may sustain or incur arising from the reemployment of funds obtained by the Buyer hereunder or from fees payable to terminate the deposits from which such funds were obtained (“Breakage Costs”), in each
case for the remainder of the applicable Pricing Rate Period. The 

  

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Buyer shall deliver to Seller a statement setting forth the amount and basis of determination of any Breakage Costs in such detail as determined in good
faith by the Buyer to be adequate, it being agreed that such statement and the method of its calculation shall be adequate and shall be conclusive and binding upon Seller, absent manifest error. This covenant shall survive termination of this
Agreement and repurchase by Seller of any or all of the Purchased Assets. 
 2.14 Without prejudice to any other rights which Seller may have
under this Agreement, upon any tender by Seller of payment of the aggregate Repurchase Price for all Purchased Assets and all other amounts due and payable to the Buyers under this Agreement, all of each Buyer’s right, title and interest in
such Purchased Assets shall be deemed transferred to Seller, and the Buyer shall deliver, or cause the delivery of, such Purchased Assets to Seller. 
 2.15 Notwithstanding the Initial Termination Date, (x) the Termination Date may be extended until 364 days after the originally scheduled Termination Date, provided that each Buyer shall have agreed to such
extension in its sole discretion and (y) if the initial Termination Date shall have been extended pursuant to clause (x) above, such extended Termination Date may be extended further until 364 days after such extended Termination Date,
provided that each Buyer shall have agreed to such further extension in its sole discretion; provided, that no such extension shall occur unless, both immediately before and after giving effect to such extension, no Default or Event of
Default shall have occurred and be continuing. If Seller desires an extension of the Termination Date as contemplated by clause (x) or (y) above, Seller shall notify each Buyer in writing at least 90 days, but not more than 120 days, prior
to the then-scheduled Termination Date and each Buyer shall, within 30 days of receipt of any such notice, notify Seller in writng of whether it has agreed to grant the applicable extension. If a Buyer shall not have notified Seller within such 30
days that it has agreed to the applicable extension, then such Buyer shall be deemed to have denied such extension. 
 3. MARGIN MAINTENANCE

 3.1 If at any time any Margin Deficit shall exist, then the Buyer may, by written notice to Seller, require Seller to either
(i) immediately repurchase such Purchased Asset by payment to the Buyer of the Repurchase Price therefor or (ii) pay to the Buyer a portion of the Repurchase Price of such Purchased Asset in an aggregate amount equal to the amount of the
Margin Deficit. Seller’s failure to cure any Margin Deficit in accordance with this Section 3.1 within the time period specified in Section 3.2 shall constitute an Event of Default under the Transaction Documents and shall entitle the
Buyers to exercise their remedies under Section 11 of the Agreement (including, without limitation, the liquidation remedy provided for in Section 11.2(e) of this Agreement). 
 3.2 Seller shall repurchase the applicable Purchased Asset or pay a portion of the Repurchase Price pursuant to Section 3.1 not later than 4:00
p.m., New York City time, on (i) if the Buyer shall have delivered to Seller the notice contemplated in Section 3.1 not later than 11:00 a.m., New York City time, on any Business Day, the first (1st) Business Day after the date such notice is delivered and (ii) if the Buyer shall have delivered to Seller the notice contemplated in
Section 3.1 after 11:00 a.m., New York City time, on any Business Day, the second (2nd) Business Day after
the date such notice is delivered. Such notice may be given by means of facsimile transmission and shall be delivered in accordance with the terms of this 

  

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Agreement. The failure of the Buyer on any one or more occasions, to exercise its rights under this Section 3 shall not change or alter the terms and
conditions to which this Agreement is subject or limit the right of the Buyer to do so at a later date. Seller agrees that any failure or delay by the Buyer to exercise its rights under this Section 3 shall not limit the Buyer’s rights
under this Agreement or otherwise existing by law or in any way create additional rights for Seller. 
 3.3 Any cash that is transferred to
the Buyer pursuant to Section 3.1(i) of this Agreement on account of a Margin Deficit with respect to any Purchased Asset shall be applied to reduce the Repurchase Price for such Purchased Asset under the relevant Transaction and in such a
manner as to produce the lowest possible Breakage Costs. 
 4. INCOME PAYMENTS AND PRINCIPAL PAYMENTS 
 4.1 The Cash Management Account shall be established at the Depository concurrently with the execution and delivery of this Agreement by Seller and the
Buyers. The Cash Management Account shall be in the name of the Buyers’ designee and the Buyers, through their designee, shall have sole dominion and control over the Cash Management Account. Seller shall cause all Income in respect of the
Purchased Assets and any payments in respect of associated Hedging Agreements to be deposited directly into the Cash Management Account. Such Income shall be remitted by the Depository in accordance with the applicable provisions of Sections 4.2 and
4.3 of this Agreement. 
 4.2 With respect to each Purchased Asset, Seller shall deliver to each Mortgagor, issuer of a participation,
borrower under a Purchased Loan, servicer or trustee in respect of a Purchased Security or other applicable party making payments on such Purchased Asset (each, as applicable, a “Payor”) an irrevocable redirection letter in the form
attached as Exhibit VIII to this Agreement instructing such Payor to pay all Income under such Purchased Asset to the Cash Management Account and shall provide to the Buyer proof of such delivery. If a Payor forwards any Income with respect
to a Purchased Asset to Seller rather than directly to the Cash Management Account, Seller shall (i) deliver an additional irrevocable direction letter to such Payor and use its best efforts to cause such Payor to forward such amounts directly
to the Cash Management Account and (ii) within one Business Day deposit in the Cash Management Account any such amounts and pending such delivery, hold such amounts in trust for the Buyer. 
 4.3 (a) For so long as no Event of Default shall have occurred and be continuing, all Income (other than amounts consisting of unscheduled Principal
Payments deposited into the Cash Management Account in respect of the Purchased Assets (expressly excluding any amounts which may from time to time be received by the Depository for the benefit of the holder of any asset which is not a Purchased
Asset, including, without limitation, any participation or subparticipation interest that is related to a Purchased Asset but not included in the Purchased Asset acquired by the Buyer hereunder) and the payments under the associated Hedging
Agreements during each Collection Period shall be paid by the Depository on the related Remittance Date as follows: 
 (i)
first, to remit payments then due to any Affiliated Hedge Counterparty under the Hedging Agreements, if any; 
  

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 (ii) second, to remit escrow payments that are senior to debt service in the
Purchased Asset Documents and are not otherwise deducted from such Income prior to deposit in the Cash Management Account to Servicer, if any; 
 (iii) third, to the Buyers the Allocated Portion of scheduled Principal Payments, if any (for purposes of this Section 4.3(a)(iii), “Allocated Portion” shall mean, with respect to a Principal
Payment, the product of (x) the amount of such Principal Payment and (y) the Purchase Percentage; provided, that (A) the Allocated Portion shall not exceed the amount of unpaid Repurchase Price payable by Seller to the Buyer
for the applicable Purchased Asset and (B) following the payment of such Allocated Portion, no Margin Deficit exists); 
 (iv) fourth, to remit to the Buyers an amount equal to the Price Differential which has accrued and is outstanding as of such Remittance Date; 
 (v) fifth, to remit to the Buyers any other amounts due and payable to the Buyers under this Agreement; 
 (vi) sixth, to remit payments then due to any counterparty (other than an Affiliated Hedge Counterparty) under the Hedging
Agreements, if any; and 
 (vii) seventh, to Seller any amounts remaining. 
 (b) For so long as no Event of Default shall have occurred and be continuing, the Allocated Portion (subject to the proviso in the definition thereof) of
any unscheduled Principal Payment made in respect of any Purchased Asset shall be paid by the Depository to the Buyer within one (1) Business Day of receipt thereof to be applied against the Repurchase Price for the applicable Purchased Asset,
and the remainder of such unscheduled Principal Payment shall be paid to Seller within two (2) Business Days of receipt thereof. 
 (c)
If an Event of Default shall have occurred and be continuing, all Income received by the Depository in respect of the Purchased Assets (expressly excluding any amounts which may from time to time be received by the Depository for the benefit of the
holder of any asset which is not a Purchased Asset, including, without limitation, any participation or subparticipation interest that is related to a Purchased Asset but not included in the Purchased Asset acquired by the Buyer hereunder) and the
associated Hedging Agreements shall be applied by the Depository on the Business Day next following the Business Day on which such funds are deposited in the Cash Management Account as follows, each such payment to be allocated in the Buyers’
sole discretion among the Purchased Assets: 
 (i) first, to make a payment to the Buyers on account of any and all
costs and expenses, including, but not limited to, attorneys fees and expenses and enforcement costs and any other amounts (other than Repurchase Price) due and payable to the Buyers under the Agreement; 
 (ii) second, to remit to the Buyers an amount equal to the Price Differential which has accrued and is outstanding in respect of
all of the Purchased Assets as of such Business Day; 
  

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 (iii) third, to make a payment to the Buyers on account of the Repurchase Price of
all Purchased Assets until the Repurchase Price for all of the Purchased Assets has been reduced to zero; and 
 (iv)
fourth, to remit payments then due to any Affiliated Hedge Counterparty under the Hedging Agreements, if any; 
 (v)
fifth, to remit payments then due to any counterparty (other than an Affiliated Hedge Counterparty) under the Hedging Agreements, if any; and 
 (vi) sixth, to remit to Seller the remainder. 
 5. SECURITY INTEREST 
 5.1 The Buyers and Seller intend that all Transactions hereunder be sales to the Buyer of the Purchased Assets and not loans from the Buyer to Seller
secured by the Purchased Assets. However, in the event any such Transaction is deemed to be a loan, Seller hereby pledges to each Buyer all of Seller’s right, title, and interest in, to and under and grants to each Buyer a separate first
priority lien on, and security interest in, all of the following property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located: 
 (i) all Purchased Securities purchased pursuant to this Agreement and all “securities accounts” created in connection therewith
(as defined in Section 8-501(a) of the UCC) to which any or all of such Purchased Securities are credited and all “security entitlements” (as defined in Section 8-102(a)(17) of the UCC) therein; 
 (ii) all Purchased Loans purchased pursuant to this Agreement and all Servicing Agreements, Servicing Records and insurance relating to
such Purchased Loans and all “deposit accounts” (as defined in the UCC, including without limitation, the collection and escrow accounts) relating to such Purchased Loans; 
 (iii) the assets listed on a Confirmation, and all certificates, instruments or promissory notes, if any, evidencing any such assets and
all securities with CUSIP numbers issued by the issuers identified in the Confirmation and all “security entitlements” (as defined in the UCC) with respect thereto; 
 (iv) all “general intangibles” (including “payment intangibles”), “accounts”, “chattel paper”,
“documents” and “instruments” as defined in the UCC relating to or constituting any or all of the foregoing; 
 (v) all “supporting obligations” and “letter of credit rights” as defined in the UCC relating to or constituting any or all of the foregoing; and 
 (vi) all replacements, substitutions or distributions on or proceeds, payments, Income and profits of, and records (but excluding any
financial models or other proprietary information) and files relating to any or all of any of the foregoing. 
  

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 Each security interest granted to a Buyer hereunder secures the payment and performance of all amounts or
obligations owing to such Buyer pursuant to this Agreement and the related documents described herein. 
 5.2 In addition, irrespective of
whether any Transaction is deemed to be a loan, Seller hereby pledges all of its right, title, and interest in, to and under and grants a separate first priority lien on, and security interest in, all of the following property, whether now owned or
hereafter acquired, now existing or hereafter created and wherever located (collectively, together with any and all collateral granted to each Buyer pursuant to Section 5.1 above, the “Collateral”) to the Buyers: 
 (i) all monies from time to time on deposit in such Cash Management Account; 
 (ii) the Hedging Agreements; 
 (iii) all amounts at any time owing to Seller under any Transaction Document (including, without limitation, any surplus that exists following liquidation of any Purchased Asset); 
 (iv) all “general intangibles” (including “payment intangibles”), “accounts”, “chattel paper”,
“documents” and “instruments” as defined in the UCC relating to or constituting any or all of the foregoing; 
 (v) all “supporting obligations” and “letter of credit rights” as defined in the UCC relating to or constituting any or all of the foregoing; and 
 (vi) all replacements, substitutions or distributions on or proceeds, payments, Income and profits of, and records (but excluding any
financial models or other proprietary information) and files relating to any and all of any of the foregoing. 
 Each security interest
granted to a Buyer hereunder secures the payment and performance of all amounts or obligations owing to such Buyer pursuant to this Agreement and the related documents described herein. 
 5.3 The Buyer’s security interest in the Collateral shall terminate only upon termination of Seller’s obligations under this Agreement and the
documents delivered in connection herewith and therewith. For purposes of the grant of the security interest pursuant to this Section 5, this Agreement shall be deemed to constitute a security agreement under the New York Uniform Commercial
Code (the “UCC”). The Buyer shall have all of the rights and may exercise all of the remedies of a secured creditor under the UCC and the other laws of the State of New York and Seller shall have all of the rights and may exercise
all of the remedies of a debtor under the UCC and the other laws of the State of New York. In furtherance of the foregoing, (a) Seller, at its sole cost and expense, shall cause to be filed in such locations as may be necessary to perfect and
maintain perfection and priority of the security interest granted hereby, two separate UCC financing statements and continuation statements each naming Seller as debtor and each Buyer as secured party (collectively, the “Filings”),
and shall forward copies of such Filings to each Buyer, as applicable, upon completion thereof, (b) Seller shall from time 
  

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 to time take such further actions as may be requested by the Buyer to maintain and continue the perfection and priority
of the security interest granted hereby (including marking its records and files to evidence the interests granted to each Buyer hereunder) and (c) Seller hereby authorizes each Buyer, at its option, to file any such Filings, including, without
limitation, a UCC financing statement describing the Collateral. 
 6. PAYMENT, TRANSFER AND CUSTODY 
 6.1 On the Purchase Date for each Transaction, provided each of the Transaction Conditions Precedent shall have been satisfied (or waived by the Buyer),
ownership of the Purchased Assets shall be transferred to the Buyer or its designee (including the Custodian) against the simultaneous transfer of the Purchase Price to an account of Seller specified in the Confirmation relating to such Transaction.

 6.2 On or prior to the applicable Purchase Date, Seller shall deliver the related Purchased Securities re-registered in the name of the
Buyer or its designee in accordance with the Custodial Agreement (or, subject to the approval of the Buyer, together with documentation sufficient to permit the re-registration of the Purchased Securities by the Buyer in the name of the Buyer or its
designee) and the Buyer or its designee shall have, subject to the terms of this Agreement, all rights of conversions, exchange, subscription and any other rights, privileges and options pertaining to such Purchased Securities as the owner thereof,
and in connection therewith, the right to deposit and deliver any and all of such Purchased Securities with any committee, depositary transfer, agent, register or other designated agency upon such terms and conditions as the Buyer may determine. The
Purchased Securities shall be held by the Buyer or its designee; as exclusive bailee and agent for the Buyer, either directly or through the facilities of a Relevant System, as “securities intermediary” (as defined in
Section 8-102(a)(14) of the UCC and 31 C.F.R. Section 357.2) and credited to the “securities account” (as defined in Section 8-50l(a) of the UCC) of the Buyer. The Buyer, as “entitlement holder” (as defined in
Section 8- 102(a)(7) of the UCC) with respect to such Purchased Securities, shall be entitled to receive all cash dividends and distributions paid in respect thereof. Any such dividends or distributions with respect to such Purchased Securities
received by Seller shall be promptly remitted to the Cash Management Account. 
 6.3 With respect to the Purchased Securities that shall be
delivered or held in uncertificated form and the ownership of which is registered on books maintained by the issuer thereof or its transfer agent, Seller shall cause the registration of such security or other item of investment property in the name
of the Buyer or its designee and at the request of the Buyer, shall take such other and further steps, and shall execute and deliver such documents or instruments necessary in the opinion of the Buyer, to effect a legally valid transfer to the Buyer
hereunder. With respect to such Purchased Securities that shall be delivered or held in definitive, certificated form, Seller shall deliver to the Buyer or its designee (which shall be the Custodian initially) the original of the relevant
certificate registered in the name of the Buyer or its designee (or, subject to the approval cf the Buyer, together with documentation sufficient to permit the re- registration of the Purchased Securities by the Buyer in the name of the Buyer or
other designee of the Buyer). Unless otherwise instructed by the Buyer, any delivery of a security or other item of investment property in definitive, certificated form shall be made to the Custodian. With respect to such Purchased Securities that
shall be delivered through a Relevant System in book 

  

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entry form and credited to or otherwise held in a securities account, Seller shall take such actions necessary to provide instruction to the relevant
financial institution or other entity, which instruction shall be sufficient if complied with to register the transfer of such Purchased Securities from Seller to the Buyer or its designee. In connection with any account to which such Purchased
Securities are credited or otherwise held, Seller shall execute and deliver such other and further documents or instruments necessary, in the opinion of the Buyer, to effect a legally valid transfer to the Buyer hereunder. Any account to which such
Purchased Securities are credited or otherwise held shall be designated in accordance with the Custodial Agreement or such variation thereon as the Buyer may direct. Any delivery of such Purchased Security in accordance with this paragraph, or any
other method acceptable to the Buyer, shall be sufficient to cause the Buyer to be the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC) with respect to such Purchased Securities and, if the Transaction is
recharacterized as a secured financing, to have a perfected first priority security interest therein. No Purchased Securities, whether certificated or uncertificated, shall remain in the name, or possession, of Seller or any of its agents or in any
securities account in the name of Seller or any of its agents. 
 6.4 As a condition to the Buyer’s purchase of any Purchased
Securities, 
 (a) In addition to the Diligence Materials and any other documents, agreements, certificates and other materials required to be
delivered to the Buyer by Seller pursuant to the terms of this Agreement, Seller shall deliver to the Buyer on or prior to the Purchase Date with respect to such Purchased Securities: 
 (i) one or more officer’s certificates with respect to the completeness of the documents delivered as may be requested by the Buyer,

 (ii) an instruction letter from Seller to the Trustee under such Securitization Documents, instructing the Trustee to remit
all sums required to be remitted to the holder of such Purchased Securities under such Securitization Documents to the Depository or as otherwise directed in a written notice signed by Seller and the Buyer, 
 (iii) any other documents or instruments necessary in the opinion of the Buyer to consummate the sale of such Purchased Securities to the
Buyer or, if such Transaction is recharacterized as a secured financing, to create and perfect in favor of the Buyer a valid perfected first priority security interest in such Purchased Securities; and 
 (b) Seller shall have taken the requisite steps with respect to delivery and/or registration of such Purchased Securities as described more fully in
Section 6.3 of this Agreement. 
 6.5 With respect to each Purchased Loan that is not a Table Funded Purchased Loan, no later than 10:00
a.m. New York City time one (1) Business Day prior to the related Purchase Date, Seller shall deliver or cause to be delivered to the Custodian a Custodial Delivery Certificate substantially in the form attached hereto as Exhibit IV.
With respect to each Table Funded Purchased Loan, on or before the related Purchase Date, Seller shall cause the Settlement Agent to deliver to the Custodian by facsimile the Bailee Agreement. No later than 10:00 a.m. 
  

