Document:

Exhibit

Exhibit 10.24a
CREDIT AGREEMENT
dated as of March 24, 2016,
as amended and restated as of December 14, 2017
among
CENTENE CORPORATION,
as the Company,
THE VARIOUS FINANCIAL INSTITUTIONS PARTY HERETO,
as Lenders,
and
WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Administrative Agent
WELLS FARGO SECURITIES, LLC, 
BARCLAYS BANK PLC, 
CITIBANK, N.A.  
and
SUNTRUST ROBINSON HUMPHREY, INC.,
as Joint Lead Arrangers and Joint Bookrunners,
WELLS FARGO SECURITIES, LLC, 
BARCLAYS BANK PLC, 
CITIBANK, N.A.  
and
SUNTRUST BANK,
as Co-Syndication Agents,
and
FIFTH THIRD BANK, 
REGIONS BANK,
U.S. BANK NATIONAL ASSOCIATION, 
and
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

as Co-Documentation Agents

	
							
	Table of Contents

	 
	 
	 
	 
	 
	Page
	

	SECTION 1         DEFINITIONS
	 
	1
	

	1.1    Definitions    
	1
	

	1.2    Other Interpretive Provisions    
	31
	

	1.3    Limited Condition Transactions
	 
	33
	

	SECTION 2         COMMITMENTS OF THE LENDERS; BORROWING, CONVERSION AND LETTER OF CREDIT PROCEDURES
	33
	

	2.1    Commitments
	 
	 
	33
	

	2.2    Revolving Loan Procedures
	 
	 
	38
	

	2.3    Letter of Credit Procedures
	 
	 
	41
	

	2.4    Swing Line Loans
	 
	 
	45
	

	2.5    Availability of Funds    
	 
	 
	47
	

	2.6    Defaulting Lenders
	 
	47
	

	SECTION 3    EVIDENCING OF LOANS
	 
	48
	

	3.1    Notes
	 
	 
	48
	

	3.2    Recordkeeping
	 
	 
	49
	

	SECTION 4    INTEREST
	49
	

	4.1    Interest Rates
	 
	 
	49
	

	4.2    Interest Payment Dates
	 
	 
	50
	

	4.3    Setting and Notice of Rates
	 
	 
	50
	

	4.4    Computation of Interest
	 
	 
	50
	

	SECTION 5    FEES
	 
	 
	 
	 
	51
	

	5.1    Facility Fee
	 
	 
	51
	

	5.2    Letter of Credit Fees
	 
	 
	51
	

	5.3    Administrative Agent’s Fees
	 
	 
	52
	

	SECTION 6    REDUCTION OR TERMINATION OF THE COMMITMENT; PREPAYMENTS    
	52
	

	6.1    Reduction or Termination of the Commitment
	 
	52
	

	6.2    Prepayments
	 
	 
	52
	

	6.3    Manner of Prepayments
	 
	 
	53
	

	6.4    Repayments
	 
	 
	53
	

	SECTION 7    MAKING AND PRORATION OF PAYMENTS; SETOFF; TAXES
	54
	

	7.1    Making of Payments
	 
	 
	54
	

	7.2    Application of Certain Payments
	 
	54
	

	
							
	7.3    Due Date Extension
	 
	54
	

	7.4    Setoff
	 
	 
	54
	

	7.5    Proration of Payments
	 
	 
	55
	

	7.6    Taxes
	 
	 
	 
	55
	

	SECTION 8    INCREASED COSTS; SPECIAL PROVISIONS FOR EUROCURRENCY LOANS AND CDOR LOANS
	58
	

	8.1    Increased Costs
	 
	 
	58
	

	8.2    Basis for Determining Interest Rate Inadequate or Unfair
	60
	

	8.3    Changes in Law Rendering Eurocurrency Loans Unlawful
	60
	

	8.4    Funding Losses
	 
	 
	61
	

	8.5    Right of Lenders to Fund through Other Offices
	 
	61
	

	
								
	8.6    Discretion of Lenders as to Manner of Funding
	61
	

	8.7    Mitigation of Circumstances; Replacement of Lenders
	62
	

	8.8    Conclusiveness of Statements
	 
	 
	62
	

	SECTION 9    REPRESENTATIONS AND WARRANTIES
	63
	

	9.1    Organization
	 
	 
	63
	

	9.2    Authorization; No Conflict
	 
	 
	63
	

	9.3    Validity and Binding Nature
	 
	 
	63
	

	9.4    [Reserved]
	 
	 
	 
	63
	

	9.5    No Material Adverse Change
	 
	 
	63
	

	9.6    Litigation and Guarantee Obligations
	 
	 
	63
	

	9.7    Ownership of Properties; Liens
	 
	 
	64
	

	9.8    Equity Ownership; Subsidiaries
	 
	 
	64
	

	9.9    Pension Plans
	 
	 
	64
	

	9.10    Investment Company Act
	 
	 
	65
	

	9.11    Regulation U, T, and X
	 
	 
	65
	

	9.12    Taxes
	 
	 
	65
	

	9.13    Solvency, etc.
	 
	 
	65
	

	9.14    Environmental Matters
	 
	 
	65
	

	9.15    Insurance
	 
	 
	66
	

	9.16    Real Property
	 
	 
	66
	

	9.17    Information
	 
	 
	66
	

	9.18    Intellectual Property
	 
	 
	67
	

	9.19    Labor Matters
	 
	 
	67
	

	9.20    No Default
	 
	 
	67
	

	9.21    Material Licenses
	 
	 
	67
	

	9.22    Compliance with Material Laws
	 
	 
	67
	

	9.23    Subordinated Debt
	 
	 
	67
	

	9.24    Charitable Foundations
	 
	 
	68
	

	9.25    PATRIOT Act; OFAC; Sanctions and Anti-Corruption and Anti-Money Laundering Laws
	68
	

	SECTION 10    AFFIRMATIVE COVENANTS
	 
	 
	68
	

	10.1    Reports, Certificates and Other Information
	 
	 
	69
	

	10.2    Books, Records and Inspections
	 
	71
	

	10.3    Maintenance of Property; Insurance
	 
	 
	72
	

	10.4    Compliance with Laws; Payment of Taxes and Liabilities
	72
	

	
								
	10.5    Maintenance of Existence, Material Licenses, etc.
	 
	72
	

	10.6    Use of Proceeds
	 
	 
	72
	

	10.7    Employee Benefit Plans
	 
	 
	73
	

	10.8    Environmental Matters
	 
	 
	73
	

	10.9    Credit Ratings
	 
	 
	74
	

	10.10    Designation of Restricted and Unrestricted Subsidiaries
	74
	

	SECTION 11    NEGATIVE COVENANTS
	 
	 
	74
	

	11.1    Debt
	 
	 
	 
	74
	

	11.2    Liens
	 
	 
	 
	 
	 
	77
	

	11.3    Restricted Payments
	 
	 
	 
	80
	

	11.4    Mergers, Consolidations, Sales
	 
	81
	

	11.5    Modification of Organizational Documents
	 
	 
	82
	

	11.6    Transactions with Affiliates
	 
	 
	82
	

	11.7    Inconsistent Agreements
	 
	 
	82
	

	11.8    Business Activities
	 
	 
	84
	

	11.9    Investments
	 
	 
	84
	

	11.10    Restriction of Amendments to Certain Documents
	85
	

	11.11    Fiscal Year
	 
	 
	85
	

	11.12    Financial Covenants
	 
	 
	 
	86
	

	11.13    Guaranties
	 
	 
	 
	86
	

	11.14    Exceptions
	 
	 
	86
	

	SECTION 12    CONDITIONS OF LENDING, ETC.
	 
	 
	86
	

	12.1    [Reserved]
	 
	 
	 
	86
	

	12.2    [Reserved]
	 
	 
	 
	86
	

	12.3    Conditions
	 
	 
	86
	

	SECTION 13    EVENTS OF DEFAULT AND THEIR EFFECT
	87
	

	13.1    Events of Default
	 
	 
	 
	87
	

	13.2    Effect of Event of Default
	 
	 
	89
	

	SECTION 14    AGENTS
	 
	 
	 
	89
	

	14.1    Appointment of Agents
	 
	 
	89
	

	14.2    Powers and Duties
	 
	 
	90
	

	14.3    General Immunity
	 
	 
	91
	

	14.4    Agents Entitled to Act as Lender
	 
	 
	93
	

	14.5    Lenders’ Representations, Warranties and Acknowledgment
	93
	

	14.6    Right to Indemnity
	 
	93
	

	14.7    Successor Administrative Agent, Issuing Lender and Swing Line Lender
	94
	

	14.8    Withholding Taxes
	 
	95
	

	14.9    Administrative Agent May File Proofs of Claim
	95
	

	SECTION 15    GENERAL
	 
	 
	96
	

	15.1    Waiver; Amendments
	 
	 
	 
	96
	

	15.2    Notices
	 
	 
	 
	97
	

	15.3    Computations
	 
	 
	 
	99
	

	15.4    Costs, Expenses and Taxes
	 
	 
	99
	

	15.5    Assignments; Participations
	 
	 
	100
	

	15.6    Register
	 
	 
	102
	

	15.7    Governing Law
	 
	 
	103
	

	
								
	15.8    Confidentiality
	 
	 
	103
	

	15.9    Severability
	 
	 
	104
	

	15.10    Nature of Remedies
	 
	 
	104
	

	15.11    Entire Agreement
	 
	 
	104
	

	15.12    [Reserved]
	 
	 
	104
	

	15.13    Successors and Assigns
	 
	 
	104
	

	15.14    Captions
	 
	 
	104
	

	15.15    Customer Identification – USA Patriot Act Notice
	 
	105
	

	15.16    Indemnification by the Company
	 
	 
	105
	

	15.17    Nonliability of Lenders
	 
	 
	106
	

	15.18    Forum Selection and Consent to Jurisdiction
	 
	107
	

	15.19    Waiver of Jury Trial
	 
	 
	107
	

	15.20    Statutory Notice-Oral Commitments
	 
	108
	

	15.21    Survival of Representation, Warranties and Agreements
	108
	

	15.22    Judgment Currency
	108
	

	15.23    Acknowledgement and Consent to Bail-In of EEA Financial Institutions    
	109
	

	 
	 
	 
	 
	 
	 
	 

ANNEXES
ANNEX A    Lenders and Pro Rata Shares 
ANNEX B    Addresses for Notices 
SCHEDULES
SCHEDULE 1.1(a)    [Reserved]
SCHEDULE 1.1(b)    Subsidiaries Included in Loan Parties 
SCHEDULE 1.1(c)    Tax Abatement Documents
SCHEDULE 1.1(d)    Centene Plaza Subsidiaries 
SCHEDULE 9.6    Guarantee Obligations 
SCHEDULE 9.8    Subsidiaries 
SCHEDULE 9.15    Insurance 
SCHEDULE 9.16    Real Property 
SCHEDULE 9.19    Labor Matters 
SCHEDULE 11.1    Existing Debt 
SCHEDULE 11.2    Existing Liens 
SCHEDULE 11.9    Investment Policy 
SCHEDULE 11.14    Exceptions from Guarantee Obligations
EXHIBITS
EXHIBIT A    Form of Note (Section 3.1)
EXHIBIT B    Form of Compliance Certificate (Section 10.1.3)
EXHIBIT C    Form of Assignment Agreement (Section 15.5.1)
EXHIBIT D    Form of Notice of Borrowing (Section 2.2.2)
EXHIBIT E    Form of Notice of Conversion/Continuation (Section 2.2.3)

EXHIBIT F    Form of Notice of Prepayment (Section 6.2.1)
EXHIBIT G    Form of Solvency Certificate

CREDIT AGREEMENT
This CREDIT AGREEMENT dated as of March 24, 2016, as amended and restated as of December 14, 2017 (this “Agreement”), is entered into among CENTENE CORPORATION (the “Company”), the financial institutions that are or may from time to time become parties hereto (together with their respective successors and assigns, the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders.
In consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
SECTION 1DEFINITIONS.
1.1    Definitions.  When used herein the following terms shall have the following meanings:
“2021 Senior Notes” means the 5.625% Senior Notes of the Company due 2021 issued under the 2021 Senior Notes Indenture.
“2021 Senior Notes Indenture” means that certain Indenture, dated February 11, 2016, as supplemented by the First Supplemental Indenture thereto dated March 24, 2016, entered into by the Company in connection with the issuance of the 2021 Senior Notes, together with all instruments and other agreements entered into by the Company in connection therewith.
“2022 Senior Notes” means the 4.75% Senior Notes of the Company due 2022 issued under the 2022 Senior Notes Indenture.
“2022 Senior Notes Indenture” means that certain Indenture, dated April 29, 2014, entered into by the Company in connection with the issuance of the 2022 Senior Notes, together with all instruments and other agreements entered into by the Company in connection therewith.
“2024 Senior Notes” means the 6.125% Senior Notes of the Company due 2024 issued under the 2024 Senior Notes Indenture.
“2024 Senior Notes Indenture” means that certain Indenture, dated February 11, 2016, as supplemented by the First Supplemental Indenture thereto dated March 24, 2016, entered into by the Company in connection with the issuance of the 2024 Senior Notes, together with all instruments and other agreements entered into by the Company in connection therewith.
“2025 Senior Notes” means the 4.75% Senior Notes of the Company due 2025 issued under the 2025 Senior Notes Indenture.
“2025 Senior Notes Indenture” means that certain Indenture, dated November 9, 2016, entered into by the Company in connection with the issuance of the 2025 Senior Notes, together 

1

with all instruments and other agreements entered into by the Company in connection therewith.
“Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person, (b) the acquisition of the Capital Securities of any Person causing such Person to become a Subsidiary or (c) a merger or consolidation or any other combination with another Person.
“Acquisition Covenant Election” – see Section 11.12.
“Adjusted LIBO Rate” means, with respect to any LIBOR Borrowing in U.S. Dollars for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) obtained by dividing (a) the LIBO Rate for such Interest Period by (b) an amount equal to (i) one minus (ii) the Applicable Reserve Requirement.
“Administrative Agent” means Wells Fargo Bank, National Association, in its capacity as administrative agent for the Lenders hereunder and any successor thereto in such capacity.
“Affected Loan” – see Section 8.3.
“Affiliate” of any Person means (a) any other Person which, directly or indirectly, controls or is controlled by or is under common control with such Person, (b) any officer or director of such Person and (c) with respect to any Lender, any entity administered or managed by such Lender or an Affiliate or investment advisor thereof and which is engaged in making, purchasing, holding or otherwise investing in commercial loans.
“Agents” means each of the Administrative Agent, the Syndication Agents, the Documentation Agents and, solely for purposes of Section 14, the Joint Lead Arrangers.
“Agreement” – see the Preamble.
“Agreement Currency” – see Section 15.22.
“Alternative Currency” means (a) Canadian Dollars, Euros and Sterling and (b) each currency (other than U.S. Dollars and any currency described in clause (a)) approved in writing by the Lenders and the Issuing Lenders.
“Alternative Currency Sublimit” – see Section 2.1.1.
“Amendment and Restatement Agreement” means the Amendment and Restatement Agreement, dated as of December 14, 2017, among the Company, the lenders party thereto and the Administrative Agent.
“Anti-Corruption Laws” means all Laws of any jurisdiction applicable to the Company or any of its Subsidiaries or Unrestricted Subsidiaries from time to time concerning or relating to bribery or corruption. 

2

“Applicable Margin” means, for any day, the rate per annum set forth below opposite the level (the “Level”) then in effect (calculated as of the last day of the quarter most recently ended, using EBITDA for the four quarter period then ended), it being understood that the Applicable Margin for (i) LIBOR Loans, EURIBOR Loans and CDOR Loans shall be the percentage set forth under the column “LIBOR/EURIBOR/CDOR Margin”, (ii) Base Rate Loans shall be the percentage set forth under the column “Base Rate Margin”, (iii) the Facility Fee Rate shall be the percentage set forth under the column “Facility Fee Rate” and (iv) the L/C Fee Rate shall be the percentage set forth under the column “L/C Fee Rate”:
	
						
	Level
	Total Debt to EBITDA Ratio
	LIBOR/ 
EURIBOR/CDOR Margin
	Base Rate Margin
	Facility Fee Rate
	L/C Fee Rate

	I
	Greater than or equal to 3.5:1
	1.875%
	0.875%
	0.375%
	1.875%

	II
	Greater than or equal to 3.0:1 but less than 3.5:1
	1.750%
	0.750%
	0.250%
	1.750%

	III
	Greater than or equal to 2.5:1 but less than 3.0:1
	1.500%
	0.500%
	0.250%
	1.500%

	IV
	Greater than or equal to 2.0:1 but less than 2.5:1
	1.250%
	0.250%
	0.250%
	1.250%

	V
	Greater than or equal to 1.5:1 but less than 2.0:1
	1.000%
	0.000%
	0.250%
	1.000%

	VI
	Less than 1.5:1
	0.875%
	0.000%
	0.250%
	0.875%

The LIBOR/EURIBOR/CDOR Margin, the Base Rate Margin, the Facility Fee Rate and the L/C Fee Rate shall be adjusted, to the extent applicable, on the fifth Business Day after the earlier of the date the Company provides or is required to provide the annual and quarterly financial statements and other information pursuant to Section 10.1.1 or 10.1.2, as applicable, and the related Compliance Certificate pursuant to Section 10.1.3.  Notwithstanding anything contained in this paragraph to the contrary, (a) until the first delivery after the Restatement Effective Date of the quarterly financial statements and other information required under Section 10.1.2 and the related Compliance Certificate pursuant to Section 10.1.3, the LIBOR/EURIBOR/CDOR Margin, the Base Rate Margin, the Facility Fee Rate and the L/C Fee Rate shall be based on Level IV above, (b) if the Company fails to deliver such financial statements and Compliance Certificate in accordance with the provisions of Sections 10.1.1, 10.1.2 and 10.1.3, the LIBOR/EURIBOR/CDOR Margin, the Base Rate Margin, the Facility Fee Rate and the L/C Fee Rate shall be based upon Level I above beginning on the date the Company is notified in writing by the Administrative Agent that such financial statements and Compliance Certificate were not delivered when required until the fifth Business Day after such financial statements and Compliance Certificate are actually delivered, whereupon the Applicable Margin shall be determined by the then current Level 

3

and (c) no reduction to any Applicable Margin shall become effective at any time when an Event of Default or Unmatured Event of Default has occurred and is continuing.  The Total Debt to EBITDA Ratio as used in the foregoing definition shall be calculated after giving effect to the Centene Plaza Subsidiary Exclusion.
“Applicable Reserve Requirement” means, at any time, for any LIBOR Loan, the maximum rate, expressed as a decimal, at which reserves (including any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D) under regulations issued from time to time by the FRB or other applicable banking regulator.  Without limiting the effect of the foregoing, the Applicable Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with respect to (i) any category of liabilities which includes deposits by reference to which the applicable LIBO Rate or any other interest rate of a Loan is to be determined or (ii) any category of extensions of credit or other assets which include LIBOR Loans.  A LIBOR Loan shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offsets that may be available from time to time to the applicable Lender.  The rate of interest on LIBOR Loans shall be adjusted automatically on and as of the effective date of any change in the Applicable Reserve Requirement.
“Approved Electronic Communications” means any notice, demand, communication, information, document or other material that any Loan Party provides to the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein which is distributed to the Agents or to the Lenders or the Issuing Lenders by means of electronic communications pursuant to Section 15.2.2.
“Assignee” – see Section 15.5.1(a).
“Assignment Agreement” – see Section 15.5.1(a). 
“Assignment Date” – see Section 15.5.1(b).
“Attorney Costs” means, with respect to any Person, all reasonable and documented fees and charges of any counsel to such Person, and all court costs and similar legal expenses.
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect, or any successor statute. 
“Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Federal Funds Rate plus 0.50%, (b) the Prime Rate and (c) the Adjusted LIBO Rate that would be payable on such day for a LIBOR Loan in U.S. Dollars with a one-month Interest Period plus 1.00%.  For the purposes of clause (c) above, the Adjusted LIBO Rate on any day shall be the applicable Screen Rate at the Specified Time on such day.  Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Rate or the Adjusted LIBO Rate shall be effective on the effective date of such change in the Prime Rate, the Federal Funds Rate or the Adjusted LIBO Rate, as the case may be.

4

“Base Rate Loan” means any Loan or Borrowing which bears interest at or by reference to the Base Rate.  Base Rate Loans may be denominated only in U.S. Dollars.
“Base Rate Margin” – see the definition of Applicable Margin.
“Borrowing” means (a) Revolving Loans of the same class, Type and currency made, converted or continued on the same date and, in the case of LIBOR Loans, EURIBOR Loans or CDOR Loans, as to which a single Interest Period is in effect or (b) a Swing Line Loan.
“Borrowing Minimum” means (a) in the case of a Borrowing of Revolving Loans denominated in U.S. Dollars, $1,000,000, (b) in the case of a Borrowing of Revolving Loans denominated in Euro, €1,000,000, (c) in the case of a Borrowing of Revolving Loans denominated in Sterling, £1,000,000, (d) in the case of a Borrowing of Revolving Loans denominated in Canadian Dollars, C$1,000,000 and (e) in the case of a Borrowing of Revolving Loans denominated in any other Alternative Currency, the smallest amount of such Alternative Currency that is an integral multiple of 1,000,000 units of such currency and that has a U.S. Dollar Equivalent of $1,000,000 or more.
“Borrowing Multiple” means (a) in the case of a Borrowing of Revolving Loans denominated in U.S. Dollars, $100,000, (b) in the case of a Borrowing of Revolving Loans denominated in Euro, €100,000, (c) in the case of a Borrowing of Revolving Loans denominated in Sterling, £100,000, (d) in the case of a Borrowing of Revolving Loans denominated in Canadian Dollars, C$100,000 and (e) in the case of a Borrowing of Revolving Loans denominated in any other Alternative Currency, 100,000 units of such currency.
“Bridge Loans” means senior unsecured bridge loans of the Company incurred in lieu of the New Senior Notes.
“BSA” – see Section 10.4.
“Business Day” means any day other than a Saturday, Sunday or legal holiday on which banks in New York, New York are open for the conduct of their commercial banking business; provided that (a) when used in connection with a LIBOR Loan in any currency or a EURIBOR Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in such currency in the London interbank market, (b) when used in connection with a EURIBOR Loan, the term “Business Day” shall also exclude any day on which the TARGET payment system is not open for the settlement of payments in Euro and (c) when used in connection with a CDOR Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits of Canadian Dollars in the Toronto interbank market and any day on which banks are not open for dealings in deposits in Canadian Dollars in the London interbank market.
“Canadian Dollars” or “C$” means the lawful money of Canada.
    

5

“Capital Expenditures” means all expenditures which, in accordance with GAAP, would be required to be capitalized and shown on the consolidated balance sheet of the Company, including expenditures in respect of Capital Leases, but excluding (a) expenditures made in connection with the replacement, substitution or restoration of assets to the extent financed (i) from insurance proceeds (or other similar recoveries) paid on account of the loss of or damage to the assets being replaced or restored or (ii) with awards of compensation arising from the taking by eminent domain or condemnation of the assets being replaced and (b) any Centene Plaza Project.
“Capital Lease” means, with respect to any Person, any lease of (or other agreement conveying the right to use) any real or personal property by such Person that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of such Person (excluding any lease that would be required to be so recorded as a result of a change in GAAP after the Original Effective Date).
“Capital Securities” means, with respect to any Person, all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of such Person’s capital, whether now outstanding or issued or acquired after the Restatement Effective Date, including common shares, preferred shares, membership interests in a limited liability company, limited or general partnership interests in a partnership, interests in a trust, interests in other unincorporated organizations or any other equivalent of such ownership interest, but excluding any debt securities convertible into such Capital Securities.
“Cash Collateralize” means to deliver cash collateral to the Administrative Agent to be held as cash collateral for outstanding Letters of Credit (in the case of a Letter of Credit denominated in an Alternative Currency, in an amount equal to 103% of the U.S. Dollar Equivalent of the Stated Amount of such Letter of Credit), pursuant to documentation satisfactory to the Administrative Agent and the applicable Issuing Lenders.  Derivatives of such term have corresponding meanings. 
“CDO Rate” means, with respect to any CDOR Loan for any Interest Period, the applicable Screen Rate as of the Specified Time on the Quotation Day.
“CDOR”, when used in reference to any Revolving Loan, refers to whether such Revolving Loan is bearing interest at a rate determined by reference to the CDO Rate.
“CDOR Loan” means any Revolving Loan which bears interest at a rate determined by reference to the CDO Rate.  CDOR Loans may be denominated only in Canadian Dollars.
“Centene Plaza Debt” means any Debt of the Company or any of its Subsidiaries used solely to finance a Centene Plaza Project and extensions, renewals and refinancings of such Debt.
“Centene Plaza Project” means the development and construction of any multi-use project in Clayton or University City, Missouri by any Centene Plaza Subsidiary.

6

“Centene Plaza Subsidiary” means a Wholly-Owned Subsidiary that was, is or will be a developer of any Centene Plaza Project (and shall not engage in any other material activities) and designated as such in writing by the Company from time to time, including those entities listed on Schedule 1.1(d).
“Centene Plaza Subsidiary Exclusion” means an accounting convention in which, for any financial reporting or calculation subject thereto, (i) the Debt of any Centene Plaza Subsidiary shall be excluded, and the calculation shall be made net of the effect of such Debt, unless such Debt becomes fully recourse to any Loan Party or any of their assets, and (ii) the assets, liabilities, equity, income, expenses, cash flow and other results of operations of each Centene Plaza Subsidiary shall be excluded (unless such Debt becomes fully recourse to any Loan Party or any of their assets), as if each such Centene Plaza Subsidiary was unrelated to the Loan Parties and none of the Loan Parties held any Capital Securities of any such Centene Plaza Subsidiary.
“Change of Control” means any Person or Group (as defined by the SEC in Regulation 13-D) becomes the record or beneficial owner, directly or indirectly, of Capital Securities representing 35% or more of the voting power of the Company’s outstanding Capital Securities having the power to vote or acquires the power to elect a majority of the board of directors of the Company.
“Charitable Foundations” means The Centene Charitable Foundation, a Missouri nonprofit corporation, The Cenpatico Foundation, a Missouri nonprofit corporation, and The Centene Foundation for Quality Health Care, a Missouri nonprofit corporation.
“City Development Agreement” means that certain Amended and Restated Development Agreement for the Forsyth/Hanley Project Area dated as of June 1, 2009, by and between the City of Clayton, Missouri and CMC and recorded at Book 18416 Page 65 of the St. Louis County Recorder of Deeds, which City Development Agreement, with respect to the project, has been assigned to Centene Center LLC, as amended pursuant to that certain Assignment of Amended and Restated Development Agreement dated June 1, 2009 and recorded at Book 18416 Page 106 of the St. Louis County Recorder of Deeds.
“CMC” means CMC Real Estate Company, LLC, a Missouri limited liability company. 
“Code” means the Internal Revenue Code of 1986.
“Commitment” means, as to any Lender, such Lender’s commitment to make Loans, issue or participate in Letters of Credit and make or participate in Swing Line Loans, in each case under this Agreement.  The initial amount of each Lender’s commitment to make Loans is set forth on Annex A and the aggregate amount of the Commitments as of the Restatement Effective Date is $1,500,000,000.
“Commitment Increase” – see Section 2.1.2(a).
“Company” – see the Preamble.

7

“Compliance Certificate” means a Compliance Certificate which shall be in substantially the form of Exhibit B. 
“Computation Period” means each period of four consecutive Fiscal Quarters ending on the last day of a Fiscal Quarter. 
“Consolidated Net Income” means net income attributed to the Company and its Subsidiaries for any period under GAAP (but treating Unrestricted Subsidiaries as if they were not consolidated with the Company and otherwise eliminating all accounts of Unrestricted Subsidiaries).
“Consolidated Total Assets” means, at any date, total assets of the Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP (but treating Unrestricted Subsidiaries as if they were not consolidated with the Company and otherwise eliminating all accounts of Unrestricted Subsidiaries), as reflected in the consolidated financial statements of the Company most recently delivered to the Administrative Agent and the Lenders pursuant to Section 10.1.1 or 10.1.2 hereof or under the Existing Credit Agreement.
“Controlled Group” means all members of a controlled group of corporations, all members of a controlled group of trades or businesses (whether or not incorporated) under common control and all members of an affiliated service group which, together with the Company or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code or Section 4001 of ERISA.
“Debt” of any Person means, without duplication, (a) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (b) all borrowed money of such Person, whether or not evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person as lessee under Capital Leases which have been or should be recorded as liabilities on a balance sheet of such Person in accordance with GAAP, (d) all obligations of such Person to pay the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business), (e) all indebtedness secured by a Lien on the property of such Person, whether or not such indebtedness shall have been assumed by such Person; provided that if such Person has not assumed or otherwise become liable for such indebtedness, such indebtedness shall be measured at the fair market value of such property securing such indebtedness at the time of determination, (f) all obligations, contingent or otherwise, with respect to the face amount of all letters of credit (whether or not drawn), bankers’ acceptances and similar obligations issued for the account of such Person (including the Letters of Credit), (g) all Hedging Obligations of such Person, (h) all obligations of such Person in respect of mandatory redemption or cash mandatory dividend or similar rights on all Disqualified Equity Interests of such Person, (i) all Guarantee Obligations of such Person with respect to Debt of others and (j) all Debt of any partnership of which such Person is a general partner, solely to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Debt expressly provide that such Person is not liable therefor.

8

“Default Rate” means an interest rate equal to 2% per annum in excess of the interest rate otherwise payable hereunder with respect to the applicable Loans (or, in the case of any such fees and other amounts, a rate which is 2% per annum in excess of the interest rate otherwise payable hereunder for Base Rate Loans that are Revolving Loans).
“Defaulting Lender” means any Lender that (a) has failed to fund any portion of its Commitment within one Business Day of the date required to be funded by it hereunder, unless the subject of a good faith dispute, (b) has notified the Company, the Administrative Agent or any Lender in writing, or has otherwise indicated through a public statement, that it does not intend to comply with its funding obligations generally under agreements in which it commits to extend credit, (c) has failed, within three Business Days after receipt of a written request from the Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Commitments, (d) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good faith dispute, (e) has, or has a direct or indirect parent company that has, become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, custodian, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, custodian, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or (f) has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action (as defined in Section 15.23); provided that (i) the Administrative Agent and the Company may declare (A) by joint notice to the Lenders that a Defaulting Lender is no longer a “Defaulting Lender” or (B) that a Lender is not a Defaulting Lender if in the case of both clauses (A) and (B) the Administrative Agent and the Company each determines, in its sole respective discretion, that (x) the circumstances that resulted in such Lender becoming a “Defaulting Lender” no longer apply or (y) it is satisfied that such Lender will continue to perform its funding obligations hereunder and (ii) a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of voting stock or any other equity interest in such Lender or a parent company thereof by a Governmental Authority or an instrumentality thereof so long as such ownership or acquisition of voting stock or any other equity interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.
“Defaulting Revolving Lender” – see Section 2.6.
“Disqualified Equity Interests” means, with respect to any Person, any Capital Securities of such Person that, by their terms (or by the terms of any securities or other Capital 

9

Securities into which they are convertible or for which they are exchangeable) or upon the happening of any event or condition, (i) mature or are mandatorily redeemable (other than solely for Capital Securities that are not otherwise Disqualified Equity Interests), pursuant to a sinking fund obligation or otherwise, (ii) are redeemable at the option of the holder thereof (other than solely for Capital Securities which are not otherwise Disqualified Equity Interests), in whole or in part, (iii) provide for scheduled payments or dividends in cash or (iv) are or become convertible into or exchangeable for Debt or any other Capital Securities that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Latest Maturity Date, except, in the case of clauses (i) and (ii), if as a result of a change of control or asset sale, so long as any rights of the holders thereof upon the occurrence of such a change of control or asset sale event are subject to the prior payment in full of all Obligations that are accrued and payable (other than contingent amounts not yet due), the cancellation or expiration of all Letters of Credit and the termination of the Commitments; provided that if such Capital Securities are issued pursuant to a plan for the benefit of the Company or its subsidiaries or by any such plan to employees, such Capital Securities shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by the Company or its subsidiaries in order to satisfy applicable statutory or regulatory obligations.
“District” means the transportation development district formed in connection with a Centene Plaza Project, created under Sections 238.000 to 238.275 R.S.Mo, as amended, and maintained pursuant to the District Development Agreement and the City Development Agreement.
“District Development Agreement” means that certain Transportation Development Agreement dated as of June 1, 2009, as amended by that certain First Amendment to Transportation Development Agreement dated as of April 20, 2010, by and between Centene Center LLC and the District.
“Documentation Agents” means Fifth Third Bank, Regions Bank, U.S. Bank National Association and The Bank of Tokyo-Mitsubishi UFJ, Ltd.
“Dormant Subsidiary” means any Subsidiary of the Company which (a) has no employees, (b) conducts no business operations, (c) has no income, (d) has no assets (other than its name and any associated goodwill) or liabilities and (e) maintains no deposit accounts.
“EBITDA” means, for any period, Consolidated Net Income for such period plus, to the extent deducted in determining such Consolidated Net Income, (a) Interest Expense for such period, (b) income tax expense for such period, (c) depreciation and amortization for such period, (d) any extraordinary or non-cash charges and expenses for such period; provided that any cash payment made with respect to any non-cash charges and expenses added back in computing EBITDA for any prior period pursuant to this clause (d) (or that would have been added back had this Agreement been in effect during such prior period) shall be subtracted in computing EBITDA for the period in which such cash payment is made, (e) non-cash charges for such period associated with stock-based compensation expenses pursuant to the financial reporting guidance of the Financial Accounting Standards Board concerning stock-based compensation as in effect from time to time, (f) any non-recurring charges, costs, fees 

10

and expenses, (g) HN Transaction Costs (as defined in the Existing Credit Agreement) for such period and the Fidelis Transaction Costs for such period, (h) out-of-pocket fees and expenses for such period in connection with any proposed or actual issuance of any Debt or Capital Securities, or any proposed or actual Acquisitions, Investments, asset sales or dispositions permitted hereunder, (i) unrealized losses for such period attributable to the application of “mark to market” accounting in respect of Hedging Agreements and (j) payments of actual or prospective litigation, legal settlements, fines, judgments or orders and costs associated therewith or, if earlier, when accrued or expensed (provided that (x) any amounts added when accrued or expensed shall not be added again when paid and (y) upon any reversal of any amounts accrued or expensed, such amounts shall be deducted from EBITDA to the extent of such reversal), minus, to the extent added in determining such Consolidated Net Income, (i) any extraordinary or non-cash income for such period (including any income as a result of any premium deficiency reserve related to any health plan operated by the Company or any Subsidiaries), (ii) any non-cash gains for such period, (iii) any non-recurring gains for such period and (iv) any unrealized gains for such period attributable to the application of “mark to market” accounting in respect of Hedging Agreements.  EBITDA shall be determined on a pro forma basis after giving effect to (a) all Acquisitions, Investments, asset sales and dispositions and incurrences and repayments of Debt made by the Company or any Subsidiary at any time during the applicable period, in each case as if such Acquisition, Investment, asset sale or disposition, or incurrence or repayment of Debt had occurred at the beginning of such period and (b) any reduction in costs and related adjustments that were directly attributable to any Acquisition, Investment, asset sale or disposition, incurrence or repayment of Debt or cost savings or restructuring initiative that occurred during such period (i) calculated on a basis that is consistent with Regulation S-X under the Securities Act of 1933 and (ii) such other adjustments which are reflective of actual or reasonably anticipated and factually supportable synergies and cost savings expected to be realized or achieved in the twenty-four months following such Acquisition, Investment, asset sale or disposition, incurrence or repayment of Debt or cost savings or restructuring initiative; provided, however, that for purposes of calculating EBITDA for any period, any such adjustments made pursuant to this clause (ii) shall not increase EBITDA by more than 20% of EBITDA for such period as calculated before giving effect to any such adjustments.  
“Eligible Assignee” means any Person other than a natural Person that is (i) a Lender, an Affiliate of any Lender or a Related Fund (any two or more Related Funds being treated as a single Eligible Assignee for all purposes hereof) or (ii) a commercial bank, insurance company, investment or mutual fund or other entity that is an “accredited investor” (as defined in Regulation D under the Securities Act) and which extends credit or buys loans in the ordinary course of business; provided, that neither any Loan Party nor any Affiliate thereof (including any Unrestricted Subsidiary) shall be an Eligible Assignee.
“Environmental Claims” means all claims, however asserted, by any Governmental Authority or other Person alleging potential liability or responsibility for any violation of, or liability arising under, any Environmental Law, including any release or threatened release of any Hazardous Substance.

11

“Environmental Laws” means all Laws relating to any matter arising out of or relating to public or workplace health and safety, pollution or protection of the environment or natural resources, including to the presence, use, production, generation, handling, transport, treatment, storage, disposal, distribution, discharge, emission, release, threatened release, control or cleanup of any Hazardous Substance.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations thereunder.
“EURIBO Rate” means, with respect to any EURIBOR Loan for any Interest Period, the applicable Screen Rate as of the Specified Time on the Quotation Day; provided that, in the event that such Screen Rate is not available at such time, then the “EURIBO Rate” shall be the arithmetic mean (rounded up to four decimal places) of the rates quoted by two or more reference banks selected by the Administrative Agent in consultation with the Company to leading banks in the Banking Federation of the European Union for the offering of deposits in Euro and for a period comparable to such Interest Period as of such Specified Time on such Quotation Day; provided further that if such arithmetic mean of the rates quoted by such reference banks would be less than 0.0%, the “EURIBO Rate” shall for all purposes of this Agreement be 0.0%.  
“EURIBOR”, when used in reference to any Loan or Borrowing denominated in Euro, refers to whether such Loan, or the Loans comprising such Borrowing, shall bear interest at a rate determined by reference to the EURIBO Rate.
“EURIBOR Loan” means a Loan bearing interest at a rate determined by reference to the EURIBO Rate.
“Eurocurrency Loan” means a LIBOR Loan or a EURIBOR Loan.
“Euros” and “€” mean the single currency of the Participating Member States.
“Event of Default” means any of the events described in Section 13.1.
“Excluded Taxes” means (a) taxes based upon, or measured by, the Lender’s or the Administrative Agent’s (or a branch of the Lender’s or the Administrative Agent’s) overall net income, overall net receipts or overall net profits, and franchise taxes, but, in each case, only to the extent such taxes are Other Connection Taxes or are imposed by a taxing authority (i) in a jurisdiction in which such Lender or the Administrative Agent is organized, (ii) in a jurisdiction which the Lender’s or the Administrative Agent’s principal office is located or (iii) in a jurisdiction in which such Lender’s or the Administrative Agent’s lending office (or branch) in respect of which payments under this Agreement are made is located; (b) in the case of a Lender, U.S. federal withholding taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than as a result of an assignment made at the request of the Company pursuant to Section 8.7(b)) or (ii) such Lender changes its lending office, except in each case 

12

to the extent that, pursuant to Section 7.6, amounts with respect to such taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office; (c) taxes attributable to such Recipient’s failure to comply with Section 7.6(d); and (d) any U.S. federal withholding taxes imposed under FATCA.
“Existing Credit Agreement” means the Credit Agreement dated as of March 24, 2016, as amended prior to the Restatement Effective Date, among the Company, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent.
“Extended Commitments” – see the definition of Extension Permitted Amendment.
“Extended Loans” – see the definition of Extension Permitted Amendment.
“Extending Lenders” – see Section 15.1.1(a).
“Extension Agreement” means an Extension Agreement, in form and substance reasonably satisfactory to the Administrative Agent, among the Company, the Administrative Agent and one or more Extending Lenders, effecting an Extension Permitted Amendment and such other amendments hereto and to the other Loan Documents as are contemplated by Section 15.1.1.
“Extension Offer” – see Section 15.1.1(a).
“Extension Permitted Amendment” means an amendment to this Agreement and the other Loan Documents, effected in connection with an Extension Offer pursuant to Section 15.1.1, providing for an extension of the Termination Date applicable to the Extending Lenders’ Loans and/or Commitments of the applicable Extension Request Class (such Loans or Commitments being referred to as the “Extended Loans” or “Extended Commitments”, as applicable) and, in connection therewith, (a) any increase or decrease in the rate of interest accruing on such Extended Loans, (b) any increase in the fees payable to, or the inclusion of new fees to be payable to, the Extending Lenders in respect of such Extension Offer or their Extended Loans or Extended Commitments, (c) such amendments to this Agreement and the other Loan Documents as shall be appropriate, in the reasonable judgment of the Administrative Agent, to provide the rights and benefits of this Agreement and other Loan Documents to each new “class” of loans and/or commitments resulting therefrom and (d) any additional amendments to the terms of this Agreement applicable to the applicable Loans and/or Commitments of the Extending Lenders that are (i) less favorable to such Extending Lenders than the terms of this Agreement prior to giving effect to such Extension Permitted Amendments (as determined in good faith by the Company) or (ii) applicable only to periods after the Latest Maturity Date (determined prior to giving effect to such Extension Permitted Amendment).
“Extension Request Class” – see Section 15.1.1(a).
“Facility Fee Rate” – see the definition of Applicable Margin. 

13

“FATCA” means Sections 1471 through 1474 of the Code, as of the Original Effective Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements with respect thereto.
“FCPA” – see Section 9.25(b).
“Federal Funds Rate” means for any day, the rate per annum (expressed, as a decimal, rounded upwards, if necessary, to the next higher 1/100 of 1.00%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, that (i) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the immediately preceding Business Day as so published on the next succeeding Business Day and (ii) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate charged to the Administrative Agent, in its capacity as a Lender, on such day on such transactions as determined by the Administrative Agent; provided further that, if the Federal Funds Rate determined as provided above would be less than 0.0% per annum, then the Federal Funds Rate shall be deemed to be 0.0% per annum.
“Fidelis” means New York State Catholic Health Plan, Inc., d/b/a Fidelis Care New York, a New York not-for-profit corporation.
“Fidelis Acquisition” means, pursuant to the Fidelis Acquisition Agreement, the purchase by a newly formed, wholly-owned subsidiary of the Company of substantially all of the assets of Fidelis.
“Fidelis Acquisition Agreement” means the Asset Purchase Agreement, dated as of September 12, 2017, by and among the Company and Fidelis.
“Fidelis Transaction Costs” means the fees and expenses described in the definition of “Transactions”.
“Fiscal Quarter” means a fiscal quarter of a Fiscal Year.
“Fiscal Year” means the fiscal year of the Company and its Subsidiaries, which period shall be the 12-month period ending on December 31 of each year. References to a Fiscal Year with a number corresponding to any calendar year (e.g., “Fiscal Year 2016” or “2016 Fiscal Year”) refer to the Fiscal Year ending on December 31 of such calendar year.
“Fixed Charge Coverage Ratio” means, for any Computation Period, the ratio of (a) the total for such period of EBITDA minus the sum of income taxes paid in cash by the Loan Parties, all non-financed Capital Expenditures and cash dividends paid by the Company to (b) the sum for such period of (i) cash Interest Expense plus (ii) required payments of principal 

14

of Funded Debt (excluding the Revolving Loans and the payment of the 2017 Senior Notes (as defined in the Existing Credit Agreement), the 2021 Senior Notes, the 2022 Senior Notes, the 2024 Senior Notes and the 2025 Senior Notes, in each case at maturity) (but, for all purposes of this definition, treating Unrestricted Subsidiaries as if they were not consolidated with the Company and otherwise eliminating all accounts of Unrestricted Subsidiaries).
“FRB” means the Board of Governors of the Federal Reserve System or any successor thereto.
“Funded Debt” means Total Debt of the Company and its Subsidiaries, determined on a consolidated basis, that matures more than one year from the date of its creation (or is renewable or extendible, at the option of such Person, to a date more than one year from such date) (but, for all purposes of this definition, treating Unrestricted Subsidiaries as if they were not consolidated with the Company and otherwise eliminating all accounts of Unrestricted Subsidiaries).
“GAAP” means United States generally accepted accounting principles which are applicable to the circumstances as of the date of determination.
“Governmental Authority” means the Federal government of the United States; the government of any foreign country that is recognized by the United States or is a member of the United Nations; any state of the United States; any local government or municipality within the territory or under the jurisdiction of any of the foregoing; any department, agency, division or instrumentality of any of the foregoing; and any court, arbitrator, or board of arbitrators whose orders or judgments are enforceable by or within the territory of any of the foregoing.
“Guarantee Obligation” means, with respect to any Person, each obligation and liability of such Person guaranteeing or having the economic effect of guaranteeing any Debt or other monetary obligation of any other Person in a manner, which directly or indirectly, including any obligations of such Person, directly or indirectly, (i) to purchase, repurchase, or otherwise acquire any indebtedness, obligation or liability of any other Person or any property or assets constituting security therefor, (ii) to advance or provide funds for the payment or discharge of any indebtedness, obligation or liability of any other Person (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain solvency, assets, level of income, working capital or other financial condition of any other Person, (iii) to lease property or to purchase securities, property or services from such other Person with the purpose of assuring the owner of such indebtedness or monetary obligation of the ability of such other Person to make payment of the indebtedness or obligation, (iv) which induces the issuance of, or in connection with the issuance of, any letter of credit for the benefit of such other Person or (v) to assure a creditor against loss: provided that the term Guarantee Obligations shall not include endorsement of instruments in the course of collection or deposit. The amount of any Guarantee Obligation shall (subject to any limitation set forth herein) be deemed to be the outstanding principal amount (or maximum permitted principal amount, if larger) of the indebtedness, obligation or other liability guaranteed or supported thereby.

15

“Hazardous Substances” means (a) any petroleum or petroleum products, radioactive materials, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, radon gas and mold; (b) any chemicals, materials, pollutant or substances defined as or included in the definition of “hazardous substances”, “hazardous waste”, “hazardous materials”, “extremely hazardous substances”, “restricted hazardous waste”, “toxic substances”, “toxic pollutants”, “contaminants”, “pollutants” or words of similar import, under any applicable Environmental Law; and (c) any other chemical, material or substance, the exposure to, or release of, which is prohibited, limited or regulated by any Governmental Authority or could give rise to liability, or for which any duty or standard of care is imposed, pursuant to any Environmental Law.
“Hedging Agreement” means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedging agreement, foreign exchange contract, futures contract, option contract, synthetic cap and any other agreement or arrangement, each of which is designed to protect a Person against fluctuations in interest rates, currency exchange rates or commodity prices.
“Hedging Obligation” means, with respect to any Person, any liability (other than an accounting liability which is offset by a corresponding asset pursuant to shortcut method hedge accounting) of such Person under any Hedging Agreement.
“Increased Amount Date” – see Section 2.1.2(b).
“Incremental Commitments” – see Section 2.1.2(a).
“Incremental Lender” means any Lender or other financial institution with an Incremental Commitment.
“Incremental Term Loan” – see Section 2.1.2(a).
“Incremental Term Loan Amendment” – see Section 2.1.2(c).
“Incremental Revolving Loan” – see Section 2.1.2(e).
“Indemnified Liabilities” – see Section 15.16.
“Interest Expense” means for any period the consolidated interest expense of the Company and its Subsidiaries for such period (including all imputed interest on Capital Leases but excluding any amount not payable in cash during such period) and treating Unrestricted Subsidiaries as if they were not consolidated with the Company and otherwise eliminating all accounts of Unrestricted Subsidiaries.
“Interest Payment Date” means (a) with respect to any Base Rate Loan (other than a Swing Line Loan), the last day of each March, June, September and December, (b) with respect to any LIBOR, EURIBOR or CDOR Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a LIBOR, EURIBOR or CDOR Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that shall occur at an interval of three months’ duration after 

16

the first day of such Interest Period and (c) with respect to any Swing Line Loan, the day that such Loan is required to be repaid.
“Interest Period” means, with respect to any LIBOR, EURIBOR or CDOR Borrowing, the period commencing on the date of such Borrowing and ending on the date one, two, three or six months or, if consented to by each Lender, twelve months, thereafter as selected by the Company pursuant to Section 2.2.2 or 2.2.3, as the case may be; provided that:
(a)    if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the following Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the preceding Business Day;
(b)    any Interest Period that begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period; and
(c)    the Company may not select any Interest Period for a Revolving Loan which would extend beyond the scheduled Termination Date.
“Investment” means, with respect to any Person, any investment in another Person, whether by acquisition of any debt or Capital Security, by making any loan or advance, by becoming obligated with respect to an Guarantee Obligation in respect of obligations of such other Person (other than travel and similar advances to employees in the ordinary course of business) or by making an Acquisition.
“Issuing Lender” means Wells Fargo Bank, National Association, Barclays Bank PLC (solely with respect to standby Letters of Credit), Citibank, N.A. and SunTrust Bank and any other Lender from time to time designated by the Company as an Issuing Lender with the consent of such Lender, in its sole discretion, and the Administrative Agent (such consent not to be unreasonably withheld or delayed), in each case in its capacity as an issuer of Letters of Credit hereunder, and their successors and assigns in such capacity.
“Joint Bookrunner” means Wells Fargo Securities, LLC, Barclays Bank PLC, Citibank, N.A. and SunTrust Robinson Humphrey, Inc., as joint bookrunners.
“Joint Lead Arranger” means Wells Fargo Securities, LLC, Barclays Bank PLC, Citibank, N.A. and SunTrust Robinson Humphrey, Inc., as joint lead arrangers.
“Judgment Currency” – see Section 15.22.
“Latest Maturity Date” means, at any time, the later of (i) the fifth anniversary of the Restatement Effective Date and (ii) the latest maturity date of any of any tranche of Incremental Term Loans outstanding at such time.
“Law” means any statute, rule, regulation, order, permit, license, judgment, award or decree of any Governmental Authority.

17

“L/C Application” means, with respect to any request for the issuance of a Letter of Credit, a letter of credit application in the form being used by the applicable Issuing Lender at the time of such request for the type of letter of credit requested.
“L/C Exposure” means, at any time, the sum of (a) the U.S. Dollar Equivalent of the aggregate amount of all Letters of Credit that remains available for drawing at such time and (b) the U.S. Dollar Equivalent of the aggregate amount of all Letter of Credit disbursements that have not yet been reimbursed by or on behalf of the Company at such time.  The L/C Exposure of any Lender at any time shall be its Pro Rata Share of the total L/C Exposure at such time, adjusted to give effect to any reallocation under Section 2.6(b) of the L/C Exposure of Defaulting Lenders in effect at such time.
“L/C Fee Rate” – see the definition of Applicable Margin.
“LCT Election” means the Company’s election, by notice to the Administrative Agent, to exercise its right to designate any permitted Acquisition or Investment as a Limited Condition Transaction pursuant to the terms hereof.
“LCT Test Date” means the date on which the definitive agreement for an applicable Limited Condition Transaction is entered into.
“Lender” – see the Preamble.  References to the “Lenders” shall include each Issuing Lender and the Swing Line Lender; for purposes of clarification only, to the extent that Wells Fargo Bank, National Association (or any successor Issuing Lender or successor Swing Line Lender) may have any rights or obligations in addition to those of the other Lenders due to its status as Issuing Lender or Swing Line Lender, as the case may be, its status as such will be specifically referenced.
“Lender Party” – see Section 15.16.
“Letter of Credit” means Letters of Credit issued by one or more Issuing Lenders pursuant to Section 2.1.3 but excluding any Outside Letters of Credit.
“Letter of Credit Commitment” means the obligation of an Issuing Lender to issue, and of the Lenders having a Commitment to participate in, Letters of Credit hereunder.
“Letter of Credit Sublimit” means, with respect to each Issuing Lender (a) the amount set forth opposite such Issuing Lender’s name below:

18

	
		
	Issuing Lender
	Letter of Credit Sublimit

	Wells Fargo Bank, National Association
	$75,000,000

	Barclays Bank PLC
	$75,000,000

	Citibank, N.A.
	$75,000,000

	SunTrust Bank
	$75,000,000

or (b) in the case of any other Issuing Lender, such amount as may be agreed among such Issuing Lender, the Company and the Administrative Agent.
“Letter of Credit Usage” means, as at any date of determination, the sum of (i) the maximum aggregate amount which is, or at any time thereafter may become, available for drawing under all Letters of Credit then outstanding, and (ii) the aggregate amount of all drawings under Letters of Credit honored by any Issuing Lender and not theretofore reimbursed by or on behalf of the Company.
“Level” – see the definition of Applicable Margin.
“LIBO Rate” means, with respect to any LIBOR Loan denominated in any currency for any Interest Period, the applicable Screen Rate as of the Specified Time on the Quotation Day or such other rate as may be agreed by the Required Lenders; provided that, in the event that such Screen Rate is not available at such time, then the “LIBO Rate” shall be (a) the arithmetic mean (rounded up to four decimal places) of the rates quoted by two or more reference banks selected by the Administrative Agent in consultation with the Company to leading banks in the London interbank market for the offering of deposits in such currency and for a period comparable to such Interest Period as of such Specified Time on such Quotation Day or (b) if no such rates exist at such time, a successor or alternative index rate as the Administrative Agent may determine with the consent of the Borrower and the Required Lenders; provided further that if such arithmetic mean of the rates quoted by such reference banks would be less than 0.0%, the LIBO Rate shall for all purposes of this Agreement be 0.0%.
“LIBOR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, shall bear interest at a rate determined by reference to the LIBO Rate or the Adjusted LIBO Rate.
“LIBOR Loan” means any Loan or Borrowing which bears interest at a rate determined by reference to the Adjusted LIBO Rate or the LIBO Rate.
“LIBOR/EURIBOR/CDOR Margin” – see the definition of Applicable Margin.
“Lien” means, with respect to any Person, any interest granted by such Person in any real or personal property, asset or other right owned or being purchased or acquired by such Person (including an interest in respect of a Capital Lease) which secures payment or 

19

performance of any obligation and shall include any mortgage, lien, encumbrance, title retention lien, charge or other security interest of any kind, whether arising by contract, as a matter of law, by judicial process or otherwise.
“Limited Condition Transaction” means any Acquisition or Investment by the Company or one or more of the Subsidiaries permitted hereunder, the consummation of which is not conditioned on the availability of, or on obtaining, third party financing.
“Loan Documents” means this Agreement, the Notes, the Letters of Credit, the L/C Applications, any Incremental Term Loan Amendments, the Subordination Agreements and all documents, instruments and agreements delivered in connection with the foregoing from time to time.
“Loan Party” means the Company and each of its Subsidiaries (direct or indirect, whether now existing or hereafter created) separately, excluding any Dormant Subsidiary and any Unrestricted Subsidiary so long as it qualifies as a Dormant Subsidiary or an Unrestricted Subsidiary hereunder, as the case may be, and excluding each Centene Plaza Subsidiary, but specifically including those listed on Schedule 1.1(b); provided that (a) Centene Center LLC may become a Loan Party after the repayment in full of the NML Loan, (b) any Centene Plaza Subsidiary may become a Loan Party after the repayment in full of its applicable Centene Plaza Debt and (c) any Unrestricted Subsidiary may become a Loan Party pursuant to the definition of Unrestricted Subsidiary.  The Company agrees that any Subsidiary which is a Dormant Subsidiary will automatically become a Loan Party hereunder without any further action if at any time such Subsidiary ceases to be a Dormant Subsidiary.
“Loan” or “Loans” means Revolving Loan or Revolving Loans and Swing Line Loan or Swing Line Loans. 
“Local Time” means (a) with respect to any Loan, Borrowing or Letter of Credit denominated in U.S. Dollars, New York City time, (b) with respect to any Loan, Borrowing or Letter of Credit denominated in Canadian Dollars, Toronto time, and (c) with respect to any Loan, Borrowing or Letter of Credit denominated in any other currency, London time. 
“Margin Stock” means any “margin stock” as defined in Regulation U.
“Material Acquisition” means any Acquisition the aggregate consideration therefor (including Debt assumed in connection therewith, all obligations in respect of deferred purchase price (including obligations under any purchase price adjustment but excluding earnout or similar payments) and all other consideration payable in connection therewith (including payment obligations in respect of noncompetition agreements or other arrangements representing acquisition consideration)) exceeds $400,000,000.
“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the financial condition, operations, assets, business or properties of the Loan Parties, taken as a whole, (b) a material impairment of the ability of any Loan Party to perform any of the payment Obligations under any Loan Document to which it is a party or (c) a 

20

material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document.
“Material Debt” – see Section 13.1(b).
“Material Law” means any separately enforceable provision of a Law whose violation by a Person would have a Material Adverse Effect on such Person.
“Material License” means (a) as to any Person, any license, permit, authorization or consent from a Governmental Authority or other Person and any registration, notice or filing with a Governmental Authority or other Person which if not obtained, held or made would have a Material Adverse Effect and (b) as to any Person who is a party to this Agreement or any of the other Loan Documents, any license, permit, authorization or consent from a Governmental Authority or other Person and any registration, notice or filing with a Governmental Authority or other Person that is necessary for the execution or performance by such party, or the validity or enforceability against such party, of this Agreement or such other Loan Document.
“Moody’s” means Moody’s Investor Services, Inc. and any successor thereto of its rating business.
“Multiemployer Pension Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the Company or any other member of the Controlled Group may have any liability or obligation to contribute.
“New Senior Notes” means senior unsecured notes of the Company (or a special purpose escrow subsidiary thereof prior to assumption by the Company) issued and sold to (a) provide a portion of the cash consideration payable for the Fidelis Acquisition and to consummate the other transactions contemplated by the Fidelis Acquisition Agreement, (b) pay fees, commissions and expenses in connection with the foregoing and (c) finance ongoing working capital requirements and other general corporate purposes.
“New Senior Notes Indenture” means that certain indenture entered into by the Company (or a special purpose escrow subsidiary thereof prior to assumption by the Company) in connection with the issuance of the New Senior Notes, together with all instruments and other agreements entered into by the Company (or a special purpose escrow subsidiary thereof prior to assumption by the Company) in connection therewith.
“NML Loan” means (a) a certain loan in the original principal amount of $80,000,000 from The Northwestern Mutual Life Insurance Company to Centene Center LLC secured by various collateral and (b) any Debt incurred by Centene Center LLC to refinance such loan; provided that the principal amount of such Debt does not exceed the amount of such Debt being refinanced.
“Non-U.S. Participant” – see Section 7.6(d).

21

“Note” means a promissory note substantially in the form of Exhibit A.
“Notice of Borrowing” – see Section 2.2.2.
“Notice of Conversion/Continuation” – see Section 2.2.3(b).
“Obligations” means all obligations (monetary (including post-petition interest, allowed or not) or otherwise) of any Loan Party under this Agreement and any other Loan Document including Attorney Costs and any reimbursement obligations of each Loan Party in respect of Letters of Credit, all in each case howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due.
“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.
“Original Effective Date” means March 24, 2016.
“Other Connection Taxes” means, with respect to any Lender or the Administrative Agent, taxes imposed as a result of a present or former connection between such Lender or the Administrative Agent and the jurisdiction imposing such taxes (other than a connection arising solely from such Lender or the Administrative Agent having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to, or enforced any Loan Document, or sold or assigned an interest in any Loan Document). 
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such taxes that are Other Connection Taxes imposed as a result of an assignment (other than an assignment made pursuant to Section 8.7).
“Outside Letter of Credit” means any secured or unsecured letter of credit issued by any institution (including any Lender) which is not subject to the L/C Fee Rate or any limitations or terms of this Agreement other than the Outside Letter of Credit Limitation.
“Outside Letter of Credit Limitation” means $300,000,000.
“Participating Member State” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.
“participation” – see Section 2.3.2.
“PBGC” means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA. 

22

“Participant” – see Section 15.5.2.
“Participant Register” – see Section 15.5.2.
“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Requires to Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 
“Pension Plan” means a “pension plan”, as such term is defined in Section 3(2) of ERISA, which is subject to Title IV of ERISA or the minimum funding standards of ERISA (other than a Multiemployer Pension Plan), and as to which the Company or any member of the Controlled Group may have any liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time.
“Person” means any natural person, corporation, partnership, trust, limited liability company, association or governmental authority, or any other entity, whether acting in an individual, fiduciary or other capacity.
“Platform” means IntraLinks/IntraAgency, SyndTrak or another relevant website or other information platform.
“Prime Rate” means, for any day, the rate of interest publicly announced from time to time by the Administrative Agent as its prime rate in effect at its principal office in New York City. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent or any other Lender may make commercial loans or other loans at rates of interest at, above or below the Prime Rate. Any change in such Prime Rate announced by the Administrative Agent shall take effect at the opening of business on the day specified in the public announcement of such change.
“Principal Office” means for each of the Administrative Agent, the Swing Line Lender and each Issuing Lender, such Person’s “Principal Office” as set forth on Annex B, or such other office or office of a third party or sub-agent, as appropriate, as such Person may from time to time designate in writing to the Company, the Administrative Agent and each Lender.
“Pro Rata Share” means:
(a)    with respect to a Lender’s obligation to make Revolving Loans, participate in Letters of Credit, participate in Swing Line Loans, reimburse the applicable Issuing Lender, reimburse the Swing Line Lender and receive payments of principal, interest, fees, costs, and expenses with respect thereto, (x) prior to the Commitments being terminated or reduced to zero, the percentage obtained by dividing (i) such Lender’s Commitment, by (ii) the aggregate Commitment of all Lenders and (y) from and after the time the Commitments have been terminated or reduced to zero, the percentage obtained by dividing (i) the aggregate unpaid principal amount of such Lender’s Revolving Outstandings by (ii) the aggregate unpaid principal amount of all Revolving Outstandings;

23

(b)    with respect to a Lender’s obligation to make Term Loans, if at any time applicable, and receive payments of principal, interest, fees, costs, and expenses with respect thereto, (x) prior to the Term Loan Commitments being terminated or reduced to zero, the percentage obtained by dividing (i) such Lender’s Term Loan Commitment, by (ii) the aggregate Term Loan Commitments of all Lenders and (y) from and after the time the Term Loan Commitments have been terminated or reduced to zero, the percentage obtained by dividing (i) the aggregate unpaid principal amount of such Lender’s Term Loans by (ii) the aggregate unpaid principal amount of all Term Loans; and
(c)    with respect to all other matters as to a particular Lender, the percentage obtained by dividing (i) such Lender’s Commitment and Term Loan Commitment by (ii) the aggregate amount of Commitments and Term Loan Commitments of all Lenders; provided that in the event the Commitments or Term Loan Commitments have been terminated or reduced to zero, Pro Rata Share shall be the percentage obtained by dividing (A) the sum of the principal amount of such Lender’s Revolving Outstandings and the principal amount of such Lender’s Term Loans by (B) the principal amount of all outstanding Revolving Outstandings and Term Loans.
“Quotation Day” means, in respect of (a) any Interest Period for Loans in U.S. Dollars or in any Alternative Currency (other than Euro, Sterling or Canadian Dollars), the day that is two Business Days prior to the first day of such Interest Period; (b) any Interest Period for Loans in Euro, the day which is two Target Operating Days prior to the first day of such Interest Period; and (c) any Interest Period for Loans in Sterling or Canadian Dollars, the first day of such Interest Period; in each case unless market practice changes for loans in the applicable currency priced by reference to rates quoted in the relevant interbank market, in which case the Quotation Day for such currency shall be determined by the Administrative Agent (in consultation with the Company) in accordance with market practice for such loans priced by reference to rates quoted in the relevant interbank market (and if quotations would normally be given by leading banks for such loans priced by reference to rates quoted in the relevant interbank market on more than one day, the Quotation Day shall be the last of those days).
“Real Estate Debt” means (a) any debt or obligations of the Company or any of its Subsidiaries in whole or in part secured by interests in real property, including the NML Loan and extensions, renewals and refinancings of such Debt and (b) any Guarantee Obligations of the Company with respect to the Debt of any Centene Plaza Subsidiary and extensions, renewals and refinancings of such Debt; provided that such Debt (with respect to which the Company has Guarantee Obligations) is used solely to finance or refinance a Centene Plaza Project.
“Real Estate Debt Documents” means the documents evidencing and securing Real Estate Debt.
“Refunded Swing Line Loans” – see Section 2.4(d).
“Refinancing Debt” – see Section 11.1(r).

24

“Register” – see Section 15.6.
“Regulation D” means Regulation D of the FRB.
“Regulation T” means Regulation T of the FRB.
“Regulation U” means Regulation U of the FRB.
“Regulation X” means Regulation X of the FRB.
“Related Fund” means, with respect to any Lender that is an investment fund, any other investment fund that invests in commercial loans and that is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor.
“Replacement Lender” – see Section 8.7(b).
“Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued thereunder as to which the PBGC has not waived the notification requirement of Section 4043(a), or the failure of a Pension Plan to meet the minimum funding standards of Section 412 of the Code (without regard to whether the Pension Plan is a plan described in Section 4021(a)(2) of ERISA) or under Section 302 of ERISA.
“Required Lenders” means, at any time, Lenders who have Pro Rata Shares which exceed 50% as determined pursuant to clause (c) of the definition of “Pro Rata Share”. For purposes of this definition, Required Lenders shall be determined by excluding all Loans and Commitments held or beneficially owned by a Defaulting Lender.
“Restatement Effective Date” has the meaning given to such term in the Amendment and Restatement Agreement.
“Restricted Payment” – see Section 11.3.
“Revaluation Date” means (a) with respect to any Loan denominated in an Alternative Currency, each of the following:  (i) each date of a Borrowing of any such Loan, (ii) each date of a conversion or continuation of any such Loan pursuant to Sections 2.2.3, 8.2 and 8.3, (iii) each date of any payment of interest or principal with respect to any such Loan and (iv) such additional dates as the Administrative Agent shall determine or the Required Lenders shall require; and (b) with respect to any Letter of Credit denominated in an Alternative Currency, each of the following: (i) each date of issuance of such Letter of Credit, (ii) each date of an amendment of any such Letter of Credit having the effect of increasing the amount thereof, (iii) each date of any payment by any Issuing Lender under any such Letter of Credit and (iv) such additional dates as the Administrative Agent or an Issuing Lender shall determine or the Required Lenders shall require.
“Revolving Exposure” means, with respect to any Lender at any time, the sum of (a) the aggregate amount of the U.S. Dollar Equivalent of such Lender’s Revolving Loans 

25

outstanding at such time, (b) such Lender’s Swing Line Exposure at such time and (c) such Lender’s L/C Exposure at such time.
“Revolving Loan” – see Section 2.1.1.
“Revolving Loan Availability” means the Commitments of all of the Lenders.
“Revolving Outstandings” means, at any time, the sum of (a) the aggregate principal amount of the U.S. Dollar Equivalent of all outstanding Revolving Loans, plus (b) the U.S. Dollar Equivalent of the Stated Amount of all Letters of Credit, plus (c) the aggregate outstanding amount of all Swing Line Loans.
“S&P” means Standard & Poor’s, a Division of The McGraw-Hill Companies, Inc. and any successor thereto of its rating business.
“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.
“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of comprehensive Sanctions (at the Restatement Effective Date, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, or by the United Nations Security Council or the European Union, (b) any Person organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).
“Screen Rate” means (a) in respect of the LIBO Rate for any Interest Period, a rate per annum equal to the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in the applicable currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period as displayed on the Reuters screen page that displays such rate (currently LIBOR01 or LIBOR02) (or, in the event such rate does not appear on a page of the Reuters screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion), (b) in respect of the EURIBO Rate for any Interest Period, the percentage per annum determined by the Banking Federation of the European Union for such Interest Period as set forth on the Reuters screen page that displays such rate (currently EURIBOR01) (or, in the event such rate does not appear on a page of the Reuters screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) and (c) in respect of the CDO Rate for any Interest Period, the average rate for bankers acceptances with a tenor equal to the Interest Period as displayed on the Reuters screen page that displays such rate (currently 

26

CDOR01) (or, in the event such rate does not appear on a page of the Reuters screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion); provided that if the Screen Rate, determined as provided above, would be less than 0.0%, the Screen Rate shall for all purposes of this Agreement be 0.0%.
“SEC” means the Securities and Exchange Commission or any other governmental authority succeeding to any of the principal functions thereof.
“Senior Officer” means, with respect to any Loan Party, any of the chief executive officer, the chief financial officer, the chief operating officer, the treasurer or the general counsel of such Loan Party.
“Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” within the meaning of Rule 1-02 of the SEC’s Regulation S-X.
“Solvent” means (i) the sum of the debt and liabilities (subordinated, contingent or otherwise) of the Company and its Subsidiaries, taken as a whole, does not exceed the fair value of the assets (at a fair valuation) of the Company and its Subsidiaries, taken as a whole; (ii) the present fair saleable value of the assets (at a fair valuation) of the Company and its Subsidiaries, taken as a whole, is greater than the amount that will be required to pay the probable liabilities of the Company and its Subsidiaries, taken as a whole, on their debts and other liabilities subordinated, contingent or otherwise as they become absolute and matured; (iii) the capital of the Company and its Subsidiaries, taken as a whole, is not unreasonably small in relation to the business of the Company and its Subsidiaries, taken as a whole, as conducted or contemplated as of the relevant date; and (iv) the Company and its Subsidiaries, taken as a whole, have not incurred and do not intend to incur, or believe that they will incur, debts or other liabilities (including current obligations and contingent liabilities) beyond their ability to pay such debt or other liabilities as they become due (whether at maturity or otherwise).  For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
“Specified Time” means (a) with respect to the LIBO Rate, 11:00 a.m., London time, (b) with respect to the EURIBO Rate, 11:00 a.m., Frankfurt time, and (c) with respect to the CDO Rate, 10:00 a.m. Toronto time.
“Spot Rate” for a currency means the rate determined by the Administrative Agent or an Issuing Lender, as applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 10:00 A.M. New York City time on the date as of which the foreign exchange computation is made; provided that the Administrative Agent or an Issuing Lender may obtain such spot rate from another financial institution designated by the Administrative Agent or an Issuing Lender if the Person acting 

27

in such capacity does not have as of the date of determination a spot buying rate for any such currency.
“Stated Amount” means, with respect to any Letter of Credit at any date of determination, (a) the maximum aggregate amount available for drawing thereunder under any and all circumstances plus (b) the aggregate amount of all unreimbursed payments and disbursements under such Letter of Credit.
“Sterling” and “£” mean the lawful currency of the United Kingdom.
“Subordinated Debt” means any Debt of any Loan Party that is by its terms subordinated in right of payment to any of the Obligations.
“Subordinated Debt Documents” means all documents and instruments relating to the Subordinated Debt and all amendments and modifications thereof approved by the Administrative Agent.
“Subordination Agreements” means any subordination agreements executed by a holder of Subordinated Debt in favor of the Administrative Agent and the Lenders from time to time after the Original Effective Date in form and substance and on terms and conditions satisfactory to the Administrative Agent.
“Subsidiary” means, with respect to any Person, a corporation, partnership, limited liability company or other entity of which such Person owns, directly or indirectly, such number of outstanding Capital Securities as have more than 50% of the ordinary voting power for the election of directors or other managers of such corporation, partnership, limited liability company or other entity; provided, however, that Unrestricted Subsidiaries and the Charitable Foundations shall not be deemed to be Subsidiaries of the Company for any purpose of this Agreement or the other Loan Documents.  Unless the context otherwise requires, each reference to Subsidiaries herein shall be a reference to Subsidiaries of the Company.
“Swing Line Commitment” means the obligation of the Swing Line Lender to make Swing Line Loans and of each Lender having a Commitment to participate in Swing Line Loans hereunder.
“Swing Line Exposure” means, at any time, the aggregate principal amount of all Swing Line Loans outstanding at such time.  The Swing Line Exposure of any Lender at any time shall be the sum of (a) its Pro Rata Share of the aggregate principal amount of all Swing Line Loans outstanding at such time (excluding, in the case of the Swing Line Lender, Swing Line Loans made by it that are outstanding at such time to the extent that the other Lenders shall not have funded their participations in such Swing Line Loans), adjusted to give effect to any reallocation under Section 2.6(b) of the Swing Line Exposure of Defaulting Lenders in effect at such time, and (b) in the case the Swing Line Lender, the aggregate principal amount of all Swing Line Loans made by such Lender outstanding at such time to the extent that the other Lenders shall not have funded their participations in such Swing Line Loans.