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 New York City time one (1) Business Day prior to the related Purchase Date for each Purchased Loan that is not a
Table Funded Purchased Loan, and not later than 10:00 a.m. (New York City time) on the third (3rd) Business Day
following the Purchase Date for each Table Funded Purchased Loan, Seller shall deliver or cause to be delivered and released to the Custodian the following documents (collectively, the “Purchased Asset File”), pertaining to each of
the Purchased Loans identified in the Custodial Delivery Certificate delivered therewith: 
 (a) With respect to each Purchased Loan which is
an Eligible First Mortgage Loan: 
 (A) The original Mortgage Note bearing all intervening endorsements and allonges, together
with an allonge endorsed “Pay to the order of              without recourse” and signed in the name of the last endorsee (the “Last Endorsee”) by an
authorized Person (in the event that the Mortgage Loan was acquired by the Last Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by merger to [name of predecessor]”; in the event that the
Purchased Loan was acquired or originated by the Last Endorsee while doing business under another name, the signature must be in the following form: “[Last Endorsee], formerly known as [previous name]”). 
 (B) The original of any loan agreement, guarantee, indemnity or cash management agreement executed in connection with the Mortgage Note
(if any). 
 (C) The original Mortgage with evidence of recording thereon, or a copy thereof together with an officer’s
certificate of Seller certifying that such represents a true and correct copy of the original and that such original has been submitted for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property
is located. 
 (D) Certified copies of all assumption, modification, consolidation or extension agreements with evidence of
recording thereon, or copies thereof together with an officer’s certificate of Seller certifying that such represent true and correct copies of the originals and that such originals have each been submitted for recordation in the appropriate
governmental recording office of the jurisdiction where the Mortgaged Property is located, if any. 
 (E) The original
Assignment of Mortgage in blank for each Purchased Loan, in form and substance acceptable for recording and signed in the name of the Last Endorsee (in the event that the Purchased Loan was acquired by the Last Endorsee in a merger, the signature
must be in the following form: “[Last Endorsee], successor by merger to [name of predecessor]”; in the event that the Purchased Loan was acquired or originated while doing business under another name, the signature must be in the following
form: “[Last Endorsee], formerly known as [previous name]”). 
 (F) Certified copies of all intervening assignments
of mortgage with evidence of recording thereon, or copies thereof together with an officer’s certificate of Seller certifying that such represent true and correct copies of the originals and that such originals have each been submitted for
recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located. 
  

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 (G) Certified copies of the attorney’s opinion of title and abstract of title or the
original mortgagee title insurance policy, or if the original mortgagee title insurance policy has not been issued, the irrevocable marked commitment or pro forma to issue the same. 
 (H) Certified copies of any security agreement, chattel mortgage or equivalent document executed in connection with the Purchased Loan.

 (I) The original assignment of leases and rents, if any, with evidence of recording thereon, or a copy thereof together
with an officer’s certificate of Seller, certifying that such copy represents a true and correct copy of the original that has been submitted for recordation in the appropriate governmental recording office of the jurisdiction where the
Mortgaged Property is located. 
 (J) Certified copies of all intervening assignments of assignment of leases and rents, if
any, or copies thereof, with evidence of recording thereon. 
 (K) Satisfactory reports of UCC, tax lien, judgment and
litigation searches and title updates conducted by search firms and/or title companies acceptable to the Buyer with respect to the Eligible First Mortgage Loan, Mortgaged Property, Seller and Mortgagor, such searches to be conducted in each location
the Buyer shall designate (provided that the documents set forth in this clause (K) will be held, but not reviewed (other than to determine the actual delivery thereof) by the Custodian). 
 (L) A copy of the UCC-1 financing statements, certified as true and correct by Seller, and all necessary UCC-3 continuation statements
with evidence of filing thereon or copies thereof certified by Seller to have been sent for filing, and UCC-3 assignments executed by Seller in blank, which UCC-3 assignments shall be in form and substance acceptable for filing. 
 (M) Certified copies of the environmental indemnity agreement (if any). 
 (N) An original Omnibus Assignment executed by Seller in blank. 
 (O) A certified copy of the disbursement letter from the Mortgagor to the original mortgagee (if any). 
 (P) A certified copy of the Mortgagor’s certificate or title affidavit (if any). 
 (Q) A survey of the Mortgaged Property (if any) as accepted by the title company for issuance of the Title Policy. 
  

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 (R) Copies of all legal opinions in Seller’s possession with respect to the Eligible
First Mortgage Loan which shall be in form and substance satisfactory to the Buyer. 
 (S) A certified copy of the assignment
of permits, contracts and agreements (if any). 
 (T) All original letters of credit and originals or certified copies of any
interest rate cap or swap agreements relating to such Purchased Loan. 
 (U) In respect of any Purchased Loan as to which the
Mortgaged Property or underlying real property, as applicable, consists of a leasehold interest, certified copies of the ground lease and memorandum of ground lease and originals of the ground lessor consent and/or estoppel, as applicable.

 (V) The original of any participation agreement, intercreditor agreement and/or servicing agreement executed in connection
with the Purchased Loan. 
 (W) Certified copies of all other documents and instruments evidencing, guaranteeing, insuring or
otherwise constituting or modifying such Purchased Loan, or otherwise executed or delivered in connection with such Purchased Loan, including all documents establishing or implementing any lockbox pursuant to which Seller is entitled to receive any
payments from cash flow of the underlying real property. 
 (X) Such other documents, agreements or instruments as shall be
requested by the Buyers. 
 (b) With respect to each Purchased Loan which is an Eligible Mezzanine Loan (other than an Eligible Mezzanine
Loan represented by a participation interest in a performing mezzanine loan) or an Eligible B Note (other than an Eligible B Note represented by a junior participation interest): 
 (A) The original Mezzanine Note or original B Note signed in connection with the Purchased Loan bearing all intervening endorsements and
allonges, together with an allonge endorsed “Pay to the order of              without recourse” and signed in the name of the Last Endorsee by an authorized Person (in the
event that the Mezzanine Note or the B Note was acquired by the Last Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by merger to [name of predecessor]”; in the event that the Purchased Loan
was acquired or originated by the Last Endorsee while doing business under another name, the signature must be in the following form: “[Last Endorsee], formerly known as [previous name]”). 
 (B) The original or, if not available a certified copy, of the loan agreement and the guarantee, if any, executed in connection with the
Purchased Loan. 
 (C) The original intercreditor or loan coordination agreement, if any, executed in connection with the
Purchased Loan. 
  

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 (D) A certified copy of the security agreement executed in connection with the Purchased
Loan. 
 (E) Certified copies of all documents relating to the formation and organization of the borrower of such Purchased
Loan, together with all consents and resolutions delivered in connection with such borrower’s obtaining the Purchased Loan. 
 (F) All other documents and instruments evidencing, guaranteeing, insuring or otherwise constituting or modifying or otherwise affecting such Purchased Loan, or otherwise executed or delivered in connection with, or otherwise relating to,
such Purchased Loan, including all documents establishing or implementing any lockbox pursuant to which Seller is entitled to receive any payments from cash flow of the underlying real property. 
 (G) The assignment of Purchased Loan sufficient to transfer to the Buyer all of Seller’s rights, title and interest in and to the
Purchased Loan. 
 (H) Copies of all legal opinions with respect to the Eligible Mezzanine Loan or Eligible B Note, as
applicable, which shall be in form and substance satisfactory to the Buyer. 
 (I) Satisfactory reports of UCC, tax lien,
judgment and litigation searches and title updates conducted by search firms and/or title companies acceptable to the Buyer with respect to the Eligible Mezzanine Loan or Eligible B Note, as applicable, Mortgaged Property, Seller and Mortgagor, such
searches to be conducted in each location the Buyer shall designate (provided that the documents set forth in this clause (I) will be held, (but not: reviewed other than to determine the actual delivery thereof) by the Custodian).

 (J) A copy of the UCC-1 financing statements, certified as true and correct by Seller, and all necessary UCC-3 continuation
statements with evidence of filing thereon or copies thereof certified by Seller to have been sent for filing, and UCC-3 assignments executed by Seller in blank, which UCC-3 assignments shall be in form and substance acceptable for filing.

 (K) The original certificates representing the pledged equity interests (if any). 
 (L) Stock powers relating to each pledged equity interest, executed in blank, if an original stock certificate is provided. 
 (M) Certified copies of any assignments of management agreements, agreements among equity interest holders or other material contracts.

 (N) If no original stock certificate is provided, evidence (which may be an officer’s certificate confirming such
circumstances) that the pledged ownership interests have been transferred to, or otherwise made subject to a first priority security interest in favor of, Seller. 
  

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 (O) A certified copy of the environmental indemnity agreement, if any. 
 (P) All original letters of credit and originals or certified copies of any interest rate cap or swap agreements, if any. 
 (Q) Such other documents, agreements or instruments as shall be requested by the Buyers. 
 (c) With respect to each Purchased Loan which is an Eligible B Note represented by a junior participation interest or an Eligible Mezzanine Loan
represented by a participation interest in a performing mezzanine loan: 
 (A) Originals or copies of all of the applicable
documents described above with respect to a Purchased Loan which is an Eligible First Mortgage Loan. 
 (B) The original of
any participation agreement, intercreditor agreement and/or servicing agreement executed in connection with the Purchased Loan. 
 (C) The assignment of Purchased Loan sufficient to transfer to the Buyer all of Seller’s preferred equity rights, title and interest in and to the Purchased Loan. 
 (d) With respect to each other Purchased Asset: 
 (i) Originals of all instruments, certificates or other documents which evidence such Purchased Asset. 
 (ii) If Seller was not the original holder of the Purchased Asset, (A) originals of all assignments and other documentation effecting and evidencing Seller’s ownership of the Purchased Asset and (B) if
applicable, originals or, if originals are not available, certified copies of all assignments and other documentation effecting and evidencing the transfer of title to the Purchased Asset from the original holder thereof to the holder of the
Purchased Asset immediately prior to Seller. 
 (iii) Originals, executed by Seller in blank (or, if necessary under the
documents which govern the Purchased Asset, in favor of Buyer) of all assignments (including in any event, an Omnibus Assignment) and all other documentation necessary (in Buyer’s sole discretion) to effect and evidence the transfer to Buyer of
title to the Purchased Asset. 
 (iv) Certified copies of all documentation (including all related amendments, supplements and
other modifications of any kind) which describe, govern or otherwise affect the rights of the holder of the Purchased Asset. 
 From time to
time, Seller shall forward to the Custodian additional original documents or additional documents evidencing any assumption, modification, consolidation or extension of a Purchased Loan approved in accordance with the terms of this Agreement, and
upon receipt of any such other documents, the Custodian shall hold such other documents as the 

  

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Buyer shall request from time to time. With respect to any documents which have been delivered or are being delivered to recording offices for recording and
have not been returned to Seller in time to permit their delivery hereunder at the time required, in lieu of delivering such original documents, Seller shall deliver to the Buyer a true copy thereof with an officer’s certificate certifying that
such copy is a true, correct and complete copy of the original, which has been transmitted for recordation. Seller shall deliver such original documents to the Custodian promptly when they are received. With respect to all of the Purchased Loans
delivered by Seller to the Buyer or its designee (including the Custodian), Seller shall execute an omnibus power of attorney substantially in the form of Exhibit V attached hereto irrevocably appointing the Buyer its attorney-in-fact with
full power to (i) complete and record the Assignment of Mortgage, (ii) complete the endorsement of the allonge to the Mortgage Note or Mezzanine Note and (iii) take such other steps as may be necessary or desirable to enforce the
Buyer’s rights against such Purchased Loans and the related Purchased Asset Files and the Servicing Records. The Buyer shall deposit the Purchased Asset Files representing the Purchased Loans, or direct that the Purchased Asset Files be
deposited directly, with the Custodian. The Purchased Asset Files shall be maintained in accordance with the Custodial Agreement. Any Purchased Asset Files not delivered to the Buyer or their designee (including the Custodian) are and shall be held
in trust by Seller or its designee for the benefit of the Buyer as the owner thereof. Seller or its designee shall maintain a copy of the Purchased Asset File and the originals of the Purchased Asset File not delivered to the Buyer or its designee.
The possession of the Purchased Asset File by Seller or its designee is at the will of the Buyer for the sole purpose of servicing the related Purchased Loan, and such retention and possession by Seller or its designee is in a custodial capacity
only. The books and records (including, without limitation, any computer records or tapes) of Seller or its designee shall be marked appropriately to reflect clearly the sale of the related Purchased Loan to the Buyer. Seller or its designee
(including the Custodian) shall release its custody of the Purchased Asset File only in accordance with written instructions from the Buyer, unless such release is required as incidental to the servicing of the Purchased Loans or is in connection
with a repurchase of any Purchased Loan by Seller. 
 6.6 Unless an Event of Default on the part of Seller shall have occurred and be
continuing, the Buyer shall exercise all voting and corporate rights with respect to the Purchased Securities in accordance with Seller’s written instructions; provided, however, that the Buyer shall not be required to follow Seller’s
instructions concerning any vote or corporate right if Buyer determines in its sole discretion that doing so would result in any violation of any provision of the Transaction Documents. Upon the occurrence and during the continuation of an Event of
Default on the part of Seller, the Buyer shall be entitled to exercise all voting and corporate rights with respect to the Purchased Securities without regard to Seller’s instructions (including, but not limited to, if an Act of Insolvency
shall occur with respect to Seller, to the extent Seller controls or is entitled to control selection of the special servicer, the Buyer may transfer such special servicing to an entity satisfactory to the Buyer). 
 7. SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED SECURITIES 
 7.1 Title to all Purchased Assets shall pass to the Buyer on the applicable Purchase Date, and the Buyer shall have free and unrestricted use of all Purchased Assets. 
  

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 Nothing in this Agreement or any other Transaction Document shall preclude the Buyer from engaging in repurchase
transactions with the Purchased Assets or otherwise selling, transferring, pledging, repledging, hypothecating, or rehypothecating the Purchased Assets, but no such transaction shall relieve the Buyer of Buyer’s obligations to transfer the
Purchased Assets to Seller pursuant to Sections 2 or 11 of this Agreement or of the Buyer’s obligation to credit or pay Income to, or apply Income to the obligations of, Seller pursuant to Section 4 hereof. 
 7.2 Nothing contained in this Agreement or any other Transaction Document shall obligate the Buyer to segregate any Purchased Asset delivered to the
Buyer by Seller. Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, no Purchased Asset shall remain in the custody of Seller or an Affiliate of Seller. 
 8. REPRESENTATIONS 
 8.1 Seller represents and warrants to each Buyer that (i) Seller is duly authorized to execute and deliver this Agreement, to enter into Transactions contemplated hereunder and to perform its obligations hereunder and has taken all
necessary action to authorize such execution, delivery and performance, (ii) Seller will engage in such Transactions as principal (or, if agreed in writing, in the form of an annex hereto or otherwise, in advance of any Transaction by the other
party hereto, as agent for a disclosed principal), (iii) the person signing this Agreement on Seller’s behalf is duly authorized to do so on its behalf (or on behalf of any such disclosed principal), (iv) Seller has obtained all
authorizations of any governmental body required in connection with this Agreement and the Transactions hereunder and such authorizations are in full force and effect, and (v) the execution, delivery and performance of this Agreement and the
Transactions hereunder will not violate any law, ordinance, charter, by-law or rule applicable to Seller or any agreement by which it is bound or by which any of its assets are affected. On the Purchase Date for any Transaction Seller shall be
deemed to repeat all the foregoing representations. 
 8.2 In addition to the representations and warranties appearing in Section 8.1 of
this Agreement, Seller represents and warrants to the Buyer that as of the Purchase Date for the purchase of any Purchased Assets by the Buyer from Seller and any Transaction hereunder and as of the Closing Date and at all times while this Agreement
and any Transaction hereunder is in full force and effect: 
 (a) Organization. Seller is duly organized, validly existing and in good
standing under the laws and regulations of the state of Seller’s organization and is duly licensed, qualified, and in good standing in every state where such licensing or qualification is necessary for the transaction of Seller’s business.
Seller has the power to own and hold the assets it purports to own and hold, and to carry on its business as now being conducted and proposed to be conducted, and has the power to execute, deliver, and perform its obligations under this Agreement
and the other Transaction Documents. 
 (b) Due Execution; Enforceability. Each of the Transaction Documents has been duly executed
and delivered by Seller, for good and valuable consideration. Each of the Transaction Documents constitute the legal, valid and binding obligations of Seller, enforceable against Seller in accordance with their respective terms subject to
bankruptcy, insolvency, and other limitations on creditor;’ rights generally and to equitable principles. 
  

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 (c) Non-Contravention. Neither the execution and delivery of the Transaction Documents, nor
consummation by Seller of the transactions contemplated by the Transaction Documents (or any of them), nor compliance by Seller with the terms, conditions and provisions of the Transaction Documents (or any of them) will conflict with or result in a
breach of any of the terms, conditions or provisions of (i) the charter or bylaws of Seller, (ii) any contractual obligation to which Seller is now a party or the rights under which have been assigned to Seller or the obligations under
which have been assumed by Seller or to which the assets of Seller are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of the assets of Seller, other than pursuant to the
Transaction Documents, (iii) any judgment or order, writ, injunction, decree or demand of any court applicable to Seller, or (iv) any applicable Requirement of Law. Seller has all necessary licenses, permits and other consents from
Governmental Authorities necessary to acquire, own and sell the Purchased Assets and for the performance of its obligations under the Transaction Documents. 
 (d) Litigation: Requirements of Law. There is no action, suit, proceeding, investigation, or arbitration pending or, to the best knowledge of Seller, threatened against Seller or any of its assets, which may
result in any material adverse change in the business, operations, financial condition, properties, or assets of Seller, or which may have an adverse effect on the validity of the Transaction Documents or the Purchased Assets or any material action
taken or to be taken in connection with the obligations of Seller under any of the Transaction Documents. Seller is in compliance in all material respects with all Requirements of Law. Seller is not in default in any material respect with respect to
any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or Governmental Authority. 
 (e) No Broker.
Seller has not dealt with any broker, investment banker, agent, or other Person (other than the Buyer or an Affiliate of a Buyer) who may be entitled to any commission or compensation in connection with the sale of Purchased Assets pursuant to any
of the Transaction Documents. 
 (f) Good Title to Purchased Assets. Immediately prior to the purchase of any Purchased Assets by the
Buyer from Seller, such Purchased Assets are free and clear of any lien, encumbrance or impediment to transfer (including any “adverse claim” as defined in Section 8- 102(a)(l) of the UCC), and Seller is the record and beneficial
owner of and has good and marketable title to and the right to sell and transfer such Purchased Assets to the Buyer and, upon transfer of such Purchased Assets to the Buyer, the Buyer shall be the owner of such Purchased Assets free of any adverse
claim. In the event the related Transaction is recharacterized as a secured financing of the Purchased Assets, the provisions of this Agreement are effective to create in favor of the Buyer a valid security interest in all rights, title and interest
of Seller in, to and under the Purchased Assets and the Buyer shall have a valid, perfected first priority security interest in the Purchased Assets (and without limitation on the foregoing, the Buyer, as entitlement holder, shall have a
“security entitlement” to the Purchased Securities). 
 (g) No Default. No Default or Event of Default exists. 

 

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 (h) Representations in Securitization Documents. (i) All of the Purchased Securities have
been validly issued and are fully paid and non-assessable and not subject to preemptive rights and have been offered, issued and sold in compliance with all Requirements of Law; (ii) the Securitization Documents are genuine, in full force and
effect and the legal, valid and binding obligation of the parties thereto, enforceable in accordance with their terms, subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles;
(iii) except as disclosed to the Buyers in writing, there is no default, breach, violation or event of acceleration existing under a Securitization Document and no event has occurred which, with the passage of time or giving of notice or both
and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration thereunder; (iv) Seller has not waived the performance of any action or any default, breach or violation resulting from
action or inaction under a Securitization Document and has not been made aware of any such waiver; and (v) each Purchased Security is assignable and the related Securitization Documents permit Seller to sell, assign or pledge such Purchased
Security to the Buyer under this Agreement. 
 (i) Representations and Warranties Regarding Purchased Assets; Delivery of Purchased Asset
File. Seller represents and warrants to the Buyer that each Purchased Asset sold hereunder and each pool of Purchased Assets sold in a Transaction hereunder, as of each Purchase Date for a Transaction conform to the applicable representations
and warranties set forth in Exhibit VI attached hereto, except as disclosed to the Buyer in writing. It is understood and agreed that the representations and warranties set forth in Exhibit VI attached hereto, if any, shall survive
delivery of the respective Purchased Asset File to the Buyer or its designee (including the Custodian) to the extent permitted by applicable law. With respect to each Purchased Loan, the Mortgage Note or Mezzanine Note, the Mortgage (if any), the
Assignment of Mortgage (if any) and any other documents required to be delivered under this Agreement and the Custodial Agreement for such Purchased Loan have been delivered to the Buyer or the Custodian on its behalf. Except as otherwise disclosed
to the Buyer, Seller or its designee is in possession of a complete, true and accurate Purchased Asset File with respect to each Purchased Loan, except for such documents the originals of which have been delivered to the Custodian. 
 (j) Adequate Capitalization; No Fraudulent Transfer. Seller has, as of such Purchase Date, adequate capital for the normal obligations reasonably
foreseeable in a business of its size and character and in light of its contemplated business operations. Seller is generally able to pay, and as of the date hereof is paying, its debts as they come due. Seller has not become, or is presently,
financially insolvent nor will Seller be made insolvent by virtue of Seller’s execution of or performance under any of the Transaction Documents within the meaning of the bankruptcy laws or the insolvency laws of any jurisdiction. Seller has
not entered into any Transaction Document or any Transaction pursuant thereto in contemplation of insolvency or with intent to hinder, delay or defraud any creditor. 
 (k) Consents. No consent, approval or other action of, or filing by Seller with, any Governmental Authority or any other Person is required to authorize, or is otherwise required in connection with, the
execution, delivery and performance of any of the Transaction Documents by Seller (other than consents, approvals and filings that have been obtained or made, as applicable). 
  

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 (l) Organizational Documents; Members. Seller has delivered to the Buyers certified copies of its
certificate of formation and limited liability company agreement, together with all amendments thereto. Seller does not have any equity members other than Member. 
 (m) No Encumbrances. Except as a result of entering into this Agreement (or any other agreement with a Buyer), there are (i) no outstanding rights, options, warrants or agreements on the part of Seller for
a purchase, sale or issuance, in connection with the Purchased Assets, (ii) no agreements on the part of Seller to issue, sell or distribute the Purchased Assets, and (iii) no obligations on the part of Seller (contingent or otherwise) to
purchase, redeem or otherwise acquire any Purchased Assets or any interest therein or to pay any dividend. 
 (n) Federal Regulations.
Seller is not (A) an “investment company,” or a company “controlled by an investment company,” within the meaning of the Investment Company Act of 1940, as amended, or (B) a “holding company,” or a
“subsidiary company of a holding company,” or an “affiliate” of either a “holding company” or a “subsidiary company of a holding company,” as such terms are defined in the Public Utility Holding Company Act of
1935, as amended. 
 (o) Taxes. Seller has filed or caused to be filed all tax returns which to the knowledge of Seller would be
delinquent if they had not been filed on or before the date hereof and has paid all taxes shown to be due and payable on or before the date hereof on such returns or on any assessments made against it or any of its property and all other taxes, fees
or other charges imposed on it and any of its assets by any Governmental Authority, except for such taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves
have been provided in accordance with GAAP; no tax liens have been filed against any of Seller’s assets and, to Seller’s knowledge, no claims are being asserted with respect to any such taxes, fees or other charges. 
 (p) True and Complete Disclosure. The information, reports, financial statements, exhibits and schedules furnished in writing by or on behalf of
Seller to Buyer in connection with the negotiation, preparation or delivery of this Agreement and the other Transaction Documents or included herein or therein or delivered pursuant hereto or thereto, when taken as a whole, do not contain any untrue
statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under which they were made, not misleading. All written information furnished after the date hereof by or
on behalf of Seller to Buyer in connection with this Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby will be true, complete and accurate in all material respects, or (in the case of projections)
based on reasonable estimates, on the date as of which such information is stated or certified. There is no fact known to a Responsible Officer of Seller, after due inquiry, that would be expected to have a material adverse effect that has not been
disclosed herein, in the other Transaction Documents or in a report, financial statement, exhibit, schedule, disclosure letter or other writing furnished to Buyer for use in connection with the transactions contemplated hereby or thereby.

 (q) ERISA. Seller does not have any Plans or any ERISA Affiliates and makes no contributions to any Plans or any Multiemployer
Plans. 
  

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 8.3 On the Purchase Date for any Transaction, Seller shall be deemed to have made all of the
representations set forth in Sections 8.1 and 8.2 of this Agreement as of such Purchase Date. 
 9. NEGATIVE COVENANTS OF SELLER 
 On and as of the date hereof and each Purchase Date and until this Agreement is no longer in force with respect to any Transaction, Seller shall not
without the prior written consent of the Buyers: 
 9.1 take any action which would directly or indirectly impair or adversely affect the
Buyers’ title to the Purchased Assets; or 
 9.2 transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose
of, or pledge or hypothecate, directly or indirectly, any interest in the Purchased Assets (or any of them) to any Person other than the Buyer, or engage in repurchase transactions or similar transactions with respect to the Purchased Assets (or any
of them) with any Person other than the Buyers so long as such Purchased Assets are subject to this Agreement; or 
 9.3 create, incur or
permit to exist any lien, encumbrance or security interest in or on any of the Purchased Assets subject to the security interest granted by Seller pursuant to Section 5 of this Agreement, except as described in Section 5 of this Agreement;
or 
 9.4 modify or terminate any of the organizational documents of Seller; or 
 9.5 change its corporate or limited liability company structure, enter into any transaction of merger or consolidation or amalgamation, or liquidate,
wind up or dissolve itself (or suffer any liquidation, winding up or dissolution), sell all or substantially all of its assets or acquire or form any Subsidiaries; or 
 9.6 change its fiscal year or method of accounting, unless Seller shall give the Buyers at least fifteen (15) days prior written notice of any such requested change, which notice shall include a detailed
explanation of the changes intended to be made and pro forma financial statements demonstrating the impact thereof; or 
 9.7 consent or
assent to any amendment or supplement to, or termination of, any Securitization Document, any note, loan agreement, mortgage or guaranty relating to the Purchased Loans or other material agreement or instrument relating to the Purchased Assets other
than a Permitted Purchased Loan Modification; or 
 9.8 admit any additional members in Seller, or permit the Member in Seller to assign or
transfer all or any portion of its member interest in Seller; or 
 9.9 at any time during which an Event of Default on the part of Seller
has occurred and is continuing, vote or take any action to permit any rights afforded to a holder of the Purchased Securities under the related Securitization Documents; or 
  

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 9.10 so long as any Default, Event of Default or Margin Deficit shall be continuing, make any
distribution, payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any equity or ownership interest of Seller, whether now or hereafter
outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of Seller; provided, that so long as no Default or Event of Default or Margin Deficit shall have occurred
and be continuing, Seller may make such payments solely to the extent necessary to maintain its status as a REIT; or 
 9.11 enter into any
transaction with an Affiliate; unless Seller has received the prior written consent of the Buyer to enter into such transaction and such transaction is upon fair and reasonable terms no less favorable to Seller than it would obtain in a comparable
arm’s length transaction with a Person which is not an Affiliate; or 
 9.12 declare or make any payment on account of, or set apart
assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any equity or partnership interest of Seller, whether now or hereafter outstanding, or make any other distribution in respect
thereof, either directly or indirectly, whether in cash or property or in obligations of Seller; or 
 9.13 acquire or maintain, nor allow
any Affiliate to acquire or maintain, any right or interest not disclosed in writing to Buyer in any Purchased Asset or Underlying Mortgaged Property that is senior to or pari passu with the rights and interests of Buyer therein : under this
Agreement and the other Repurchase Documents; or 
 9.14 (i) own any property or any other assets other than the Purchased Assets, cash
and its interest under any associated Hedging Agreements; (ii) engage in any business other than the acquisition, ownership, financing and disposition of Purchased Assets in accordance with its operating agreement and the applicable provisions
of the Transaction Documents; (iii) enter into any transaction, contract or agreement with any of its Affiliates, except upon terms and conditions commercially reasonable and substantially similar to those that would be available on an
arm’s-length basis with a Person other than such Affiliate; (iv) incur any indebtedness or obligation, secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation), other than to the extent
permitted under the Transaction Documents; (v) make any loans or advances to any other Person, and shall not acquire obligations or securities of the Member or any Affiliate of any member (other than in connection with the acquisition of
Purchased Assets) or any other Person; (vi) commingle its funds or other assets with those of any of its Affiliates or any other Person; (vii) hold itself out to be responsible for the debts or obligations of any other Person;
(viii) seek or take, and will not encourage or otherwise permit the Member to seek or take, any of the following actions with respect to Seller: (a) dissolve, liquidate or wind up, in whole or in part; (b) consolidate or merge with or
into any other entity or convey or transfer all or substantially all of its properties and assets to any entity; (c) institute any proceeding to be adjudicated as bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency
proceedings against it, or file a petition or answer or consent seeking reorganization or relief under the United States Bankruptcy Code or consent to the filing of any such petition or to the appointment of a receiver, rehabilitator, conservator,
liquidator, assignee, trustee or sequestrator (or other similar official) of such member or Seller or 

  

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of any substantial part of its property, or ordering the winding up or liquidation of its affairs, or make an assignment for the benefit of creditors, or
admit in writing its inability to pay its debts generally as they become due, or take any action in furtherance of any of the foregoing; (d) amend the certificate of formation or limited liability company agreement of Seller; (e) enter
into any transaction with an Affiliate not in the ordinary course of Seller’s business; or (f) permit or cause the Member to withdraw as the sole member of Seller; (ix) have any liabilities, contingent or otherwise, other than those
normal and incidental to the acquisition, ownership, financing and disposition of Purchased Assets; (x) pledge its assets to secure the obligations of any other Person, other than a Buyer; (xi) guarantee or become obligated for the debts
of any other Person; (xii) form, acquire or hold any subsidiary, or own any equity interest in any other entity except interests that are part of the Purchased Assets (or assets which are proposed to become Purchased Assets) or that are
acquired in any foreclosure on, or other realization of collateral from, any of the Purchased Assets; or (xiii) identify itself or any of its Affiliates as a division or part of the other. 
 10. AFFIRMATIVE COVENANTS OF SELLER 
 10.1 Seller
shall promptly notify the Buyers of any material adverse change in its business, operations, property, financial condition or prospects. 
 10.2 Seller shall provide the Buyers with copies of such documents as the Buyers may request evidencing the truthfulness of the representations set forth in Section 8. 
 10.3 Seller (i) shall defend the right, title and interest of the Buyer in and to the Purchased Assets against, and take such other action as is
necessary to remove, any Liens, security interests, claims and demands of all Persons (other than security interests by or through the Buyers) and (ii) shall, at the Buyer’s request, take all action necessary to ensure that the Buyer will
have a first priority security interest in the Purchased Assets subject to any of the Transactions in the event such Transactions are recharacterized as secured financings. 
 10.4 Seller shall notify the Buyer and the Depository of the occurrence of any Default or Event of Default as soon as possible but in no event later than
the Business Day after obtaining actual knowledge of such event. 
 10.5 If an Act of Insolvency occurs with respect to Seller, Seller shall
permit the Buyers to transfer servicing and/or special servicing with respect to all mortgage loans underlying the Purchased Securities to an entity satisfactory to the Buyers, to the extent Seller controls or is entitled to control the selection of
the servicer and/or special servicer, as the case may be. 
 10.6 Seller shall promptly (and in any event not later than two
(2) Business Days following receipt) deliver to the Buyers (i) any notice of the occurrence of an event of default under, notice of condemnation, casualty or environmental contamination with respect to or report received by or required to
be delivered by Seller pursuant to the Purchased Asset Documents or Securitization Documents, (ii) any notice of transfer of servicing under the Purchased Asset Documents or Securitization Documents, (iii) any notice of termination or
other unwind of any Hedging Agreement, (iv) any notice of any material litigation in respect of any 

  

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Purchased Asset, any Underlying Mortgaged Property or any underlying loan (with respect to any Purchased Asset that is an Eligible Mezzanine Loan or Eligible
B Note) and (v) any other information with respect to the Purchased Assets as may be requested by the Buyers from time to time. 
 10.7
Seller will permit the Buyers or their designated representative to inspect Seller’s records with respect to the Purchased Assets and the conduct and operation of its business related thereto upon prior written notice from the Buyers or their
designated representative, at such times and with such frequency as determined by Buyers, and to make copies of extracts of any and all thereof. 
 10.8 If Seller shall at any time become entitled to receive or shall receive any rights, whether in addition to, in substitution of, as a conversion of, or in exchange for the Purchased Securities, or otherwise in respect thereof, Seller
shall accept the same as the Buyer’s agent, hold the same in trust for the Buyer and deliver the same forthwith to the Buyer in the exact form received, duly endorsed by Seller to the Buyer, if required, together with an undated bond or other
securities power covering such certificate duly executed in blank to be held by the Buyer hereunder as additional collateral security for the Transactions. If any sums of money or property so paid or distributed in respect of the Purchased
Securities shall be received by Seller, Seller shall, until such money or property is paid or delivered to the Buyer, hold such money or property in trust for the Buyer, segregated from other funds of Seller, as additional collateral security for
the Transactions. 
 10.9 At any time from time to time upon prior written request of any Buyer, at the sole expense of Seller, Seller will
promptly and duly execute and deliver such further instruments and documents and take such further actions as such Buyer may request for the purposes of obtaining or preserving the full benefits of this Agreement including the first priority
security interest granted hereunder and of the rights and powers herein granted (including, among other things, filing such UCC financing statements as such Buyer may request). If any amount payable under or in connection with any of the Purchased
Assets shall be or become evidenced by any promissory note, other instrument or chattel paper, such note, instrument or chattel paper shall be promptly delivered to the Buyer, duly endorsed in a manner satisfactory to the Buyer, to be held as a
Purchased Asset under the related Transaction pursuant to this Agreement, and the documents delivered in connection herewith. 
 10.10 Seller
shall provide the Buyers with the following financial and reporting information as soon as possible and in any event: 
 (a) within 45 days
after the last day of each calendar quarter in any fiscal year, the quarterly unaudited financial statements of Guarantor for such quarter together with an officer’s certificate from Guarantor addressed to the Buyers certifying that
(x) all information contained in such financial statement is true and correct, (y) as of such calendar quarter, Guarantor are in compliance with all of the terms, conditions and requirements of this Agreement (and demonstrating compliance
with the provisions of Section 12(b) of the Guarantee), and (z) no Event of Default exists; 
  

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 (b) within 30 days after each month end, a report containing the Monthly Servicing Information set forth
on Exhibit III attached hereto; 
 (c) within 30 days after each month end, a report containing the Purchased Asset Information Report
set forth on Exhibit VII attached hereto; 
 (d) to the extent required by the underlying loan documents and available to Seller,
within 45 days after each month end, the unaudited monthly financial statements and rent rolls for each underlying Payor; 
 (e) to the
extent required by the underlying loan documents and available to Seller, within 30 days after the last day of each fiscal quarter of each Payor and 90 days after the last day of each fiscal year of each Payor, unaudited certified quarterly
financial statements and audited annual financial statements, respectively, of such Payor; 
 (f) within 90 days after the last day of each
calendar year, the audited annual financial statements of Guarantor; 
 (g) if reasonably requested by the Buyer, within 30 days after
filing, the annual Federal Income Tax returns of the Guarantor; and 
 (h) within 30 days after each month end, a written summary of all
outstanding Hedging Agreements. 
 10.11 Seller shall at all times comply in all material respects with all laws, ordinances, rules and
regulations of any federal, state, municipal or other public authority having jurisdiction over Seller or any of its assets (including, without limitation, environmental laws, and all federal securities laws) and Seller shall do or cause to be done
all things necessary to preserve and maintain in full force and effect its legal existence, and all licenses material to its business. 
 10.12 Seller shall keep all property useful and necessary in its business in good working order and condition; maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and
against at least such risks as are usually insured against in the same general area by companies engaged in the same or a similar business, and furnish to Buyer, upon written request, full information as to the insurance carried. 
 10.13 Seller shall at all times keep proper books of records and accounts in which full, true and correct entries shall be made of its transactions in
accordance with GAAP and set aside on its books from its earnings for each fiscal year all such proper reserves in accordance with GAAP. 
 10.14 Seller shall pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its obligations of whatever nature, except where the amount or validity thereof is currently being
contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of Seller or its Subsidiaries, as the case may be. 
  

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 10.15 Seller shall observe, perform and satisfy all the material terms, provisions, covenants and
conditions required to be observed, performed or satisfied by it, and shall pay when due all costs, fees and expenses required to be paid by it, under the Transaction Documents. Seller shall pay and discharge all taxes, levies, liens and other
charges on its assets and on the Purchased Assets that, in each case, in any manner would create any lien or charge upon the Purchased Assets, except for any such taxes as are being appropriately contested in good faith by appropriate proceedings
diligently conducted and with respect to which adequate reserves have been provided in accordance with GAAP. 
 10.16 Seller shall advise the
Buyers of any change in Seller’s name or jurisdiction of organization in accordance with the requirements of Section 9.4 and Seller shall advise the Buyers in writing of any change in the places where the books and records pertaining to
the Purchased Assets are held not less than fifteen (15) Business Days prior to making any such change. 
 10.17 Seller will maintain
records with respect to the Purchased Assets and the conduct and operation of its business with no less a degree of prudence than if the Purchased Assets were held by Seller for its own account and will furnish the Buyer, upon request by the Buyer
or its designated representative, with information with respect to the Purchased Assets and the conduct and operation of its business. 
 10.18 Seller shall provide the Buyer with operating statements, the occupancy status and other property level information within Seller’s possession, with respect to the Mortgaged Properties, and similar reports within Seller’s
possession, in each case, as requested by the Buyer. 
 10.19 Seller shall give each Buyer prior notice of all intended changes, amendments
or modifications to the Underwriting Guidelines and shall not make any such change, amendment or modification without the consent of the Buyers in their sole discretion. Subject to the immediately preceding sentence, in the event that Seller makes
any amendment or modification to the Underwriting Guidelines, Seller shall promptly deliver to each Buyer a complete copy of the amended or modified Underwriting Guidelines. Seller shall originate or acquire all Purchased Assets in a manner which is
consistent with sound underwriting and appraisal practices, and in compliance with applicable federal and state consumer protection laws, including, without limitation, all laws with respect to unfair or deceptive practices and all laws relating to
predatory lending practices. 
 10.20 Seller may enter into appropriate Hedging Agreements with respect to each Purchased Asset and each such
Hedging Agreement shall be in form and substance acceptable to the Buyer and, as of each Remittance Date, Seller shall provide the Buyer with a summary report which lists all such Hedging Agreements and describes the principal economic and other
material terms of each. 
 10.21 Seller shall make available for sale to the Buyers New Assets in an equivalent dollar amount and credit
quality as Seller’s Affiliates provide to their lenders or repurchase agreement buyers. 
  

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 10.22 Seller shall at all times: (i) be and intend to remain solvent and pay its debts and
liabilities (including employment and overhead expenses) from its own assets as the same shall become due; (ii) comply with the provisions of its certificate of formation and its limited liability company agreement; (iii) do or cause to be
done all things necessary to observe limited liability company formalities and to preserve its existence; (iv) maintain all of its books, records, financial statements and bank accounts separate from those of its Affiliates, the Member and any
other Person, and it will file its own tax returns; (v) hold itself out to the public as a legal entity separate and distinct from any other Person, shall maintain and utilize separate stationery, invoices and checks bearing its own name,
correct any known misunderstanding regarding its status as a separate entity, conduct business in its own name and pay to any Affiliate that incurs costs for office space and administrative services that it uses the amount of such costs allocable to
its use of such office space and administrative services; (vi) have a board of directors separate from that of the Member and any other Person; (vii) 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; (viii) maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any of
its Affiliates or any other Person; (ix) observe all Delaware limited liability company formalities; and (x) maintain a sufficient number of employees in light of its contemplated business operations and shall pay the salaries of its own
employees. 
 11. EVENTS OF DEFAULT; REMEDIES 
 11.1 Each of the following shall constitute an “Event of Default” hereunder: 
 (a) The failure of any Buyer to receive
(i) on any Remittance Date the accreted value of the Price Differential (less any amount of such Price Differential previously paid by Seller to the Buyer) (including, without limitation, in the event the Income paid or distributed on or in
respect of the Purchased Assets is insufficient to make such payment and Seller does not make such payment or cause such payment to be made) or (ii) any other payment owing by Seller or the Guarantor to the Buyer which has become due, whether
by acceleration or otherwise, under the terms of this Agreement or any other Transaction Document. 
 (b) Assignment or attempted assignment
by Seller of this Agreement or any rights hereunder without first obtaining the specific written consent of the Buyers. 
 (c) Any
representation or warranty made or deemed made by Seller or Guarantor herein or in any other Transaction Document or which is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection
with this Agreement or any such other Transaction Document shall prove to have been incorrect in any material respect on or as of the date made or deemed made (other than the representations and warranties set forth in Exhibit VI attached
hereto, which shall be considered solely for the purpose of determining whether a Purchased Asset is an Eligible Asset, unless Seller shall have made any such representation and warranty with knowledge that it was materially incorrect or untrue at
the time made). 
 (d) Seller shall default in the observance or performance of any agreement or obligation pursuant to Sections 3, 4 or 8 of
this Agreement or the Guarantor shall default in the observance or performance of any agreement or obligation pursuant to Section 12 of the Guarantee. 
  