28

“Swing Line Lender” means Wells Fargo Bank, National Association, in its capacity as the Swing Line Lender hereunder, together with its permitted successors and assigns in such capacity.
“Swing Line Loan” means a Loan made by the Swing Line Lender to the Company pursuant to Section 2.4.
“Swing Line Sublimit” means the lesser of (i) $150,000,000 and (ii) the aggregate unused amount of Commitments then in effect.
“Syndication Agents” means Wells Fargo Securities, LLC, Barclays Bank PLC, Citibank, N.A. and SunTrust Bank, as co-syndication agents.
“TARGET” means the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable replacement).
“Target Operating Day” means any day on which banks in London are open for general banking business and is not (a) a Saturday or Sunday or (b) any other day on which the TARGET is not operating (as determined by the Administrative Agent).
“Tax Abatement Documents” means those agreements listed on Schedule 1.1(c).
“Taxes” means any and all present and future taxes, duties, levies, imposts, deductions, assessments, charges or withholdings, and any and all liabilities (including interest and penalties and other additions to taxes) with respect to the foregoing, but excluding Excluded Taxes.
“Term Loan Commitment” – see Section 2.1.2(a).
“Termination Date” means the earlier to occur of (a) the date that is five years after the Restatement Effective Date and (b) such other date on which the Commitments terminate pursuant to Section 6 or Section 13.
“Termination Event” means, with respect to a Pension Plan or a Multiemployer Pension Plan, as applicable, (a) a Reportable Event, (b) the withdrawal of the Company or any other member of the Controlled Group from such Pension Plan during a plan year in which the Company or any other member of the Controlled Group was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or the imposition of a lien on the property of the Company or any other member of the Controlled Group pursuant to Section 4068 of ERISA, (c) the termination of such Pension Plan, the filing of a notice of intent to terminate the Pension Plan or the treatment of an amendment of such Pension Plan as a termination under Section 4041 of ERISA, (d) the institution by the PBGC of proceedings to terminate such Pension Plan, (e) any event or condition that might constitute grounds under Section 4042 of ERISA for the termination of, or appointment of a trustee to administer, such Pension Plan, (f) such 

29

Pension Plan is in “at risk” status within the meaning of Section 430(i) of the Code, or such Multiemployer Pension Plan is in “endangered status” or “critical status” within the meaning of Section 432(b) of the Code, or (g) a complete or partial withdrawal from a Multiemployer Pension Plan.
“Total Debt” means the sum of all Debt under clauses (a), (b) and (c) of the definition thereof and all unreimbursed obligations in respect of drawn letters of credit, bankers acceptances or similar instruments (but only to the extent not reimbursed within one Business day after such amount is due and payable), in each case of the Company and its Subsidiaries, determined on a consolidated basis (but treating Unrestricted Subsidiaries as if they were not consolidated with the Company and otherwise eliminating all accounts of Unrestricted Subsidiaries), excluding (a) Hedging Agreements and (b) Debt of the Company to Loan Parties and Debt of Loan Parties to the Company or to other Loan Parties.
“Total Debt to EBITDA Ratio” means, as of the last day of any Fiscal Quarter, the ratio of (a) (i) Total Debt as of such day less (ii) the lesser of (x) unrestricted cash and cash equivalents of the Company and its Subsidiaries as of such day in excess of $50,000,000 and (y) $500,000,000 to (b) EBITDA for the Computation Period ending on such day.
“Total Plan Liability” means, at any time, the present value of all vested and unvested accrued benefits under the applicable Pension Plan(s), determined as of the then most recent valuation date for each applicable Pension Plan, using PBGC actuarial assumptions for single employer plan terminations.
“Transactions” means (a) the execution, delivery and performance by the Company of the Loan Documents on the Restatement Effective Date, (b) the making of Loans hereunder on the Restatement Effective Date, (c) the use of the proceeds thereof, (d) the consummation of the Fidelis Acquisition and the other transactions contemplated by the Fidelis Acquisition Agreement to occur on or prior to the Restatement Effective Date and (e) the payment of the fees and expenses incurred in connection with the foregoing.  
“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate, the LIBO Rate, the EURIBO Rate, the CDO Rate or the Base Rate.
“Unfunded Liability” means the amount (if any) by which the present value of all vested and unvested accrued benefits under the applicable Pension Plan(s) exceeds the fair market value of all assets allocable to those benefits, all determined as of the then most recent valuation date for each applicable Pension Plan, using PBGC actuarial assumptions for single employer plan terminations.
“Unmatured Event of Default” means any event that, if it continues uncured, will, with lapse of time or notice or both, constitute an Event of Default.

30

“Unrestricted Subsidiary” means any Subsidiary organized or acquired directly or indirectly by the Company after the Original Effective Date that the Company designates as an “Unrestricted Subsidiary” by written notice to the Administrative Agent in accordance with Section 10.10.  No Unrestricted Subsidiary may own any Capital Securities of a Subsidiary; provided that, so long as no Unmatured Event of Default or Event of Default shall have occurred and be continuing or would result therefrom, the Company may redesignate any Unrestricted Subsidiary as a “Subsidiary” by written notice to the Administrative Agent and by complying with the applicable provisions of Section 10.10.   As of the Restatement Effective Date, there are no Unrestricted Subsidiaries.
“Unrestricted Subsidiary Reconciliation Statement” means, with respect to any consolidated balance sheet or statement of operations, stockholders’ equity or cash flows of the Company and its consolidated Subsidiaries, such financial statement (in substantially the same form) prepared on the basis of consolidating the accounts of the Company and the Subsidiaries and treating Unrestricted Subsidiaries as if they were not consolidated with the Company and otherwise eliminating all accounts of Unrestricted Subsidiaries, together with an explanation of reconciliation adjustments in reasonable detail.  
“U.S. Dollars” and the sign “$” mean lawful money of the United States of America.
“U.S. Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in U.S. Dollars, such amount, and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in U.S. Dollars as determined by the Administrative Agent or the Issuing Lender, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of U.S. Dollars with such Alternative Currency.
“Withholding Certificate” – see Section 7.6(d).
“Wholly-Owned Subsidiary” means, as to any Person, a Subsidiary all of the Capital Securities of which (except directors’ qualifying Capital Securities) are at the time directly or indirectly owned by such Person and/or another Wholly-Owned Subsidiary of such Person.
1.2    Other Interpretive Provisions.
1.2.1    The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 
1.2.2    Section, Annex, Schedule and Exhibit references are to this Agreement unless otherwise specified.
1.2.3    The term “including” is not limiting and means “including without limitation.”

31

1.2.4    In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”, and the word “through” means “to and including.”
1.2.5    Unless otherwise expressly provided herein, (i) references to agreements (including this Agreement and the other Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, supplements and other modifications thereto, but only to the extent such amendments, restatements, supplements and other modifications are not prohibited by the terms of any Loan Document, and (ii) references to any statute or regulation shall be construed as including all statutory and regulatory provisions amending, replacing, supplementing or interpreting such statute or regulation.
1.2.6    This Agreement and the other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters.  All such limitations, tests and measurements are cumulative and each shall be performed in accordance with its terms.
1.2.7    This Agreement and the other Loan Documents are the result of negotiations among, and have been reviewed by counsel to, the Administrative Agent, the Company, the Lenders and the other parties thereto and are the products of all parties.  Accordingly, they shall not be construed against the Administrative Agent or the Lenders merely because of the Administrative Agent’s or the Lenders’ involvement in their preparation.
1.2.8    Unless otherwise specified herein, each reference herein to “Stated Amount”, “stated amount”, “undrawn amount”, “face amount”, “aggregate amount” or any other amount of any Letter of Credit shall be deemed to mean and be a reference to the U.S. Dollar Equivalent of the Stated Amount, stated amount, undrawn amount, face amount or such other amount of such Letter of Credit.  For the avoidance of doubt, for purposes of calculating any fee set forth in Section 5.1, 5.2(a) or 5.2(b), the Stated Amount, the undrawn amount and the face amount of each Letter of Credit shall be the U.S. Dollar Equivalent of the Stated Amount, the undrawn amount and the face amount of such Letter of Credit.  Without limiting the foregoing, for all purposes herein, including, the purposes of Sections 2.3.2, 2.3.3 and 2.3.4, the reimbursement for any payment or disbursement made by an Issuing Lender in an Alternative Currency in respect of any Letter of Credit shall be made in the same Alternative Currency or, in the event such Issuing Lender shall agree, in the U.S. Dollar Equivalent thereof as of the time of such reimbursement that is sufficient to reimburse such Issuing Lender in full for such payment or disbursement.  Unless otherwise specified herein, each reference to any amount of any Revolving Loan shall be deemed to mean and be a reference to the U.S. Dollar Equivalent of such amount of such Revolving Loan.  Without limiting the foregoing, for all purposes herein, including the purposes of Section 7.1, all payments by the Company hereunder with respect to principal and interest on Loans denominated in an Alternative Currency shall be made in the same Alternative Currency or, in the event the applicable Lender shall agree, in the U.S. Dollar Equivalent thereof as of the time of such payment that is sufficient for payment in full at such time.  The Administrative Agent or each applicable Issuing Lender, 

32

as applicable with respect to Letters of Credit, shall determine the Spot Rates as of each Revaluation Date to be used for calculating U.S. Dollar Equivalent amounts of Loans or Revolving Outstandings.  Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. 
1.3    Limited Condition Transactions.  Solely for the purpose of (i) measuring the relevant ratios and baskets with respect to the incurrence of any Debt or the making of any permitted Acquisition or other Investment or (ii) determining the occurrence of any Event of Default or Unmatured Event of Default, in each case, in connection with a Limited Condition Transaction, if the Company makes an LCT Election, the date of determination in determining whether any such incurrence of any Debt or the making of any permitted Acquisition or other Investment is permitted shall be deemed to be the LCT Test Date (provided that for the purpose of determining the occurrence of any Event of Default under Sections 13.1(a) or 13.1(c), such determination shall also be made at the time of the consummation of the Limited Condition Transaction), and if, after giving effect to the applicable Limited Condition Transaction and the other transactions to be entered into in connection therewith as if they had occurred as of such date of determination, ending prior to the LCT Test Date on a pro forma basis, the Company could have taken such action on the relevant LCT Test Date in compliance with any such ratio or basket, such ratio or basket shall be deemed to have been complied with. If the Company has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket (but excluding, for the avoidance of doubt, for purposes of determining the Applicable Margin and determining compliance with Section 11.12) on or following the relevant LCT Test Date and prior to the earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated and tested on a pro forma basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of debt and the use of proceeds thereof) have been consummated.  
SECTION 2    COMMITMENTS OF THE LENDERS; BORROWING, CONVERSION AND LETTER OF CREDIT PROCEDURES.
2.1    Commitments.  On and subject to the terms and conditions of this Agreement, each of the Lenders, severally and for itself alone, agrees to make loans to, and to issue or participate in Letters of Credit and to make or participate in Swing Line Loans for the account of, the Company as follows:
2.1.1    Commitment.  Each Lender with a Commitment severally agrees to make loans in U.S. Dollars or in one or more Alternative Currencies on a revolving basis (“Revolving Loans”) on and after the Restatement Effective Date from time to time until the Termination Date in an amount equal to such Lender’s Pro Rata Share of such aggregate amounts as the Company may request from all Lenders; provided that (i) the Revolving Outstandings will not at any time exceed the Revolving Loan Availability, (ii) the Revolving 

33

Exposure of any Lender will not at any time exceed its Commitment and (iii) the U.S. Dollar Equivalent of Revolving Loans denominated in Alternative Currencies will not at any time exceed $300,000,000 (the “Alternative Currency Sublimit”).
2.1.2    Increase in Commitment.  
(a)    The Company may, at its option any time after the Restatement Effective Date and before the Termination Date, seek to (i) increase the Commitments (any such increase, a “Commitment Increase”) or (ii) establish one or more new term loan commitments (“Term Loan Commitments” and, together with any Commitment Increase, the “Incremental Commitments”) of an existing tranche of term loans or a separate tranche of new term loans (any such term loans, the “Incremental Term Loans”) upon written notice to the Administrative Agent; provided that, subject to the calculation adjustments set forth in Section 1.3 with respect to any Incremental Term Loans being incurred in connection with a Limited Condition Transaction, the aggregate principal amount of all Incremental Commitments shall not exceed the greater of (x) $500,000,000 and (y) such other amount such that after giving pro forma effect to the incurrence of such Incremental Commitments and the use of proceeds thereof (assuming that all amounts thereunder are drawn in full but without netting any of the proceeds thereof) the Total Debt to EBITDA Ratio would not exceed 3.50 to 1.00.
(b)    Any such notice delivered to the Administrative Agent in connection with a Commitment Increase shall be delivered at a time when no Unmatured Event of Default or Event of Default has occurred and is continuing and shall specify (i) the amount of such Commitment Increase (which shall not be less than $10,000,000 or, if less, the maximum amount of Incremental Commitments remaining to be established hereunder) sought by the Company, (ii) the date (each, an “Increased Amount Date”) on which the Company proposes that such Commitment Increase shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent (unless otherwise agreed by the Administrative Agent in its sole discretion) and (iii) the identity of each Incremental Lender to whom the Company proposes any portion of such Commitment Increase be allocated and the amounts of such allocations.  The Administrative Agent, subject to the consent of the Company, which shall not be unreasonably withheld, may allocate the Commitment Increase (which may be declined by any Lender (including in its sole discretion)) on either a ratable basis to the Lenders or on a non pro-rata basis to one or more Lenders and/or to other Eligible Assignees reasonably acceptable to each of the Administrative Agent, each Issuing Lender, the Swing Line Lender and the Company which have expressed a desire to accept the Commitment Increase.  The Administrative Agent will then notify each existing Lender and Incremental Lender of such revised allocations of the Commitments, including the desired increase.  No Commitment Increase shall become effective until each of the Incremental Lenders extending such Commitment Increase and the Company shall have delivered to the Administrative Agent a document in form reasonably satisfactory to the Administrative Agent pursuant to which any such Incremental Lender states the amount of its Commitment Increase and agrees to assume and accept the obligations and rights of a Lender hereunder, and the Company accepts such new Commitments.

34

(c)    Any such notice delivered to the Administrative Agent in connection with Term Loan Commitments shall be delivered at a time when no Unmatured Event of Default or Event of Default has occurred and is continuing and shall specify (i) the amount of such Term Loan Commitments (which shall not be less than $25,000,000 or, if less, the maximum amount of Incremental Commitments remaining to be established hereunder) sought by the Company, (ii) the Increased Amount Date, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent (unless otherwise agreed by the Administrative Agent in its sole discretion) and (iii) the identity of each Incremental Lender.  Each Incremental Lender, if not already a Lender hereunder, shall be an Eligible Assignee and reasonably acceptable to the Administrative Agent and no Lender shall be required to participate in any Incremental Term Loans.  On or after such Increased Amount Date, the Company, the Administrative Agent and one or more Incremental Lenders may, and without the consent of any other Lender, amend this Agreement pursuant to an amendment agreement (an “Incremental Term Loan Amendment”) setting forth, to the extent applicable, the following terms of such Incremental Term Loans: (A) whether such Incremental Term Loans will be part of an existing tranche of Incremental Term Loans or part of a new and separate tranche, (B) the maturity or termination date applicable to the Incremental Term Loans or Term Loan Commitments of such tranche, (C) any amortization applicable to the Incremental Term Loans of such tranche, (D) the interest rate or rates applicable to the Incremental Term Loans of such tranche, (E) the fees applicable to the Incremental Term Loans or Term Loan Commitments of such tranche, (F) any original issue discount applicable to Incremental Term Loans or Term Loan Commitments of such tranche, (G) the initial Interest Period or Interest Periods applicable to Incremental Term Loans or Term Loan Commitments of such tranche and (H) any voluntary or mandatory prepayment requirements or Term Loan Commitment reductions applicable to Incremental Term Loans or Term Loan Commitments of such tranche and any restrictions on the voluntary or mandatory prepayment or reduction of Incremental Term Loans or Term Loan Commitments of tranches established after such tranche (it being understood that any such mandatory prepayments may be applied to Term Loans prior to being applied to any Revolving Loans), and implementing such additional amendments to this Agreement as shall be appropriate to give effect to the foregoing terms and to provide the rights and benefits of this Agreement and other Loan Documents to the Incremental Term Loans of such tranche, and such amendment will be effective to amend this Agreement and the other Loan Documents on the terms set forth therein without the consent of any other Lender or the Swing Line Lender.  Except as contemplated by the  preceding sentence, the terms of any Incremental Term Loans established under this Section shall be the same as those of the Incremental Term Loans existing at the time such new Incremental Term Loans were made.  Notwithstanding the foregoing, (1) except as provided in clauses (A) through (H) above, no Incremental Term Loan Amendment shall alter the rights of any Lender (other than the Incremental Lenders) in a manner that would not be permitted under Section 15.1 without the consent of such Lender unless such consent shall have been obtained and (2) no Incremental Term Loans shall (A) have a maturity date earlier than the Latest Maturity Date without the prior written consent of Lenders holding a majority of the principal amount of the Commitments or the Incremental Term Loans of any tranche maturing prior to such date, (B) have scheduled amortization of more than 5% of the original principal amount of such Incremental Term Loan per annum or (C) have mandatory prepayment terms other than 

35

customary mandatory prepayments from proceeds of assets sales and casualty events (with customary reinvestment rights), the incurrence of Debt not otherwise permitted hereunder and annual excess cash flow.  The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Term Loan Amendment.
(d)    Notwithstanding the foregoing, no Incremental Commitments or Incremental Term Loans shall be made or established, and no Incremental Term Loan Amendment shall become effective, unless (i) no Unmatured Event of Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such Incremental Commitments or Incremental Term Loans (except in the case that the proceeds of any Incremental Term Loans are being used to finance a Limited Condition Transaction, in which case the standard will be no Event of Default or Unmatured Event of Default on the LCT Test Date and no Event of Default under Sections 13.1(a) or 13.1(c) at the time of the consummation of such Limited Condition Transaction); (ii) all other fees and expenses owing in respect of such increase to the Administrative Agent and the Lenders will have been paid; (iii) the Company shall be in pro forma compliance with each of the covenants set forth in Section 11.12 (giving effect, if applicable, to the provisos thereto) as of the last day of the most recently ended Fiscal Quarter (or, in the case that the proceeds of any Incremental Term Loan are being used to finance a Limited Condition Transaction, as of the last day of the most recently ended Fiscal Quarter prior to the applicable LCT Test Date) after giving effect to such Commitment Increase or Incremental Term Loans and other customary and appropriate pro forma adjustment events, including any Acquisitions or dispositions after the beginning of the relevant determination period but prior to or simultaneous with the borrowing of such Incremental Commitments or Incremental Term Loans, as the case may be, and provided that for purposes of calculating the Total Debt to EBITDA Ratio, any Commitment Increases that are drawn substantially simultaneous with the effectiveness of such Commitment Increase shall be given pro forma effect; and (iv) the Company shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction.
(e)    Upon the making of any Incremental Term Loan or the effectiveness of any Incremental Commitment of any Incremental Lender that is not already a Lender pursuant to this Section, such Incremental Lender shall be deemed to be a “Lender” (and a Lender in respect of Loans of the applicable facility or tranche) hereunder, and henceforth shall be entitled to all the rights of, and benefits accruing to, Lenders (or Lenders in respect of the applicable facility or tranche) hereunder and shall be bound by all agreements, acknowledgements and other obligations of Lenders (or Lenders in respect of the applicable facility or tranche) hereunder.  After giving effect to any Commitment Increase, all Loans and all such other credit exposure shall be held ratably by the Lenders in proportion to their respective Commitments, as revised to reflect the increase in the Commitments.  The terms of any such Commitment Increase and the extensions of credit made pursuant thereto shall be identical to those of the other Commitments and the extensions of credit made pursuant thereto.  Each Commitment Increase shall be deemed for all purposes a Commitment and each Loan made thereunder (an “Incremental Revolving Loan”) shall be deemed, for all purposes, a Revolving Loan.  The Administrative Agent may elect or decline to arrange the increase in 

36

Commitment sought by the Company but is under no obligation to arrange or consummate any such increase.  The Company will cooperate with the Administrative Agent in such efforts.
2.1.3    L/C Commitment.  Subject to Section 2.3.1, each Issuing Lender agrees to issue Letters of Credit, in each case containing such terms and conditions as are permitted by this Agreement and are reasonably satisfactory to the applicable Issuing Lender, at the request of and for the account of the Company from time to time on and after the Restatement Effective Date and before the scheduled Termination Date and, as more fully set forth in Section 2.3.2, each Lender agrees to purchase a participation in each such Letter of Credit; provided that (a) the aggregate Stated Amount of all Letters of Credit shall not at any time exceed $300,000,000, (b) the aggregate Stated Amount of all Letters of Credit outstanding with respect to any Issuing Lender shall not exceed such Issuing Lender’s Letter of Credit Sublimit, (c) the Revolving Outstandings shall not at any time exceed Revolving Loan Availability, (d) the Revolving Exposure of any Lender shall not at any time exceed its Commitment, (e) each Letter of Credit shall be denominated in U.S. Dollars or an Alternative Currency, (f) the stated amount of each Letter of Credit shall not be less than the applicable Borrowing Minimum or a higher integral multiple of the applicable Borrowing Multiple or such lesser amount as is acceptable to the applicable Issuing Lender and (g) in no event shall any Letter of Credit have an expiration date later than the earlier of (1) five Business Days prior to the Termination Date and (2) the date which is one year from the date of issuance of such Letter of Credit; provided any Letter of Credit may provide for renewal thereof for additional periods of up to 12 months (which in no event shall extend beyond the date referred to in clause (1) above unless such Letter of Credit is Cash Collateralized or backstopped pursuant to arrangements reasonably acceptable to the relevant Issuing Lender, it being understood that if an Issuing Lender issues a Letter of Credit that extends beyond the date referred to in clause (1) above, each Lender’s participation in such Letter of Credit will end on the Termination Date).  In the event there is a Defaulting Lender, no Issuing Lender shall be required to issue, renew or extend any Letter of Credit to the extent (x) the Defaulting Lender’s Pro Rata Share of Letter of Credit Commitment may not be reallocated pursuant to Section 2.6(b) or (y) such Issuing Lender has not otherwise entered into arrangements satisfactory to it and the Company to eliminate such Issuing Lender’s risk with respect to the participation in Letters of Credit of the Defaulting Lender, including by Cash Collateralizing such Defaulting Lender’s Pro Rata Share of the Letter of Credit Usage.  Notwithstanding the foregoing, the Company and its Subsidiaries may obtain Outside Letters of Credit; provided that the aggregate outstanding amount of such Outside Letters of Credit does not exceed the Outside Letter of Credit Limitation.
2.1.4    Swing Line Loan Commitments.  Subject to the terms and conditions hereof the Swing Line Lender agrees to make Swing Line Loans in U.S. Dollars to the Company on and after the Restatement Effective Date in an aggregate amount up to but not exceeding the Swing Line Sublimit; provided, that after giving effect to the making of any Swing Line Loan, in no event shall (x) the Revolving Outstandings exceed the Revolving Loan Availability then in effect or (y) the Revolving Exposure of any Lender exceed its Commitment; provided, further, that the Swing Line Lender shall not be obligated to make any Swing Line Loans (a) after the occurrence and during the continuation of an Unmatured Event of Default or Event 

37

of Default, (b) if it does not in good faith believe that all conditions under Section 12.3 to the making of such Swing Line Loan have been satisfied or waived by the Required Lenders or (c) if any of the Lenders is a Defaulting Lender but, in the case of this clause (c) only to the extent that the Defaulting Lender’s participation in such Swing Line Loan may not be reallocated pursuant to Section 2.6(b) and other arrangements satisfactory to it and the Company to eliminate such Swing Line Lender’s risk with respect to the Defaulting Lender’s participation in such Swing Line Loan (including Cash Collateralization by the Company of such Defaulting Lender’s pro rata share of the outstanding Swing Line Loans) have not been entered into.  Amounts borrowed pursuant to this Section 2.1.4 may be repaid and reborrowed until the Termination Date.  The Swing Line Lender’s Commitment shall expire on the Termination Date and all Swing Line Loans and all other amounts owed hereunder with respect to the Swing Line Loans and the Commitments shall be paid in full no later than such date.
2.2    Revolving Loan Procedures.
2.2.1    Various Types of Revolving Loans.  Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans of the same Type and currency, as the Company shall specify in the related notice of borrowing or conversion pursuant to Section 2.2.2 or 2.2.3.  Subject to Sections 8.2 and 8.3, (i) each Borrowing denominated in U.S. Dollars (other than a Swing Line Loan) shall be comprised entirely of (A) LIBOR Loans or (B) Base Rate Loans, (ii) each Borrowing denominated in any Alternative Currency other than Euros or Canadian Dollars shall be comprised entirely of LIBOR Loans, (iii) each Borrowing denominated in Euros shall be comprised entirely of EURIBOR Loans, (iv) each Borrowing denominated in Canadian Dollars shall be comprised entirely of CDOR Loans and (v) each Swing Line Loan shall be a Base Rate Loan.  Borrowings of more than one Type may be outstanding at the same time; provided that not more than fifteen different LIBOR, EURIBOR and CDOR Borrowings in the aggregate may be outstanding at any one time (unless the Administrative Agent agrees to a higher number in its sole discretion).  All Borrowings, conversions and repayments of Revolving Loans shall be effected so that each Lender will have a ratable share (according to its Pro Rata Share) of all Types and Borrowings of Loans. 
2.2.2    Borrowing Procedures.  The Company shall give written notice (each such written notice, a “Notice of Borrowing”) substantially in the form of Exhibit D to the Administrative Agent of each proposed Borrowing not later than (a) in the case of a Base Rate Borrowing, 12:00 P.M., Local Time, on the proposed date of the making of a Loan, (b) in the case of a LIBOR Borrowing denominated in U.S. Dollars, 12:00 P.M., Local Time, at least three Business Days prior to such proposed date and (c) in the case of any Borrowing denominated in an Alternative Currency, 12:00 P.M., Local Time, at least four Business Days prior to such proposed date.  Each such notice shall be effective upon receipt by the Administrative Agent, shall be irrevocable, and shall specify the date, amount, Type and applicable currency of the Borrowing and, in the case of a LIBOR, EURIBOR or CDOR Borrowing, the initial Interest Period therefor.  If no election as to the currency of a Borrowing is specified, then the requested Borrowing shall be denominated in U.S. Dollars.  If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be a Base Rate Borrowing if denominated in U.S. Dollars, a EURIBOR Borrowing if denominated in Euros, 

38

a CDOR Borrowing if denominated in Canadian Dollars or a LIBOR Borrowing if denominated in an Alternative Currency other than Euro or Canadian Dollars.  If no Interest Period is specified with respect to any requested LIBOR, EURIBOR or CDOR Borrowing, then the Company shall be deemed to have selected an Interest Period of one month’s duration.  Promptly upon receipt of such notice, the Administrative Agent shall advise each Lender thereof.  Not later than 2:00 P.M., New York City time, on the proposed date of the making of a Loan, each Lender shall provide the Administrative Agent at the Principal Office specified by the Administrative Agent with immediately available funds covering such Lender’s Pro Rata Share of such Borrowing in the applicable currency and, so long as the Administrative Agent has not received written notice that the conditions precedent set forth in Section 12 with respect to such Borrowing have not been satisfied, the Administrative Agent shall pay over the funds received by the Administrative Agent to the Company on such requested date.  Each Borrowing shall be on a Business Day.  Each Borrowing shall be in an aggregate principal amount of at least the applicable Borrowing Minimum and an integral multiple of at least the applicable Borrowing Multiple.
2.2.3    Conversion and Continuation Procedures.
(a)    Subject to Section 2.2.1, the Company may, upon irrevocable written notice to the Administrative Agent in accordance with clause (b) below:
(i)    elect, as of any Business Day, to convert any Revolving Loans denominated in U.S. Dollars (or any part thereof in an aggregate amount not less than the applicable Borrowing Minimum or a higher integral multiple equal to the applicable Borrowing Multiple) into Loans of another Type denominated in U.S. Dollars; provided that a LIBOR Loan may only be converted on the expiration of the Interest Period applicable to such LIBOR Loan unless the Company shall pay all amounts due hereunder in connection with any such conversion; or
(ii)    elect, as of the last day of the applicable Interest Period, to continue any LIBOR, EURIBOR or CDOR Loans having Interest Periods expiring on such day (or any part thereof in an aggregate amount not less than the applicable Borrowing Minimum or a higher integral multiple equal to the applicable Borrowing Multiple) for a new Interest Period; provided that if an Unmatured Event of Default or Event of Default shall have occurred and be continuing at the end of any Interest Period, (A) no outstanding Borrowing denominated in U.S. Dollars may be converted to or continued as a LIBOR Borrowing, (B) unless repaid, each LIBOR Borrowing denominated in U.S. Dollars shall be converted to a Base Rate Borrowing at the end of the Interest Period applicable thereto and (C) unless repaid, each LIBOR, EURIBOR and CDOR Borrowing denominated in an Alternative Currency shall be continued as a LIBOR, EURIBOR or CDOR Borrowing, as applicable, with an Interest Period of one month’s duration.
(b)    The Company shall give written notice (each such written notice, a “Notice of Conversion/Continuation”) substantially in the form of Exhibit E to the Administrative Agent of each proposed conversion or continuation not later than (i) in the 

39

case of conversion into Base Rate Loans, 12:00 P.M., Local Time, three Business Days prior to the proposed date of such conversion, (ii) in the case of conversion into or continuation of LIBOR Loans denominated in U.S. Dollars, 12:00 P.M., Local Time, at least three Business Days prior to the proposed date of such conversion or continuation and (iii) in the case of continuation of Loans denominated in an Alternative Currency, 12:00 P.M., Local Time, at least four Business Days prior to the proposed date of such conversion or continuation, specifying in each case:
(i)    the proposed date of conversion or continuation;
(ii)    the aggregate amount of Loans to be converted or continued;
(iii)    the Type of Revolving Loans resulting from the proposed conversion or continuation; and
(iv)    in the case of conversion into LIBOR Loans, or continuation of LIBOR, EURIBOR or CDOR Loans, the duration of the requested Interest Period therefor.
(c)    If upon the expiration of any Interest Period applicable to LIBOR Loans denominated in U.S. Dollars, the Company has failed to timely select a new Interest Period to be applicable to such LIBOR Loans, the Company shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective on the last day of such Interest Period.  If upon the expiration of any Interest Period applicable to LIBOR, EURIBOR or CDOR Loans denominated in an Alternative Currency the Company has failed to timely select a new Interest Period to be applicable to such LIBOR, EURIBOR or CDOR Loans, such Loans shall be continued as LIBOR, EURIBOR or CDOR Loans, as applicable, in their original currency with an Interest Period of one month.  Other than pursuant to Section 8.3, no Revolving Loans may be converted into or continued as Revolving Loans denominated in a different currency, but instead must be prepaid in the original currency of such Revolving Loans and reborrowed in the other currency.
(d)    The Administrative Agent will promptly notify each Lender of its receipt of a notice of conversion or continuation pursuant to this Section 2.2.3 or, if no timely notice is provided by the Company, of the details of any automatic conversion.
(e)    Any conversion of a LIBOR Loan on a day other than the last day of an Interest Period therefor shall be subject to Section 8.4. 
2.3    Letter of Credit Procedures.
2.3.1    Notice of Issuance.  The Company shall give notice to the Administrative Agent and the applicable Issuing Lender of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the Administrative Agent and the applicable Issuing Lender shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter 

40

of Credit.  Each such notice shall be accompanied by an L/C Application, duly executed by the Company and in all respects satisfactory to the Administrative Agent and the applicable Issuing Lender, together with such other documentation as the Administrative Agent or the applicable Issuing Lender may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall be in accordance with Section 2.1.3) and whether such Letter of Credit is to be transferable in whole or in part.  Any Letter of Credit outstanding after the scheduled Termination Date which is Cash Collateralized for the benefit of the applicable Issuing Lender shall be the sole responsibility of such Issuing Lender.  So long as the applicable Issuing Lender has not received written notice that the conditions precedent set forth in Section 12 with respect to the issuance of such Letter of Credit have not been satisfied, such Issuing Lender shall issue such Letter of Credit on the requested issuance date.  Each Issuing Lender shall promptly advise the Administrative Agent of the issuance of each Letter of Credit issued by such Issuing Lender and of any amendment thereto, extension thereof or event or circumstance changing the amount available for drawing thereunder.  As of the Restatement Effective Date, all Letters of Credit outstanding under the Existing Credit Agreement shall be deemed to have been issued pursuant hereto, and from and after the Restatement Effective Date shall be subject to and governed by the terms and conditions hereof.
2.3.2    Participations in Letters of Credit.  Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto.  If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations.  The Administrative Agent shall promptly notify such Lenders of such deemed request and, subject to satisfaction or waiver of the conditions satisfied in Section 12.3, such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan.  The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations.  For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein.  Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by such Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.
2.3.3    Reimbursement Obligations.  The Company hereby unconditionally and irrevocably agrees to reimburse each Issuing Lender for each payment or disbursement made by such Issuing Lender under any Letter of Credit issued by such Issuing Lender honoring any demand for payment made by the beneficiary thereunder, in each case on the date that 

41

such payment or disbursement is made.  Any amount not reimbursed on the date of such payment or disbursement shall bear interest from the date of such payment or disbursement to the date that such Issuing Lender is reimbursed by the Company for such amount, payable on demand, at a rate per annum equal to the Base Rate from time to time in effect plus the Base Rate Margin from time to time in effect plus, beginning on the third Business Day after receipt of notice from such Issuing Lender of such payment or disbursement, 2%.  The applicable Issuing Lender shall notify the Company and the Administrative Agent whenever any demand for payment is made under any Letter of Credit issued by such Issuing Lender by the beneficiary thereunder; provided that the failure of such Issuing Lender to so notify the Company or the Administrative Agent shall not affect the rights of such Issuing Lender or the Lenders in any manner whatsoever.
The Company’s reimbursement obligations hereunder shall be irrevocable and unconditional under all circumstances, including (i) any lack of validity or enforceability of any Letter of Credit, this Agreement or any other Loan Document, (ii) the existence of any claim, set-off, defense or other right which any Loan Party may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, an Issuing Lender, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, any other Loan Document, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between any Loan Party and the beneficiary named in any Letter of Credit), (iii) the validity, sufficiency or genuineness of any document which an Issuing Lender has determined complies on its face with the terms of the applicable Letter of Credit, even if such document should later prove to have been forged, fraudulent, invalid or insufficient in any respect or any statement therein shall have been untrue or inaccurate in any respect, (iv) the surrender or impairment of any security for the performance or observance of any of the terms hereof or (v) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Company’s obligations hereunder.  Without limiting the foregoing, no action or omission whatsoever by the Administrative Agent or any Lender (excluding any Lender in its capacity as an Issuing Lender) under or in connection with any Letter of Credit or any related matters shall result in any liability of the Administrative Agent or any Lender to the Company, or relieve the Company of any of its obligations hereunder to any such Person.
2.3.4    Funding by Lenders to Issuing Lender.  If an Issuing Lender makes any payment or disbursement under any Letter of Credit issued by such Issuing Lender and (a) the Company has not reimbursed such Issuing Lender in full for such payment or disbursement on the date immediately following the date of such payment or disbursement, (b) a Revolving Loan may not be made in accordance with Section 2.3.2, or (c) any reimbursement received by an Issuing Lender from the Company is or must be returned or rescinded upon or during any bankruptcy or reorganization of the Company or otherwise, each other Lender with a Commitment shall be obligated to pay to the Administrative Agent for the account of such Issuing Lender, in full or partial payment of the purchase price of its participation in such Letter of Credit, its Pro Rata Share of such payment or disbursement 

42

(but no such payment shall diminish the obligations of the Company under Section 2.3.3), and, upon notice from such Issuing Lender, the Administrative Agent shall promptly notify each other Lender thereof.  Each other Lender irrevocably and unconditionally agrees to so pay to the Administrative Agent in immediately available funds for such Issuing Lender’s account the amount of such other Lender’s Pro Rata Share of such payment or disbursement.  If and to the extent any Lender shall not have made such amount available to the Administrative Agent by 2:00 P.M., New York City time, on the Business Day on which such Lender receives notice from the Administrative Agent of such payment or disbursement (it being understood that any such notice received after noon, New York City time, on any Business Day shall be deemed to have been received on the next following Business Day), such Lender agrees to pay interest on such amount to the Administrative Agent for an Issuing Lender’s account forthwith on demand, for each day from the date such amount was to have been delivered to the Administrative Agent to the date such amount is paid, at a rate per annum equal to (a) for the first three days after demand, the Federal Funds Rate from time to time in effect, and (b) thereafter, the Base Rate from time to time in effect.  Any Lender’s failure to make available to the Administrative Agent its Pro Rata Share of any such payment or disbursement shall not relieve any other Lender of its obligation hereunder to make available to the Administrative Agent such other Lender’s Pro Rata Share of such payment, but no Lender shall be responsible for the failure of any other Lender to make available to the Administrative Agent such other Lender’s Pro Rata Share of any such payment or disbursement.
2.3.5    Commitments Several.  The failure of any Lender to make a requested Loan on any date shall not relieve any other Lender of its obligation (if any) to make a Loan on such date, but no Lender shall be responsible for the failure of any other Lender to make any Loan to be made by such other Lender.
2.3.6    Certain Conditions.  Except as otherwise provided in Section 2.3.4 of this Agreement, no Lender shall have an obligation to make any Loan, or to permit the continuation of or any conversion into any LIBOR Loan, and no Issuing Lender shall have any obligation to issue any Letter of Credit, if an Event of Default or Unmatured Event of Default exists.
2.3.7    Indemnification.  Without duplication of any obligation of the Company under Section 15.16 or 15.17, in addition to amounts payable as provided herein, the Company hereby agrees to protect, indemnify, pay and save harmless each Issuing Lender from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable legal counsel fees, expenses and disbursements of counsel) which an Issuing Lender may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit by an Issuing Lender, other than as a result of (1) the gross negligence or willful misconduct of such Issuing Lender or (2) the wrongful dishonor by such Issuing Lender of a proper demand for payment made under any Letter of Credit issued by it or (ii) the failure of an Issuing Lender to honor a drawing under any such Letter of Credit as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority, in each case as determined by a final, non-appealable judgment of a court of competent jurisdiction.

43

2.3.8    Responsibility of Issuing Lenders With Respect to Requests for Drawings and Payments.  In determining whether to honor any drawing under any Letter of Credit by the beneficiary thereof, each Issuing Lender shall be responsible only to examine the documents delivered under such Letter of Credit with reasonable care so as to ascertain whether they appear on their face to be in accordance with the terms and conditions of such Letter of Credit.  As between the Company and each Issuing Lender, the Company assumes all risks of the acts and omissions of, or misuse of the Letters of Credit issued by such Issuing Lender by, the respective beneficiaries of such Letters of Credit.  In furtherance and not in limitation of the foregoing, no Issuing Lender shall be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (iv) errors in interpretation of technical terms; (v) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vi) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (vii) any consequences arising from causes beyond the control of such Issuing Lender, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority; none of the above shall affect or impair, or prevent the vesting of, any of such Issuing Lender’s rights or powers hereunder.  Without limiting the foregoing and in furtherance thereof, no action taken or omitted by an Issuing Lender under or in connection with the Letters of Credit or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall give rise to any liability on the part of such Issuing Lender to the Company.  Notwithstanding anything to the contrary contained in this Section 2.3.8, the Company shall retain any and all rights it may have against an Issuing Lender for any liability arising solely out of the gross negligence or willful misconduct of such Issuing Lender, as determined by a final, non-appealable judgment of a court of competent jurisdiction.
2.4    Swing Line Loans.
(a)    Swing Line Loans shall be made in U.S. Dollars in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount.
(b)    Whenever the Company desires that the Swing Line Lender make a Swing Line Loan, the Company shall deliver to the Administrative Agent a Notice of Borrowing no later than 3:00 P.M. (New York City time) on the proposed date of the making of such Swing Line Loan.
(c)    The Swing Line Lender shall make the amount of its Swing Line Loan available to the Administrative Agent not later than 4:00 P.M., New York City time, on the 

44

applicable date of the making of such Swing Line Loan by wire transfer of same day funds in U.S. Dollars, at the Administrative Agent’s Principal Office.  Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, the Administrative Agent shall make the proceeds of such Swing Line Loans available to the Company on the applicable date of the making of such Swing Line Loan by causing an amount of same day funds in U.S. Dollars equal to the proceeds of all such Swing Line Loans received by the Administrative Agent from the Swing Line Lender to be credited to the account of the Company at the Administrative Agent’s Principal Office, or to such other account as may be designated in writing to the Administrative Agent by the Company.
(d)    With respect to any Swing Line Loans which have not been voluntarily prepaid by the Company pursuant to Section 6.2.1 or repaid by the Company pursuant to Section 6.4(b), the Swing Line Lender may at any time in its sole and absolute discretion, deliver to the Administrative Agent (with a copy to the Company), no later than 11:00 A.M., New York City time, at least one Business Day in advance of the proposed date of the making of such Refunded Swing Line Loans (as defined below), a notice (which shall be deemed to be a Notice of Borrowing given by the Company) requesting that each Lender holding a Commitment make Revolving Loans that are Base Rate Loans to the Company on such date in an amount equal to the amount of such Swing Line Loans (the “Refunded Swing Line Loans”) outstanding on the date such notice is given which the Swing Line Lender requests Lenders to prepay.  Anything contained in this Agreement to the contrary notwithstanding, (1) the proceeds of such Revolving Loans made by the Lenders other than the Swing Line Lender shall be immediately delivered by the Administrative Agent to the Swing Line Lender (and not to the Company) and applied to repay a corresponding portion of the Refunded Swing Line Loans and (2) on the day such Revolving Loans are made, the Swing Line Lender’s Pro Rata Share of the Refunded Swing Line Loans shall be deemed to be paid with the proceeds of a Revolving Loan made by the Swing Line Lender to the Company, and such portion of the Swing Line Loans deemed to be so paid shall no longer be outstanding as Swing Line Loans of the Swing Line Lender but shall instead constitute part of the Swing Line Lender’s outstanding Revolving Loans to the Company.  The Company hereby authorizes the Administrative Agent and the Swing Line Lender to charge the Company’s accounts with the Administrative Agent and the Swing Line Lender (up to the amount available in each such account) in order to immediately pay the Swing Line Lender the amount of the Refunded Swing Line Loans to the extent the proceeds of such Revolving Loans made by Lenders, including the Revolving Loans deemed to be made by the Swing Line Lender, are not sufficient to repay in full the Refunded Swing Line Loans.  If any portion of any such amount paid (or deemed to be paid) to the Swing Line Lender should be recovered by or on behalf of the Company from the Swing Line Lender in bankruptcy, by assignment for the benefit of creditors or otherwise, the loss of the amount so recovered shall be ratably shared among all Lenders in the manner contemplated by Section 7.5.
(e)    If for any reason Revolving Loans are not made hereunder in an amount sufficient to repay any amounts owed to the Swing Line Lender in respect of any outstanding Swing Line Loans on or before the third Business Day after demand for payment thereof by the Swing Line Lender, each Lender holding a Commitment shall be deemed to, and hereby 

45

agrees to, have purchased a participation in such outstanding Swing Line Loans, and in an amount equal to its Pro Rata Share of the applicable unpaid amount together with accrued interest thereon.  Upon one Business Days’ notice from the Swing Line Lender, each Lender holding a Commitment shall deliver to the Swing Line Lender an amount equal to its respective participation in the applicable unpaid amount in same day funds at the Principal Office of the Swing Line Lender.  In order to evidence such participation each Lender holding a Commitment agrees to enter into a participation agreement at the request of the Swing Line Lender in form and substance reasonably satisfactory to the Swing Line Lender.  In the event any Lender holding a Commitment fails to make available to the Swing Line Lender the amount of such Lender’s participation as provided in this paragraph, the Swing Line Lender shall be entitled to recover such amount on demand from such Lender together with interest thereon for three Business Days at the rate customarily used by the Swing Line Lender for the correction of errors among banks and thereafter at the Base Rate, as applicable.
(f)    Notwithstanding anything contained herein to the contrary, each Lender’s obligation to make Revolving Loans for the purpose of repaying any Swing Line Loans pursuant to the second preceding paragraph and each Lender’s obligation to purchase a participation in any unpaid Swing Line Loans pursuant to the immediately preceding paragraph shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, any Loan Party or any other Person for any reason whatsoever; (B) the occurrence or continuation of an Unmatured Event of Default or Event of Default; (C) (i) a material adverse change in, or a material adverse effect upon, the financial condition, operations, assets, business, properties or prospects of the Loan Parties taken as a whole, (ii) a material impairment of the ability of any Loan Party to perform any of the Obligations under any Loan Document or (iii) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document; (D) any breach of this Agreement or any other Loan Document by any party thereto; or (E) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.
2.5    Availability of Funds.  Unless the Administrative Agent shall have been notified by any Lender prior to the applicable date of the making of a Loan or the issuing or renewal of a Letter of Credit that such Lender does not intend to make available to the Administrative Agent the amount of such Lender’s Loan requested on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date and the Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to the Company a corresponding amount on such date.  If such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate.  If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the 

46

Company and the Company shall immediately pay such corresponding amount to the Administrative Agent together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, at the rate payable hereunder for Base Rate Loans for such class of Loans.  Nothing in this Section 2.5 shall be deemed to relieve any Lender from its obligation to fulfill its Commitment hereunder or to prejudice any rights that the Company may have against any Lender as a result of any default by such Lender hereunder.
2.6    Defaulting Lenders.  Notwithstanding anything to the contrary contained in this Agreement, if any Swing Line Commitment or Letter of Credit Commitment exists at the time a Lender having a Commitment becomes a Defaulting Lender (such Lender, a “Defaulting Revolving Lender”) then:
(a)    such Defaulting Revolving Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this amendment shall be restricted as set forth in the definition of Required Lenders and Section 15.1;
(b)    all or any part of such Swing Line Commitment and Letter of Credit Commitment shall be reallocated among the non-Defaulting Revolving Lenders in accordance with their respective Pro Rata Share of such Swing Line Commitment and/or Letter of Credit Commitment but only to the extent (i) the sum of the non-Defaulting Revolving Lenders’ Pro Rata Shares of the sum, as at any date of determination, of (x) the aggregate principal amount of all Revolving Loans (other than Revolving Loans made for the purpose of reimbursing an Issuing Lender for any amount drawn under any Letter of Credit, but not yet so applied), (x) the aggregate principal amount of all outstanding Swing Line Loans and (z) the Letter of Credit Usage, plus such Defaulting Revolving Lender’s Pro Rata Share of Revolving Exposure do not exceed the total of all non-Defaulting Revolving Lenders’ Commitments and (ii) the conditions set forth in Section 12.3 are satisfied at such time; provided that the aggregate obligation of each non-Defaulting Revolving Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (A) the Commitment of that non-Defaulting Lender minus (B) the sum of the aggregate outstanding principal amount of the Revolving Loans of such non-Defaulting Lender plus such non-Defaulting Lender’s Pro Rata Share of the outstanding Swing Line Loans and Letter of Credit Usage;
(c)    if the reallocation described in clause (a) above cannot, or can only partially, be effected, the Company shall (i) first, within one Business Day following notice by the Administrative Agent, prepay any outstanding Swing Line Loans to the extent the Swing Line Commitments related thereto have not been reallocated pursuant to clause (a) above and (ii) second, within five Business Days following notice by the Administrative Agent, Cash Collateralize such Defaulting Lender’s Pro Rata Share of the Letter of Credit Commitment (after giving effect to any partial reallocation pursuant to clause (a) above) for so long as such Letter of Credit Commitment is outstanding; 
(d)    if the Letter of Credit Commitment of the non-Defaulting Revolving Lenders is reallocated pursuant to clause (a) above, then the fees payable to the Lenders pursuant to Section 5 solely in respect of the unfunded portion of such Lenders’ Commitment 

47

shall be adjusted in accordance with such non-Defaulting Revolving Lenders’ Pro Rata Shares; and 
(e)    If the Company, the Administrative Agent, the Swing Line Lender and each Issuing Lender agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to paragraph (b) above), whereupon, such Lender will cease to be a Defaulting Revolving Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Lender was a Defaulting Revolving Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Revolving Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Revolving Lender.
SECTION 3    EVIDENCING OF LOANS.
3.1    Notes.  If so requested by any Lender by written notice to the Company (with a copy to the Administrative Agent), the Loans of each Lender shall be evidenced by a Note, with appropriate insertions, payable to such Lender in a face principal amount equal to such Lender’s Commitment.
3.2    Recordkeeping.  The Administrative Agent, on behalf of each Lender, shall record in its records, the date and amount of each Loan made by each Lender, each repayment or conversion thereof and, in the case of each LIBOR, EURIBOR and CDOR Loan, the dates on which each Interest Period for such Loan shall begin and end.  The aggregate unpaid principal amount so recorded shall be rebuttably presumptive evidence of the principal amount of the Loans owing and unpaid.  The failure to so record any such amount or any error in so recording any such amount shall not, however, limit or otherwise affect the Obligations of the Company hereunder or under any Note to repay the principal amount of the Loans hereunder, together with all interest accruing thereon.  The Administrative Agent will provide to the Company, at the Company’s expense, copies of such records pertaining to the Company from time to time upon the Company’s reasonable written request.
SECTION 4    INTEREST.
4.1    Interest Rates.  The Company promises to pay interest on the unpaid principal amount of each Loan for the period commencing on the date of such Loan until such Loan is paid in full as follows:

48

(a)    in the case of Revolving Loans
(i)    at all times while such Loan is a Base Rate Loan, at a rate per annum equal to the sum of the Base Rate from time to time in effect plus the Base Rate Margin from time to time in effect; 
(ii)    at all times while such Loan is a LIBOR Loan, (A) in the case of a LIBOR Loan denominated in U.S. Dollars, at a rate per annum equal to the sum of the Adjusted LIBO Rate applicable to each Interest Period for such Loan plus the LIBOR/EURIBOR/CDOR Margin from time to time in effect and (B) in the case of a LIBOR Loan denominated in an Alternative Currency, at a rate per annum equal to the sum of the LIBO Rate applicable to each Interest Period for such Loan plus the LIBOR/EURIBOR/CDOR Margin from time to time in effect;
(iii)    at all times while such Loan is an EURIBOR Loan, at a rate per annum equal to the sum of the EURIBO Rate applicable to each Interest Period for such Loan plus the LIBOR/EURIBOR/CDOR Margin from time to time in effect; 
(iv)    at all times while such Loan is  a CDOR Loan, at a rate per annum equal to the sum of the CDOR Rate applicable to each Interest Period for such Loan plus the LIBOR/EURIBOR/CDOR Margin from time to time in effect; and
(b)    in the case of Swing Line Loans, the sum of the Base Rate from time to time in effect plus the Base Rate Margin from time to time in effect; 
provided that (i) if any amount payable by the Company under the Loan Documents is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; and (ii) accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable on demand.
4.2    Interest Payment Dates.  Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date and at maturity.  After maturity, and at any time an Event of Default exists, accrued interest on all Loans shall be payable on demand.
4.3    Setting and Notice of Rates.  The applicable rate for each Interest Period shall be determined by the Administrative Agent, and notice thereof shall be given by the Administrative Agent promptly to the Company and each Lender.  The Administrative Agent shall, upon written request of the Company or any Lender, deliver to the Company or such Lender a statement showing the computations used by the Administrative Agent in determining any applicable Adjusted LIBO Rate, LIBO Rate, EURIBO Rate or CDOR Rate hereunder.

49

4.4    Computation of Interest.
(a)    Interest shall be computed for the actual number of days elapsed on the basis of a year of (a) 360 days for interest calculated at the LIBO Rate, EURIBO Rate or CDOR Rate and (b) 365/366 days for interest calculated at the Base Rate; provided that in the case of (i) Loans denominated in Sterling, interest shall be computed on the basis of a year of 365 days and (ii) Loans denominated in Alternative Currencies, other than Sterling, as to which customary market practice differs from the foregoing, interest shall be computed in accordance with such market practice.  The applicable interest rate for each Base Rate Loan shall change simultaneously with each change in the Base Rate.
(b)    Except as otherwise set forth herein, interest on each Loan (i) shall accrue on a daily basis and shall be payable in arrears on each Interest Payment Date with respect to interest accrued on and to each such Interest Payment Date; (ii) shall accrue on a daily basis and shall be payable in arrears upon any prepayment of such Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii) shall accrue on a daily basis and shall be payable in arrears at maturity of such Loan, including final maturity of such Loan; provided, that with respect to any voluntary prepayment of a Base Rate Loan, accrued interest shall instead be payable on the applicable Interest Payment Date.
(c)    Each determination of an interest rate by the Administrative Agent shall be conclusive and binding upon the parties hereto, in the absence of demonstrable error.
SECTION 5    FEES.
5.1    Facility Fee.  The Company agrees to pay to the Administrative Agent at its Principal Office for the account of each Lender a facility fee in U.S. Dollars, for the period from the Restatement Effective Date to the Termination Date, at the Facility Fee Rate in effect from time to time of such Lender’s Pro Rata Share (as adjusted from time to time) of the Commitments (whether used or unused); provided, that (i) any facility fee accrued with respect to any of the unfunded Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall be payable by the Company so long as such facility fee shall otherwise have been due and payable by the Company prior to such time of such Lender becoming a Defaulting Lender, (ii) facility fees shall continue to accrue on the amount of the Commitment of a Defaulting Lender only to the extent of the Revolving Exposure of such Defaulting Lender and (iii) if a Lender continues to have any Revolving Exposure after its Commitment terminates, then facility fees shall continue to accrue on the daily amount of such Lender’s Revolving Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Exposure.  Facility fees shall be payable in arrears on the last day of each calendar quarter and on the Termination Date for any period then ending for which such facility fees shall not have previously been paid.  The facility fee shall be computed for the actual number of days elapsed on the basis of a year of 360 days.  

50

5.2    Letter of Credit Fees.
(a)    The Company agrees to pay to the Administrative Agent at its Principal Office for the account of each Lender a letter of credit fee for each Letter of Credit equal to the L/C Fee Rate in effect from time to time of such Lender’s Pro Rata Share (as adjusted from time to time) of the undrawn amount of such Letter of Credit (computed for the actual number of days elapsed on the basis of a year of 360 days).   Such letter of credit fees shall be payable in arrears on the last Business Day of each calendar quarter and on the Termination Date (or such later date on which such Letter of Credit expires or is terminated) for the period from the date of the issuance of each Letter of Credit (or the last day on which the letter of credit fee was paid with respect thereto) to the date such payment is due or, if earlier, the date on which such Letter of Credit expired or was terminated.
(b)    In addition, with respect to each Letter of Credit, the Company agrees to pay to each Issuing Lender, for its own account, (i) such fees and expenses as such Issuing Lender customarily requires in connection with the issuance, negotiation, processing and/or administration of letters of credit in similar situations and (ii) a letter of credit fronting fee of 0.125% per annum on the aggregate face amount of all outstanding Letters of Credit issued by such Issuing Lender.  Such letter of credit fronting fee shall be payable in arrears on the last Business Day of each calendar quarter and on the Termination Date (or such later date on which such Letter of Credit expires or is terminated) for the period from the date of the issuance of each Letter of Credit (or the last day on which the letter of credit fee was paid with respect thereto) to the date such payment is due or, if earlier, the date on which such Letter of Credit expired or was terminated.
5.3    Administrative Agent’s Fees.  The Company agrees to pay to the Administrative Agent such agent’s fees in the amounts and at times separately agreed upon.
SECTION 6    REDUCTION OR TERMINATION OF THE COMMITMENT; PREPAYMENTS. 
6.1    Reduction or Termination of the Commitment.
6.1.1    Voluntary Reduction or Termination of the Commitment.  The Company may from time to time on at least three Business Days’ prior written notice received by the Administrative Agent (which shall promptly advise each Lender thereof) permanently reduce the Commitments to an amount not less than the Revolving Outstandings; provided that a notice of termination or reduction of the Commitments under this Section 6.1.1 may state that such notice is conditioned upon the occurrence of one or more events specified therein, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date).  Any such reduction shall be in an amount not less than $1,000,000 or a higher integral multiple of $100,000.  Concurrently with any reduction of the Commitments to zero, the Company shall pay all interest on the Loans, all facility fees and all letter of credit fees and shall Cash Collateralize in full all obligations arising with respect to the Letters of Credit.

51

6.1.2    All Reductions of the Commitment.  All reductions of the Commitment shall reduce the Commitments ratably among the Lenders according to their respective Pro Rata Shares.
6.2    Prepayments.
6.2.1    Voluntary Prepayments.  The Company may from time to time prepay the Loans in whole or in part; provided that the Company shall give the Administrative Agent (which shall promptly advise each Lender) written notice thereof, which shall be substantially in the form of Exhibit F, not later than (i) with respect to Base Rate Loans, 12:00 P.M., Local Time, one Business Day prior to the proposed date of such prepayment, (ii) in the case of LIBOR Loans denominated in U.S. Dollars and Swing Line Loans, 12:00 P.M., Local Time, three Business Days prior to the proposed date of such prepayment and (iii) in the case of LIBOR Loans, EURIBOR Loans and CDOR Loans denominated in an Alternative Currency, 12:00 P.M., Local Time, four Business Days prior to the proposed date of such prepayment, which shall, in each case, be a Business Day, specifying the Loans to be prepaid and the date and amount of prepayment.  Any such partial prepayment shall be in an amount equal to the applicable Borrowing Minimum or a higher integral multiple of the applicable Borrowing Multiple.
6.2.2    Mandatory Prepayments.  If on any day (a) the Commitments are reduced pursuant to Section 6.1.2 or (b) due to fluctuations in currency exchange rates or any other reason, the Revolving Outstandings exceeds the Commitments, the Company shall immediately prepay Revolving Loans or Cash Collateralize the outstanding Letters of Credit, or do a combination of the foregoing, in an amount sufficient to eliminate such excess.  If on any day the Administrative Agent or any Lender notifies the Company that the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Revolving Loans denominated in an Alternative Currency exceeds an amount equal to 105% of the Alternative Currency Sublimit, within 5 Business Days after receipt of such notice, the Company shall prepay Revolving Loans denominated in an Alternative Currency in an aggregate amount such that, after giving effect to such prepayments, the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Revolving Loans denominated in an Alternative Currency does not exceed the Alternative Currency Sublimit.
6.3    Manner of Prepayments.  Each voluntary partial prepayment shall be in a principal amount of the applicable Borrowing Minimum or a higher integral multiple of the applicable Borrowing Multiple.  Any partial prepayment of a Borrowing of LIBOR Loans, EURIBOR Loans or CDOR Loans shall be subject to Section 2.2.3(a).  Any prepayment of a LIBOR Loan, EURIBOR Loan or CDOR Loan on a day other than the last day of an Interest Period therefor shall include interest on the principal amount being repaid and shall be subject to Section 8.4.  Except as otherwise provided by this Agreement, all principal payments in respect of the Loans shall be applied first, to repay outstanding Swing Line Loans to the full extent thereof; second, to repay outstanding Base Rate Loans to the full extent thereof; and third, to repay outstanding LIBOR Loans, EURIBOR Loans and CDOR Loans in direct order of Interest Period maturities.

52

6.4    Repayments.
(a)    The Revolving Loans of each Lender shall be paid in full and the Commitment shall terminate on the Termination Date.
(b)    The Company shall repay each Swing Line Loan on the earlier to occur of (i) the date five Business Days after such Loan is made and (ii) the Termination Date.
(c)    On or prior to the Termination Date, the Company shall terminate, Cash Collateralize or make such other arrangement as each applicable Issuing Lender shall reasonably agree with respect to each Letter of Credit that otherwise would remain outstanding as of the Termination Date.
SECTION 7    MAKING AND PRORATION OF PAYMENTS; SETOFF; TAXES.
7.1    Making of Payments.  All payments of principal or interest on Loans denominated in U.S. Dollars, and of all fees, shall be made by the Company to the Administrative Agent in U.S. Dollars or, in the case of Loan denominated in an Alternative Currency, in such Alternative Currency, in each case in same day funds, without defense, setoff or counterclaim, free of any restriction or condition, at the Principal Office designated by the Administrative Agent not later than 12:00 P.M., New York City time, on the date due; and funds received after that hour shall be deemed to have been received by the Administrative Agent on the following Business Day.  The Administrative Agent shall promptly remit to each Lender its share of all such payments received in collected funds by the Administrative Agent for the account of such Lender.  All payments under Section 8.1 shall be made by the Company directly to the Lender entitled thereto without setoff, counterclaim or other defense.
7.2    Application of Certain Payments.  So long as no Unmatured Event of Default or Event of Default has occurred and is continuing, voluntary and mandatory prepayments shall be applied as set forth in Sections 6.2 and 6.3.  After the occurrence and during the continuance of an Event of Default, all amounts collected or received by the Administrative Agent or any Lender shall be applied in the following order, and concurrently with each remittance to any Lender of its share of any such payment, the Administrative Agent shall advise such Lender as to the application of such payment: (i) first, to the payment of all fees, costs, expenses and indemnities of the Administrative Agent (in its capacity as such), including Attorney Costs, until paid in full; (ii) second, to the payment of all fees, costs, expenses and indemnities of the Lenders, pro-rata, until paid in full; (iii) third, to the payment of all of the Obligations consisting of accrued and unpaid interest owing to any Lender, pro-rata, until paid in full; (iv) fourth, to the payment of all Obligations consisting of principal owing to any Lender and unreimbursed disbursements under Letters of Credit owing to any Issuing Lender, pro-rata, until paid in full; (v) fifth, to the payment of the Administrative Agent an amount equal to all Obligations in respect of outstanding Letters of Credit to be held as cash collateral in respect of such obligations; (vi) sixth, to the payment of all other Obligations owing to each Lender, pro-rata, until paid in full; and (viii) seventh, to whomever may be lawfully entitled to receive such amounts, the amount of any remaining proceeds.

53

7.3    Due Date Extension.  If any payment of principal or interest with respect to any of the Loans, or of any fees, falls due on a day which is not a Business Day, then such due date shall be extended to the immediately following Business Day (unless, in the case of a Eurocurrency Loan or a CDOR Loan, such immediately following Business Day is the first Business Day of a calendar month, in which case such due date shall be the immediately preceding Business Day) and, in the case of principal, additional interest shall accrue and be payable for the period of any such extension.
7.4    Setoff.  The Company agrees that the Administrative Agent and each Lender have all rights of set-off and bankers’ lien provided by applicable Law, in any currency, and in addition thereto, the Company agrees that at any time any Event of Default exists, the Administrative Agent and each Lender may apply to the payment of any Obligations of the Company hereunder, whether or not then due, any and all balances, credits, deposits, accounts or moneys of the Company then or thereafter with the Administrative Agent or such Lender.
7.5    Proration of Payments.
(a)    If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset or otherwise, on account of (i) principal of or interest on any Loan, but excluding (x) any payment pursuant to Section 8.7 or 15.4 and (y) payments of interest on any Affected Loan) or (ii) its participation in any Letter of Credit or Swing Line Loans in excess of its applicable Pro Rata Share of payments and other recoveries obtained by all Lenders on account of principal of and interest on the Loans (or such participation) then held by them, then such Lender shall purchase from the other Lenders such participations in the Loans (or sub-participations in Letters of Credit) held by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery.
(b)    All Loans shall be made, and all participations purchased, by Lenders simultaneously and proportionally to their respective Pro Rata Shares, it being understood that no Lender shall be responsible for any default by any other Lender in such other Lender’s obligation to make a Loan requested hereunder or purchase a participation required hereby nor shall any Commitment of any Lender be increased or decreased as a result of a default by any other Lender in such other Lender’s obligation to make a Loan requested hereunder or purchase a participation required hereby.
7.6    Taxes.
(a)    (i) To the extent permitted by applicable Law, all payments hereunder or under the Loan Documents (including any payment of principal, interest or fees) to, or for the benefit, of any person shall be made by the Company free and clear of and without deduction or withholding for, or account of, any Taxes or Other Taxes now or hereinafter imposed by any taxing authority.