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 (e) Seller or the Guarantor shall default in the observance or performance of any other agreement
contained in this Agreement or any other Transaction Document (other than as provided in paragraphs (a) through (d) of this Section), and such default shall continue unremedied (provided that such default is capable of being remedied and that
Seller is diligently pursuing such remedy) for a period of ten (10) Business Days after the earlier of (i) receipt of written notice from any Buyer or (ii) actual knowledge of Seller of such default. 
 (f) Seller fails to transfer the Purchased Assets to the Buyer on the applicable Purchase Date (provided that the Buyer shall have tendered the related
Purchase Price). 
 (g) Any “Event of Default” (however denominated) shall have occurred under the Servicing Agreement and a
replacement servicer acceptable to the Buyers under such Servicing Agreement shall not have been appointed within thirty (30) days of the occurrence of such “Event of Default”. 
 (h) A final judgment by any competent court, administrative tribunal, or other body having jurisdiction in the United States of America for the payment
of money shall have been rendered against Seller in an amount in excess of $5,000,000, or against the Guarantor in an amount in excess of $10,000,000, that remains undischarged or unpaid for a period of thirty (30) days, during which period
execution of such judgment is not effectively stayed by bonding over or other means acceptable to the Buyers. 
 (i) Any Governmental
Authority or any person, agency or entity acting or purporting to act under governmental authority shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the property of
Seller or the Guarantor, or shall have taken any action to displace the management of Seller or the Guarantor or to curtail their respective authority in any material respect in the conduct of their respective business, or shall have taken any
action in the nature of enforcement to remove, limit or restrict the approval of Seller as a seller (or to the extent Seller is the Servicer, as servicer) of Purchased Assets, and such action provided for in this paragraph shall not have been
discontinued or stayed within thirty (30) days. 
 (j) Either (i) the Transaction Documents shall for any reason not cause, or
shall cease to cause, the Buyers to be the owner, free of any adverse claim, of any of the Purchased Assets, or (ii) if a Transaction is recharacterized as a secured financing, the Transaction Documents with respect to any Transaction shall for
any reason cease to create a valid first priority security interest in favor of the Buyer in any of the Purchased Assets. 
 (k)
Seller’s or the Guarantor’s audited annual financial statements or the notes thereto or other opinions or conclusions stated therein shall be qualified or limited by reference to the status of Seller or the Guarantor as a “going
concern” or a reference of similar import. 
 (l) An Act of Insolvency shall have occurred with respect to Seller or the Guarantor.

  

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 (m) An officer of Seller or the Guarantor shall admit Seller’s or the Guarantor’s inability to,
or its intention not to, perform any of Seller’s or the Guarantor’s material obligations hereunder or under any other Transaction Documents. 
 (n) Seller or the Guarantor shall have defaulted, failed to perform or stated its intention not to perform under any note, indenture, loan agreement, guaranty, swap agreement or any other contract, agreement or
transaction to which it is a party, which default, failure or statement of non-performance (i) involves the failure to pay a matured obligation in excess of $5,000,000, with respect to Seller, or $10,000,000, with respect to the Guarantor, or
(ii) permits the acceleration of the maturity of obligations by any other party to or beneficiary of such note, indenture, loan agreement, guaranty, swap agreement or other contract agreement or transaction. 
 (o) The Buyers shall have determined in their sole discretion that there shall have occurred a Material Adverse Change. 
 (p) Unless consented to by the Buyers, Seller shall not be qualified as a REIT entitled to a dividend paid deduction under Section 857 of the Code.

 (q) A Change of Control shall occur. 
 (r) Seller, Member or Guarantor shall be in default under any BofA Indebtedness. 
 (s) An “Event of Default” shall occur
under the repurchase facility in respect of the Guarantor’s “CMBS Origination Program” entered into between an Affiliate of the Guarantor, on the one hand, and any Buyer or an Affiliate of a Buyer, on the other hand. 
 11.2 If an Event of Default shall occur and be continuing, the following rights and remedies shall be available to the Buyers: 
 (a) The Buyer may, at its option (which option shall be deemed to have been exercised immediately upon the occurrence of an Act of Insolvency of Seller or
the Guarantor), accelerate the Repurchase Date for each Transaction hereunder, if such Repurchase Date has not already occurred (except that, in the event that the Purchase Date for any Transaction has not yet occurred as of the date of such
exercise or deemed exercise, such Transaction shall be deemed immediately canceled). 
 (b) If the Buyer exercises or is deemed to have
exercised the option referred to in subparagraph (a) above, (i) Seller’s obligations in such Transactions to repurchase all Purchased Assets, at the Repurchase Price therefor shall thereupon become immediately due and payable,
(ii) all Income paid after such exercise or deemed exercise shall be retained by the Buyer and applied in accordance with Section 4.3(c), and (iii) Seller shall immediately deliver to the Buyer any Purchased Asset Documents, if any,
that relate to any Purchased Assets then in Seller’s possession or control. 
 (c) The Buyer also shall have the right to obtain
physical possession, and to continue any action to obtain physical possession, of any and all records and files of Seller relating to the Purchased Assets and all documents relating to the Purchased Assets (including, 

  

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without limitation, any credit or servicing files relating to the Purchased Assets) which are then or may thereafter come into the possession of Seller or
any third party acting for Seller. The Buyer shall be entitled to specific performance of all agreements of Seller contained in this Agreement. 
 (d) The Buyer shall have the right to direct all servicers then servicing any Purchased Assets to remit all collections thereon to Buyers, and if any payments are received by Seller, Seller shall not commingle the amounts received with
other funds of Seller and shall promptly pay them over to the Buyer. The Buyer shall also have the right to terminate any one or all of the servicers then servicing any Purchased Assets with or without cause and the Buyer shall have the right to
appoint any Person to act as servicer for the Purchased Assets. 
 (e) The Buyer shall have the right to sell immediately and/or liquidate
all or any portion of the Purchased Assets and/or all other Collateral. Such disposition of Purchased Assets and/or all other Collateral may be, at the Buyers’ option, on either a servicing released or a servicing retained basis. The Buyer
shall not be required to give any warranties as to the Purchased Assets and/or other Collateral with respect to any such disposition thereof. The Buyer may specifically disclaim or modify any warranties of title or the like relating to the Purchased
Assets and/or other Collateral. The foregoing procedure for disposition of the Purchased Assets and liquidation of the Collateral shall not be considered to adversely affect the commercial reasonableness of any sale thereof. Seller agrees that it
would not be commercially unreasonable for the Buyer to dispose of the Purchased Assets or other Collateral or any portion thereof by using Internet sites that provide for the auction of assets similar to the Purchased Assets and/or other
Collateral, or that have the reasonable capability of doing so, or that match buyers and Seller of assets. The Buyer shall be entitled to place the Purchased Assets in one or more pools for issuance of securities at the then prevailing price for
such securities and to sell such securities for such prevailing price in the open market. The Buyer shall also be entitled to sell any or all of such Purchased Assets individually for the prevailing price. Seller and the Guarantor shall have the
right to bid in connection with any sale of Purchased Assets or otherwise purchase such Purchased Assets or securities in any sale contemplated by the foregoing in accordance with any procedures established therefor by the Buyer. The Buyer agrees to
recognize, to the extent Seller’s bid or offer complies in all respects with the procedures and requirements imposed by the Buyer in the conduct of such sale, Seller’s bid or offer provided that the same is in excess of the bid or offer of
any third party. 
 (f) The Buyer shall apply any proceeds from the liquidation of the Purchased Assets and other Collateral to the
Repurchase Prices hereunder and all other Obligations in the manner the Buyer deems appropriate in its sole discretion. 
 (g) The parties
recognize that it may not be possible to sell all of the Purchased Assets on a particular Business Day, or in a transaction with the same purchaser, or in the same manner, because the market for such Purchased Assets may not be liquid. In view of
the nature of the Purchased Assets, the parties agree that liquidation of the Purchased Assets does not require a public purchase or sale and that a private purchase or sale shall be deemed to have been made in a commercially reasonable manner.

  

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 (h) Seller shall be liable to the Buyer for (i) the amount of all legal or other expenses,
including, without limitation, all costs and expenses of the Buyer in connection with the enforcement of this Agreement or any other agreement evidencing a Transaction, whether in action, suit or litigation or bankruptcy, insolvency or other similar
proceeding affecting creditors’ rights generally, further including, without limitation, the fees and expenses of counsel incurred in connection with or as a result of an Event of Default, (ii) damages in an amount equal to the cost
(including all fees, expenses and commissions) of entering into replacement transactions and entering into or terminating Hedging Agreements in connection with or as a result of an Event of Default, and (iii) any other loss, damage, cost or
expense directly arising or resulting from the occurrence of an Event of Default in respect of a Transaction. 
 (i) To the extent permitted
by applicable law, Seller shall be liable to the Buyer for interest on any amounts owing by Seller hereunder, from the date Seller becomes liable for such amounts hereunder until such amounts are (i) paid in full by Seller or
(ii) satisfied in full by the exercise of the Buyer’s rights hereunder. Interest on any sum payable by Seller under this section shall accrue at a rate equal to the Pricing Rate that would apply to a Transaction during the occurrence of an
Event of Default. 
 (j) Following the occurrence and during the continuance of an Event of Default, Seller hereby irrevocably constitutes
and appoints the Buyer and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact (coupled with an interest) with full irrevocable power and authority in the place and stead of Seller and in the name
of Seller or in its own name, from time to time in the Buyer’s discretion, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be
necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, Seller hereby gives the Buyer the power and right, on behalf of Seller, without assent by, but with written notice to,
Seller, to do the following: 
 (i) (A) in the name of Seller, or in its own name, or otherwise, to take possession of
and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any mortgage insurance or with respect to any other Purchased Assets; and (B) in its own name or, to the extent it cannot
proceed in its own name, in the name of Seller or otherwise, to file any claim or to take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Buyer for the purpose of collecting any and all such moneys
due under any such mortgage insurance or with respect to any other Purchased Assets whenever payable; 
 (ii) to pay or
discharge taxes and Liens levied or placed on or threatened against the Purchased Assets; 
 (iii) (A) to direct any
party liable for any payment under any Purchased Assets to make payment of any and all moneys due or to become due thereunder directly to the Buyer or as the Buyer shall direct; (B) to ask or demand for, collect, receive payment of and receipt
for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Purchased Assets; (C) to sign and endorse any invoices, assignments, verifications, notices and other documents in

  

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 connection with any Purchased Assets; (D) to commence and prosecute any suits, actions or
proceedings at law or in equity in any court of competent jurisdiction to collect the Purchased Assets or any proceeds thereof and to enforce any other right in respect of any Purchased Assets; (E) to defend any suit, action or proceeding
brought against Seller with respect to any Purchased Assets; (F) to settle, compromise or adjust without Seller's consent any suit, action or proceeding described in clause (i) above and, in connection therewith, to give such discharges or
releases as Buyer may deem appropriate; and (G) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Purchased Assets as fully and completely as though the Buyer were the absolute owner thereof
for all purposes, and to do, at the Buyer's option and Seller's expense, at any time, and from time to time, all acts and things which the Buyer deems necessary to protect, preserve or realize upon the Purchased Assets and the Buyer's Liens thereon
and to effect the intent of this Agreement, all as fully and effectively as Seller might do; 
 (iv) to direct the actions of
the Custodian with respect to the Purchased Assets under the Custodial Agreement; and 
 (v) to execute, from time to time, in
connection with any sale provided for in this section, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Purchased Assets. 
 Seller hereby ratifies all that said attorneys shall lawfully do or cause to be done by the express terms hereof. This power of attorney is a power coupled with an interest and shall be irrevocable. 
 The powers conferred on each Buyer hereunder are solely to protect such Buyer's interests in the Purchased Assets and shall not impose any duty upon it to
exercise any such powers. The Buyer shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Seller for
any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct. 
 (k) Each such Buyer shall have,
in addition to its rights and remedies under the Transaction Documents, all of the rights and remedies provided by applicable federal, state, foreign, and local laws (including, without limitation, if the Transactions are recharacterized as secured
financings, the rights and remedies of a secured party under the UCC of the State of New York, to the extent that the UCC is applicable, and the right to offset any mutual debt and claim), in equity, and under any other agreement between buyers and
Seller. Without limiting the generality of the foregoing, each Buyer shall be entitled to set off the proceeds of the liquidation of the Purchased Assets against all of Seller's obligations to such Buyer, only if such obligations are then due,
without prejudice to such Buyer's right to recover any deficiency. Notwithstanding anything in this Agreement or any other Transaction Document to the contrary, in the event that any deficiency exists with respect to any obligations owing to any
Buyer by Seller under this Agreement or any other Transaction Document following liquidation of all of such Buyer's Purchased Assets (any such Buyer, an "Unpaid Buyer"), to the extent that any surplus or other Purchased Assets remain after
all obligations owing to the other Buyer by Seller under this 

  

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Agreement and the other Transaction Documents are satisfied and paid in full, the Unpaid Buyer, at its option in its sole discretion, shall be entitled to
the full amount of any such surplus and to liquidate and realize upon any such other Purchased Assets until all obligations owing to such Unpaid Buyer by Seller under this Agreement and the other Transaction Documents shall be satisfied and paid in
full. 
 (1) Subject to the grace periods set forth herein, each party to this Agreement may exercise any or all of the remedies available to
such party immediately upon the occurrence of an Event of Default and at any time during the continuance thereof without prior notice to the other parties hereto. Except as expressly provided herein, all rights and remedies arising under the
Transaction Documents, as amended from time to time, are cumulative and not exclusive of any other rights or remedies which each party to this Agreement may have. No modification, amendment, extension, discharge, termination or waiver of any
provision of this Agreement or of any other Transaction Document, nor consent to any departure by any party to this Agreement therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom
enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on any party to this Agreement,
shall entitle such party to any other or future notice or demand in the same, similar or other circumstances. Neither any failure nor any delay on the part of any party to this Agreement in insisting upon strict performance of any term, condition,
covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under any other Transaction Document shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future
exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by purchasing any Purchased Asset under this Agreement on any Purchase Date, the Buyer shall not be deemed to have waived any
right to assert any Default, Event of Default or breach by Seller of any term, condition, covenant, representation or warranty under this Agreement or any Transaction Document, notwithstanding that such Default, Event of Default or breach may have
arisen prior to such Purchase Date. 
 (m) Each Buyer may enforce its rights and remedies hereunder without prior judicial process or
hearing, and Seller hereby expressly waives any defenses Seller might otherwise have to require any Buyer to enforce its rights by judicial process. Seller also waives any defense Seller might otherwise have arising from the use of nonjudicial
process, disposition of any or all of the Purchased Assets, or from any other election of remedies. Seller recognizes that nonjudicial remedies are consistent with the usages of the trade, are responsive to commercial necessity and are the result of
a bargain at arm's length. 
 (n) Upon the occurrence of an Event of Default, each Buyer shall without regard to the adequacy of the security
for the obligations, be entitled to the appointment of a receiver by any court having jurisdiction, without notice, to take possession of and protect, collect, manage, liquidate, and sell the Purchased Assets and any other Collateral or any portion
thereof, collect the payments due with respect to the Purchased Assets and any other Collateral or any portion thereof, and do anything that the Buyer is authorized hereunder to do. Seller shall pay all costs and expenses incurred by any Buyer in
connection with the appointment and activities of such receiver. 
  

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 12. RECORDING OF COMMUNICATIONS 
 EACH OF THE BUYERS AND SELLER SHALL HAVE THE RIGHT (BUT NOT THE OBLIGATION) FROM TIME TO TIME TO MAKE OR CAUSE TO BE MADE TAPE RECORDINGS OF COMMUNICATIONS BETWEEN ITS EMPLOYEES AND THOSE OF THE OTHER PARTY WITH
RESPECT TO TRANSACTIONS. EACH OF THE BUYERS AND SELLER HEREBY CONSENTS TO THE ADMISSIBILITY OF SUCH TAPE RECORDINGS IN ANY COURT, ARBITRATION, OR OTHER PROCEEDINGS, AND AGREES THAT A DULY AUTHENTICATED TRANSCRIPT OF SUCH A TAPE RECORDING SHALL BE
DEEMED TO BE A WRITING CONCLUSIVELY EVIDENCING THE PARTIES' AGREEMENT. 
 13. SINGLE AGREEMENT 
 The Buyers and Seller acknowledge that, and have entered hereinto and will enter into each Transaction hereunder in consideration of and in reliance upon
the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made in consideration of each other. Accordingly, each Buyer and Seller agrees (i) to perform all of its obligations in respect of
each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder, (ii) that each of them shall be entitled to set off claims and apply property
held by them in respect of any Transaction against obligations owing to them in respect of any other Transactions hereunder and (iii) that payments, deliveries and other transfers made by either of them in respect of any Transaction shall be
deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder, and the obligations to make any such payments, deliveries and other transfers may be applied against each other and
netted. 
 14. NOTICES AND OTHER COMMUNICATIONS 
 All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) hand delivery, with proof of attempted delivery,
(b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (d) by facsimile (with transmission
confirmation) provided that such faxed notice must also be delivered by one of the means set forth in (a), (b) or (c) above, to applicable address specified below or at such other address and person as shall be designated from time to time
by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section. All notices, consents, approvals and requests directed to Seller (other than Confirmations) shall be delivered to
the following: CBRE Realty Finance Holdings III, LLC, 185 Asylum Street, 37th Floor, Hartford, Connecticut 06013,
Attn: Tom Podgorski, Facsimile Number: (860) 275-6225, with a copy to: Dechert LLP, Cira Centre, 2929 Arch St., Philadelphia, Pennsylvania 19104, Attn: Richard D. Jones, Esq., Facsimile Number: (215) 994-2222; all notices, consents,
approvals and requests directed to any Buyer shall be delivered to the following: Bank of America, 214 North Tryon Street, 22nd Floor, Charlotte, North Carolina 28555, NC1-027-22-04, Attn: Angie Dugick, Facsimile Number: (704) 386-1094, with a copy to Bank of America, Mail Code: NC1-007-20-01, 
  

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100 North Tryon Street, Charlotte, North Carolina 28555, Attn: Paul Kurzeja, Facsimile Number: (704) 409-0267 and Mayer, Brown, Rowe & Maw LLP,
214 North Tryon Street, Suite 3800, Charlotte, North Carolina 28202, Attn: Christopher J. Brady, Facsimile Number (704) 377-2033, notice shall be deemed to have been given: (a) in the case of hand delivery, at the time of delivery,
(b) in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day, (c) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day, or (d) in the case
facsimile, upon receipt of transmission confirmation, provided that such faxed notice was also delivered as required in this Section. A party receiving a notice which does not comply with the technical requirements for notice under this Section may
elect to waive any deficiencies and treat the notice as having been properly given. 
 15. ENTIRE AGREEMENT; SEVERABILITY 
 This Agreement shall supersede any existing agreements between the parties containing general terms and conditions for repurchase transactions. Each
provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. 
 16. NON-ASSIGNABILITY 
 16.1 The rights and
obligations of Seller under the Transaction Documents and under any Transaction shall not be assigned by Seller without the prior written consent of the Buyer. Any Buyer shall be permitted to assign its rights and obligations under the Transaction
Documents and under any Transaction without the consent of Seller provided that the assignee is (a) an Affiliate of the Buyer, (b) a commercial bank rated at least “BBB+” by S&P (or the equivalent by Moody's or Fitch,
Inc.) and having total assets in excess of $1,000,000,000 or (c) an insurance company or a financial institution that, if rated, is rated at least “BBB+” by S&P (or the equivalent by Moody’s or Fitch, Inc.), any mutual fund,
any fund or any other “accredited investor” (as defined in Regulation D of the Securities Act) (other than an individual and the Seller and its Affiliates), in each case, having a net worth, as determined in accordance with GAAP, of not
less than $100,000,000. In the event of any such assignment by any Buyer, such Buyer shall so notify Seller, which notification may occur after the assignment is effected. Seller shall not be obligated to deal directly with any party other than the
Buyer in connection with any Transactions, or to pay or reimburse the Buyer or any other Person for any fees, costs, expenses or other amounts that would not have been incurred had no such assignment been effected. 
 16.2 Each Buyer shall be entitled to issue one or more participation interests with respect to any or all of its Transactions; provided, that
(i) the Buyer shall act as exclusive agent for all participants in any dealings with Seller in connection with all Transactions, (ii) Seller shall not be obligated to deal directly with any party other than the Buyer in connection with any
Transactions, or to pay or reimburse the Buyer or any other Person for any fees, costs, expenses or other amounts that would not have been incurred had no participation interests in the related Transactions been issued and (iii) the Buyer shall
maintain control over all discretionary determinations to be made by it hereunder. In the event of any such issuance of a participation interest, such Buyer shall so notify Seller, which notification may occur after such issuance. 
  