54

(ii) In addition, the Company shall pay any Other Taxes to the relevant taxing authority in accordance with applicable Law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.
(b)    If the Company makes any payment hereunder or under any Loan Document in respect of which it is required by applicable Law to deduct or withhold any Taxes or Other Taxes, the Company shall increase the payment hereunder or under any such Loan Document such that after the reduction for the amount of Taxes or Other Taxes withheld (and any taxes withheld or imposed with respect to the additional payments required under this Section 7.6(b)), the amount paid to the Lenders or the Administrative Agent equals the amount that was payable hereunder or under any such Loan Document without regard to this Section 7.6(b).  To the extent the Company withholds any Taxes or Other Taxes on payments hereunder or under any Loan Document, the Company shall pay the full amount deducted to the relevant taxing authority within the time allowed for payment under applicable Law and shall deliver to the Administrative Agent within thirty days after it has made payment to such authority a receipt issued by such authority (or other evidence satisfactory to the Administrative Agent) evidencing the payment of all amounts so required to be deducted or withheld from such payment.
(c)    If any Lender or the Administrative Agent is required by Law to make any payments of any Taxes or Other Taxes on or in relation to any amounts received or receivable hereunder or under any other Loan Document, or any Tax is assessed against a Lender or the Administrative Agent with respect to amounts received or receivable hereunder or under any other Loan Document, the Company will indemnify such person against (i) such Taxes or Other Taxes (and any reasonable legal counsel fees and expenses associated with such Tax) and (ii) any Taxes or Other Taxes imposed as a result of the receipt of the payment under this Section 7.6(c), whether or not such Taxes or Other Taxes were correctly or legally imposed or asserted by relevant taxing authority.  A certificate prepared in good faith as to the amount of such payment by such Lender or the Administrative Agent shall, absent manifest error, be final, conclusive, and binding on all parties.
(d)    (i)  Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. 
(i)    Each Lender that is not a United States person within the meaning of Code Section 7701(a)(30) (a “Non-U.S. Participant”) shall deliver to the 

55

Company and the Administrative Agent on or prior to the Restatement Effective Date (or in the case of a Lender that is an Assignee, on the date of such assignment to such Lender) two accurate and complete signed copies of IRS Form W‐8BEN, W‐8BEN‐E, W‐8ECI, or W‐8IMY (or any successor or other applicable form prescribed by the IRS), as applicable, certifying to such Lender’s entitlement to a complete exemption from, or a reduced rate in, United States withholding tax on interest payments to be made hereunder or any Loan.  If a Lender that is a Non-U.S. Participant is claiming a complete exemption from withholding on interest pursuant to Code Sections 871(h) or 881(c), the Lender shall deliver (along with two accurate and complete signed copies of IRS Form W‐8BEN, or W‐8BEN‐E, as applicable) a certificate in form and substance reasonably acceptable to the Company and the Administrative Agent (any such certificate, a “Withholding Certificate”).  In addition, each Lender that is a Non-U.S. Participant agrees that from time to time after the Restatement Effective Date, (or in the case of a Lender that is an Assignee, after the date of the assignment to such Lender), when a lapse in time or a change in circumstances renders the prior certificates hereunder obsolete or inaccurate, such Lender shall, to the extent permitted under applicable Law, deliver to the Company and the Administrative Agent two new and accurate and complete signed copies of IRS Form W-8BEN, W-8BEN-E, W-8ECI, or W-8IMY (or any successor or other applicable forms prescribed by the IRS), and if applicable, a new Withholding Certificate, to confirm or establish the entitlement of such Lender or the Administrative Agent to an exemption from, or reduction in, United States withholding tax on interest payments to be made hereunder or any Loan.
(ii)    Each Lender that is not a Non-U.S. Participant shall provide two properly completed and duly executed copies of IRS Form W-9 (or any successor or other applicable form) to the Company and the Administrative Agent on or prior to the Restatement Effective Date (or in the case of a Lender that is an Assignee, on the date of such assignment to such Lender) certifying that such Lender is exempt from United States backup withholding tax.  To the extent that a form provided pursuant to this Section 7.6(d)(iii) is rendered obsolete or inaccurate as result of a change in circumstances with respect to the status of a Lender, such Lender shall, to the extent permitted by applicable Law, deliver to the Company and the Administrative Agent revised forms necessary to confirm or establish the entitlement to such Lender’s or Agent’s exemption from United States backup withholding tax.
(iii)    If a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with their 

56

obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this Section 7.6(d)(iv), “FATCA” shall include any amendments made to FATCA after the Original Effective Date.
(iv)    Each Lender agrees to indemnify and hold harmless (i) the Administrative Agent for and against the full amount of any and all present or future Taxes and related liabilities (including penalties, interest, additions to tax and expenses), any Taxes imposed by any jurisdiction on amounts payable to the Administrative Agent under this Section 7.6 which are imposed on or with respect to principal, interest or fees payable to such Lender hereunder and which are not paid by the Company pursuant to this Section 7.6, and (ii) the Administrative Agent for and against any Excluded Taxes attributable to such Lender that are payable or paid by the Administrative Agent in connection with any Loan Document, whether or not such Taxes, Excluded Taxes or related liabilities were correctly or legally asserted.  This indemnification shall be made within 30 days from the date the Administrative Agent makes written demand therefor.
(e)    Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any taxes as to which it has been indemnified pursuant to this Section 7.6 (including by the payment of additional amounts pursuant to this Section 7.6), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 7.6 with respect to the taxes giving rise to such refund), net of all reasonable out-of-pocket expenses (including taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (e) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (e), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (e) the payment of which would place the indemnified party in a less favorable net after-tax position than the indemnified party would have been in if the tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the indemnifying party or any other Person.
(f)    Each party's obligations under this Section 7.6 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

57

SECTION 8    INCREASED COSTS; SPECIAL PROVISIONS FOR EUROCURRENCY LOANS AND CDOR LOANS. 
8.1    Increased Costs.
(a)    If, after the Restatement Effective Date, the adoption of, or any change in, any applicable Law, or any change in the interpretation or administration of any applicable Law by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency: (i) shall impose, modify or deem applicable any reserve (including any reserve imposed by the FRB), special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by any Lender; (ii) shall impose on any Lender any other condition affecting its Eurocurrency Loans or CDOR Loans, its Note or its obligation to make Eurocurrency Loans or CDOR Loans or its participations in Letters of Credit or (iii) subject any Lender to any taxes (other than (A) Taxes on or in relation to any amounts received or receivable under Loan Documents, (B) Excluded Taxes and (C) Other Taxes) on its Loans, Loan principal, Letters of Credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; and the result of anything described in clauses (i), (ii) and (iii) above is to increase the cost to (or to impose a cost on) such Lender (or any lending office, as applicable, of such Lender) of making or maintaining any Eurocurrency Loan or CDOR Loan, or to reduce the amount of any sum received or receivable by such Lender (or its lending office, as applicable) under this Agreement or under its Note with respect thereto, then upon demand by such Lender (which demand shall be accompanied by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which shall be furnished to the Administrative Agent), the Company shall pay directly to such Lender such additional amount as will compensate such Lender for such increased cost or such reduction, so long as such amounts have accrued on or after the day which is 180 days prior to the date on which such Lender first made demand therefor.
(b)    If any Lender shall reasonably determine that any change in, or the adoption or phase-in of, any applicable Law regarding capital adequacy or liquidity, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or the compliance by any Lender or any Person controlling such Lender with any request or directive regarding capital adequacy or liquidity (whether or not having the force of law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on such Lender’s or such controlling Person’s capital as a consequence of such Lender’s obligations hereunder or under any Letter of Credit to a level below that which such Lender or such controlling Person could have achieved but for such change, adoption, phase-in or compliance (taking into consideration such Lender’s or such controlling Person’s policies with respect to capital adequacy and liquidity) by an amount deemed by such Lender or such controlling Person to be material, then from time to time, upon demand by such Lender (which demand shall be accompanied by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which shall be furnished to 

58

the Administrative Agent), the Company shall pay to such Lender such additional amount as will compensate such Lender or such controlling Person for such reduction so long as such amounts have accrued on or after the day which is 180 days prior to the date on which such Lender first made demand therefor.
For purposes of this Section 8.1, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all rules, regulations, orders, requests, guidelines or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines or directives promulgated by the Bank of International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, shall in each case be deemed to have been adopted and gone into effect after the Restatement Effective Date, regardless of the date enacted, adopted or issued.
8.2    Basis for Determining Interest Rate Inadequate or Unfair.
If:
(a)    the Administrative Agent reasonably determines (which determination shall be binding and conclusive on the Company) that by reason of circumstances affecting the interbank LIBOR market or any other applicable interbank market adequate and reasonable means do not exist for ascertaining the applicable LIBO Rate, EURIBO Rate or CDOR Rate, as applicable; or
(b)    the Required Lenders advise the Administrative Agent that the LIBO Rate, EURIBO Rate or CDOR Rate, as applicable, as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Lenders of maintaining or funding Eurocurrency Loans or CDOR Loans, as applicable, for such Interest Period (taking into account any amount to which such Lenders may be entitled under Section 8.1) or that the making or funding of Eurocurrency Loans or CDOR Loans has become impracticable as a result of an event occurring after the Restatement Effective Date which in the opinion of such Lenders materially affects such Loans; then the Administrative Agent shall promptly notify the other parties thereof and, so long as such circumstances shall continue, (i) no Lender shall be under any obligation to make or convert any Base Rate Loans into LIBOR Loans and (ii) on the last day of the current Interest Period for each Eurocurrency Loan and CDOR Loan, such Loan shall, unless then repaid in full, (i) in the case of Loans in U.S. Dollars, be automatically converted into Base Rate Loans on the last day of the then-current Interest Period with respect thereto and (ii) in the case of Loans in any Alternative Currency, at the option of the Company, either (x) be repaid on the last day of the then-current Interest Period with respect thereto or (y) be converted into Base Rate Loans denominated in U.S. Dollars on the last day of the then-current Interest Period with respect thereto, at the Spot Rate in effect on such day.
8.3    Changes in Law Rendering Eurocurrency Loans Unlawful.  If any change in, or the adoption of any new, Law, or any change in the interpretation of any applicable Law by any Governmental Authority charged with the administration thereof, should make it (or 

59

in the good faith judgment of any Lender cause a substantial question as to whether it is) unlawful for any Lender to make, maintain or fund Eurocurrency Loans, then such Lender shall promptly notify each of the other parties hereto and, so long as such circumstances shall continue, (a) such Lender shall have no obligation to make Eurocurrency Loans or convert any Base Rate Loan into a LIBOR Loan (but shall make Base Rate Loans concurrently with the making of Eurocurrency Loans or conversion of Base Rate Loans into LIBOR Loans, by the Lenders which are not so affected, in each case in an amount equal to the amount of Eurocurrency Loans, as applicable, which would be made or converted into by such Lender at such time in the absence of such circumstances) and (b) on the last day of the current Interest Period for each Eurocurrency Loan, as applicable of such Lender (or, in any event, on such earlier date as may be required by the relevant Law or interpretation), such Eurocurrency Loan shall, unless then repaid in full, (i) in the case of Loans in U.S. Dollars, be automatically converted into Base Rate Loans on the last day of the then-current Interest Period with respect thereto and (ii) in the case of Loans in any Alternative Currency, at the option of the Company, either (x) be repaid on the last day of the then-current Interest Period with respect thereto or (y) be converted into Base Rate Loans denominated in U.S. Dollars on the last day of the then-current Interest Period with respect thereto, at the Spot Rate in effect on such day.  Each Base Rate Loan made by a Lender which, but for the circumstances described in the foregoing sentence, would be a Eurocurrency Loan (an “Affected Loan”) shall remain outstanding for the period corresponding to the Borrowing of Eurocurrency Loans of which such Affected Loan would be a part absent such circumstances.
8.4    Funding Losses.  The Company hereby agrees that upon demand by any Lender (which demand shall be accompanied by a statement setting forth the basis for the amount being claimed, a copy of which shall be furnished to the Administrative Agent), the Company will indemnify such Lender against any net loss or expense which such Lender may sustain or incur (including any net loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain any Eurocurrency Loan or CDOR Loan), as reasonably determined by such Lender, as a result of (a) any payment, prepayment or conversion of any Eurocurrency Loan or CDOR Loan of such Lender on a date other than the last day of an Interest Period for such Loan (including any conversion pursuant to Section 8.3) or (b) any failure of the Company to borrow, convert or continue any Loan on a date specified therefor in a notice of borrowing, conversion or continuation pursuant to this Agreement.  For this purpose, all notices to the Administrative Agent pursuant to this Agreement shall be deemed to be irrevocable.
8.5    Right of Lenders to Fund through Other Offices.  Each Lender may, if it so elects, fulfill its commitment as to any Eurocurrency Loan or CDOR Loan by causing a foreign branch or Affiliate of such Lender to make such Loan; provided that in such event for the purposes of this Agreement such Loan shall be deemed to have been made by such Lender and the obligation of the Company to repay such Loan shall nevertheless be to such Lender and shall be deemed held by it, to the extent of such Loan, for the account of such branch or Affiliate.

60

8.6    Discretion of Lenders as to Manner of Funding.  Notwithstanding any provision of this Agreement to the contrary, each Lender shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder shall be made as if such Lender had actually funded and maintained each Eurocurrency Loan during each Interest Period for such Loan through the purchase of deposits having a maturity corresponding to such Interest Period and bearing an interest rate equal to the LIBO Rate or EURIBO Rate, as applicable, for such Interest Period.
8.7    Mitigation of Circumstances; Replacement of Lenders.
(a)    Each Lender shall promptly notify the Company and the Administrative Agent of any event of which it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Lender’s sole judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (i) any obligation by the Company to pay any amount pursuant to Section 7.6 or 8.1 or (ii) the occurrence of any circumstances described in Section 8.2 or 8.3 (and, if any Lender has given notice of any such event described in clause (i) or (ii) above and thereafter such event ceases to exist, such Lender shall promptly so notify the Company and the Administrative Agent).  Without limiting the foregoing, each Lender will designate a different funding office if such designation will avoid (or reduce the cost to the Company of) any event described in clause (i) or (ii) above and such designation will not, in such Lender’s sole judgment, be otherwise disadvantageous to such Lender.
(b)    If the Company becomes obligated to pay additional amounts to any Lender pursuant to Section 7.6 or 8.1, or any Lender gives notice of the occurrence of any circumstances described in Section 8.2 or 8.3, the Company may designate another bank which is acceptable to the Administrative Agent and each Issuing Lender in their reasonable discretion (such other bank being called a “Replacement Lender”) to purchase the Loans of such Lender and such Lender’s rights hereunder, without recourse to or warranty by, or expense to, such Lender, for a purchase price equal to the outstanding principal amount of the Loans payable to such Lender plus any accrued but unpaid interest on such Loans and all accrued but unpaid fees owed to such Lender and any other amounts payable to such Lender under this Agreement, and to assume all the obligations of such Lender hereunder provided (i) in the case of any assignment resulting from a claim for payment under Section 7.6 or 8.1, such assignment will result in a reduction in such payments, (ii) such assignment does not conflict with applicable law and (iii) in the case of any assignment resulting from a Lender becoming a non-consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent. Upon such purchase and assumption (pursuant to an Assignment Agreement), such Lender shall no longer be a party hereto or have any rights hereunder (other than rights with respect to indemnities and similar rights applicable to such Lender prior to the date of such purchase and assumption) and shall be relieved from all obligations to the Company hereunder, and the Replacement Lender shall succeed to the rights and obligations of such Lender hereunder.

61

8.8    Conclusiveness of Statements.  Determinations and statements of any Lender or the Administrative Agent pursuant to Section 8.1, 8.2, 8.3 or 8.4 shall be conclusive absent demonstrable error. Lenders may use reasonable averaging and attribution methods in determining compensation under Sections 8.1 and 8.4.
SECTION 9    REPRESENTATIONS AND WARRANTIES.
To induce the Administrative Agent and the Lenders to enter into this Agreement and to induce the Lenders to make Loans and issue and participate in Letters of Credit and Swing Line Loans hereunder, the Company represents and warrants to the Administrative Agent and the Lenders that:
9.1    Organization.  (a) Each Loan Party is validly existing and, to the extent such concept is applicable in the relevant jurisdiction, in good standing under the Laws of its jurisdiction of organization; and (b) each Loan Party is duly qualified to do business in each jurisdiction where, because of the nature of its activities or properties, such qualification is required, except for such jurisdictions where the failure to so qualify would not have a Material Adverse Effect.
9.2    Authorization; No Conflict.  (a)  The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party has been duly authorized by all necessary action on the part of each Loan Party that is party thereto and each such Loan Document has been duly executed and delivered by each such Loan Party party thereto.  (b) The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party, and the borrowings by the Company hereunder, do not and will not (i) require any consent or approval of, filing with or notice to, any Governmental Authority or any other Person (other than any consent or approval which has been obtained or filing or notice which has been made, and, in each case, which is in full force and effect), (ii) conflict with (A) any provision of Law, (B) the charter, by-laws or other organizational documents of any Loan Party or (C) any agreement, indenture, instrument or other document, or any judgment, order or decree, which is binding upon any Loan Party or any of their respective properties, except with respect to clauses (A) or (C) to the extent such conflict would not have a Material Adverse Effect or (iii) require, or result in, the creation or imposition of any Lien on any asset of any Loan Party.
9.3    Validity and Binding Nature.  Each of this Agreement and each other Loan Document to which any Loan Party is a party is the legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, subject to bankruptcy, insolvency and similar Laws affecting the enforceability of creditors’ rights generally and to general principles of equity.
9.4    [Reserved].
9.5    No Material Adverse Change.  Since December 31, 2016, there has been no event or condition that has had or could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.

62

9.6    Litigation and Guarantee Obligations.  No litigation (including derivative actions), arbitration proceeding or governmental investigation or proceeding is pending or, to the Company’s knowledge, threatened against any Loan Party which might reasonably be expected to have a Material Adverse Effect.  No Loan Party has any Guarantee Obligations not listed on Schedule 9.6 or permitted by Section 11.1.
9.7    Ownership of Properties; Liens.  Except as identified on Schedule 1.1(c), each Loan Party owns good and, in the case of real property, marketable title to all of the properties and assets, real and personal, tangible and intangible, of any nature whatsoever which are material to its business (including patents, trademarks, trade names, service marks and copyrights) which it purports to own or which are reflected in its financial statements (except for personal property sold in the ordinary course of business after the date of such financial statements), free and clear of all Liens, charges and claims (including pending or, to the best of the Company’s knowledge, threatened infringement claims with respect to patents, trademarks, service marks, copyrights and the like) except as permitted by Section 11.2.  
9.8    Equity Ownership; Subsidiaries.  All issued and outstanding Capital Securities of each Loan Party and each Centene Plaza Subsidiary are duly authorized and validly issued, fully paid, non-assessable, and free and clear of all Liens, and such securities were issued in compliance with all applicable state and Federal Laws concerning the issuance of securities.  Schedule 9.8 describes each Subsidiary of the Company and each Subsidiary of each Loan Party as of the Restatement Effective Date and identifies the ownership of each Subsidiary.  As of the Restatement Effective Date, except as identified on Schedule 9.8, the Company has no Subsidiaries that are not Wholly-Owned Subsidiaries.  As of the Restatement Effective Date, except as identified on Schedule 9.8, there are no pre-emptive or other outstanding rights, options, warrants, conversion rights or other similar agreements or understandings for the purchase or acquisition of any Capital Securities of any Loan Party.
9.9    Pension Plans.
(a)    The Unfunded Liability of all Pension Plans does not in the aggregate exceed 20% of the Total Plan Liability for all such Pension Plans.  Each Pension Plan complies in all material respects with all applicable requirements of Law and regulations.  No failure to make contributions under Section 412 of the Code, Section 302 of ERISA or the terms of any Pension Plan has occurred with respect to any Pension Plan, sufficient to give rise to a Lien under Section 303(k) of ERISA, or otherwise to have a Material Adverse Effect.  There are no pending or, to the knowledge of the Company, threatened, claims, actions, investigations or lawsuits against any Pension Plan, any fiduciary of any Pension Plan, or the Company or other any member of the Controlled Group with respect to a Pension Plan or a Multiemployer Pension Plan which could reasonably be expected to have a Material Adverse Effect.  Neither the Company nor any other member of the Controlled Group has engaged in any prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) in connection with any Pension Plan or Multiemployer Pension Plan which would subject that Person to any material liability.  Within the past five years, neither the Company nor any other member of the Controlled Group has engaged in a transaction which resulted in a Pension 

63

Plan with an Unfunded Liability being transferred out of the Controlled Group, which could reasonably be expected to have a Material Adverse Effect.  No Termination Event has occurred or is reasonably expected to occur which could reasonably be expected to have a Material Adverse Effect.
(b)    All contributions (if any) have been made to any Multiemployer Pension Plan that are required to be made by the Company or any other member of the Controlled Group under the terms of the plan or of any collective bargaining agreement or by applicable Law; neither the Company nor any other member of the Controlled Group has withdrawn or partially withdrawn from any Multiemployer Pension Plan, incurred any withdrawal liability with respect to any such plan or received notice of any claim or demand for withdrawal liability or partial withdrawal liability from any such plan, and no condition has occurred which, if continued, could result in a withdrawal or partial withdrawal from any such plan; and neither the Company nor any other member of the Controlled Group has received any notice that any Multiemployer Pension Plan is in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 of ERISA), that increased contributions may be required to avoid a reduction in plan benefits or the imposition of any excise tax, that any such plan is or has been funded at a rate less than that required under Section 412 of the Code, that any such plan is or may be terminated, or that any such plan is or may become insolvent.
9.10    Investment Company Act.  No Loan Party is an “investment company” or a company “controlled” by an “investment company” or a “subsidiary” of an “investment company,” within the meaning of the Investment Company Act of 1940.
9.11    Regulation U, T, and X.  The Company is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock.  None of the proceeds of any Loans will be used for any purpose which violates or which would be inconsistent with, the provisions of Regulation U, Regulation T or Regulation X.
9.12    Taxes.  Each Loan Party has timely filed all Tax returns and reports required by Law to have been filed by it and has paid all Taxes and governmental charges due and payable with respect to such return, except any such Taxes or charges which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books or where the failure to file could not reasonably be expected to have a Material Adverse Effect.  The Loan Parties have made adequate reserves on their books and records in accordance with GAAP for all Taxes that have accrued but which are not yet due and payable.  No Loan Party has participated in any transaction that relates to a year of the taxpayer (which is still open under the applicable statute of limitations) which is a “listed transaction” within the meaning of Section 6707A(c)(2) of the Code and Treasury Regulation Section 1.6011-4(b)(2) (irrespective of the date when the transaction was entered into).
9.13    Solvency, etc.  On the Restatement Effective Date, and immediately prior to and after giving effect to the issuance of each Letter of Credit and each borrowing hereunder 

64

and the use of the proceeds thereof, the Company and the other Loan Parties on a consolidated basis, are Solvent.
9.14    Environmental Matters.  Each Loan Party complies and at all times has complied with all Environmental Laws, except such non‐compliance which could not (if enforced in accordance with applicable Law) reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect.  Each Loan Party has obtained, and maintained in good standing, all licenses, permits, authorizations, registrations and other approvals required under any Environmental Law for their respective operations, and for their reasonably anticipated future operations, and each Loan Party is in compliance with all terms and conditions thereof, except where the failure to do so could not reasonably be expected to result in material liability to any Loan Party, or, either individually or in the aggregate, in a Material Adverse Effect.  No Loan Party and no properties or operations of any Loan Party is subject to, and no Loan Party reasonably anticipates the issuance of, any written order from or agreement with any Governmental Authority, and no Loan Party and no properties or operations of any Loan Party is subject to any pending, or to the Company’s knowledge threatened litigation, arbitration, investigation or other proceeding, respecting any Environmental Law, Environmental Claim or Hazardous Substance, except with respect to orders, agreements, litigation, arbitration, investigations or other proceedings that could not reasonably be expected to result in material liability to any Loan Party, or, either individually or in the aggregate, in a Material Adverse Effect.  There are no Hazardous Substances or other environmental conditions or circumstances existing with respect to any property currently owned, leased or operated by any Loan Party or, to the Company's knowledge, any other location (including any site at which the Company has disposed or arranged for the disposal of Hazardous Substances) or relating to any release or threatened release of any Hazardous Substance, which would reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect.
9.15    Insurance.  Set forth on Schedule 9.15 is a complete and accurate summary of the property and casualty insurance program of the Loan Parties as of the Restatement Effective Date (including the names of all insurers, policy numbers, expiration dates, amounts and types of coverage, deductibles and self-insured retention).  Each Loan Party and its properties are insured with financially sound and reputable insurance companies which are not Affiliates of the Loan Parties, in such amounts (after giving effect to self-insurance), with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where such Loan Parties operate.
9.16    Real Property.  Set forth on Schedule 9.16 is a complete and accurate list, as of the Restatement Effective Date, of the addresses of all real property owned by any Loan Party.
9.17    Information.  All information heretofore or contemporaneously herewith furnished in writing by any Loan Party to the Administrative Agent or any Lender for purposes of or in connection with this Agreement and the transactions contemplated hereby is, and all written information hereafter furnished by or on behalf of any Loan Party to the Administrative 

65

Agent or any Lender pursuant hereto or in connection herewith (in each case, other than projections, other forward-looking information and information of a general economic or general industry nature) will be, true and accurate in every material respect on the date as of which such information is dated or certified, and none of such information is or will be incomplete by omitting to state any material fact necessary to make such information not misleading in light of the circumstances under which made.  All financial projections concerning the Company and the other Loan Parties heretofore or contemporaneously herewith furnished in writing by any Loan Party to the Administrative Agent or any Lender for purposes of or in connection with this Agreement and the transactions contemplated hereby are, and all such financial projections hereafter furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender pursuant hereto or in connection herewith will be, prepared in good faith with a reasonable basis for the assumptions and the conclusions reached therein and on a basis consistent with the Company’s historical financial data (it being recognized by the Administrative Agent and the Lenders that (w) financial projections are as to future events and are not to be viewed as facts, (x) financial projections are subject to significant uncertainties and contingencies, many of which are beyond any Loan Parties’ control, (y) no assurance can be given that any particular financial projections will be realized and (z) actual results during the period or periods covered by any such  financial projections may differ significantly from the projected results and such differences may be material).
9.18    Intellectual Property.  Each Loan Party owns and possesses or has a license or other right to use all patents, patent rights, trademarks, trademark rights, trade names, trade name rights, service marks, service mark rights, copyrights, license and other intellectual property rights as are necessary for the conduct of the businesses of the Loan Parties, and does not infringe upon any rights of any other Person which could reasonably be expected to have a Material Adverse Effect.
9.19    Labor Matters.  Except as set forth on Schedule 9.19, no Loan Party is subject to any labor or collective bargaining agreement.  There are no existing or, to the Company’s knowledge, threatened strikes, lockouts or other labor disputes involving any Loan Party that singly or in the aggregate could reasonably be expected to have a Material Adverse Effect.  Hours worked by and payment made to employees of the Loan Parties are not in violation of the Fair Labor Standards Act or any other applicable Law dealing with such matters except any violation which could not reasonably be expected to have a Material Adverse Effect.
9.20    No Default.  No Event of Default or Unmatured Event of Default exists or would result from the incurrence by any Loan Party of any Debt hereunder or under any other Loan Document. 
9.21    Material Licenses.  All Material Licenses have been obtained or exist for each Loan Party.
9.22    Compliance with Material Laws.  To the Company’s knowledge, each Loan Party is in compliance with all Material Laws.  Without limiting the generality of the foregoing, the operations and employee compensation practices of every Loan Party comply in all material respects with all applicable Material Laws.

66

9.23    Subordinated Debt.  The subordination provisions of the Subordinated Debt (if any) are enforceable against the holders of the Subordinated Debt by the Administrative Agent and the Lenders.  All Obligations constitute Debt which is senior to the Subordinated Debt and entitled to the benefits of the subordination provisions contained in the Subordinated Debt Documents, if any.
9.24    Charitable Foundations.  Each of the Charitable Foundations is a Missouri nonprofit corporation which has applied for exemption, or is exempt, from taxation pursuant to Section 501(c)(3) of the Code.
9.25    PATRIOT Act; OFAC; Sanctions and Anti-Corruption and Anti-Money Laundering Laws.
(a)    PATRIOT Act.  To the extent applicable, each of the Company and its Subsidiaries and Unrestricted Subsidiaries is in compliance in all material respects with the Patriot Act. 
(b)    Other Laws.  The Company and its Subsidiaries and Unrestricted Subsidiaries are in compliance, in all material respects, with Anti-Corruption Laws, including, for the avoidance of doubt, the United States Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”) and the UK Bribery Act 2010.
(c)    Sanctions.   The Company has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance by the Company and its Subsidiaries and Unrestricted Subsidiaries and their respective directors and officers, and to the knowledge of the Company, their respective employees with Anti-Corruption Laws and applicable Sanctions, and the Company and its Subsidiaries and Unrestricted Subsidiaries and, to the knowledge of the Company, their respective officers, employees and directors, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in any Loan Party being designated as a Sanctioned Person.  None of the Company or its Subsidiaries and Unrestricted Subsidiaries or, to the knowledge of Company or such Subsidiary or Unrestricted Subsidiary, any of their respective directors, officers, employees or agents is a Sanctioned Person.   No Loan or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate any applicable Sanctions.
(d)    Use of Proceeds.  No part of the proceeds of the Loans or Letters of Credit will be used by the Company or its Subsidiaries or Unrestricted Subsidiaries, directly or, to the knowledge of the Company, indirectly, (i) for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of Anti-Corruption Laws, (ii) in violation of Sanctions or (iii) in violation of Anti-Corruption Laws or other applicable anti-terrorism Laws and anti-money laundering Laws, including, for the avoidance of doubt, the Patriot Act.
SECTION 10    AFFIRMATIVE COVENANTS.

67

From and after the Restatement Effective Date and until the expiration or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents are paid in full (other than contingent amounts not yet due) and all Letters of Credit have been terminated, expired or Cash Collateralized, the Company agrees that, unless at any time the Required Lenders shall otherwise expressly consent in writing, it will:
10.1    Reports, Certificates and Other Information.  Furnish to the Administrative Agent and each Lender:
10.1.1    Annual Report.  Promptly when available and in any event within ninety days after the end of each Fiscal Year a copy of the annual audit report of the Company and its Subsidiaries for such Fiscal Year, including therein consolidated balance sheets and statements of earnings and cash flows of the Company and its Subsidiaries as at the end of such Fiscal Year, certified without adverse reference to going concern value and without qualification by independent auditors of recognized standing selected by the Company and reasonably acceptable to the Administrative Agent, together with a written statement from such accountants to the effect that in making the examination necessary for the signing of such annual audit report by such accountants, nothing came to their attention that caused them to believe that the Company was not in compliance with any provision of Section 11.1, 11.3 or 11.12 of this Agreement insofar as such provision relates to accounting matters or, if something has come to their attention that caused them to believe that the Company was not in compliance with any such provision, describing such non-compliance in reasonable detail; provided that the Company shall be deemed to have delivered and certified the information required in this Section 10.1.1 to the extent, and on the date, that such information is posted at the Company’s website on the internet at www.centene.com, at www.sec.gov, or at such other website identified by the Company, in all cases so long as (i) such website is accessible by the Administrative Agent and the Lenders without charge and (ii) the Company shall promptly deliver paper copies of any such information to the Administrative Agent or any of the Lenders upon request.
10.1.2    Interim Reports.  Promptly when available and in any event within forty-five days after the end of each Fiscal Quarter (other than the fourth Fiscal Quarter of each Fiscal Year), consolidated balance sheets of the Company and its Subsidiaries as of the end of such Fiscal Quarter, together with consolidated and consolidating statements of earnings and consolidated statements of cash flows for such Fiscal Quarter and for the period beginning with the first day of such Fiscal Year and ending on the last day of such Fiscal Quarter, certified by a Senior Officer of the Company; provided that the Company shall be deemed to have delivered and certified the information required in this Section 10.1.2 to the extent, and on the date, that such information is posted at the Company’s website on the internet at www.centene.com, at www.sec.gov, or at such other website identified by the Company, in all cases so long as (i) such website is accessible by the Administrative Agent and the Lenders without charge and (ii) the Company shall promptly deliver paper copies of any such information to the Administrative Agent or any of the Lenders upon request.

68

10.1.3    Compliance Certificates.  On or prior to the date that each annual audit report is required to be furnished pursuant to Section 10.1.1 and each set of quarterly statements is required to be furnished pursuant to Section 10.1.2, a duly completed compliance certificate in the form of Exhibit B, with appropriate insertions, dated the date of such annual report or such quarterly statements and signed by a Senior Officer of the Company, containing (i) a certification of such Senior Officer that the financial statements accompanying such compliance certificate have been prepared in accordance with GAAP applied consistently throughout the periods covered thereby and with prior periods (except as disclosed therein), (ii) a computation of each of the financial ratios and restrictions set forth in Section 11.12 and to the effect that such officer has not become aware of any Event of Default or Unmatured Event of Default that has occurred and is continuing or, if there is any such event, describing it and the steps, if any, being taken to cure it, (iii)  to the extent the Company shall cease to file regular, periodic reports with the SEC, a written statement of the Company’s management setting forth a discussion of the Company’s financial condition, changes in financial condition and results of operations and (iv) at any time when there are any Unrestricted Subsidiaries, a completed Unrestricted Subsidiary Reconciliation Statement signed by a Senior Officer of the Company stating that such reconciliation statement accurately reflects all adjustments necessary to treat the Unrestricted Subsidiaries as if they were not consolidated with the Company and to otherwise eliminate all accounts of the Unrestricted Subsidiaries and reflects no other adjustment from the related GAAP financial statement (except as otherwise disclosed in such reconciliation statement).  The computations in each Compliance Certificate shall be made after giving effect to the Centene Plaza Subsidiary Exclusion, and shall demonstrate the calculation of the Centene Plaza Subsidiary Exclusion and the effect thereof on Company’s financial statements in form and detail satisfactory to the Administrative Agent.
10.1.4    Reports to the SEC and to Shareholders.  Promptly upon the filing or sending thereof, copies of all regular, periodic or special reports of any Loan Party filed with the SEC; copies of all registration statements of any Loan Party filed with the SEC (other than on Form S-8); and copies of all proxy statements or other communications made to security holders generally; provided that the Company shall be deemed to have delivered and certified the information required in this Section 10.1.4 to the extent, and on the date, that such information is posted at the Company's website on the internet at www.centene.com, at www.sec.gov, or at such other website identified by the Company, in all cases so long as (i) such website is accessible by the Administrative Agent and the Lenders without charge and (ii) the Company shall promptly deliver paper copies of any such information to the Administrative Agent or any of the Lenders upon request.
10.1.5    Notice of Default and Litigation Matters.  Promptly upon a Senior Officer of any Loan Party becoming aware of any of the following, written notice describing the same and the steps being taken by the Company or the Subsidiary affected thereby with respect thereto:
(a)    the occurrence of an Event of Default or an Unmatured Event of Default;

69

(b)    any litigation, arbitration, investigation or proceeding not previously disclosed by the Company to the Lenders which has been instituted or, to the knowledge of the Company, is threatened against the Company or any of its Subsidiaries or to which any of the properties of any thereof is subject which might reasonably be expected to have a Material Adverse Effect;
(c)    any violation by any Loan Party of the minimum statutory net worth requirements imposed by any Governmental Authority to which such Loan Party is subject; and
(d)    any other event (including (i) any violation of any Environmental Law or the assertion of any Environmental Claim or (ii) the enactment or effectiveness of any Law) which might reasonably be expected to have a Material Adverse Effect.
10.1.6    Budgets.  As soon as practicable, and in any event not later than sixty days after the commencement of each Fiscal Year, a budget for such Fiscal Year for the Company and its Subsidiaries in form and detail satisfactory to the Administrative Agent.  The budget shall be presented both before and after giving effect to the Centene Plaza Subsidiary Exclusion.
10.1.7    Unrestricted Subsidiaries.  Substantially contemporaneously with each designation of a Subsidiary as an “Unrestricted Subsidiary” and each redesignation of an Unrestricted Subsidiary as a “Subsidiary”, written notice of such designation or redesignation, as applicable.
10.1.8    Other Information.  Promptly from time to time, such other information concerning the Company or any of its Subsidiaries as any Lender or the Administrative Agent may reasonably request.
10.2    Books, Records and Inspections.  Keep, and cause each other Loan Party to keep, its books and records in accordance with sound business practices sufficient to allow the preparation of financial statements in accordance with GAAP; permit, and cause each other Loan Party to permit, any Lender or the Administrative Agent or any representative thereof, after reasonable notice (or at any time without notice if an Event of Default exists), to inspect the properties and operations of the Loan Parties; and permit, and cause each other Loan Party to permit, at any reasonable time and with reasonable notice (or at any time without notice if an Event of Default exists), any Lender or the Administrative Agent or any representative thereof to visit any or all of its offices, to discuss its financial matters with its officers and its independent auditors (and the Company hereby authorizes such independent auditors to discuss such financial matters with any Lender or the Administrative Agent or any representative thereof), and to examine (and, at the expense of the Loan Parties, photocopy extracts from) any of its books or other records; and permit, and cause each other Loan Party to permit, the Administrative Agent and its representatives to inspect, after reasonable notice (or at any time without notice if an Event of Default exists) the tangible assets of the Loan Parties, to perform appraisals, and to inspect, audit, check and make copies of and extracts from the books, records, computer data, computer programs, journals, orders, receipts, 

70

correspondence and other data relating to the Loan Parties.  All such inspections or audits by the Administrative Agent shall be at the Company’s expense, provided that so long as no Event of Default or Unmatured Event of Default exists, the Company shall not be required to reimburse the Administrative Agent for inspections or audits more frequently than once each Fiscal Year.
10.3    Maintenance of Property; Insurance.
(a)    Keep, and cause each other Loan Party to keep, all property useful and necessary in the business of the Loan Parties in good working order and condition, ordinary wear and tear excepted.
(b)    Maintain, and cause each other Loan Party to maintain, with responsible insurance companies, such insurance coverage as may be required by any Law or court decree or order applicable to it and such other insurance, to such extent and against such hazards and liabilities, as is customarily maintained by companies similarly situated.
10.4    Compliance with Laws; Payment of Taxes and Liabilities.  (a) Comply, and cause each other Loan Party to comply with all applicable Laws (including Environmental Laws), except where failure to comply could not reasonably be expected to have a Material Adverse Effect; (b) without limiting clause (a) above, comply, and cause each other Subsidiary and Unrestricted Subsidiary to comply, with all applicable Bank Secrecy Act (“BSA”) and anti-money laundering Laws, (c) maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by the Company and its Subsidiaries and Unrestricted Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions and (e) pay, and cause each other Loan Party to pay, prior to delinquency, all Taxes and other governmental charges against it, as well as claims of any kind which, if unpaid, could become a Lien on any of its property; provided that the foregoing shall not require any Loan Party to pay any such Tax or charge so long as it shall contest the validity thereof in good faith by appropriate proceedings and shall set aside on its books adequate reserves with respect thereto in accordance with GAAP.
10.5    Maintenance of Existence, Material Licenses, etc.  Maintain and preserve, and (subject to Section 11.4) cause each other Loan Party to maintain and preserve, (a) to the extent such concept is applicable in the relevant jurisdiction, its existence and good standing in the jurisdiction of its organization, and its qualification to do business and good standing in each jurisdiction where the nature of its business makes such qualification necessary (other than such jurisdictions in which the failure to be qualified or in good standing could not reasonably be expected to have a Material Adverse Effect), and (b) all Material Licenses of such Loan Party.
10.6    Use of Proceeds.  Use the proceeds of the Loans, and the Letters of Credit to (w) finance ongoing working capital requirements and for other general corporate purposes of the Company and its subsidiaries, (x) pay acquisition consideration in connection with the Fidelis Acquisition, (y) prepay existing indebtedness of Fidelis and its subsidiaries and (z) pay Fidelis Transaction Costs; and not use or permit any proceeds of any Loan to be used, 

71

either directly or, to the knowledge of the Company, indirectly, (a) for the purpose, whether immediate, incidental or ultimate, of “purchasing or carrying” any Margin Stock or (b)(i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country in violation of Sanctions or (iii) in any other manner that would result in the violation of any Sanctions applicable to any party hereto.
10.7    Employee Benefit Plans.
(a)    Maintain, and cause each other member of the Controlled Group to maintain, each Pension Plan in substantial compliance with all applicable requirements of Law and regulations.
(b)    Make, and cause each other member of the Controlled Group to make, on a timely basis, all required contributions to any Pension Plan or Multiemployer Pension Plan.
(c)    Not, and not permit any other member of the Controlled Group to (i) seek a waiver of the minimum funding standards of ERISA, (ii) terminate or withdraw from any Pension Plan or Multiemployer Pension Plan or (iii) take any other action with respect to any Pension Plan that would reasonably be expected to entitle the PBGC to terminate, impose liability in respect of, or cause a trustee to be appointed to administer, any Pension Plan, unless the actions or events described in clauses (a), (b) and (c) individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect.
10.8    Environmental Matters.  If any release or threatened release of Hazardous Substances shall occur or shall have occurred on any real property or any other assets of any Loan Party for which the Company could be held liable pursuant to applicable Environmental Law, the Company shall, or shall cause the applicable Loan Party or shall make commercially reasonable efforts to cause the other responsible party to, undertake  the prompt containment and removal of such Hazardous Substances and the remediation of such real property or other assets as necessary to comply with all Environmental Laws and to preserve the value of such real property or other assets except to the extent such non-compliance would not reasonably be expected to have a Material Adverse Effect.  Without limiting the generality of the foregoing, the Company shall, and shall cause each other Loan Party or shall make commercially reasonable efforts to cause the other responsible party to, comply with any all requirements of any Governmental Authority relating to the performance of activities in response to the release or threatened release of a Hazardous Substance except to the extent such non-compliance would not reasonably be expected to have a Material Adverse Effect.
10.9    Credit Ratings.  At all times use commercially reasonable efforts to maintain a public corporate credit rating from S&P and a public corporate family rating from Moody’s, in each case in respect of the Company.

72

10.10    Designation of Restricted and Unrestricted Subsidiaries.  The Company may at any time after the Restatement Effective Date designate any Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a “Subsidiary”; provided that (a) immediately before and after such designation, no Unmatured Event of Default or Event of Default shall have occurred and be continuing or would result from such designation, (b) immediately after giving effect to such designation, the Company shall be in compliance on a pro forma basis with the covenants set forth in Section 11.12 (giving effect, if applicable, to the provisos thereto) recomputed as of the last day of the most recently ended Fiscal Quarter of the Company in respect of which financial statements have been delivered under Section 10.1.1 or 10.1.2, and the Company shall have delivered to the Administrative Agent a certificate of a Senior Officer setting forth reasonably detailed calculations demonstrating compliance with this clause (b), and (c) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a “restricted subsidiary” or a “guarantor” (or any similar designation) for any Material Debt.  The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the parent company of such Subsidiary therein under Section 11.9 at the date of designation in an amount equal to the net book value of such parent company’s investment therein.  The designation of any Unrestricted Subsidiary as a “restricted subsidiary” shall constitute the incurrence at the time of designation of any Debt or Liens of such Subsidiary, and the making of an Investment by such Subsidiary in any Investments of such Subsidiary, in each case existing at such time.
SECTION 11    NEGATIVE COVENANTS.
From and after the Restatement Effective Date and until the expiration or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents are paid in full (other than contingent amounts not yet due) and all Letters of Credit have been terminated, expired or Cash Collateralized, the Company agrees that, unless at any time the Required Lenders shall otherwise expressly consent in writing, it will:
11.1    Debt.  Not, and not permit any other Loan Party to, create, incur, assume or suffer to exist any Debt, except:
(a)    Obligations under this Agreement and the other Loan Documents;
(b)    Real Estate Debt, together with any Debt of any Centene Plaza Subsidiary (including Centene Plaza Debt), the aggregate amount of which at any one time outstanding when taken together with any Investments made pursuant to Section 11.9(a)(iv) does not exceed an amount equal to 90% of the amount of the fair market value of the property securing such Real Estate Debt;
(c)    Debt which is unsecured; provided that (i) after giving effect thereto on a pro forma basis, the Company and the other Loan Parties shall be in compliance with a Total Debt to EBITDA Ratio not greater than the applicable ratio set forth in Section 11.12.2 (giving effect, if applicable, to the provisos thereto) as of the last day of the most recently ended Computation Period, (ii) no Unmatured Event of Default or Event of Default shall have occurred and be continuing on the date of incurrence of such Debt or could reasonably be 

73

expected to occur as a result thereof, (iii) the documents governing such Debt do not contain covenants (including quantitative covenants and financial covenants) which are, taken as a whole, more restrictive in any material respect than the covenants contained in this Agreement, (iv) the final maturity of such Debt shall be no earlier than ninety days after the Latest Maturity Date and (v) the weighted average life to maturity of such Debt shall not be shorter than the weighted average life to maturity of any Loans or Commitments outstanding as of the time of the issuance thereof; provided that clauses (iii), (iv) and (v) shall not apply to any bridge facility on customary terms if the long-term indebtedness that such bridge facility is to be converted into satisfies such clauses.
(d)    Subordinated Debt which is unsecured; provided that (i) after giving effect thereto on a pro forma basis, the Company and the other Loan Parties shall be in compliance with a Total Debt to EBITDA Ratio not greater than the applicable ratio set forth in Section 11.12.2 (giving effect, if applicable, to the provisos thereto) as of the last day of the most recently ended Computation Period, (ii) no Unmatured Event of Default or Event of Default shall have occurred and be continuing on the date of incurrence of such Debt or could reasonably be expected to occur as a result thereof, (iii) the documents governing such Subordinated Debt shall not contain covenants (including quantitative covenants and financial covenants) which are more restrictive in any material respect, taken as a whole, than the covenants contained in this Agreement, (iv) the final maturity of such Subordinated Debt shall be no earlier than ninety days after the Latest Maturity Date and (v) the weighted average life to maturity of such Subordinated Debt shall not be shorter than the weighted average life to maturity of any Loans or Commitments outstanding as of the time of the issuance thereof;
(e)    Hedging Obligations incurred for bona fide hedging purposes and not for speculation and Debt incurred in the ordinary course of business in respect of netting services, overdraft protections and otherwise in connection with deposit accounts;
(f)    (i) the 2021 Senior Notes, the 2022 Senior Notes, the 2024 Senior Notes and the 2025 Senior Notes outstanding on the Restatement Effective Date, (ii) the New Senior Notes and the Bridge Loans; provided that the aggregate principal amount at any one time outstanding under this clause (ii) shall not exceed $3,750,000,000 in the aggregate, and (iii) Debt described on Schedule 11.1;
(g)    Debt under Capital Leases for capital assets or purchase money Debt whose aggregate cost if purchased would not exceed 1.50% of Consolidated Total Assets at the time of incurrence;
(h)    Guarantee Obligations of the Company which do not exceed $300,000,000 in the aggregate at any time outstanding;
(i)    Guarantee Obligations arising with respect to customary indemnification obligations in favor of sellers, adjustment of purchase price or similar obligations or from guaranties or letters of credit, surety bonds, performance bonds or similar obligations securing the performance of the Company or any Loan Party pursuant to 

74

such agreements, in each case in connection with Acquisitions permitted under Section 11.4 and purchasers in connection with dispositions permitted under Section 11.4;
(j)    Guarantee Obligations arising with respect to guaranties (which may include payment obligations) provided by a Loan Party on behalf of another Loan Party in the ordinary course of business;
(k)    (i) Debt of any Loan Party to the Company which results from an Investment made by the Company in such Loan Party pursuant to, and permitted by, Section 11.9(b) and (ii) Debt of any Loan Party to another Loan Party which results from an Investment made by such Loan Party in such other Loan Party pursuant to, and permitted by Section 11.9(a)(i);
(l)    Debt in respect of Outside Letters of Credit in an aggregate principal amount not to exceed $300,000,000;
(m)    Debt of the Company or any other Loan Party (excluding Guarantee Obligations) in an aggregate amount at any one time outstanding not to exceed 3.00% of Consolidated Total Assets at the time of incurrence; 
(n)    assumed Debt of any Person that becomes a Loan Party after the Restatement Effective Date; provided that (i) on a pro forma basis after giving effect to the incurrence of such Debt, the Company will be in compliance with the financial covenant in Section 11.12.2 (giving effect, if applicable, to the provisos thereto) as of the last day of the most recently ended Computation Period, (ii) such Debt exists at the time such Person becomes a Loan Party and is not created in contemplation or in connection with such Person becoming a Loan Party, (iii) neither the Company nor any Loan Party that was not an obligor with respect to such Debt prior to such Person becoming a Loan Party shall become an obligor for such Debt; and (iv) such Debt shall not be secured by a Lien on any property of the Company or any Loan Party that did not secure such Debt prior to such Person becoming a Loan Party (except for proceeds and the products thereof and, in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender);
(o)    Debt of any Loan Party (other than any letter of credit) (i) pursuant to tenders, statutory obligations, bids, leases, governmental contracts, trade contracts, surety, stay, customs, appeal, performance or return of money bonds or other similar obligations incurred in the ordinary course of business and (ii) in respect of surety bonds, performance bonds or similar instruments to support any of the foregoing items;
(p)    Debt of any Loan Party (other than any letter of credit, but including obligations in respect of bank guaranties, surety bonds, performance bonds or similar instruments with respect to such Debt) incurred by such Loan Party in respect of workers compensation claims, unemployment insurance (including premiums related thereto), other types of social security, pension obligations, vacation pay, health, disability or other employee benefits;

75

(q)    Debt representing the deferred purchase price of property (including intellectual property) or services, including earn-out obligations, purchase price adjustments, escrow arrangements or other arrangements representing deferred payments incurred in connection with any Acquisition permitted or consented to hereunder; and
(r)    provided that no Unmatured Event of Default or Event of Default shall have occurred and is continuing or would result therefrom, the incurrence or issuance by the Company or any other Loan Party of Debt which serves to extend, replace, refund, renew, defease or refinance any Debt incurred as permitted under clauses (f), (g), (m) and (n) of this Section 11.1 or any Debt issued to so extend, replace, refund, renew, defease or refinance such Debt (“Refinancing Debt”); provided, however, that, (i) the final maturity date of such Refinancing Debt shall be no earlier than ninety days after the Latest Maturity Date, (ii) the weighted average life to maturity of such Refinancing Debt shall not be shorter than the weighted average life to maturity of the Debt being extended, replaced, refunded, renewed, defeased or refinanced, (iii) to the extent such Refinancing Debt extends, replaces, refunds, renews, defeases or refinances Debt subordinated or pari passu to the Obligations, such Refinancing Debt is subordinated or pari passu to the Obligations at least to the same extent (as determined in good faith by the board of directors of the Company) as the Debt being extended, replaced, refunded, renewed, defeased or refinanced and (iv) such Refinancing Debt shall be in an amount not greater than the amount of the Debt being extended, replaced, refunded, renewed, defeased or refinanced plus an additional amount incurred to pay reasonable premiums (including tender premiums) outstanding and unpaid interest and reasonable fees and expenses incurred in connection therewith;  provided, further, however, that to the extent that any Debt incurred under clauses (g) or (m) is refinanced pursuant to this clause (r), then the aggregate outstanding principal amount of such Refinancing Debt shall be deemed to utilize the related basket under the applicable clause on a dollar-for-dollar basis (it being understood that an Unmatured Event of Default or Event of Default shall be deemed not to have occurred solely to the extent that the incurrence of such Refinancing Debt would cause the permitted amount under such Section to be exceeded and such excess shall be permitted hereunder).
11.2    Liens.  Not, and not permit any other Loan Party to, create or permit to exist any Lien on any of its real or personal properties, assets or rights of whatsoever nature (whether now owned or hereafter acquired), except:
(a)    Liens for Taxes, payments in lieu of Taxes, assessments, special assessments or other governmental charges not at the time delinquent or thereafter payable without penalty or being contested in good faith by appropriate proceedings and, in each case, for which it maintains adequate reserves;
(b)    Liens arising in the ordinary course of business (such as (i) Liens of landlords, carriers, warehousemen, mechanics and materialmen and other similar Liens imposed by Law and (ii) Liens in the form of deposits or pledges incurred in connection with worker’s compensation, unemployment compensation and other types of social security (excluding Liens arising under ERISA) or in connection with surety bonds, bids, performance 

76

bonds and similar obligations) for sums not overdue or being contested in good faith by appropriate proceedings and not involving any advances or borrowed money or the deferred purchase price of property or services and, in each case, for which it maintains adequate reserves;
(c)    Liens described on Schedule 11.2 as of the Restatement Effective Date and any replacement, extension or renewal thereof upon or in the same property subject thereto arising out of the extension, renewal or replacement of the Debt secured thereby (without increase in the amount thereof (other than on account of any accrued but unpaid interest, fees and premium payable by the terms of such Debt thereon));
(d)    (i) subject to the limitation set forth in Section 11.1(b), Liens that constitute purchase money security interests on any property (including mortgage liens on real property) securing debt incurred for the purpose of financing all or any part of the cost of acquiring such property, provided that any such Lien attaches to such property within twenty days of the acquisition thereof and attaches solely to the property so acquired and any improvements thereon or proceeds from the disposition thereof, and the replacement, extension or renewal of any Lien permitted by this clause (i) upon or in the same property subject thereto arising out of the extension, renewal or replacement of the Debt secured thereby (without increase in the amount thereof (other than on account of any accrued but unpaid interest, fees and premium payable by the terms of such Debt thereon)); (ii) subject to the limitations set forth in Section 11.1(g), Liens arising in connection with Capital Leases (and attaching only to the property subject to such Capital Leases and any improvements thereon or proceeds from the disposition thereof); and (iii) Liens attaching to the real property constituting a Centene Plaza Project to secure the Centene Plaza Debt;
(e)    attachments, appeal bonds, judgments and other similar Liens for sums not exceeding an amount equal to (A) 2.00% of Consolidated Total Assets at the time of incurrence in the aggregate minus (B) the aggregate amount of outstanding Liens incurred pursuant to clause (s) below; provided the execution or other enforcement of such Liens incurred pursuant to this clause (e) are effectively stayed and the claims secured thereby are being actively contested in good faith and by appropriate proceedings;
(f)    easements, rights of way, restrictions, minor defects or irregularities in title and other similar Liens not interfering in any material respect with the ordinary conduct of the business of any Loan Party;
(g)    Liens arising under the Loan Documents;
(h)    Liens securing Debt permitted by Section 11.1(e); 
(i)    Liens securing Debt permitted by Section 11.1(l) in an aggregate principal amount not exceeding $300,000,000; 
(j)    Liens securing Debt permitted by Section 11.1(m) in an aggregate principal amount not exceeding 1.50% of Consolidated Total Assets at the time of incurrence; 

77

provided that the final maturity of such Debt shall be no earlier than ninety days after the Latest Maturity Date; 
(k)    Liens securing Debt permitted by Section 11.1(m) in an aggregate principal amount not exceeding 1.50% of Consolidated Total Assets at the time of incurrence;
(l)    Liens of a Person at the time such Person becomes a Loan Party, provided that such Liens were not created in contemplation of the applicable Person becoming a Loan Party and do not extend to any assets other than those of the Person acquired, merged into or consolidated with a Loan Party or acquired by a Loan Party (except for proceeds and the products thereof and, in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender) and to the extent the obligations secured thereby constitute Debt, such Debt is permitted under Section 11.1(n); 
(m)    Liens in connection with the sale or transfer of any assets in a transaction permitted hereunder, customary rights and restrictions contained in agreements relating to such sale or transfer pending the completion thereof;
(n)    Liens securing, in the case of any joint venture, any put and call arrangements related to its Capital Securities set forth in its organizational documents or any related joint venture or similar agreement;
(o)    any interest or title of a lessor under any lease or sublease entered into by the Company or any Loan Party in the ordinary course of its business and other statutory and common law landlords’ Liens under leases; 
(p)    any interest or title of a licensor under any license or sublicense entered into by the Company or any Loan Party as a licensee or sublicensee (A) existing on the Restatement Effective Date or (B) in the ordinary course of its business;
(q)    any interest or title of a licensor or lessor under any licenses, sublicenses, leases or subleases granted to other Persons permitted hereunder;
(r)    Liens evidenced by the filing of precautionary UCC financing statements (or any similar precautionary filings) relating solely to operating leases of personal property entered into in the ordinary course of business;
(s)    Liens on earnest money deposits of cash or cash equivalents, escrow arrangements or similar arrangements made by the Company or any Subsidiary in connection with any letter of intent or purchase agreement for an Acquisition permitted by Section 11.4 or other Investment permitted pursuant to Section 11.9; and
(t)    other Liens securing obligations in an aggregate principal amount not to exceed an amount equal to (A) 1.50% of Consolidated Total Assets at the time of incurrence minus (B) the aggregate amount of outstanding Liens incurred pursuant to clause (e) above.

78

11.3    Restricted Payments.  Not, and not permit any other Loan Party to, (a) make any distribution to any holders of its Capital Securities (except for dividends or distributions from a Subsidiary to a domestic Wholly-Owned Subsidiary of the Company or to the Company and dividends or distributions from a Subsidiary ratably to any non-Wholly-Owned Subsidiary of the Company), (b) purchase or redeem any of its Capital Securities, (c) pay any management fees or similar fees to any of its equityholders or any Affiliate thereof, (d) make any redemption, prepayment, defeasance, repurchase or any other payment in respect of any Subordinated Debt, (e) make any contribution to, donation to, loan to, investment in, or any other transfer of funds or property to any Charitable Foundation or (f) set aside funds for any of the foregoing (items (a) through (f) above, collectively, “Restricted Payments”).  Notwithstanding the foregoing, so long as no Unmatured Event of Default or Event of Default has occurred and is continuing or could reasonably be expected to occur as a result thereof, (i) the Company may make a distribution to holders of its Capital Securities in the form of stock of the Company, (ii) in lieu of fractional shares in association with a stock dividend or exercise of warrants, options or other securities exchangeable into Capital Securities of the Company, the Company may pay cash dividends in an aggregate amount not exceeding $75,000,000 in any Fiscal Year, (iii) the Company may make any Restricted Payment so long as, immediately prior to giving effect to such Restricted Payment, Total Debt to EBITDA as of the last day of the Computation Period most recently ended is less than 3.50:1.00, (iv) the Company may make any Restricted Payments not otherwise permitted hereby in an aggregate amount not to exceed $200,000,000 in any calendar year (with unused amounts for any year being carried over to the next succeeding year, but not to any subsequent year, and the permitted amount for each year shall be used prior to any amount carried over from the previous year), (v) the Company may make other Restricted Payments to repurchase Capital Securities of the Company upon the exercise of stock options if such Capital Securities represent a portion of the exercise price of such options, so long as substantially concurrently with such Restricted Payment, the Company applies the proceeds of such Restricted Payment to repurchase such Capital Securities, (vi) the Company make any payment on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Capital Securities in the Company or any option, warrant or other right to acquire any such Capital Securities pursuant to and in accordance with stock incentive plans or other employee benefit plans for directors, officers or employees of the Company and the Loan Parties and (vii) Subordinated Debt may be refinanced to the extent permitted by Section 11.1.  In addition, notwithstanding the foregoing, the Company or any other Loan Party may make contributions to a Charitable Foundation so long as (I) no Unmatured Event of Default or Event of Default has occurred and is continuing or could reasonably be expected to occur as a result thereof, (II) such contribution could not reasonably be expected to have a Material Adverse Effect, (III) such contributions are treated for accounting purposes by the Company as an expense and deducted in the calculation of Consolidated Net Income (and EBITDA) and (IV) such Charitable Foundation is exempt from taxation pursuant to Section 501(c)(3) of the Code.
11.4    Mergers, Consolidations, Sales.  Not, and not permit any other Loan Party to, (a) be a party to any merger or consolidation, or purchase or otherwise acquire all or substantially all of the assets or any Capital Securities of any class of, or any partnership or joint venture interest in, any other Person, except for Investments otherwise permitted by 

79

Section 11.9, (b) sell, transfer, convey or lease all or substantially all of its assets (including the sale of all or substantially all of the Capital Securities of any Subsidiary) except (i) for sales of inventory and obsolete equipment in the ordinary course of business or (ii) so long as no Unmatured Event of Default or Event of Default has occurred and is continuing, after giving effect thereto on a pro forma basis, the Company and the other Loan Parties shall be in compliance with a Total Debt to EBITDA Ratio not greater than the applicable ratio set forth in Section 11.12.2 (giving effect, if applicable, to the provisos thereto) as of the last day of the most recently ended Computation Period (other than a sale, transfer, conveyance or lease of all or substantially all of the assets of the Loan Parties, taken as a whole) or (c) sell or assign with or without recourse any receivables, except that the restrictions set forth in clauses (a)-(c) above shall not apply to (i) the Fidelis Acquisition, (ii) any merger, consolidation, sale, transfer, conveyance, lease or assignment of or by (A) any Subsidiary into the Company (provided that the Company shall be the continuing or surviving entity), (B) any Subsidiary into any domestic Subsidiary (provided that if such Subsidiary has provided a guarantee of the Obligations, the continuing or surviving entity shall also provide a guarantee of the Obligations) or (C) any foreign Subsidiary into any other foreign Subsidiary; (iii) any such purchase or other acquisition by the Company or any domestic Subsidiary of the assets or Capital Securities of any Subsidiary and by any foreign Subsidiary of the assets or Capital Securities of any other foreign Subsidiary; (iv) any Loan Party (other than the Company) may liquidate, dissolve or wind-up if the Company determines in good faith that such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous to the Lenders and no Unmatured Event of Default or Event of Default has occurred and is continuing or would result therefrom; (v) the discount or sale, in each case without recourse and in the ordinary course of business, of past due receivables arising in the ordinary course of business, but only in connection with the compromise or collection thereof consistent with customary industry practice (and not as part of any bulk sale or financing of receivables), (vi) Investments made in accordance with Section 11.9, (vii) Liens incurred in compliance with Section 11.2 and (vii) any Acquisition by the Company or any Subsidiary where:
(A)    the Acquisition is of a Person in a line of business which is similar or complementary to the lines of business of the Loan Parties as of the Restatement Effective Date;
(B)    immediately before and after giving effect to such Acquisition, no Event of Default shall exist or would result of such Acquisition;
(C)    immediately after giving effect to such Acquisition, the Company is in pro forma compliance with all the financial ratios and restrictions set forth in Section 11.12 (giving effect, if applicable, to the provisos thereto) as of the last day of the most recently ended Computation Period; and
(D)    in the case of the Acquisition of any Person, the board of directors or similar governing body of such Person has approved such Acquisition, and in the case of an Acquisition which is structured as a merger involving the Company, the Company is the surviving Person.

80

The condition contained in clause (C) above will not apply to an Acquisition if the total consideration paid (including the fair market value of any property conveyed and including deferred consideration) for such Acquisition does not exceed $400,000,000.
11.5    Modification of Organizational Documents.  Not permit the charter, by-laws or other organizational documents of the Company or any of its Subsidiaries to be amended or modified in any way unless in all cases, such amendment or modification  is not reasonably likely to have a Material Adverse Effect.
11.6    Transactions with Affiliates.  Not, and not permit any other Loan Party to, enter into, or cause, suffer or permit to exist any transaction, arrangement or contract with any of its Affiliates (other than the Company or any Loan Party); provided, however, that (i) the Company and the other Loan Parties may engage in such transactions pursuant to the reasonable requirements of its business on terms which are not materially less favorable than are obtainable from any Person which is not one of its Affiliates, (ii) the Company and its Subsidiaries may declare or make Restricted Payments permitted by Section 11.3, (iii) the Loan Parties and the Subsidiaries may adopt, enter into, maintain and perform their obligations under customary employment, compensation, severance or indemnification plans and arrangements for current or former directors, officers, employees and consultants of the Company and the Loan Parties entered into in the ordinary course of business, (iv) the Company may grant stock options or similar rights to directors, officers, employees and consultants of the Company or any Loan Party and (v) contributions made to a Charitable Foundation as permitted under Section 11.3.
11.7    Inconsistent Agreements.  Not, and not permit any other Loan Party to, enter into any agreement containing any provision which would (a) be violated or breached by any borrowing by the Company hereunder or by the performance by any Loan Party of any of its Obligations hereunder or under any other Loan Document, (b) prohibit any Loan Party from granting a Lien on any of its assets to the Administrative Agent and the Lenders or (c) create or permit to exist or become effective any encumbrance or restriction on the ability of any Subsidiary to (i) pay dividends or make other distributions to the Company or any other Subsidiary, or pay any Debt owed to the Company or any other Subsidiary, (ii) make loans or advances to any Loan Party or (iii) transfer any of its assets or properties to any Loan Party, other than: (A) customary restrictions and conditions contained in agreements relating to the sale of all or a substantial part of the assets of any Subsidiary pending such sale, provided that such restrictions and conditions apply only to the Subsidiary to be sold and such sale is permitted hereunder, (B) restrictions or conditions imposed by any agreement relating to purchase money Debt, Capital Leases and other secured Debt permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Debt or that expressly permits Liens for the benefit of the Administrative Agent and the Lenders with respect to the Loans and the Obligations under the Loan Documents on a senior basis without the requirement that such holders of such Debt be secured by Liens on an equal and ratable, or junior, basis, (C) customary provisions in leases and other contracts restricting the assignment thereof, (D) restrictions and conditions imposed by law, (E) restrictions and conditions binding on any person in existence at the time such person first became a Loan 

81

Party, so long as such restrictions or conditions were not entered into in contemplation of such person becoming a Loan Party, (F) solely in the case of clauses (b) and (c)(iii), restrictions and conditions imposed by the 2021 Senior Notes Indenture, the 2022 Senior Notes Indenture, the 2024 Senior Notes Indenture, the 2025 Senior Notes Indenture, the New Senior Notes Indenture, the credit agreement in respect of any Bridge Loans and any other Debt issued in reliance on Sections 11.1(c) and 11.1(d) (and in the case of the New Senior Notes Indenture, the credit agreement in respect of any Bridge Loans and any other Debt issued in reliance on Sections 11.1(c) and 11.1(d), to the extent such restrictions and conditions are not materially more restrictive, taken as a whole, than any restrictions and conditions contained in the 2021 Senior Notes Indenture, the 2022 Senior Notes Indenture, the 2024 Senior Notes Indenture and the 2025 Senior Notes Indenture), (G) solely in the case of clauses (b) and (c)(iii), the Real Estate Debt Documents and the Tax Abatement Documents; provided that any negative pledge relates solely to the property securing such Debt, (H) solely in the case of clause (b), customary restrictions that arise in connection with any Liens in favor of any holder of Debt permitted under Section 11.2 but solely to the extent any negative pledge relates to the property secured by such Lien or that expressly permits Liens for the benefit of the Administrative Agent and the Lenders with respect to the Loans and the Obligations under the Loan Documents on a senior basis without the requirement that such holders of such Debt be secured by Liens on an equal and ratable, or junior, basis, (I) customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements and other similar agreements (other than in respect of any Wholly-Owned Subsidiary) entered into in the ordinary course of business that restrict the transfer of ownership interests in such partnership, limited liability company, joint venture or similar Person, (J) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business and (K) restrictions and conditions imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of any contract, instrument or obligation referred to in clauses (A) through (K) above; provided that such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in the good faith judgment of the Company, not materially more restrictive with respect to such restrictions taken as a whole than those in existence prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.
11.8    Business Activities.  Not, and not permit any other Loan Party to, engage in any line of business other than (a) the businesses engaged in on the Restatement Effective Date, (b) the managed health care business, (c) lines of business which are similar or complementary thereto and (d) lines of business set forth in the Company’s strategic business plan, as it may be amended from time to time by the Company.
11.9    Investments.  Not, and not permit any other Loan Party to, make or permit to exist any Investment in any other Person, except the following:
(a)    Investments (i) by any Loan Party other than the Company in any other Loan Party, (ii) by the Company or any other Loan Party consisting solely of the incurrence of Debt to the extent permitted by Sections 11.1(b), (iii) by the Company or any other 

82

Loan Party consisting of (A) Debt instruments issued by the District and held by the Company or any other Loan Party as of the date hereof and (B) the purchase of Debt instruments issued by the District (or similar new district) after the Restatement Effective Date in an aggregate amount not to exceed $75,000,000 and (iv) by any Loan Party in a Centene Plaza Subsidiary, the proceeds of which are used to repay or purchase any Debt that would otherwise be permitted to be incurred by such Loan Party under Section 11.1(b);
(b)    Investments by the Company in any other Loan Party;
(c)    Investments which comply with the Company’s investment policy attached hereto as Schedule 11.9, which investment policy may be updated from time to time with the consent of the Administrative Agent (provided, that notwithstanding the Company’s investment policy, (i) Investments in venture capital funds shall not be permitted to the extent they exceed 10% of the aggregate amount of cash, cash equivalents and investments of the Loan Parties as reflected on the Company’s consolidated financial statements and determined in accordance with GAAP in the aggregate across all health plans and (ii) Investments in transportation development district bonds relating to a Centene Plaza Project shall not be permitted except to the extent they are expressly permitted by Section 11.9(a)(iii));
(d)    Investments to consummate Acquisitions permitted by Section 11.4; 
(e)    other Investments of the Company or any other Loan Party (including in Unrestricted Subsidiaries) in an aggregate amount at any one time outstanding not to exceed 1.50% of Consolidated Total Assets at the time of such Investment; provided that no Unmatured Event of Default or Event of Default has occurred and is continuing on the date of such Investment or could reasonably be expected to occur as a result thereof;
(f)    Guarantee Obligations constituting Debt permitted by Section 11.1;
(g)    Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business;
(h)    Investments made as a result of the receipt of non-cash consideration from a disposition of any asset permitted hereunder;
(i)    Investments in the form of Hedging Obligations permitted by Section 11.1;
(j)    payroll, travel and similar advances to directors, officers and employees of the Company or the Loan Parties that are made in the ordinary course of business in an aggregate amount at any one time outstanding not to exceed $20,000,000;

83

(k)    Investments to the extent the consideration paid therefor consists of Capital Securities of the Company (other than Disqualified Equity Interests); and
(l)    Investments held by a Subsidiary acquired after the Restatement Effective Date or of a Person merged or consolidated with or into the Company or a Subsidiary after the Restatement Effective Date, to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;
(m)    Investments consisting of Guarantee Obligations of the Company or any Subsidiary in respect of leases of the Company or any subsidiary (other than obligations with respect to Capital Leases) or of other obligations not constituting Debt, in each case entered into in the ordinary course of business; 
(n)    Investments in any Federal Home Loan Bank required to be made in connection with the incurrence of Debt pursuant to Section 11.1(m); and
(o)    other Investments so long as (i) immediately prior to, and after giving pro forma effect to such Investment, Total Debt to EBITDA as of the last day of the Computation Period most recently ended would be less than 3.50 to 1.00 and (ii) no Unmatured Event of Default or Event of Default has occurred and is continuing on the date of such Investments or could reasonably be expected to occur as a result thereof.
11.10    Restriction of Amendments to Certain Documents.  Not amend or otherwise modify, or waive any rights under, any Subordinated Debt Documents to the extent such amendment, modification or waiver would be materially adverse to the Lenders.
11.11    Fiscal Year.  Not change its Fiscal Year. 
11.12    Financial Covenants.
11.12.1    Fixed Charge Coverage Ratio.  Not permit the Fixed Charge Coverage Ratio for any Computation Period to be less than 1.50 to 1.00.  In each Computation Period, the Fixed Charge Coverage Ratio shall be calculated after giving effect to the Centene Plaza Subsidiary Exclusion.
11.12.2    Total Debt to EBITDA Ratio.  Not permit the Total Debt to EBITDA Ratio for any Computation Period ending after the Restatement Effective Date to exceed 3.50 to 1.00 (it being understood that in each Computation Period, the Total Debt to EBITDA Ratio shall be calculated after giving effect to the Centene Plaza Subsidiary Exclusion); provided that in lieu of the foregoing, at the election of the Company by notice to the Administrative Agent (which election may be made not more than three times (including the Fidelis Acquisition)) (any such election, an “Acquisition Covenant Election”), for any such date occurring on or after a Material Acquisition or the Fidelis Acquisition, on or prior to the last day of the fourth full Fiscal Quarter of the Company after the consummation of such Material Acquisition or the Fidelis Acquisition, the Company will not permit the Total Debt to EBITDA 

84

Ratio as of such date (including, without limitation, the last day of the most recently ended Computation Period) to exceed 4.00 to 1.00; provided further that in the event the Company makes or is deemed to make an Acquisition Covenant Election, no additional Acquisition Covenant Election may be made until the end of the fifth full Fiscal Quarter after the first such Acquisition Covenant Election is made or deemed made; provided further that an Acquisition Covenant Election shall be deemed made in connection with the Fidelis Acquisition.
11.13    Guaranties.  Not permit any of its Subsidiaries (other than a special purpose escrow vehicle formed to incur the New Senior Notes) to incur Debt, or deliver a guaranty in respect of any Debt incurred, under the 2021 Senior Notes, the 2022 Senior Notes, the 2024 Senior Notes, the 2025 Senior Notes, the New Senior Notes, the Bridge Loans or pursuant to Sections 11.1(c), (d) or (f), unless such Subsidiary (other than a special purpose escrow vehicle formed to incur the New Senior Notes) provides an equal and ratable guaranty in respect of the Obligations.
11.14    Exceptions.  Notwithstanding anything else contained herein (i) the Tax Abatement Documents shall not be deemed to be Capital Leases and (ii) the obligations of the Company or any of its Subsidiaries to pay rent as set forth on Schedule 11.14 shall not be deemed to be Guarantee Obligations.
SECTION 12    CONDITIONS OF LENDING, ETC.
12.1    [Reserved].   
12.2    [Reserved].   
12.3    Conditions.  The obligation (a) of each Lender to make each Loan after the Restatement Effective Date and (b) of each Issuing Lender to issue each Letter of Credit after the Restatement Effective Date is subject to the following further conditions precedent that:
12.3.1    Compliance with Warranties, No Default, etc.  Both before and after giving effect to any borrowing and the issuance of any Letter of Credit, the following statements shall be true and correct:
(a)    the representations and warranties of each Loan Party set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects with the same effect as if then made (except to the extent stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); provided that (x) to the extent any such representation or warranty is already qualified by materiality or material adverse effect, such representation or warranty shall be true and correct in all respects and (y) in the case of any Incremental Term Loan incurred to finance any Limited Condition Transaction, such representations and warranties may be limited to customary "specified representations" to the extent agreed by the Lenders providing such Incremental Term Loans; and

85

(b)    other than with respect to any Incremental Term Loan to finance a Limited Condition Transaction, no Event of Default or Unmatured Event of Default shall have then occurred and be continuing.
SECTION 13    EVENTS OF DEFAULT AND THEIR EFFECT.
13.1    Events of Default.  Each of the following shall constitute an Event of Default under this Agreement:
(a)    Non-Payment of the Loans, etc.  Default in the payment when due of the principal of any Loan; or default, and continuance thereof for five days, in the payment when due of any interest, fee, reimbursement obligation with respect to any Letter of Credit or other amount payable by the Company hereunder or under any other Loan Document.
(b)    Default under Other Debt.  Any default shall occur under the terms applicable to any Debt of the Company or any of its Subsidiaries individually or in an aggregate amount (for all such Debt so affected and including undrawn committed or available amounts and amounts owing to all creditors under any combined or syndicated credit arrangement) exceeding $250,000,000 (any such Debt, “Material Debt”), or under the terms applicable to the 2021 Senior Notes, the 2022 Senior Notes, the 2024 Senior Notes, the 2025 Senior Notes, the New Senior Notes or the Bridge Loans and such default shall accelerate the maturity of such Debt (including the 2021 Senior Notes, the 2022 Senior Notes, the 2024 Senior Notes, the 2025 Senior Notes, the New Senior Notes or the Bridge Loans) or permit, after the expiration of any applicable grace period provided in the applicable agreement or instrument evidencing or governing such Debt, the holder or holders thereof, or any trustee or agent for such holder or holders, to cause such Debt (including the 2021 Senior Notes, the 2022 Senior Notes, the 2024 Senior Notes, the 2025 Senior Notes, the New Senior Notes or the Bridge Loans) to become due and payable (or require the Company or any of its Subsidiaries to purchase or redeem such Debt (including the 2021 Senior Notes, the 2022 Senior Notes, the 2024 Senior Notes, the 2025 Senior Notes, the New Senior Notes or the Bridge Loans) or post cash collateral in respect thereof) prior to its expressed maturity.
(c)    Bankruptcy, Insolvency, etc.  The Company or any of its Significant Subsidiaries ceases to be Solvent or generally fails to pay, or admits in writing its inability or refusal to pay, debts as they become due; or the Company or any of its Significant Subsidiaries applies for, consents to, or acquiesces in the appointment of a trustee, receiver or other custodian for the Company or any of its Significant Subsidiaries or any property thereof, or makes a general assignment for the benefit of creditors; or, in the absence of such application, consent or acquiescence, a trustee, receiver or other custodian is appointed for the Company or any of its Significant Subsidiaries or for a substantial part of the property of any thereof and is not discharged within 90 days; or any bankruptcy, reorganization, debt arrangement, or other case or proceeding under any bankruptcy or insolvency Law, or any dissolution or liquidation proceeding, is commenced in respect of the Company or any of its Significant Subsidiaries, and if such case or proceeding is not commenced by the Company or any of its Significant Subsidiaries, it is consented to or acquiesced in by the Company or such Subsidiary 

86

or remains for 90 days undismissed; or the Company or any of its Significant Subsidiaries takes any action to authorize, or in furtherance of, any of the foregoing.
(d)    Non-Compliance with Loan Documents. (i) Failure of any Loan Party to perform or comply with any term or condition contained in Section 10.1.5(a), Section 10.5(a) (solely with respect to the Company and solely with respect to its existence and good standing), Section 10.6 or Section 11 or (ii) any Loan Party shall default in the performance of or compliance with any term contained herein or any of the other Loan Documents, other than any such term referred to in any other section of this Section 13, and such default shall not have been remedied or waived within thirty days after the earlier of (A) receipt by the Company of notice from the Administrative Agent or any Lender of such default and (B) a Senior Officer of any Loan Party having obtained knowledge of such default. 
(e)    Representations; Warranties.  Any representation or warranty made by any Loan Party herein or any other Loan Document is breached or is false or misleading in any material respect when made or deemed made, or any schedule, certificate, financial statement, report, notice or other writing furnished by any Loan Party to the Administrative Agent or any Lender in connection herewith is false or misleading in any material respect on the date as of which the facts therein set forth are stated or certified or, to the extent any such representation or warranty is already qualified by materiality or material adverse effect, such representation or warranty shall be false or misleading in any respect on the date as of which the facts there set forth are stated or certified.
(f)    Judgments.  Any one or more judgments or orders is entered against the Company or any of its Subsidiaries or any attachment or other levy is made against the property of the Company or any of its Subsidiaries with respect to any claim or claims involving in the aggregate liabilities (not paid or fully covered by insurance, less the amount of deductibles satisfactory to the Administrative Agent and the Lenders on the Restatement Effective Date) greater than $250,000,000, and, in the case of a judgment or order, such judgment or order becomes final and non-appealable or if timely appealed is not fully bonded and collection thereof stayed pending the appeal.
(g)    Invalidity of Subordination Provisions, etc.  Any subordination provision in any document or instrument governing Subordinated Debt, or any subordination provision in any guaranty by any Subsidiary of any Subordinated Debt, shall cease to be in full force and effect, or any Loan Party or any other Person (including the holder of any applicable Subordinated Debt) shall contest in any manner the validity, binding nature or enforceability of any such provision.
(h)    Change of Control.  A Change of Control shall occur.
13.2    Effect of Event of Default.  If any Event of Default described in Section 13.1(c) shall occur in respect of the Company, the Commitments shall immediately terminate and the Loans and all other Obligations hereunder shall become immediately due and payable and the Company shall become immediately obligated to Cash Collateralize all Letters of Credit, all without presentment, demand, protest or notice of any kind; and, if any other Event of Default 

87

shall occur and be continuing, the Administrative Agent may (and, upon the written request of the Required Lenders shall) declare the Commitments to be terminated in whole or in part and/or declare all or any part of the Loans and all other Obligations hereunder to be due and payable and/or demand that the Company immediately Cash Collateralize all or any Letters of Credit, whereupon the Commitments shall immediately terminate (or be reduced, as applicable) and/or the Loans and other Obligations hereunder shall become immediately due and payable (in whole or in part, as applicable) and/or the Company shall immediately become obligated to Cash Collateralize the Letters of Credit (all or any, as applicable), all without presentment, demand, protest or notice of any kind.  The Administrative Agent shall promptly advise the Company of any such declaration, but failure to do so shall not impair the effect of such declaration.  Any cash collateral delivered hereunder shall be held by the Administrative Agent (without liability for interest thereon) and applied to the Obligations arising in connection with any drawing under a Letter of Credit.  After the expiration or termination of all Letters of Credit, such cash collateral shall be applied by the Administrative Agent to any remaining Obligations hereunder and any excess shall be delivered to the Company or as a court of competent jurisdiction may elect.
SECTION 14    AGENTS.
14.1    Appointment of Agents.  Wells Fargo Bank, National Association, is hereby appointed the Administrative Agent hereunder and under the other Loan Documents and each Lender hereby authorizes Wells Fargo Bank, National Association, to act as the Administrative Agent in accordance with the terms hereof and the other Loan Documents. Wells Fargo Securities, LLC, Barclays Bank PLC, Citibank, N.A. and SunTrust Bank are hereby appointed the Syndication Agents and each Lender hereby authorizes Wells Fargo Securities, LLC, Barclays Bank PLC, Citibank, N.A. and SunTrust Bank to act as the Syndication Agents in accordance with the terms hereof and the other Loan Documents. Fifth Third Bank, Regions Bank, U.S. Bank National Association and The Bank of Tokyo-Mitsubishi UFJ, Ltd. are hereby appointed the Documentation Agents hereunder and under the other Loan documents and each Lender hereby authorizes Fifth Third Bank, Regions Bank, U.S. Bank National Association and The Bank of Tokyo-Mitsubishi UFJ, Ltd. to act as the Documentation Agents in accordance with the terms hereof and the other Loan Documents. Each Agent hereby agrees to act in its capacity as such upon the express conditions contained herein and the other Loan Documents, as applicable.  The provisions of this Section 14 (other than as expressly provided herein) are solely for the benefit of the Agents and the Lenders and no Loan Party shall have any rights as a third party beneficiary of any of the provisions of this Section 14 (other than as expressly provided herein).  In performing its functions and duties hereunder, each Agent shall act solely as an agent of the Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Company or any of its Subsidiaries.  Each of the Syndication Agents and the Documentation Agents, without consent of or notice to any party hereto, may assign any and all of its rights or obligations hereunder to any of its Affiliates.  Notwithstanding any other provision of this Agreement or any provision of any other Loan Document, each of the Joint Lead Arrangers, the Syndication Agents, the Documentation Agents and the Joint Bookrunners are named as such for recognition purposes only, and in their respective capacities as such shall have no duties, responsibilities or liabilities 

88

with respect to this Agreement or any other Loan Document; it being understood and agreed that each of the Joint Lead Arrangers, the Syndication Agents, the Documentation Agents and the Joint Bookrunners shall be entitled to all indemnification and reimbursement rights in favor of the Agents provided herein and in the other Loan Documents and all of the other benefits of this Section 14.  Without limitation of the foregoing, neither the Joint Lead Arrangers, the Syndication Agents, the Documentation Agents nor the Joint Bookrunners in their respective capacities as such shall, by reason of this Agreement or any other Loan Document, have any fiduciary relationship in respect of any Lender, Loan Party or any other Person.
14.2    Powers and Duties.  Each Lender irrevocably authorizes each Agent to take such action on such Lender’s behalf and to exercise such powers, rights and remedies hereunder and under the other Loan Documents as are specifically delegated or granted to such Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto.  Each Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or employees.  No Agent shall have, by reason hereof or any of the other Loan Documents, a fiduciary relationship or other implied duties in respect of any Lender; and nothing herein or any of the other Loan Documents, expressed or implied, is intended to or shall be so construed as to impose upon any Agent any obligations in respect hereof or any of the other Loan Documents except as expressly set forth herein or therein.  Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under the agency doctrine of any applicable Law.  Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.
14.3    General Immunity.
14.3.1    No Responsibility for Certain Matters.  No Agent shall be responsible to any Lender for the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency hereof or any other Loan Document, or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certificates or any other documents furnished or made by any Agent to the Lenders or by or on behalf of any Loan Party or to any Agent or Lender in connection with the Loan Documents and the transactions contemplated thereby or for the financial condition or business affairs of any Loan Party or any other Person liable for the payment of any Obligations, nor shall any Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Loan Documents or as to the use of the proceeds of the Loans or as to the existence or possible existence of any Event of Default or Unmatured Event of Default or as to the satisfaction of any condition set forth in Section 12 or elsewhere herein (other than to confirm receipt of items expressly required to be delivered to such Agent) or to inspect the properties, books or records of the Company or any of its Subsidiaries or to make any disclosures with respect to the foregoing.  