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 16.3 Each Buyer may, in connection with any assignment or participation or proposed assignment or
participation pursuant to this Article 16, disclose to the assignee or participant or proposed assignee or participant, as the case may be, any information relating to Seller, Guarantor or any of their respective Affiliates or to any aspect of the
Purchased Assets that has been furnished to a Buyer by or on behalf of Seller or any Affiliate. 
 16.4 Subject to the foregoing, the
Transaction Documents and any Transactions shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. Nothing in the Transaction Documents, express or implied, shall give to any Person, other
than the parties to the Transaction Documents and their respective successors, any benefit or any legal or equitable right, power, remedy or claim under the Transaction Documents. 
 17. CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 
 17.1 Each party irrevocably and unconditionally
(i) submits to the non-exclusive jurisdiction of any United States Federal or New York State court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or proceeding brought to enforce
its obligations under this Agreement or relating in any way to this Agreement or any Transaction under this Agreement and (ii) waives, to the fullest extent it may effectively do so, any defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court and any right of jurisdiction on account of its place of residence or domicile. 
 17.2 To the
extent that either party has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set off or any legal process (whether service or notice, attachment prior
to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any of its property, such party hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action
brought to enforce its obligations under this Agreement or relating in any way to this Agreement or any Transaction under this Agreement. 
 17.3 The parties hereby irrevocably waive, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding and irrevocably consent to the service of any summons and
complaint and any other process by the mailing of copies of such process to them at their respective address specified herein. The parties hereby agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Section 17 shall affect the right of any Buyer to serve legal process in any other manner permitted by law or affect the right of any Buyer to
bring any action or proceeding against Seller or its property in the courts of other jurisdictions. 
 17.4 EACH OF THE PARTIES HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER. 
  

 58 

 18. GOVERNING LAW 
 This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. 
 19. NO WAIVERS. ETC. 
 No express or implied waiver of any Event of Default by either party shall constitute a waiver of any
other Event of Default and no exercise of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this Agreement and no waiver or other consent by
any party to a departure herefrom shall be effective unless and until such shall be in writing and duly executed by both of the parties hereto. Without limitation of any of the foregoing, the failure of the Buyer to give a notice pursuant to
Section 2.7 or Section 3.1 hereof will not constitute a waiver of any right to do so at a later date. 
 20. USE OF EMPLOYEE PLAN ASSETS

 (a) If the source of funds or other assets to be used by either party hereto in connection with a Transaction include or constitute
“plan assets” for purposes of Department of Labor Regulation Section 2510.3-101, 29 CFR §2510.3-101 (the “Plan Assets Regulation”), the party using such “plan assets” (hereinafter referred to as the
“Plan Party”) shall so notify the other party prior to the Transaction. The Plan Party shall represent and covenant in writing to the other party that, throughout the term of the Transaction, the Transaction does not and will not
constitute a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code and the other party may proceed in reliance thereon but shall not be required so to proceed. 
 (b) Subject to the last sentence of subparagraph (a) of this Paragraph, any such Transaction shall proceed only if Seller furnishes or has furnished
to the Buyers its most recent available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. 
 (c) By entering into a Transaction pursuant to this Paragraph, Seller shall be deemed (i) to represent to the Buyer that since the date of Seller’s latest such financial statements, there has been no
material adverse change in Seller’s business, operations, property, financial condition or prospects which Seller has not disclosed to the Buyer, and (ii) to agree to provide the Buyer with future audited and unaudited statements of its
financial condition as they are issued, so long as it is a Seller in any outstanding Transaction involving a Plan Party. 
 21. INTENT 
 (a) The parties recognize that each Transaction is a “repurchase agreement” as that term is defined in Section 101 of Title 11 of the
United States Code, as amended (except insofar as the type of Purchased Assets subject to such Transaction or the term of such Transaction would render such definition inapplicable), and a “securities contract” as that term is defined in
Section 741 of Title 11 of the United States Code, as amended (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 
  

 59 

 (b) It is understood that either party’s right to liquidate Purchased Assets delivered to it in
connection with Transactions hereunder or to exercise any other remedies pursuant to Section 11 hereof is a contractual right to liquidate, terminate or accelerate such Transaction as described in Sections 555 and 559 of Title 11 of the United
States Code, as amended. 
 (c) The parties agree and acknowledge that if a party hereto is an “insured depository institution,” as
such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract”, as that term is defined in FDIA and any rules, orders or policy
statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 
 (d) It
is understood that this Agreement constitutes a “netting contract” as defined in and subject to each of (i) Section 101 of Title 11 of the United States Code, as amended, and (ii) Title IV of the Federal Deposit Insurance
Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual
payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA). 
 22. DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS 
 The parties acknowledge that they have been advised that: 
 (a) in the case of Transactions in which one of the parties is a broker
or dealer registered with the Securities and Exchange Commission (“SEC”) under Section 15 of the Securities Exchange Act of 1934 (“1934 Act”), the Securities Investor Protection Corporation has taken the
position that the provisions of the Securities Investor Protection Act of 1970 (“SIPA”) do not protect the other party with respect to any Transaction hereunder; 
 (b) in the case of Transactions in which one of the parties is a government securities broker or a government securities dealer registered with the SEC
under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any Transaction hereunder; and 
 (c) in the case of Transactions in which one of the parties is a financial institution, funds held by the financial institution pursuant to a Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit
Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable. 
 23. NO RELIANCE 
 Each Buyer and Seller hereby acknowledges, represents and warrants to the other that, in connection with the negotiation of, the entering into, and the
performance under, the Transaction Documents and each Transaction thereunder: 
  

 60 

 23.1 It is not relying (for purposes of making any investment decision or otherwise) upon any advice,
counsel or representations (whether written or oral) of the other party to the Transaction Documents, other than the representations expressly set forth in the Transaction Documents; 
 23.2 It has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent that it has deemed
necessary, and it has made its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not
upon any view expressed by the other party; 
 23.3 It is a sophisticated and informed Person that has a full understanding of all the terms,
conditions and risks (economic and otherwise) of the Transaction Documents and each Transaction thereunder and is capable of assuming and willing to assume (financially and otherwise) those risks; 
 23.4 It is entering into the Transaction Documents and each Transaction thereunder for the purposes of managing its borrowings or investments or hedging
its underlying assets or liabilities and not for purposes of speculation; and 
 23.5 It is not acting as a fiduciary or financial,
investment or commodity trading advisor for the other party and has not given the other party (directly or indirectly through any other Person) any assurance, guaranty or representation whatsoever as to the merits (either legal, regulatory, tax,
business, investment, financial accounting or otherwise) of the Transaction Documents or any Transaction thereunder. 
 24. INDEMNITY 
 Seller hereby agrees to indemnify each Buyer, together with their respective Affiliates and designees, and each of their officers, directors, employees,
advisors, representatives and agents (“Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, taxes (including stamp, excise, sales or other taxes which
may be payable or determined to be payable with respect to any of the Purchased Assets or in connection with any of the transactions contemplated by this Agreement and the documents delivered in connection herewith, other than income taxes of any
Buyer), fees, costs, expenses (including attorneys fees and disbursements) or disbursements (all of the foregoing, collectively “Indemnified Amounts”) which may at any time (including, without limitation, such time as this Agreement
shall no longer be in effect and the Transactions shall have been repaid in full) be imposed on or asserted against any Indemnified Party in any way whatsoever arising out of or in connection with, or relating to, this Agreement or any amendment,
supplement or modification of, or any waiver or consent under or in respect of, this Agreement, any other Transaction Document or any Transaction contemplated hereby or thereby, hereunder or any action taken or omitted to be taken by any Indemnified
Party under or in connection with any of the foregoing; provided, that Seller shall not be liable for Indemnified Amounts resulting from the gross negligence or willful misconduct of any Indemnified Party. Without limiting the generality of
the foregoing, Seller agrees to hold each Buyer harmless from and indemnify each Buyer against all Indemnified Amounts with respect to all Purchased Assets 

  

 61 

 
relating to or arising out of any violation or alleged violation of any environmental law, rule or regulation or any consumer credit laws, including without
limitation ERISA, the Truth in Lending Act and/or the Real Estate Settlement Procedures Act, that, in each case, results from anything other than such Buyer's gross negligence or willful misconduct. In any suit, proceeding or action brought by the
Buyer in connection with any Purchased Asset for any sum owing thereunder, or to enforce any provisions of any Purchased Asset, Seller will save, indemnify and hold the Buyer harmless from and against all expense, loss or damage suffered by reason
of any defense, set-off, counterclaim, recoupment or reduction or liability whatsoever of the account debtor or obligor thereunder, arising out of a breach by Seller of any obligation thereunder or arising out of any other agreement, indebtedness or
liability at any time owing to or in favor of such account debtor or obligor or its successors from Seller. Seller also agrees to reimburse any Buyer as and when billed by such Buyer for all of such Buyer's costs and expenses incurred in connection
with the Buyers due diligence reviews with respect to the Purchased Assets (including, without limitation, those incurred pursuant to Section 25) and the enforcement or the preservation of the Buyer's rights under this Agreement or any
Transaction contemplated hereby, including without limitation the fees and disbursements of its external counsel. Seller hereby acknowledges that, the obligation of Seller hereunder is a recourse obligation of Seller. 
 Without prejudice to the survival of any other agreement of Seller hereunder, the agreements and obligations of Seller contained in this Section 24
shall survive the repayment of all amounts owing to the Buyer by Seller under the Transaction Documents and the termination of the commitment of the Buyer's hereunder. 
 25. DUE DILIGENCE 
 Seller acknowledges that the Buyers have the right to perform continuing due
diligence reviews with respect to the Purchased Assets, for purposes of verifying compliance with the representations, warranties and specifications made hereunder, or otherwise, and Seller agrees that upon prior written notice to Seller, the Buyer
or their authorized representatives will be permitted during normal business hours to examine, inspect, and make copies and extracts of, the Purchased Asset Files, Servicing Records and any and all documents, records, agreements, instruments or
information relating to such Purchased Assets in the possession or under the control of Seller, any other servicer or subservicer and/or the Custodian. Seller also shall make available to the Buyer a knowledgeable financial or accounting officer for
the purpose of answering questions respecting the Purchased Asset Files and the Purchased Assets. Without limiting the generality of the foregoing, Seller acknowledges that the Buyer may enter into Transactions with Seller based solely upon the
information provided by Seller to the Buyer and the representations, warranties and covenants contained herein, and that the Buyer, at its option, has the right at any time to conduct a partial or complete due diligence review on some or all of the
Purchased Assets. The Buyer may underwrite such Purchased Loans itself or engage a third party underwriter to perform such underwriting. Seller agrees to cooperate with the Buyer and any third party underwriter in connection with such underwriting,
including, but not limited to, providing the Buyer and any third party underwriter with access to any and all documents, records, agreements, instruments or information relating to such Purchased Assets in the possession, or under the control, of
Seller. Seller further agrees that Seller shall reimburse the Buyer for any and all reasonable costs and expenses incurred by the Buyer, not to exceed $10,000 with respect to each Purchased Asset, in connection with the Buyer's activities pursuant
to this Section 25. 
  

 62 

 26. SERVICING 
 26.1 Notwithstanding the purchase and sale of the Purchased Loans hereby, subject to Section 26.3, the Servicer shall continue to service the Purchased Loans for the benefit of the Buyer and, if the Buyer shall exercise its rights to
pledge or hypothecate the Purchased Loans prior to the Termination Date pursuant to Section 7, the Buyer's assigns. Seller shall service or cause the Servicer to service the Purchased Loans in accordance with Accepted Servicing Practices.

 26.2 Seller agrees that the Buyer owns all of the servicing records, including but not limited to any and all servicing agreements (the
"Servicing Agreements''), files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other
records relating to or evidencing the servicing of Purchased Loans (the "Servicing Records") so long as the Purchased Loans are subject to this Agreement. To the extent that Seller is the Servicer, Seller grants the Buyer a security interest
in all servicing fees and rights relating to the Purchased Loans and all Servicing Records to secure the obligation of Seller or its designee to service in conformity with this Section and any other obligation of Seller to the Buyer. Seller
covenants to safeguard such Servicing Records and to deliver them promptly to the Buyer or its designee (including the Custodian) at the Buyer's request. 
 26.3 Upon the occurrence and continuance of an Event of Default, the Buyer may, in its sole discretion, (i) sell its right to the Purchased Loans on a servicing-released basis, (ii) if Seller (or any
Affiliate of Seller) is the Servicer, terminate the Servicer of the Purchased Loans, with or without cause, in each case without payment of any termination fee and (iii) if the Purchased Loans are serviced by a third-party Servicer, terminate,
or otherwise exercise such rights with respect to, the Servicer in accordance with the applicable Servicing Agreement. 
 26.4 With respect
to each Purchased Loan, Seller hereby irrevocably assigns to the Buyer all of Seller's right, title and interest in, to and under the applicable Servicing Agreement. 
 26.5 Seller shall cause each Servicer engaged by Seller to execute a servicer notice and agreement in the form of Exhibit IX attached hereto (a "Servicer Notice and Agreement" ), pursuant to which such
Servicer (i) agrees to deposit all Income in respect of the Purchased Loans serviced by it directly into the Cash Management Account and (ii) acknowledges the Buyer's rights under Section 26.2, Section 26.3 and Section 26.4
of this Agreement. 
 27. MISCELLANEOUS 
 27.1 Time is of the essence under the Transaction Documents and all Transactions thereunder and all references to a time shall mean New York time in effect on the date of the action unless otherwise expressly stated in the Transaction
Documents. 
  

 63 

 27.2 All rights, remedies and powers of the Buyers and Seller hereunder and in connection herewith are
irrevocable and cumulative, and not alternative or exclusive, and shall be in addition to all other rights, remedies and powers of the Buyers or Seller, as applicable, whether under law, equity or agreement. In addition to the rights and remedies
granted to it in this Agreement, the Buyers shall have all rights and remedies of a secured party under the UCC and Seller shall have all rights and remedies of a debtor under the UCC. 
 27.3 The Transaction Documents may be executed in counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts
shall together constitute but one and the same instrument. 
 27.4 The headings in the Transaction Documents are for convenience of reference
only and shall not affect the interpretation or construction of the Transaction Documents. 
 27.5 Without limiting the rights and remedies
of the Buyers under the Transaction Documents, Seller shall pay the Buyers’ costs and expenses, including fees and expenses of accountants, attorneys and advisors, incurred in connection with the preparation, negotiation, execution and
consummation of, and any amendment, supplement or modification to, the Transaction Documents and the Transactions thereunder. Seller agrees to pay the Buyers on demand all costs and expenses (including expenses for legal services of every kind) of
any subsequent enforcement of any of the provisions hereof, or of the performance by the Buyers of any obligations of Seller in respect of the Purchased Securities, or any actual or attempted sale, or any exchange, enforcement, collection,
compromise or settlement in respect of any of the Purchased Assets and for the custody, care or preservation of the Purchased Assets (including insurance costs) and defending or asserting rights and claims of the Buyers in respect thereof, by
litigation or otherwise. In addition, Seller agrees to pay the Buyers on demand all costs and expenses (including expenses of counsel) incurred in connection with the maintenance of the Cash Management Account and registering the Purchased
Securities in the name of the Buyers or their nominee. All such expenses shall be recourse obligations of Seller to the Buyers under this Agreement. 
 27.6 Each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or be invalid under such law,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 27.7 This Agreement contains a final and complete integration of all prior expressions by the parties with respect to the subject matter hereof and
thereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings. 
 27.8 The parties understand that this Agreement is a legally binding agreement that may affect such party’s rights. Each party represents to the other that it has received legal advice from counsel of its choice
regarding the meaning and legal significance of this Agreement and that it is satisfied with its legal counsel and the advice received from it. 
  

 64 

 27.9 Should any provision of this Agreement require judicial interpretation, it is agreed that a court
interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against any Person by reason of the rule of construction that a document is to be construed more strictly against the Person who
itself or through its agent prepared the same, it being agreed that all parties have participated in the preparation of this Agreement. 
 27.10 The Buyer’s duty with respect to the custody, safekeeping and physical preservation of any Purchased Assets in its possession shall be to deal with such Purchased Assets in the same manner as the Buyer deals with similar property
for its own account. None of the Buyer or any of the Buyer’s affiliates, directors, officers or employees shall be liable for failure to demand, collect or realize upon all or any part of the Purchased Assets or for any delay in doing so, and
except as otherwise expressly provided in this Agreement, no such Person shall be under any obligation to sell or otherwise disposed of any Purchased Assets upon the request of Seller or otherwise. All authorizations and agencies contained herein
with respect to the Purchased Assets are irrevocable and are powers coupled with an interest. 
 27.11 In addition to any rights and remedies
of any Buyer provided by this Agreement and by applicable law, each Buyer shall have the right, without prior notice to Seller, any such notice being expressly waived by Seller to the extent permitted by applicable law, upon any amount becoming due
and payable by Seller hereunder (whether at the Termination Date, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final) in any currency,
and any other credits, indebtedness or claims in any currency, in each case, whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by either Buyer or any Affiliate thereof to or for the credit or the
account of Seller. If any such obligation is unascertained, the Buyers shall account to Seller when the obligation is ascertained. Each Buyer agrees promptly to notify Seller after any such set-off and application made by such Buyer;
provided, that the failure to give such notice shall not affect the validity of such set-off and application. 
 [SIGNATURES FOLLOW]

  

 65 

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

  

			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Angela E. Dugick

	Name:	 	Angela E. Dugick
	Title:	 	Senior Vice President
	
	BANK OF AMERICA SECURITIES LLC
		
	By:	 	 /s/ Angela E. Dugick

	Name:	 	Angela E. Dugick
	Title:	 	Principal
	
	CBRE REALTY FINANCE HOLDINGS III, LLC, a Delaware limited liability company
	
	By: CBRE Realty Finance Holdings, LLC, a Delaware limited liability company, its sole member
		
	By:	 	  

	Name:	 	
	Title:	 	

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

  

			
	BANK OF AMERICA, N. A.
		