89

Anything contained herein to the contrary notwithstanding, the Administrative Agent shall not have any liability arising from confirmations of the amount of outstanding Loans or the Letter of Credit Usage or the component amounts thereof.
14.3.2    Exculpatory Provisions.  No Agent nor any of its officers, partners, directors, employees or agents shall be liable to the Lenders (i) for any action taken or omitted by any Agent (A) under or in connection with any of the Loan Documents or (B) with the consent or at the request of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement) except to the extent caused by such Agent’s gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction or (ii) for any failure of any Loan Party to perform its obligations under this Agreement or any other Loan Document.  No Agent shall, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose or be liable for the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by such Agent or any of its Affiliates in any capacity.  Each Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith or any of the other Loan Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until such Agent shall have received instructions in respect thereof from the Required Lenders (or such other Lenders as may be required to give such instructions under Section 15.1) and, upon receipt of such instructions from the Required Lenders (or such other Lenders, as the case may be), such Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions and shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Loan Document or applicable Law.  Without prejudice to the generality of the foregoing, (i) each Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been given, signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in relying on opinions and judgments of attorneys (who may be attorneys for the Company and its Subsidiaries), accountants, experts and other professional advisors selected by it; and (ii) no Lender shall have any right of action whatsoever against any Agent as a result of such Agent acting or (where so instructed) refraining from acting hereunder or any of the other Loan Documents in accordance with the instructions of Required Lenders (or such other Lenders as may be required to give such instructions under Section 15.1).
14.3.3    Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Loan Document by or through any one or more sub-agents appointed by it.  Each of the Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates.  The exculpatory, indemnification and other provisions of this Section 14.3 and of Section 14.6 shall apply to any of the Affiliates of the Administrative Agent and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent.  All of the rights, benefits, and privileges (including the 

90

exculpatory and indemnification provisions) of this Section 14.3 and of Section 14.6 shall apply to any such sub-agent and to the Affiliates of any such sub-agent, and shall apply to their respective activities as sub-agent as if such sub-agent and Affiliates were named herein.  Notwithstanding anything herein to the contrary, with respect to each sub-agent appointed by the Administrative Agent, (i) such sub-agent shall be a third party beneficiary under this Agreement with respect to all such rights, benefits and privileges (including exculpatory rights and rights to indemnification) and shall have all of the rights and benefits of a third party beneficiary, including an independent right of action to enforce such rights, benefits and privileges (including exculpatory rights and rights to indemnification) directly, without the consent or joinder of any other Person, against any or all of Loan Parties and the Lenders, (ii) such rights, benefits and privileges (including exculpatory rights and rights to indemnification) shall not be modified or amended without the consent of such sub-agent and (iii) such sub-agent shall only have obligations to the Administrative Agent and not to any Loan Party, Lender or any other Person and no Loan Party, Lender or any other Person shall have any rights, directly or indirectly, as a third party beneficiary or otherwise, against such sub-agent.  The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.
14.3.4    Notice of Unmatured Event of Default or Event of Default.  No Agent shall be deemed to have knowledge of any Unmatured Event of Default or Event of Default unless and until written notice describing such Unmatured Event of Default or Event of Default is given to such Agent by a Loan Party or a Lender.  In the event that the Administrative Agent shall receive such a notice, the Administrative Agent shall give notice thereof to the Lenders; provided that failure to give such notice shall not result in any liability on the part of the Administrative Agent.
14.4    Agents Entitled to Act as Lender.  The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder.  With respect to its participation in the Loans and the Letters of Credit, each Agent shall have the same rights and powers hereunder in its capacity as a Lender as any other Lender and may exercise the same as if it were not performing the duties and functions delegated to it hereunder, and the term “Lender” shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity.  Any Agent and its Affiliates may accept deposits from, lend money to, own securities of, and generally engage in any kind of banking, trust, financial advisory or other business with the Company or any of its Affiliates as if it were not performing the duties specified herein, and may accept fees and other consideration from the Company for services in connection herewith and otherwise without having to account for the same to Lenders.  The Lenders acknowledge that pursuant to such activities, the Agents or their Affiliates may receive information regarding any Loan Party or any Affiliate of any Loan Party (including information that may be subject to confidentiality obligations in favor of such Loan Party or such Affiliate) 

91

and acknowledge that the Agents and their Affiliates shall be under no obligation to provide such information to them.
14.5    Lenders’ Representations, Warranties and Acknowledgment.
(a)    Each Lender represents and warrants that it has made its own independent investigation of the financial condition and affairs of the Company and its Subsidiaries in connection with the making of Loans or the issuing or renewal of a Letter of Credit hereunder and that it has made and shall continue to make its own appraisal of the creditworthiness of the Company and its Subsidiaries.  No Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times thereafter, and no Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.
(b)    Each Lender, by delivering its signature page to the Amendment and Restatement Agreement or an Assignment Agreement, as applicable, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be approved by any Agent, Required Lenders or Lenders, as applicable on the Restatement Effective Date or as of the date of funding of such Incremental Term Loans or providing such Commitment Increase.
14.6    Right to Indemnity.  Each Lender, in proportion to its Pro Rata Share, severally agrees to indemnify each Agent, Issuing Lender and Swing Line Lender, to the extent that such Agent, Issuing Lender or Swing Line Lender shall not have been reimbursed by any Loan Party (and without limiting its obligation to do so), for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including legal counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against such Agent, Issuing Lender or Swing Line Lender in exercising its powers, rights and remedies or performing its duties hereunder or under the other Loan Documents or otherwise in its capacity as such Agent in any way relating to or arising out of this Agreement or the other Loan Documents; provided, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s, Issuing Lender’s or Swing Line Lender’s, as applicable, gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction.  If any indemnity furnished to any Agent, Issuing Lender or Swing Line Lender, for any purpose shall, in the opinion of such Agent, Issuing Lender or Swing Line Lender, as applicable, be insufficient or become impaired, such Agent, Issuing Lender or Swing Line Lender, as applicable, may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, that in no event shall this sentence require any Lender to indemnify any Agent, Issuing Lender or Swing Line Lender against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender’s Pro Rata Share thereof; and provided, 

92

further, that this sentence shall not be deemed to require any Lender to indemnify any Agent, Issuing Lender or Swing Line Lender against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement described in the proviso in the immediately preceding sentence.
14.7    Successor Administrative Agent, Issuing Lender and Swing Line Lender.
(a)    The Administrative Agent shall have the right to resign at any time by giving prior written notice thereof to the Lenders and the Company.  The Administrative Agent shall have the right to appoint a financial institution to act as the Administrative Agent hereunder, subject to the reasonable satisfaction of the Company and the Required Lenders, and the Administrative Agent’s resignation shall become effective on the earlier of (i) the acceptance of such successor Administrative Agent by the Company and the Required Lenders or (ii) the thirtieth day after such notice of resignation.  Upon any such notice of resignation, if a successor Administrative Agent has not already been appointed by the retiring Administrative Agent, the Required Lenders shall have the right, upon five Business Days’ notice to the Company, to appoint a successor Administrative Agent.  If neither the Required Lenders nor the Administrative Agent has appointed a successor Administrative Agent, then the Required Lenders shall be deemed to have succeeded to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent.  Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent and the retiring Administrative Agent shall promptly transfer to such successor Administrative Agent all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Administrative Agent under the Loan Documents, whereupon such retiring Administrative Agent shall be discharged from its duties and obligations hereunder.  After any retiring Administrative Agent’s resignation hereunder as the Administrative Agent, the provisions of this Section 14 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent hereunder.
(b)    Any resignation of Wells Fargo Bank, National Association, or its successor as the Administrative Agent pursuant to this Section 14.7 shall also constitute the resignation of Wells Fargo Bank, National Association, or its successor as an Issuing Lender and the Swing Line Lender, and any successor Administrative Agent appointed pursuant to this Section shall, upon its acceptance of such appointment, become a successor Issuing Lender and the successor Swing Line Lender for all purposes hereunder.  In such event the Company shall prepay any outstanding Swing Line Loans made by the retiring Administrative Agent in its capacity as Swing Line Lender.
14.8    Withholding Taxes.  To the extent required by any applicable Law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding tax.  If the Internal Revenue Service or any other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender because the appropriate form was not 

93

delivered or was not properly executed or because such Lender failed to notify the Administrative Agent of a change in circumstance which rendered the exemption from, or reduction of, withholding tax ineffective or for any other reason, such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including any penalties or interest and together with all expenses (including Attorney Costs and out-of-pocket expenses) incurred.
14.9    Administrative Agent May File Proofs of Claim.  In case of the pendency of any proceeding under the Bankruptcy Code or other applicable Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Company) shall be entitled and empowered, by intervention in such proceeding or otherwise (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders (including Attorney Costs) allowed in such judicial proceeding and (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same.  Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent.  Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of such Person or in any such proceeding.
SECTION 15    GENERAL.
15.1    Waiver; Amendments.  No delay on the part of the Administrative Agent or any Lender in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise by any of them of any right, power or remedy preclude other or further exercise thereof, or the exercise of any other right, power or remedy.  Except as contemplated by Section 2.1.2(c) or 15.1.1, no amendment, modification or waiver of, or consent with respect to, any provision of this Agreement or the other Loan Documents shall in any event be effective unless the same shall be in writing and acknowledged by Lenders having an aggregate Pro Rata Shares of not less than the aggregate Pro Rata Shares expressly designated herein with respect thereto or, in the absence of such designation as to any provision of this Agreement, by the Required Lenders, and then any such amendment, modification, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.  No amendment, modification, waiver or consent shall (a) extend or increase the Commitment of any Lender without the written consent of such Lender, (b) extend the date scheduled for payment of any principal (excluding mandatory prepayments) of or interest on the Loans or any fees payable hereunder without the written consent of each Lender directly affected thereby, (c) reduce the principal amount of any Loan, the rate of interest thereon or any fees payable hereunder (except for periodic adjustments of interest rates and fees based 

94

on a change in applicable Level as expressly provided herein), without the consent of each Lender directly affected thereby, (d) change the definition of Required Lenders or any provision of this Section 15.1, or reduce the aggregate Pro Rata Share required to effect an amendment, modification, waiver or consent, without, in each case, the written consent of all Lenders; (e) change Section 7.5 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender directly affected thereby or (f) release any guarantor from its guarantee of the Obligations without the written consent of each Lender.  No provision of Section 14 or other provision of this Agreement affecting the Administrative Agent in its capacity as such shall be amended, modified or waived without the consent of the Administrative Agent.  No provision of this Agreement relating to the rights or duties of an Issuing Lender in its capacity as such shall be amended, modified or waived without the consent of such Issuing Lender.  No provision of this Agreement relating to the rights or duties of the Swing Line Lender in its capacity as such, shall be amended, modified or waived without the consent of the Swing Line Lender.
15.1.1    Extension Offers.  
(a)     The Company may on one or more occasions after the Restatement Effective Date, by written notice to the Administrative Agent, make one or more offers (each, an “Extension Offer”) to all the Lenders of one or more classes (each class subject to such an Extension Offer, an “Extension Request Class”) to enter into one or more Extension Permitted Amendments pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Company.  Such notice shall set forth (i) the terms and conditions of the requested Extension Permitted Amendment(s) and (ii) the date on which such Extension Permitted Amendment(s) are requested to become effective (which shall not be less than 5 Business Days nor more than 30 Business Days after the date of such notice, unless otherwise agreed to by the Administrative Agent).  Extension Permitted Amendments shall become effective only with respect to the Loans and Commitments of the Lenders of the Extension Request Class that accept the applicable Extension Offer (such Lenders, the “Extending Lenders”) and, in the case of any Extending Lender, only with respect to such Lender’s Loans and Commitments of such Extension Request Class as to which such Lender’s acceptance has been made. The Company shall have the right to withdraw any Extension Offer upon written notice to the Administrative Agent in the event that the aggregate amount of Loans and Commitments of the Extending Lenders is less than the aggregate amount specified by the Company in the Extension Offer to be extended.
(b)    An Extension Permitted Amendment shall be effected pursuant to an Extension Agreement executed and delivered by the Company, each applicable Extending Lender and the Administrative Agent; provided that no Extension Permitted Amendment shall become effective unless (i) no Unmatured Event of Default shall have occurred and be continuing on the date of effectiveness thereof, (ii) on the date of effectiveness thereof, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct (A) in the case of the representations and warranties qualified as to materiality, in all respects, and (B) otherwise, in all material respects, in each case on and as of such date, except in the case of any such representation and warranty that specifically relates to an earlier 

95

date, in which case such representation and warranty shall be so true and correct on and as of such earlier date, and (iii) the Company shall have delivered to the Administrative Agent such customary legal opinions, board resolutions, secretary’s certificates, officer’s certificates and other customary documents as shall reasonably be requested by the Administrative Agent in connection therewith.  The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension Agreement.  Each Extension Agreement may, without the consent of any Lender other than the applicable Extending Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to give effect to the provisions of this Section, including any amendments necessary to treat the applicable Loans and/or Commitments of the accepting Lenders as a new “class” of loans and/or commitments hereunder; provided that, except as otherwise agreed to by each Issuing Lender and the Swing Line Lender, (i) the allocation of the participation exposure with respect to any then-existing or subsequently issued or made Letter of Credit or Swing Line Loan as between the commitments of such new “class” and the remaining Commitments shall be made on a ratable basis as between the commitments of such new “class” and the remaining Commitments and (ii) the Termination Date, as such term is used in reference to Letters of Credit or Swing Line Loans, may not be extended without the prior written consent of each Issuing Lender and the Swing Line Lender, as applicable.
15.2    Notices.
15.2.1    Notices Generally.  Except as otherwise provided in Sections 2.2.2 and 2.2.3, all notices hereunder shall be in writing (including facsimile transmission) and shall be sent to the applicable party at (i) in the case of the Company, the Administrative Agent, any Issuing Lender or the Swing Line Lender, its address shown on Annex B or at such other address as such party may, by written notice received by the other parties, have designated as its address for such purpose or (ii) in the case of any Lender, its address specified in an administrative questionnaire in the form supplied by the Administrative Agent.  Notices sent by facsimile transmission shall be deemed to have been given when sent; notices sent by mail shall be deemed to have been given three Business Days after the date when sent by registered or certified mail, postage prepaid; and notices sent by hand delivery or overnight courier service shall be deemed to have been given when received.
15.2.2    Electronic Communications.
(a)    Notices and other communications to Lenders and the Issuing Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites, including the Platform) pursuant to procedures approved by the Administrative Agent; provided, that the foregoing shall not apply to notices to any Lender or any Issuing Lender pursuant to Article II if such Lender or such Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Section by electronic communication.  The Administrative Agent or the Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided, further, that approval of such procedures may be limited to particular notices or communications.  Unless the 

96

Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided, that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.
(b)    Each Loan Party understands that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution.
(c)    The Platform and any Approved Electronic Communications are provided “as is” and “as available”.  None of the Agents nor any of their respective officers, directors, employees, agents, advisors or representatives (the “Agent Affiliates”) warrant the accuracy, adequacy or completeness of the Approved Electronic Communications or the Platform and each expressly disclaims liability for errors or omissions in the Platform and the Approved Electronic Communications.  No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects is made by the Agent Affiliates in connection with the Platform or the Approved Electronic Communications.  Each party hereto agrees that no Agent has any responsibility for maintaining or providing any equipment, software, services or any testing required in connection with any Approved Electronic Communication or otherwise required for the Platform.  In no event shall any Agent nor any of the Agent Affiliates have any liability to any Loan Party, any Lender or any other Person for damages of any kind, whether or not based on strict liability and including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or any Agent’s transmission of communications through the internet.
(d)    Each Loan Party, each Lender, each Issuing Lender and each Agent agrees that the Administrative Agent may, but shall not be obligated to, store any Approved Electronic Communications on the Platform in accordance with the Administrative Agent’s customary document retention procedures and policies.
(e)    All uses of the Platform shall be governed by and subject to, in addition to this Section 15.2, separate terms and conditions posted or referenced in such Platform and related agreements executed by the Lenders and their Affiliates in connection with the use of such Platform.
15.3    Computations.  All accounting terms not specifically or completely defined herein shall be construed in conformity with GAAP.  No change in GAAP after the Restatement 

97

Effective Date will affect the computation of any financial ratio or requirement set forth in any Loan Document; provided that in the event of any such change that would affect such computations, either the Company or the Required Lenders may request that the Administrative Agent and the Company negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders and the Company); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Company shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.
15.4    Costs, Expenses and Taxes.  The Company agrees to pay on written demand all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent (including Attorney Costs and any taxes) in connection with the preparation, execution, syndication, delivery and administration (including the costs of Intralinks (or other similar service), if applicable) of this Agreement, the other Loan Documents and all other documents provided for herein or delivered or to be delivered hereunder or in connection herewith (including any amendment, supplement or waiver to any Loan Document), whether or not the transactions contemplated hereby or thereby shall be consummated, and all reasonable out-of-pocket costs and expenses (including Attorney Costs and any taxes) incurred by the Administrative Agent and each Lender after an Event of Default in connection with the collection of the Obligations or the enforcement of this Agreement, the other Loan Documents or any such other documents or during any workout, restructuring or negotiations in respect thereof; provided that Attorney Costs shall be limited to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to the Administrative Agent and the Lenders (taken as a whole) or all indemnified parties (taken as a whole), as the case may be, and, if reasonably necessary, a single local counsel for the Administrative Agent and the Lenders (taken as a whole) or all indemnified parties (taken as a whole), as the case may be, in each relevant jurisdiction and with respect to each relevant specialty, and in the case of an actual or perceived conflict of interest, one additional counsel in each relevant jurisdiction to the affected indemnified parties similarly situated and taken as a whole).  In addition, the Company agrees to pay, and to save the Administrative Agent and the Lenders harmless from all liability for, any fees of the Company’s auditors in connection with any reasonable exercise by the Administrative Agent and the Lenders of their rights pursuant to Section 10.2.
15.5    Assignments; Participations.
15.5.1    Assignments.  (a)  Any Lender may at any time assign all or any portion of such Lender’s Loans and Commitments (i) to any Person meeting the criteria of clause (i) of the definition of the term of “Eligible Assignee” upon the giving of notice to the Company and the Administrative Agent and upon such Person being consented to by each Issuing Lender (such consent not to be unreasonably withheld or delayed); and (ii) to any Person meeting the criteria of clause (ii) of the definition of the term of “Eligible Assignee” upon such Person (except in the case of assignments made by or to any Joint Bookrunner or 

98

any of its Affiliates) being consented to by each of the Company, the Administrative Agent, each Issuing Lender and the Swing Line Lender (such consents not to be (x) unreasonably withheld or delayed or (y) in the case of the Company, required at any time an Event of Default under clauses (a) or (c) of Section 13.1 has occurred and is continuing).  
Any such assignment (other than to another Lender, an Affiliate of a Lender or an approved fund) shall be in an amount of an integral multiple of $5,000,000 (or lesser amounts if agreed by the Company and the Administrative Agent) or, if less, the remaining Commitments and Loans held by the assigning Lender.  The Company and the Administrative Agent shall be entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned to such Person (an “Assignee”) until the Administrative Agent shall have received and accepted an effective assignment agreement in substantially the form of Exhibit C hereto (an “Assignment Agreement”) executed, delivered and fully completed by the applicable parties thereto and a processing fee of $3,500 (except that no such registration and processing fee shall be payable in the case of an assignee which is already a Lender or is an Affiliate of a Lender or a Person under common management with a Lender).  Any attempted assignment not made in accordance with this Section 15.5.1 shall be treated as the sale of a participation under Section 15.5.2.  The Company shall be deemed to have granted its consent to any assignment requiring its consent hereunder unless the Company has expressly objected to such assignment within five Business Days after notice thereof.
(a)    From and after the date on which the conditions described above have been met (such date, the “Assignment Date”), (i) such Assignee shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to such Assignee pursuant to such Assignment Agreement, shall have the rights and obligations of a Lender hereunder and (ii) the assigning Lender, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment Agreement, shall be released from its rights (other than its indemnification rights) and obligations hereunder.  Upon the request of the Assignee (and, as applicable, the assigning Lender) pursuant to an effective Assignment Agreement, the Company shall execute and deliver to the Administrative Agent for delivery to the Assignee (and, as applicable, the assigning Lender) a Note in the principal amount of the Assignee’s Pro Rata Share of the Commitment (and, as applicable, a Note in the principal amount of the Pro Rata Share of the Commitment retained by the assigning Lender).  Each such Note shall be dated the effective date of such assignment.  Upon receipt by the assigning Lender of such Note, the assigning Lender shall return to the Company any prior Note held by it.
(b)    Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 15.5.1 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

99

15.5.2    Participations.  Any Lender may at any time sell to one or more Persons (other than a natural Person, a Loan Party or an Affiliate of a Loan Party) participating interests in its Loans, Commitments or other interests hereunder (any such Person, a “Participant”).  In the event of a sale by a Lender of a participating interest to a Participant, (a) such Lender’s obligations hereunder shall remain unchanged for all purposes, (b) the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations hereunder and (c) all amounts payable by the Company shall be determined as if such Lender had not sold such participation and shall be paid directly to such Lender.  No Participant shall have any direct or indirect voting rights hereunder except with respect to any event described in Section 15.1 expressly requiring the unanimous vote of all Lenders or, as applicable, all affected Lenders.  The Company agrees that if amounts outstanding under this Agreement are due and payable (as a result of acceleration or otherwise), each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement and with respect to any Letter of Credit to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement; provided that such right of set-off shall be subject to the obligation of each Participant to share with the Lenders, and the Lenders agree to share with each Participant, as provided in Section 7.5.  The Company also agrees that each Participant shall be entitled to the benefits of Section 7.6 or Section 8 as if it were a Lender (provided that on the date of the sale of participation no Participant shall be entitled to any greater compensation pursuant to Section 7.6 or Section 8 than would have been paid to the participating Lender on such date if no participation had been sold and that each Participant complies with Section 7.6(d) as if it were an Assignee).  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company (and such agency being solely for tax purposes), maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as the Administrative Agent) shall have no responsibility for maintaining a Participant Register.
15.5.3    Resignation as Issuing Lender after Assignment.  Notwithstanding anything to the contrary contained herein, if at any time any Issuing Lender assigns all of its Commitment (excluding its commitment to issue Letters of Credit) and Loans pursuant to Section 15.5.1, the applicable Issuing Lender may, upon 30 days' prior written notice to the Company and the Administrative Agent, resign as Issuing Lender. In such event, the Company shall be entitled to appoint a Lender who agrees to be a successor Issuing Lender hereunder. 

100

If an Issuing Lender ceases to be an Issuing Lender pursuant to this Section 15.5.3, it shall retain all the rights, powers, privileges and duties of an Issuing Lender hereunder with respect to all Letters of Credit outstanding as of the effective date of such Issuing Lender's resignation and all L/C Exposure with respect thereto (including the right to require the Lenders to make Base Rate Loans pursuant to Section 2.3.2 and to fund participations in unreimbursed disbursements under Letters of Credit pursuant to Section 2.3.4).
15.6    Register.  The Administrative Agent, acting solely for this purpose as an agent of the Company (and such agency being solely for tax purposes), shall maintain at its Principal Office a copy of each Assignment Agreement delivered and accepted by it and register (the “Register”) for the recordation of names and addresses of the Lenders and the Commitment of, and principal amounts (and related interest amounts) owing to, each Lender from time to time and whether such Lender is the original Lender or the Assignee.  No assignment shall be effective unless and until the Assignment Agreement is accepted and registered in the Register.  All records of transfer of a Lender’s interest in the Register shall be conclusive, absent manifest error, as to the ownership of the interests in the Loans.  The Administrative Agent shall not incur any liability of any kind with respect to any Lender with respect to the maintenance of the Register.  The Register shall be available for inspection by the Company or any Lender (with respect to any entry relating to such Lender’s Loans) at any reasonable time and from time to time upon reasonable prior notice.
15.7    Governing Law.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.  
15.8    Confidentiality.  As required by federal law and the Administrative Agent’s policies and practices, the Administrative Agent may need to obtain, verify, and record certain customer identification information and documentation in connection with opening or maintaining accounts, or establishing or continuing to provide services.  The Administrative Agent and each Lender (which term shall, for the purposes of this Section 15.8, include each Issuing Lender) agree to maintain, using efforts the Administrative Agent or such Lender applies to maintain the confidentiality of its own confidential information, as confidential all information provided to them by any Loan Party, except that the Administrative Agent and each Lender may disclose such information (a) to its Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of the Administrative Agent, such Lender or such Affiliate on a “need to know” basis (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to any assignee or participant or potential assignee or participant that has agreed to comply with the covenant contained in this Section 15.8 (and any such assignee or participant or potential assignee or participant may disclose such information to Persons employed or engaged by them as described in clause (a) above); (c) as required or requested by any federal 

101

or state regulatory authority or examiner, or any insurance industry association, or as reasonably believed by the Administrative Agent or such Lender to be compelled by any court decree, subpoena or legal or administrative order or process; (d) as, on the advice of the Administrative Agent’s or such Lender’s counsel, is required by Law; (e) in connection with the exercise of any right or remedy under the Loan Documents or in connection with any litigation to which the Administrative Agent or such Lender is a party; (f) to any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender; (g) to any Affiliate of the Administrative Agent or each Issuing Lender (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (h) on a confidential basis to (i) any rating agency in connection with rating the Company or its Subsidiaries or the facilities provided for in this Agreement or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the facilities provided for in this Agreement; or (i) that ceases to be confidential through no fault of the Administrative Agent or any Lender or any of their Affiliates.  Notwithstanding the foregoing, the Company consents to the publication by the Administrative Agent or any Lender of a tombstone or similar advertising material relating to the financing transactions contemplated by this Agreement, and the Administrative Agent reserves the right to provide to industry trade organizations information necessary and customary for inclusion in league table measurements.
15.9    Severability.  Whenever possible 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 invalid under applicable 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.  All obligations of the Company and rights of the Administrative Agent and the Lenders expressed herein or in any other Loan Document shall be in addition to and not in limitation of those provided by applicable Law.
15.10    Nature of Remedies.  All Obligations of the Company and rights of the Administrative Agent and the Lenders expressed herein or in any other Loan Document shall be in addition to and not in limitation of those provided by applicable Law.  No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
15.11    Entire Agreement.  This Agreement, together with the other Loan Documents, embodies the entire agreement and understanding among the parties hereto and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof (except as relates to the fees described in Section 5.3 and any prior arrangements made with respect to the payment by the Company 

102

of (or any indemnification for) any fees, costs or expenses payable to or incurred (or to be incurred) by or on behalf of the Administrative Agent or the Lenders).
15.12    [Reserved].
15.13    Successors and Assigns.  This Agreement shall be binding upon the Company, the Lenders and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of the Company, the Lenders and the Administrative Agent and the successors and assigns of the Lenders and the Administrative Agent.  No other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents.  The Company may not assign or transfer any of its rights or Obligations under this Agreement without the prior written consent of the Administrative Agent and each Lender (and any purported assignment or transfer without such consents shall be null and void).
15.14    Captions.  Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement.
15.15    Customer Identification – USA Patriot Act Notice.  Each Lender and Wells Fargo Bank, National Association (for itself and not on behalf of any other party), hereby notifies the Loan Parties that, pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 10756, signed into law October 26, 2001 (the “Act”), it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow such Lender or Wells Fargo Bank, National Association, as applicable, to identify the Loan Parties in accordance with the Act.
15.16    Indemnification by the Company.  IN CONSIDERATION OF THE EXECUTION AND DELIVERY OF THIS AGREEMENT BY THE ADMINISTRATIVE AGENT, EACH ISSUING LENDER AND THE LENDERS AND THE AGREEMENT TO EXTEND THE COMMITMENTS PROVIDED HEREUNDER, THE COMPANY HEREBY AGREES TO INDEMNIFY, EXONERATE AND HOLD THE ADMINISTRATIVE AGENT, EACH JOINT LEAD ARRANGER, EACH ISSUING LENDER, EACH LENDER AND EACH OF THE OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES AND AGENTS OF THE ADMINISTRATIVE AGENT, EACH JOINT LEAD ARRANGER, EACH ISSUING LENDER, AND EACH LENDER (EACH A “LENDER PARTY”) FREE AND HARMLESS FROM AND AGAINST ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, LOSSES, LIABILITIES, PENALTIES, DAMAGES AND EXPENSES INCURRED BY ANY LENDER PARTY OR ASSERTED AGAINST ANY LENDER PARTY BY ANY PERSON (INCLUDING THE COMPANY OR ANY OTHER LOAN PARTY), INCLUDING ATTORNEY COSTS (LIMITED TO ONE COUNSEL IN EACH APPLICABLE JURISDICTION AND WITH RESPECT TO EACH RELEVANT SPECIALTY AND, IN THE CASE OF AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST, ONE ADDITIONAL COUNSEL IN EACH RELEVANT JURISDICTION TO EACH AFFECTED LENDER PARTY SIMILARLY SITUATED) (COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”), AS A RESULT OF, OR ARISING OUT OF, OR RELATING TO (A) ANY 

103

TENDER OFFER, MERGER, PURCHASE OF CAPITAL SECURITIES, PURCHASE OF ASSETS OR OTHER SIMILAR TRANSACTION FINANCED OR PROPOSED TO BE FINANCED IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, WITH THE PROCEEDS OF ANY OF THE LOANS, OR ANY REFINANCING, (B) THE USE, HANDLING, RELEASE, THREATENED RELEASE, EMISSION, DISCHARGE, TRANSPORTATION, STORAGE, TREATMENT OR DISPOSAL OF ANY HAZARDOUS SUBSTANCE AT ANY PROPERTY OWNED OR LEASED BY THE COMPANY OR ANY OF ITS SUBSIDIARIES OR UNRESTRICTED SUBSIDIARIES, (C) ANY VIOLATION OF ANY ENVIRONMENTAL LAWS BY ANY LOAN PARTY OR UNRESTRICTED SUBSIDIARY WITH RESPECT TO CONDITIONS AT ANY PROPERTY OWNED OR LEASED BY THE COMPANY OR ANY OF ITS SUBSIDIARIES OR UNRESTRICTED SUBSIDIARIES OR THE OPERATIONS CONDUCTED THEREON, (D) THE INVESTIGATION, CLEANUP OR REMEDIATION OF OFFSITE LOCATIONS AT WHICH THE COMPANY OR ANY OF ITS SUBSIDIARIES OR UNRESTRICTED SUBSIDIARIES OR THEIR RESPECTIVE PREDECESSORS ARE ALLEGED TO HAVE DIRECTLY OR INDIRECTLY DISPOSED OF HAZARDOUS SUBSTANCES, (E) ANY OTHER ENVIRONMENTAL CLAIM RELATING TO THE COMPANY OR ANY OF ITS SUBSIDIARIES OR UNRESTRICTED SUBSIDIARIES OR (F) THE EXECUTION, DELIVERY, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BY ANY OF THE LENDER PARTIES, EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF (I) THE APPLICABLE LENDER PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS DETERMINED BY A FINAL, NONAPPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION OR (II) ANY DISPUTE SOLELY AMONG THE LENDER PARTIES NOT ARISING OUT OF ANY ACT OR OMISSION BY THE COMPANY OR ANY OF ITS AFFILIATES (OTHER THAN A JOINT LEAD ARRANGER OR AN AGENT ACTING IN THEIR CAPACITIES AS SUCH).  IF AND TO THE EXTENT THAT THE FOREGOING UNDERTAKING MAY BE UNENFORCEABLE FOR ANY REASON, THE COMPANY HEREBY AGREES TO MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT AND SATISFACTION OF EACH OF THE INDEMNIFIED LIABILITIES WHICH IS PERMISSIBLE UNDER APPLICABLE LAW.
15.17    Nonliability of Lenders.  The relationship between the Company on the one hand and the Lenders and the Administrative Agent on the other hand shall be solely that of borrower and lender.  Neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Company or any of its subsidiaries arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Loan Parties, on the one hand, and the Administrative Agent and the Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor.  Neither the Administrative Agent nor any Lender undertakes any responsibility to the Company or any of its subsidiaries to review or inform the Company or any of its subsidiaries of any matter in connection with any phase of the Company or any of its subsidiaries’ business or operations.  The Company agrees, on behalf of itself and each of its subsidiaries, that neither the Administrative Agent nor any Lender shall have liability to the Company or any of its subsidiaries (whether sounding in tort, contract or otherwise) for losses suffered by the 

104

Company or any of its subsidiaries in connection with, arising out of, or in any way related to the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought.  The Administrative Agent, the Lenders and their respective Affiliates may be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of the Company and its Affiliates, and neither the Administrative Agent or any Lender has any obligation to disclose any of such interests to the Company or its Affiliates.  NO PARTY HERETO SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY OTHERS OF ANY INFORMATION OR OTHER MATERIALS OBTAINED THROUGH INTRALINKS OR OTHER SIMILAR INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH THIS AGREEMENT, NOR SHALL ANY PARTY HERETO HAVE ANY LIABILITY WITH RESPECT TO, AND EACH PARTY (AND THE COMPANY ON BEHALF OF ITSELF AND EACH OTHER LOAN PARTY), HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE FOR ANY SPECIAL, PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ARISING OUT OF ITS ACTIVITIES IN CONNECTION HEREWITH OR THEREWITH (WHETHER BEFORE OR AFTER THE RESTATEMENT EFFECTIVE DATE); PROVIDED THE FOREGOING SHALL NOT LIMIT THE COMPANY’S INDEMNIFICATION OBLIGATIONS SET FORTH IN SECTION 15.16.  The Company acknowledges that it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party.  No joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Company or any of its subsidiaries and the Lenders.
15.18    Forum Selection and Consent to Jurisdiction.  ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE ADMINISTRATIVE AGENT FROM ENFORCING A JUDGMENT IN ANY OTHER JURISDICTION.  EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE.  EACH PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK.  EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION 

105

BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
15.19    Waiver of Jury Trial.  EACH OF THE COMPANY, THE ADMINISTRATIVE AGENT, EACH JOINT LEAD ARRANGER AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.
15.20    Statutory Notice-Oral Commitments.  Nothing contained in the following notice shall be deemed to limit or modify the terms of this Agreement and the other Loan Documents:
ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE.  TO PROTECT THE COMPANY AND EACH OTHER LOAN PARTY (BORROWER) AND THE ADMINISTRATIVE AGENT AND THE LENDERS (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS THE COMPANY AND THE ADMINISTRATIVE AGENT AND THE LENDERS REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.
The Company acknowledges that there are no other agreements between the Administrative Agent, Lenders, the Company and the other Loan Parties, oral or written, concerning the subject matter of the Loan Documents, and that all prior agreements concerning the same subject matter, including any proposal or commitment letter, are merged into the Loan Documents and thereby extinguished.
15.21    Survival of Representation, Warranties and Agreements.  All representations, warranties and agreements made herein shall survive the execution and delivery hereof of the making of any Loan or the issuance or renewal of any Letter of Credit.  Notwithstanding anything herein or implied by law to the contrary, the agreements of each Loan Party set forth in Sections 8.1, 15.4 and 15.16 and the agreements of the Lenders set forth in Sections 7.5, 14.3.2, 14.6 and 14.9 shall survive repayment of the Obligations, cancellation of any Notes, expiration or termination of the Letters of Credit and the reimbursement of any amounts drawn thereunder and termination of this Agreement.
15.22    Judgment Currency.  If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency 

106

into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent, a Lender or an Issuing Lender, as applicable, could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given.  The obligation of the Company in respect of any such sum due from it to the Administrative Agent or any Lender or Issuing Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender or Issuing Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender or Issuing Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency.  If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender or Issuing Lender from the Company in the Agreement Currency, the Company agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender or Issuing Lender, as the case may be, against such loss.  If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender or Issuing Lender in such currency, the Administrative Agent or such Lender or Issuing Lender, as the case may be, agrees to return the amount of any excess to the Company.
15.23    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
(b)    the effects of any Bail-in Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

107

(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
(c)    The following terms shall for purposes of this Section have the meanings set forth below:
“Bail-In Action” means, as to any EEA Financial Institution, the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of such EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any member state of the European Union, Iceland, Liechtenstein and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

108Indenture

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

as Issuer, 
 TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, 
 as
Co-Issuer, 
 TPG RE FINANCE TRUST CLO LOAN SELLER, LLC, 

as Advancing Agent, 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION, 
 as Trustee, 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as Note Administrator 

INDENTURE 
 Dated as of
February 14, 2018 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	ARTICLE 1	  	 	 
		
	DEFINITIONS	  	 	 
			
	 Section 1.1
	 	Definitions	  	 	3	 
	 Section 1.2
	 	Interest Calculation Convention	  	 	39	 
	 Section 1.3
	 	Rounding Convention	  	 	39	 
		
	ARTICLE 2	  	 	 
		
	THE NOTES	  	 	 
			
	 Section 2.1
	 	Forms Generally	  	 	39	 
	 Section 2.2
	 	Forms of Notes and Certificate of Authentication	  	 	39	 
	 Section 2.3
	 	Authorized Amount; Stated Maturity Date; and Denominations	  	 	41	 
	 Section 2.4
	 	Execution, Authentication, Delivery and Dating	  	 	42	 
	 Section 2.5
	 	Registration, Registration of Transfer and Exchange	  	 	43	 
	 Section 2.6
	 	Mutilated, Defaced, Destroyed, Lost or Stolen Note	  	 	50	 
	 Section 2.7
	 	Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	  	 	51	 
	 Section 2.8
	 	Persons Deemed Owners	  	 	55	 
	 Section 2.9
	 	Cancellation	  	 	55	 
	 Section 2.10
	 	Global Notes; Definitive Notes; Temporary Notes	  	 	55	 
	 Section 2.11
	 	U.S. Tax Treatment of Notes and the Issuer	  	 	57	 
	 Section 2.12
	 	Authenticating Agents	  	 	58	 
	 Section 2.13
	 	Forced Sale on Failure to Comply with Restrictions	  	 	58	 
	 Section 2.14
	 	No Gross Up	  	 	59	 
		
	ARTICLE 3	  	 	 
		
	CONDITIONS PRECEDENT; PLEDGED MORTGAGE ASSETS	  	 	 
			
	 Section 3.1
	 	General Provisions	  	 	59	 
	 Section 3.2
	 	Security for Notes	  	 	62	 
	 Section 3.3
	 	Transfer of Collateral	  	 	64	 
	 Section 3.4
	 	Credit Risk Retention	  	 	71	 

  
 -i- 

							
		
	ARTICLE 4	  	 	 
		
	SATISFACTION AND DISCHARGE	  	 	 
			
	 Section 4.1
	 	Satisfaction and Discharge of Indenture	  	 	71	 
	 Section 4.2
	 	Application of Amounts held in Trust	  	 	73	 
	 Section 4.3
	 	Repayment of Amounts Held by Paying Agent	  	 	73	 
	 Section 4.4
	 	Limitation on Obligation to Incur Company Administrative Expenses	  	 	73	 
		
	ARTICLE 5	  	 	 
		
	REMEDIES	  	 	 
			
	 Section 5.1
	 	Events of Default	  	 	74	 
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	76	 
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	77	 
	 Section 5.4
	 	Remedies	  	 	80	 
	 Section 5.5
	 	Preservation of Collateral	  	 	82	 
	 Section 5.6
	 	Trustee May Enforce Claims Without Possession of Notes	  	 	83	 
	 Section 5.7
	 	Application of Amounts Collected	  	 	83	 
	 Section 5.8
	 	Limitation on Suits	  	 	83	 
	 Section 5.9
	 	Unconditional Rights of Noteholders to Receive Principal and Interest	  	 	84	 
	 Section 5.10
	 	Restoration of Rights and Remedies	  	 	84	 
	 Section 5.11
	 	Rights and Remedies Cumulative	  	 	84	 
	 Section 5.12
	 	Delay or Omission Not Waiver	  	 	85	 
	 Section 5.13
	 	Control by the Controlling Class	  	 	85	 
	 Section 5.14
	 	Waiver of Past Defaults	  	 	85	 
	 Section 5.15
	 	Undertaking for Costs	  	 	86	 
	 Section 5.16
	 	Waiver of Stay or Extension Laws	  	 	86	 
	 Section 5.17
	 	Sale of Collateral	  	 	87	 
	 Section 5.18
	 	Action on the Notes	  	 	87	 
		
	ARTICLE 6	  	 	 
		
	THE TRUSTEE AND NOTE ADMINISTRATOR	  	 	 
			
	 Section 6.1
	 	Certain Duties and Responsibilities	  	 	88	 
	 Section 6.2
	 	Notice of Default	  	 	90	 
	 Section 6.3
	 	Certain Rights of Trustee and Note Administrator	  	 	90	 
	 Section 6.4
	 	Not Responsible for Recitals or Issuance of Notes	  	 	92	 
	 Section 6.5
	 	May Hold Notes	  	 	93	 
	 Section 6.6
	 	Amounts Held in Trust	  	 	93	 
	 Section 6.7
	 	Compensation and Reimbursement	  	 	93	 
	 Section 6.8
	 	Corporate Trustee Required; Eligibility	  	 	94	 
	 Section 6.9
	 	Resignation and Removal; Appointment of Successor	  	 	95	 
	 Section 6.10
	 	Acceptance of Appointment by Successor	  	 	97	 

  
 -ii- 

							
	 Section 6.11
	 	Merger, Conversion, Consolidation or Succession to Business of Trustee and Note Administrator	  	 	98	 
	 Section 6.12
	 	Co-Trustees and Separate Trustee	  	 	98	 
	 Section 6.13
	 	Direction to enter into the Servicing Agreement	  	 	99	 
	 Section 6.14
	 	Representations and Warranties of the Trustee	  	 	99	 
	 Section 6.15
	 	Representations and Warranties of the Note Administrator	  	 	100	 
	 Section 6.16
	 	Requests for Consents	  	 	101	 
	 Section 6.17
	 	Withholding	  	 	101	 
		
	ARTICLE 7	  	 	 
		
	COVENANTS	  	 	 
			
	 Section 7.1
	 	Payment of Principal and Interest	  	 	102	 
	 Section 7.2
	 	Maintenance of Office or Agency	  	 	102	 
	 Section 7.3
	 	Amounts for Note Payments to be Held in Trust	  	 	103	 
	 Section 7.4
	 	Existence of the Issuer and Co-Issuer	  	 	105	 
	 Section 7.5
	 	Protection of Collateral	  	 	107	 
	 Section 7.6
	 	Notice of Any Amendments	  	 	109	 
	 Section 7.7
	 	Performance of Obligations	  	 	109	 
	 Section 7.8
	 	Negative Covenants	  	 	109	 
	 Section 7.9
	 	Statement as to Compliance	  	 	112	 
	 Section 7.10
	 	Issuer and Co-Issuer May Consolidate or Merge Only on Certain Terms	  	 	112	 
	 Section 7.11
	 	Successor Substituted	  	 	116	 
	 Section 7.12
	 	No Other Business	  	 	116	 
	 Section 7.13
	 	Reporting	  	 	116	 
	 Section 7.14
	 	Calculation Agent	  	 	117	 
	 Section 7.15
	 	REIT Status	  	 	117	 
	 Section 7.16
	 	Permitted Subsidiaries	  	 	119	 
	 Section 7.17
	 	Repurchase Requests	  	 	119	 
	 Section 7.18
	 	Servicing of Mortgage Loans and Control of Servicing Decisions	  	 	120	 
		
	ARTICLE 8	  	 	 
		
	SUPPLEMENTAL INDENTURES	  	 	 
			
	 Section 8.1
	 	Supplemental Indentures Without Consent of Securityholders	  	 	120	 
	 Section 8.2
	 	Supplemental Indentures with Consent of Securityholders	  	 	124	 
	 Section 8.3
	 	Execution of Supplemental Indentures	  	 	126	 
	 Section 8.4
	 	Effect of Supplemental Indentures	  	 	127	 
	 Section 8.5
	 	Reference in Notes to Supplemental Indentures	  	 	127	 

  
 -iii- 

							
		
	ARTICLE 9	  	 	 
		
	REDEMPTION OF SECURITIES; REDEMPTION PROCEDURES	  	 	 
			
	 Section 9.1
	 	Clean-up Call; Tax Redemption; Optional Redemption; and Auction Call Redemption	  	 	128	 
	 Section 9.2
	 	Notice of Redemption	  	 	129	 
	 Section 9.3
	 	Notice of Redemption or Maturity by the Issuer	  	 	130	 
	 Section 9.4
	 	Notes Payable on Redemption Date	  	 	131	 
	 Section 9.5
	 	Mandatory Redemption	  	 	131	 
		
	ARTICLE 10	  	 	 
		
	ACCOUNTS, ACCOUNTINGS AND RELEASES	  	 	 
			
	 Section 10.1
	 	Collection of Amounts; Custodial Account	  	 	131	 
	 Section 10.2
	 	[Reserved.]	  	 	132	 
	 Section 10.3
	 	Payment Account	  	 	132	 
	 Section 10.4
	 	Permitted Companion Participation Acquisition Account	  	 	132	 
	 Section 10.5
	 	[Reserved.]	  	 	133	 
	 Section 10.6
	 	[Reserved.]	  	 	133	 
	 Section 10.7
	 	Interest Advances	  	 	133	 
	 Section 10.8
	 	Reports by Parties	  	 	137	 
	 Section 10.9
	 	Reports; Accountings	  	 	137	 
	 Section 10.10
	 	Release of Mortgage Assets; Release of Collateral	  	 	139	 
	 Section 10.11
	 	[Reserved.]	  	 	141	 
	 Section 10.12
	 	Information Available Electronically	  	 	141	 
	 Section 10.13
	 	Investor Q&A Forum; Investor Registry	  	 	144	 
	 Section 10.14
	 	Certain Procedures	  	 	146	 
		
	 ARTICLE 11
	  	 	 
		
	APPLICATION OF FUNDS	  	 	 
			
	 Section 11.1
	 	Disbursements of Amounts from Payment Account	  	 	147	 
	 Section 11.2
	 	Securities Accounts	  	 	152	 
		
	ARTICLE 12	  	 	 
		
	SALE OF MORTGAGE ASSETS; ACQUISITION OF COMPANION PARTICIPATIONS; FUTURE FUNDING
ESTIMATES	  	 	 
			
	 Section 12.1
	 	Sales of Mortgage Assets	  	 	152	 
	 Section 12.2
	 	Replenishment	  	 	154	 
	 Section 12.3
	 	Ongoing Future Advance Estimates	  	 	155	 

  
 -iv 

							
		
	ARTICLE 13	  	 	 
		
	NOTEHOLDERS’ RELATIONS	  	 	 
			
	 Section 13.1
	 	Subordination	  	 	157	 
	 Section 13.2
	 	Standard of Conduct	  	 	159	 
		
	ARTICLE 14	  	 	 
		
	MISCELLANEOUS	  	 	 
			
	 Section 14.1
	 	Form of Documents Delivered to the Trustee and Note Administrator	  	 	159	 
	 Section 14.2
	 	Acts of Securityholders	  	 	160	 
	 Section 14.3
	 	Notices, etc., to the Trustee, the Note Administrator, the Issuer, the Co-Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Operating Advisor, the Preferred Share Paying
Agent, the Placement Agents, the Subordinate Class Representative, the Directing Holder and the Rating Agencies	  	 	161	 
	 Section 14.4
	 	Notices to Noteholders; Waiver	  	 	164	 
	 Section 14.5
	 	Effect of Headings and Table of Contents	  	 	165	 
	 Section 14.6
	 	Successors and Assigns	  	 	165	 
	 Section 14.7
	 	Severability	  	 	165	 
	 Section 14.8
	 	Benefits of Indenture	  	 	165	 
	 Section 14.9
	 	Governing Law; Waiver of Jury Trial	  	 	165	 
	 Section 14.10
	 	Submission to Jurisdiction	  	 	166	 
	 Section 14.11
	 	Counterparts	  	 	166	 
	 Section 14.12
	 	Liability of Co-Issuers	  	 	166	 
	 Section 14.13
	 	17g-5 Information	  	 	167	 
	 Section 14.14
	 	Rating Agency Condition	  	 	169	 
	 Section 14.15
	 	Patriot Act Compliance	  	 	169	 
		
	ARTICLE 15	  	 	 
		
	ASSIGNMENT OF THE MORTGAGE ASSET PURCHASE AGREEMENT	  	 	 
			
	 Section 15.1
	 	Assignment of Mortgage Asset Purchase Agreement	  	 	170	 
		
	ARTICLE 16	  	 	 
		
	ADVANCING AGENT	  	 	 
			
	 Section 16.1
	 	Liability of the Advancing Agent	  	 	171	 
	 Section 16.2
	 	Merger or Consolidation of the Advancing Agent	  	 	171	 
	 Section 16.3
	 	Limitation on Liability of the Advancing Agent and Others	  	 	172	 
	 Section 16.4
	 	Representations and Warranties of the Advancing Agent	  	 	172	 
	 Section 16.5
	 	Resignation and Removal; Appointment of Successor	  	 	173	 

  
 -v- 

							
	 Section 16.6
	 	Acceptance of Appointment by Successor Advancing Agent	  	 	174	 
	 Section 16.7
	 	Removal and Replacement of Backup Advancing Agent	  	 	175	 

  

			
	 SCHEDULES
	  	
		
	 Schedule A
	  	Schedule of Mortgage Assets
	 Schedule B
	  	 LIBOR

 EXHIBITS 
  

			
	 Exhibit A
	  	 Form of Offered Notes

	 Exhibit B
	  	 Form of Class E Notes and Class F Notes

	 Exhibit C-1
	  	 Form of Transfer Certificate – Regulation S Global Note

	 Exhibit C-2
	  	 Form of Transfer Certificate – Rule 144A Global Note

	 Exhibit C-3
	  	 Form of Transfer Certificate – Definitive Note

	 Exhibit D
	  	 Form of Custodian Post-Closing Certification

	 Exhibit E
	  	 Form of Request for Release

	 Exhibit F
	  	 Form of NRSRO Certification

	 Exhibit G
	  	 Form of Note Administrator’s Monthly Report

	 Exhibit H-1
	  	 Form of Investor Certification (for Non-Borrower
Affiliates)

	 Exhibit H-2
	  	 Form of Investor Certification (for Borrower Affiliates)

	 Exhibit I
	  	 Form of Online Market Data Provider Certification

	 Exhibit J
	  	 Form of Acquisition of Companion Participation Officer’s Certificate

	 Exhibit K
	  	 Form of Subsequent Transfer Instrument

  
 -vi- 

 INDENTURE, dated as of February 14, 2018, by and among TPG REAL ESTATE
FINANCE 2018-FL1 ISSUER, LTD., an exempted company incorporated in the Cayman Islands with limited liability (the “Issuer”), TPG RE FINANCE TRUST
2018-FL1 CO-ISSUER, LLC, a limited liability company formed under the laws of Delaware (the “Co-Issuer”),
TPG RE FINANCE TRUST CLO LOAN SELLER, LLC, a limited liability company formed under the laws of Delaware, as advancing agent (herein, together with its permitted successors and assigns in the trusts hereunder, the “Advancing
Agent”), WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (in such capacity, together with its permitted successors and assigns in the trusts hereunder, the “Trustee”), and WELLS FARGO
BANK, NATIONAL ASSOCIATION, a national banking association, as note administrator, paying agent, calculation agent, transfer agent, authentication agent, custodian, backup advancing agent and notes registrar (in all of the foregoing capacities,
together with its permitted successors and assigns, the “Note Administrator”). 
 PRELIMINARY STATEMENT 

Each of the Issuer and the Co-Issuer is duly authorized to execute and deliver this
Indenture to provide for the Notes issuable as provided in this Indenture. All covenants and agreements made by the Issuer and Co-Issuer herein are for the benefit and security of the Secured Parties. The
Issuer, the Co-Issuer, the Note Administrator, in all of its capacities hereunder, the Trustee and the Advancing Agent are entering into this Indenture, and the Trustee is accepting the trusts created hereby,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 
 All things necessary
to make this Indenture a valid agreement of the Issuer and Co-Issuer in accordance with this Indenture’s terms have been done. 

GRANTING CLAUSES 

The Issuer hereby Grants to the Trustee, for the benefit and security of the Secured Parties, all of its right, title and
interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising out of (in each case, to the extent of the Issuer’s interest therein and specifically excluding any interest of the related Companion
Participation Holder therein): 
 (a) (i) the Mortgage Assets that the Issuer has purchased on the Closing Date and all
payments thereon or with respect thereto, and (ii) any Companion Participation acquired by the Issuer after the Closing Date in accordance with the terms of this Indenture, and all payments thereon or with respect thereto, in each case, other
than Retained Interests, if any, under, and as defined in, the Mortgage Asset Purchase Agreement, 
 (b) the Servicing
Accounts, the Payment Account, the Permitted Companion Participation Acquisition Account, the Custodial Account and the related security entitlements and all income from the investment of funds in any of the foregoing at any time credited to any of
the foregoing accounts, 
 (c) the Eligible Investments, 

 (d) the rights of the Issuer under the Mortgage Asset Purchase Agreement, the
Servicing Agreement and the Company Administration Agreement, 
 (e) all amounts delivered to the Note Administrator (or its
bailee) (directly or through a securities intermediary), 
 (f) all other investment property, instruments and general
intangibles in which the Issuer has an interest, other than the Excepted Property, 
 (g) the Issuer’s ownership
interest in, and rights to, all Permitted Subsidiaries, and 
 (h) all proceeds with respect to the foregoing clauses
(a) through (g). 
 The collateral described in the foregoing clauses (a) through (h), with the exception of the
Excepted Property, is referred to herein as the “Collateral.” Such Grants are made to secure the Notes equally and ratably without prejudice, priority or distinction between any Note and any other Note for any reason, except as
expressly provided in this Indenture (including, but not limited to, the Priority of Payments) and to secure (i) the payment of all amounts due on and in respect of the Notes in accordance with their terms, (ii) the payment of all other
sums payable under this Indenture and (iii) compliance with the provisions of this Indenture, all as provided in this Indenture (together, the “Secured Obligations”). The foregoing Grant shall, for the purpose of determining
the property subject to the lien of this Indenture, be deemed to include any securities and any investments granted by or on behalf of the Issuer to the Trustee for the benefit of the Secured Parties, whether or not such securities or such
investments satisfy the criteria set forth in the definitions of “Mortgage Asset” or “Eligible Investment,” as the case may be. 

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

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

  
 -2- 

 CREDIT RISK RETENTION 

On the Closing Date, Retention Holder will retain 100% of the Preferred Shares. The Preferred Shares are referred to in this
Indenture as the EHRI. The fair value of the EHRI is $111,885,182. 
 As of the Closing Date, the aggregate outstanding
Principal Balance of the Mortgage Assets equals approximately $932,380,183. 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 Definitions 

Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings
set forth below for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms. The word
“including” and its variations shall mean “including without limitation.” Whenever any reference is made to an amount the determination of which is governed by Section 1.2 hereof, the provisions of
Section 1.2 shall be applicable to such determination or calculation, whether or not reference is specifically made to Section 1.2, unless some other method of calculation or determination is
expressly specified in the particular provision. All references in this Indenture to designated “Articles,” “Sections,” “Subsections” and other subdivisions are to the designated Articles, Sections, Subsections and
other subdivisions of this Indenture as originally executed. The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section,
Subsection or other subdivision. 
 “17g-5 Information”: The
meaning specified in Section 14.3(j) hereof. 

“17g-5 Information Provider”: The meaning specified in
Section 14.13(a) hereof. 
 “17g-5
Website”: A password-protected internet website maintained by the 17g-5 Information Provider, which shall initially be located at www.ctslink.com, under the “NRSRO” tab for this
transaction. Any change of the 17g-5 Website shall only occur after notice has been delivered by the 17g-5 Information Provider to the Issuer, the Note Administrator,
the Trustee, the Servicer, the Special Servicer, the Operating Advisor, the Placement Agents and the Rating Agencies, which notice shall set forth the date of change and new location of the 17g-5 Website. 

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

“Access Termination Notice”: The meaning specified in the Future Funding Agreement. 

“Account”: Any of the Servicing Accounts, the Indenture Accounts and the Preferred Share Distribution
Account. 

  
 -3- 

 “Accountants’ Report”: A report of a firm of Independent
certified public accountants of recognized national reputation appointed by the Issuer pursuant to Section 10.13(a), which may be the firm of independent accountants that reviews or performs procedures with respect to the
financial reports prepared by the Issuer or the Servicer. 
 “Act” or “Act of
Securityholders”: The meaning specified in Section 14.2 hereof. 
 “Advance
Rate”: The meaning specified in the Servicing Agreement. 
 “Advancing Agent”: TPG RE Finance
Trust CLO Loan Seller, LLC, a Delaware limited liability company, solely in its capacity as advancing agent hereunder, unless a successor Person shall have become the Advancing Agent pursuant to the applicable provisions of this Indenture, and
thereafter “Advancing Agent” shall mean such successor Person. 
 “Advancing Agent Fee”: The fee
payable monthly in arrears on each Payment Date to the Advancing Agent in accordance with the Priority of Payments, equal to 0.02% per annum on the Aggregate Outstanding Amount of the Class A Notes, the
Class A-S Notes and the Class B Notes on such Payment Date prior to giving effect to distributions with respect to such Payment Date; which fee is hereby waived by the Advancing Agent for so long as
(i) Seller (or any of its Affiliates) is the Advancing Agent and (ii) Retention Holder (or any of its Affiliates) owns the Preferred Shares. 

“Affiliate” or “Affiliated”: With respect to a Person, (i) any other Person who,
directly or indirectly, is in control of, or controlled by, or is under common control with, such Person or (ii) any other Person who is a director, Officer or employee (a) of such Person, (b) of any subsidiary or parent company of
such Person or (c) of any Person described in clause (i) above. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the securities having ordinary voting
power for the election of directors of such Person, or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise; provided that neither the Company Administrator nor any other
company, corporation or Person to which the Company Administrator provides directors and/or administrative services and/or acts as share trustee shall be an Affiliate of the Issuer or Co-Issuer;
provided, further, that none of TRTX, the Seller, Retention Holder or any of their subsidiaries shall be deemed to be Affiliates of the Issuer. The Note Administrator, the Servicer and Trustee may rely on certifications of any
Holder or party hereto regarding such Person’s affiliations. 
 “Affiliated Future Funding Companion
Participation Holder”: Any Companion Participation Holder that is the Seller or any Affiliate of the Seller. 

“Agent Members”: Members of, or participants in, the Depository, Clearstream, Luxembourg or Euroclear. 

“Aggregate Outstanding Amount”: With respect to any Class or Classes of the Notes as of any date of
determination, the aggregate principal balance of such Class or Classes of Notes Outstanding as of such date of determination. The Aggregate Outstanding Amount of the Class C Notes, the Class D Notes, the Class E Notes and the
Class F Notes will be increased by the amount of any Deferred Interest on such Classes. 

  
 -4- 

 “Aggregate Outstanding Portfolio Balance”: On any Measurement
Date, the sum of (without duplication) (i) the aggregate Principal Balance of the Mortgage Assets, (ii) the aggregate Principal Balance of all Principal Proceeds held as Cash and Eligible Investments and (iii) all Cash and Eligible
Investments held in the Permitted Companion Participation Acquisition Account. 
 “Aggregate Principal
Balance”: When used with respect to any Mortgage Assets as of any date of determination, the sum of the Principal Balances on such date of determination of all such Mortgage Assets. 

“Appraisal”: The meaning specified in the Servicing Agreement. 

“Appraisal Reduction Amount”: The meaning specified in the Servicing Agreement. 

“Acquisition Period”: With respect to any Permitted Principal Proceeds deposited into the Permitted Companion
Participation Acquisition Account, a period not to exceed 120 days from the date such Permitted Principal Proceeds were deposited into the Permitted Companion Participation Acquisition Account. 

“Article 15 Agreement”: The meaning specified in Section 15.1(a) hereof. 

“Asset Documents”: The loan agreement, note, mortgage, intercreditor agreement, participation
agreement, co-lender agreement or other agreement pursuant to which a Mortgage Asset or Mortgage Loan has been issued or created and each other agreement that governs the terms of or secures the obligations
represented by such Mortgage Asset or Mortgage Loan or of which holders of such Mortgage Asset or Mortgage Loan are the beneficiaries. 

“Auction Call Redemption”: The meaning specified in Section 9.1(d) hereof. 

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

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

“Backup Advancing Agent”: The Note Administrator, solely in its capacity as Backup Advancing Agent hereunder,
or any successor Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having a long-term 

  
 -5- 

 
unsecured debt rating at least equal to “A2” by Moody’s and a short-term unsecured debt rating from Moody’s at least equal to
“P-1.” 
 “Bankruptcy Code”: The federal Bankruptcy Code,
Title 11 of the United States Code, Part V of the Companies Law (2016 Revision) of the Cayman Islands, the Bankruptcy Law (1997 Revision) of the Cayman Islands, the Companies Winding Up Rules 2008 of the Cayman Islands and the Foreign Bankruptcy
Proceedings (International Cooperation) Rules 2008 of the Cayman Islands, each as amended from time to time. 

“Board of Directors”: With respect to the Issuer, the directors of the Issuer duly appointed in accordance
with the Governing Documents of the Issuer and, with respect to the Co-Issuer, the LLC Managers duly appointed by the sole member of the Co-Issuer or otherwise. 

“Board Resolution”: With respect to the Issuer, a resolution of the Board of Directors of the Issuer and,
with respect to the Co-Issuer, a resolution or unanimous written consent of the LLC Managers or the sole member of the Co-Issuer. 

“Business Day”: Any day other than (i) a Saturday or Sunday or (ii) a day on which commercial banks
are authorized or required by applicable law, regulation or executive order to close in New York, New York, in the State of North Carolina or the location of the Corporate Trust Office of the Note Administrator or the Trustee, or (iii) days
when the New York Stock Exchange or the Federal Reserve Bank of New York are closed. 
 “Calculation
Agent”: The meaning specified in Section 7.14(a) hereof. 
 “Calculation
Amount”: With respect to (i) any Mortgage Asset that is a Modified Mortgage Asset, the Principal Balance of such Mortgage Asset, minus any Appraisal Reduction Amount allocated to such Mortgage Asset; and (ii) any Mortgage Asset
that is a Defaulted Mortgage Asset, the lesser of (a) the Moody’s Recovery Rate of such Mortgage Asset multiplied by the Principal Balance of such Mortgage Asset and (b) the Principal Balance of such Mortgage Asset, minus any
Appraisal Reduction Amount allocated to such Mortgage Asset. 
 With respect to any Participated Mortgage Loan, any
Calculation Amount will be deemed allocated on a pro rata and pari passu basis among the related Participations (based on the outstanding principal balance thereof). 

“Cash”: Such coin or currency of the United States of America as at the time shall be legal tender for
payment of all public and private debts. 
 “Cayman FATCA Legislation”: The Cayman Islands Tax Information
Authority Law (2017 Revision) and the Organisation for Economic Co-operation and Development’s Standard for Automatic Exchange of Financial Account Information – Common Reporting Standard (each as
amended) (including any implementing legislation, rules, regulations and guidance notes with respect to such laws), as amended from time to time. 

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

  
 -6- 

 “Certificated Security”: A “certificated security” as
defined in Section 8-102(a)(4) of the UCC. 
 “Class”: The
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes or the Class F Notes, as applicable. 

“Class A Defaulted Interest Amount”: With respect to the Class A Notes as of each
Payment Date, the accrued and unpaid amount due to Holders of the Class A Notes on account of any shortfalls in the payment of the Class A Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together
with interest accrued thereon (to the extent lawful), at the applicable Note Rate. 
 “Class A
Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the Class A Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class A Notes on the first day of
the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the Class A Rate. 

“Class A Notes”: The Class A Senior Secured Floating Rate Notes, Due 2035, issued by
the Issuer and the Co-Issuer pursuant to this Indenture. 

“Class A Rate”: With respect to any Class A Note, the per annum rate at which
interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) one-month LIBOR for the related Interest Accrual Period plus (b)(i) with respect to each Payment Date (and
related Interest Accrual Period) prior to the Payment Date in December 2022, 0.75%, and (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in December 2022, 1.00%. 

“Class A-S Defaulted Interest Amount”: With
respect to the Class A-S Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class A-S Notes on account of any shortfalls in the
payment of the Class A-S Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful), at the applicable Note
Rate. 
 “Class A-S Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class A-S Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class A-S Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the
Class A-S Rate. 

“Class A-S Notes”: The Class A-S Second Priority Secured Floating Rate Notes, Due 2035, issued by the Issuer and the Co-Issuer pursuant to this Indenture. 

“Class A-S Rate”: With respect to any Class A-S Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) one-month LIBOR for the
related Interest Accrual Period plus (b)(i) with respect to each Payment Date (and related Interest Accrual Period) prior to the Payment Date in January 2023, 

  
 -7- 

 
0.95%, and (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in January 2023, 1.20%. 

“Class B Defaulted Interest Amount”: With respect to the Class B Notes as of each
Payment Date, the accrued and unpaid amount due to Holders of the Class B Notes on account of any shortfalls in the payment of the Class B Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together
with interest accrued thereon (to the extent lawful), at the applicable Note Rate. 
 “Class B
Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the Class B Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class B Notes on the first day of
the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the Class B Rate. 

“Class B Notes”: The Class B Third Priority Secured Floating Rate Notes Due 2035,
issued by the Issuer and the Co-Issuer pursuant to this Indenture. 

“Class B Rate”: With respect to any Class B Note, the per annum rate at which
interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) one-month LIBOR for the related Interest Accrual Period plus (b)(i) with respect to each Payment Date (and
related Interest Accrual Period) prior to the Payment Date in January 2023, 1.30%, and (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in January 2023, 1.80%. 

“Class C Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes or Class B Notes are outstanding, with respect to the Class C Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class C Notes on account of any
shortfalls in the payment of the Class C Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful), at the applicable Note Rate. 

“Class C Deferred Interest Amount”: So long as any Class A Notes, Class A-S Notes or Class B Notes are Outstanding, any interest due on the Class C Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date. 

“Class C Interest Distribution Amount”: On each Payment Date, the amount due to Holders of
the Class C Notes on account of interest (including Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class C Notes on the first day of the related Interest Accrual Period, (ii) the actual
number of days in such Interest Accrual Period divided by 360 and (iii) the Class C Rate. 

“Class C Notes”: The Class C Fourth Priority Secured Floating Rate Notes Due 2035,
issued by the Issuer and the Co-Issuer pursuant to this Indenture. 

“Class C Rate”: With respect to any Class C Note, the per annum rate at which
interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) one month LIBOR for the related Interest Accrual Period plus (b)(i) with respect to each Payment 

  
 -8- 

 
Date (and related Interest Accrual Period) prior to the Payment Date in February 2023, 1.90%, and (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after
the Payment Date in February 2023, 2.40%. 
 “Class D Defaulted Interest Amount”: If no
Class A Notes, Class A-S Notes, Class B Notes or Class C Notes are outstanding, with respect to the Class D Notes as of each Payment Date, the accrued and unpaid amount due to Holders
of the Class D Notes on account of any shortfalls in the payment of the Class D Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful), at the
applicable Note Rate. 
 “Class D Deferred Interest Amount”: So long as any Class A
Notes, Class A-S Notes, Class B Notes or Class C Notes are Outstanding, any interest due on the Class D Notes that is not paid as a result of the operation of the Priority of Payments on
any Payment Date. 
 “Class D Interest Distribution Amount”: On each Payment Date, the
amount due to Holders of the Class D Notes on account of interest (including Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class D Notes on the first day of the related Interest Accrual Period,
(ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the Class D Rate. 

“Class D Notes”: The Class D Fifth Priority Secured Floating Rate Notes Due 2035,
issued by the Issuer and the Co-Issuer pursuant to this Indenture. 

“Class D Rate”: With respect to any Class D Note, the per annum rate at which
interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) one month LIBOR for the related Interest Accrual Period plus (b)(i) with respect to each Payment Date (and related Interest Accrual Period) prior to the
Payment Date in February 2023, 2.70%, and (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in February 2023, 3.20%. 

“Class E Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes or Class D Notes are outstanding, with respect to the Class E Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the
Class E Notes on account of any shortfalls in the payment of the Class E Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful), at the
applicable Note Rate. 
 “Class E Deferred Interest Amount”: So long as Class A
Notes, Class A-S Notes, Class B Notes, Class C Notes or Class D Notes are Outstanding, any interest due on the Class E Notes that is not paid as a result of the operation of the
Priority of Payments on any Payment Date. 
 “Class E Interest Distribution Amount”: On
each Payment Date, the amount due to Holders of the Class E Notes on account of interest (including Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class E Notes on the first day of the related
Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the Class E Rate. 

  
 -9- 

 “Class E Notes”: The Class E Sixth
Priority Secured Floating Rate Notes Due 2035, issued by the Issuer pursuant to this Indenture. 

“Class E Rate”: With respect to any Class E Note, the per annum rate at which
interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) one month LIBOR for the related Interest Accrual Period plus (b) 6.00%. 

“Class F Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F Notes as of each Payment Date, the accrued and unpaid amount
due to Holders of the Class F Notes on account of any shortfalls in the payment of the Class F Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent
lawful), at the applicable Note Rate. 
 “Class F Deferred Interest Amount”: So long as
Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or class E Notes are Outstanding, any interest due on the Class F Notes that is not paid as a result of
the operation of the Priority of Payments on any Payment Date. 
 “Class F Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class F Notes on account of interest (including Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class F Notes on the first
day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the Class F Rate. 

“Class F Notes”: The Class F Seventh Priority Secured Floating Rate Notes Due 2035,
issued by the Issuer pursuant to this Indenture. 
 “Class F Rate”: With respect to any
Class F Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) one month LIBOR for the related Interest Accrual Period plus (b) 8.00%. 

“Clean-up Call”: The meaning specified in
Section 9.1 hereof. 
 “Clean-up Call
Date”: The meaning specified in Section 9.1 hereof. 
 “Clearing
Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. 

“Clearstream, Luxembourg”: Clearstream Banking, société anonyme, a limited liability company
organized under the laws of the Grand Duchy of Luxembourg. 
 “CLO Controlled Mortgage Assets”: Each
Mortgage Asset that is not a Non-CLO Controlled Mortgage Asset. As of the Closing Date (i) the Mortgage Asset that is a Whole Loan will be a CLO Controlled Mortgage Asset and (ii) all of the Mortgage
Assets that are Pari Passu Participations will be Non-CLO Controlled Mortgage Assets. 

“Closing Date”: February 14, 2018. 

  
 -10- 

 “Code”: The United States Internal Revenue Code of 1986, as
amended. 
 “Co-Issuer”: TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, a limited liability company formed under the laws of the State of Delaware, until a successor Person shall have become the Co-Issuer pursuant to the applicable provisions of this Indenture, and thereafter “Co-Issuer” shall mean such successor Person. 

“Co-Issuers”: The Issuer and the
Co-Issuer. 
 “Collateral”: The meaning specified in the first
paragraph of the Granting Clause of this Indenture. 
 “Collection Account”: The meaning specified in the
Servicing Agreement. 
 “Committed Warehouse Line”: The meaning specified in the Servicing Agreement. 

“Companion Participation”: With respect to each Pari Passu Participation, the related companion participation
interest in the related Participated Mortgage Loan that will not be held by the Issuer unless such Companion Participation is later acquired, in whole or in part, by the Issuer pursuant to the applicable provisions of the Indenture. Upon any
acquisition of a Companion Participation by the Issuer, such Companion Participation shall become a Mortgage Asset. 

“Companion Participation Holder”: The holder of any Companion Participation. 

“Company Administration Agreement”: The administration agreement, dated on or about the Closing Date, by and
among the Issuer and the Company Administrator, as modified and supplemented and in effect from time to time. 

“Company Administrative Expenses”: All fees, expenses and other amounts due or accrued with respect to any
Payment Date and payable by the Issuer, Co-Issuer or any Permitted Subsidiary (including legal fees and expenses) to (i) the Note Administrator and the Trustee pursuant to this Indenture or any co-trustee appointed pursuant to Section 6.7 hereof (including amounts payable by the Issuer as indemnification pursuant to this Indenture), (ii) the Company Administrator under the
Company Administration Agreement (including amounts payable by the Issuer as indemnification pursuant to the Company Administration Agreement) and to provide for the costs of liquidating the Issuer following redemption of the Notes, (iii) the
LLC Managers (including indemnification), (iv) the independent accountants, agents and counsel of the Issuer for reasonable fees and expenses (including amounts payable in connection with the preparation of tax forms on behalf of the Issuer and
the Co-Issuer), and any registered office and government filing fees, in each case, payable in the order in which invoices are received by the Issuer, (v) a Rating Agency for fees and expenses in
connection with any rating (including the annual fee payable with respect to the monitoring of any rating) of the Notes, including fees and expenses due or accrued in connection with any credit assessment or rating of the Mortgage Assets,
(vi) the Advancing Agent or other Persons as indemnification pursuant Section 16.3, (vii) the Servicer, the Special Servicer or the Operating Advisor as indemnification or reimbursement of expenses pursuant to the
Servicing Agreement, (viii) the CREFC® Intellectual Property 

  
 -11- 

 
Royalty License Fee, (ix) the Preferred Share Paying Agent and the Share Registrar pursuant to the Preferred Share Paying Agency Agreement (including amounts payable as indemnification), (x)
any other Person in respect of any governmental fee, charge or tax (including any FATCA compliance costs) in relation to the Issuer or the Co-Issuer (in each case as certified by an Authorized Officer of the
Issuer or the Co-Issuer to the Note Administrator), in each case, payable in the order in which invoices are received by the Issuer, (xi) to the Participation Agent or the Participation Custodian
(including amounts payable by the Issuer as indemnification) pursuant to the applicable Participation Agreement, this Indenture or a Participation Custodial Agreement with respect to any Participated Mortgage Loans and (xii) any other Person in
respect of any other fees or expenses (including indemnifications) permitted under this Indenture (including, without limitation, any costs or expenses incurred in connection with certain modeling systems and services) and the documents delivered
pursuant to or in connection with this Indenture and the Notes and any amendment or other modification of any such documentation, in each case unless expressly prohibited under this Indenture (including, without limitation, the payment of all
transaction fees and all legal and other fees and expenses required in connection with the purchase of any Mortgage Assets or any other transaction authorized by this Indenture), in each case, payable in the order in which invoices are received by
the Issuer; provided that Company Administrative Expenses shall not include amounts payable in respect of the Notes. 

“Company Administrator”: MaplesFS Limited, a licensed trust company incorporated in the Cayman Islands, as
administrator pursuant to the Company Administration Agreement, unless a successor Person shall have become administrator pursuant to the Company Administration Agreement, and thereafter, Company Administrator shall mean such successor Person. 

“Consultation Termination Event”: The meaning specified in the Servicing Agreement. 

“Control Shift Event”: The meaning specified in the Servicing Agreement. 

“Control Termination Event”: The meaning specified in the Servicing Agreement. 

“Controlling Class”: The Class A Notes, so long as any Class A Notes are Outstanding, then the Class A-S Notes, so long as any Class A-S Notes are Outstanding, then the Class B Notes, so long as any Class B Notes are Outstanding, then the
Class C Notes, so long as any Class C Notes are Outstanding, then the Class D Notes, so long as any Class D Notes are Outstanding, then the Class E Notes, so long as any Class E Notes are Outstanding, and then the
Class F Notes, so long as any Class F Notes are Outstanding. 

  
 -12- 

 “Corporate Trust Office”: The designated corporate trust office
of (a) the Trustee, currently located at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – TRTX 2018-FL1, (b) the Note Administrator, currently located at (i) with
respect to the delivery of Asset Documents, at 1055 10th Avenue SE, Minneapolis, Minnesota, 55414, Attention: Document Custody Group, (ii) with respect to the delivery of Note transfers and surrenders, at 600 South 4th St., 7th Floor, MAC N9300-070 Minneapolis, Minnesota 55479; and (iii) for all other purposes, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services (CMBS), TRTX 2018-FL1, telecopy number (410) 715-2380 or (c) such other address as the Trustee or the Note Administrator, as applicable, may designate from time to time by notice to
the Noteholders, the Holder of the Preferred Shares, the 17g-5 Information Provider and the parties hereto. 

“CREFC® Intellectual Property Royalty License
Fee”: With respect to each Mortgage Asset and for any Payment Date, an amount accrued during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License
Fee Rate on the Principal Balance of such Mortgage Asset as of the close of business on the Determination Date in such Interest Period. Such amounts shall be computed for the same period and on the same interest accrual basis respecting which any
related interest payment due or deemed due on the related Mortgage Asset is computed and shall be prorated for partial periods. 

“CREFC® Intellectual Property Royalty License
Fee Rate”: With respect to each Mortgage Asset, a rate equal to 0.0005% per annum. 
 “Custodial
Account”: An account at the Securities Intermediary established pursuant to Section 10.1(b) hereof. 

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

“Default”: Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would
become, an Event of Default. 
 “Defaulted Interest Amount”: The Class A Defaulted Interest Amount,
the Class A-S Defaulted Interest Amount, the Class B Defaulted Interest Amount, the Class C Defaulted Interest Amount, the Class D Defaulted Interest Amount, the Class E Defaulted
Interest Amount or the Class F Defaulted Interest Amount, as the context requires. 
 “Defaulted Mortgage
Asset”: Any Mortgage Asset for which the related Mortgage Loan is a Defaulted Mortgage Loan. 
 “Defaulted
Mortgage Loan”: Any Mortgage Loan as to which there has occurred and is continuing for more than sixty (60) days either: (x) a payment default (after giving effect to any applicable grace period but without giving effect to any
waiver); or (y) a material non-monetary event of default that is known to the Special Servicer and has occurred and is continuing (after giving effect to any applicable grace period but without giving
effect to any waiver). 
 “Deferred Interest”: The meaning specified in
Section 2.7(a). 

  
 -13- 

 “Deferred Interest Notes”: The Class C Notes, the
Class D Notes, the Class E Notes and the Class F Notes, to the extent such Class is not the most senior Class Outstanding. 

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

“Depository” or “DTC”: The Depository Trust Company, its nominees, and their respective
successors. 
 “Determination Date”: The 11th day of
each month or, if such date is not a Business Day, the next succeeding Business Day, commencing on the Determination Date in March 2018. 

“Directing Holder”: (i) With respect to each CLO Controlled Mortgage Asset, the Subordinate
Class Representative and (ii) with respect to each Non-CLO Controlled Mortgage Asset, the related Companion Participation Holder. The initial Directing Holder with respect to each Mortgage Asset is
set forth on Schedule A attached hereto. 
 “Disqualified Transferee”: The meaning specified in
Section 2.5(l) hereof. 
 “Dissolution Expenses”: The amount of expenses
reasonably likely to be incurred in connection with the discharge of this Indenture, the liquidation of the Collateral and the dissolution of the Co-Issuers, as reasonably certified by the Issuer, based in
part on expenses incurred by the Trustee and Note Administrator and reported to the Servicer. 
 “Dollar,”
“U.S.$” or “$”: A U.S. dollar or other equivalent unit in Cash. 
 “Due
Period”: With respect to any Payment Date, the period commencing on the day immediately succeeding the second preceding Determination Date (or commencing on the Closing Date, in the case of the Due Period relating to the first Payment Date)
and ending on and including the Determination Date immediately preceding such Payment Date. 
 “EHRI”: The
Preferred Shares, which are retained by Retention Holder on the Closing Date. 
 “Eligible Account”: Means:

 (a) an account maintained with a federal or state chartered depository institution or trust company or an
account or accounts maintained with the Note Administrator that has, in each case, (i) a long-term unsecured debt rating at least equal to “A2” by Moody’s and (ii) a short-term unsecured debt rating at least equal to “P-1” by Moody’s; 
 (b) a segregated trust account
maintained with the trust department of a federal or state chartered depository institution or trust company acting in its fiduciary capacity; provided that (i) any such institution or trust company has a long-term unsecured rating of at least
“A2” by Moody’s, (ii) a capital surplus of at least U.S.$200,000,000 and (iii) any such account is subject to fiduciary funds on deposit regulations (or internal guidelines) substantially similar to 12 C.F. R.
§ 9.10(b); or 

  
 -14- 

 (c) any other account approved by the Rating Agencies. 

“Eligible Investments”: Any Dollar-denominated investment, the maturity for which corresponds to the
Issuer’s expected or potential need for funds, that, at the time it is Granted to the Trustee (directly or through a Securities Intermediary or bailee) is Registered and is one or more of the following obligations or securities: 

(i) direct obligations of, and obligations the timely payment of principal of and interest on which is fully
and expressly guaranteed by, the United States, or any agency or instrumentality of the United States, the obligations of which are expressly backed by the full faith and credit of the United States; 

(ii) demand and time deposits in, certificates of deposit of, bankers’ acceptances issued by, or federal
funds sold by, any depository institution or trust company incorporated under the laws of the United States or any state thereof or the District of Columbia (including the Note Administrator or the commercial department of any successor Note
Administrator, as the case may be; provided that such successor otherwise meets the criteria specified herein) and subject to supervision and examination by federal and/or state banking authorities so long as the commercial paper and/or the
debt obligations of such depositary institution or trust company (or, in the case of the principal depositary institution in a holding company system, the commercial paper or debt obligations of such holding company) at the time of such investment
or contractual commitment providing for such investment have a long-term unsecured debt rating not less than “Aa3” by Moody’s, and a short-term unsecured debt rating not less than
“P-1” by Moody’s; 
 (iii) unleveraged repurchase or
forward purchase obligations with respect to (a) any security described in clause (i) above or (b) any other security issued or guaranteed by an agency or instrumentality of the United States of America, in either case entered into
with a depository institution or trust company (acting as principal) described in clause (ii) above (including the Note Administrator or the commercial department of any successor Note Administrator, as the case may be; provided that
such Person otherwise meets the criteria specified herein) or entered into with a corporation (acting as principal) whose long-term unsecured debt rating is not less than “Aa3” by Moody’s, and whose short-term unsecured debt rating is
not less than “P-1” by Moody’s; 
 (iv) commercial
paper or other similar short-term obligations (including that of the Note Administrator or the commercial department of any successor Note Administrator, as the case may be, or any affiliate thereof; provided that such Person otherwise meets
the criteria specified herein) having at the time of such investment a short-term unsecured debt rating not less than “P-1” by Moody’s; provided, further, that the issuer thereof
must also have at the time of such investment a senior long-term unsecured debt rating of not less than “Aa3” by Moody’s; 

  
 -15- 

 (v) the Wells Fargo Money Market Fund, or any other money market
fund (including those managed or advised by the Note Administrator or its Affiliates) that maintain a constant asset value and that are rated “Aaa-mf” by Moody’s; and 

(vi) any other investment similar to those described in clauses (i) through (v) above that (1) each
of Moody’s and KBRA have confirmed may be included in the portfolio of Assets as an Eligible Investment without adversely affecting its then-current ratings on the Notes and (2) has a long-term credit rating of not less than
“Aa3” by Moody’s and a short-term unsecured debt rating not less than “P-1” by Moody’s; 

provided that mortgage-backed securities and interest only securities shall not constitute Eligible Investments; and
provided, further, that (a) Eligible Investments shall not have a maturity in excess of 365 days and shall have a fixed principal amount due at maturity that cannot vary or change, (b) Eligible Investments acquired
with funds in the Payment Account shall include only such obligations or securities that mature no later than the Business Day prior to the next Payment Date succeeding the acquisition of such obligations or securities, (c) Eligible Investments
shall not include obligations bearing interest at inverse floating rates, (d) Eligible Investments shall be treated as indebtedness for U.S. federal income tax purposes and such investment shall not cause the Issuer to fail to be treated as a
Qualified REIT Subsidiary or other disregarded entity of a REIT (unless the Issuer has previously received an opinion of Dechert LLP, Vinson & Elkins LLP or another nationally recognized tax counsel experienced in such matters opining that
the Issuer will be treated as a foreign corporation not engaged in a trade or business within the United States for U.S. federal income tax purposes, in which case the investment will not cause the Issuer to be treated as a foreign corporation
engaged in a trade or business within the United States for U.S. federal income tax purposes), (e) Eligible Investments shall not be subject to deduction or withholding for or on account of any withholding or similar tax (other than any taxes
imposed pursuant to FATCA), unless the payor is required to make “gross up” payments that ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such obligor or the Issuer) will equal
the full amount that the Issuer would have received had no such deduction or withholding been required, (f) Eligible Investments shall not be purchased for a price in excess of par; (g) notwithstanding the minimum unsecured debt rating
requirements set forth in clauses (ii), (iii), (iv) or (v) above, Eligible Investments with maturities of 30 days or less shall only require short-term unsecured debt ratings and shall not require long-term unsecured debt ratings; and
(h) Eligible Investments shall not include margin stock. 
 “Entitlement Order”: The meaning specified
in Section 8-102(a)(8) of the UCC. 
 “ERISA”: The United
States Employee Retirement Income Security Act of 1974, as amended. 
 “EU Risk Retention Agreement”: That
certain EU Risk Retention Agreement among Retention Holder, the Sponsor, the Issuer, the Co-Issuer, the Trustee, and the Note Administrator, dated as of the Closing Date. 

  
 -16- 

 “Euroclear”: Euroclear Bank S.A./N.V., as operator of the
Euroclear system. 
 “Event of Default”: The meaning specified in Section 5.1
hereof. 
 “Excepted Property”: (i) The U.S.$250 proceeds of share capital contributed by Retention Holder
as the holder of the ordinary shares of the Issuer, the U.S.$250 representing a profit fee to the Issuer, and, in each case, any interest earned thereon and the bank account in which such amounts are held and (ii) the Preferred Share
Distribution Account and all of the funds and other property from time to time deposited in or credited to the Preferred Share Distribution Account. 

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

“Excluded Permitted Principal Proceeds:” The meaning specific in Section 10.4(d)
hereof. 
 “Expense Year”: Each 12-month period commencing on the
Business Day following the Payment Date occurring in December and ending on the Payment Date occurring in the following December. 

“FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Indenture (or any amended or
successor version that is substantially comparable) and any current or future Treasury regulations promulgated thereunder, and any related provisions of law, court decisions, administrative guidance or agreements with any taxing authority (or laws
thereof) in respect thereof, including any agreements entered into pursuant to section 1471(b)(1) of the Code or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidance notes or practices
adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code of analogous provisions of non-U.S. law. For the avoidance of doubt,
“FATCA” shall also refer to Cayman FATCA Legislation. 
 “Financial Asset”: The meaning specified
in Section 8-102(a)(9) of the UCC. 
 “Financing Statements”:
Financing statements relating to the Collateral naming the Issuer, as debtor, and the Trustee, on behalf of the Secured Parties, as secured party. 

“Future Funding Account Control Agreement”: Any account control agreement entered into in accordance with the
terms of the Future Funding Agreement by and among the Seller, the Trustee, as secured party, the Note Administrator and an account bank, as the same may be amended, supplemented or replaced from time to time. 

“Future Funding Agreement”: The meaning specified in the Servicing Agreement. 

“Future Funding Amount”: With respect to a Participated Mortgage Loan, any unfunded future funding
obligations of the lender thereunder. 
 “Future Funding Companion Participation”: With respect to a
Participated Mortgage Loan that has any remaining Future Funding Amounts, the Companion Participation in 

  
 -17- 

 
such Participated Mortgage Loan the holder of which is obligated to fund such Future Funding Amounts. 

“Future Funding Controlled Reserve Account”: The meaning specified in the Servicing Agreement. 

“Future Funding Indemnitor”: Holdco, and its successors in interest. 

“Future Funding Participation Agreement”: With respect to a Future Funding Companion Participation, the
related Participation Agreement. 
 “GAAP”: The meaning specified in
Section 6.3(k) hereof. 
 “General Intangible”: The meaning specified in Section 9-102(a)(42) of the UCC. 
 “Global Notes”: The Rule 144A
Global Notes and the Regulation S Global Notes. 
 “Governing Documents”: With respect to (i) the
Issuer, the memorandum and articles of association of the Issuer, as amended and restated and/or supplemented and in effect from time to time and certain resolutions of its Board of Directors and (ii) all other Persons, the articles of
incorporation, certificate of incorporation, by-laws, certificate of limited partnership, limited partnership agreement, limited liability company agreement, certificate of formation, articles of association
and similar charter documents, as applicable to any such Person. 
 “Government Items”: A security (other
than a security issued by the Government National Mortgage Association) issued or guaranteed by the United States of America or an agency or instrumentality thereof representing a full faith and credit obligation of the United States of America and,
with respect to each of the foregoing, that is maintained in book-entry form on the records of a Federal Reserve Bank. 

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

“Herfindahl Score”: As of any date of determination, an amount determined by dividing (i) one by
(ii) the sum of the series of products obtained for each Mortgage Asset (including any Companion Participation which is then acquired) and Principal Proceeds collected and not yet distributed, by squaring the quotient of (x) the
outstanding principal balance on such date of each such Mortgage Asset (or in the case of Principal Proceeds, in increments of 

  
 -18- 

 
$5,000,000) and (y) the aggregate outstanding principal balance of all Mortgage Assets on such date, and rounding the result to the nearest whole number. 

“Holdco”: TPG RE Finance Trust Holdco, LLC, a Delaware limited liability company, and its successors-in-interest, a wholly owned subsidiary of TRTX. 

“Holder” or “Securityholder”: With respect to any Note, the Person in whose name such Note
is registered in the Notes Register. With respect to any Preferred Share, the Person in whose name such Preferred Share is registered in the register maintained by the Share Registrar. 

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

“Impaired Mortgage Asset”: The meaning specified in the Servicing Agreement. 

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

“Indenture Accounts”: The Payment Account, the Permitted Companion Participation Acquisition Account and the
Custodial Account. 
 “Independent”: As to any Person, any other Person (including, in the case of an
accountant, or lawyer, a firm of accountants or lawyers and any member thereof or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest
in such Person or in any Affiliate of such Person, and (ii) is not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions. “Independent” when
used with respect to any accountant may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person within the meaning of Rule 101 of
the Code of Ethics of the American Institute of Certified Public Accountants. 
 Whenever any Independent Person’s
opinion or certificate is to be furnished to the Trustee or Note Administrator such opinion or certificate shall state, or shall be deemed to state, that the signer has read this definition and that the signer is Independent within the meaning
hereof. 
 “Inquiry”: The meaning specified in Section 10.13(a) hereof. 

“Instrument”: The meaning specified in Section 9-102(a)(47) of
the UCC. 
 “Interest Accrual Period”: With respect to the Notes and (i) the first Payment Date, the
period from and including the Closing Date to but excluding such first Payment Date and (ii) each successive Payment Date, the period from and including the immediately preceding Payment Date to, but excluding, such Payment Date. 

  
 -19- 

 “Interest Advance”: The meaning specified in
Section 10.7(a) hereof. 
 “Interest Distribution Amount”: Each of the
Class A Interest Distribution Amount, the Class A-S Interest Distribution Amount, the Class B Interest Distribution Amount, the Class C Interest Distribution Amount, the Class D
Interest Distribution Amount, the Class E Interest Distribution Amount and the Class F Interest Distribution Amount. 

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

(1) all Cash payments of interest (including any deferred interest and any amount representing the accreted portion of a
discount from the face amount of a Mortgage Asset or an Eligible Investment) or other distributions (excluding Principal Proceeds) received during the related Due Period on all Mortgage Assets other than Defaulted Mortgage Assets (net of any fees
and other compensation and reimbursement of expenses and Servicing Advances and interest thereon (but not net of amounts payable pursuant to any indemnification provisions) to which the Servicer, the Special Servicer or the Operating Advisor are
entitled to pursuant to the terms of the Servicing Agreement) and Eligible Investments, including the accrued interest received in connection with a sale of such Mortgage Assets or Eligible Investments but excluding (i) any origination fees,
which will be retained by the Seller and will not be assigned to the Issuer and (ii) any payment of interest included in Principal Proceeds pursuant to clause (A)(4) of the definition of “Principal Proceeds”, 

(2) all make whole premiums, yield maintenance or prepayment premiums or any interest amount paid in excess of the stated
interest amount of a Mortgage Asset received during the related Due Period, 
 (3) all amendment, modification and waiver
fees, late payment fees, extension fees, exit fees and other fees and commissions received by the Issuer during such Due Period in connection with such Mortgage Assets and Eligible Investments, 

(4) Interest Advances, if any, advanced by the Advancing Agent or the Backup Advancing Agent, with respect to such Payment
Date, 
 (5) all accrued original issue discount on Eligible Investments, 

(6) any interest payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted
Subsidiary that is not a Defaulted Mortgage Asset, 
 (7) all payments of principal on Eligible Investments purchased with
any other Interest Proceeds, 
 (8) Cash and Eligible Investments contributed by Retention Holder pursuant to
Section 12.1(f), as Holder of 100% of the Preferred Shares and designated as “Interest Proceeds” by Retention Holder, and 

  
 -20- 

 (9) any excess proceeds received in respect of a Mortgage Asset;
provided that Interest Proceeds will in no event include any payment or proceeds specifically defined as “Principal Proceeds” in the definition thereof, 

minus (B) the aggregate amount of any Nonrecoverable Interest Advances that were previously reimbursed to the Advancing Agent or
the Backup Advancing Agent. 
 “Interest Shortfall”: The meaning set forth in
Section 10.7(a) hereof. 
 “Investor Certification”: A certificate, substantially
in the form of Exhibit H-1 or Exhibit H-2 hereto, representing that such Person executing the certificate is a Noteholder, a beneficial
owner of a Note, a holder of a Preferred Share, the Directing Holder or the Subordinate Class Representative or a prospective purchaser of a Note or a Preferred Share and that either (a) such Person is not an agent of, or an investment
advisor to, any borrower or affiliate of any borrower under a Mortgage Loan, or (b) such Person is an agent or Affiliate of, or an investment advisor to, any borrower under a Mortgage Loan. The Investor Certification may be submitted
electronically by means of the Note Administrator’s Website. 
 “Investor Q&A Forum”: The meaning
specified in Section 10.13(a) hereof. 
 “Issuer”: TPG Real Estate Finance 2018-FL1 Issuer, Ltd., an exempted company incorporated under the laws of the Cayman Islands with limited liability, until a successor Person shall have become the Issuer pursuant to the applicable provisions of
this Indenture, and thereafter “Issuer” shall mean such successor Person. 
 “Issuer Order” and
“Issuer Request”: A written order or request (which may be in the form of a standing order or request) dated and signed in the name of the Issuer (and the Co-Issuer, if applicable) by an
Authorized Officer of the Issuer (and by an Authorized Officer of the Co-Issuer, if applicable), or by an Authorized Officer of the Special Servicer on behalf of the Issuer. 

“KBRA”: Kroll Bond Rating Agency, Inc. or any successor thereto. 

“Largest One Quarter Future Advance Estimate”: The meaning specified in the Servicing Agreement. 

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

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

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

“LLC Managers”: The managers of the Co-Issuer duly appointed by the
sole member of the Co-Issuer (or, if there is only one manager of the Co-Issuer so duly appointed, such sole manager). 

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

  
 -21- 

 “Loss Value Payment”: With respect to each Mortgage Asset, the
meaning specified in the Mortgage Asset Purchase Agreement. 
 “Majority”: With respect to (i) any
Class of Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the Notes of such Class; and (ii) the Preferred Shares, the Preferred Shareholders representing more than 50% of the aggregate Notional Amount of the
Preferred Shares. 
 “Material Breach”: With respect to each Mortgage Asset, the meaning specified in the
Mortgage Asset Purchase Agreement. 
 “Material Document Defect”: With respect to each Mortgage Asset, the
meaning specified in the Mortgage Asset Purchase Agreement. 
 “Maturity”: With respect to any Note, the
date on which the unpaid principal of such Note becomes due and payable as therein or herein provided, whether at the Stated Maturity Date or by declaration of acceleration or otherwise. 

“Measurement Date”: Any of the following: (i) the Closing Date, (ii) the date of acquisition or
disposition of any Mortgage Asset, (iii) any date on which any Mortgage Asset becomes a Defaulted Mortgage Asset, (iv) each Determination Date and (v) with reasonable notice to the Issuer and the Note Administrator, any other Business
Day that the Rating Agencies or the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of any Class of Notes requests be a “Measurement Date”; provided that, if any such date
would otherwise fall on a day that is not a Business Day, the relevant Measurement Date will be the immediately preceding Business Day. 

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

“Modified Mortgage Asset”: Any Mortgage Asset for which the related Mortgage Loan is a Modified Loan. 

“Modified Mortgage Loan”: The meaning specified in the Servicing Agreement. 

“Monthly Report”: The meaning specified in Section 10.9(a) hereof. 

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

“Moody’s Rating Factor”: With respect to any Mortgage Asset, the number set forth in the table below
opposite the Moody’s Rating of such Mortgage Asset: 

  
 -22- 

											
	 Moody’s
 Rating
	  	Rating
Factor	 	  	Moody’s
Rating	  	Rating
Factor	 
	 Aaa
	  	 	1	 	  	Ba1	  	 	940	 
	 Aa1
	  	 	10	 	  	Ba2	  	 	1,350	 
	 Aa2
	  	 	20	 	  	Ba3	  	 	1,766	 
	 Aa3
	  	 	40	 	  	B1	  	 	2,220	 
	 A1
	  	 	70	 	  	B2	  	 	2,720	 
	 A2
	  	 	120	 	  	B3	  	 	3,490	 
	 A3
	  	 	180	 	  	Caa1	  	 	4,770	 
	 Baa1
	  	 	260	 	  	Caa2	  	 	6,500	 
	 Baa2
	  	 	360	 	  	Caa3	  	 	8,070	 
	 Baa3
	  	 	610	 	  	Ca or lower	  	 	10,000	 

 “Moody’s Recovery Rate”: With respect to each Mortgage Asset, the rate
specified in the table set forth below with respect to the property type of the related Mortgaged Property or Mortgaged Properties: 
  

					
	 Property Type
	  	Moody’s Recovery Rate	 
	 Multifamily
	  	 	60	% 
	 Office properties
	  	 	55	% 
	 Mixed-use properties
	  	 	55	% 
	 Hospitality and healthcare properties
	  	 	45	% 
	 All other property types
	  	 	40	% 

 “Mortgage Asset File”: The meaning set forth in
Section 3.3(e) hereof. 
 “Mortgage Asset Purchase Agreement”: The Mortgage Asset
purchase agreement entered into between the Issuer and the Seller on or about the Closing Date, as amended from time to time, which agreement is assigned to the Trustee on behalf of the Issuer pursuant to this Indenture. 

“Mortgage Assets”: (i) The Whole Loans and Pari Passu Participations acquired by the Issuer on the
Closing Date and listed on Schedule A attached hereto and (ii) any Companion Participation acquired by the Issuer after the Closing Date in accordance with the terms of the Indenture; provided that, if the entire Companion
Participation is acquired by the Issuer after the Closing Date in accordance with the terms of the Indenture, the related Whole Loan shall become a Mortgage Asset. 

“Mortgage Loan”: A Whole Loan or any Participated Mortgage Loan, as applicable and as the context may
require. 
 “Mortgaged Property”: With respect to any Mortgage Loan, the commercial and/or multifamily
mortgage property or properties directly securing such Mortgage Loan. 

  
 -23- 

 “Net Outstanding Portfolio Balance”: On any Measurement Date,
the sum (without duplication) of: 
 (i) the aggregate Principal Balance of the Mortgage Assets (other than
any Modified Mortgage Assets and Defaulted Mortgage Assets); 
 (ii) the aggregate Principal Balance of all
Principal Proceeds held as Cash and Eligible Investments and all Cash and Eligible Investments held in the Permitted Companion Participation Acquisition Account; and 

(iii) with respect to each Modified Mortgage Asset or a Defaulted Mortgage Asset, the Calculation Amount of
such Mortgage Asset. 
 “No Downgrade Confirmation”: A confirmation from a Rating Agency that any proposed
action, or failure to act or other specified event will not, in and of itself, result in the downgrade or withdrawal of the then-current rating assigned to any Class of Notes then rated by such Rating Agency, provided that if the
Requesting Party receives a written waiver or acknowledgment from a Rating Agency indicating such Rating Agency’s decision not to review the matter for which the No Downgrade Confirmation is sought, then the requirement to receive a No
Downgrade Confirmation from that Rating Agency with respect to such matter shall not apply. For the purposes of this definition, any confirmation, waiver, request, acknowledgment or approval which is required to be in writing may be in the form of
electronic mail. Notwithstanding anything to the contrary set forth in this Agreement, at any time during which the Notes are no longer rated by a Rating Agency, a No Downgrade Confirmation shall not be required from such Rating Agency under this
Agreement. 
 “No Entity-Level Tax Opinion”: The meaning specified in
Section 7.8(f) hereof. 
 “Non-call
Period”: The period from the Closing Date to and including the Business Day immediately preceding the Payment Date in August 2019 during which no Optional Redemption is permitted to occur. 

“Non-CLO Controlled Mortgage Assets”: Each Mortgage Asset that is a
Pari Passu Participation that is owned by the Issuer, but is controlled by the holder of the related Companion Participation. If the related Companion Participation is acquired in its entirety by the Issuer, the Mortgage Asset (together with the
related Companion Participation) will become a CLO Controlled Mortgage Asset. As of the Closing Date (i) all of the Mortgage Assets that are Whole Loans will be CLO Controlled Mortgage Assets and (ii) all of the Mortgage Assets that are
Pari Passu Participations will be Non-CLO Controlled Mortgage Assets. 
 “Non-Permitted Holder”: The meaning specified in Section 2.13(b) hereof. 

“Nonrecoverable Interest Advance”: Any Interest Advance previously made or proposed to be made pursuant to
Section 10.7 hereof that the Advancing Agent or the Backup Advancing Agent, as applicable, has determined in its sole discretion, exercised in good faith, that the amount so advanced or proposed to be advanced plus interest
expected to accrue thereon, will not be ultimately recoverable from subsequent payments or collections with respect to the Mortgage Assets. 

  
 -24- 

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

“Note Administrator’s Website”: Initially, www.ctslink.com, provided that such address may change
upon notice by the Note Administrator to the parties hereto, the 17g-5 Information Provider and Noteholders. 

“Note Interest Rate”: With respect to the Class A Notes, the Class A Rate, with respect to the Class A-S Notes, the Class A-S Rate, with respect to the Class B Notes, the Class B Rate, with respect to the Class C Notes, the Class C Rate,
with respect to the Class D Notes, the Class D Rate, with respect to the Class E Notes, the Class E Rate and with respect to the Class F Notes, the Class F Rate. 

“Note Liquidation Event”: The meaning specified in Section 12.1(c) hereof. 

“Noteholder”: The Person in whose name such Note is registered in the Notes Register. 

“Notes”: The Class A Notes, the Class A-S Notes, the
Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes, collectively, authorized by, and authenticated and delivered under, this Indenture. 

“Notes Register” and “Notes Registrar”: The respective meanings specified in
Section 2.5(a) hereof. 
 “Notional Amount”: In respect of the Preferred Shares,
the per share notional amount of U.S.$1,000. The aggregate Notional Amount of the Preferred Shares on the Closing Date will be U.S.$111,885,182. 

“NRSRO”: Any nationally recognized statistical rating organization, including the Rating Agencies. 

“NRSRO Certification”: A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as Exhibit F or (b) provided electronically and executed by an NRSRO by means of a click-through confirmation on the 17g-5 Website. 
 “Offered Note Par Value Ratio”: As of any Measurement
Date, the number (expressed as a percentage) calculated by dividing (a) the Net Outstanding Portfolio Balance on such Measurement Date by (b) the sum of the Aggregate Outstanding Amount of the Offered Notes (including any Class C
Deferred Interest Amount and Class D Deferred Interest Amount) and the amount of any unreimbursed Interest Advances. 

  
 -25- 

 “Offered Note Protection Test”: A test that will be satisfied as
of any Measurement Date on which any Offered Notes remain outstanding if the Offered Note Par Value Ratio on such Measurement Date is equal to or greater than 118.75%. 

“Offered Notes”: The Class A Notes, the Class A-S Notes,
the Class B Notes, the Class C Notes and the Class D Notes. 
 “Offering Memorandum”: The
Offering Memorandum, dated February 5, 2018, relating to the offering of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes. 

“Officer”: With respect to any corporation or limited liability company, including the Issuer or the Co-Issuer, any Director, Manager, the Chairman of the Board of Directors, the President, any Senior Vice President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer
or General Partner of such entity; and with respect to the Trustee or Note Administrator, any Trust Officer; and with respect to the Servicer or the Special Servicer, a Responsible Officer (as defined in the Servicing Agreement). 

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

“Operating Advisor”: The Operating Advisor appointed pursuant to the Servicing Agreement. 

“Opinion of Counsel”: A written opinion addressed to the Trustee and the Note Administrator and, if required
by the terms hereof, the Servicer, the Special Servicer and/or the Rating Agencies (each, a “Recipient”), in form and substance reasonably satisfactory to each Recipient, of an outside third party counsel of national recognition (or
the Cayman Islands, in the case of an opinion relating to the laws of the Cayman Islands), which attorney may, except as otherwise expressly provided in this Indenture, be counsel for the Issuer, and which attorney shall be reasonably satisfactory
to the Trustee and the Note Administrator. Whenever an Opinion of Counsel is required hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory which opinions of other counsel shall accompany
such Opinion of Counsel and shall either be addressed to each Recipient or shall state that each Recipient shall each be entitled to rely thereon. 

“Optional Redemption”: The meaning specified in Section 9.1(c) hereof. 

“Outstanding”: With respect to the Notes, as of any date of determination, all of the Notes or any
Class of Notes, as the case may be, theretofore authenticated and delivered under this Indenture except: 

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

 (ii) Notes or portions thereof for whose payment or redemption funds in the necessary amount have been
theretofore irrevocably deposited with the Note Administrator or the Paying Agent in trust for the Holders of such Notes 

  
 -26- 

 
pursuant to Section 4.1(a)(ii); provided that, if such Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to
this Indenture; 
 (iii) Notes in exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to this Indenture, unless proof satisfactory to the Note Administrator is presented that any such Notes are held by a Holder in due course; and 

(iv) Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been
issued as provided in Section 2.6; 
 provided that in determining whether the Noteholders of the requisite
Aggregate Outstanding Amount have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer, the Co-Issuer or any Affiliate thereof shall be
disregarded and deemed not to be Outstanding. The Trustee and the Note Administrator shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, except to the extent that a Trust Officer of the
Trustee or Note Administrator, as applicable, has actual knowledge of any such affiliation. Notes that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Note Administrator the
pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, the Co-Issuer or any other obligor upon the Notes or any Affiliate of the Issuer, the Co-Issuer or such other obligor. The Note Administrator shall be entitled to rely on certificates from the Holder to determine any such pledges or affiliations. 

“Par Purchase Price”: with respect to any Defaulted Mortgage Asset or Impaired Mortgage Asset, the sum of
(A) the outstanding principal balance of such Mortgage Asset as of the date of purchase; plus (B) all accrued and unpaid interest on such Mortgage Asset at the related interest rate to but not including the date of purchase;
plus (C) all related unreimbursed Servicing Advances plus accrued and unpaid interest on such Servicing Advances at the Advance Rate, plus (D) all Special Servicing Fees and either Workout Fees or Liquidation Fees previously
allocated to such Mortgage Asset (other than to the extent any such fees are waived by the Special Servicer); plus (E) without duplication, all unreimbursed expenses incurred by the Issuer, the Servicer and the Special Servicer in
connection with and allocable to, such Mortgage Asset. 
 “Pari Passu Participation”: A fully funded
pari passu participation interest in a Participated Mortgage Loan. 
 “Participated Mortgage Loan”:
Any Mortgage Loan in which a Pari Passu Participation represents an interest. 
 “Participation”: Any Pari
Passu Participation and/or the related Companion Participation, as applicable and as the context may require. 

“Participation Agent”: With respect to each Participated Mortgage Loan, the party designated as such under
the related Participation Agreement. 

  
 -27- 

 “Participation Agreement”: With respect to each Participated
Mortgage Loan, the participation agreement that governs the rights and obligations of the holders of the related Pari Passu Participation and the related Companion Participation. 

“Participation Custodial Agreement”: With respect to any Participated Mortgage Loan, that certain Custodial
Agreement entered into in accordance with the related Participation Agreement and pursuant to which the Participation Custodian holds the loan file with respect to such Participated Mortgage Loan. 

“Participation Custodian”: With respect to any Participated Mortgage Loan, the document custodian or similar
party under the related Participation Custodial Agreement. 
 “Paying Agent”: The Note Administrator, in
its capacity as Paying Agent hereunder, authorized by the Issuer and the Co-Issuer to pay the principal of or interest on any Notes on behalf of the Issuer and the
Co-Issuer as specified in Section 7.2 hereof. 

“Payment Account”: The payment account established by the Note Administrator pursuant to
Section 10.3 hereof. 
 “Payment Date”: The 4th Business Day following each
Determination Date, commencing on the Payment Date in March 2018, and ending on the Stated Maturity Date unless the Notes are redeemed or repaid prior thereto. 

“Permitted Companion Participation Acquisition Account”: The account established by the Note Administrator
pursuant to Section 10.4 hereof. 
 “Permitted Principal Proceeds”: All amounts
received in respect of principal on a Mortgage Asset that is not an Impaired Mortgage Asset or an interest in a Defaulted Mortgage Loan or a Specially Serviced Mortgage Loan. 

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

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

“Placement Agency Agreement”: The placement agreement relating to the Notes dated February 5, 2018 by
and among the Issuer, the Co-Issuer, HoldCo and the Placement Agents. 

“Placement Agents”: Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC and Morgan
Stanley & Co. LLC. 

  
 -28- 

 “Pledged Mortgage Asset”: On any date of determination, any
Mortgage Asset that has been Granted to the Trustee and not been released from the lien of this Indenture pursuant to Section 10.10 hereof. 

“Preferred Share Distribution Account”: A segregated account established and designated as such by the
Preferred Share Paying Agent pursuant to the Preferred Share Paying Agency Agreement. 
 “Preferred Share Paying
Agency Agreement”: The Preferred Share Paying Agency Agreement, dated as of the Closing Date, among the Issuer, the Preferred Share Paying Agent relating to the Preferred Shares and the Share Registrar, as amended from time to time in
accordance with the terms thereof. 
 “Preferred Share Paying Agent”: The Note Administrator, solely in its
capacity as Preferred Share Paying Agent under the Preferred Share Paying Agency Agreement and not individually, unless a successor Person shall have become the Preferred Share Paying Agent pursuant to the applicable provisions of the Preferred
Share Paying Agency Agreement, and thereafter Preferred Share Paying Agent shall mean such successor Person. 

“Preferred Shareholder”: A registered owner of Preferred Shares as set forth in the share register maintained
by the Share Registrar. 
 “Preferred Shares”: The preferred shares issued by the Issuer concurrently with
the issuance of the Notes. 
 “Principal Balance” or “par”: With respect to any Mortgage
Loan, Mortgage Asset or Eligible Investment, as of any date of determination, the outstanding principal amount of such Mortgage Loan, Mortgage Asset or Eligible Investment; provided that the Principal Balance of any Eligible Investment that
does not pay Cash interest on a current basis will be the accreted value thereof. 
 “Principal Proceeds”:
With respect to any Payment Date, (A) the sum (without duplication) of: 
 (1) all principal payments (including
Unscheduled Principal Payments and any casualty or condemnation proceeds and any proceeds from the exercise of remedies (including liquidation proceeds)) received during the related Due Period in respect of (a) Eligible Investments (other than
Eligible Investments purchased with Interest Proceeds, Eligible Investments in the Permitted Companion Participation Acquisition Account and any amount representing the accreted portion of a discount from the face amount of a Mortgage Asset or an
Eligible Investment) and (b) Mortgage Assets as a result of (i) a maturity, scheduled amortization or mandatory prepayment on a Mortgage Asset, (ii) optional prepayments made at the option of the related borrower,
(iii) recoveries on Defaulted Mortgage Assets and Impaired Mortgage Assets, or (iv) any other principal payments received with respect to Mortgage Assets, 

(2) Sale Proceeds received during such Due Period in respect of sales in accordance with the Transaction Documents and
excluding (i) accrued interest included in Sale Proceeds, (ii) any reimbursement of expenses included in such Sale Proceeds and (iii) any 

  
 -29- 

 
portion of such Sale Proceeds that are in excess of the outstanding principal balance of the related Mortgage Asset or Eligible Investment, 

(3) funds transferred to the Payment Account from the Permitted Companion Participation Acquisition Account pursuant to
Section 10.4, 
 (4) all Cash payments of interest received during such Due Period on
Defaulted Mortgage Assets, 
 (5) any principal payments received in Cash by the Issuer during the related Due Period on any
asset held by a Permitted Subsidiary, 
 (6) any Loss Value Payment received by the Issuer from the Seller, and 

(7) Cash and Eligible Investments contributed by Retention Holder pursuant to the terms hereof, as holder of 100% of the
Preferred Shares and designated as “Principal Proceeds” by Retention Holder; provided that in no event will Principal Proceeds include any proceeds from the Excepted Property, 

minus (B) the aggregate amount of (i) any Nonrecoverable Interest Advances that were not previously reimbursed to the
Advancing Agent or the Backup Advancing Agent from Interest Proceeds, (ii) any amounts paid or reimbursed to the Servicer, Special Servicer or Operating Advisor pursuant to the terms of the Servicing Agreement out of amounts that would
otherwise be Principal Proceeds and (iii) the portion of the amounts set forth in clause (1) above that represent Permitted Principal Proceeds as determined by the Note Administrator based on reports and information provided by the Master
Servicer and the Special Servicer and were deposited by the Note Administrator into the Permitted Companion Participation Acquisition Account for the acquisition of all or a portion of one or more Companion Participations. 

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

“Privileged Person”: Any of the following: (i) the Placement Agents and their designees, (ii) the
Servicer, (iii) the Special Servicer, (iv) the Trustee and Paying Agent, (v) the Note Administrator, (vi) the Seller, (vii) the Operating Advisor, (viii) the Advancing Agent hereunder and under the Servicing Agreement,
(ix) any Person who provides the Note Administrator with an Investor Certification (provided that access to information provided by the Note Administrator to any Person who provides the Note Administrator an Investor Certification in the form
of Exhibit H-2 shall be limited to the Monthly Report), (ix) any Rating Agency or other NRSRO that provides the Note Administrator with an NRSRO Certification, which NRSRO Certification may be submitted
electronically by means of the Note Administrator’s Website and (x) the Seller. 
 “Proceeding”:
Any suit in equity, action at law or other judicial or administrative proceeding. 
 “QIB”: A
“qualified institutional buyer” as defined in Rule 144A. 

  
 -30- 

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

“Qualified REIT Subsidiary”: A corporation that, for U.S. federal income tax purposes, is wholly owned by a
real estate investment trust under Section 856(i)(2) of the Code. 
 “Rating Agencies”: Moody’s
and KBRA, and any successor thereto, or, with respect to the Collateral generally, if at any time Moody’s or KBRA or any such successor ceases to provide rating services with respect to the Notes or certificates similar to the Notes, any other
NRSRO selected by the Issuer and reasonably satisfactory to a Majority of the Notes voting as a single Class. 

“Rating Agency Condition”: A condition that is satisfied if: 

(a) the party required to satisfy the Rating Agency Condition (the “Requesting Party”) has
made a written request to a Rating Agency for a No Downgrade Confirmation; and 
 (b) any one of the
following has occurred: 
 (i) a No Downgrade Confirmation has been received; or 

(ii) (A) within ten (10) Business Days of such request being sent to such Rating Agency, such Rating
Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for confirmation; 

(B) the Requesting Party has confirmed that such Rating Agency has received the confirmation request, 

(C) the Requesting Party promptly requests the No Downgrade Confirmation a second time; and 

(D) there is no response to either confirmation request within five (5) Business Days of such second
request. 
 “Record Date”: With respect to any Holder and any Payment Date, the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Payment Date occurs. 

“Redemption Date”: Any Payment Date specified for a redemption of the Securities pursuant to
Section 9.1 hereof. 
 “Redemption Date Statement”: The meaning specified in
Section 10.9(d) hereof. 

  
 -31- 

 “Redemption Price”: The Redemption Price of each Class of
Notes or the Preferred Shares, as applicable, on a Redemption Date will be calculated as follows: 

Class A Notes. The redemption price for the Class A Notes will be calculated on the related
Determination Date and will equal the Aggregate Outstanding Amount of the Class A Notes to be redeemed, together with the Class A Interest Distribution Amount (plus any Class A Defaulted Interest Amount) due on the applicable
Redemption Date. 
 Class A-S Notes. The redemption price
for the Class A-S Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class A-S Notes to be
redeemed, together with the Class A-S Interest Distribution Amount (plus any Class A-S Defaulted Interest Amount) due on the applicable Redemption Date. 

Class B Notes. The redemption price for the Class B Notes will be calculated on the related
Determination Date and will equal the Aggregate Outstanding Amount of the Class B Notes to be redeemed, together with the Class B Interest Distribution Amount (plus any Class B Defaulted Interest Amount) due on the applicable
Redemption Date. 
 Class C Notes. The redemption price for the Class C Notes will be
calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class C Notes (including any Class C Deferred Interest) to be redeemed, together with the Class C Interest Distribution Amount (plus
any Class C Defaulted Interest Amount) due on the applicable Redemption Date. 
 Class D
Notes. The redemption price for the Class D Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class D Notes (including any Class D Deferred Interest) to be redeemed,
together with the Class D Interest Distribution Amount (plus any Class D Defaulted Interest Amount) due on the applicable Redemption Date. 

Class E Notes. The redemption price for the Class E Notes will be calculated on the related
Determination Date and will equal the Aggregate Outstanding Amount of the Class E Notes (including any Class E Deferred Interest) to be redeemed, together with the Class E Interest Distribution Amount (plus any Class E Defaulted
Interest Amount) due on the applicable Redemption Date. 
 Class F Notes. The redemption price for
the Class F Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class F Notes (including any Class F Deferred Interest) to be redeemed, together with the Class F
Interest Distribution Amount (plus any Class F Defaulted Interest Amount) due on the applicable Redemption Date. 

Preferred Shares. The redemption price for the Preferred Shares will be calculated on the related Determination Date
and will be equal to the sum of all net proceeds from the sale of the Collateral in accordance with Article 12 hereof and Cash (other than the Issuer’s rights, title and interest in the property described in clause (i) of the
definition of “Excepted Property”), if any, remaining after payment of all amounts and expenses, including payments made in respect of the Notes, described under clauses (1) through (16) of Section 

  
 -32- 

 
11.1(a)(i) and clauses (1) through (14) of Section 11.1(a)(ii); provided that if there are no such net proceeds or Cash remaining, the redemption
price for the Preferred Shares shall be equal to U.S.$0. 
 “Registered”: With respect to any debt
obligation, a debt obligation that is issued after July 18, 1984, and that is in registered form for purposes of the Code. 

“Regulation RR”: The final rule (appearing at 17 CFR § 246.1, et seq.) that was promulgated to implement
the credit risk retention requirements under Section 15G of the Securities Exchange Act of 1934, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (79 F.R. 77601; pages 77740-77766), as such rule may
be amended from time to time, and subject to such clarification and interpretation as have been provided by the U.S. regulatory agencies in the adopting release (79 FR 77601 et seq.) or by the staff of any such agency, or as may be provided by any
such agency or its staff from time to time, in each case, as effective from time to time. 
 “Regulation
S”: Regulation S under the Securities Act. 
 “Regulation S Global Note”: The meaning specified in
Section 2.2(b)(ii) hereof. 
 “Reimbursement Interest”: Interest accrued on the
amount of any Interest Advance made by the Advancing Agent or the Backup Advancing Agent, for so long as it is outstanding, at the Reimbursement Rate, which Reimbursement Interest is hereby waived by the Advancing Agent for so long as
(i) Seller (or any of its Affiliates) is the Advancing Agent and (ii) Retention Holder (or any of its Affiliates) owns the Preferred Shares. 

“Reimbursement Rate”: A rate per annum equal to the “prime rate” as published in the
“Money Rates” section of the Wall Street Journal, as such “prime rate” may change from time to time. If more than one “prime rate” is published in The Wall Street Journal for a day, the average of such “prime
rates” will be used, and such average will be rounded up to the nearest one eighth of one percent (0.125%). If the “prime rate” contained in The Wall Street Journal is not readily ascertainable, the Servicer will select an equivalent
publication that publishes such “prime rate,” and if such “prime rates” are no longer generally published or are limited, regulated or administered by a governmental authority or quasigovernmental body, then the Servicer will
select, in its reasonable discretion, a comparable interest rate index. 
 “REIT”: A “real estate
investment trust” under the Code. 
 “Replenishment Criteria”: The following criteria that shall be
satisfied with respect to the acquisition of each Companion Participation as of the related acquisition date after giving effect to such acquisition: 

(a) the Offered Note Protection Test is satisfied as of the most recent Measurement Date; 

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

  
 -33- 

 (c) the related Mortgage Loan is not a Defaulted Mortgage Loan, a
Specially Serviced Mortgage Loan or an Impaired Mortgage Asset; 
 (d) the acquisition of such Companion
Participation shall be at a price no greater than the outstanding principal balance of such Companion Participation plus accrued interest; 

(e) after the acquisition of such Companion Participation, the Issuer shall not be responsible for funding any
Future Funding Amount; 
 (f) the representations and warranties in the Mortgage Asset Purchase Agreement
with respect to the Mortgage Asset shall continue to be true (subject to such exceptions as are reasonably acceptable to the Special Servicer); 

(g) the Herfindahl Score is greater than or equal to 21; 

(h) the WARF is less than or equal to 4,895; 

(i) the Issuer is not insolvent immediately prior to acquisition, and shall not be rendered insolvent or unable
to pay debts when due as a result of the acquisition; and 
 (j) such acquisition is not consummated for the
primary purpose of recognizing gains or decreasing losses resulting from market value changes. 
 “Repurchase
Request”: The meaning specified in Section 7.17 hereof. 
 “Retained
Securities”: 100% of the Class E Notes, the Class F Notes and the Preferred Shares. 
 “Retention
Holder”: TPG RE Finance Trust 2018-FL1 Retention Holder, LLC, a direct wholly-owned subsidiary of the Seller and an indirect wholly-owned subsidiary of TRTX. 

“Rule 17g-5”: The meaning specified in
Section 14.13 hereof. 
 “Rule 144A”: Rule 144A under the Securities Act. 

“Rule 144A Global Note”: The meaning specified in Section 2.2(b)(i) hereof. 

“Rule 144A Information”: The meaning specified in Section 7.13 hereof. 

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

“Sale Proceeds”: All proceeds (including accrued interest) received with respect to Mortgage Assets and
Eligible Investments as a result of sales of such Mortgage Assets and Eligible Investments, and sales in connection with a repurchase for a Material Breach or a Material Document Defect, in each case net of any reasonable out-of-pocket expenses of the Trustee, the Note Administrator, or the Servicer under the Servicing Agreement in connection with any such sale. 

  
 -34- 

 “SEC”: The Securities and Exchange Commission. 

“Secured Parties”: Collectively, the Trustee, the Note Administrator, the Noteholders, the Servicer, the
Special Servicer, the Company Administrator and the Operating Advisor, each as their interests appear in applicable Transaction Documents. 

“Securities”: Collectively, the Notes and the Preferred Shares. 

“Securities Account”: The meaning specified in Section 8-501(a)
of the UCC. 
 “Securities Account Control Agreement”: The meaning specified in
Section 3.3(b) hereof. 
 “Securities Act”: The Securities Act of 1933, as
amended. 
 “Securities Intermediary”: The meaning specified in Section 10.1(b)
hereof. 
 “Security”: Any Note or Preferred Share or, collectively, the Notes and Preferred Shares, as the
context may require. 
 “Security Entitlement”: The meaning specified in
Section 8-102(a)(17) of the UCC. 
 “Seller”: TPG RE Finance
Trust CLO Loan Seller, LLC, a Delaware limited liability company, and its successors in interest, solely in its capacity as Seller. 

“Segregated Liquidity”: The meaning specified in the Servicing Agreement. 

“Sensitive Asset”: Means (i) a Mortgage Asset, or a portion thereof, or (ii) a real property or
other interest (including, without limitation, an interest in real property) resulting from the conversion, exchange, other modification or exercise of remedies with respect to a Mortgage Asset or portion thereof, in either case, as to which the
Servicer or the Special Servicer has determined, based on an Opinion of Counsel, could give rise to material liability of the Issuer (including liability for taxes) if held directly by the Issuer. 

“Servicer”: Wells Fargo Bank, National Association, a national banking association, solely in its capacity as
servicer under the Servicing Agreement, together with its permitted successors and assigns or any successor Person that shall have become the servicer pursuant to the appropriate provisions of the Servicing Agreement. 

“Servicing Accounts”: The Escrow Accounts, the Collection Account, the REO Accounts and the Cash Collateral
Accounts, each as established under and defined in the Servicing Agreement. 
 “Servicing Advances”: The
meaning specified in the Servicing Agreement. 
 “Servicing Agreement”: The Servicing Agreement, dated as
of the Closing Date, by and among the Issuer, the Trustee, the Note Administrator, the Servicer, the Special Servicer, 

  
 -35- 

 
the Advancing Agent and the Operating Advisor, as amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Servicing Standard”: The meaning specified in the Servicing Agreement. 

“Share Registrar”: MaplesFS Limited, unless a successor Person shall have become the Share Registrar pursuant
to the applicable provisions of the Preferred Share Paying Agency Agreement, and thereafter “Share Registrar” shall mean such successor Person. 

“Special Servicer”: Situs Holdings, LLC, a Delaware limited liability company, solely in its capacity as
special servicer under the Servicing Agreement, together with its permitted successors and assigns or any successor Person that shall have become the special servicer pursuant to the appropriate provisions of the Servicing Agreement. 

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

“Specially Serviced Mortgage Loan”: The meaning specified in the Servicing Agreement. 

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

“Sponsor”: Holdco, solely in its role as the “sponsor” as that term is defined in
Section 246.2 of Regulation RR. 
 “Stated Maturity Date”: The Payment Date in February 2035. 

“Subordinate Class Representative”: (i) If and for so long as a Control Shift Event has
not occurred with respect to the Preferred Shares (or, if such a Control Shift Event has occurred, it is no longer continuing), the Holder of a Majority of the Preferred Shares; (ii) if and for so long as a Control Shift Event has occurred and
is continuing with respect to the Preferred Shares, but a Control Shift Event has not occurred with respect to the Class F Notes (or, if such a Control Shift Event has occurred, it is no longer continuing), the Holder of a Majority of the
Class F Notes; and (iii) if and for so long as a Control Shift Event has occurred and is continuing with respect to the Class F Notes, but a Control Shift Event has not occurred with respect to the Class E Notes (or, if such a
Control Shift Event has occurred, it is no longer continuing), the Holder of a Majority of the Class E Notes. The initial Subordinate Class Representative is Retention Holder. Each of the parties to this Agreement may assume that the
identity of the Subordinate Class Representative has not changed until such parties receive written notice by the successor Subordinate Class Representative. 

“Subsequent Retaining Holder”: Any Person that purchases all or a portion of the EHRI in accordance with this
Indenture and applicable laws and regulations; provided that if there are multiple Holders of the EHRI, then “Subsequent Retaining Holder” shall mean, individually and collectively, those multiple Holders. 

“Sub-Servicer”: Situs Asset Management LLC, a Texas limited liability
company, solely in its capacity as sub-servicer under the Sub-Servicing Agreement, together with its 

  
 -36- 

 
permitted successors and assigns or any successor Person that shall have become the sub-servicer pursuant to the appropriate provisions of the Sub-Servicing Agreement. 
 “Sub-Servicing
Agreement”: The Sub-Servicing Agreement, dated as of the Closing Date, by and among the Servicer and the Sub-Servicer, as amended, supplemented or otherwise
modified from time to time in accordance with its terms. 
 “Supermajority”: With respect to (i) any
Class of Notes, the Holders of at least 66 2⁄3% of the Aggregate Outstanding Amount of the Notes of such Class and (ii) with respect to the
Preferred Shares, the Holders of at least 66 2⁄3% of the aggregate Notional Amount of the Preferred Shares. 

“Successor Benchmark Rate”: The meaning specified in Section 8.1(b)(iii) hereof.

 “Successor Benchmark Rate Spread” means, with respect to any Class of Notes, the difference
(expressed as the number of basis points) between (A) LIBOR on the LIBOR Determination Date that LIBOR was last applicable to such Class plus the LIBOR Spread on such Class and (B) the Successor Benchmark Rate on the LIBOR
Determination Date that LIBOR was last applicable to such Class. 
 “Tax Event”: (i) Any borrower is, or on
the next scheduled payment date under any Mortgage Asset, will be, required to deduct or withhold from any payment under any Mortgage Asset to the Issuer for or on account of any tax for whatever reason and such borrower is not required to pay to
the Issuer such additional amount as is necessary to ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such borrower or the Issuer) will equal the full amount that the Issuer would have
received had no such deduction or withholding been required, (ii) any jurisdiction imposes net income, profits, or similar tax on the Issuer or (iii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary or other
disregarded entity of a REIT and is not a foreign corporation that is not engaged in a trade or business within the United States for U.S. federal income tax purposes. Withholding taxes imposed under FATCA, if any, shall be disregarded in applying
the definition of “Tax Event.” 
 “Tax Materiality Condition”: The condition that will be
satisfied if either (i) as a result of the occurrence of a Tax Event, a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full amount that the Issuer would
have received had no such deduction occurred and such amount exceeds, in the aggregate, $1,000,000 during any 12-month period or (ii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary
or other disregarded entity of a REIT and is not a foreign corporation that is not engaged in a trade or business within the United States for U.S. federal income tax purposes. 

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

“Total Redemption Price”: The amount equal to funds sufficient to pay all amounts and expenses described
under clauses (1) through (3) of Section 11.1(a)(i) and to redeem all Notes at their applicable Redemption Prices. 

  
 -37- 

 “Transaction Documents”: This Indenture, the Mortgage Asset
Purchase Agreement, the Placement Agency Agreement, the Company Administration Agreement, the Preferred Share Paying Agency Agreement, the Participation Agreements, the Future Funding Agreement, the Servicing Agreement, the Sub-Servicing Agreement and the Securities Account Control Agreement. 
 “Transfer
Agent”: The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer of Notes in its capacity as Transfer Agent. 

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

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

“Treasury Rate Spread”: The meaning set forth in Schedule B attached hereto. 

“Treasury Regulations”: Temporary or final regulations promulgated under the Code by the United States
Treasury Department. 
 “TRTX”: TPG RE Finance Trust, Inc., a Maryland corporation. 

“Trust Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of
the Trustee with direct responsibility for the administration of this Indenture and also, with respect to a particular matter, any other officer to whom such matter is referred because such officer’s knowledge of and familiarity with the
particular subject and (ii) the Note Administrator, any officer of the Corporate Trust Services group of the Note Administrator with direct responsibility for the administration of this Indenture and also, with respect to a particular matter,
any other officer to whom a particular matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

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

“Two Quarter Future Advance Estimate”: The meaning specified in the Servicing Agreement. 

“UCC”: The applicable Uniform Commercial Code. 