	By:	 	  

	Name:	 	Angela E. Dugick
	Title:	 	Senior Vice President
	
	BANK OF AMERICA SECURITIES LLC
		
	By:	 	  

	Name:	 	Angela E. Dugick
	Title:	 	Principal
	
	 CBRE REALTY FINANCE HOLDINGS III,
 LLC, a Delaware limited liability company

	
	By: CBRE Realty Finance Holdings, LLC, a Delaware limited liability company, its sole member
		
	By:	 	 /s/ Thomas J. Podgorski

	Name:	 	Thomas J. Podgorski
	Title:	 	Executive Vice President

 EXHIBITS 
  

			
	EXHIBIT I	  	Form of Confirmation
		
	EXHIBIT II	  	Authorized Representatives of Seller
		
	EXHIBIT III	  	Monthly Servicing Information
		
	EXHIBIT IV	  	Form of Custodial Delivery Certificate
		
	EXHIBIT V	  	Form of Power of Attorney
		
	EXHIBIT VI	  	Representations and Warranties Regarding Individual Purchased Assets
		
	EXHIBIT VII	  	Transaction Procedure
		
	EXHIBIT VIII	  	Form of Redirection Letter
		
	EXHIBIT IX	  	Form of Servicer Notice and Agreement
		
	EXHIBIT X	  	Form of Bailee Agreement
		
	EXHIBIT XI	  	Form of Guarantee
		
	EXHIBIT XII	  	Form of Omnibus Assignment

 Exhibit I 
 CONFIRMATION STATEMENT 
 CBRE REALTY FINANCE HOLDINGS III, LLC 
 This CONFIRMATION reflects the agreement between [BANK OF AMERICA, N.A. (“BANA”)1] and CBRE REALTY FINANCE HOLDINGS III, LLC (“Seller”) to enter into the Transaction pursuant to which BANA2 shall purchase from the Seller the Purchased Assets identified below pursuant to the Master Repurchase Agreement among BANC OF
AMERICA SECURITIES LLC and BANK OF AMERICA, N.A. (the “Buyers”), and Seller, dated as of January 27, 2006 (the “Agreement”); capitalized terms used herein without definition have the meanings given in the
Agreement), as follows below and on the attached Schedules 1 and 2: 
  

			
	Purchase Date:	 	
		
	Initial purchase (Yes / No):	 	
		
	Purchased Loans:	 	
		
	Purchased Securities:	 	
		
	Loans / Description:	 	As identified on attached Schedule 1
	
	 Aggregate Principal Amount of Purchased Assets (as of the date
 hereof):

		
	Market Value:	 	
		
	Purchase Percentage:	 	
		
	Applicable Spread:	 	
		
	LIBOR Period: [30-day], [60-day], [90-day]	 	
		
	Market Value x Purchase Percentage (as of the date hereof):	 	
		
	[Initial] [Contingent] Purchase Price Requested Hereby:	 	
	
	 Aggregate Purchase Price, given the effect of [Initial] [Contingent]
 Purchase Price requested hereby:

		
	Governing Agreements/Trustee:	 	As identified on attached Schedule 2
		
	Additional Terms:	 	

  

					
	Name and address for communications:	  	Buyer:	 	Olga Kelly
		  		 	Banc of America, N.A.
		  		 	Mail Code: NC1-027-22-04
		  		 	Hearst Tower
		  		 	214 North Tryon Street
		  		 	Charlotte, NC 28555
		  		 	Telephone: 704.683.4685
		  		 	Facsimile: 704.386.1094

	1	Unless Banc of America Securities LLC is the party entering into the Transaction, in which
case “Banc of America Securities LLC (“BAS”)” should be used. 

	2	Unless Banc of America Securities LLC is the party entering into the Transaction, in which
case “BAS” should be used. 

  

 I-1 

					
		
		  	With a copy to:
			
		  		 	Bank of America
		  		 	Mail Code: NC1-007-20-01
		  		 	100 North Tryon Street
		  		 	Charlotte, North Carolina 28555
		  		 	Attn: Paul Kurzeja
		  		 	Facsimile Number: (704) 704-409-0267
			
		  	Seller:	 	CBRE REALTY FINANCE
		  		 	HOLDINGS III, LLC
		  		 	185 Asylum Street, 37th Floor
		  		 	City Place 1, 37th Floor
		  		 	Hartford, Connecticut 06103
		  		 	Attention: Tom Podgorski
		  		 	Telephone: (860) 275-6203
		  		 	Facsimile: (860) 275-6225

 Seller hereby grants to each of the Buyers a separate security interest in all of Seller’s right, title and
interest in and to the assets listed on Schedule 1 attached to this Confirmation and all certificates, instruments or promissory notes, if any, evidencing any such asset and all securities with the CUSIP numbers issued by the issuer
identified on Schedule 1 attached to this Confirmation and all “security entitlements” (as defined in the UCC) with respect thereto. Each security interest granted to a Buyer hereunder secures the payment and performance of all
amounts or obligations owing to such Buyer pursuant to the Agreement and the related documents described therein. 
 Seller hereby certifies that both
immediately prior to the entering into of the Transaction herein requested, and also after giving effect thereto, that the representations and warranties made by Seller in Section 8 of the Agreement, and elsewhere in each of the Transaction
Documents, shall with respect to the Eligible Assets subject to the Transaction be true and complete on and as of the date of the entering into of such Transaction in all material respects with the same force and effect as if made on and as of such
date (or if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 
 [SIGNATURES FOLLOW] 
  

 I-2 

			
	[BANK OF AMERICA, N.A.]3 
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	AGREED AND ACKNOWLEDGED:
	
	CBRE REALTY FINANCE HOLDINGS III, LLC, a Delaware limited liability company
	
	By: CBRE Realty Finance Holdings, LLC, a Delaware limited liability company, its sole member
		
	By:	 	  

	Name:	 	

  

	3	Unless Banc of America Securities is the party entering into the Transaction, in which case
“Banc of America Securities LLC” should be used. 

  

 I-3 

 Schedule 1 to Confirmation Statement 
 Description of Purchased Loans (if applicable): 
  

																			
	 	  	 Purchased
Loan
	  	 Type
 of
 Loan
	  	 LTV
	  	 Outstanding
Principal
Balance
	  	 Seller
 Owned
 Face
	  	 Buyer’s
Market
 Value
	  	 Purchase
Percentage
	  	 Purchase
Price
Requested
Hereby
	  	 Applicable
Spread

	1	  		  		  		  		  		  		  		  		  	
	2	  		  		  		  		  		  		  		  		  	
	3	  		  		  		  		  		  		  		  		  	
	4	  		  		  		  		  		  		  		  		  	

 Description of Purchased Securities (if applicable): 
  

																			
	 	  	 Purchased
Security
	  	 Class
	  	 Rating
	  	 Outstanding
Principal
Balance
	  	 Seller
 Owned
 Face
	  	 Buyer’s
Market
 Value
	  	 Purchase
Percentage
	  	 Purchase
Price
Requested
Hereby
	  	 Applicable
Spread4 

	1	  		  		  		  		  		  		  		  		  	
	2	  		  		  		  		  		  		  		  		  	
	3	  		  		  		  		  		  		  		  		  	
	4	  		  		  		  		  		  		  		  		  	

  

 I-4 

 Schedule 2 to Confirmation Statement 
 Governing Agreements: 
  

 I-5 

 Exhibit II 
 AUTHORIZED REPRESENTATIVES OF SELLER 
  

					
	 Name
	  	 Title
	 	 Specimen Signature

	RayWirta	  	Chairman	 	  
  

			
	Michael Melody	  	Executive Managing Director	 	  

			
	Keith Gollenberg	  	Executive Managing Director	 	  

			
	David Dorros	  	Managing Director	 	 /s/ David Dorros

			
	Jim Evans	  	Managing Director	 	 /s/ Jim Evans

			
	Paul Martin	  	Managing Director	 	  

			
	Thomas Podgorski	  	Managing Director	 	  

			
	Michael Angerthal	  	Managing Director	 	 /s/ Michael Angerthal

  

 II-1 

 Exhibit II 
 AUTHORIZED REPRESENTATIVES OF SELLER 
  

					
	 Name
	  	 Title
	 	 Specimen Signature

	RayWirta	  	Chairman	 	  
  

			
	Michael Melody	  	Executive Managing Director	 	  

			
	Keith Gollenberg	  	Executive Managing Director	 	  

			
	David Dorros	  	Managing Director	 	  

			
	Jim Evans	  	Managing Director	 	  

			
	Paul Martin	  	Managing Director	 	 /s/ Paul Martin

			
	Thomas Podgorski	  	Managing Director	 	 /s/ Thomas Podgorski

			
	Michael Angerthal	  	Managing Director	 	  

  

 II-1 

 Exhibit II 
 AUTHORIZED REPRESENTATIVES OF SELLER 
  

					
	 Name
	  	 Title
	 	 Specimen Signature

	RayWirta	  	Chairman	 	  
  

			
	Michael Melody	  	Executive Managing Director	 	  

			
	Keith Gollenberg	  	Executive Managing Director	 	 /s/ Keith Gollenberg

			
	David Dorros	  	Managing Director	 	  

			
	Jim Evans	  	Managing Director	 	  

			
	Paul Martin	  	Managing Director	 	  

			
	Thomas Podgorski	  	Managing Director	 	  

			
	Michael Angerthal	  	Managing Director	 	  

  

 II-1 

 Exhibit III 
 MONTHLY SERVICING INFORMATION 
 Purchased Security Information (By Rating Category):

 Issuer, Series and Class 
 Beginning Balance 
 Pass-Through Rate 
 Principal Distribution Amount 
 Interest Distribution Amount 
 Total Distribution 
 Principal Losses 
 Interest Shortfalls/Recoveries 
 Ending Certificate Balance 
 Available credit support, in %, available to Purchased Security* 
 Additional Underlying Trust Expenses 
 Rating 
 CUSIP No. 
 Deal Name Description 
 Payment Date 
 Trustee, Master Servicer, Special Servicer 
 Special Servicing Report 
 Details 
 Mortgage Loan Information: 
 Aggregate Outstanding Balance 
 Realized Losses per Asset for Underlying Trust for the Prior Month 
 Cumulative Realized
Losses per Asset 
 Dollar Amount and Percentage of Aggregate Pool Balance of: 
 Purchased Loans 30-59 days delinquent 
 Purchased Loans 60-89 days delinquent 
 Purchased Loans 90 or more days delinquent 
 Purchased Loans in Foreclosure 
 REO – Listing of Assets

 Number of loans at start and end of the month 
 Outstanding
principal balance at start and end of the month 
 Repayments – Listing of Assets 
 Foreclosures – Listing of Assets 
 Bankruptcies – Listing of Assets 
 Current weighted average maturity 
 Current weighted average coupon (Based on
Pay Rate) 
 Escrow balances held by primary servicer, if available 
  

	*	Only to the extent provided in Purchased Security distribution date statements. 

  

 III-1 

 Exhibit IV 
 FORM OF CUSTODIAL DELIVERY CERTIFICATE 
 On this
         of                     , 20    , CBRE REALTY FINANCE
HOLDINGS III, LLC (“Seller”), as Seller under that certain Master Repurchase Agreement, dated as of January 27, 2006 (the “Repurchase Agreement”) among Seller, BANC OF AMERICA SECURITIES LLC and BANK OF
AMERICA, N.A. (together with Banc of America Securities LLC the “Buyers”), does hereby deliver to LaSalle Bank National Association (“Custodian”), as custodian under that certain Custodial Agreement, dated as of
January 27, 2006, among the Buyers, Seller and Custodian, the Purchased Asset Files with respect to the Purchased Loans to be purchased by the Buyers pursuant to the Repurchase Agreement, which Purchased Loans are listed on the Purchased Asset
Schedule attached hereto and which Purchased Loans shall be subject to the terms of the Custodial Agreement on the date hereof. 
 With
respect to the Purchased Asset Files delivered hereby, for the purposes of issuing the Trust Receipt, the Custodian shall review the Purchased Asset Files to ascertain delivery of the documents listed in Section 3.7 of the Custodial Agreement.

 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Custodial Agreement. 
 IN WITNESS WHEREOF, Seller has caused its name to be signed hereto by its officer thereunto duly authorized as of the day and year first above written.

  

			
	 CBRE REALTY FINANCE HOLDINGS III,
 LLC, a Delaware limited liability company

	
	By: CBRE Realty Finance Holdings, LLC, a Delaware limited liability company, its sole member
		
	By:	 	  

	Name:	 	

  

 IV-1 

 Exhibit V 
 FORM OF POWER OF ATTORNEY 
 “Know All Men by These Presents, that CBRE REALTY FINANCE HOLDINGS
III, LLC (“Seller”), does hereby appoint [            ] (the “Buyer”), its attorney-in-fact to act in Seller’s name, place and stead in any way
which Seller could do with respect to (i) the completion of the endorsements of the Mortgage Notes and the Assignments of Mortgages and the Mezzanine Notes, (ii) the recordation of the Assignments of Mortgages and (iii) the
enforcement of Seller’s rights under the Purchased Loans purchased by the Buyers pursuant to the Master Repurchase Agreement dated as of January 27, 2006 between Seller and the Buyer and to take such other steps as may be necessary or
desirable to enforce the Buyer’s rights against such Purchased Loans, the related Purchased Asset Files and the Servicing Records to the extent that Seller is permitted by law to act through an agent. 
 TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OF FACSIMILE OF THIS INSTRUMENT MAY
ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OR SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY, AND SELLER ON ITS OWN
BEHALF AND ON BEHALF OF SELLER'S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING RELIED ON THE PROVISIONS OF
THIS INSTRUMENT. 
 IN WITNESS WHEREOF Seller has caused this Power of Attorney to be executed this
         day of                      20    . 
  

			
	CBRE REALTY FINANCE HOLDINGS III, LLC, a Delaware limited liability company
	
	By: CBRE Realty Finance Holdings, LLC, a Delaware limited liability company, its sole member
		
	By:	 	  

	Name:	 	

  

 V-1 

 Exhibit VI 
 REPRESENTATIONS AND WARRANTIES REGARDING INDIVIDUAL PURCHASED ASSETS 
  

	A.	REPRESENTATIONS AND WARRANTIES REGARDING (1) PURCHASED LOANS THAT ARE ELIGIBLE FIRST MORTGAGE LOANS AND (2) UNDERLYING WHOLE LOANS AND UNDERLYING MORTGAGED PROPERTIES
WITH RESPECT TO ELIGIBLE MEZZANINE LOANS AND ELIGIBLE B NOTES 

 With respect to each Purchased Loan that is an Eligible
First Mortgage Loan or each Underlying Whole Loan (as defined below), Seller represents and warrants on each Purchase Date as follows, other than as set forth on the exception report provided to Buyers in accordance with the Agreement. 

For purposes of this Exhibit VI, “Underlying Whole Loan”, with respect to any Eligible Mezzanine Loan or Eligible B Note, means,
collectively, all notes secured by the related Underlying Mortgage Property. 
 1. Purchased Asset Information. The
information set forth in the Diligence Materials, the Purchased Asset Schedule and the Purchased Asset Information is complete, true and correct in all material respects. 
 2. Ownership of Purchased Loans. Immediately prior to the transfer to Buyers of the Purchased Loans, Seller had good title to, and
was the sole owner of, each Purchased Loan. Seller has full right, power and authority to transfer and assign each of the Purchased Loans to or at the direction of Buyers and has validly and effectively conveyed (or caused to be conveyed) to Buyers
or their designee all of Seller's legal and beneficial interest in and to the Purchased Loans free and clear of any and all pledges, liens, charges, security interests and/or other encumbrances. The sale of the Purchased Loans to Buyers or their
designee does not require Seller to obtain any governmental or regulatory approval or consent that has not been obtained. Except for purchase options upon the occurrence of a default which are set forth in an intercreditor agreement included in this
Purchased Asset File, no third party holds any “right of first refusal”, “right of first negotiation”, “right of first offer”, purchase option, or other similar rights of any kind, and no other impediment exists to any
such transfer or exercise of rights or remedies. 
 3. Payment Record. The Purchased Loan or the Underlying Whole Loan
is performing and no scheduled payment of principal and interest under such loan was 30 days or more past due as of the Purchase Date without giving effect to any applicable grace period, and no such loan was at any time 30 days or more delinquent
in the twenty-four (24) month period preceding the Purchase Date. 
 4. Lien; Valid Assignment. The Mortgage
related to each Purchased Loan or the Underlying Whole Loan constitutes a valid and enforceable lien upon the related Mortgaged Property prior to all other liens and encumbrances, except for 
  

 VI-A1 

 (a) the lien for current real estate taxes and assessments not yet due and payable,

 (b) covenants, conditions and restrictions, rights of way, easements and other matters that are for Mortgagor’s
benefit or are insured by the related lender’s title insurance policy, 
 (c) other matters to which like properties are
commonly subject, none of which matters referred to in clauses (b) or (c) interferes with the security intended to be provided by such Mortgage or the marketability or current use of the Mortgaged Property or the current ability of the
Mortgaged Property to generate operating income sufficient to service the Purchased Loan or the Underlying Whole Loan debt (the foregoing items (a) through (c) being herein referred to as the “Permitted Encumbrances”). The
related assignment of such Mortgage executed and delivered in favor of the holder thereof is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor’s
right, title and interest in, to and under such Mortgage. Such Mortgage establishes and creates a valid and enforceable security interest in favor of the holder thereof in all of the related Mortgagor’s personal property used in, and reasonably
necessary to operate the related Mortgaged Property. A Uniform Commercial Code financing statement has been filed and/or recorded in all places necessary to perfect a valid security interest in such personal property, and such security interest is a
first or second priority security interest, subject to any prior purchase money security interest in such personal property and any personal property leases applicable to such personal property. Notwithstanding the foregoing, no representation is
made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code financing statements are required in order to
effect such perfection. 
 5. Assignment of Leases and Rents. The Assignment of Leases set forth in the Mortgage (or in
a separate instrument) and related to each Purchased Loan or Underlying Whole Loan establishes and creates a valid, subsisting and enforceable perfected lien and security interest in the related Mortgagor’s interest in all leases, sub-leases,
licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related
assignment of any Assignment of Leases, not included in a Mortgage, executed and delivered in favor of the holder thereof is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein
all of the assignor’s right, title and interest in, to and under such Assignment of Leases. 
 6. Mortgage Status;
Waivers and Modifications. No Mortgage or Mortgage Note has been satisfied, canceled, rescinded or subordinated in whole or in part, and the related Mortgaged Property has not been released from the lien of such Mortgage, in whole or in material
part, nor has any instrument been executed that would effect any 

  

 VI-A2 

 
such satisfaction, cancellation, subordination, rescission or release. None of the terms of any Mortgage Note, Mortgage or Assignment of Leases have been
impaired, waived, altered or modified in any material respect, except by written instruments, all of which are included in the related Purchased Asset File. 
 7. Condition of Property; Condemnation. Except as set forth in an engineering report prepared in connection with the origination or
acquisition of the Purchased Loan or the Underlying Whole Loan and included in the related Purchased Asset File, each Mortgaged Property is, to the best of Seller’s knowledge after commercially reasonable due diligence, free and clear of any
damage that would materially and adversely affect its value as security for the related Purchased Loan or the Underlying Whole Loan (normal wear and tear excepted), except to the extent reserves have been established to cover the costs to remediate
such damages. Neither Seller nor mortgagee has received notice of any pending or threatened proceeding for the condemnation of all or any portion of any Mortgaged Property. As of the date of the origination or acquisition of the Purchased Loan or
the Underlying Whole Loan, to the best of Seller’s knowledge after commercially reasonable due diligence, all of the improvements on the related Mortgaged Property which were considered in determining the appraised value of the Mortgaged
Property lay wholly within the boundaries and building restriction lines of such property, except for encroachments that are insured against by the lender’s title insurance policy referred to herein or that do not materially and adversely
affect the value or marketability of such Mortgaged Property, and no improvements on adjoining properties encroach upon such Mortgaged Property, except those encroachments that are insured against by the Title Policy referred to herein. 