“United States” and “U.S.”: The United States of America, including any state and any
territory or possession administered thereby. 
 “Unscheduled Principal Payments”: Any proceeds received by
the Issuer from an unscheduled prepayment or redemption (in whole but not in part) by the obligor of a Participated prior to the maturity date of such Mortgage Asset. 

“U.S. Person”: The meaning specified in Regulation S. 

  
 -38- 

 “Volcker Rule”: Section 13 of the Bank Holding Company Act
of 1956, as amended, and the applicable rules and regulations promulgated thereunder. 
 “WARF”: With
respect to any acquisition of a Companion Participation as of the related acquisition date after giving effect to such acquisition, an amount determined by (a) summing (i) the products obtained by multiplying the Principal Balance of each
Mortgage Asset (including any Companion Participation that was acquired) by its Moody’s Rating Factor and (ii) the Principal Proceeds collected and not yet distributed and (b) dividing such sum by the Aggregate Outstanding Portfolio
Balance and rounding the result up to the nearest whole number. 
 “Whole Loan”: A whole mortgage loan (and
not a participation interest in a mortgage loan) secured by commercial or multifamily real estate. 
 “Workout
Fee”: The meaning specified in the Servicing Agreement. 
 Section 1.2 Interest Calculation
Convention. 
 All calculations of interest hereunder that are made with respect to the Notes shall be made on the basis
of the actual number of days during the related Interest Accrual Period divided by 360. 
 Section 1.3
Rounding Convention. 
 Unless otherwise specified herein, test calculations that are evaluated as a percentage will
be rounded to the nearest ten thousandth of a percentage point and test calculations that are evaluated as a number or decimal will be rounded to the nearest one hundredth of a percentage point. 

ARTICLE 2 
 THE NOTES

 Section 2.1 Forms Generally. 

The Notes and the Authenticating Agent’s certificate of authentication thereon (the “Certificate of
Authentication”) shall be in substantially the forms required by this Article 2, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be consistent herewith, determined by the Authorized Officers of the Issuer and the
Co-Issuer, executing such Notes as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of
the Note. 
 Section 2.2 Forms of Notes and Certificate of Authentication. 

(a) Form. The form of each Class of the Offered Notes, including the Certificate of Authentication, shall be
substantially as set forth in Exhibit A hereto and the form 

  
 -39- 

 
of the Class E Notes and the Class F Notes, including the Certificate of Authentication, shall be substantially as set forth in Exhibit B hereto. 

(b) Global Notes and Definitive Notes. 

(i) The Notes initially offered and sold in the United States to (or to U.S. Persons who are) QIBs shall be
represented by one or more permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A and B hereto added to the form of such Notes
(each, a “Rule 144A Global Note”), which shall be registered in the name of Cede & Co., as the nominee of the Depository and deposited with the Note Administrator, as custodian for the Depository, duly executed by the
Issuer and in the case of the Offered Notes, the Co-Issuer and authenticated by the Authentication Agent as hereinafter provided. The aggregate principal amount of the Rule 144A Global Notes may from time to
time be increased or decreased by adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided. 

(ii) The Notes initially offered and sold in the United States to (or to U.S. Persons who are) IAIs shall be
issued in definitive form, registered in the name of the legal or beneficial owner thereof attached without interest coupons with the applicable legend set forth in Exhibits A and B hereto added to the form of such Notes (each a
“Definitive Note”), which shall be duly executed by the Issuer and, in the case of the Offered Notes, the Co-Issuer and authenticated by the Authentication Agent as hereinafter provided. The
aggregate principal amount of the Definitive Notes may from time to time be increased or decreased by adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided. 

(iii) The Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by one
or more permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A and B, hereto added to the form of such Notes (each, a
“Regulation S Global Note”), which shall be deposited on behalf of the subscribers for such Notes represented thereby with the Note Administrator as custodian for the Depository and registered in the name of a nominee of the
Depository for the respective accounts of Euroclear and Clearstream, Luxembourg or their respective depositories, duly executed by the Issuer and, in the case of the Offered Notes, the Co-Issuer and
authenticated by the Authenticating Agent as hereinafter provided. The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of the Note Administrator or the
Depository or its nominee, as the case may be, as hereinafter provided. 
 (c) Book-Entry Provisions. This
Section 2.2(c) shall apply only to Global Notes deposited with or on behalf of the Depository. 

Each of the Issuer and Co-Issuer shall execute and the Authenticating Agent shall, in
accordance with this Section 2.2(c), authenticate and deliver initially one or more Global 

  
 -40- 

 
Notes that shall be (i) registered in the name of the nominee of the Depository for such Global Note or Global Notes and (ii) delivered by the Note Administrator to such Depository or
pursuant to such Depository’s instructions or held by the Note Administrator’s agent as custodian for the Depository. 

Agent Members shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Note
Administrator, as custodian for the Depository or under the Global Note, and the Depository may be treated by the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Servicer, the Special Servicer,
and the Operating Advisor and any of their respective agents as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the
Co-Issuer, the Trustee, the Note Administrator, the Servicer, the Special Servicer and the Operating Advisor or any of their respective agents, from giving effect to any written certification, proxy or other
authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Global Note. 

(d) Delivery of Definitive Notes in Lieu of Global Notes. Except as provided in Section 2.10
hereof, owners of beneficial interests in a Class of Global Notes shall not be entitled to receive physical delivery of a Definitive Note. 

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

(a) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is limited to
U.S.$820,495,000, except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.5, 2.6 or 8.5 hereof. 

Such Notes shall be divided into seven Classes having designations and original principal amounts as follows: 

 

			
	 Designation
	  	Original
Principal
Amount
	 Class A Senior Secured Floating Rate Notes Due 2035
	  	U.S.$491,831,000
	 Class A-S Second Priority Secured Floating Rate
Notes Due 2035
	  	U.S.$72,259,000
	 Class B Third Priority Secured Floating Rate Notes Due 2035
	  	U.S.$55,943,000
	 Class C Fourth Priority Secured Floating Rate Notes Due 2035
	  	U.S$52,446,000

  
 -41- 

			
	 Designation
	  	Original
Principal
Amount
	 Class D Fifth Priority Secured Floating Rate Notes Due 2035
	  	U.S.$73,425,000
	 Class E Sixth Priority Secured Floating Rate Notes Due 2035
	  	U.S.$37,295,000
	 Class F Seventh Priority Secured Floating Rate Notes Due 2035
	  	U.S.$37,296,000

 (b) The Notes shall be issuable in minimum denominations of U.S.$100,000 and integral
multiples of U.S.$500 in excess thereof (plus any residual amount). 
 Section 2.4 Execution,
Authentication, Delivery and Dating. 
 The Notes shall be executed on behalf of the Issuer and, in the case of the
Offered Notes, the Co-Issuer by an Authorized Officer of the Issuer and, in the case of the Offered Notes, the Co-Issuer, respectively. The signature of such Authorized
Officers on the Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile signatures of individuals who
were at any time the Authorized Officers of the Issuer and, in the case of the Offered Notes, the Co-Issuer shall bind the Issuer or the Co-Issuer, as the case may be,
notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of issuance of such Notes. 

At any time and from time to time after the execution and delivery of this Indenture, the Issuer and, in the case of the
Offered Notes, the Co-Issuer may deliver Notes executed by the Issuer and, in the case of the Offered Notes, the Co-Issuer to the Authenticating Agent for authentication
and the Authenticating Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided in this Indenture and not otherwise. 

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

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

  
 -42- 

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

Section 2.5 Registration, Registration of Transfer and Exchange. 

(a) The Issuer and the Co-Issuer shall cause to be kept a register (the “Notes
Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer and the Co-Issuer shall provide for the registration of Notes and the registration of transfers and
exchanges of Notes. The Note Administrator is hereby initially appointed “Notes Registrar” for the purpose of maintaining the Notes Registrar and registering Notes and transfers and exchanges of such Notes with respect to the Notes
Register kept in the United States as herein provided. Upon any resignation or removal of the Notes Registrar, the Issuer and the Co-Issuer shall promptly appoint a successor or, in the absence of such
appointment, assume the duties of Notes Registrar. 
 The name and address of each Noteholder and the principal amounts and
stated interest of each such Noteholder in its Notes shall be recorded by the Notes Registrar in the Notes Register. For the avoidance of doubt, the Notes Register is intended to be and shall be maintained so as to cause the Notes to be considered
issued in registered form under Treasury Regulations section 5f.103-1(c). 
 If a
Person other than the Note Administrator is appointed by the Issuer and the Co-Issuer as Notes Registrar, the Issuer and the Co-Issuer shall give the Note Administrator
prompt written notice of the appointment of a successor Notes Registrar and of the location, and any change in the location, of the Notes Register, and the Note Administrator shall have the right to inspect the Notes Register at all reasonable times
and to obtain copies thereof and the Note Administrator shall have the right to rely upon a certificate executed on behalf of the Notes Registrar by an Authorized Officer thereof as to the names and addresses of the Holders of the Notes and the
principal amounts and numbers of such Notes. In addition, the Note Registrar shall be required, within one Business Day of each Record Date, to provide the Note Administrator with a copy of the Note Registrar in the format required by, and with all
accompanying information regarding the Noteholders as may reasonably be required by the Note Administrator. 
 Subject to
this Section 2.5, upon surrender for registration of transfer of any Notes at the office or agency of the Issuer to be maintained as provided in Section 7.2, the Issuer and the Co-Issuer shall execute, and the Authenticating Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denomination and of a like
aggregate principal amount. 
 At the option of the Holder, Notes may be exchanged for Notes of like terms, in any
authorized denominations and of like aggregate principal amount, upon surrender of the Notes to be exchanged at the office or agency of the Issuer to be maintained as provided in 

  
 -43- 

 
Section 7.2. Whenever any Note is surrendered for exchange, the Issuer and, in the case of the Offered Notes, the Co-Issuer shall
execute, and the Authenticating Agent shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive. 

All Notes issued and authenticated upon any registration of transfer or exchange of Notes shall be the valid obligations of
the Issuer and, in the case of the Offered Notes, the Co-Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or
exchange. 
 Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Issuer and, in the case of the Offered Notes, the Co-Issuer and, in each case, the Notes Registrar duly executed by the Holder
thereof or his attorney duly authorized in writing. 
 No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

None of the Notes Registrar, the Issuer or the Co-Issuer shall be required (i) to
issue, register the transfer of or exchange any Note during a period beginning at the opening of business 15 days before any selection of Notes to be redeemed and ending at the close of business on the day of the mailing of the relevant notice of
redemption, or (ii) to register the transfer of or exchange any Note so selected for redemption. 
 (b) No Note may be
sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer is exempt from the registration requirements of the Securities Act and is exempt from the registration requirements under applicable
securities laws of any state or other jurisdiction. 
 (c) No Note may be offered, sold, resold or delivered, within the
United States or to, or for the benefit of, U.S. Persons except in accordance with Section 2.5(e) below and in accordance with Rule 144A to QIBs or, solely with respect to Definitive Notes, IAIs who are also Qualified
Purchasers purchasing for their own account or for the accounts of one or more QIBs or IAIs who are also Qualified Purchasers, for which the purchaser is acting as fiduciary or agent. The Notes may be offered, sold, resold or delivered, as the case
may be, in offshore transactions to non-U.S. Persons in reliance on Regulation S. None of the Issuer, the Co-Issuer, the Note Administrator, the Trustee or any
other Person may register the Notes under the Securities Act or the securities laws of any state or other jurisdiction. 

(d) Upon final payment due on the Stated Maturity Date of a Note, the Holder thereof shall present and surrender such Note at
the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 
 (e) Transfers of Global
Notes. Notwithstanding any provision to the contrary herein, so long as a Global Note remains outstanding and is held by or on behalf of the Depository, transfers of a Global Note, in whole or in part, shall be made only in accordance with
Section 2.2(c) and this Section 2.5(e). 

  
 -44- 

 (i) Except as otherwise set forth below, transfers of a Global
Note shall be limited to transfers of such Global Note in whole, but not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee. Transfers of a Global Note to a Definitive Note may only be made in
accordance with Section 2.10. 
 (ii) Regulation S Global Note to
Rule 144A Global Note or Definitive Note. If a holder of a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the
corresponding Rule 144A Global Note or for a Definitive Note or to transfer its interest in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Rule 144A Global
Note or for a Definitive Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such
interest for an equivalent beneficial interest in the corresponding Rule 144A Global Note or for a Definitive Note. Upon receipt by the Note Administrator or the Notes Registrar of: 

(1) if the transferee is taking a beneficial interest in a Rule 144A Global Note, instructions from
Euroclear, Clearstream and/or DTC, as the case may be, directing the Note Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A Global Note in an amount equal to the beneficial interest in such Regulation S
Global Note, but not less than the minimum denomination applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain information regarding the participant account with DTC to be credited with such increase
and a duly completed certificate in the form of Exhibit C-2 attached hereto; or 

(2) if the transferee is taking a Definitive Note, a duly completed transfer certificate in substantially the
form of Exhibit C-3 hereto, certifying that such transferee is an IAI, 

then the Notes Registrar shall either (x) if the transferee is taking a beneficial interest in a
Rule 144A Global Note, approve the instructions at DTC to reduce, or cause to be reduced, the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Regulation S Global Note to be transferred or
exchanged and the Notes Registrar shall instruct DTC, concurrently with such reduction, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding
Rule 144A Global Note equal to the reduction in the principal amount of the Regulation S Global Note or (y) if the transferee is taking an interest in a Definitive Note, the Notes Registrar shall record the transfer in the Notes
Register in accordance with Section 2.5(a) and, upon execution by the Issuers, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes, as applicable, registered in the names specified in the
instructions described above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Regulation S Global Note transferred by the transferor).

  
 -45- 

 (iii) Definitive Note or Rule 144A Global Note to Regulation S
Global Note. If a holder of a beneficial interest in a Rule 144A Global Note or a Holder of a Definitive Note wishes at any time to exchange its interest in such Rule 144A Global Note or Definitive Note for an interest in the corresponding
Regulation S Global Note, or to transfer its interest in such Rule 144A Global Note or Definitive Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such holder, provided
such holder or, in the case of a transfer, the transferee is not a U.S. person and is acquiring such interest in an offshore transaction, may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer,
or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Regulation S Global Note. Upon receipt by the Note Administrator or the Notes Registrar of: 

(1) instructions given in accordance with DTC’s procedures from an Agent Member directing the Note
Administrator or the Notes Registrar to credit or cause to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the minimum denomination applicable to such holder’s Notes, in an amount equal to the
beneficial interest in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and in the case of a transfer of Definitive Notes, such Holder’s Definitive Notes properly endorsed for assignment to the transferee, 

(2) a written order given in accordance with DTC’s procedures containing information regarding the
participant account of DTC and the Euroclear or Clearstream account to be credited with such increase, 
 (3)
in the case of a transfer of Definitive Notes, a Holder’s Definitive Note properly endorsed for assignment to the transferee, and 

(4) a duly completed certificate in the form of
Exhibit C-1 attached hereto, 
 then the
Note Administrator or the Notes Registrar shall approve the instructions at DTC to reduce the principal amount of the Rule 144A Global Note (or, in the case of a transfer of Definitive Notes, the Note Administrator or the Notes Registrar shall
cancel such Definitive Notes) and to increase the principal amount of the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and to
credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Regulation S Global Note equal to the reduction in the principal amount of the Rule 144A Global Note
(or, in the case of a cancellation of Definitive Notes, equal to the principal amount of Definitive Notes so cancelled). 

(iv) Transfer of Rule 144A Global Notes to Definitive Notes. If, in accordance with
Section 2.10, a holder of a beneficial interest in a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for a Definitive Note or to transfer its interest in such Rule 144A Global
Note to a Person who wishes to take 

  
 -46- 

 
delivery thereof in the form of a Definitive Note in accordance with Section 2.10, such holder may, subject to the immediately succeeding sentence and the rules and
procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such interest for a Definitive Note. Upon receipt by the Note Administrator or the Notes Registrar of (A) a duly complete certificate substantially in the form of
Exhibit C-3 and (B) appropriate instructions from DTC, if required, the Note Administrator or the Notes Registrar shall approve the instructions at DTC to reduce, or cause to be reduced, the Rule
144A Global Note by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be transferred or exchanged, record the transfer in the Register in accordance with Section 2.5(a) and upon
execution by the Issuers, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes, registered in the names specified in the instructions described in clause (B) above, in principal amounts designated by the
transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Rule 144A Global Note transferred by the transferor). 

(v) Transfer of Definitive Notes to Rule 144A Global Notes. If a holder of a Definitive Note wishes at
any time to exchange its interest in such Definitive Note for a beneficial interest in a Rule 144A Global Note or to transfer such Definitive Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Rule 144A
Global Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such Definitive Note for beneficial interest in a Rule 144A Global Note
(provided that no IAI may hold an interest in a Rule 144A Global Note). Upon receipt by the Note Administrator or the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee; (B) a
duly completed certificate substantially in the form of Exhibit C-2 attached hereto; (C) instructions given in accordance with DTC’s procedures from an Agent Member to instruct DTC to cause to
be credited a beneficial interest in the Rule 144A Global Notes in an amount equal to the Definitive Notes to be transferred or exchanged; and (D) a written order given in accordance with DTC’s procedures containing information regarding
the participant’s account of DTC to be credited with such increase, the Note Administrator or the Notes Registrar shall cancel such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance with
Section 2.5(a) and approve the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the
corresponding Rule 144A Global Note equal to the principal amount of the Definitive Note transferred or exchanged. 

(vi) Transfers of EHRI. Transfers of the Preferred Shares and restrictions on the transfer of the EHRI
shall be governed by the Preferred Share Paying Agency Agreement, and be subject to Section 2.5(n). 

(vii) Other Exchanges. In the event that, pursuant to Section 2.10 hereof, a
Global Note is exchanged for Definitive Notes, such Notes may be exchanged for one another only in accordance with such procedures as are substantially consistent with the provisions above (including certification requirements intended to ensure
that such transfers are to a QIB who is also a Qualified Purchaser or are to a non-U.S. Person, or 

  
 -47- 

 
otherwise comply with Rule 144A or Regulation S, as the case may be) and as may be from time to time adopted by the Issuer, the Co-Issuer and the Note
Administrator. 
 (f) Removal of Legend. If Notes are issued upon the transfer, exchange or replacement of Notes
bearing the applicable legends set forth in Exhibits A and B hereto, and if a request is made to remove such applicable legend on such Notes, the Notes so issued shall bear such applicable legend, or such applicable legend shall not be
removed, as the case may be, unless there is delivered to the Issuer and the Co-Issuer such satisfactory evidence, which may include an Opinion of Counsel of an attorney at law licensed to practice law in the
State of New York (and addressed to the Issuer and the Note Administrator), as may be reasonably required by the Issuer and the Co-Issuer, if applicable, to the effect that neither such applicable legend nor
the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A or Regulation S, as applicable, the 1940 Act, ERISA or Section 4975 of the Code. So long as the Issuer or the Co-Issuer is relying on an exemption under or promulgated pursuant to the 1940 Act, the Issuer or the Co-Issuer shall not remove that portion of the legend required to
maintain an exemption under or promulgated pursuant to the 1940 Act. Upon provision of such satisfactory evidence, as confirmed in writing by the Issuer and the Co-Issuer, if applicable, to the Note
Administrator, the Note Administrator, at the direction of the Issuer and the Co-Issuer, if applicable, shall authenticate and deliver Notes that do not bear such applicable legend. 

(g) Each beneficial owner of Regulation S Global Notes shall be deemed to make the representations and agreements set forth in
Exhibit C-1 hereto. 
 (h) Each beneficial owner of Rule 144A Global Notes
shall be deemed to make the representations and agreements set forth in Exhibit C-2 hereto. 

(i) Each Holder of Definitive Notes shall make the representations and agreements set forth in the certificate attached as
Exhibit C-3 hereto. 
 (j) Any purported transfer of a Note not in accordance
with Section 2.5(a) shall be null and void and shall not be given effect for any purpose hereunder. 

(k) Notwithstanding anything contained in this Indenture to the contrary, neither the Note Administrator nor the Notes
Registrar (nor any other Transfer Agent) shall be responsible or liable for compliance with applicable federal or state securities laws (including, without limitation, the Securities Act or Rule 144A or Regulation S promulgated thereunder), the 1940
Act, ERISA or Section 4975 of the Code (or any applicable regulations thereunder); provided, however, that if a specified transfer certificate or Opinion of Counsel is required by the express terms of this
Section 2.5 to be delivered to the Note Administrator or Notes Registrar prior to registration of transfer of a Note, the Note Administrator and/or Notes Registrar, as applicable, is required to request, as a condition for
registering the transfer of the Note, such certificate or Opinion of Counsel and to examine the same to determine whether it conforms on its face to the requirements hereof (and the Note Administrator or Notes Registrar, as the case may be, shall
promptly notify the party delivering the same if it determines that such certificate or Opinion of Counsel does not so conform). 

  
 -48- 

 (l) If the Note Administrator has actual knowledge or is notified by the Issuer
or the Co-Issuer that (i) a transfer or attempted or purported transfer of any interest in any Note was consummated in compliance with the provisions of this Section 2.5 on the
basis of a materially incorrect certification from the transferee or purported transferee, (ii) a transferee failed to deliver to the Note Administrator any certification required to be delivered hereunder or (iii) the holder of any
interest in a Note is in breach of any representation or agreement set forth in any certification or any deemed representation or agreement of such holder, the Note Administrator shall not register such attempted or purported transfer and if a
transfer has been registered, such transfer shall be absolutely null and void ab initio and shall vest no rights in the purported transferee (such purported transferee, a “Disqualified Transferee”) and the last preceding
holder of such interest in such Note that was not a Disqualified Transferee shall be restored to all rights as a Holder thereof retroactively to the date of transfer of such Note by such Holder. 

In addition, the Note Administrator may require that the interest in the Note referred to in (i), (ii) or (iii) in the
preceding paragraph be transferred to any Person designated by the Issuer at a price determined by the Issuer, based upon its estimation of the prevailing price of such interest and each Holder, by acceptance of an interest in a Note, authorizes the
Note Administrator to take such action. In any case, the Note Administrator shall not be held responsible for any losses that may be incurred as a result of any required transfer under this Section 2.5(l). 

(m) Each Holder of Notes approves and consents to (i) the purchase of the Mortgage Assets by the Issuer from the Seller on
the Closing Date and (ii) any other transaction between the Issuer and the Seller or its Affiliates that are permitted under the terms of this Indenture or the Mortgage Asset Purchase Agreement. 

(n) As long as any Note is Outstanding, Retained Securities and ordinary shares of the Issuer held by TRTX, Retention Holder or
any other disregarded entity of TRTX for U.S. federal income tax purposes may not be transferred, pledged or hypothecated to any Person (except to an affiliate that is wholly-owned by TRTX and is disregarded for U.S. federal income tax purposes)
unless the Issuer receives an opinion of Dechert LLP, Vinson & Elkins LLP or another nationally recognized tax counsel experienced in such matters that such transfer will not cause the Issuer to be treated as a foreign corporation engaged
in a trade or business within the United States for U.S. federal income tax purposes (or has previously received an opinion of Dechert LLP, Vinson & Elkins LLP or another nationally recognized tax counsel experienced in such matters that
the Issuer will be treated as a foreign corporation that is not engaged in a trade or business within the United States for U.S. federal income tax purposes). 

For the avoidance of doubt, the Indenture Accounts (including income, if any, earned on the investments of funds in such
account) will be owned by TRTX, if the Issuer is wholly-owned by TRTX, or a subsequent REIT that wholly owns the Issuer, for U.S. federal income tax purposes. The Issuer shall provide to the Note Administrator (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date, and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other
documentation at such time or times required by applicable law or upon the reasonable request of the Note Administrator as may be necessary (i) to reduce or eliminate the imposition of U.S. withholding taxes and (ii) to

  
 -49- 

 
permit the Note Administrator to fulfill its tax reporting obligations under applicable law with respect to the Indenture Accounts or any amounts paid to the Issuer. If any IRS form or other
documentation previously delivered becomes obsolete or inaccurate in any respect, Issuer shall timely provide to the Note Administrator accurately updated and complete versions of such IRS forms or other documentation. The Note
Administrator shall have no liability to Issuer or any other person in connection with any tax withholding amounts paid or withheld from the Indenture Accounts pursuant to applicable law arising from the Issuer’s failure to timely provide an
accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this paragraph. For the avoidance of doubt,
no funds shall be invested with respect to such Indenture Accounts absent the Note Administrator having first received (i) the requisite written investment direction from the Issuer with respect to the investment of such funds, and
(ii) the IRS forms and other documentation required by this paragraph. 
 Section 2.6
Mutilated, Defaced, Destroyed, Lost or Stolen Note. 
 If (a) any mutilated or defaced Note is surrendered to a
Transfer Agent, or if there shall be delivered to the Issuer, the Co-Issuer, the Trustee, the Note Administrator and the relevant Transfer Agent (each a “Specified Person”) evidence to their
reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to each Specified Person such security or indemnity as may be required by each Specified Person to save each of them and any agent of any of them
harmless, then, in the absence of notice to the Specified Persons that such Note has been acquired by a bona fide purchaser, the Issuer and the Co-Issuer shall execute and, upon Issuer Request, the Note
Administrator shall cause the Authenticating Agent to authenticate and deliver, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal principal amount,
registered in the same manner, dated the date of its authentication, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing a number not contemporaneously outstanding.

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

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

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

  
 -50- 

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

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

Section 2.7 Payment of Principal and Interest and Other Amounts; Principal and Interest Rights
Preserved. 
 (a) Each Class of Notes shall accrue interest during each Interest Accrual Period at the Note Interest
Rate applicable to such Class and such interest will be payable in arrears on each Payment Date on the Aggregate Outstanding Amount thereof on the first day of the related Interest Accrual Period (after giving effect to payments of principal
thereof on such date), except as otherwise set forth below. Notwithstanding the foregoing, in the event that the Notes convert to the Treasury Rate or the Successor Benchmark Rate, each Class of Notes shall accrue interest during each Interest
Accrual Period at (x) the Treasury Rate plus the Treasury Rate Spread applicable to such Class or (y) the Successor Benchmark Rate plus the Successor Benchmark Rate Spread applicable to such Class, respectively. Payment of interest on
each Class of Notes will be subordinated to the payment of interest on each related Class of Notes senior thereto. Any payment of interest due on a Class of Deferred Interest Notes on any Payment Date to the extent sufficient funds
are not available to make such payment in accordance with the Priority of Payments on such Payment Date, but only if such Class is not the most senior Class Outstanding, shall constitute “Deferred Interest” with respect to
such Class and shall not be considered “due and payable” for the purposes of Section 5.1(a) (and the failure to pay such interest shall not be an Event of Default) until the earliest of (i) the Payment
Date on which funds are available to pay such Deferred Interest in accordance with the Priority of Payments, (ii) the Redemption Date with respect to such Class of Deferred Interest Notes and (iii) the Stated Maturity Date (or the
earlier date of Maturity) of such Class of Deferred Interest Notes. Deferred Interest on any Class of Deferred Interest Notes shall be added to the principal balance of such Class of Deferred Interest Notes. Regardless of whether any
more senior Class of Notes is Outstanding with respect to any Class of Deferred Interest Notes, to the extent that funds are not available on any Payment Date (other than the Redemption Date with respect to, or Stated Maturity of, such
Class of Deferred Interest Notes) to pay previously accrued Deferred Interest, such previously accrued Deferred Interest will not be due and payable on such Payment Date and any failure to pay such previously accrued Deferred Interest on such
Payment Date will not be an Event of Default. Interest will cease to accrue on each Note, or in the case of a partial repayment, on such repaid part, from the date of repayment or Stated Maturity unless payment of principal is improperly withheld or
unless an Event of Default occurs with respect to such payments of principal. To the extent lawful and enforceable, interest on any interest that is not paid when due on the Class A Notes; or, if no Class A Notes are Outstanding, the Notes
of the Controlling Class, shall accrue at the Note Interest Rate applicable to such Class until paid as provided herein. 

  
 -51- 

 (b) The principal of each Class of Notes matures at par and is due and
payable on the date of the Stated Maturity for such Class, unless such principal has been previously repaid or unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or
otherwise. Notwithstanding the foregoing, the payment of principal of each Class of Notes may only occur (other than amounts constituting Deferred Interest thereon which will be payable from Interest Proceeds) pursuant to the Priority of
Payments. The payment of principal on any Note (x) may only occur after each Class more senior thereto is no longer Outstanding and (y) is subordinated to the payment on each Payment Date of the principal due and payable on each
Class more senior thereto and certain other amounts in accordance with the Priority of Payments. Payments of principal on any Class of Notes that are not paid, in accordance with the Priority of Payments, on any Payment Date (other than
the Payment Date which is the Stated Maturity (or the earlier date of Maturity) of such Class of Notes or any Redemption Date), because of insufficient funds therefor shall not be considered “due and payable” for purposes of
Section 5.1(a) until the Payment Date on which such principal may be paid in accordance with the Priority of Payments or all Classes of Notes most senior thereto with respect to such Class have been paid in full.
Payments of principal of the Notes in connection with a Clean-up Call, Tax Redemption or Optional Redemption will be made in accordance with Section 9.1 and the Priority of Payments.

 (c) As a condition to the payment of principal of and interest on any Note without the imposition of U.S. withholding tax,
the Issuer shall require certification acceptable to it to enable the Issuer, the Co-Issuer, the Trustee, the Preferred Share Paying Agent and the Paying Agent to determine their duties and liabilities with
respect to any taxes or other charges that they may be required to deduct or withhold from payments in respect of such Security under any present or future law or regulation of the United States or the Cayman Islands or any present or future law or
regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation. Such certification may include U.S. federal income tax forms, such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS
Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities), IRS Form
W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request
for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income Is Effectively Connected with the Conduct of a Trade or Business in the United
States) or any successors to such IRS forms). In addition, each of the Issuer, Co-Issuer, the Trustee, Preferred Share Paying Agent or any Paying Agent may require certification acceptable to it to enable the
Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its Collateral. Each Holder and each beneficial owner of Notes agree to provide any certification requested pursuant to
this Section 2.7(f) and to update or replace such form or certification in accordance with its terms or its subsequent amendments. Furthermore, the Issuer shall require information to comply with FATCA requirements pursuant
to clause (xii) of the representations and warranties set forth under the third paragraph of Exhibit C-1 hereto, as deemed made pursuant to Section 2.5(g) hereto,
or pursuant to clause (xiii) of the representations and warranties set forth under the third paragraph of Exhibit C-2 hereto, as deemed made pursuant to
Section 2.5(h) hereto, or pursuant to clause (xii) of the representations 

  
 -52- 

 
and warranties set forth under the third paragraph of Exhibit C-3 hereto, made pursuant to Section 2.5(i) hereto, as
applicable. 
 (d) Payments in respect of interest on and principal of the Notes shall be payable by wire transfer in
immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the Paying Agent on or before the related Record Date or, if wire transfer cannot be
effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register. The Issuer expects that the Depository or its nominee, upon receipt of any payment of principal or
interest in respect of a Global Note held by the Depository or its nominee, shall immediately credit the applicable Agent Members’ accounts with payments in amounts proportionate to the respective beneficial interests in such Global Note as
shown on the records of the Depository or its nominee. The Issuer also expects that payments by Agent Members to owners of beneficial interests in such Global Note held through Agent Members will be governed by standing instructions and customary
practices, as is now the case with securities held for the accounts of customers registered in the names of nominees for such customers. Such payments will be the responsibility of the Agent Members. Upon final payment due on the Maturity of a Note,
the Holder thereof shall present and surrender such Note at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent (or, to a foreign paying agent appointed by the Note Administrator outside of the United States if
then required by applicable law, in the case of a Definitive Note issued in exchange for a beneficial interest in the Regulation S Global Note) on or prior to such Maturity. None of the Issuer, the Co-Issuer,
the Trustee, the Note Administrator or the Paying Agent will have any responsibility or liability with respect to any records maintained by the Holder of any Note with respect to the beneficial holders thereof or payments made thereby on account of
beneficial interests held therein. In the case where any final payment of principal and interest is to be made on any Note (other than on the Stated Maturity Date thereof) the Issuer or, upon Issuer Request, the Note Administrator, in the name and
at the expense of the Issuer, shall not more than 30 nor fewer than five Business Days prior to the date on which such payment is to be made, mail to the Persons entitled thereto at their addresses appearing on the Notes Register, a notice which
shall state the date on which such payment will be made and the amount of such payment and shall specify the place where such Notes may be presented and surrendered for such payment. 

(e) Subject to the provisions of Sections 2.7(a) and Section 2.7(d) hereof, Holders of Notes
as of the Record Date in respect of a Payment Date shall be entitled to the interest accrued and payable in accordance with the Priority of Payments and principal payable in accordance with the Priority of Payments on such Payment Date. All such
payments that are mailed or wired and returned to the Paying Agent shall be held for payment as herein provided at the office or agency of the Issuer and the Co-Issuer to be maintained as provided in
Section 7.2 (or returned to the Trustee). 
 (f) Interest on any Note which is payable, and is
punctually paid or duly provided for, on any Payment Date shall be paid to the Person in whose name that Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

  
 -53- 

 (g) Payments of principal to Holders of the Notes of each Class shall be
made in the proportion that the Aggregate Outstanding Amount of the Notes of such Class registered in the name of each such Holder on such Record Date bears to the Aggregate Outstanding Amount of all Notes of such Class on such Record
Date. 
 (h) Interest accrued with respect to the Notes shall be calculated as described in the applicable form of Note
attached hereto. 
 (i) All reductions in the principal amount of a Note (or one or more predecessor Notes) effected by
payments of installments of principal made on any Payment Date, Redemption Date or upon Maturity shall be binding upon all future Holders of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof, whether or not such payment is noted on such Note. 
 (j) Notwithstanding anything contained in this Indenture
to the contrary, the obligations of the Issuer under the Notes and the Co-Issuer under the Offered Notes, this Indenture and the other Transaction Documents are limited-recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Collateral and following realization of the Collateral, all obligations of the
Co-Issuers and any claims of the Noteholders, the Trustee or any other parties to any Transaction Documents shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of
any amount owing in respect of the Notes against any Officer, director, employee, shareholder, limited partner or incorporator of the Issuer, the Co-Issuer or any of their respective successors or assigns for
any amounts payable under the Notes or this Indenture. It is understood that the foregoing provisions of this paragraph shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or
agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture (to the extent it relates to the obligation to make payments on
the Notes) until such Collateral have been realized, whereupon any outstanding indebtedness or obligation in respect of the Notes, this Indenture and the other Transaction Documents shall be extinguished and shall not thereafter revive. It is
further understood that the foregoing provisions of this paragraph shall not limit the right of any Person to name the Issuer or the Co-Issuer as a party defendant in any Proceeding or in the exercise of any
other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity. 

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

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

  
 -54- 

 (m) Payments in respect of the Preferred Shares as contemplated by
Sections 11.1(a)(i)(17), 11.1(a)(ii)(15) and 11.1(a)(iii)(17) shall be made by the Paying Agent to the Preferred Share Paying Agent. 

Section 2.8 Persons Deemed Owners. 

The Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Servicer, the
Special Servicer, the Operating Advisor and any of their respective agents may treat as the owner of a Note the Person in whose name such Note is registered on the Notes Register on the applicable Record Date for the purpose of receiving payments of
principal of and interest and other amounts on such Note and on any other date for all other purposes whatsoever (whether or not such Note is overdue), and none of the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor or
any of their respective agents shall be affected by notice to the contrary; provided, however, that the Depository, or its nominee, shall be deemed the owner of the Global Notes, and owners of beneficial interests in Global
Notes will not be considered the owners of any Notes for the purpose of receiving notices. With respect to the Preferred Shares, on any Payment Date, the Trustee shall deliver to the Preferred Share Paying Agent the distributions thereon for
distribution to the Preferred Shareholders. 
 Section 2.9 Cancellation. 

All Notes surrendered for payment, registration of transfer, exchange or redemption, or deemed lost or stolen, shall, upon
delivery to the Notes Registrar, be promptly canceled by the Notes Registrar and may not be reissued or resold. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this
Section 2.9, except as expressly permitted by this Indenture. All canceled Notes held by the Notes Registrar shall be destroyed or held by the Notes Registrar in accordance with its standard retention policy. Notes of the
most senior Class Outstanding that are held by the Issuer, the Co-Issuer or any of their respective Affiliates (and not Notes of any other Class) may be submitted to the Notes Registrar for cancellation
at any time. 
 Section 2.10 Global Notes; Definitive Notes; Temporary Notes. 

(a) Definitive Notes. Definitive Notes shall only be issued in the following limited circumstances: 

(i) upon Transfer of Global Notes to an IAI in accordance with the procedures set forth in
Section 2.5(e)(ii) or Section 2.5(e)(iii);  
 (ii) if a
holder of a Definitive Note wishes at any time to exchange such Definitive Note for one or more Definitive Notes or transfer such Definitive Note to a transferee who wishes to take delivery thereof in the form of a Definitive Note in accordance with
this Section 2.10, such holder may effect such exchange or transfer upon receipt by the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee, and (B) duly
completed certificates in the form of Exhibit C-3, upon receipt of which the Notes Registrar shall then cancel such Definitive Note in accordance herewith, record the transfer in the Notes Register in
accordance with Section 2.5(a) and upon execution by the Co-Issuers, the Authenticating Agent shall authenticate 

  
 -55- 

 
and deliver one or more Definitive Notes bearing the same designation as the Definitive Note endorsed for transfer, registered in the names specified in the assignment described in clause
(A) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Definitive Note surrendered by the transferor); 

(iii) in the event that the Depository notifies the Issuer and the
Co-Issuer that it is unwilling or unable to continue as Depository for a Global Note or if at any time such Depository ceases to be a “Clearing Agency” registered under the Exchange Act and a
successor depository is not appointed by the Issuer within 90 days of such notice, the Global Notes deposited with the Depository pursuant to Section 2.2 hereof shall be transferred to the beneficial owners thereof subject
to the procedures and conditions set forth in this Section 2.10. 
 (b) Any Global Note that is
exchanged for a Definitive Note shall be surrendered by the Depository to the Notes Administrator’s Corporate Trust Office together with necessary instruction for the registration and delivery of a Definitive Note to the beneficial owners (or
such owner’s nominee) holding the ownership interests in such Global Note. Any such transfer shall be made, without charge, and the Authenticating Agent shall authenticate and deliver, upon such transfer of each portion of such Global Note, an
equal aggregate principal amount of Definitive Notes of the same Class and authorized denominations. Any Definitive Notes delivered in exchange for an interest in a Global Note shall, except as otherwise provided by
Section 2.5(f), bear the applicable legend set forth in Exhibits C-1 or C-2, as applicable, and shall be subject to the transfer
restrictions referred to in such applicable legend. The Holder of each such registered individual Global Note may transfer such Global Note by surrendering it at the Corporate Trust Office of the Note Administrator, or at the office of the Paying
Agent. 
 (c) Subject to the provisions of Section 2.10(b) above, the registered Holder of a Global
Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(d) [Reserved.] 

(e) In the event of the occurrence of either of the events specified in Section 2.10(a) above, the
Issuer and the Co-Issuer shall promptly make available to the Notes Registrar a reasonable supply of Definitive Notes. 

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

  
 -56- 

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

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

(a) Each of the Issuer and the Co-Issuer intends that, for U.S. federal income tax
purposes, (i) the Notes (unless held by TRTX or any entity disregarded into TRTX) be treated as debt, (ii) 100% of the Retained Securities and 100% of the ordinary shares of the Issuer be beneficially owned by Retention Holder, and
(iii) the Issuer be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purpose (unless, in the case of clause (iii), the Issuer has received an opinion of Dechert LLP, Vinson &
Elkins LLP or another nationally recognized tax counsel experienced in such matters opining that the Issuer will be treated as a foreign corporation not engaged in a trade or business within the United States for U.S. federal income tax purposes).
Each prospective purchaser and any subsequent transferee of a Note or any interest therein shall, by virtue of its purchase or other acquisition of such Note or interest therein, be deemed to have agreed to treat such Note in a manner consistent
with the preceding sentence for U.S. federal income tax purposes. 
 (b) The Issuer and the
Co-Issuer shall account for the Notes and prepare any reports to Noteholders and tax authorities consistent with the intentions expressed in Section 2.11(a) above. 

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

  
 -57- 

 (d) The Issuer shall be responsible for all calculations of original issue
discount on the Notes, if any. 
 (e) Retention Holder, by acceptance of the Retained Securities and the ordinary shares of
the Issuer, agrees to take no action inconsistent with such treatment and, for so long as any Note is Outstanding, agrees not to sell, transfer, convey, setover, pledge or encumber any Retained Securities and/or the ordinary shares of the Issuer,
except to the extent permitted pursuant to Section 2.5(n). 
 Section 2.12
Authenticating Agents. 
 Upon the request of the Issuer and, in the case of the Offered Notes, the Co-Issuer, the Note Administrator shall, and if the Note Administrator so chooses the Note Administrator may, pursuant to this Indenture, appoint one or more Authenticating Agents with power to act on its behalf and
subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4, 2.5, 2.6 and 8.5 hereof, as fully to all intents and purposes as though each such
Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 2.12 shall
be deemed to be the authentication of Notes by the Note Administrator. 
 Any corporation or banking association into which
any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation or banking association resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any
corporation succeeding to the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such
Authenticating Agent or such successor corporation. Any Authenticating Agent may at any time resign by giving written notice of resignation to the Note Administrator, the Trustee, the Issuer and the Co-Issuer.
The Note Administrator may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent, the Trustee, the Issuer and the Co-Issuer. Upon
receiving such notice of resignation or upon such a termination, the Note Administrator shall promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuer. 

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

Section 2.13 Forced Sale on Failure to Comply with Restrictions. 

(a) Notwithstanding anything to the contrary elsewhere in this Indenture, any transfer of a Note or interest therein to a U.S.
Person who is determined not to have been both (1) a QIB or an IAI and (2) a Qualified Purchaser at the time of acquisition of the Note or interest therein shall be null and void and any such proposed transfer of which the Issuer, the Co-Issuer, 

  
 -58- 

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

Section 2.14 No Gross Up. 

The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of
any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges. 
 ARTICLE 3

 CONDITIONS PRECEDENT; PLEDGED MORTGAGE ASSETS 

Section 3.1 General Provisions. 

The Notes to be issued on the Closing Date shall be executed by the Issuer and, in the case of the Offered Notes, the Co-Issuer upon compliance with Section 3.2 and shall be delivered to the Authenticating Agent for authentication and thereupon the same shall be authenticated and delivered by the
Authenticating Agent upon Issuer Request. The Issuer shall cause the following items to be delivered to the Trustee on or prior to the Closing Date: 

(a) an Officer’s Certificate of the Issuer (i) evidencing the authorization by Board Resolution of the execution and
delivery of this Indenture and the Placement Agency 

  
 -59- 

 
Agreement and related documents, the execution, authentication and delivery of the Notes and specifying the Stated Maturity Date of each Class of Notes, the principal amount of each
Class of Notes and the applicable Note Interest Rate of each Class of Notes to be authenticated and delivered, and (ii) certifying that (A) the attached copy of the Board Resolution is a true and complete copy thereof,
(B) such resolutions have not been rescinded and are in full force and effect on and as of the Closing Date, (C) the Directors authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon and
(D) the total aggregate Notional Amount of the Preferred Shares shall have been received in Cash by the Issuer on the Closing Date; 

(b) an Officer’s Certificate of the Co-Issuer (i) unless such authorization
is contemplated in the Governing Documents of the Co-Issuer, evidencing the authorization by Board Resolution of the execution and delivery of this Indenture and related documents, the execution,
authentication and delivery of the Offered Notes and specifying the Stated Maturity Date of each Class of Offered Notes, the principal amount of each Class of Offered Notes and the applicable Note Interest Rate of each Class of
Offered Notes to be authenticated and delivered, and (ii) certifying that (A) if Board Resolutions are attached, the attached copy of the Board Resolutions is a true and complete copy thereof and such resolutions have not been rescinded
and are in full force and effect on and as of the Closing Date and (B) each Officer authorized to execute and deliver the documents referenced in clause (b)(i) above holds the office and has the signature indicated thereon; 

(c) an opinion of Dechert LLP, special U.S. counsel to the Co-Issuers, the Seller,
Retention Holder and certain of their Affiliates (which opinions may be limited to the laws of the State of New York and the federal law of the United States and may assume, among other things, the correctness of the representations and warranties
made or deemed made by the owners of Notes pursuant to Sections 2.5(g), (h) and (i)) dated the Closing Date, as to certain matters of New York law and certain United States federal income tax and securities law matters, in a
form satisfactory to the Placement Agents; 
 (d) opinions of Dechert LLP, special counsel to the Issuer and the Co-Issuer, dated the Closing Date, relating to (i) the validity of the Grant hereunder and the perfection of the Trustee’s security interest in the Collateral and (ii) certain bankruptcy matters,
including opinions regarding certain true sale and non-consolidation matters; 
 (e)
an opinion of Vinson & Elkins LLP, special counsel to TRTX, dated the Closing Date, regarding its qualification and taxation as a REIT and the Issuer’s qualification as a Qualified REIT Subsidiary for U.S. federal income tax purposes;

 (f) [Reserved]; 

(g) an opinion of Maples and Calder, Cayman Islands counsel to the Issuer, dated the Closing Date, regarding certain issues of
Cayman Islands law; 
 (h) an opinion of Richards, Layton & Finger, P.A., special Delaware counsel to the Co-Issuer, the Seller, Retention Holder and the Special Servicer, dated the Closing Date, regarding certain issues of Delaware law; 

  
 -60- 

 (i) an opinion of Dechert LLP, counsel to TRTX dated the Closing Date, relating
to certain U.S. credit risk retention rules; 
 (j) an opinion of (i) Mayer Brown LLP, counsel to the Servicer and (ii) in-house counsel to the Servicer, each dated as of the Closing Date, regarding certain matters of United States law, entity matters and enforceability of agreements to which the Servicer is a party; 

(k) [reserved]; 

(l) of (i) in-house counsel of the Note Administrator, dated as of the Closing
Date, regarding certain matters of United States law and (ii) Aini & Associates PLLC, counsel to the Note Administrator; 

(m) an opinion of Aini & Associates PLLC, counsel to Trustee; 

(n) an opinion of counsel to the Issuer or the Note Administrator regarding certain matters of Minnesota law with respect to
the Minnesota Collateral; 
 (o) an of opinion of (i) in-house counsel to the
Operating Advisor, dated as of the Closing Date, regarding certain matters of United States law and (ii) Polsinelli PC, counsel to the Operating Advisor, regarding entity matters and enforceability of agreements to which the Operating Advisor
is a party; 
 (p) an Officer’s Certificate given on behalf of the Issuer and without personal liability, stating that
the Issuer is not in Default under this Indenture and that the issuance of the Securities by the Issuer will not result in a breach of any of the terms, conditions or provisions of, or constitute a Default under, the Governing Documents of the
Issuer, any indenture or other agreement or instrument to which the Issuer is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the Issuer is a party or by which it may be bound or
to which it may be subject; that all conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes applied for and all conditions precedent provided in the Preferred Share Paying Agency Agreement relating
to the issuance by the Issuer of the Preferred Shares have been complied with and that all expenses due or accrued with respect to the offering or relating to actions taken on or in connection with the Closing Date have been paid; 

(q) an Officer’s Certificate given on behalf of the Co-Issuer stating that the Co-Issuer is not in Default under this Indenture and that the issuance of the Offered Notes by the Co-Issuer will not result in a breach of any of the terms, conditions or
provisions of, or constitute a Default under, the Governing Documents of the Co-Issuer, any indenture or other agreement or instrument to which the Co-Issuer is a party
or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the Co-Issuer is a party or by which it may be bound or to which it may be subject; that all
conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes applied for have been complied with and that all expenses due or accrued with respect to the offering or relating to actions taken on or in
connection with the Closing Date have been paid; 

  
 -61- 

 (r) executed counterparts of the Mortgage Asset Purchase Agreement, the Servicing
Agreement, the Participation Agreements, the Future Funding Agreement, the Placement Agency Agreement, the Preferred Share Paying Agency Agreement, the EU Risk Retention Agreement and the Securities Account Control Agreement; 

(s) an Accountants’ Report on applying Agreed-Upon Procedures with respect to certain information concerning the Mortgage
Assets in the data tape, dated January 29, 2018, an Accountants’ Report on applying Agreed-Upon Procedures with respect to certain information concerning the Mortgage Assets in the Preliminary Offering Memorandum of the Co-Issuers, dated January 31, 2018, and the Structural and Collateral Term Sheet dated January 31, 2018 and an Accountant’s Report on applying Agreed-Upon Procedures with respect to certain
information concerning the Mortgage Assets in the Offering Memorandum; 
 (t) evidence of preparation for filing at the
appropriate filing office in the District of Columbia of a financing statement, on behalf of the Issuer, relating to the perfection of the lien of this Indenture in that Collateral in which a security interest may be perfected by filing under the
UCC; and 
 (u) an Issuer Order executed by the Issuer and the Co-Issuer directing
the Authenticating Agent to (i) authenticate the Notes specified therein, in the amounts set forth therein and registered in the name(s) set forth therein and (ii) deliver the authenticated Notes as directed by the Issuer and the Co-Issuer. 
 Section 3.2 Security for Notes. 

Prior to the issuance of the Notes on the Closing Date, the Issuer shall cause the following conditions to be satisfied: 

(a) Grant of Security Interest; Delivery of Mortgage Assets. The Grant pursuant to the Granting Clauses of this
Indenture of all of the Issuer’s right, title and interest in and to the Collateral shall be effective and all Mortgage Assets acquired in connection therewith purchased by the Issuer on the Closing Date (as set forth in Schedule A
hereto) together with the Asset Documents with respect thereto shall have been delivered to, and received by, the Custodian on behalf of the Trustee, without recourse (except as expressly provided in the Mortgage Asset Purchase Agreement), in the
manner provided in Section 3.3(a); 
 (b) Certificate of the Issuer. A certificate of an
Authorized Officer of the Issuer given on behalf of the Issuer and without personal liability, dated as of the Closing Date, delivered to the Trustee and the Note Administrator, to the effect that, in the case of each Mortgage Asset pledged to the
Trustee for inclusion in the Collateral on the Closing Date and immediately prior to the delivery thereof on the Closing Date: 

(i) the Issuer is the owner of such Mortgage Asset free and clear of any liens, claims or encumbrances of any
nature whatsoever except for those which are being released on the Closing Date; 
 (ii) the Issuer has
acquired its ownership in such Mortgage Asset in good faith without notice of any adverse claim, except as described in paragraph (i) above; 

  
 -62- 

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

(iv) the Asset Documents with respect to such Mortgage Asset do not prohibit the Issuer from Granting a
security interest in and assigning and pledging such Mortgage Asset to the Trustee; 
 (v) the list of
Mortgage Assets in Schedule A identifies every Mortgage Asset sold to the Issuer on the Closing Date pursuant to the Mortgage Asset Purchase Agreement and pledged to the Issuer on the Closing Date hereunder; 

(vi) the requirements of Section 3.2(a) with respect to such Mortgage Assets have
been satisfied; and 
 (vii) (A) the Grant pursuant to the Granting Clauses of this Indenture shall,
upon execution and delivery of this Indenture by the parties hereto, result in a valid and continuing security interest in favor of the Trustee for the benefit of the Secured Parties in all of the Issuer’s right, title and interest in and to
the Mortgage Assets pledged to the Trustee for inclusion in the Collateral on the Closing Date; and 

(B) upon the delivery of each participation certificate evidencing each Mortgage Asset to the Custodian on
behalf of the Trustee, at the Custodian’s office in Minneapolis, Minnesota, the Trustee’s security interest in all Mortgage Assets shall be a validly perfected, first priority security interest under the UCC as in effect in the State of
Minnesota. 
 (c) Rating Letters. The Issuer and/or Co-Issuer’s receipt
of (i) a signed letter from (i) Moody’s confirming that the Class A Notes have been issued with a rating of at least “Aaa(sf)” by Moody’s and (ii) KBRA confirming that (A) the Class A Notes have been
issued with a rating of “AAA(sf)” by KBRA, (B) the Class A-S Notes have been issued with a rating of at least “AAA(sf)” by KBRA, (C) the Class B Notes have been issued
with a rating of at least “AA-(sf)” by KBRA, (D) the Class C Notes have been issued with a rating of at least “A-(sf)” by KBRA,
(E) the Class D Notes have been issued with a rating of at least “BBB-(sf)” by KBRA, (F) the Class E Notes have been issued with a rating of at least “BB-(sf)” by KBRA and (G) the Class F Notes have been issued with a rating of at least “B-(sf)” by KBRA. 

(d) Accounts. Evidence of the establishment of the Payment Account, the Permitted Companion Participation Acquisition
Account, the Preferred Share Distribution Account, the Custodial Account and the Collection Account. 
 (e)
[reserved.] 
 (f) [reserved.] 

(g) Issuance of Preferred Shares. The Issuer shall have confirmed that the Preferred Shares have been, or
contemporaneously with the issuance of the Notes will be, (i) issued by the Issuer and (ii) acquired in their entirety by Retention Holder. 

  
 -63- 

 Section 3.3 Transfer of Collateral. 

(a) The Note Administrator, as document custodian (in such capacity, the “Custodian”), is hereby appointed as
Custodian to hold all of the participation certificates and mortgage notes (if any), which shall be delivered to it by the Issuer on the Closing Date or thereafter in accordance with the terms of this Indenture, at its office in Minneapolis,
Minnesota. Any successor to the Custodian shall be a U.S. state or national bank or trust company that is not an Affiliate of the Issuer or the Co-Issuer and has capital and surplus of at least
U.S.$200,000,000 and whose long-term unsecured debt is rated at least “A2” by Moody’s; provided, that it may maintain a long-term unsecured debt rating of at least “Baa1” by Moody’s for so long as it maintains a
short-term unsecured debt rating of at least “P-2” by Moody’s and the Servicer maintains a long-term unsecured debt rating of at least “A2” by Moody’s, or such other rating with
respect to which the Rating Agencies have provided a No Downgrade Confirmation (provided that this proviso shall not impose on the Servicer any obligation to maintain such rating). Subject to the limited right to relocate Collateral set forth in
Section 7.5(b), the Custodian shall hold all Asset Documents at its Corporate Trust Office. 
 (b)
All Eligible Investments and other investments purchased in accordance with this Indenture in the respective Accounts in which the funds used to purchase such investments shall be held in accordance with Article 10 and, in respect of each
Indenture Account, the Trustee on behalf of the Secured Parties shall have entered into a securities account control agreement with the Issuer, as debtor and the Securities Intermediary, as “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC as in effect in the State of New York) and the Trustee, as secured party (the “Securities Account Control Agreement”) providing, inter alia, that the
establishment and maintenance of such Indenture Account will be governed by the law of the State of New York. The security interest of the Trustee in Collateral shall be perfected and otherwise evidenced as follows: 

(i) in the case of such Collateral consisting of Security Entitlements, by the Issuer (A) causing the
Securities Intermediary, in accordance with the Securities Account Control Agreement, to indicate by book entry that a Financial Asset has been credited to the Custodial Account and (B) causing the Securities Intermediary to agree pursuant to
the Securities Account Control Agreement that it will comply with Entitlement Orders originated by or on behalf of the Trustee with respect to each such Security Entitlement without further consent by the Issuer; 

(ii) in the case of Assets that consist of Instruments or Certificated Securities (the “Minnesota
Collateral”), to the extent that any such Minnesota Collateral does not constitute a Financial Asset forming the basis of a Security Entitlement acquired by the Trustee pursuant to clause (i), by the Issuer causing (A) the Custodian,
on behalf of the Trustee, to acquire possession of such Minnesota Collateral in the State of Minnesota or (B) another Person (other than the Issuer or a Person controlling, controlled by, or under common control with, the Issuer) (1) to
(x) take possession of such Minnesota Collateral in the State of Minnesota and (y) authenticate a record acknowledging that it holds such possession for the benefit of the Trustee or (2) to (x) authenticate a record acknowledging that it
will hold possession of such Minnesota Collateral for the benefit of the Trustee and (y) take possession of such Minnesota Collateral in the State of Minnesota; 

  
 -64- 

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

(iv) in the case of Collateral, causing the registration of the security interests granted under this Indenture
in the register of mortgages and charges of the Issuer maintained at the Issuer’s registered office in the Cayman Islands; and 

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

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

(d) Without limiting the foregoing, the Trustee shall cause the Note Administrator to take such different or additional action
as the Trustee may be advised by advice of counsel to the Trustee, Note Administrator or the Issuer (delivered to the Trustee and the Note Administrator) is reasonably required in order to maintain the perfection and priority of the security
interest of the Trustee in the event of any change in applicable law or regulation, including Articles 8 and 9 of the UCC and Treasury Regulations governing transfers of interests in Government Items (it being understood that the Note Administrator
shall be entitled to rely upon an Opinion of Counsel, including an Opinion of Counsel delivered in accordance with Section 3.1(d), as to the need to file any financing statements or continuation statements, the dates by
which such filings are required to be made and the jurisdictions in which such filings are required to be made). 
 (e)
Without limiting any of the foregoing, in connection with each Grant of a Mortgage Asset hereunder, the Issuer shall deliver (or cause to be delivered by the Seller) to the Custodian, in each case to the extent specified on the closing checklist for
such Mortgage Asset provided to the Custodian (with a copy to the Servicer) by the Issuer (or the Seller) the following documents (collectively, the “Mortgage Asset File”): 

(i) if such Mortgage Asset is a Mortgage Loan: 

(1) the promissory note bearing, or accompanied by, all intervening endorsements, endorsed in blank or
“Pay to the order of TPG Real Estate Finance 2018-FL1 Issuer, Ltd., without recourse,” and signed in the name of the last endorsee by an authorized Person; 

(2) the original mortgage (or a copy thereof certified from the applicable recording office) and, if
applicable, the originals of all intervening 

  
 -65- 

 
assignments of mortgage (or copies thereof certified from the applicable recording office), in each case, with evidence of recording thereon, showing an unbroken chain of title from the
originator thereof to the last endorsee; 
 (3) the original assignment of leases and rents (or a copy
thereof certified from the applicable recording office), if any, and, if applicable, the originals of all intervening assignments of assignment of leases and rents (or copies thereof certified from the applicable recording office), in each case,
with evidence of recording thereon, showing an unbroken chain of recordation from the originator thereof to the last endorsee; 

(4) [Reserved]; 

(5) an original blanket assignment of all unrecorded documents (including a complete chain of intervening
assignments, if applicable) in favor of the Issuer; 
 (6) a filed copy of the
UCC-1 financing statements with evidence of filing thereon, and UCC-3 assignments showing a complete chain of assignment from the secured party named in such UCC-1 financing statement to the Issuer, with evidence of filing thereon; 

(7) originals or copies of all assumption, modification, consolidation or extension agreements, with evidence
of recording thereon, together with any other recorded document relating to such Mortgage Asset; 
 (8) an
original or a copy (which may be in electronic form) mortgagee policy of title insurance or a conformed version of the mortgagee’s title insurance commitment either marked as binding for insurance or attached to an escrow closing letter,
countersigned by the title company or its authorized agent if the original mortgagee’s title insurance policy has not yet been issued; 

(9) [Reserved]; 

(10) the original of any security agreement, chattel mortgage or equivalent document, if any; 

(11) the original or copy of any related loan agreement as well as any related letter of credit, lockbox
agreement, cash management agreement and construction contract; 
 (12) the original or copy of any related
guarantee; 
 (13) the original or copy of any related environmental indemnity agreement; 

(14) copies of any property management agreements; 

  
 -66- 

 (15) a copy of a survey of the related Mortgaged Property,
together with the surveyor’s certificate thereon; 
 (16) a copy of any power of attorney relating to
such Mortgage Loan; 
 (17) with respect to any Mortgage Asset secured in whole or in part by a ground lease,
copies of any ground leases; 
 (18) a copy of any related environmental insurance policy and environmental
report with respect to the related Mortgaged Properties; 
 (19) with respect to any Mortgage Loan with
related mezzanine or other subordinate debt, a copy of any related co-lender agreement, intercreditor agreement, subordination agreement or other similar agreement; 

(20) with respect to any Mortgage Loan secured by a hospitality property, a copy of any related franchise
agreement, an original or copy of any comfort letter related thereto, and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer or assign the benefits of such comfort letter to
the Issuer, a copy of the notice by the Seller to the franchisor of the transfer of such Mortgage Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Issuer (in each case, as and to the extent required pursuant
to the terms of such comfort letter); 
 (21) the following additional documents, (a) allonge, endorsed
in blank; (b) assignment of mortgage, in blank, in form and substance acceptable for recording; (c) if applicable, assignment of leases and rents, in blank, in form and substance acceptable for recording; and (d) assignment of
unrecorded documents, in blank, in form and substance acceptable for recording. 
 (ii) if such Mortgage
Asset is a Participation: 
 (1) unless the Custodian is also the Participation Custodian, a copy of each of
the documents specified in clause (i) above (other than the documents specified in (i)(21)) with respect to such Participated Mortgage Loan (provided that, if the Custodian ceases to also be the Participation Custodian, the Custodian shall
retain copies of such document as Custodian hereunder); 
 (2) an original participation certificate
evidencing such Participation in the name of the Issuer; 
 (3) an assignment of the participation
certificate evidencing such Participation from the Issuer to blank; 
 (4) a copy of the participation
certificate evidencing each related Companion Participation; 
 (5) a copy of the related Participation
Agreement; and 

  
 -67- 

 (6) a copy of the related Participation Custodial Agreement and a
copy of the certification delivered by the Participation Custodian thereunder. 
 With respect to any documents which have been delivered or
are being delivered to recording offices for recording and have not been returned to the Issuer (or the Seller) in time to permit their delivery hereunder at the time required, the Issuer (or the Seller) shall deliver such original or certified
recorded documents to the Custodian promptly when received by the Issuer (or the Seller) from the applicable recording office. 

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

(g) No later than the 90th day after the Closing Date, the Custodian shall
deliver to the Issuer, with a copy to the Note Administrator, the Trustee, the Operating Advisor and the Servicer a final exception report (which report and any updates or modifications thereto shall be delivered in electronic format, including
Excel-compatible format) as to any remaining documents that are required to be, but are not in the Mortgage Asset File and, by delivering such exception report, shall be deemed to have requested that the Issuer cause any such document
deficiency to be cured. 

  
 -68- 

 (h) Without limiting the generality of the foregoing: 

(i) from time to time upon the request of the Trustee, Servicer or Special Servicer, the Issuer shall deliver
(or cause to be delivered) to the Custodian any Asset Document in the possession of the Issuer and not previously delivered hereunder (including originals of Asset Documents not previously required to be delivered as originals) and as to which the
Trustee, Servicer or Special Servicer, as applicable, shall have reasonably determined, or shall have been advised, to be necessary or appropriate for the administration of such Mortgage Loan hereunder or under the Servicing Agreement or for the
protection of the security interest of the Trustee under this Indenture; 
 (ii) upon request of the Servicer
or the Issuer, the Custodian shall deliver to the Servicer or the Issuer, as applicable, an updated report in the form of Schedule B to Exhibit D as to all documents in its possession; and 

(iii) from time to time upon request of the Servicer or the Special Servicer, the Custodian shall, upon
delivery by the Servicer or Special Servicer, as applicable, of a Request for Release in the form of Exhibit E hereto, release to the Servicer or Special Servicer, as applicable, such of the Asset Documents then in its
custody as the Servicer or Special Servicer, as applicable, reasonably so requests. By submission of any such Request for Release, the Servicer or the Special Servicer, as applicable, shall be deemed to have represented and warranted that it has
determined in accordance with the Servicing Standard, respectively, set forth in the Servicing Agreement, as the case may be, that the requested release is necessary for the administration of such Mortgage Loan hereunder or under the Servicing
Agreement or for the protection of the security interest of the Trustee under this Indenture. The Servicer or the Special Servicer shall return to the Custodian each Asset Document released from custody pursuant to this clause (iii) within 20
Business Days of receipt thereof (except such Asset Documents as are released in connection with a sale, exchange or other disposition, in each case only as permitted under this Indenture, of the related Mortgage Asset that is consummated within
such 20-day period). Notwithstanding the foregoing provisions of this clause (iii), any note, participation certificate or other instrument evidencing a Pledged Mortgage Asset shall be released only for
the purpose of (1) a sale, exchange or other disposition of such Pledged Mortgage Asset that is permitted in accordance with the terms of this Indenture, (2) presentation, collection, renewal or registration of transfer of such Mortgage
Asset or (3) in the case of any note, in connection with a payment in full of all amounts owing under such note. 
 (i)
As of the Closing Date (with respect to the Collateral owned or existing as of the Closing Date) and each date on which any Collateral is acquired (only with respect to each Collateral so acquired or arising after the Closing Date), the Issuer
represents and warrants as follows: 
 (i) this Indenture creates a valid and continuing security interest
(as defined in the UCC) in the Collateral in favor of the Trustee for the benefit of the Secured Parties, 

  
 -69- 

 
which security interest is prior to all other liens, and is enforceable as such against creditors of and purchasers from the Issuer; 

(ii) the Issuer owns and has good and marketable title to such Collateral free and clear of any lien, claim or
encumbrance of any Person; 
 (iii) in the case of each Collateral, the Issuer has acquired its ownership in
such Collateral in good faith without notice of any adverse claim as defined in Section 8-102(a)(1) of the UCC as in effect on the date hereof; 

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

(v) the Issuer has not authorized the filing of, and is not aware of, any financing statements against the
Issuer that include a description of collateral covering the Collateral other than any financing statement (x) relating to the security interest granted to the Trustee for the benefit of the Secured Parties hereunder or (y) that has been
terminated; the Issuer is not aware of any judgment lien, Pension Benefit Guarantee Corporation lien or tax lien filings against the Issuer; 

(vi) the Issuer has received all consents and approvals required by the terms of each Collateral and the
Transaction Documents to grant to the Trustee its interest and rights in such Collateral hereunder; 
 (vii)
the Issuer has caused or will have caused, within ten days, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the
Collateral granted to the Trustee for the benefit of the Secured Parties hereunder; 
 (viii) all of the
Collateral constitutes one or more of the following categories: an Instrument, a General Intangible, a Certificated Security or an uncertificated security, or a Financial Asset in which a Security Entitlement has been created and that has been or
will have been credited to a Securities Account and Proceeds of all the foregoing; 
 (ix) the Securities
Intermediary has agreed to treat all Collateral credited to the Custodial Account as a Financial Asset; 

(x) the Issuer has delivered a fully executed Securities Account Control Agreement pursuant to which the
Securities Intermediary has agreed to comply with all instructions originated by the Trustee relating to the Indenture Accounts without further consent of the Issuer; none of the Indenture Accounts is in the name of any Person other than the Issuer,
the Note Administrator or the Trustee; the Issuer has not consented to the Securities Intermediary to comply with any Entitlement Orders in respect of the Indenture Accounts and any Security Entitlement credited to any of the Indenture Accounts
originated by any Person other than the Trustee or the Note Administrator on behalf of the Trustee; 

  
 -70- 

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

(xii) each of the Indenture Accounts constitutes a Securities Account in respect of which the Securities
Intermediary has accepted to be Securities Intermediary pursuant to the Securities Account Control Agreement on behalf of the Trustee as secured party under this Indenture. 

(j) The Note Administrator shall cause all Eligible Investments delivered to the Note Administrator on behalf of the Issuer
(upon receipt by the Note Administrator thereof) to be promptly credited to the applicable Account. 

Section 3.4 Credit Risk Retention. 

None of the Trustee, the Note Administrator or the Custodian shall be obligated to monitor, supervise or enforce compliance
with the requirements set forth in Regulation RR. 
 ARTICLE 4 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of Indenture. 

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

(a) (i) either: 

(1) all Notes theretofore authenticated and delivered to Noteholders (other than (A) Notes which have been
mutilated, defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.6 and (B) Notes for which payment has theretofore irrevocably been deposited in trust and

  
 -71- 

 
thereafter repaid to the Issuer or discharged from such trust, as provided in Section 7.3) have been delivered to the Note Registrar for cancellation; or 

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

(ii) the Issuer and the Co-Issuer have paid or caused to be paid all
other sums then due and payable hereunder (including any amounts then due and payable pursuant to the Servicing Agreement) by the Issuer and Co-Issuer and no other amounts are scheduled to be due and payable
by the Issuer other than Dissolution Expenses; and 
 (iii) the
Co-Issuers have delivered to the Trustee and the Note Administrator Officer’s certificates and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with; 
 provided, however, that in the case
of clause (a)(i)(2)(x) above, the Issuer has delivered to the Trustee and Note Administrator an opinion of Dechert LLP, Vinson & Elkins LLP or an opinion of another tax counsel of nationally recognized standing in the United States
experienced in such matters to the effect that the Noteholders would recognize no income gain or loss for U.S. federal income tax purposes as a result of such deposit and satisfaction and discharge of this Indenture; or 

(b) (i) each of the Co-Issuers has delivered to the Trustee and Note Administrator
a certificate stating that (1) there is no Collateral (other than (x) the Servicing Agreement and the Servicing Accounts related thereto and the Securities Account Control Agreement and the Indenture Accounts related thereto and
(y) Cash in an amount not greater than the Dissolution Expenses) that remain subject to the lien of this Indenture, and (2) all funds 

  
 -72- 

 
on deposit in or to the credit of the Accounts have been distributed in accordance with the terms of this Indenture or have otherwise been irrevocably deposited with the Servicer under the
Servicing Agreement for such purpose; and 
 (ii) the Co-Issuers have
delivered to the Note Administrator and the Trustee Officer’s certificates and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied
with. 
 Notwithstanding the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, and, if applicable, the Noteholders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.7, 7.3 and
14.12 hereof shall survive. 
 Section 4.2 Application of Amounts held in Trust. 

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

Section 4.3 Repayment of Amounts Held by Paying Agent. 

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

Section 4.4 Limitation on Obligation to Incur Company Administrative Expenses. 

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

  
 -73- 

 ARTICLE 5 

REMEDIES 

Section 5.1 Events of Default. 