8. Title Insurance. Each Mortgaged Property is covered by an American Land Title Association (or an equivalent form thereof as
adopted in the applicable jurisdiction) lender’s title insurance policy (or, if a title policy meeting the foregoing description has not yet been issued, is evidenced by a commitment for title insurance “marked up” at the closing of
the Purchased Loan or the Underlying Whole Loan and a binding enforceable commitment of the applicable title insurance company to issue the policy described in such commitment without any conditions to such issuance) (the “Title
Policy”) in the original principal amount of such loan after all advances of principal. Each Title Policy insures that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted
Encumbrances. Each Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, to the best of Seller’s knowledge after commercially reasonable due
diligence, and no material claims have been made thereunder. No holder of the related Mortgage has done, by act or omission, anything that would impair the coverage under such Title Policy. Immediately following the transfer and assignment of the
related Purchased Loan to Buyers, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) will inure to the benefit of Buyers without the consent of or notice to the insurer. 
 9. No Holdbacks. Except as set forth on the Purchased Asset Schedule, the proceeds of the Purchased Loan or the Underlying Whole
Loan have been fully disbursed and there is no obligation for future advances with respect thereto. With respect to each 

  

 VI-A3 

 
such loan, any and all requirements as to completion of any on-site or off-site improvement and as to disbursements of any funds escrowed for such purpose
that were to have been complied with on or before the Purchase Date have been complied with, or any such funds so escrowed have not been released. 
 10. Mortgage Provisions. The Mortgage Note or Mortgage related to the Purchased Loan or the Underlying Whole Loan contain customary and enforceable provisions such as would be expected to render the rights and
remedies of the holder thereof adequate for the practical realization against the related Mortgaged Property of the principal benefits of the security intended to be provided thereby. 
 11. Buyer under Deed of Trust. If any Mortgage is a deed of trust, a trustee, duly qualified under applicable law to serve as such,
is properly designated and serving under such Mortgage. 
 12. Environmental Conditions. An environmental site
assessment (or an update of a previous assessment) was performed with respect to each Mortgaged Property in connection with the origination or acquisition of the Purchased Loan or the Underlying Whole Loan, a report of each such assessment (an
“Environmental Report”) has been delivered to Buyers and a copy has been included as part of the related Purchased Asset File, and there is no adverse environmental condition or circumstance affecting any Mortgaged Property that was
not disclosed in such report. Each related Mortgagor is now in compliance, and each Mortgage requires the related Mortgagor to cause any tenants leasing space at the related Mortgaged Property to comply with all applicable federal, state and local
environmental laws and regulations. Where such Environmental Report disclosed the existence of a material and adverse environmental condition or circumstance affecting any Mortgaged Property, (i) a party not related to the Mortgagor was
identified as the responsible party for such condition or circumstance, (ii) the related Mortgagor was required either to provide additional security and/or to obtain an operations and maintenance plan or (iii) the related Mortgagor
provided evidence that applicable federal, state or local governmental authorities would not take any action, or require the taking of any action, in respect of such condition or circumstance. The related Purchased Asset Documents contain provisions
pursuant to which the related borrower or a principal of such borrower has agreed to indemnify the mortgagee for damages resulting from violations of any applicable Environmental Laws. 
 13. Loan Document Status. Each Mortgage Note, Mortgage and any other agreement that evidences or secures a Purchased Loan or the
Underlying Whole Loan and that was executed by or on behalf of the related Mortgagor is the legal, valid and binding obligation of the maker thereof (subject to any non-recourse provisions contained in any of the foregoing agreements), enforceable
in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of
whether such enforcement is considered in a proceeding in equity or at law). There are no valid defenses, counterclaims or rights of offset or rescission available to the related Mortgagor with respect to such Mortgage Note, Mortgage or other
agreements. 
  

 VI-A4 

 14. Insurance. Each Mortgaged Property is required pursuant to the related
Mortgage to be and is insured by (a) a fire and extended perils insurance policy issued by an insurer meeting the requirements of such Purchased Loan or the Underlying Whole Loan providing coverage against loss or damage sustained by reason of
fire, lightning, windstorm, hail, explosion, riot, riot attending a strike, civil commotion, aircraft, vehicles and smoke, and, to the extent required as of the date of origination by the originator of such Purchased Loan or the Underlying Whole
Loan consistent with its normal commercial mortgage lending practices, against other risks insured against by persons operating like properties in the locality of the Mortgaged Property in an amount not less than the lesser of the principal balance
of the Purchased Loan or Underlying Whole Loan and the replacement cost (not allowing for depreciation) of the Mortgaged Property, and not less than the amount necessary to avoid the operation of any co-insurance provisions with respect to the
Mortgaged Property; (b) a business interruption or rental loss insurance policy in an amount at least equal to twelve months of operations of the Mortgaged Property (or six months of operations of the Mortgaged Property where the original
principal balance of the Underlying Whole Loan is less than $5,000,000) (other than Manufactured Housing Communities); (c) a flood insurance policy (if any portion of the Mortgaged Property is located in an area identified by the Federal
Emergency Management Agency as having special flood hazards) in an amount not less than the lesser of the amount described in clause (a) above or the maximum amount allowed under Federal Law and (d) a comprehensive general liability
insurance policy in amounts as are generally required by commercial mortgage lenders, and in any event not less than $1 million per occurrence. Such insurance policy contains a standard mortgagee clause that names the mortgagee as an additional
insured and that requires at least thirty days’ (in the case of termination or cancellation other than for nonpayment of premiums) and at least ten (10) days’ (in the case of termination or cancellation for nonpayment of premiums)
prior notice to the holder of the Mortgage, and no such notice has been received, including any notice of nonpayment of premiums. Each Mortgage obligates the related Mortgagor to maintain all such insurance and, upon such Mortgagor’s failure to
do so, authorizes the holder of the Mortgage to maintain such insurance at the Mortgagor’s cost and expense and to seek reimbursement therefor from such Mortgagor. Other than as set forth in Paragraph 24(h) of this Part A of Exhibit VI,
each Mortgage provides that casualty insurance proceeds will be applied either to the restoration or repair of the related Mortgaged Property or to the reduction or defeasance of the principal amount of the Purchased Loan or the Underlying Whole
Loan. 
 15. Taxes and Assessments. There are no delinquent or unpaid taxes or assessments (including assessments
payable in future installments), or other outstanding charges affecting any Mortgaged Property which are or may become a lien of priority higher than the lien of the related Mortgage. For purposes of this representation and warranty, real property
taxes and assessments shall not be considered unpaid until the date on which interest and/or penalties would be first payable thereon. 
 16. Compliance with Laws. As of the Purchase Date, the Purchased Loan or the Underlying Whole Loan complies in all material respects with, or is exempt from, all requirements of federal, state or local law
relating to such Purchased Loan or Underlying Whole Loan. 
  

 VI-A5 

 17. No Obligation of Holder. Seller has not received written notice of any
outstanding liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind for which the holder of such Purchased Loan or the Underlying Whole Loan is or may become obligated.

 18. Origination and Servicing Practices. The origination (or acquisition, as the case may be), servicing and
collection practices with respect to the Purchased Loan or Underlying Whole Loan have been in all respects legal and have met customary industry standards for servicing of commercial mortgage loans for commercial or multifamily loan programs, as
applicable. 
 19. LTV Ratio. The gross proceeds of each Purchased Loan or Underlying Whole Loan to the related
Mortgagor at origination did not exceed the non-contingent principal amount of the Purchased Loan or Underlying Whole Loan and either: (a) such Purchased Loan Underlying Whole Loan or is secured by an interest in real property having a fair
market value (i) at the date the Purchased Loan or Underlying Whole Loan was originated at least equal to 80 percent of the original principal balance of the Purchased Loan or Underlying Whole Loan or (ii) at the Purchase Date at least
equal to 80 percent of the principal balance of the Purchased Loan on such date; provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (x) the amount of any lien on the real property
interest that is senior to the Purchased Loan or Underlying Whole Loan and (y) a proportionate amount of any lien that is in parity with the Purchased Loan or Underlying Whole Loan (unless such other lien secures a Purchased Loan or Underlying
Whole Loan that is cross-collateralized with such Purchased Loan or Underlying Whole Loan, as applicable, in which event the computation described in clauses (a)(i) and (a)(ii) of this Paragraph 19 shall be made on a pro rata basis in accordance
with the fair market values of the Mortgaged Properties securing such cross-collateralized Purchased Loans or Underlying Whole Loans; or (b) substantially all the proceeds of such Purchased Loan were used to acquire, improve or protect the real
property which served as the only security for such Purchased Loan or Underlying Whole Loan (other than a recourse feature or other third party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)).

 20. Authorization to do Business. To the extent required under applicable law as of the date of origination, and
necessary for the enforceability or collectability of the Purchased Loan or the Underlying Whole Loan, the originator of such Purchased Loan or Underlying Whole Loan was authorized to do business in the jurisdiction in which the related Mortgaged
Property is located at all times when it originated and held such loan. 
 21. Mortgagor Bankruptcy. No Mortgagor and
to Seller's knowledge, no tenant leasing space at the Related Mortgaged Property which constitutes more than 15% of the gross leased space or which leases at least 10,000 square feet of such Mortgaged Property is a debtor in any state or federal
bankruptcy or insolvency proceeding. 
 22. Adequate Utilities. The related Mortgaged Property is served by public
utilities, water and sewer (or septic facilities) and otherwise appropriate for the use in which the Mortgaged Property is currently being utilized. 
  

 VI-A6 

 23. Encumbrances. With respect to any Purchased Loan that is an Eligible First
Mortgage Loan, the related Mortgaged Property is not encumbered, and none of the Purchased Asset Documents permits the related Mortgage Property to be encumbered subsequent to the Purchase Date without the prior written consent of the holder of such
Eligible First Mortgage Loan, by any lien securing the payment of money junior to or of equal priority with, or superior to, the lien of the related Mortgage other than Permitted Encumbrances. 
 24. Leasehold Estate. Each Mortgaged Property consists of the related Mortgagor’s fee simple estate in real estate or, if the
related Purchased Loan is secured in whole or in part by the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged Property (a “Ground Lease”), by the related Mortgagor’s interest in the Ground Lease but not
by the related fee interest in such Mortgaged Property (the “Fee Interest”). With respect to any Purchased Loan or Underlying Whole Loan secured by a Ground Lease but not by the related Fee Interest: 
 a. Such Ground Lease or a memorandum thereof has been duly recorded; such Ground Lease (or the related estoppel letter or lender
protection agreement between Seller and related lessor) permits the current use of the Mortgaged Property and permits the interest of the lessee thereunder to be encumbered by the related Mortgage and does not restrict the use of the related
Mortgaged Property by such lessee, its successors or assigns in a manner that would adversely effect the security provided by the related Mortgage by limiting in any way its current use; and there has been no change in the payment terms of such
Ground Lease since the origination or acquisition of the loan related to such Purchased Loan, with the exception of changes reflected in written instruments that are a part of the related Mortgage File; 
 b. The lessee’s interest in such Ground Lease is not subject to any liens or encumbrances other than Permitted Encumbrances;

 c. The Mortgagor’s interest in such Ground Lease is assignable to Buyers (or, in the case of a Purchased Loan that is
an Eligible Mezzanine Loan or Eligible B Note, to the lender under the Underlying Whole Loan) and their successors and assigns upon notice to, but without the consent of, the lessor thereunder (or, if such consent is required, it has been obtained
prior to the Purchase Date) and, in the event that it is so assigned, is further assignable by Buyers (or, in the case of a Purchased Loan that is an Eligible Mezzanine Loan or Eligible B Note, to the lender under the Underlying Whole Loan) and
their successors and assigns upon notice to, but without the need to obtain the consent of, such lessor; 
 d. Such Ground
Lease is in full force and effect, and no event of default has occurred, Seller has received no notice that an event of default has occurred thereunder, and there exists no condition that, but for the passage of time or the giving of notice, or
both, would result in an event of default under the terms of such Ground Lease; 
  

 VI-A7 

 e. Such Ground Lease, or an estoppel letter or other agreement, (A) requires the
lessor under such Ground Lease to give notice of any default by the lessee to the mortgagee, provided that the mortgagee has provided the lessor with notice of its lien in accordance with the provisions of such Ground Lease to the extent such Ground
Lease requires such notice, (B) further provides that no notice of termination given under such Ground Lease (including rejection of such Ground Lease in a bankruptcy proceeding) is effective against the holder of the Mortgage unless a copy of
such notice has been delivered to such holder and the lessor has offered to enter into a new lease with such holder on terms that do not materially vary from the economic terms of the Ground Lease; 
 f. A mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of
the lessee under such Ground Lease) to cure any default under such Ground Lease, which is curable after the receipt of notice of any such default, before the lessor thereunder may terminate such Ground Lease; 
 g. Such Ground Lease has an original term (including any extension options set forth therein that can be exercised by the mortgagee if the
mortgagee acquires the lessee’s rights under the Ground Lease) which extends not less than twenty years beyond the stated maturity date of the loan related to the Purchased Loan or Underlying Whole Loan; 
 h. Under the terms of such Ground Lease and the related Mortgage, taken together, any related insurance proceeds or condemnation award
other than in respect of a total loss will be applied either to the repair or restoration of all or part of the related Mortgaged Property, with the mortgagee or a designee appointed by it having the right to hold and disburse such proceeds as the
repair or restoration progresses (except in such cases where a provision entitling another party to hold and disburse such proceeds would not be viewed as commercially unreasonable by a prudent commercial mortgage lender for conduit programs), or to
the payment or defeasance of the outstanding principal balance of the loan related to the Purchased Loan together with any accrued interest thereon; 
 i. Such Ground Lease does not impose any restrictions on subletting which would be viewed as commercially unreasonable by prudent commercial mortgage lenders; 
 j. Such Ground Lease provides, or the lessor has otherwise agreed, that such Ground Lease may not be amended or modified in any manner
materially adverse to the interest of the mortgagee without the prior written consent of the mortgagee under such loan; and 
 k. The ground lessor is required to enter into a new lease with Seller upon termination of the Ground Lease for any reason including rejection of the Ground Lease in bankruptcy. 
  

 VI-A8 

 25. Escrow Deposits. All escrow deposits relating to the Purchased Loan or the
Underlying Whole Loan that are, as of the Purchase Date, required to be deposited with Seller or its agent have been so deposited. 
 26. Advancement of Funds by Seller. Seller has not and no other holder of a Purchased Loan or Underlying Whole Loan has advanced funds or induced, solicited or received any advance of funds from a party other than the owner of the
related Mortgaged Property, directly or indirectly, for the payment of any amount required by such loan. 
 27. No
Mechanics’ Liens. As of the date of the Mortgage, and to the actual knowledge of Seller as of the Purchase Date, each Mortgaged Property is free and clear of any and all mechanics’ and materialmen’s liens, and no rights are
outstanding that under law could give rise to any such lien, except for those insured against by the Title Policy or otherwise bonded. 
 28. Compliance with Usury Laws. The Purchased Loan or the Underlying Whole Loan complied with, or is exempt from, all applicable usury laws in effect at its date of origination. 
 29. Releases of Mortgaged Property. No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of
the related Mortgaged Property from the lien of the related Mortgage except upon payment in full of all amounts due under the Purchased Loan or the Underlying Whole Loan; provided, that the mortgagee may be required to grant releases of
portions of the related Mortgaged Properties if (a) release is conditioned upon the satisfaction of certain legal and underwriting requirements or the payment of a release price or (b) a total or partial defeasance is effected in respect
of such loan. No Purchased Loan or Underlying Whole Loan permits the release or substitution of collateral if such release or substitution (a) would create a “significant modification” of such loan within the meaning of Treas. Reg.
§1.1001 3 or (b) would cause such loan not to be a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (without regard to clauses (A)(i) or (A)(ii) thereof). 
 30. No Equity Participation or Contingent Interest. No Purchased Loan or Underlying Whole Loan contains any equity participation by
the lender or provides for negative amortization or for any contingent or additional interest in the form of participation in the cash flow of the related Mortgaged Property. 
 31. No Material Default. There exists no event of default, material default, breach or event of acceleration under the documents
evidencing or securing the Purchased Loan or the Underlying Whole Loan; provided, however, that this representation and warranty does not address or otherwise cover any default, breach or event of acceleration that specifically
pertains to any matter otherwise covered by any other representation and warranty made by Seller in any of Paragraphs 1, 7, 12, 14, 15 and 24 of this Part A of Exhibit VI. Seller has not waived any event of default, material default or breach
under the Purchased Asset Documents. 
  

 BI-A9 

 32. Local Law Compliance. The improvements located on or forming part of the
related Mortgaged Property comply with applicable zoning laws and ordinances, or constitute legal non-conforming uses or structures or, if any such improvement does not so comply, such non-compliance does not materially and adversely affect the
value of the related Mortgaged Property. 
 33. Other Obligations. Each related Mortgage does not provide for or
permit, without the prior written consent of the lender, the related Mortgage Property to secure any obligation other than as described in the Mortgage. 
 34. Due-On-Sale. The Purchased Loan or the Underlying Whole Loan contains a “due on sale” clause that provides for the acceleration of the payment of the unpaid principal balance of the Purchased loan
if, without the prior written consent of the holder of such loan, the related Mortgaged Property is transferred or sold. 
 35. Actions Concerning Purchased Loans. To the actual knowledge of Seller, there are no actions, suits or proceedings pending or threatened before any court, administrative agency or arbitrator concerning the Purchased Loan or the
Underlying Whole Loan or related Mortgagor or Mortgaged Property that might materially and adversely affect the Mortgagor’s ability to pay principal, interest or other amounts due under the Purchased Loan or value of the Mortgaged Property as
security for the Purchased Loan. 
 36. Licenses and Permits. As of the date of origination of the Purchased Loan, the
related Mortgagor was in possession of all material licenses, permits and franchises required by applicable law for the ownership and operation of the related Mortgaged Property as it was then operated. The Purchased Asset Documents require the
Mortgagor to maintain all such licenses, permits and franchises. 
 37. Non-Recourse Exceptions. The Purchased Asset
Documents for the Purchased Loan or the Underlying Whole Loan provide that such loan constitutes the non-recourse obligations of the related obligor thereon except that either (i) such provision does not apply in the case of fraud,
misappropriation of awards, rents, proceeds, bankruptcy of Mortgagor and other carve-outs that are customary by the Mortgagor or (ii) such documents provide that the Mortgagor shall be liable to the holder of the such loan for losses incurred a
result of fraud by the Mortgagor. 
 38. Single Purpose Entity. The Mortgagor on the Purchased Loan or the Underlying
Whole Loan with an outstanding principal balance in excess of $10,000,000, was, as of the origination of such loan, a Single Purpose Entity. For this purpose, a “Single Purpose Entity” shall mean an entity, other than an individual, whose
organizational documents provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating one or more Mortgaged Properties securing the Purchased Loans and prohibit it from engaging in any business
unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity represented in the related Purchased Asset Documents, substantially to the effect that it does not have any assets other than
those related to its 

  

 VI-A10 

 
interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted by the related Mortgage or the other related
Purchased Asset Documents, that it has its own books and records and accounts separate and apart from any other person, and that it holds itself out as a legal entity, separate and apart from any other person. 
 Each borrower of the Purchased Loan or Underlying Whole Loan in excess of $10,000,000 is an entity which has represented in connection with the
origination of such loan, or whose organizational documents as of the date of origination of such loan, provided that so long as such loan is outstanding it will have at least one independent director, manager or executive committee member.