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

(a) a default in the payment of any interest on any of the Class A Notes, the
Class A-S Notes and the Class B Notes (or, if none of the Class A Notes, the Class A-S Notes and the Class B Notes are Outstanding, any Note of
the most senior Class Outstanding) when the same becomes due and payable and the continuation of any such default for three (3) Business Days after a Trust Officer of the Note Administrator has actual knowledge or receives notice from any
holder of Notes of such payment default; provided that in the case of a failure to disburse funds due to an administrative error or omission by the Note Administrator or any paying agent, such failure continues for five (5) Business Days
after a trust officer of the Note Administrator receives written notice or has actual knowledge of such administrative error or omission; or 

(b) a default in the payment of principal (or the related Redemption Price, if applicable) of any Class of Notes when the
same becomes due and payable at its Stated Maturity Date or any Redemption Date; provided, in each case, that in the case of a failure to disburse funds due to an administrative error or omission by the Note Administrator or any paying agent, such
failure continues for five (5) Business Days after a trust officer of the Note Administrator receives written notice or has actual knowledge of such administrative error or omission; 

(c) the failure on any Payment Date to disburse amounts available in the Payment Account in accordance with the Priority of
Payments set forth under Section 11.1(a) (other than (i) a default in payment described in clause (a) or (b) above and (ii) unless the Holders of the Preferred Shares object, a failure to disburse any amounts
to the Preferred Share Paying Agent for distribution to the Holders of the Preferred Shares), which failure continues for a period of three (3) Business Days or, in the case of a failure to disburse such amounts due to an administrative error
or omission by the Note Administrator or Paying Agent, which failure continues for five (5) Business Days; 
 (d) any of
the Issuer, the Co-Issuer or the pool of Collateral becomes an investment company required to be registered under the 1940 Act; 

(e) a default in the performance, or breach, of any other covenant or other agreement of the Issuer or Co-Issuer (other than the covenant to make the payments described in clauses (a), (b) or (c) above or to satisfy the Offered Note Protection Test) or any representation or warranty of the Issuer or Co-Issuer hereunder or in any certificate or other writing delivered pursuant hereto or in connection herewith proves to be incorrect in any material respect when made, and the continuation of such default or breach
for a period of 30 days (or, if such default, 

  
 -74- 

 
breach or failure has an adverse effect on the validity, perfection or priority of the security interest granted hereunder, 15 days) after either the Issuer or the
Co-Issuer has actual knowledge thereof or after notice thereof to the Issuer and the Co-Issuer by the Trustee or to the Issuer and the
Co-Issuer and the Trustee by Holders of at least 25% of the Aggregate Outstanding Amount of the Controlling Class; 

(f) the entry of a decree or order by a court having competent jurisdiction adjudging the Issuer or the Co-Issuer as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or the
Co-Issuer under the Bankruptcy Code, or any bankruptcy, insolvency, reorganization or similar law enacted under the laws of the Cayman Islands or any other applicable law, or appointing a receiver, liquidator,
assignee, or sequestrator (or other similar official) of the Issuer or the Co-Issuer or of any substantial part of its property, respectively, or ordering the winding up or liquidation of its affairs, and the
continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; 
 (g) the institution by
the Issuer or the Co-Issuer of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a
petition or answer or consent seeking reorganization or relief under the Bankruptcy Code, or any bankruptcy, insolvency, reorganization or similar law enacted under the laws of the Cayman Islands or any other similar applicable law, or the consent
by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Issuer or the Co-Issuer or of any substantial part
of its property, respectively, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of any action by the Issuer in
furtherance of any such action; 
 (h) one or more final judgments being rendered against the Issuer or the Co-Issuer which exceed, in the aggregate, U.S.$1,000,000 and which remain unstayed, undischarged and unsatisfied for 30 days after such judgment(s) becomes nonappealable, unless adequate funds have been reserved or
set aside for the payment thereof, and unless (except as otherwise specified in writing by the Rating Agencies) a No Downgrade Confirmation has been received from the Rating Agencies; or 

(i) the Issuer loses its status as a Qualified REIT Subsidiary or other disregarded entity of TRTX or any other entity treated
as a REIT for U.S. federal income tax purposes, unless (A) within 90 days, the Issuer either (1) delivers an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters to the effect that,
notwithstanding the Issuer’s loss of Qualified REIT Subsidiary or disregarded entity status for U.S. federal income tax purposes, the Issuer is not, and has not been, an association (or publicly traded partnership) taxable as a corporation, or
is not, and has not been, otherwise subject to U.S. federal income tax on a net basis and the Noteholders are not otherwise materially adversely affected by the loss of Qualified REIT Subsidiary or disregarded entity status for U.S. federal income
tax purposes or (2) receives an amount from the Preferred Shareholders sufficient to discharge in full the amounts then due and unpaid on the Notes and amounts and expenses described in clauses (1) through (16) under
Section 11.1(a)(i) in accordance with the Priority of 

  
 -75- 

 
Payments or (B) all Classes of the Notes are subject to a Tax Redemption announced by the Issuer in compliance with this Indenture, and such redemption has not been rescinded. 

Upon becoming aware of the occurrence of an Event of Default, the Issuer, shall promptly notify (or shall procure the prompt
notification of) the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor, the Preferred Share Paying Agent and the Preferred Shareholders in writing. 

Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default shall occur and be continuing (other than the Events of Default specified in
Section 5.1(f) or 5.1(g)), the Trustee may (and shall at the direction of a Majority, by outstanding principal amount, of each Class of Notes voting as a separate Class (excluding any Notes owned by the Issuer,
the Seller or any of their respective Affiliates), declare the principal of and accrued and unpaid interest on all the Notes to be immediately due and payable. Upon any such declaration such principal, together with all accrued and unpaid interest
thereon, and other amounts payable thereunder in accordance with the Priority of Payments will become immediately due and payable. If an Event of Default described in Section 5.1(f) or 5.1(g) above occurs, such an
acceleration shall occur automatically and without any further action. If the Notes are accelerated, payments shall be made in the order and priority set forth in Section 11.1(a) hereof. 

(b) At any time after such a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or
decree for payment of the amounts due has been obtained by the Trustee as hereinafter provided in this Article 5, a Majority of each Class of Notes (voting as a separate Class), other than with respect to an Event of Default specified in
Section 5.1(d), 5.1(f), 5.1(g), or 5.1(i), by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its
consequences if: 
 (i) the Issuer or the Co-Issuer has paid or
deposited with the Note Administrator a sum sufficient to pay: 
 (A) all unpaid installments of interest on
and principal of the Notes that would be due and payable hereunder if the Event of Default giving rise to such acceleration had not occurred; 

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

(C) with respect to the Advancing Agent and the Backup Advancing Agent, any amount due and payable for
unreimbursed Interest Advances and Reimbursement Interest; and 
 (D) any Company Administrative Expense due
and payable; 

  
 -76- 

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

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

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

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

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

(e) A Majority of the Aggregate Outstanding Amount of each Class of Notes may, prior to the time a judgment or decree for
the payment of amounts due has been obtained by the Trustee, waive any past Default on behalf of the holders of all the Notes and its consequences in accordance with Section 5.14. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

(a) The Issuer covenants that if a Default shall occur in respect of the payment of any interest and principal on any
Class of Notes (but only after any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the Issuer and Co-Issuer shall, upon demand of
the Trustee or any affected Noteholder, pay to the Note Administrator on behalf of the Trustee, for the benefit of the Holder of such Note, the whole amount, if any, then due and payable on such Note for principal and interest or other payment with
interest on the overdue 

  
 -77- 

 
principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest, at the applicable interest rate and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Note Administrator, the Trustee and such Noteholder and their respective agents
and counsel. 
 If the Issuer or the Co-Issuer fails to pay such amounts forthwith
upon such demand, the Trustee, as Trustee of an express trust, and at the expense of the Issuer, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same against the Issuer and the Co-Issuer or any other obligor upon the Notes and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the Collateral. 

If an Event of Default occurs and is continuing, the Trustee shall proceed to protect and enforce its rights and the rights of
the Noteholders by such Proceedings (x) as directed by a Majority of the Controlling Class or (y) in the absence of direction by a Majority of the Controlling Class, as determined by the Trustee acting in good faith; provided,
that (a) such direction must not conflict with any rule of law or with any express provision of this Indenture, (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction,
(c) the Trustee has been provided with security or indemnity satisfactory to it, and (d) notwithstanding the foregoing, any direction to the Trustee to undertake a sale of Collateral may be given only in accordance with the preceding
paragraph, in connection with any sale and liquidation of all or a portion of the Collateral, the preceding sentence, and, in all cases, the applicable provisions of this Indenture. Such Proceedings shall be used for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. Any direction to the Trustee to
undertake a sale of Collateral shall be forwarded to the Special Servicer, and the Special Servicer shall conduct any such sale in accordance with the terms of the Servicing Agreement. 

In the case where (x) there shall be pending Proceedings relative to the Issuer or the
Co-Issuer under the Bankruptcy Code, any bankruptcy, insolvency, reorganization or similar law enacted under the laws of the Cayman Islands, or any other applicable bankruptcy, insolvency or other similar law,
(y) a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or the Co-Issuer, or their
respective property, or (z) there shall be any other comparable Proceedings relative to the Issuer or the Co-Issuer, or the creditors or property of the Issuer or the
Co-Issuer, regardless of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration, or otherwise and regardless of whether the Trustee shall have made any demand
pursuant to the provisions of this Section 5.3, the Trustee shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in
respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all 

  
 -78- 

 
expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in any
Proceedings relative to the Issuer, the Co-Issuer or other obligor upon the Notes or to the creditors or property of the Issuer, the Co-Issuer or such other obligor;

 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any
election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or of a Person performing similar functions in comparable Proceedings; and 

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

Nothing herein contained shall be deemed to authorize the Trustee to authorize, consent to, vote for, accept or adopt, on
behalf of any Noteholder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such
Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 All rights of
action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any action or
Proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, shall be applied as set forth in Section 5.7. 

Notwithstanding anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate
the Collateral or institute Proceedings in furtherance thereof pursuant to this Section 5.3 unless the conditions specified in Section 5.5(a) are met and any sale of Collateral contemplated to be
conducted by the Trustee under this Indenture shall be effected by the Special Servicer pursuant to the terms of the Servicing Agreement, and the Trustee shall have no liability or responsibility for or in connection with any such sale. 

  
 -79- 

 Section 5.4 Remedies. 

(a) If an Event of Default has occurred and is continuing, and the Notes have been declared due and payable and such
declaration and its consequences have not been rescinded and annulled, the Issuer and the Co-Issuer agree that the Trustee, or, with respect to any sale of any Mortgage Assets, the Special Servicer, may, after
notice to the Note Administrator and the Noteholders, and shall, upon direction by a Majority of the Controlling Class, to the extent permitted by applicable law, exercise one or more of the following rights, privileges and remedies: 

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

(ii) sell all or a portion of the Collateral or rights of interest therein, at one or more public or private
sales called and conducted in any manner permitted by law and in accordance with Section 5.17 hereof (provided that any such sale shall be conducted by the Special Servicer pursuant to the Servicing Agreement); 

(iii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with
respect to the Collateral; 
 (iv) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Secured Parties hereunder; and 

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

provided, however, that no sale or liquidation of the Collateral or institution of Proceedings in furtherance thereof
pursuant to this Section 5.4 may be effected unless either of the conditions specified in Section 5.5(a) are met. 

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

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

  
 -80- 

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

Upon any Sale, whether made under the power of sale hereby given or by virtue of judicial proceedings, the receipt of the Note
Administrator or of the Officer making a sale under judicial proceedings shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase money and such purchaser or purchasers shall not be obliged to see to the
application thereof. 
 Any such Sale, whether under any power of sale hereby given or by virtue of judicial proceedings,
shall (x) bind the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Noteholders and the Preferred Shareholders, shall operate to divest all right, title and interest whatsoever, either at
law or in equity, of each of them in and to the property sold and (y) be a perpetual bar, both at law and in equity, against each of them and their successors and assigns, and against any and all Persons claiming through or under them. 

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

  
 -81- 

 Section 5.5 Preservation of Collateral. 

(a) Notwithstanding anything to the contrary herein, if an Event of Default shall have occurred and be continuing when any of
the Notes are Outstanding, the Trustee and the Note Administrator, as applicable, shall (except as otherwise expressly permitted or required under this Indenture) retain the Collateral securing the Notes, collect and cause the collection of the
proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and the provisions of Articles 10, 12 and 13 and
shall not sell or liquidate the Collateral, unless either: 
 (i) the Note Administrator, pursuant to
Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation of the Collateral (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full the amounts
then due and unpaid on the Notes for principal and interest (including accrued and unpaid Deferred Interest), and, upon receipt of information from Persons to whom fees are expenses are payable, all other amounts payable prior to payment of
principal of the Notes due and payable pursuant to Section 11.1(a)(iii) and the holders of a Majority of the Controlling Class agrees with such determination; or 

(ii) a Supermajority of each Class of Notes (voting as a separate Class) directs the sale and liquidation
of all or a portion of the Collateral. 
 In the event of a sale of a portion of the Collateral pursuant to clause
(ii) above, the Special Servicer shall sell that portion of the Collateral identified by the requisite Noteholders and all proceeds of such sale shall be remitted to the Note Administrator for distribution in the order set forth in
Section 11.1(a). The Note Administrator shall give written notice of the retention of the Collateral by the Custodian to the Issuer, the Co-Issuer, the Trustee, the Servicer, the Special Servicer, the Operating Advisor and
the Rating Agencies. So long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when the conditions specified in clause (i) or (ii) above exist. 

(b) Nothing contained in Section 5.5(a) shall be construed to require a sale of the Collateral
securing the Notes if the conditions set forth in this Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve the Collateral
securing the Notes if prohibited by applicable law. 
 (c) In determining whether the condition specified in
Section 5.5(a)(i) exists, the Special Servicer shall obtain bid prices with respect to each Mortgage Asset from two dealers that, at that time, engage in the trading, origination or securitization of whole loans or pari
passu participations similar to the Mortgage Assets (or, if only one such dealer can be engaged, then the Special Servicer shall obtain a bid price from such dealer or, if no such dealer can be engaged, from a pricing service). The Special Servicer
shall compute the anticipated proceeds of sale or liquidation on the basis of the lowest of such bid prices for each such Mortgage Asset and provide the Trustee and the Note Administrator with the results thereof. For the purposes of determining
issues relating to the market value of any Mortgage Asset and the execution of a sale or other liquidation thereof, the Special Servicer may, but need not, retain at the expense of the 

  
 -82- 

 
Issuer and rely on an opinion of an Independent investment banking firm of national reputation or other appropriate advisors (the cost of which shall be payable as a Company Administrative
Expense) in connection with a determination as to whether the condition specified in Section 5.5(a)(i) exists. 

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

Section 5.6 Trustee May Enforce Claims Without Possession of Notes. 

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

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

Section 5.7 Application of Amounts Collected. 

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

Section 5.8 Limitation on Suits. 

No Holder of any Notes shall have any right to institute any Proceedings (the right of a Noteholder to institute any proceeding
with respect to the Indenture or the Notes is subject to any non-petition covenants set forth in the Indenture or the Notes), judicial or otherwise, with respect to this Indenture or the Notes, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) such Holder has previously given to
the Trustee written notice of an Event of Default; 
 (b) except as otherwise provided in
Section 5.9 hereof, the Holders of at least 25% of the then Aggregate Outstanding Amount of the Controlling Class shall have made written request to the Trustee to institute Proceedings in respect of such Event of
Default in its own name as Trustee hereunder and such Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 

  
 -83- 

 (c) the Trustee for 30 days after its receipt of such notice, request and offer
of indemnity has failed to institute any such Proceeding; and 
 (d) no direction inconsistent with such written request has
been given to the Trustee during such 30-day period by a Majority of the Controlling Class; it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatsoever
by virtue of, or by availing of, any provision of this Indenture or the Notes to affect, disturb or prejudice the rights of any other Holders of Notes of the same Class or to obtain or to seek to obtain priority or preference over any other
Holders of the Notes of the same Class or to enforce any right under this Indenture or the Notes, except in the manner herein or therein provided and for the equal and ratable benefit of all the Holders of Notes of the same Class subject
to and in accordance with Section 13.1 hereof and the Priority of Payments. 
 In the event the
Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of the Controlling Class, each representing less than a Majority of the Controlling Class, the Trustee shall not be required to take any
action until it shall have received the direction of a Majority of the Controlling Class. 

Section 5.9 Unconditional Rights of Noteholders to Receive Principal and Interest. 

Notwithstanding any other provision in this Indenture (except for Section 2.7(d) and 2.7(m)),
the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note as such principal, interest and other amounts become due and payable in accordance with the Priority
of Payments and Section 13.1, and, subject to the provisions of Sections 5.4 and 5.8 to institute Proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent
of such Holder; provided, however, that the right of such Holder to institute proceedings for the enforcement of any such payment shall not be subject to the 25% threshold requirement set forth in
Section 5.8(b). 
 Section 5.10 Restoration of Rights and Remedies.

 If the Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and
such Proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Noteholder, then (and in every such case) the Issuer, the Co-Issuer, the Trustee,
and the Noteholder shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though
no such Proceeding had been instituted. 
 Section 5.11 Rights and Remedies Cumulative. 

No right or remedy herein conferred upon or reserved to the Trustee, the Note Administrator or to the Noteholders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or

  
 -84- 

 
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.12 Delay or Omission Not Waiver. 

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

Section 5.13 Control by the Controlling Class. 

Subject to Sections 5.2(a) and (b), but notwithstanding any other provision of this Indenture, if an Event of
Default shall have occurred and be continuing when any of the Notes are Outstanding, a Majority of the Controlling Class shall have the right to cause the institution of, and direct the time, method and place of conducting, any Proceeding for
any remedy available to the Trustee and for exercising any trust, right, remedy or power conferred on the Trustee in respect of the Notes; provided that: 

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

(b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction;
provided, however, that, subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability (unless the Trustee has received indemnity satisfactory to it
against such liability as set forth below); 
 (c) the Trustee shall have been provided with indemnity satisfactory to it;
and 
 (d) notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Assets shall be performed
by the Special Servicer on behalf of the Trustee, and must satisfy the requirements of Section 5.5. 

Section 5.14 Waiver of Past Defaults. 

Prior to the time a judgment or decree for payment of the amounts due has been obtained by the Trustee, as provided in this
Article 5, a Majority of each and every Class of Notes (voting as a separate Class) may, on behalf of the Holders of all the Notes, waive any past Default in respect of the Notes and its consequences, except a Default: 

(a) in the payment of principal of any Note; 

(b) in the payment of interest in respect of the Controlling Class; 

  
 -85- 

 (c) in respect of a covenant or provision hereof that, under
Section 8.2, cannot be modified or amended without the waiver or consent of the Holder of each Outstanding Note adversely affected thereby; or 

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

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

Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have
been cured, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. Any such waiver shall be effectuated upon receipt by the Trustee and the Note Administrator
of a written waiver by such Majority of each Class of Notes. 
 Section 5.15 Undertaking for
Costs. 
 All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by (x) the Trustee, (y) any Noteholder, or group of
Noteholders, holding in the aggregate more than 10% of the Aggregate Outstanding Amount of the Controlling Class or (z) any Noteholder for the enforcement of the payment of the principal of or interest on any Note or any other amount
payable hereunder on or after the Stated Maturity Date (or, in the case of redemption, on or after the applicable Redemption Date). 

Section 5.16 Waiver of Stay or Extension Laws. 

Each of the Issuer and the Co-Issuer covenants (to the extent that it may lawfully do
so) that it will not at any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force (including but not limited to filing a
voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency,
reorganization, moratorium, receivership, conservatorship or other similar laws now or hereafter in effect), which may affect the covenants, the performance of or any remedies under this Indenture; and each of the Issuer and the Co-Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not 

  
 -86- 

 
hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.17 Sale of Collateral. 

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

(b) The Notes need not be produced in order to complete any such Sale, or in order for the net proceeds of such Sale to be
credited against amounts owing on the Notes. 
 (c) The Trustee shall execute and deliver an appropriate instrument of
conveyance transferring its interest in any portion of the Collateral in connection with a Sale thereof, which, in the case of any Mortgage Assets, shall be upon request and delivery of any such instruments by the Special Servicer. In addition, the
Special Servicer, with respect to Mortgage Assets, and the Trustee, with respect to any other Collateral, is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in any portion of the
Collateral in connection with a Sale thereof, and to take all action necessary to effect such Sale. No purchaser or transferee at such a Sale shall be bound to ascertain the Trustee’s or Special Servicer’s authority, to inquire into the
satisfaction of any conditions precedent or to see to the application of any amounts. 
 (d) In the event of any Sale of the
Collateral pursuant to Section 5.4 or Section 5.5, payments shall be made in the order and priority set forth in Section 11.1(a) in the same manner as if the Notes had
been accelerated. 
 (e) Notwithstanding anything herein to the contrary, any sale by the Trustee of any portion of the
Collateral shall be executed by the Special Servicer on behalf of the Issuer, and the Trustee shall have no responsibility or liability therefor. 

Section 5.18 Action on the Notes. 

The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the
application for or obtaining of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the 

  
 -87- 

 
Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or the Co-Issuer or by the levy of any
execution under such judgment upon any portion of the Collateral or upon any of the Collateral of the Issuer or the Co-Issuer. 

ARTICLE 6 
 THE TRUSTEE
AND NOTE ADMINISTRATOR 
 Section 6.1 Certain Duties and Responsibilities. 

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

(i) each of the Trustee and the Note Administrator undertakes to perform such duties and only such duties as
are set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee or the Note Administrator; and any permissive right of the Trustee or the Note Administrator contained herein shall not be
construed as a duty; and 
 (ii) in the absence of manifest error, or bad faith on its part, each of the Note
Administrator and the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and the Note Administrator, as the case may be, and
conforming to the requirements of this Indenture; provided, however, that in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee or the Note
Administrator, the Trustee and the Note Administrator shall be under a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture and shall promptly notify the party delivering the same if
such certificate or opinion does not conform. If a corrected form shall not have been delivered to the Trustee or the Note Administrator within 15 days after such notice from the Trustee or the Note Administrator, the Trustee or the Note
Administrator, as applicable, shall notify the party providing such instrument and requesting the correction thereof. 
 (b)
In case an Event of Default actually known to a Trust Officer of the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions, if any, from a Majority of the Controlling Class (or other Noteholders to the extent
provided in Article 5 hereof), exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct
of such Person’s own affairs. 
 (c) If, in performing its duties under this Indenture, the Trustee or the Note
Administrator is required to decide between alternative courses of action, the Trustee and the Note Administrator may request written instructions from the applicable Directing Holder as to courses of action desired by it. If the Trustee and the
Note Administrator does not receive such instructions within two (2) Business Days after it has requested them, it may, but shall be under no duty to, take or refrain from taking such action. The Trustee and the Note Administrator shall act in
accordance with instructions received after such two (2) Business Day period except to the 

  
 -88- 

 
extent it has already taken, or committed itself to take, action inconsistent with such instructions. The Trustee and the Note Administrator shall be entitled to request and rely on the advice of
legal counsel and Independent accountants in performing its duties hereunder and be deemed to have acted in good faith and shall not be subject to any liability if it acts in accordance with such advice. 

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

(i) for any error of judgment made in good faith by a Trust Officer, unless it shall be proven that it was
negligent in ascertaining the pertinent facts; or 
 (ii) with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Issuer, the applicable Directing Holder, and/or a Majority of the Controlling Class relating to the time, method and place of conducting any Proceeding for any remedy available
to the Trustee or the Note Administrator in respect of any Note or exercising any trust or power conferred upon the Trustee or the Note Administrator under this Indenture. 

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

(f) Neither the Trustee nor the Note Administrator shall be liable to the Noteholders for any action taken or omitted by it at
the direction of the Issuer, the Co-Issuer, the applicable Directing Holder, the Servicer, the Special Servicer, the Operating Advisor, the Controlling Class, the Trustee (in the case of the Note
Administrator), the Note Administrator (in the case of the Trustee) and/or a Noteholder under circumstances in which such direction is required or permitted by the terms of this Indenture. 

(g) For all purposes under this Indenture, neither the Trustee nor the Note Administrator shall be deemed to have notice or
knowledge of any Event of Default, unless a Trust Officer of either the Trustee or the Note Administrator, as applicable, has actual knowledge thereof or unless written notice of any event which is in fact such an Event of Default or Default is
received by the Trustee or the Note Administrator, as applicable at the respective Corporate Trust Office, and such notice references the Notes and this Indenture. For purposes of determining the Trustee’s and Note Administrator’s
responsibility and liability hereunder, whenever reference is made in this Indenture to such an Event of Default or a Default, such reference shall be construed to refer only to such an Event of Default or Default of which the Trustee or Note
Administrator, as applicable, is deemed to have notice as described in this Section 6.1. 

  
 -89- 

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

Section 6.2 Notice of Default. 

Promptly (and in no event later than three Business Days) after the occurrence of any Default actually known to a Trust Officer
of the Trustee or after any declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall transmit by mail to the 17g-5 Information
Provider and to the Note Administrator (who shall post such notice the Note Administrator’s Website) and the Note Administrator shall deliver to all Holders of Notes as their names and addresses appear on the Notes Register, and to Preferred
Share Paying Agent, notice of such Default, unless such Default shall have been cured or waived. 

Section 6.3 Certain Rights of Trustee and Note Administrator. 

Except as otherwise provided in Section 6.1: 

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

(b) any request or direction of the Issuer or the Co-Issuer mentioned herein shall be
sufficiently evidenced by an Issuer Request or Issuer Order, as the case may be; 
 (c) whenever in the administration of
this Indenture the Trustee or the Note Administrator shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee and the Note Administrator (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 
 (d) as a
condition to the taking or omitting of any action by it hereunder, the Trustee and the Note Administrator may consult with counsel and the advice of such counsel or any Opinion of Counsel (including with respect to any matters, other than factual
matters, in connection with the execution by the Trustee or the Note Administrator of a supplemental indenture pursuant to Section 8.3) shall be full and complete authorization and protection in respect of any action taken
or omitted by it hereunder in good faith and in reliance thereon; 
 (e) neither the Trustee nor the Note Administrator shall
be under any obligation to exercise or to honor any of the rights or powers vested in it by this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, or to make any investigation of matters arising hereunder or
to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders unless 

  
 -90- 

 
such Noteholders shall have offered to the Trustee and the Note Administrator, as applicable indemnity acceptable to it against the costs, expenses and liabilities which might reasonably be
incurred by it in compliance with such request or direction; 
 (f) neither the Trustee nor the Note Administrator shall be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper documents and shall be entitled to rely
conclusively thereon; 
 (g) each of the Trustee and the Note Administrator may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or attorneys, and upon any such appointment of an agent or attorney, such agent or attorney shall be conferred with all the same rights, indemnities, and immunities as the
Trustee or Note Administrator, as applicable; 
 (h) neither the Trustee nor the Note Administrator shall be liable for any
action it takes or omits to take in good faith that it reasonably and prudently believes to be authorized or within its rights or powers hereunder; 

(i) neither the Trustee nor the Note Administrator shall be responsible for the accuracy of the books or records of, or for any
acts or omissions of, the Depository, any Transfer Agent (other than the Note Administrator itself acting in that capacity), Clearstream, Luxembourg, Euroclear, any Calculation Agent (other than the Note Administrator itself acting in that capacity)
or any Paying Agent (other than the Note Administrator itself acting in that capacity); 
 (j) neither the Trustee nor the
Note Administrator shall be liable for the actions or omissions of the Issuer, the Co-Issuer, the applicable Directing Holder, the Subordinate Class Representative, the Servicer, the Special Servicer, the
Trustee (in the case of the Note Administrator), the Note Administrator (in the case of the Trustee), the Operating Advisor; and without limiting the foregoing, neither the Trustee nor the Note Administrator shall be under any obligation to verify
compliance by (any party hereto with the terms of this Indenture (other than itself) to verify or independently determine the accuracy of information received by it from the Servicer or Special Servicer (or from any selling institution, agent bank,
trustee or similar source) with respect to the Mortgage Loans; 
 (k) to the extent any defined term hereunder, or any
calculation required to be made or determined by the Trustee or Note Administrator hereunder, is dependent upon or defined by reference to generally accepted accounting principles in the United States in effect from time to time
(“GAAP”), the Trustee and Note Administrator shall be entitled to request and receive (and rely upon) instruction from the Issuer or the accountants appointed pursuant to Section 10.12 as to the application
of GAAP in such connection, in any instance; 
 (l) neither the Trustee nor the Note Administrator shall have any
responsibility to the Issuer or the Secured Parties hereunder to make any inquiry or investigation as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants by the Issuer; 

  
 -91- 

 (m) the Trustee and the Note Administrator shall be entitled to all of the same
rights, protections, immunities and indemnities afforded to it as Trustee or as Note Administrator, as applicable, in each capacity for which it serves hereunder and under the Future Funding Agreement, the Future Funding Account Control Agreement
and the Securities Account Control Agreement (including, without limitation, as Secured Party, Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar);

 (n) in determining any affiliations of Noteholders with any party hereto or otherwise, each of the Trustee and the Note
Administrator shall be entitled to request and conclusively rely on a certification provided by a Noteholder; 
 (o) except
in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee or Note Administrator be liable for special, punitive, indirect or consequential loss or damage
of any kind whatsoever (including but not limited to lost profits), even if the Trustee or Note Administrator has been advised of the likelihood of such loss or damage and regardless of the form of action; 

(p) neither the Trustee nor the Note Administrator shall be required to give any bond or surety in respect of the execution of
the trusts created hereby or the powers granted hereunder; 
 (q) neither the Trustee nor the Note Administrator shall be
responsible for any delay or failure in performance resulting from acts beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war); provided that such delay or failure is not also a
result of its own negligence, bad faith or willful misconduct; 
 (r) except as otherwise expressly set forth in this
Indenture, Wells Fargo Bank, National Association, acting in any particular capacity hereunder or under the Servicing Agreement will not be deemed to be imputed with knowledge of (i) Wells Fargo Bank, National Association acting in a capacity
that is unrelated to the transactions contemplated by this Agreement, or (ii) Wells Fargo Bank, National Association acting in any other capacity hereunder, except, in the case of either clause (i) or clause (ii), where some or all of the
obligations performed in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank, National Association or where the groups or divisions responsible for performing the obligations in such
capacities have one or more of the same Responsible Officers; and 
 (s) nothing herein shall require the Note Administrator
or the Trustee to act in any manner that is contrary to applicable law. 
 Section 6.4 Not
Responsible for Recitals or Issuance of Notes. 
 The recitals contained herein and in the Notes, other than the
Certificate of Authentication thereon, shall be taken as the statements of the Issuer and the Co-Issuer, and neither the Trustee nor the Note Administrator assumes any responsibility for their correctness.
Neither the Trustee nor the Note Administrator makes any representation as to the validity or sufficiency of this Indenture, the Collateral or the Notes. Neither the Trustee nor the Note 

  
 -92- 

 
Administrator shall be accountable for the use or application by the Issuer or the Co-Issuer of the Notes or the proceeds thereof or any amounts paid to
the Issuer or the Co-Issuer pursuant to the provisions hereof. 

Section 6.5 May Hold Notes. 

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

Section 6.6 Amounts Held in Trust. 

Amounts held by the Note Administrator hereunder shall be held in trust to the extent required herein. The Note Administrator
shall be under no liability for interest on any amounts received by it hereunder except to the extent of income or other gain on investments received by the Note Administrator on Eligible Investments. 

Section 6.7 Compensation and Reimbursement. 

(a) The Issuer agrees: 

(i) to pay the Trustee and Note Administrator on each Payment Date in accordance with the Priority of Payments
reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee or note administrator of an express trust); 

(ii) except as otherwise expressly provided herein, to reimburse the Trustee and Note Administrator in a timely
manner upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee or Note Administrator in connection with its performance of its obligations under, or otherwise in accordance with any provision of this
Indenture; 
 (iii) to indemnify the Trustee or Note Administrator and its Officers, directors, employees and
agents for, and to hold them harmless against, any loss, liability or expense incurred without negligence, willful misconduct or bad faith on their part, arising out of or in connection with the acceptance or administration of this trust, including
the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder or under the Servicing Agreement or the Preferred Share Paying Agency Agreement,
including any costs and expenses incurred in connection with the enforcement of this indemnity; and 
 (iv)
to pay the Trustee and Note Administrator reasonable additional compensation together with its expenses (including reasonable counsel fees) for any collection action taken pursuant to Section 6.13 hereof. 

  
 -93- 

 (b) The Issuer may remit payment for such fees and expenses to the Trustee and
Note Administrator or, in the absence thereof, the Note Administrator may from time to time deduct payment of its and the Trustee’s fees and expenses hereunder from amounts on deposit in the Payment Account in accordance with the Priority of
Payments. 
 (c) The Note Administrator, in its capacity as Note Administrator, Paying Agent, Calculation Agent, Transfer
Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer, the Co-Issuer or any Permitted
Subsidiary until at least one year and one day (or, if longer, the applicable preference period then in effect) after the payment in full of all Notes issued under this Indenture. This provision shall survive termination of this Indenture. 

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

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

If on any Payment Date, an amount payable to the Trustee and Note Administrator pursuant to this Indenture is not paid because
there are insufficient funds available for the payment thereof, all or any portion of such amount not so paid shall be deferred and payable on any later Payment Date on which sufficient funds are available therefor in accordance with the Priority of
Payments. 
 Section 6.8 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee and a Note Administrator hereunder which shall be a corporation organized and doing
business under the laws of the United States of America or of any State thereof, authorized under such laws to exercise corporate trust powers, 

  
 -94- 

 
having a combined capital and surplus of at least U.S.$200,000,000, subject to supervision or examination by federal or State authority, having a long-term unsecured debt rating of at least
“A2” by Moody’s and a rating by KBRA equivalent to at least a “A2” rating by Moody’s; provided, that with respect to the Trustee, it may maintain a long-term unsecured debt rating of at least “Baa1” by
Moody’s and a rating by KBRA equivalent to at least a “Baa1” rating by Moody’s and a short-term unsecured debt rating of at least “P-2” by Moody’s and a rating by KBRA
equivalent to at least a “P-2” rating by Moody’s so long as the Servicer maintains a long-term unsecured debt rating of at least “A2” by Moody’s and a rating by KBRA equivalent to
at least a “A2” rating by Moody’s (the Servicer shall have no obligation to maintain such rating), or such other rating with respect to which the Rating Agencies have provided a No Downgrade Confirmation (provided that this proviso
shall not impose on the Servicer any obligation to maintain such rating), and having an office within the United States. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section 6.8, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee or the Note Administrator shall cease to be eligible in accordance with the provisions of this Section 6.8, the Trustee or the Note Administrator, as applicable,
shall resign immediately in the manner and with the effect hereinafter specified in this Article 6 

Section 6.9 Resignation and Removal; Appointment of Successor. 

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

(b) Each of the Trustee and the Note Administrator may resign at any time by giving written notice thereof to the Issuer, the Co-Issuer, the Servicer, the Special Servicer, the Operating Advisor, the Noteholders, the Note Administrator (in the case of the Trustee), the Trustee (in the case of the Note Administrator), and the Rating
Agencies. Upon receiving such notice of resignation, the Issuer and the Co-Issuer shall promptly appoint a successor trustee or trustees, or a successor Note Administrator, as the case may be, by written
instrument, in duplicate, executed by an Authorized Officer of the Issuer and an Authorized Officer of the Co-Issuer, one copy of which shall be delivered to the Note Administrator or the Trustee so resigning
and one copy to the successor Note Administrator, Trustee or Trustees, together with a copy to each Noteholder, the Servicer, the parties hereto and the Rating Agencies; provided that such successor Note Administrator and Trustee shall be
appointed only upon the written consent of a Majority of the Notes (or if there are no Notes Outstanding, a Majority of Preferred Shareholders) or, at any time when an Event of Default shall have occurred and be continuing or when a successor Note
Administrator and Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class. If no successor Note Administrator and Trustee shall have been appointed and an instrument of acceptance
by a successor Trustee or Note Administrator shall not have been delivered to the Trustee or the Note Administrator within 30 days after the giving of such notice of resignation, the resigning Trustee or Note Administrator, as the case may be, the
Controlling Class of Notes or any Holder of a Note, on behalf of himself and all others similarly situated, may petition any court of competent jurisdiction for the 

  
 -95- 

 
appointment of a successor Trustee or a successor Note Administrator, as the case may be, at the expense of the Issuer. No resignation or removal of the Note Administrator or the Trustee and no
appointment of a successor Note Administrator or Trustee will become effective until the acceptance of appointment by the successor Note Administrator or Trustee, as applicable. 

(c) The Note Administrator and Trustee may be removed at any time upon at least 30 days’ written notice by Act of a
Supermajority of the Notes (or if there are no Notes Outstanding, a Majority of Preferred Shareholders) or when a successor Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class,
in each case, upon written notice delivered to the parties hereto. 
 (d) If at any time: 

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

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

then, in any such case (subject to Section 6.9(a)), (a) the Issuer or the
Co-Issuer, by Issuer Order, may remove the Trustee or the Note Administrator, as applicable, or (b) subject to Section 5.15, a Majority of the Controlling Class or any
Holder may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee or the Note Administrator, as the case may be, and the appointment of a successor thereto. 

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

  
 -96- 

 
and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee or Note Administrator. 

(f) The Issuer and the Co-Issuer shall give prompt notice of each resignation and each
removal of the Trustee or Note Administrator and each appointment of a successor Trustee or Note Administrator by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies, the Preferred Share Paying Agent,
the Servicer, the parties hereto, and to the Holders of the Notes as their names and addresses appear in the Notes Register. Each notice shall include the name of the successor Trustee or Note Administrator, as the case may be, and the address of
its respective Corporate Trust Office. If the Issuer or the Co-Issuer fail to mail such notice within ten days after acceptance of appointment by the successor Trustee or Note Administrator, the successor
Trustee or Note Administrator shall cause such notice to be given at the expense of the Issuer or the Co-Issuer, as the case may be. 

(g) The resignation or removal of the Note Administrator in any capacity in which it is serving hereunder, including Note
Administrator, Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, shall be deemed a resignation or removal, as applicable, in each of the other
capacities in which it serves. 
 Section 6.10 Acceptance of Appointment by Successor. 

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

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

  
 -97- 

 Section 6.11 Merger, Conversion, Consolidation or
Succession to Business of Trustee and Note Administrator. 
 Any corporation or banking association into which the
Trustee or the Note Administrator may be merged or converted or with which it may be consolidated, or any corporation or banking association resulting from any merger, conversion or consolidation to which the Trustee or the Note Administrator, shall
be a party, or any corporation or banking association succeeding to all or substantially all of the corporate trust business of the Trustee or the Note Administrator, shall be the successor of the Trustee or the Note Administrator, as applicable,
hereunder; provided that with respect to the Trustee, such corporation or banking association shall be otherwise qualified and eligible under this Article 6, without the execution or filing of any paper or any further act on the part
of any of the parties hereto. In case any of the Notes have been authenticated, but not delivered, by the Note Administrator then in office, any successor by merger, conversion or consolidation to such authenticating Note Administrator may adopt
such authentication and deliver the Notes so authenticated with the same effect as if such successor Note Administrator had itself authenticated such Notes. 

Section 6.12 Co-Trustees and Separate Trustee. 

At any time or times, including, but not limited to, for the purpose of meeting the legal requirements of any jurisdiction in
which any part of the Collateral may at the time be located, for enforcement actions, or where a conflict of interest exists, the Trustee shall have power to appoint, one or more Persons to act as co-trustee
jointly with the Trustee or as a separate trustee with respect to of all or any part of the Collateral, with the power to file such proofs of claim and take such other actions pursuant to Section 5.6 herein and to make such
claims and enforce such rights of action on behalf of the Holders of the Notes as such Holders themselves may have the right to do, subject to the other provisions of this Section 6.12. 

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

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

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

  
 -98- 

 (b) the rights, powers, duties and obligations hereby conferred or imposed upon
the Trustee in respect of any property covered by the appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee jointly in the case of the appointment of a co-trustee as shall be provided in the instrument appointing such co-trustee,
except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be
exercised and performed by a co-trustee; 
 (c) the Trustee at any time, by an
instrument in writing executed by it, with the concurrence of the Issuer and the Co-Issuer evidenced by an Issuer Order, may accept the resignation of, or remove, any
co-trustee appointed under this Section 6.12, and in case an Event of Default has occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove,
any such co-trustee without the concurrence of the Issuer or the Co-Issuer. A successor to any co-trustee so resigned or removed
may be appointed in the manner provided in this Section 6.12; 
 (d) no co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee hereunder, and any co-trustee hereunder shall be entitled to all the
privileges, rights and immunities under Article 6 hereof, as if it were named the Trustee hereunder; 
 (e) except as
required by applicable law, the appointment of a co-trustee or separate trustee under this Section 6.12 shall not relieve the Trustee of its duties and responsibilities hereunder; and

 (f) any Act of Securityholders delivered to the Trustee shall be deemed to have been delivered to each co-trustee. 
 Section 6.13 Direction to enter into the Servicing
Agreement.  
 The Issuer hereby directs the Trustee and the Note Administrator to enter into the Servicing
Agreement. Each of the Trustee and the Note Administrator shall be entitled to the same rights, protections, immunities and indemnities afforded to each herein in connection with any matter contained in the Servicing Agreement. 

Section 6.14 Representations and Warranties of the Trustee. 

The Trustee represents and warrants for the benefit of the other parties to this Indenture and the parties to the Servicing
Agreement that: 
 (a) the Trustee is a national banking association with trust powers, duly and validly existing under the
laws of the United States of America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and is duly eligible and qualified to act as Trustee under this Indenture and
the Servicing Agreement; 

  
 -99- 

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

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

(d) there are no proceedings pending or, to the best knowledge of the Trustee, threatened against the Trustee before any
Federal, state or other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Collateral or the performance by the Trustee of its
obligations under this Indenture or the Servicing Agreement. 
 Section 6.15 Representations and
Warranties of the Note Administrator. 
 The Note Administrator represents and warrants for the benefit of the other
parties to this Indenture and the parties to the Servicing Agreement that: 
 (a) the Note Administrator is a national
banking association with trust powers, duly and validly existing under the laws of the United States of America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and
is duly eligible and qualified to act as Note Administrator under this Indenture and the Servicing Agreement; 
 (b) this
Indenture and the Servicing Agreement have each been duly authorized, executed and delivered by the Note Administrator and each constitutes the valid and binding obligation of the Note Administrator, enforceable against it in accordance with its
terms except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation, receivership, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights
generally and by general equitable principles, regardless of whether considered in a proceeding in equity or at law, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable
defenses and to the discretion of the court before which any proceeding therefor may be brought; 
 (c) neither the
execution, delivery and performance of this Indenture of the Servicing Agreement, nor the consummation of the transactions contemplated by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Note Administrator to
obtain any 

  
 -100- 

 
consent, authorization, approval or registration under, any law, statute, rule, regulation, or any judgment, order, writ, injunction or decree that is binding upon the Note Administrator or any
of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of the Note Administrator; and 

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

Section 6.16 Requests for Consents.  

In the event that the Trustee and Note Administrator receives written notice of any offer or any request for a waiver,
consent, amendment or other modification with respect to any Mortgage Asset (before or after any default) or in the event any action is required to be taken in respect to an Asset Document, the Note Administrator shall promptly forward such notice
to the Issuer, the Servicer and the Special Servicer. The Special Servicer shall take such action as required under the Servicing Agreement as described in Section 10.10(f). 

Section 6.17 Withholding. 

(a) If any amount is required to be deducted or withheld from any payment to any Noteholder, such amount shall reduce the
amount otherwise distributable to such Noteholder. The Note Administrator is hereby authorized to withhold or deduct from amounts otherwise distributable to any Noteholder sufficient funds for the payment of any tax that is legally required to be
withheld or deducted (but such authorization shall not prevent the Note Administrator from contesting any such tax in appropriate proceedings and legally withholding payment of such tax, pending the outcome of such proceedings). The amount of any
withholding tax imposed with respect to any Noteholder shall be treated as Cash distributed to such Noteholder at the time it is deducted or withheld by the Issuer or the Note Administrator, as applicable, and remitted to the appropriate taxing
authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Note Administrator may in its sole discretion withhold such amounts in accordance with this Section 6.17. The Issuer
and the Co-Issuer agree to timely provide to the Note Administrator accurate and complete copies of all documentation received from Noteholders pursuant to Sections 2.7(f) and 2.11(c). Solely
with respect to FATCA compliance and reporting, nothing herein shall impose an obligation on the part of the Note Administrator to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Notes. In
addition, initial purchasers and transferees of Definitive Notes after the Closing Date will be required to provide to the Issuer, the Trustee, the Note Administrator, or their agents, all information, documentation or certifications reasonably
required to permit the Issuer to comply with its tax reporting obligations under applicable law, including any applicable cost basis reporting obligation. For the avoidance of doubt, the Note Administrator will have no responsibility for the
preparation of any tax returns or related reports on behalf of or for the benefit of the Issuer or any noteholder, or the calculation of any original issue discount on the Notes. 

  
 -101- 

 (b) For the avoidance of doubt, the Note Administrator shall reasonably cooperate
with Issuer, at Issuer’s direction and expense, to permit Issuer to fulfill its obligations under FATCA; provided that the Note Administrator shall have no independent obligation to cause or maintain Issuer’s compliance with FATCA
and shall have no liability for any withholding on payments to Issuer as a result of Issuer’s failure to achieve or maintain FATCA compliance. 

ARTICLE 7 
 COVENANTS

 Section 7.1 Payment of Principal and Interest. 

The Issuer and the Co-Issuer shall duly and punctually pay the principal of and
interest on each Class of Notes in accordance with the terms of this Indenture. Amounts properly withheld under the Code or other applicable law by any Person from a payment to any Noteholder of interest and/or principal shall be considered as
having been paid by the Issuer and the Co-Issuer, and, with respect to the Preferred Shares, by the Issuer, to such Preferred Shareholder for all purposes of this Indenture. 

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

Section 7.2 Maintenance of Office or Agency. 

The Co-Issuers hereby appoint the Note Administrator as a Paying Agent for the payment
of principal of and interest on the Notes and where Notes may be surrendered for registration of transfer or exchange and the Issuer hereby appoints Corporation Service Company in New York, New York, as its agent where notices and demands to or upon
the Issuer in respect of the Notes or this Indenture may be served. 
 The Issuer may at any time and from time to time vary
or terminate the appointment of any such agent or appoint any additional agents for any or all of such purposes; provided, however, that the Issuer will maintain in the Borough of Manhattan, The City of New York, an office or
agency where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served, and, subject to any laws or regulations applicable thereto, an office or agency outside of the United States where Notes may be
presented and surrendered for payment; provided, further, that no paying agent shall be appointed in a jurisdiction which subjects payments on the Notes to withholding tax. The Issuer shall give prompt written notice to the
Trustee, the Note Administrator, the Rating Agencies and the Noteholders of the appointment or termination of any such agent and of the location and any change in the location of any such office or agency. 

  
 -102- 

 If at any time the Issuer shall fail to maintain any such required office or
agency in the Borough of Manhattan, The City of New York, or outside the United States, or shall fail to furnish the Trustee and the Note Administrator with the address thereof, presentations and surrenders may be made (subject to the limitations
described in the preceding paragraph) at and notices and demands may be served on the Issuer and Co-Issuer and Notes may be presented and surrendered for payment to the appropriate Paying Agent at its main
office and the Issuer and the Co-Issuer hereby appoint the same as their agent to receive such respective presentations, surrenders, notices and demands. 

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

(a) All payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the
Payment Account shall be made on behalf of the Issuer and the Co-Issuer by the Note Administrator or a Paying Agent (in each case, from and to the extent of available funds in the Payment Account and subject
to the Priority of Payments) with respect to payments on the Notes. 
 When the Paying Agent is not also the Notes
Registrar, the Issuer and the Co-Issuer shall furnish, or cause the Notes Registrar to furnish, no later than the fifth calendar day after each Record Date a list, if necessary, in such form as such Paying
Agent may reasonably request, of the names and addresses of the Holders of Notes and of the certificate numbers of individual Notes held by each such Holder together with wiring instructions, contact information, and such other information
reasonably required by the paying agent. 
 Whenever the Paying Agent is not also the Note Administrator, the Issuer, the Co-Issuer, and such Paying Agent shall, on or before the Business Day next preceding each Payment Date or Redemption Date, as the case may be, direct the Note Administrator to deposit on such Payment Date with such
Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due pursuant to the terms of this Indenture (to the extent funds are then available for such purpose in the Payment Account, and subject to the Priority of
Payments), such sum to be held for the benefit of the Persons entitled thereto and (unless such Paying Agent is the Note Administrator) the Issuer and the Co-Issuer shall promptly notify the Note Administrator
of its action or failure so to act. Any amounts deposited with a Paying Agent (other than the Note Administrator) in excess of an amount sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit was made shall
be paid over by such Paying Agent to the Note Administrator for application in accordance with Article 11. Any such Paying Agent shall be deemed to agree by assuming such role not to cause the filing of a petition in bankruptcy against the
Issuer, the Co-Issuer or any Permitted Subsidiary for the non-payment to the Paying Agent of any amounts payable thereto until at least one year and one day (or, if
longer, the applicable preference period then in effect) after the payment in full of all Notes issued under this Indenture. 

The initial Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying
Agents shall be appointed by Issuer Order of the Issuer and Issuer Order of the Co-Issuer and at the sole cost and expense (including such Paying Agent’s fee) of the Issuer and the Co-Issuer, with written notice thereof to the Note Administrator; provided, however, that so long as any Class of the Notes are rated by a Rating Agency and with respect to any additional
or 

  
 -103- 

 
successor Paying Agent for the Notes, either (i) such Paying Agent has a long-term unsecured debt rating of “Aa3” or higher by Moody’s or (ii) each of the Rating Agencies
confirms that employing such Paying Agent shall not adversely affect the then-current ratings of the Notes. In the event that such successor Paying Agent ceases to have a long-term debt rating of “Aa3” or higher by Moody’s, the Issuer
and the Co-Issuer shall promptly remove such Paying Agent and appoint a successor Paying Agent. The Issuer and the Co-Issuer shall not appoint any Paying Agent that is
not, at the time of such appointment, a depository institution or trust company subject to supervision and examination by federal and/or state and/or national banking authorities. The Issuer and the Co-Issuer
shall cause the Paying Agent other than the Note Administrator to execute and deliver to the Note Administrator an instrument in which such Paying Agent shall agree with the Note Administrator (and if the Note Administrator acts as Paying Agent, it
hereby so agrees), subject to the provisions of this Section 7.3, that such Paying Agent will: 

(i) allocate all sums received for payment to the Holders of Notes in accordance with the terms of this
Indenture; 
 (ii) hold all sums held by it for the payment of amounts due with respect to the Notes for the
benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(iii) if such Paying Agent is not the Note Administrator, immediately resign as a Paying Agent and forthwith
pay to the Note Administrator all sums held by it for the payment of Notes if at any time it ceases to satisfy the standards set forth above required to be met by a Paying Agent at the time of its appointment; 

(iv) if such Paying Agent is not the Note Administrator, immediately give the Note Administrator notice of any
Default by the Issuer or the Co-Issuer (or any other obligor upon the Notes) in the making of any payment required to be made; and 

(v) if such Paying Agent is not the Note Administrator at any time during the continuance of any such Default,
upon the written request of the Note Administrator, forthwith pay to the Note Administrator all sums so held by such Paying Agent. 

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

Except as otherwise required by applicable law, any amounts deposited with the Note Administrator in trust or deposited with
the Paying Agent for the payment of the principal of or interest on any Note and remaining unclaimed for two years after such principal or interest 

  
 -104- 

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

Section 7.4 Existence of the Issuer and Co-Issuer. 

(a) So long as any Note is Outstanding, the Issuer shall, to the maximum extent permitted by applicable law, maintain in full
force and effect its existence and rights as an exempted company incorporated with limited liability under the laws of the Cayman Islands and shall obtain and preserve its qualification to do business as a foreign limited liability company in each
jurisdiction in which such qualifications are or shall be necessary to protect the validity and enforceability of this Indenture, the Notes or any of the Collateral; provided that the Issuer shall be entitled to change its jurisdiction of
registration from the Cayman Islands to any other jurisdiction reasonably selected by the Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the Notes or the Preferred Shares, (ii) it
delivers written notice of such change to the Note Administrator for delivery to the Holders of the Notes or Preferred Shares, the Preferred Share Paying Agent and the Rating Agencies and (iii) on or prior to the fifteenth (15th) Business Day
following delivery of such notice by the Note Administrator to the Noteholders, the Note Administrator shall not have received written notice from a Majority of the Controlling Class or a Majority of Preferred Shareholders objecting to such
change. So long as any Rated Notes are Outstanding, the Issuer will maintain at all times at least one director who is Independent of the Special Servicer and its Affiliates. 

(b) So long as any Note is Outstanding, the Co-Issuer shall maintain in full force and
effect its existence and rights as a limited liability company organized under the laws of Delaware and shall obtain and preserve its qualification to do business as a foreign limited liability company in each jurisdiction in which such
qualifications are or shall be necessary to protect the validity and enforceability of this Indenture or the Notes; provided, however, that the Co-Issuer shall be entitled to change its
jurisdiction of formation from Delaware to any other jurisdiction reasonably selected by the Co-Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the
Notes, (ii) it delivers written notice of such change to the Note Administrator for delivery to the Holders of the Notes and the Rating Agencies and (iii) on or prior to the fifteenth (15th) Business Day following such delivery of such
notice by the Note Administrator to the Noteholders, the Note Administrator shall not have received written notice from a Majority of the Controlling Class objecting to such change. So long as any Rated Notes are Outstanding, the Co-Issuer will maintain at all times at least one director who is Independent of the Special Servicer and its Affiliates. 

  
 -105- 

 (c) So long as any Note is Outstanding, the Issuer shall ensure that all
corporate or other formalities regarding its existence are followed (including correcting any known misunderstanding regarding its separate existence). So long as any Note is Outstanding, the Issuer shall not take any action or conduct its affairs
in a manner that is likely to result in its separate existence being ignored or its Collateral and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. So long as any Note
is Outstanding, the Issuer shall maintain and implement administrative and operating procedures reasonably necessary in the performance of the Issuer’s obligations hereunder, and the Issuer shall at all times keep and maintain, or cause to be
kept and maintained, separate books, records, accounts and other information customarily maintained for the performance of the Issuer’s obligations hereunder. Without limiting the foregoing, so long as any Note is Outstanding, (i) the
Issuer shall (A) pay its own liabilities only out of its own funds and (B) use separate stationery, invoices and checks, (C) hold itself out and identify itself as a separate and distinct entity under its own name; (D) not
commingle its assets with assets of any other Person; (E) hold title to its assets in its own name; (F) maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and not
have its assets listed on any financial statement of any other Person; provided, however, that the Issuer’s assets may be included in a consolidated financial statement of its Affiliate provided that (1) appropriate notation shall be made
on such consolidated financial statements to indicate the separateness of the Issuer from such Affiliate and to indicate that the Issuer’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any
other Person and (2) such assets shall also be listed on the Issuer’s own balance sheet; (G) not guarantee any obligation of any Person, including any Affiliate or become obligated for the debts of any other Person or hold out its
credit or assets as being available to satisfy the obligations of others; (H) allocate fairly and reasonably any overhead expenses, including for shared office space; (I) not have its obligations guaranteed by any Affiliate; (J) not
pledge its assets to secure the obligations of any other Person; (K) correct any known misunderstanding regarding its separate identity; (L) maintain adequate capital in light of its contemplated business purpose, transactions and
liabilities; (M) not acquire any securities of any Affiliate of the Issuer; and (N) not own any asset or property other than property arising out of the actions permitted to be performed under the Transaction Documents; and (ii) the
Issuer shall not (A) have any subsidiaries (other than a Permitted Subsidiary and, in the case of the Issuer, the Co-Issuer); (B) engage, directly or indirectly, in any business other than the actions
required or permitted to be performed under the Transaction Documents; (C) engage in any transaction with any shareholder that is not permitted under the terms of the Servicing Agreement; (D) pay dividends other than in accordance with the
terms of this Indenture, its governing documents and the Preferred Share Paying Agency Agreement; (E) conduct business under an assumed name (i.e., no “DBAs”); (F) incur, create or assume any indebtedness other than as
expressly permitted under the Transaction Documents; (G) enter into any contract or agreement with any of its Affiliates, except upon terms and conditions that are commercially reasonable and substantially similar to those available in arm’s-length transactions; provided that the foregoing shall not prohibit the Issuer from entering into the transactions contemplated by the Company Administration Agreement with the Company
Administrator, the Preferred Share Paying Agency Agreement with the Share Registrar and any other agreement contemplated or permitted by the Servicing Agreement or this Indenture; (H) make or permit to remain outstanding any loan or advance to,
or own or acquire any stock or securities of, any Person, except that the Issuer may invest in those investments permitted under 

  
 -106- 

 
the Transaction Documents and may make any advance required or expressly permitted to be made pursuant to any provisions of the Transaction Documents and permit the same to remain outstanding in
accordance with such provisions; (I) to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, asset sale or transfer of ownership interests other than such activities as are expressly permitted
pursuant to any provision of the Transaction Documents. 
 (d) So long as any Note is Outstanding, the Co-Issuer shall ensure that all limited liability company or other formalities regarding its existence are followed, as well as correcting any known misunderstanding regarding its separate existence. The Co-Issuer shall not take any action or conduct its affairs in a manner, that is likely to result in its separate existence being ignored or its Collateral and liabilities being substantively consolidated with any
other Person in a bankruptcy, reorganization or other insolvency proceeding. The Co-Issuer shall maintain and implement administrative and operating procedures reasonably necessary in the performance of the Co-Issuer’s obligations hereunder, and the Co-Issuer shall at all times keep and maintain, or cause to be kept and maintained, books, records, accounts and other
information customarily maintained for the performance of the Co-Issuer’s obligations hereunder. Without limiting the foregoing, the Co-Issuer shall not
(A) have any subsidiaries, (B) have any employees (other than its managers), (C) join in any transaction with any member that is not permitted under the terms of the Servicing Agreement or this Indenture, (D) pay dividends other than
in accordance with the terms of this Indenture, (E) commingle its funds or Collateral with those of any other Person, or (F) enter into any contract or agreement with any of its Affiliates, except upon terms and conditions that are
commercially reasonable and substantially similar to those available in arm’s-length transactions with an unrelated party. 

Section 7.5 Protection of Collateral. 

(a) The Note Administrator, at the expense of the Issuer, upon receipt of any Opinion of Counsel received pursuant to
Section 7.5(d) shall execute and deliver all such Financing Statements, continuation statements, instruments of further assurance and other instruments, and may take such other action as may be necessary or advisable or
desirable to secure the rights and remedies of the Secured Parties hereunder and to: 
 (i) Grant more
effectively all or any portion of the Collateral; 
 (ii) maintain or preserve the lien (and the priority
thereof) of this Indenture or to carry out more effectively the purposes hereof; 
 (iii) perfect, publish
notice of or protect the validity of any Grant made or to be made by this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations); 

(iv) cooperate with the Servicer and the Special Servicer with respect to enforcement on any of the Mortgage
Assets or enforce on any other instruments or property included in the Collateral; 
 (v) instruct the
Special Servicer to preserve and defend title to the Mortgage Assets and preserve and defend title to the other Collateral and the rights of the Trustee, 

  
 -107- 

 
the Holders of the Notes in the Collateral against the claims of all persons and parties; and 

(vi) pursuant to Sections 11.1(a)(i)(1) and 11.1(a)(ii)(1), pay or cause to be paid any and all
taxes levied or assessed upon all or any part of the Collateral. 
 The Issuer hereby designates the Note Administrator as
its agent and attorney-in-fact to execute any Financing Statement, continuation statement or other instrument required pursuant to this
Section 7.5. The Note Administrator agrees that it will from time to time execute and cause such Financing Statements and continuation statements to be filed (it being understood that the Note Administrator shall be
entitled to rely upon an Opinion of Counsel described in Section 7.5(d), at the expense of the Issuer, as to the need to file such Financing Statements and continuation statements, the dates by which such filings are
required to be made and the jurisdictions in which such filings are required to be made). 
 (b) Neither the Trustee nor the
Note Administrator shall (except in accordance with Section 10.12(a), (b) or (c) and except for payments, deliveries and distributions otherwise expressly permitted under this Indenture) cause or permit
the Custodial Account or the Custodian to be located in a different jurisdiction from the jurisdiction in which the Custodian was located on the Closing Date, unless the Trustee or the Note Administrator, as applicable, shall have first received an
Opinion of Counsel to the effect that the lien and security interest created by this Indenture with respect to such property will continue to be maintained after giving effect to such action or actions. 

(c) The Issuer shall (i) pay or cause to be paid taxes, if any, levied on account of the beneficial ownership by the
Issuer of any Collateral that secure the Notes and timely file all tax returns and information statements as required, (ii) take all actions necessary or advisable to prevent the Issuer from becoming subject to any withholding or other taxes or
assessments and to allow the Issuer to comply with FATCA, and (iii) if required to prevent the withholding or imposition of United States income tax, deliver or cause to be delivered a United States IRS Form
W-9 (or the applicable IRS Form W-8, if appropriate) or successor applicable form, to each borrower, counterparty or paying agent with respect to (as applicable) an item
included in the Collateral at the time such item is purchased or entered into and thereafter prior to the expiration or obsolescence of such form. 

(d) For so long as the Notes are Outstanding, on or about September 2022 and every 55 months thereafter, the Issuer shall
deliver to the Trustee and the Note Administrator, for the benefit of the Trustee, the Note Administrator and the Rating Agencies, at the expense of the Issuer, an Opinion of Counsel stating what is required, in the opinion of such counsel, as of
the date of such opinion, to maintain the lien and security interest created by this Indenture with respect to the Collateral, and confirming the matters set forth in the Opinion of Counsel, furnished pursuant to
Section 3.1(d), with regard to the perfection and priority of such security interest (and such Opinion of Counsel may likewise be subject to qualifications and assumptions similar to those set forth in the Opinion of
Counsel delivered pursuant to Section 3.1(d)). 

  
 -108- 

 Section 7.6 Notice of Any Amendments. 

Each of the Issuer and the Co-Issuer shall give notice to the 17g-5 Information Provider of, and satisfy the Rating Agency Condition with respect to, any amendments to its Governing Documents. 

Section 7.7 Performance of Obligations. 

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

(b) The Issuer or the Co-Issuer may, with the prior written consent of the Majority of
the Notes (or if there are no Notes Outstanding, a Majority of Preferred Shareholders), contract with other Persons, including the Servicer, the Special Servicer, the Note Administrator, or the Trustee, for the performance of actions and obligations
to be performed by the Issuer or the Co-Issuer, as the case may be, hereunder by such Persons and the performance of the actions and other obligations with respect to the Collateral of the nature set forth in
the Indenture. Notwithstanding any such arrangement, the Issuer or the Co-Issuer, as the case may be, shall remain primarily liable with respect thereto. In the event of such contract, the performance of such
actions and obligations by such Persons shall be deemed to be performance of such actions and obligations by the Issuer or the Co-Issuer; and the Issuer or the Co-Issuer
shall punctually perform, and use commercially reasonable efforts to cause the Servicer, the Special Servicer or such other Person to perform, all of their obligations and agreements contained in the Indenture or such other agreement. 

(c) Unless the Rating Agency Condition is satisfied with respect thereto, the Issuer shall maintain the Servicing Agreement in
full force and effect so long as any Notes remain Outstanding and shall not terminate the Servicing Agreement with respect to any Mortgage Asset except upon the sale or other liquidation of such Mortgage Asset in accordance with the terms and
conditions of this Indenture. 
 (d) If the Co-Issuers receive a notice from the
Rating Agencies stating that they are not in compliance with Rule 17g-5, the Co-Issuers shall take such action as mutually agreed between the Co-Issuers and the Rating Agencies in order to comply with Rule 17g-5. 

Section 7.8 Negative Covenants. 

(a) The Issuer and the Co-Issuer shall not: 

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

  
 -109- 

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

(iii) (A) incur or assume or guarantee any indebtedness, other than the Notes and this Indenture and the
transactions contemplated hereby; (B) issue any additional class of securities, other than the Notes, the Preferred Shares, the ordinary shares of the Issuer and the limited liability company membership interests of the Co-Issuer; or (C) issue any additional shares of stock, other than the ordinary shares of the Issuer and the Preferred Shares; 

(iv) (A) permit the validity or effectiveness of this Indenture or any Grant hereunder to be impaired, or
permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Indenture or the Notes, except as may be expressly
permitted hereby; (B) permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part
thereof, any interest therein or the proceeds thereof, except as may be expressly permitted hereby; or (C) take any action that would permit the lien of this Indenture not to constitute a valid first priority security interest in the
Collateral, except as may be expressly permitted hereby; 
 (v) amend the Servicing Agreement, except
pursuant to the terms thereof; 
 (vi) amend the Preferred Share Paying Agency Agreement, except pursuant to
the terms thereof; 
 (vii) to the maximum extent permitted by applicable law, dissolve or liquidate in whole
or in part, except as permitted hereunder; 
 (viii) make or incur any capital expenditures, except as
reasonably required to perform its functions in accordance with the terms of this Indenture and, in the case of the Issuer, the Preferred Share Paying Agency Agreement; 

(ix) become liable in any way, whether directly or by assignment or as a guarantor or other surety, for the
obligations of the lessee under any lease, hire any employees or pay any dividends to its shareholders, except with respect to the Preferred Shares in accordance with the Priority of Payments; 

(x) maintain any bank accounts other than the Accounts and the bank account in the Cayman Islands in which
(inter alia) the proceeds of the Issuer’s issued share capital and the transaction fees paid to the Issuer for agreeing to issue the Securities will be kept; 

  
 -110- 

 (xi) conduct business under an assumed name, or change its name
without first delivering at least 30 days’ prior written notice to the Trustee, the Note Administrator, the Noteholders and the Rating Agencies and an Opinion of Counsel to the effect that such name change will not adversely affect the security
interest hereunder of the Trustee or the Secured Parties; 
 (xii) take any action that would result in it
failing to qualify as a Qualified REIT Subsidiary or other disregarded entity of TRTX for U.S. federal income tax purposes (including, but not limited to, an election to treat the Issuer as a “taxable REIT subsidiary,” as defined in
Section 856(l) of the Code), unless (A) based on an Opinion of Counsel of Dechert LLP, Vinson & Elkins LLP or another nationally-recognized tax counsel experienced in such matters, the Issuer will be treated as a Qualified REIT
Subsidiary or other disregarded entity of a REIT other than TRTX, or (B) based on an Opinion of Counsel of Dechert LLP, Vinson & Elkins LLP or another nationally-recognized tax counsel experienced in such matters, the Issuer will be
treated as a foreign corporation that is not engaged in a trade or business within the United States for U.S. federal income tax purposes; 

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

(xiv) amend their respective organizational documents without satisfaction of the Rating Agency Condition in
connection therewith. 
 (b) Neither the Issuer nor the Trustee shall sell, transfer, exchange or otherwise dispose of
Collateral, or enter into or engage in any business with respect to any part of the Collateral, except as expressly permitted or required by this Indenture or the Servicing Agreement. 

(c) The Co-Issuer shall not invest any of its Collateral in “securities” (as
such term is defined in the 1940 Act) and shall keep all of the Co-Issuer’s Collateral in Cash. 

(d) For so long as any of the Notes are Outstanding, the Co-Issuer shall not issue any
limited liability company membership interests of the Co-Issuer to any Person other than TRTX or a wholly-owned subsidiary of TRTX. 

(e) The Issuer shall not enter into any material new agreements (other than any Mortgage Asset Purchase Agreement or other
agreement contemplated by this Indenture) (including, without limitation, in connection with the sale of Collateral by the Issuer) without the prior written consent of the Holders of at least a Majority of the Notes (or if there are no Notes
Outstanding, a Majority of Preferred Shareholders) and shall provide notice of all new agreements (other than any Mortgage Asset or other agreement specifically contemplated by this Indenture) to the Holders of the Notes. The foregoing
notwithstanding, the Issuer may agree to any material new agreements; provided that (i) the Issuer determines that such new agreements 

  
 -111- 

 
would not, upon becoming effective, adversely affect the rights or interests of any Class or Classes of Noteholders and (ii) subject to satisfaction of the Rating Agency Condition. 

(f) As long as any Offered Note is Outstanding, Retention Holder may not transfer (whether by means of actual transfer or a
transfer of beneficial ownership for U.S. federal income tax purposes), pledge or hypothecate any of the Retained Securities, any repurchased Notes or ordinary shares of the Issuer to any Person (except to an affiliate that is wholly-owned by TRTX
and is disregarded for U.S. federal income tax purposes) unless the Issuer receives an opinion of Dechert LLP, Vinson & Elkins LLP or another nationally recognized tax counsel experienced in such matters that such transfer, pledge or
hypothecation will not cause the Issuer to be treated as a foreign corporation engaged in a trade or business within the United States for U.S. federal income tax purposes or otherwise to become subject to U.S. federal income tax on a net basis
(such opinion, a “No Entity-Level Tax Opinion”) (or has previously received an opinion of Dechert LLP, Vinson & Elkins LLP or another nationally recognized tax counsel experienced in such matters that the Issuer will be
treated as a foreign corporation that is not engaged in a trade or business within the United States for U.S. federal income tax purposes) which opinion may be conditioned, in each case, on compliance with certain restrictions on the investment or
other activities of the Issuer and the Servicer on behalf of the Issuer. 
 (g) Any financing arrangement pursuant to
Section 7.8(f) shall prohibit any further transfer (whether by means of actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes) of the Retained Securities and Issuer Ordinary Shares,
including a transfer in connection with any exercise of remedies under such financing unless the Issuer receives a No Entity-Level Tax Opinion. 

Section 7.9 Statement as to Compliance. 

On or before January 31, in each calendar year, commencing in 2019 or immediately if there has been a Default in the
fulfillment of an obligation under this Indenture, the Issuer shall deliver to the Trustee, the Note Administrator and the 17g-5 Information Provider an Officer’s Certificate given on behalf of the Issuer
and without personal liability stating, as to each signer thereof, that, since the date of the last certificate or, in the case of the first certificate, the Closing Date, to the best of the knowledge, information and belief of such Officer, the
Issuer has fulfilled all of its obligations under this Indenture or, if there has been a Default in the fulfillment of any such obligation, specifying each such Default known to them and the nature and status thereof. 