 39. Separate Tax Parcels. Each Mortgaged Property constitutes one or more complete separate tax lots or is subject
to an endorsement under the related title insurance policy. 
 40. Operating or Financial Statement. The related
Purchased Asset Documents require the related borrower to furnish to the mortgagee at least annually an operating statement with respect to the related Mortgaged Property. 
 41. Purchased Loan Modifications. Any Purchased Loan or Underlying Whole Loan that was “significantly modified” prior to
the Purchase Date so as to result in a taxable exchange under Section 1001 of the Code either (a) was modified as a result of the default or reasonably foreseeable default of such loan or (b) satisfies the provisions of either clause
(a)(i) of Paragraph 19 of this Part A of Exhibit VI (substituting the date of the last such modification for the date such loan was originated) of Part A to this Exhibit VI or clause (a)(ii) of Paragraph 19 of this Part A of Exhibit
VI, including the proviso thereto. 
 42. Inspections. Seller (or if Seller is not the originator, the originator
of the Purchased Loan or the Underlying Whole Loan) has inspected or caused to be inspected each Mortgaged Property in connection with the origination of such loan. 
 43. Defeasance. Any Purchased Loan or Underlying Whole Loan containing provisions for defeasance of mortgage collateral either
(i) requires the prior written consent of, and compliance with the conditions set by, the holder of the such loan, or (ii) requires that (A) defeasance may not occur prior to the time permitted by applicable “real estate mortgage
investment conduit” rules and regulations (if applicable), (B) the replacement collateral consist of U.S. governmental securities in an amount sufficient to make all scheduled payments under the Mortgage Note when due, (C) independent
public accountants certify that the collateral is sufficient to make such payments, (D) counsel provide an opinion that the mortgage has a perfected security interest in such collateral prior to any other claim or interest, and (E) all
costs and expenses arising from the defeasance of the mortgage collateral shall be borne by the borrower. 
  

 VI-A11 

 44. Fraud. No fraudulent acts were committed by Seller in connection with its
acquisition or origination of the Purchased Loan nor were any fraudulent acts committed by any Person in connection with the origination of such loan. 
 45. Other Agreements. Except as included in the related Purchased Asset File, Seller is not a party to any document, instrument or agreement, and there is no document, that by its terms modifies or affects the
rights and obligations of any holder of the Purchased Loan or the Underlying Whole Loan and Seller has not consented to any material change or waiver to any term or provision of any such document, instrument or agreement and no such change or waiver
exists. 
 46. Appraisal. An appraisal of the related Mortgaged Property was conducted in connection with the
origination of the Purchased Loan; and such appraisal satisfied either (A) the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation, or
(B) the guidelines in Title XI of the Financial Institutions Reform, Recovery and Enforcement Act or 1989, in either case as in effect on the date such loan was originated. 
 47. OFAC. The Mortgagor is not a country, territory, individual or entity named on any list published by OFAC, or a Person or
entity prohibited under any of the programs administered by OFAC. 
 48. Lockboxes. With respect to any Purchased Loan
or Underlying Whole Loan in respect of which payments by the borrower or other obligor thereon are required to be paid directly to a lockbox, the servicer or such other Person responsible for administration of such lockbox has complied in all
material respects with the procedures established in the Purchased Asset Documents for administration of remittances in respect of such lockbox. 
  

 VI-A12 

	B.	REPRESENTATIONS AND WARRANTIES REGARDING EACH INDIVIDUAL PURCHASED LOAN WHICH IS AN ELIGIBLE MEZZANINE LOAN 

 With respect to each Purchased Loan which is an Eligible Mezzanine Loan, Seller represents and warrants on each Purchase Date (i) that each
representation or warranty set forth in Part A of Exhibit VI with respect to the Underlying Whole Loan or Mortgaged Property related to such Purchased Loan is true and correct in all respects, and (ii) that on each Purchase Date, other
than as set forth on the exception report provided to Buyer in accordance with the Agreement: 
 1. Purchased Asset
Information. The information set forth in the Purchased Asset Schedule and the Purchased Asset Information is complete, true and correct in all material respects. 
 2. Ownership of Purchased Loans. Immediately prior to the transfer to Buyers of the Purchased Loans, Seller had good title to, and
was the sole owner of, each Purchased Loan. Seller has full right, power and authority to transfer and assign each of the Purchased Loans to or at the direction of Buyers and has validly and effectively conveyed (or caused to be conveyed) to Buyers
or their designee all of Seller’s legal and beneficial interest in and to the Purchased Loans free and clear of any and all pledges, liens, charges, security interests and/or other encumbrances. The sale of the Purchased Loans to Buyers or
their designee does not require Seller to obtain any governmental or regulatory approval or consent that has not been obtained. 
 3. No Default or Dispute Under Purchased Asset Documents. To Seller’s actual knowledge, there exists no material default, breach or event of acceleration (and no event which, with the passage of time or the giving of notice, or
both, would constitute any of the foregoing) under the documents evidencing or securing the Purchased Loan, in any such case to the extent the same materially and adversely affects the value of the Purchased Loan and the related underlying real
property. 
 4. No Offsets, Defenses or Counterclaims. There is no valid offset, defense or counterclaim to such
Purchased Loan. 
 5. Equity Pledges. With respect to each Purchased Loan which is an Eligible Mezzanine Loan only, the
pledge of ownership interests securing such Purchased Loan encumbers 100% of the direct or indirect equity or ownership interests in the underlying real property owner (so that, except for the equity interests pledged to Seller, there are no direct
or indirect equity or ownership interests in underlying real property owner or in any constituent entity) and has been fully first priority perfected in favor of Seller as mezzanine lender. 
 6. Lockbox. The lockbox administrator, if any, is not an Affiliate of Seller. 
 7. Enforceability. The Purchased Asset Documents have been duly and properly executed by Seller, and each is the legal, valid and
binding obligation of the parties thereto, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other 

  

 VI-BI 

 
laws relating to or affecting the rights of creditors generally and by general principles of equity (regardless of whether such enforcement is considered in
a proceeding in equity or at law). The Purchased Loan is not usurious. Seller has fully and validly perfected all security interests created or intended to be created pursuant to the Purchased Asset Documents. 
 8. Waivers and Modifications. The terms of the related Purchased Asset Documents have not been impaired, waived, altered or
modified in any material respect (other than by a written instrument which is included in the related Purchased Asset File). 
 9. Valid Assignment. The assignment of Purchased Loan constitutes the legal, valid and binding assignment of such Purchased Loan from Seller to or for the benefit of Buyer. No consent or approval by any third party is required for
any such assignment of such Purchased Loan, for Buyers’ exercise of any rights or remedies under the assignment of Purchased Loan, or for Buyers’ sale or other disposition of such Purchased Loan if Buyers acquire title thereto, other than
consents and approvals which have been obtained. No third party (including underlying real property owner and underlying real property mortgagee) holds any “right of first refusal,” “right of first negotiation,” “right of
first offer,” purchase option, or other similar rights of any kind on account of the occurrence of any of the foregoing. No other impediment exists to any such transfer. 
 10. Encumbrances. With respect to any Purchased Loan which is an Eligible Mezzanine Loan, the related Mortgaged Property is not
encumbered, and none of the Purchased Asset Documents permits the related Mortgage Property to be encumbered subsequent to the Purchase Date without the prior written consent of the lender, by any lien securing the payment of money junior to or of
equal priority with, the lien of the related Mortgage other than Permitted Encumbrances. 
 11. Certain Representations and
Warranties. To Seller’s actual knowledge, all representations and warranties in the Purchased Asset Documents and in the underlying real property mortgage documents are true and correct in all material respects. 
 12. Parties Authorized. To the extent required under applicable law as of the Purchase Date, each party to the Purchased Asset
Documents was authorized to do business in the jurisdiction in which the related underlying real property is located at all times when it held the Purchased Loan to the extent necessary to ensure the validity and enforceability of such Purchased
Loan. 
 13. No Advances of Funds. No party to the Purchased Asset Documents has advanced funds on account of any
default under the Purchased Loan or under the underlying real property mortgage documents. 
 14. Servicing. The
servicing and collection practices used by Seller for the Purchased Loan have complied with applicable law in all material respects and are consistent with those employed by prudent servicers of comparable loans. 
  

 VI-B2 

 Exhibit VII 
 TRANSACTION PROCEDURE 
 Final Approval of New Assets Which are Eligible Securities / Preliminary
Approval of New Assets Which are Eligible Loans. 
 (a) Seller may, from time to time, submit to the Buyer a request for transaction, which
request for transaction shall specify whether the applicable transaction requested is an initial purchase or a subsequent purchase, together with a Preliminary Due Diligence Package and any drafts or copies of the Purchased Asset Documents, for the
Buyer’s review and approval in order to enter into a Transaction with respect to any New Asset that Seller proposes to be included as a Purchased Asset under the Agreement. 
 (b) Within five (5) Business Days of the Buyer’s receipt of the materials described in clause (a) above, the Buyer shall have the right to
request additional diligence materials and deliveries that the Buyer shall specify on a Supplemental Due Diligence List. No later than ten (10) Business Days after the Buyer’s receipt of all of the Diligence Materials or the Buyer’s
waiver thereof and the resolution of any outstanding issues with respect to the New Asset (as determined by the Buyer in its sole discretion), the Buyer shall either (i) approve the request for transaction and notify Seller of the Purchase
Price and the Market Value for the New Asset, which notice may specify any conditions precedent to the Buyer’s approval of the such New Asset as a Purchased Asset (in addition to the Transactions Conditions Precedent to obtaining each advance)
or (ii) deny, in the Buyer’s sole discretion, Seller’s request for transaction. The Buyer’s failure to respond to Seller within such ten (10) Business Days shall be deemed to be a denial of Seller’s request for
transaction, unless the Buyer and Seller have agreed otherwise in writing. 
 (c) If the Buyer has approved the request for transaction, then
Seller and Buyer (if Seller and Buyer desire to enter into a Transaction with respect to the New Transaction) shall, no later than fifteen (15) days after Seller has received the notice of approval of the request for transaction and, in any
event, at least two (2) Business Days prior to the Purchase Date, execute and deliver a Confirmation prepared by Seller and approved by the Buyer with respect to such Transaction. On the date that the Confirmation is executed and delivered by
Seller and Buyer, Seller shall deliver to Buyer any updates to any Diligence Materials and Purchased Asset Documents from the date upon which such Diligence Materials or Purchased Asset Documents, as applicable, were previously delivered to the
Buyer. 
 Final Approval of Transactions Entered Into for the Payment of All or a Portion of Contingent Purchase Price in Respect of
Purchased Assets. 
 Seller and Buyer may from time to time to time, but in any event at least two (2) Business Days prior to the
Subsequent Purchase Date, execute a Confirmation for the payment of all or a portion of the Contingent Purchase Price in respect of a Purchased Asset, the amount of the Contingent Purchase Price requested by Seller to be specified in such
Confirmation. 
  

 VII-1 

 [                                      
 ] 
 Attention:
                        ] 
 All payments to be made to the Bank under the [Loan][Security] shall be made by wire transfer in accordance with the following instructions: 
 [                    ] 
 ABA [                    ] 
 BNF: [                    ] 
 Account #:              
 Account name: Bank of America/CBRE Realty Finance Holdings III, LLC 
 Facility Cash Management Acct 
 Attn:
[                     ] 
 Please feel free to call [                    ] at (        )
[    -            ] should you have any questions or concerns. Thank you. 
  

			
	 CBRE REALTY FINANCE HOLDINGS III,
 LLC, a Delaware limited liability company

	
	 By: CBRE Realty Finance Holdings, LLC, a
 Delaware limited liability company, its sole member

		
	By:	 	  

	Name:	 	

  

 VIII-2 

 Exhibit X 
 FORM OF BAILEE AGREEMENT 
 [Date]  
 VIA FAX 
 [Settlement Agent] 
 [Address] 
 Attention: 
  

	 	Re:	Acquisition of [Describe Asset] (the “Asset”) by CBRE Realty Finance Holdings III, LLC (the “Seller”) 

 Ladies and Gentlemen: 
 This letter shall
constitute the instructions to be followed by [    ] (the “Settlement Agent”) in connection with Seller’s acquisition of the Asset, which shall be financed pursuant to the terms of that certain Master
Repurchase Agreement, dated as of January [    ], 2006 (as amended, restated, supplemented, or otherwise modified and in effect from time to time, the “Repurchase Agreement”) between Seller, Bank of
America, N.A., as a buyer, and Banc of America Securities LLC, as a buyer each a “Buyer” and, collectively, the “Buyers”. Capitalized terms used but not otherwise defined herein shall have the meanings assigned
thereto in the Repurchase Agreement. 
 1. By its execution of this agreement, the Settlement Agent agrees to act as exclusive agent and
bailee for the Buyer with respect to the transaction described herein. 
 2. Upon notification that the Settlement Agent has received the
Loan Documents (defined in Paragraph 3 below), the Buyer will wire or cause to be wired on [Purchase Date] (the “Purchase Date”) an amount equal to $[            ]
(the “Proceeds”), which Proceeds shall be disbursed by the Settlement Agent as set forth on the settlement statement attached as Exhibit A (the “Disbursement Instructions”), to the account of the Settlement
Agent (the “Escrow Account”) in accordance with the following instructions: 
 Bank: 
 ABA No.: 
 Account No,: 
 Reference: 
 3. Before the Proceeds may be
disbursed by the Settlement Agent: 
  

	 	(a)	the Settlement Agent shall be unconditionally obligated and prepared to comply with all requirements of this letter and shall have received each of the documents listed on
Exhibit B (collectively, the “Loan Documents”); and 

  

 X-1 

			
	CBRE REALTY FINANCE HOLDINGS III, LLC, a Delaware limited liability company
	
	By: CBRE Realty Finance Holdings, LLC, a Delaware limited liability company, its sole member
		
	By:	 	  

	Name:	 	
		
		 	Notice Information
		 	Address
		 	Attention:
		 	Fax:

  

			
	ACCEPTED AND AGREED TO:
	
	[BANK OF AMERICA. N.A.]4 
		
	By:	 	  

	Name:	 	
	Title:	 	
		
		 	Notice Information
		 	Address
		 	Attention:
		 	Fax:
	
	[SETTLEMENT AGENT]
		
	By:	 	  

	Name:	 	
	Title:	 	
		
		 	Notice Information
		 	Address
		 	Attention:
		 	Fax:

  

	4	Unless Banc of America Securities is the Buyer, in which case ‘BANC OF AMERICA
SECURITIES LLC” should be used’ 

  

 X-3 

 Exhibit A 
 SETTLEMENT STATEMENT 
  

 A-1 

 Exhibit B 
 LOAN DOCUMENTS 
  

 B-1 

 Exhibit C 
 TRUST RECEIPT 
  

 C-1 

 Exhibit XI 
 FORM OF GUARANTEE 
  

 XI-1 

 Exhibit XII 
 FORM OF OMNIBUS ASSIGNMENT  
 OMNIBUS ASSIGNMENT 
 THIS OMNIBUS ASSIGNMENT (this “Assignment”), made as of the      day of January, 2006 by CBRE Realty Finance
Holdings III, LLC, a Delaware limited liability company, having an office at City Place I – 37th Floor, 185
Asylum Street, Hartford, CT 06103 (“Assignor”), to                     ,
a                    , having an office at
                     (“Assignee”). 
 KNOW ALL MEN BY THESE PRESENTS, that in consideration of the sum of TEN DOLLARS ($10.00) lawful money of the United States and other good and valuable consideration, to it in hand paid at or before the ensealing and
delivery of these presents, the Assignor by these presents does grant, bargain, sell, convey, assign, transfer and set over unto Assignee without recourse and without covenant, representation or warranty in any respect (except as expressly provided
herein and in the Master Repurchase Agreement (as hereinafter defined)), the [include description of asset] as evidenced by the participation and related loan documents referenced in the schedule attached hereto as Exhibit A (the
“Asset Schedule”) and made a part hereof (the “Asset Documents”) and all of Assignor’s right, title and interest in, to and under the Asset Documents, and all of Assignor’s right, title and interest, if
any, in, to and under all other documents executed and/or delivered in connection with the [include description of asset] evidenced and/or secured by the Asset Documents (the “Asset”), including, without limitation, all of
Assignor’s right, title and interest in the Asset and any collateral, security, certificates of deposit, letters of credit, performance bonds, demands, causes of action, all related certificates, bank accounts, operating accounts, reserve
accounts, escrow accounts and other accounts, opinions, financial statements of the Borrower (as defined in the Asset Schedule) and any guarantors and any other collateral arising out of and/or executed and/or delivered in or to or with respect to
the Asset, all rights and benefits of Assignor related to the Asset Documents and such other documents, and all of Assignor’s rights, title and interest in, to and under all claims and choses in action related to the Asset and/or the Asset
Documents. 
 Assignor represents and warrants that the Asset Schedule represents a true, correct and complete list of all material
participation and loan documents delivered in connection with the Asset, that true counterpart originals of the Asset Documents have been delivered to Assignor in connection with the Asset, that true counterpart originals of the Asset Documents have
been delivered by Assignor to Assignee (or to a specified custodian to be held on behalf of Assignee), that Assignor currently owns the Asset Documents and the related rights described above and that the Asset Documents and the related rights
described above are not, and have not been, pledged, nor assigned, to another party and are not otherwise encumbered, that the Asset Documents have not been amended, modified, supplemented or restated, except as set forth on the Asset Schedule,
that, to Assignor’s knowledge, there currently exists no default under any of the Asset Documents, that Assignor is duly formed and is validly existing under the laws of the jurisdiction under which it was formed with full power to execute and
deliver this Assignment, and that all actions necessary to authorize the execution, delivery, and performance of this Assignment on behalf of Assignor have been duly taken, and all such actions continue in full force and effect as of the date
hereof. Assignor hereby indemnifies Assignee for any claim made by the underlying obligor for any additional interest paid in respect of the Asset prior to the date hereof. 

 This Assignment is being delivered subject to the terms and provisions of that certain Master Repurchase Agreement, dated
as of January     , 2006, as the same may be amended or restated from time to time, between Assignor and Assignee (together with all exhibits and schedules, the “Master Repurchase Agreement”). 

TO HAVE AND TO HOLD unto Assignee, its successors, and assigns forever. 
 Assignee joins in this Assignment to evidence its acceptance thereof, provided that Assignee shall not be deemed to have assumed any obligations of Assignor under the Asset Documents except to the extent necessary in
order to satisfy any conditions set forth in the Asset Documents to the effectiveness of (i) the assignments and transfers contemplated hereby, and (ii) upon the occurrence of an Event of Default (as defined in the Master Repurchase
Agreement), the exercise by Assignee of its rights and remedies under the Transaction Documents (as defined in the Master Repurchase Agreement); provided, that no such assumption or deemed assumption by Assignee under the foregoing provisions, or
any other obligation or agreement on the part of Assignee by which Assignee may be bound by any of the terms or provisions of the Asset Documents, shall limit or otherwise affect the indemnification obligations or any other obligations and
liabilities of Assignor and the other parties to the Transaction Documents (as defined in the Master Repurchase Agreement), including without limitation the indemnification obligations of the Assignor under the Master Repurchase Agreement, which
obligations shall include, without limitation, indemnification of Assignee for any Indemnified Amounts (as defined in the Master Repurchase Agreement) arising as a result of this Assignment and any assumption or deemed assumption by the Assignee of
any obligations of Assignor under the Asset Documents or any other obligation or agreement on the part of the Assignee by the which the Assignee may be bound, by any of the terms or provisions of the Asset Documents. 
 This Assignment shall be governed by the laws of the State of New York without giving effect to the conflict of laws principles thereof. 
 This Assignment may be executed by one or more parties to this Assignment in any number of counterparts and all said counterparts taken together shall be
deemed to constitute one and the same instrument. 
 [Signature page follows] 

 IN WITNESS WHEREOF, Assignor and Assignee caused these presents to be duly executed as of the day and
year first written above. 
  

			
	ASSIGNOR:
	
	CBRE REALTY FINANCE HOLDINGS III, LLC, a Delaware limited liability company
	
	 By: CBRE REALTY FINANCE HOLDINGS, LLC,
 a
Delaware limited liability company

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ASSIGNEE:
	  
  

	  
  

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 S-1 

 EXHIBIT A 
 PURCHASED ASSET SCHEDULE 
  

 S-2

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