Section 7.10 Issuer and Co-Issuer May Consolidate or Merge Only
on Certain Terms. 
 (a) The Issuer shall not consolidate or merge with or into any other Person or transfer or convey
all or substantially all of its Collateral to any Person, unless permitted by the Governing Documents and Cayman Islands law and unless: 

(i) the Issuer shall be the surviving entity, or the Person (if other than the Issuer) formed by such
consolidation or into which the Issuer is merged or to which all or 

  
 -112- 

 
substantially all of the Collateral of the Issuer are transferred shall be an entity incorporated or formed and existing under the laws of the Cayman Islands or such other jurisdiction approved
by a Majority of each and every Class of the Notes (each voting as a separate Class), and a Majority of Preferred Shareholders; provided that no such approval shall be required in connection with any such transaction undertaken solely to
effect a change in the jurisdiction of registration pursuant to Section 7.4 hereof; and provided, further, that the surviving entity shall expressly assume, by an indenture supplemental hereto, executed
and delivered to the Trustee, the Note Administrator, and each Noteholder, the due and punctual payment of the principal of and interest on all Notes and other amounts payable hereunder and under the Servicing Agreement and the performance and
observance of every covenant of this Indenture and the Servicing Agreement on the part of the Issuer to be performed or observed, all as provided herein; 

(ii) the Rating Agency Condition shall be satisfied; 

(iii) if the Issuer is not the surviving entity, the Person formed by such consolidation or into which the
Issuer is merged or to which all or substantially all of the Collateral of the Issuer are transferred shall have agreed with the Trustee and the Note Administrator (A) to observe the same legal requirements for the recognition of such formed or
surviving entity as a legal entity separate and apart from any of its affiliates as are applicable to the Issuer with respect to its affiliates and (B) not to consolidate or merge with or into any other Person or transfer or convey all or
substantially all of the Collateral or all or substantially all of its Collateral to any other Person except in accordance with the provisions of this Section 7.10, unless in connection with a sale of the Collateral
pursuant to Article 5, Article 9 or Article 12; 
 (iv) if the Issuer
is not the surviving entity, the Person formed by such consolidation or into which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer are transferred shall have delivered to the Trustee, the Note Administrator,
the Servicer, the Special Servicer, the Operating Advisor and the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and in good standing in the jurisdiction in
which such Person is organized; that such Person has sufficient power and authority to assume the obligations set forth in Section 7.10(a)(i) above and to execute and deliver an indenture supplemental hereto for the purpose
of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of an indenture supplemental hereto for the purpose of assuming such obligations and that such supplemental indenture is a valid, legal and
binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); that, immediately following the event which causes such Person to become the successor to the Issuer, (A) such Person has good and marketable
title, free and clear of any lien, security interest or charge, other than the lien and security interest of this Indenture, to the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Notes or, in the case of any
transfer or conveyance of the Collateral securing any of the Notes, such Notes, (B) the Trustee 

  
 -113- 

 
continues to have a valid perfected first priority security interest in the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Notes, or, in the case of any
transfer or conveyance of the Collateral securing any of the Notes, such Notes and (C) such other matters as the Trustee, the Note Administrator, or any Noteholder may reasonably require; 

(v) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and
be continuing; 
 (vi) the Issuer shall have delivered to the Trustee, the Note Administrator, the Preferred
Share Paying Agent and each Noteholder, an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture comply with this Article 7
and that all conditions precedent in this Article 7 provided for relating to such transaction have been complied with; 

(vii) the Issuer has received an opinion from Dechert LLP, Vinson & Elkins LLP or an opinion of other
nationally recognized U.S. tax counsel experienced in such matters that the Issuer or the Person referred to in clause (a) either will (a) be treated as a Qualified REIT Subsidiary or disregarded entity of a REIT for U.S. federal income
tax purposes or (b) be treated as a foreign corporation not engaged in a trade or business within the United States for U.S. federal income tax purposes or otherwise not subject to U.S. federal income tax on a net basis; 

(viii) the Issuer has received an opinion from Dechert LLP, Vinson & Elkins LLP or an opinion of other
nationally recognized U.S. tax counsel experienced in such matters that such action will not adversely affect the tax treatment of the Noteholders as described in the Offering Memorandum under the heading “Certain U.S. Federal Income Tax
Considerations” to any material extent; and 
 (ix) after giving effect to such transaction, the Issuer
shall not be required to register as an investment company under the 1940 Act. 
 (b) The
Co-Issuer shall not consolidate or merge with or into any other Person or transfer or convey all or substantially all of its Collateral to any Person, unless no Notes remain Outstanding or: 

(i) the Co-Issuer shall be the surviving entity, or the Person (if
other than the Co-Issuer) formed by such consolidation or into which the Co-Issuer is merged or to which all or substantially all of the Collateral of the Co-Issuer are transferred shall be a company organized and existing under the laws of Delaware or such other jurisdiction approved by a Majority of the Controlling Class; provided that no such approval shall
be required in connection with any such transaction undertaken solely to effect a change in the jurisdiction of formation pursuant to Section 7.4; and provided, further, that the surviving entity shall
expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, the Note Administrator, and each Noteholder, the due and punctual payment of the principal of and interest on all Notes and the performance and

  
 -114- 

 
observance of every covenant of this Indenture on the part of the Co-Issuer to be performed or observed, all as provided herein; 

(ii) the Rating Agency Condition has been satisfied; 

(iii) if the Co-Issuer is not the surviving entity, the Person formed
by such consolidation or into which the Co-Issuer is merged or to which all or substantially all of the Collateral of the Co-Issuer are transferred shall have agreed
with the Trustee and the Note Administrator (A) to observe the same legal requirements for the recognition of such formed or surviving entity as a legal entity separate and apart from any of its affiliates as are applicable to the Co-Issuer with respect to its affiliates and (B) not to consolidate or merge with or into any other Person or transfer or convey all or substantially all of its Collateral to any other Person except in
accordance with the provisions of this Section 7.10; 
 (iv) if the Co-Issuer is not the surviving entity, the Person formed by such consolidation or into which the Co-Issuer is merged or to which all or substantially all of the Collateral of
the Co-Issuer are transferred shall have delivered to the Trustee, the Note Administrator and the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such Person is duly
organized, validly existing and in good standing in the jurisdiction in which such Person is organized; that such Person has sufficient power and authority to assume the obligations set forth in Section 7.10(b)(i) above and
to execute and deliver an indenture supplemental hereto for the purpose of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of an indenture supplemental hereto for the purpose of assuming such
obligations and that such supplemental indenture is a valid, legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the
enforcement of creditors’ rights generally and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); such other matters as the Trustee, the Note Administrator or any
Noteholder may reasonably require; 
 (v) immediately after giving effect to such transaction, no Default or
Event of Default shall have occurred and be continuing; 
 (vi) the
Co-Issuer shall have delivered to the Trustee, the Note Administrator, the Preferred Share Paying Agent and each Noteholder an Officer’s Certificate and an Opinion of Counsel each stating that such
consolidation, merger, transfer or conveyance and such supplemental indenture comply with this Article 7 and that all conditions precedent in this Article 7 provided for relating to such transaction have been complied with and that no
adverse tax consequences will result therefrom to the Holders of the Notes or the Preferred Shareholders; and 

(vii) after giving effect to such transaction, the Co-Issuer shall not
be required to register as an investment company under the 1940 Act. 

  
 -115- 

 Section 7.11 Successor Substituted. 

Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the Collateral of the Issuer or the Co-Issuer, in accordance with Section 7.10 hereof, the Person formed by or surviving such consolidation or merger (if other than the Issuer or the
Co-Issuer), or the Person to which such consolidation, merger, transfer or conveyance is made, shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer or the Co-Issuer, as the case may be, under this Indenture with the same effect as if such Person had been named as the Issuer or the Co-Issuer, as the case may be, herein. In the
event of any such consolidation, merger, transfer or conveyance, the Person named as the “Issuer” or the “Co-Issuer” in the first paragraph of this Indenture or any successor which shall
theretofore have become such in the manner prescribed in this Article 7 may be dissolved, wound-up and liquidated at any time thereafter, and such Person thereafter shall be released from its
liabilities as obligor and maker on all the Notes and from its obligations under this Indenture. 

Section 7.12 No Other Business. 

The Issuer shall not engage in any business or activity other than issuing and selling the Notes pursuant to this Indenture and
any supplements thereto, issuing its ordinary shares and issuing and selling the Preferred Shares in accordance with its Governing Documents, and acquiring, owning, holding, disposing of and pledging the Collateral in connection with the Notes and
such other activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith. The Co-Issuer shall not engage in any business or activity other
than issuing and selling the Notes pursuant to this Indenture and any supplements thereto and such other activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith. 

Section 7.13 Reporting. 

At any time when the Issuer and/or the Co-Issuer is not subject to Section 13 or
15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Issuer and/or the Co-Issuer shall promptly furnish or cause to be furnished “Rule 144A Information” (as defined below) to such Holder or beneficial owner, to a prospective purchaser of such Note designated by such Holder or
beneficial owner or to the Note Administrator for delivery to such Holder or beneficial owner or a prospective purchaser designated by such Holder or beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial
owner with Rule 144A under the Securities Act in connection with the resale of such Note by such Holder or beneficial owner. “Rule 144A Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under the
Securities Act (or any successor provision thereto). The Note Administrator shall reasonably cooperate with the Issuer and/or the Co-Issuer in mailing or otherwise distributing (at the Issuer’s expense)
to such Noteholders or prospective purchasers, at and pursuant to the Issuer’s and/or the Co-Issuer’s written direction the foregoing materials prepared by or on behalf of the Issuer and/or the Co-Issuer; provided, however, that the Note Administrator shall be entitled to prepare and affix thereto or enclose therewith reasonable disclaimers to the effect that such Rule 144A Information
was not assembled by the Note Administrator, that the Note Administrator has not reviewed or verified the accuracy thereof, and 

  
 -116- 

 
that it makes no representation as to such accuracy or as to the sufficiency of such information under the requirements of Rule 144A or for any other purpose. 

Section 7.14 Calculation Agent. 

(a) The Issuer and the Co-Issuer hereby agree that for so long as any Notes remain
Outstanding there shall at all times be an agent appointed to calculate LIBOR in respect of each Interest Accrual Period in accordance with the terms of Schedule B attached hereto (the “Calculation Agent”). The Issuer and the
Co-Issuer initially have appointed the Note Administrator as Calculation Agent for purposes of determining LIBOR for each Interest Accrual Period. The Calculation Agent may be removed by the Issuer at any time
with cause, or without cause upon 30 days’ written notice. The Calculation Agent may resign at any time by giving written notice thereof to the Issuer, the Co-Issuer, the Noteholders and the Rating
Agencies. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer in respect of any Interest Accrual Period, the Issuer and the Co-Issuer shall promptly appoint as a
replacement Calculation Agent a leading bank which is engaged in transactions in Eurodollar deposits in the international Eurodollar market and which does not control or is not controlled by or under common control with the Issuer or its affiliates.
The Calculation Agent may not resign its duties without a successor having been duly appointed. If no successor Calculation Agent shall have been appointed within 30 days after giving of a notice of resignation, the resigning Calculation Agent
or a Majority of the Holders of the Notes, on behalf of himself and all others similarly situated, may petition a court of competent jurisdiction, at the Issuer’s expense, for the appointment of a successor Calculation Agent. 

(b) The Calculation Agent shall be required to agree that, as soon as practicable after 11:00 a.m. (London time) on each LIBOR
Determination Date (as defined in Schedule B attached hereto), but in no event later than 11:00 a.m. (New York time) on the London Banking Day immediately following each LIBOR Determination Date, the Calculation Agent shall calculate LIBOR
(or in the event that the Notes convert to the Treasury Rate or the Successor Benchmark Rate, the Treasury Rate or the Successor Benchmark Rate, as applicable) for the next Interest Accrual Period and will communicate such information to the Note
Administrator, who shall include such calculation on the next Monthly Report following such Libor Determination Date. The Calculation Agent shall notify the Issuer and the Co-Issuer before 5:00 p.m. (New York
time) on each LIBOR Determination Date if it has not determined and is not in the process of determining LIBOR and the Interest Distribution Amounts for each Class of Notes, together with the reasons therefor. The determination of the Note
Interest Rates and the related Interest Distribution Amounts, respectively, by the Calculation Agent shall, absent manifest error, be final and binding on all parties. 

Section 7.15 REIT Status.  

(a) TRTX shall not take any action that results in the Issuer failing to qualify as a Qualified REIT Subsidiary or other
disregarded entity of TRTX for U.S. federal income tax purposes, unless (A) based on an Opinion of Counsel, the Issuer will be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT other than TRTX, or (B) based on an
Opinion of Counsel, the Issuer will be treated as a foreign corporation that is not engaged in a trade or business within the United States for U.S. federal income tax purposes. 

  
 -117- 

 (b) Without limiting the generality of Section 7.16, if
the Issuer is no longer a Qualified REIT Subsidiary or other disregarded entity of a REIT, prior to the time that: 

(i) any Mortgage Asset would cause the Issuer to be treated as engaged in a trade or business within the United
States for U.S. federal income tax purposes or to become subject to U.S. federal income tax on a net basis, 

(ii) restructuring of a Mortgage Asset that could cause the Issuer to be treated as engaged in a trade or
business within the United States for U.S. federal income tax purposes or to become subject to U.S. federal income tax on a net basis, 

(iii) the Issuer would acquire the real property underlying any Mortgage Asset pursuant to a foreclosure or deed-in-lieu of foreclosure, or 

(iv) any Mortgage Loan is modified in such a manner that could cause the Issuer to be treated as engaged in a
trade or business within the United States for U.S. federal income tax purposes or to become subject to U.S. federal income tax on a net basis, 

the Issuer will either (x) organize one or more Permitted Subsidiaries and contribute the subject property to such Permitted Subsidiary,
(y) contribute such Mortgage Asset to an existing Permitted Subsidiary, or (z) sell such Mortgage Asset in accordance with Section 12.1. 

(c) At the direction of 100% of the Preferred Shareholders (including any party that will become the beneficial owner of 100%
of the Preferred Shares because of a default under any financing arrangement for which the Preferred Shares are security), the Issuer may operate as a foreign corporation that is not engaged in a trade or business within the United States for U.S.
federal income tax purposes, provided that (i) the Issuer receives a No Entity-Level Tax Opinion; (ii) this Indenture and the Servicing Agreement, as applicable, are amended or supplemented (A) to adopt written tax guidelines
governing the Issuer’s origination, acquisition, disposition and modification of Mortgage Loans designed to prevent the Issuer from being treated as engaged in a trade or business within the United States for U.S. federal income tax purposes,
(B) to form one or more “grantor trusts” to the hold Mortgage Loans and (C) to implement any other provisions deemed necessary (as determined by the tax counsel providing the opinion) to prevent the Issuer from being treated as a
foreign corporation engaged in a trade or business within the United States for U.S. federal income tax purposes or otherwise becoming subject to U.S. federal withholding tax or U.S. federal income tax on a net basis; (iii) the Preferred
Shareholder shall pay the administrative and other costs related to the Issuer converting from a Qualified REIT Subsidiary to operating as a foreign corporation, including the costs of any opinions and amendments; and (iv) the Preferred
Shareholder agrees to pay any ongoing expenses related to the Issuer’s status as a foreign corporation not engaged in a trade or business within the United States for U.S. federal income tax purposes, including but not limited to U.S. federal
income tax filings required by the Issuer, the “grantor trusts” or any taxable subsidiaries or required under FATCA. 

  
 -118- 

 Section 7.16 Permitted Subsidiaries. 

Notwithstanding any other provision of this Indenture, the Special Servicer on behalf of the Issuer shall, following delivery
of an Issuer Order to the parties hereto, be permitted to sell to a Permitted Subsidiary at any time any Sensitive Asset for consideration consisting entirely of the equity interests of such Permitted Subsidiary (or for an increase in the value of
equity interests already owned). Such Issuer Order shall certify that the sale of a Sensitive Asset is being made in accordance with satisfaction of all requirements of this Indenture. The Custodian shall, upon receipt of a Request for Release with
respect to a Sensitive Asset, release such Sensitive Asset and shall deliver such Sensitive Asset as specified in such Request for Release. The following provisions shall apply to all Sensitive Asset and Permitted Subsidiaries: 

(a) For all purposes under this Indenture, any Sensitive Asset transferred to a Permitted Subsidiary shall be treated as if it
were an asset owned directly by the Issuer. 
 (b) Any distribution of Cash by a Permitted Subsidiary to the Issuer shall be
characterized as Interest Proceeds or Principal Proceeds to the same extent that such Cash would have been characterized as Interest Proceeds or Principal Proceeds if received directly by the Issuer and each Permitted Subsidiary shall cause all
proceeds of and collections on each Sensitive Asset owned by such Permitted Subsidiary to be deposited into the Payment Account. 

(c) To the extent applicable, the Issuer shall form one or more Securities Accounts with the Securities Intermediary for the
benefit of each Permitted Subsidiary and shall, to the extent applicable, cause Sensitive Asset to be credited to such Securities Accounts. 

(d) Notwithstanding the complete and absolute transfer of a Sensitive Asset to a Permitted Subsidiary, the ownership interests
of the Issuer in a Permitted Subsidiary or any property distributed to the Issuer by a Permitted Subsidiary shall be treated as a continuation of its ownership of the Sensitive Asset that was transferred to such Permitted Subsidiary (and shall be
treated as having the same characteristics as such Sensitive Asset). 
 (e) If the Special Servicer on behalf of the Trustee,
or any other authorized party takes any action under this Indenture to sell, liquidate or dispose of all or substantially all of the Collateral, the Issuer shall cause each Permitted Subsidiary to sell each Sensitive Asset and all other Collateral
held by such Permitted Subsidiary and distribute the proceeds of such sale, net of any amounts necessary to satisfy any related expenses and tax liabilities, to the Issuer in exchange for the equity interest in such Permitted Subsidiary held by the
Issuer. 
 Section 7.17 Repurchase Requests. 

If the Issuer, the Trustee, the Note Administrator, the Servicer or the Special Servicer receives any request or demand that a
Mortgage Asset be repurchased or replaced arising from any Material Breach of a representation or warranty made with respect to such Mortgage Asset or any Material Document Defect (any such request or demand, a “Repurchase Request”)
or a withdrawal of a Repurchase Request from any Person other than the Servicer or Special Servicer, then the Trustee or the Note Administrator, as applicable, shall promptly forward such notice of such Repurchase Request or withdrawal of a
Repurchase Request, as the case may be, to the Servicer (if related to a Performing Mortgage Loan (as defined in the 

  
 -119- 

 
Servicing Agreement)) or Special Servicer, and include the following statement in the related correspondence: “This is a “Repurchase Request/withdrawal of a Repurchase Request”
under Section 3.19 of the Servicing Agreement relating to TPG Real Estate Finance 2018-FL1 Issuer, Ltd. and TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, requiring action from you as the “Repurchase Request Recipient” thereunder.” Upon receipt of such Repurchase Request or withdrawal of a Repurchase Request by the Servicer or Special
Servicer pursuant to the prior sentence, the Servicer or the Special Servicer, as applicable, shall be deemed to be the Repurchase Request Recipient in respect of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, and
shall be responsible for complying with the procedures set forth in Section 3.19 of the Servicing Agreement with respect to such Repurchase Request. 

Section 7.18 Servicing of Mortgage Loans and Control of Servicing Decisions. 

The Mortgage Loans will be serviced by the Servicer or, with respect to Specially Serviced Mortgage Loans, the Special
Servicer, in each case pursuant to the Servicing Agreement, subject to the consultation, consent and direction rights of the applicable Directing Holder and the Operating Advisor, as set forth in the Servicing Agreement, subject to those conditions,
restrictions or termination events expressly provided therein. Nothing in this Indenture shall be interpreted to limit in any respect the rights of the applicable Directing Holder under the Servicing Agreement and none of the Issuer, Co-Issuer, Note Administrator and Trustee shall take any action under the Indenture inconsistent with the rights of such Directing Holder set forth under the Servicing Agreement. 

ARTICLE 8 
 SUPPLEMENTAL
INDENTURES 
 Section 8.1 Supplemental Indentures Without Consent of Securityholders. 

(a) Without the consent of the Holders of any Notes or any Preferred Shareholders, and without satisfaction of the Rating
Agency Condition, the Issuer, the Co-Issuer, when authorized by Board Resolutions of the Co-Issuers, the Trustee and the Note Administrator, at any time and from time to
time subject to the requirement provided below in this Section 8.1, may enter into one or more indentures supplemental hereto, in form satisfactory to the parties thereto, for any of the following purposes: 

(i) evidence the succession of any Person to the Issuer or the
Co-Issuer and the assumption by any such successor of the covenants of the Issuer or the Co-Issuer, as applicable, herein and in the Notes; 

(ii) add to the covenants of the Issuer, the Co-Issuer, the Note
Administrator or the Trustee for the benefit of the Holders of the Notes, Preferred Shareholders or to surrender any right or power herein conferred upon the Issuer or the Co-Issuer, as applicable; 

  
 -120- 

 (iii) convey, transfer, assign, mortgage or pledge any property
to or with the Trustee, or add to the conditions, limitations or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Notes; 

(iv) evidence and provide for the acceptance of appointment hereunder of a successor Trustee or a successor
Note Administrator and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Sections 6.9,
6.10 and 6.12 hereof; 
 (v) correct or amplify the description of any property at any time
subject to the lien of this Indenture, or to better assure, convey and confirm unto the Trustee any property subject or required to be subject to the lien of this Indenture (including, without limitation, any and all actions necessary or desirable
as a result of changes in law or regulations) or to subject any additional property to the lien of this Indenture; 

(vi) modify the restrictions on and procedures for resales and other transfers of Notes to reflect any changes
in applicable law or regulation (or the interpretation thereof) or to enable the Issuer and the Co-Issuer to rely upon any exemption or exclusion from registration under the Securities Act, the Exchange Act or
the 1940 Act (including, without limitation, (A) to prevent any Class of Notes from being considered an “ownership interest” under the Volcker Rule or (B) to prevent the Issuer or the
Co-Issuer from being considered a “covered fund” under the Volcker Rule) or to remove restrictions on resale and transfer to the extent not required thereunder; 

(vii) accommodate the issuance, if any, of Notes in global or book-entry form through the facilities of DTC or
otherwise; 
 (viii) take any action commercially reasonably necessary or advisable as required for the
Issuer to comply with the requirements of FATCA, to prevent the Issuer from failing to qualify as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes or otherwise being treated as a foreign
corporation engaged in a trade or business within the United States for U.S. federal income tax purposes, or to prevent the Issuer, the Holders of the Notes, the Holders of the Preferred Shares or the Trustee from being subject to withholding or
other taxes, fees or assessments or otherwise subject to U.S. federal, state, local or foreign income or franchise tax on a net tax basis; 

(ix) amend or supplement any provision of this Indenture to the extent necessary to maintain the then-current
ratings assigned to the Notes; 
 (x) accommodate the settlement of the Notes in book-entry form through the
facilities of DTC, Euroclear or Clearstream, Luxembourg or otherwise; 
 (xi) authorize the appointment of
any listing agent, transfer agent, paying agent or additional registrar for any Class of Notes required or advisable in connection with the listing of any Class of Notes on any stock exchange, and otherwise to amend this Indenture to
incorporate any changes required or requested by any governmental 

  
 -121- 

 
authority, stock exchange authority, listing agent, transfer agent, paying agent or additional registrar for any Class of Notes in connection therewith; 

(xii) evidence changes to applicable laws and regulations, including, without limitation, with the consent of
the Sponsor and, in the case of the EU Risk Retention Laws, Retention Holder, to modify, eliminate, or add provisions to address or otherwise accommodate any changes to Regulation RR, EU Risk Retention Laws or any other U.S. or European Union laws
or regulations relating to risk retention requirements in securitization transaction; 
 (xiii) reduce the
minimum denominations required for transfer of the Notes; 
 (xiv) modify the provisions of this Indenture
with respect to reimbursement of Nonrecoverable Interest Advances if (a) the Special Servicer determines that the commercial mortgage securitization industry standard for such provisions has changed, in order to conform to such industry
standard and (b) such modification does not adversely affect the status of Issuer for U.S. federal income tax purposes, as evidenced by an Opinion of Counsel; 

(xv) modify the procedures set forth in this Indenture relating to compliance with Rule 17g-5 of the Exchange Act; provided that the change would not materially increase the obligations of the Note Administrator, Trustee, any paying agent, the Operating Advisor, the Servicer or the Special
Servicer (in each case, without such party’s consent) and would not adversely affect in any material respect the interests of any Noteholder or Holder of the Preferred Shares; provided, further, that the Special Servicer must
provide a copy of any such amendment to the 17g-5 Information Provider and provide notice of any such amendment to the Rating Agencies; 

(xvi) at the direction of 100% of the holders of the Preferred Shares (including any party that shall become
the beneficial owner of 100% of the Preferred Shares because of a default under any financing arrangement for which the Preferred Shares are security), modify the provisions of this Indenture to adopt restrictions provided by tax counsel in order to
prevent the Issuer from being treated as a foreign corporation that is engaged in a trade or business within the United States for U.S. federal income tax purposes or otherwise become subject to U.S. federal withholding tax or U.S. federal income
tax on a net basis; 
 (xvii) make such changes (including the removal and appointment of any listing agent,
transfer agent, paying agent or other additional registrar in Ireland) as shall be necessary or advisable in order for the Offered Notes to be or to remain listed on an exchange, including the Irish Stock Exchange, and otherwise to amend this
Indenture to incorporate any changes required or requested by governmental authority, stock exchange authority, listing agent, transfer agent, paying agent or additional registrar for the Notes in connection therewith; and 

(xviii) make any change to any other provisions with respect to matters or questions arising under this
Indenture; provided that the required action will not 

  
 -122- 

 
adversely affect in any material respect the interests of any Noteholder not consenting thereto, as evidenced by (A) an Opinion of Counsel or (B) satisfaction of the Rating Agency
Condition. 
 The Note Administrator and Trustee are each hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and stipulations which may be therein contained, but the Note Administrator and Trustee shall not be obligated to enter into any such supplemental indenture which affects the Note
Administrator’s or Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, except to the extent required by law. 

(b) Notwithstanding Section 8.1(a) or any other provision of this Indenture, without prior notice to,
and without the consent of the Holders of any Notes or any Preferred Shareholders, and without satisfaction of the Rating Agency Condition, the Issuer, the Co-Issuer, when authorized by Board Resolutions of
the Co-Issuers, the Trustee and the Note Administrator, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee and the Note Administrator, for any of the following
purposes: 
 (i) conform this Indenture to the provisions described in the Offering Memorandum (or any
supplement thereto); 
 (ii) to correct any defect or ambiguity in this Indenture in order to address any
manifest error, omission or mistake in any provision of this Indenture; and 
 (iii) at the direction of the
Subordinate Class Representative and without the consent of the Noteholders, the Issuer, the Co-Issuer, the Note Administrator and the Trustee shall enter into a supplemental indenture to provide for the
Notes of each Class to bear interest based on an industry benchmark rate selected by the Subordinate Class Representative that is comparable to LIBOR and generally accepted in the financial markets as the sole or predominant replacement
benchmark to LIBOR (the “Successor Benchmark Rate”) plus the Successor Benchmark Rate Spread from and after a Payment Date specified in such supplemental indenture; provided that no such supplemental indenture shall
become effective unless the Rating Agency Condition has been satisfied with respect thereto. In no event shall the Trustee or the Note Administrator be liable for entering into such supplemental indenture without the affirmative consent of a
majority or more of any Class of Notes. 

  
 -123- 

 (c) In the event that any or all restrictions and/or limitations under the
Regulation RR or European Union laws or regulations relating to risk retention requirements in securitization transaction are withdrawn, repealed or modified to be less restrictive on the Sponsor, at the request of the Sponsor and, in the case of
the EU Risk Retention Laws, Retention Holder, the Issuer, the Co-Issuer, the Trustee and the Note Administrator agree to modify any corresponding terms of this Indenture in accordance with
Section 8.1(a)(xii) to reflect any such withdrawal, repeal or modification. 

Section 8.2 Supplemental Indentures with Consent of Securityholders. 

Except as set forth below, the Note Administrator, the Trustee and the Co-Issuers may
enter into one or more indentures supplemental hereto to add any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or modify in any manner the rights of the Holders of any Class of Notes or the
Preferred Shares under this Indenture only (x) with the written consent of the Holders of at least Majority in Aggregate Outstanding Amount of the Notes of each Class materially and adversely affected thereby (excluding any Notes owned by
the Issuer, the Seller or any of their Affiliates) and the Holder of Preferred Shares if materially and adversely affected thereby, by Act of said Securityholders delivered to the Trustee, the Note Administrator and the Co-Issuers, and (y) subject to satisfaction of the Rating Agency Condition, notice of which may be in electronic form. The Note Administrator shall provide (x) fifteen (15) Business Days’ notice of
such change to the Holders of each Class of Notes and the Holder of the Preferred Shares, requesting notification by such Noteholders and Holders of the Preferred Shares if any such Noteholders or Holders of the Preferred Shares would be
materially and adversely affected by the proposed supplemental indenture and (y) following such initial fifteen (15) Business Day period, the Note Administrator shall provide an additional fifteen (15) Business Days’ notice to
any holder of Notes or Preferred Shares that did not respond to the initial notice. Unless the Note Administrator is notified (after giving such initial fifteen (15) Business Days’ notice and a second fifteen (15) Business Days’
notice, as applicable) by Holders of at least a Majority in Aggregate Outstanding Amount of the Notes of any Class that such Class of Notes or a Majority of Preferred Shareholders will be materially and adversely affected by the proposed
supplemental indenture (and upon receipt of an Officer’s Certificate of the Issuer), the interests of such Class and the interests of the Preferred Shares will be deemed not to be materially and adversely affected by such proposed
supplemental indenture and the Trustee will be permitted to enter into such supplemental indenture. Such determinations shall be conclusive and binding on all present and future Noteholders. The consent of the Holders of the Preferred Shares shall
be binding on all present and future Holders of the Preferred Shares. 
 Without the consent of (x) all of the Holders
of each Outstanding Class of Notes materially adversely affected and (y) all of the Holders of the Preferred Shares materially adversely affected thereby, no supplemental indenture may: 

(a) change the Stated Maturity Date of the principal of or the due date of any installment of interest on any Note, reduce the
principal amount thereof or the Note Interest Rate thereon or the Redemption Price with respect to any Note, change the date of any scheduled distribution on the Preferred Shares, or the Redemption Price with respect thereto, change the earliest
date on which any Note may be redeemed at the option of the Issuer, change the 

  
 -124- 

 
provisions of this Indenture that apply proceeds of any Collateral to the payment of principal of or interest on Notes or of distributions to the Preferred Share Paying Agent for the payment of
distributions in respect of the Preferred Shares or change any place where, or the coin or currency in which, any Note or the principal thereof or interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity Date thereof (or, in the case of redemption, on or after the applicable Redemption Date); 

(b) reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class or the Notional Amount of
Preferred Shares of the Holders thereof whose consent is required for the authorization of any such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain Defaults hereunder or their consequences
provided for in this Indenture; 
 (c) impair or adversely affect the Collateral except as otherwise permitted in this
Indenture; 
 (d) permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with
respect to any part of the Collateral or terminate such lien on any property at any time subject hereto or deprive the Holder of any Note of the security afforded to such Holder by the lien of this Indenture; 

(e) reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class whose consent is required
to request the Trustee to preserve the Collateral or rescind any election to preserve the Collateral pursuant to Section 5.5 or to sell or liquidate the Collateral pursuant to Section 5.4 or
5.5 hereof; 
 (f) modify any of the provisions of this Section 8.2, except to increase any
percentage of Outstanding Notes whose holders’ consent is required for any such action or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected
thereby; 
 (g) modify the definition of the term “Outstanding” or the provisions of
Section 11.1(a) or Section 13.1 hereof; 
 (h) modify any of the
provisions of this Indenture in such a manner as to affect the calculation of the amount of any payment of interest on or principal of any Note on any Payment Date or of distributions to the Preferred Share Paying Agent for the payment of
distributions in respect of the Preferred Shares on any Payment Date (or any other date) or to affect the rights of the Securityholders to the benefit of any provisions for the redemption of such Securities contained herein; 

(i) reduce the permitted minimum denominations of the Notes below the minimum denomination necessary to maintain an exemption
from the registration requirements of the Securities Act or the 1940 Act; or 
 (j) modify any provisions regarding non- recourse or non-petition covenants with respect to the Issuer and the Co-Issuer. 

  
 -125- 

 The Trustee and Note Administrator shall be entitled to rely upon an
Officer’s Certificate of the Issuer in determining whether or not the Securityholders would be materially or adversely affected by such change (after giving notice of such change to the Securityholders). Such determination shall be conclusive
and binding on all present and future Securityholders. Neither the Trustee nor the Note Administrator shall be liable for any such determination made in good faith. 

Section 8.3 Execution of Supplemental Indentures. 

In executing or accepting the additional trusts created by any supplemental indenture permitted by this Article 8 or the
modifications thereby of the trusts created by this Indenture, the Note Administrator and Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied (which Opinion of Counsel may rely upon an Officer’s Certificate as to whether or not the Securityholders would be materially
and adversely affected by such supplemental indenture). The Note Administrator and Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects its own rights, duties or immunities under this Indenture or
otherwise. 
 The Servicer and Special Servicer will be bound to follow any amendment or supplement to this Indenture of
which it has received written notice at least ten Business Days prior to the execution and delivery of such amendment or supplement; provided, however, that with respect to any amendment or supplement to this Indenture which may, in
the judgment of the Servicer or the Special Servicer adversely affect the Servicer or the Special Servicer, the Servicer or Special Servicer, as applicable, shall not be bound (and the Issuer agrees that it will not permit any such amendment to
become effective) unless the Servicer or Special Servicer, as applicable, gives written consent to the Note Administrator, the Trustee and the Issuer to such amendment. The Issuer, the Trustee and the Note Administrator shall give written notice to
the Servicer and Special Servicer of any amendment made to this Indenture pursuant to its terms. In addition, the Servicer and Special Servicer’s written consent shall be required prior to any amendment to this Indenture by which it is
adversely affected. 
 The Sponsor’s written consent shall be required prior to any amendment to this Indenture by
which the Sponsor is adversely affected. 
 At the cost of the Issuer, the Note Administrator shall provide to each
Noteholder, each holder of Preferred Shares and, for so long as any Class of Notes shall remain Outstanding and is rated, the Note Administrator shall provide to the 17g-5 Information Provider and the
Rating Agencies a copy of any proposed supplemental indenture at least 15 Business Days prior to the execution thereof by the Note Administrator, and following execution shall provide to the 17g-5 Information
Provider and the Rating Agencies a copy of the executed supplemental indenture. 
 The Trustee shall not enter into any such
supplemental indenture (i) if such action would adversely affect the tax treatment of the Holders of the Notes as described in the Offering Memorandum under the heading “Certain U.S. Federal Income Tax Considerations” to any

  
 -126- 

 
material extent or otherwise cause any of the statements described in the Offering Memorandum under the heading “Certain U.S. Federal Income Tax Considerations” to be inaccurate or
incorrect to any material extent, and (ii) unless the Trustee and the Note Administrator has received an Opinion of Counsel from Dechert LLP, Vinson & Elkins LLP or other nationally recognized U.S. tax counsel experienced in such
matters that the proposed supplemental indenture will not cause the Issuer to be treated as a foreign corporation that is engaged in a trade or business within the United States for U.S. federal income tax purposes. The Trustee and the Note
Administrator shall be entitled to rely upon (i) the receipt of notice from the Rating Agencies or the Requesting Party, which may be in electronic form, that the Rating Agency Condition has been satisfied and (ii) receipt of an Opinion of
Counsel forwarded to the Trustee and Note Administrator certifying that, following provision of notice of such supplemental indenture to the Noteholders and holders of the Preferred Shares, that the Securityholders would not be materially and
adversely affected by such supplemental indenture. Such determination shall be conclusive and binding on all present and future Securityholders. Neither the Trustee nor the Note Administrator shall be liable for any such determination made in good
faith and in reliance upon such Opinion of Counsel, as the case may be. 
 It shall not be necessary for any Act of
Securityholders under this Section 8.3 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

Promptly after the execution by the Issuer, the Co-Issuer, the Note Administrator and
the Trustee of any supplemental indenture pursuant to this Section 8.3, the Note Administrator, at the expense of the Issuer, shall mail to the Securityholders, the Preferred Share Paying Agent, the Servicer, the Special
Servicer, the Operating Advisor, the Sponsor and, so long as the Notes are Outstanding and so rated, the Rating Agencies a copy thereof based on an outstanding rating. Any failure of the Trustee and the Note Administrator to publish or mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 8.4 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article 8, this Indenture shall be modified in accordance
therewith, such supplemental indenture shall form a part of this Indenture for all purposes and every Holder of Notes theretofore and thereafter authenticated and delivered hereunder, and every Holder of Preferred Shares, shall be bound thereby.

 Section 8.5 Reference in Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article 8 may, and
if required by the Note Administrator shall, bear a notice in form approved by the Note Administrator as to any matter provided for in such supplemental indenture. If the Issuer and the Co-Issuer shall so
determine, new Notes, so modified as to conform in the opinion of the Note Administrator and the Issuer and the Co-Issuer to any such supplemental indenture, may be prepared and executed by the Issuer and the Co-Issuer and authenticated and delivered by the Note Administrator in exchange for Outstanding 

  
 -127- 

 
Notes. Notwithstanding the foregoing, any Note authenticated and delivered hereunder shall be subject to the terms and provisions of this Indenture, and any supplemental indenture. 

ARTICLE 9 
 REDEMPTION
OF SECURITIES; REDEMPTION PROCEDURES 
 Section 9.1
Clean-up Call; Tax Redemption; Optional Redemption; and Auction Call Redemption. 

(a) The Notes shall be redeemed by the Issuer at the option of and at the direction of a Majority of the Preferred Shareholders
by written notice to the Issuer, the Note Administrator and the Trustee (such redemption, a “Clean-up Call”), in whole but not in part, at a price equal to the applicable Redemption Prices on
any Payment Date (the “Clean-up Call Date”) on or after the Payment Date on which the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest amounts) has been reduced
to 10% of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date; provided that that the funds available to be used for such Clean-up Call will be sufficient to pay the Total
Redemption Price. Disposition of Collateral in connection with a Clean-up Call may include sales of Collateral to more than one purchaser, including by means of sales of participation interests in one or more
Participated Mortgage Loans to more than one purchaser. 
 (b) The Notes shall be redeemable by the Issuer in whole but not
in part, at the written direction of a Majority of Preferred Shareholders delivered to the Issuer, the Note Administrator and the Trustee, on the Payment Date (the “Tax Redemption Date”) following the occurrence of a Tax Event if
the Tax Materiality Condition is satisfied at a price equal to the applicable Redemption Prices (such redemption, a “Tax Redemption”); provided that that the funds available to be used for such Tax Redemption will be
sufficient to pay the Total Redemption Price. Upon the receipt of such written direction of a Tax Redemption, the Note Administrator shall provide written notice thereof to the Securityholders and the Rating Agencies. Any sale or disposition of a
Mortgage Asset by the Special Servicer in connection with a Tax Redemption shall be performed upon Issuer Order by the Special Servicer on behalf of the Issuer. 

(c) The Notes shall be redeemable by the Issuer in whole but not in part, in whole but not in part and without payment of any
penalty or premium, at a price equal to the applicable Redemption Prices, on any Payment Date after the end of the Non-call Period, at the written direction of a Majority of the Preferred Shareholders to the
Issuer, the Note Administrator and the Trustee (such redemption, an “Optional Redemption”); provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total
Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Mortgage Asset to any affiliate other than Retention Holder in connection with an Optional Redemption. 

(d) The Notes shall be redeemable by the Issuer, in whole but not in part, at a price equal to the applicable Redemption
Prices, on any Payment Date occurring in January, April, July or October in each year, beginning on the Payment Date occurring in February 2028, 

  
 -128- 

 
upon the occurrence of a Successful Auction, as defined in, and pursuant to the procedures set forth in, Section 3.18(b) of the Servicing Agreement (such redemption, an “Auction Call
Redemption”). 
 (e) The election by a Majority of Preferred Shareholders to redeem the Notes pursuant to a Clean-up Call shall be evidenced by Act of the Majority of Preferred Shareholders directing the Note Administrator to pay to the Paying Agent the Redemption Price of all of the Notes to be redeemed from funds in the
Payment Account in accordance with the Priority of Payments. In connection with a Tax Redemption, the occurrence of a Tax Event and satisfaction of the Tax Materiality Condition shall be evidenced by an Issuer Order certifying that such conditions
for a Tax Redemption have occurred. The election by a Majority of Preferred Shareholders to redeem the Notes pursuant to an Optional Redemption shall be evidenced by an Act of the Majority of Preferred Shareholders certifying that the conditions for
an Optional Redemption have occurred. 
 (f) A redemption pursuant to Section 9.1(a), 9.1(b)
or 9.1(c) shall not occur unless (i) at least five (5) Business Days before the scheduled Redemption Date, (A) the Majority of Preferred Shareholders shall have furnished to the Trustee and the Note Administrator evidence (in a
form reasonably satisfactory to the Trustee and the Note Administrator) that the Special Servicer, on behalf of the Issuer, has entered into a binding agreement or agreements with (1) one or more financial institutions whose long-term unsecured
debt obligations (other than such obligations whose rating is based on the credit of a Person other than such institution) have a credit rating from Moody’s at least equal to the highest rating of any Notes then Outstanding or whose short-term
unsecured debt obligations have a credit rating of “ P-1” or higher by Moody’s (as long as the term of such agreement is 90 days or less) or (2) TRTX (or an Affiliate or Agent thereof) if
TRTX or one or more Affiliates thereof is Special Servicer, to sell (directly or by participation or other arrangement) all or part of the Collateral not later than the Business Day immediately preceding the scheduled Redemption Date, (B) the
Rating Agency Condition has been satisfied with respect to the Rating Agencies, or (C) at least 3 Business Days prior to the scheduled Redemption Date, TRTX (or an Affiliate or Agent thereof) has priced but not yet closed another securitization
transaction, and (ii) the related Sale Proceeds pursuant to clause (i)(A) or net proceeds pursuant to clause (i)(C), as applicable, (in immediately available funds), together with all other available funds (including proceeds from the sale
of the Collateral, Eligible Investments maturing on or prior to the scheduled Redemption Date, all amounts in the Accounts and available Cash), shall be an aggregate amount sufficient to pay all amounts, payments, fees and expenses in accordance
with the Priority of Payments due and owing on such Redemption Date. 
 Section 9.2 Notice of
Redemption. 
 (a) In connection with a Clean-up Call pursuant to
Section 9.1(a), a Tax Redemption pursuant to Section 9.1(b), an Optional Redemption pursuant to Section 9.1(c), or an Auction Call Redemption pursuant to
Section 9.1(d), the Note Administrator shall set the applicable Record Date ten (10) Business Days prior to the proposed Redemption Date. The Note Administrator shall deliver to the Rating Agencies any notice received
by it from the Issuer or the Special Servicer of such proposed Redemption Date, the applicable Record Date, the 

  
 -129- 

 
principal amount of Notes to be redeemed on such Redemption Date and the Redemption Price of such Notes in accordance with Section 9.1. 

(b) Any such notice of an Optional Redemption, Clean-up Call or Tax Redemption may be
withdrawn by the Issuer and the Co-Issuer at the direction of a Supermajority of Preferred Shareholders up to the second Business Day prior to the scheduled Redemption Date by written notice to the Note
Administrator, the Trustee, the Preferred Share Paying Agent, the Servicer, the Special Servicer, the Operating Advisor and each Holder of Notes to be redeemed. The failure of any Optional Redemption, Clean-up
Call or Tax Redemption that is withdrawn in accordance with this Indenture shall not constitute an Event of Default. 

Section 9.3 Notice of Redemption or Maturity by the Issuer. 

Any sale or disposition of a Mortgage Asset by the Trustee in connection with an Optional Redemption, Clean-up Call, Tax Redemption or Auction Call Redemption shall be performed upon Issuer Order by the Special Servicer on behalf of the Issuer, and the Trustee shall have no responsibility or liability therefore.
Notice of redemption (or a withdrawal thereof) or Clean-up Call pursuant to Section 9.1 or the Maturity of any Notes shall be given by first class mail, postage prepaid, mailed not
less than ten (10) Business Days (or, where the notice of an Optional Redemption, a Clean-up Call or a Tax Redemption is withdrawn pursuant to Section 9.2(b), four
(4) Business Days (or promptly thereafter upon receipt of written notice, if later)) prior to the applicable Redemption Date or Maturity, to (unless the Note Administrator agrees to a shorter notice period) the Trustee, the Servicer, the
Special Servicer, the Operating Advisor, the Preferred Share Paying Agent, the Rating Agencies, and each Securityholder to be redeemed, at its address in the Notes Register. 

All notices of redemption shall state: 

(a) the applicable Redemption Date; 

(b) the applicable Redemption Price; 

(c) that all the Notes are being paid in full and that interest on the Notes shall cease to accrue on the Redemption Date
specified in the notice; and 
 (d) the place or places where such Notes to be redeemed in whole are to be surrendered for
payment of the Redemption Price which shall be the office or agency of the Paying Agent as provided in Section 7.2. 

Notice of redemption shall be given by the Issuer and Co-Issuer, or at their request,
by the Note Administrator in their names, and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Notes. 

  
 -130- 

 Section 9.4 Notes Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Notes to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after the Redemption Date (unless the Issuer shall Default in the payment of the Redemption Price and accrued interest thereon) the Notes shall cease to bear interest on the Redemption
Date. Upon final payment on a Note to be redeemed, the Holder shall present and surrender such Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided, however, that if there is
delivered to the Issuer, the Co-Issuer, the Note Administrator and the Trustee such security or indemnity as may be required by them to hold each of them harmless and an undertaking thereafter to surrender
such Note, then, in the absence of notice to the Issuer, the Note Administrator and the Trustee that the applicable Note has been acquired by a bona fide purchaser, such final payment shall be made without presentation or surrender. Payments of
interest on the Notes so to be redeemed whose Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such at the close of business on the relevant Record Date
according to the terms and provisions of Section 2.7(f). 
 If any Note called for redemption
shall not be paid upon surrender thereof for redemption, the principal thereof shall, until paid, bear interest from the Redemption Date at the applicable Note Interest Rate for each successive Interest Accrual Period the Note remains Outstanding.

 Section 9.5 Mandatory Redemption. 

(a) On any Payment Date on which the Offered Note Protection Test is not satisfied as of the most recent Measurement Date, the
Class A Notes, the Class A-S Notes, Class B Notes, the Class C Notes and the Class D Notes shall be redeemed (a “Mandatory Redemption”), first from Interest Proceeds
as set forth in Section 11.1(a)(i)(11) in an amount necessary, and only to the extent necessary, for the Offered Note Protection Test to be satisfied. On or promptly after such Mandatory Redemption, the Issuer shall certify
or cause to be certified to the Rating Agencies and the Note Administrator whether the Offered Note Protection Test has been satisfied. 

ARTICLE 10 
 ACCOUNTS,
ACCOUNTINGS AND RELEASES 
 Section 10.1 Collection of Amounts; Custodial Account. 

(a) Except as otherwise expressly provided herein, the Note Administrator may demand payment or delivery of, and shall receive
and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all amounts and other property payable to or receivable by the Note Administrator pursuant to this Indenture, including all payments due on the
Collateral in accordance with the terms and conditions of such Collateral. The Note Administrator shall segregate and hold all such amounts and property 

  
 -131- 

 
received by it in an Eligible Account in trust for the Secured Parties, and shall apply such amounts as provided in this Indenture. 

(b) The Note Administrator in its capacity as Securities Intermediary on behalf of the Trustee for the benefit of the Secured
Parties (the “Securities Intermediary”) shall, upon receipt, credit all Mortgage Assets and Eligible Investments to an account in its own name for the benefit of the Secured Parties designated as the “Custodial
Account.” 
 Section 10.2 [Reserved.] 

Section 10.3 Payment Account. 

(a) The Note Administrator shall, on or prior to the Closing Date, establish a single, segregated trust account which shall be
designated as the “Payment Account,” which shall be held in trust for the benefit of the Secured Parties and over which the Note Administrator shall have exclusive control and the sole right of withdrawal. Any and all funds at any time on
deposit in, or otherwise to the credit of, the Payment Account shall be held in trust by the Note Administrator, on behalf of the Trustee for the benefit of the Secured Parties. Except as provided in Sections 11.1 and 11.2, the only
permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall be (i) to pay the interest on and the principal of the Notes and make other payments in respect of the Notes in accordance
with their terms and the provisions of this Indenture, (ii) to deposit into the Preferred Share Distribution Account for distributions to the Preferred Shareholders, (iii) upon Issuer Order, to pay other amounts specified therein, and
(iv) otherwise to pay amounts payable pursuant to and in accordance with the terms of this Indenture, each in accordance with the Priority of Payments. 

(b) The Note Administrator agrees to give the Issuer prompt notice if it becomes aware that the Payment Account or any funds on
deposit therein, or otherwise to the credit of the Payment Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Issuer shall have no legal, equitable or beneficial interest in the Payment
Account other than in accordance with the Priority of Payments. The Payment Account shall remain at all times an Eligible Account. 

Section 10.4 Permitted Companion Participation Acquisition Account. 

(a) The Note Administrator shall, on or prior to the Closing Date, establish a single, segregated trust account which shall be
designated as the “Permitted Companion Participation Acquisition Account” which shall be held in trust for the benefit of the Secured Parties and over which the Note Administrator shall have exclusive control and the sole right of
withdrawal. All amounts credited to the Permitted Companion Participation Acquisition Account pursuant to this Indenture shall be held by the Note Administrator as part of the Collateral and shall be applied to the purposes herein provided. 

(b) Upon receipt of Permitted Principal Proceeds by the Note Administrator, the Note Administrator shall deposit such funds
into the Permitted Companion Participation Acquisition Account. 

  
 -132- 

 (c) The Note Administrator agrees to give the Issuer prompt notice if it becomes
aware that the Permitted Companion Participation Acquisition Account or any funds on deposit therein, or otherwise to the credit of the Permitted Companion Participation Acquisition Account, becomes subject to any writ, order, judgment, warrant of
attachment, execution or similar process. The Issuer shall have no legal, equitable or beneficial interest in the Permitted Companion Participation Acquisition Account other than in accordance with the Priority of Payments. The Permitted Companion
Participation Acquisition Account shall remain at all times an Eligible Account. 
 (d) The only permitted withdrawals from
or application of Permitted Principal Proceeds on deposit in, or otherwise standing to the credit of, the Permitted Companion Participation Acquisition Account shall be (i) to acquire Companion Participations in accordance with
Section 12.2 and (ii) to withdraw amounts for deposit into the Payment Account for application pursuant to Section 11.1(a)(ii) as Principal Proceeds. Any Permitted Principal Proceeds deposited
into the Permitted Companion Participation Acquisition Account will be available for use to acquire all or a portion of one or more Companion Participations in accordance with Section 12.2 for a period, not to exceed the
Acquisition Period with respect to such Permitted Principal Proceeds. If the Issuer fails to acquire all or a portion of one or more Companion Participation with such specified Permitted Principal Proceeds by the end of the applicable Acquisition
Period, or if the Issuer is directed by the Seller on any Payment Date prior to the expiration of such time period, such Permitted Principal Proceeds (“Excluded Permitted Principal Proceeds”) shall be withdrawn from the Permitted
Companion Participation Acquisition Account and deposited into the Payment Account for application pursuant to Section 11.1(a)(ii) as Principal Proceeds and the Issuer shall not be permitted to cause any Excluded Permitted
Principal Proceeds to be re-deposited into the Permitted Companion Participation Acquisition Account. In addition, the Issuer may (at the direction of the Seller) direct the Note Administrator to, and upon
such direction, the Note Administrator shall, transfer any amounts on deposit in the Permitted Companion Participation Acquisition Account to the Payment Account for application pursuant to Section 11.1(a)(ii) as Principal
Proceeds. Notwithstanding anything to the contrary in this Agreement, the Issuer may not acquire any Future Funding Amounts. Upon the expiration of the Acquisition Period with respect to any Permitted Principal Proceeds, the Note Administrator shall
transfer such Permitted Principal Proceeds to the Payment Account for application pursuant to Section 11.1(a)(ii) as Principal Proceeds. Permitted Principal Proceeds shall be applied to the acquisition of Companion
Participations on a first in first out basis. 
 Section 10.5 [Reserved.] 

Section 10.6 [Reserved.] 

Section 10.7 Interest Advances. 

(a) With respect to each Payment Date for which the sum of Interest Proceeds and, if applicable, Principal Proceeds, collected
during the related Due Period and remitted to the Note Administrator that are available to pay interest on the Notes in accordance with the Priority of Payments, are insufficient to remit the interest due and payable with respect to the Class A
Notes, the Class A-S Notes and the Class B Notes on such Payment Date as a result of interest 

  
 -133- 

 
shortfalls on the Mortgage Assets (or the application of interest received on the Mortgage Assets to pay certain expenses in accordance with the terms of the Servicing Agreement) (the amount of
such insufficiency, an “Interest Shortfall”), the Note Administrator shall provide the Advancing Agent with email notice of such Interest Shortfall no later than the close of business on the Business Day preceding such Payment Date,
at the following addresses: dginsberg@tpg.com and jruckman@tpg.com, or such other email address as provided by the Advancing Agent to the Note Administrator. The Note Administrator shall provide the Advancing Agent with additional email notice,
prior to any funding of an Interest Advance by the Advancing Agent, of any additional interest remittances received by the Note Administrator after delivery of such initial notice that reduces such Interest Shortfall. No later than 10:00 a.m. (New
York time) on the related Payment Date, the Advancing Agent shall advance the difference between such amounts (each such advance, an “Interest Advance”) by deposit of an amount equal to such Interest Advance in the Payment Account,
subject to a determination of recoverability by the Advancing Agent as described in Section 10.7(b), and subject to a maximum limit in respect of any Payment Date equal to the lesser of (i) the aggregate of such
Interest Shortfalls that would otherwise occur on the Class A Notes, the Class A-S Notes and the Class B Notes and (ii) the aggregate of the interest payments not received in respect of
Mortgage Assets with respect to such Payment Date (including, for such purpose, interest payments received on the Mortgage Assets but applied to pay certain expenses in accordance with the terms of the Servicing Agreement). 

Notwithstanding the foregoing, in no circumstance will the Advancing Agent be required to make an Interest Advance in respect
of a Mortgage Asset to the extent that the aggregate outstanding amount of all unreimbursed Interest Advances would exceed the aggregate outstanding principal amount of the Offered Notes. In addition, in no event will the Advancing Agent or Backup
Advancing Agent be required to advance any payments in respect of interest on any Class of Notes other than the Class A Notes, the Class A-S Notes and the Class B Notes or principal of any
Note. Any Interest Advance made by the Advancing Agent with respect to a Payment Date that is in excess of the actual Interest Shortfall for such Payment Date shall be refunded to the Advancing Agent by the Note Administrator on the related Payment
Date (or, if such Interest Advance is made prior to final determination by the Note Administrator of such Interest Shortfall, on the Business Day of such final determination). 

The Advancing Agent shall provide the Note Administrator written notice of a determination by the Advancing Agent that a
proposed Interest Advance would constitute a Nonrecoverable Interest Advance no later than 10:00 a.m. (New York time) on the related Payment Date. If the Advancing Agent shall fail to make any required Interest Advance by 10:00 a.m. (New York time)
on the Payment Date upon which distributions are to be made pursuant to Section 11.1(a)(i), the Note Administrator shall remove the Advancing Agent in its capacity as advancing agent hereunder as permitted in
Section 16.5(d) and the Backup Advancing Agent shall be required to make such Interest Advance no later than 11:00 a.m. (New York time) on the Payment Date, subject to a determination of recoverability by the Backup
Advancing Agent as described in Section 10.7(b). Based upon available information at the time, the Backup Advancing Agent and the Advancing Agent, as applicable, will provide 15 days prior notice to the Rating
Agencies if recovery of a Nonrecoverable Interest Advance would result in an Interest Shortfall on the next succeeding Payment Date. No later than the close of business on the Determination Date related to a Payment Date on which the recovery of a
Nonrecoverable 

  
 -134- 

 
Interest Advance would result in an Interest Shortfall, the Special Servicer will provide the Rating Agencies notice of such recovery. 

(b) Notwithstanding anything herein to the contrary, neither the Advancing Agent nor the Backup Advancing Agent, as applicable,
shall be required to make any Interest Advance unless such Person determines, in its sole discretion, exercised in good faith that such Interest Advance, or such proposed Interest Advance, plus interest expected to accrue thereon at the
Reimbursement Rate, will not be a Nonrecoverable Interest Advance. In determining whether any proposed Interest Advance will be, or whether any Interest Advance previously made is, a Nonrecoverable Interest Advance, the Advancing Agent or the Backup
Advancing Agent, as applicable, will take into account: 
 (i) amounts that may be realized on each Mortgaged
Property in its “as is” or then-current condition and occupancy; 
 (ii) the potential length of
time before such Interest Advance may be reimbursed and the resulting degree of uncertainty with respect to such reimbursement; and 

(iii) the possibility and effects of future adverse changes with respect to the Mortgaged Properties, and 

(iv) the fact that Interest Advances are intended to provide liquidity only and not credit support to the
Holders of any Class of Notes entitled thereto. 
 For purposes of any such determination of whether an Interest
Advance constitutes or would constitute a Nonrecoverable Interest Advance, an Interest Advance will be deemed to be nonrecoverable if the Advancing Agent or the Backup Advancing Agent, as applicable, determines that future Interest Proceeds and
Principal Proceeds may be ultimately insufficient to fully reimburse such Interest Advance, plus interest thereon at the Reimbursement Rate within a reasonable period of time. The Backup Advancing Agent will be entitled to conclusively rely on any
affirmative determination by the Advancing Agent that an Interest Advance would have been a Nonrecoverable Interest Advance. Absent bad faith, the determination by the Advancing Agent or the Backup Advancing Agent, as applicable, as to the
nonrecoverability of any Interest Advance shall be conclusive and binding on the Holders of the Notes. 
 (c) Each of the
Advancing Agent and the Backup Advancing Agent may recover any previously unreimbursed Interest Advance made by it (including any Nonrecoverable Interest Advance), together with interest thereon, first, from Interest Proceeds and
second (to the extent that there are insufficient Interest Proceeds for such reimbursement), from Principal Proceeds to the extent that such reimbursement would not trigger an additional Interest Shortfall; provided that if at any time
an Interest Advance is determined to be a Nonrecoverable Interest Advance, the Advancing Agent or the Backup Advancing Agent shall be entitled to recover all outstanding Interest Advances from the Collection Account pursuant to the Servicing
Agreement on any Business Day during any Interest Accrual Period prior to the related Determination Date. The Advancing Agent shall be permitted (but not obligated) to defer 

  
 -135- 

 
or otherwise structure the timing of recoveries of Nonrecoverable Interest Advances in such manner as the Advancing Agent determines is in the best interest of the Holders of the Notes, as a
collective whole, which may include being reimbursed for Nonrecoverable Interest Advances in installments. 
 (d) The
Advancing Agent and the Backup Advancing Agent will each be entitled with respect to any Interest Advance made by it (including Nonrecoverable Interest Advances) to interest accrued on the amount of such Interest Advance for so long as it is
outstanding at the Reimbursement Rate. 
 (e) The obligations of the Advancing Agent and the Backup Advancing Agent to make
Interest Advances in respect of the Class A Notes, the Class A-S Notes and the Class B Notes will continue through the Stated Maturity Date, unless the Class A Notes, the Class A-S Notes and the Class B Notes are previously redeemed or repaid in full. 

(f) In no event will the Advancing Agent, in its capacity as such hereunder or the Note Administrator, in its capacity as
Backup Advancing Agent hereunder, be required to advance any amounts in respect of payments of principal of any Mortgage Asset or Note. 

(g) In consideration of the performance of its obligations hereunder, the Advancing Agent shall be entitled to receive, at the
times set forth herein and subject to the Priority of Payments, to the extent funds are available therefor, the Advancing Agent Fee. For so long as Seller (or any of its Affiliates) is the Advancing Agent and Retention Holder (or any of its
Affiliates) owns the Preferred Shares, the Advancing Agent hereby agrees, on behalf of itself and its affiliates, to waive its rights to receive the Advancing Agent Fee and any Reimbursement Interest. The Note Administrator shall not be entitled to
an additional fee in respect of its role as Backup Advancing Agent. If the Advancing Agent is terminated for failing to make an Interest Advance hereunder (as provided in Section 16.5(d)) (or for failing to make a Servicing
Advance under the Servicing Agreement) that the Advancing Agent did not determine to be nonrecoverable, the Backup Advancing Agent or any applicable subsequent successor advancing agent will be entitled to receive the Advancing Agent Fee (plus
Reimbursement Interest on any Interest Advance made by the Backup Advancing Agent or applicable subsequent successor advancing agent) and shall be required to make Interest Advances until a successor advancing agent is appointed under the Indenture.

 (h) The determination by the Advancing Agent or the Backup Advancing Agent (in its capacity as successor Advancing Agent),
as applicable, (i) that it has made a Nonrecoverable Interest Advance (together with Reimbursement Interest thereon) or (ii) that any proposed Interest Advance, if made, would constitute a Nonrecoverable Interest Advance, shall be
evidenced by an Officer’s Certificate delivered promptly to the Trustee, the Note Administrator, the Issuer and the 17g-5 Information Provider, setting forth the basis for such determination;
provided that failure to give such notice, or any defect therein, shall not impair or affect the validity of, or the Advancing Agent or the Backup Advancing Agent, entitlement to reimbursement with respect to, any Interest Advance. 

  
 -136- 

 Section 10.8 Reports by Parties. 

(a) The Note Administrator shall supply, in a timely fashion, to the Issuer, the Trustee, the Servicer, the Special Servicer
and the applicable Directing Holder any information regularly maintained by the Note Administrator that the Issuer, the Trustee, the Servicer, the Special Servicer or such Directing Holder may from time to time request in writing with respect to the
Collateral or the Indenture Accounts and provide any other information reasonably available to the Note Administrator by reason of its acting as Note Administrator hereunder and required to be provided by Section 10.9. Each
of the Issuer, the Servicer, and the Special Servicer shall promptly forward to the Trustee and the Note Administrator any information in their possession or reasonably available to them concerning any of the Collateral that the Trustee or the Note
Administrator reasonably may request or that reasonably may be necessary to enable the Note Administrator to prepare any report or to enable the Trustee or the Note Administrator to perform any duty or function on its part to be performed under the
terms of this Indenture. 
 Section 10.9 Reports; Accountings. 

(a) Based on the CREFC®
Loan Periodic Update File prepared by the Servicer and delivered by the Servicer to the Note Administrator no later than 2:00 p.m. (New York time) on the second Business Day before the Payment Date, the Note Administrator shall prepare and
make available on its website initially located at www.ctslink.com (or, upon written request from registered Holders of the Notes or from those parties that cannot receive such statement electronically, provide by first class mail), on each
Payment Date to Privileged Persons, a report substantially in the form of Exhibit G hereto (the “Monthly Report”), setting forth the following information: 

(i) the amount of the distribution of principal and interest on such Payment Date to the Noteholders and any
reduction of the Aggregate Outstanding Amount of the Notes; 
 (ii) the aggregate amount of compensation paid
to the Note Administrator, the Trustee and servicing compensation paid to the Servicer during the related Due Period; 

(iii) the Aggregate Outstanding Portfolio Balance outstanding immediately before and immediately after the
Payment Date; 
 (iv) the number, Aggregate Outstanding Portfolio Balance, weighted average remaining term to
maturity and weighted average interest rate of the Mortgage Assets as of the end of the related Due Period; 

(v) the number and aggregate principal balance of Mortgage Assets that are (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days or more and (D) current but Specially Serviced Mortgage Loans or in foreclosure but not an REO
Property; 
 (vi) the value of any REO Property owned by the Issuer or any Permitted Subsidiary as of the end
of the related Due Period, on an individual Mortgage Asset basis, based on the most recent appraisal or valuation; 

  
 -137- 

 (vii) the amount of Interest Proceeds and Principal Proceeds
received in the related Due Period; 
 (viii) the amount of any Interest Advances made by the Advancing Agent
or the Backup Advancing Agent, as applicable; 
 (ix) the payments due pursuant to the Priority of Payments
with respect to each clause thereof; 
 (x) the number and related principal balances of any Mortgage Assets
that have been (or are related to Mortgage Loans that have been) extended or modified during the related Due Period on an individual Mortgage Asset basis; 

(xi) the amount of any remaining unpaid Interest Shortfalls as of the close of business on the Payment Date;

 (xii) a listing of each Mortgage Asset that was the subject of a principal prepayment during the related
collection period and the amount of principal prepayment occurring; 
 (xiii) the aggregate unpaid principal
balance of the Mortgage Assets outstanding as of the close of business on the related Determination Date; 

(xiv) with respect to any Mortgage Asset as to which a liquidation occurred during the related Due Period
(other than through a payment in full), (A) the number thereof and (B) the aggregate of all liquidation proceeds which are included in the Payment Account and other amounts received in connection with the liquidation (separately
identifying the portion thereof allocable to distributions of the Notes); 
 (xv) with respect to any REO
Property owned by the Issuer or any Permitted Subsidiary thereof, as to which the Special Servicer determined that all payments or recoveries with respect to the related property have been ultimately recovered during the related collection period,
(A) the related Mortgage Asset and (B) the aggregate of all liquidation proceeds and other amounts received in connection with that determination (separately identifying the portion thereof allocable to distributions on the Securities);

 (xvi) the aggregate amount of interest on monthly debt service advances in respect of the Mortgage Assets
paid to the Advancing Agent and/or the Backup Advancing Agent since the prior Payment Date; 
 (xvii) a
listing of each modification, extension or waiver made with respect to each Mortgage Asset; 
 (xviii) an
itemized listing of any Special Servicer Fees received from the Special Servicer or any of its affiliates during the related Due Period; 

(xix) the amount of any dividends or other distributions to the Preferred Shares on the Payment Date; and 

  
 -138- 

 (xx) the Net Outstanding Portfolio Balance and whether any
Control Shift Event or Consultation Termination Event has occurred and, if either such event has occurred, whether either such event is continuing. 

(b) The Note Administrator will post on the Note Administrator’s Website, any report received from the Servicer or Special
Servicer detailing any breach of the representations and warranties with respect to any Mortgage Asset by the Seller or any of its affiliates and the steps taken by the Seller or any of its affiliates to cure such breach; a listing of any breach of
the representations and warranties with respect to any Mortgage Asset by the Seller or any of its affiliates and the steps taken by the Seller or any of its affiliates to cure such breach; 

(c) All information made available on the Note Administrator’s Website will be restricted and the Note Administrator will
only provide access to such reports to Privileged Persons in accordance with this Indenture. In connection with providing access to its website, the Note Administrator may require registration and the acceptance of a disclaimer. 

(d) Not more than five (5) Business Days after receiving an Issuer Request requesting information regarding a Clean-up Call, a Tax Redemption, an Auction Call Redemption or an Optional Redemption as of a proposed Redemption Date, the Note Administrator shall, subject to its timely receipt of the necessary information to the
extent not in its possession, compute the following information and provide such information in a statement (the “Redemption Date Statement”) delivered to the Preferred Shareholders and the Preferred Share Paying Agent: 

(i) the Aggregate Outstanding Amount of the Notes of the Class or Classes to be redeemed as of such
Redemption Date; 
 (ii) the amount of accrued interest due on such Notes as of the last day of the Due
Period immediately preceding such Redemption Date; 
 (iii) the Redemption Price; 

(iv) the sum of all amounts due and unpaid under Section 11.1(a) (other than amounts
payable on the Notes being redeemed or to the Noteholders thereof); and 
 (v) the amount in the Collection
Account and the Indenture Accounts (other than the Preferred Share Distribution Account) available for application to the redemption of such Notes. 

(e) For so long as the Retention Holder or any affiliate thereof is the Directing Holder, the Issuer shall provide quarterly
updates on the status of the business plan for each Mortgage Asset, which reports shall be posted to the Note Administrator’s website. 

Section 10.10 Release of Mortgage Assets; Release of Collateral. 

(a) If no Event of Default has occurred and is continuing and subject to Article 12 hereof, the Issuer may direct the
Special Servicer on behalf of the Trustee to release a 

  
 -139- 

 
Pledged Mortgage Asset from the lien of this Indenture, by Issuer Order delivered to the Trustee and the Custodian at least two (2) Business Days prior to the settlement date for any sale of
a Pledged Mortgage Asset certifying that (i) it has sold such Pledged Mortgage Asset pursuant to and in compliance with Article 12 or (ii) in the case of a redemption pursuant to Section 9.1, the proceeds
from any such sale of Mortgage Assets are sufficient to redeem the Notes pursuant to Section 9.1, and, upon receipt of a Request for Release of such Mortgage Asset from the Special Servicer, the Custodian shall deliver any
such Pledged Mortgage Asset, if in physical form, duly endorsed to the broker or purchaser designated in such Issuer Order or to the Issuer if so requested in the Issuer Order, or, if such Pledged Mortgage Asset is represented by a Security
Entitlement, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor as set forth in such Issuer Order. If requested, the Custodian may deliver any such Pledged Mortgage Asset in physical form for
examination (prior to receipt of the sales proceeds) in accordance with street delivery custom. The Custodian shall (i) deliver any agreements and other documents in its possession relating to such Pledged Mortgage Asset and (ii) the
Trustee, if applicable, duly assign each such agreement and other document, in each case, to the broker or purchaser designated in such Issuer Order or to the Issuer if so requested in the Issuer Order. 

(b) The Issuer (or the Special Servicer on behalf of the Issuer) may deliver to the Trustee and Custodian at least three
(3) Business Days prior to the date set for redemption or payment in full of a Pledged Mortgage Asset, an Issuer Order certifying that such Pledged Mortgage Asset is being paid in full. Thereafter, the Special Servicer, by delivery of a Request
for Release, may direct the Custodian to deliver such Pledged Mortgage Asset and the related Mortgage Asset File therefor on or before the date set for redemption or payment, to the Special Servicer for redemption against receipt of the applicable
redemption price or payment in full thereof. 
 (c) With respect to any Mortgage Asset subject to a workout or restructuring,
the Issuer (or the Special Servicer on behalf of the Issuer) may, by Issuer Order delivered to the Trustee and Custodian at least two (2) Business Days prior to the date set for an exchange, tender or sale, certify that a Mortgage Asset is
subject to a workout or restructuring and setting forth in reasonable detail the procedure for response thereto. Thereafter, the Special Servicer may, in accordance with the terms of, and subject to any required consent and consultation obligations
set forth in the Servicing Agreement, direct the Custodian, by delivery to the Custodian of a Request for Release, to deliver any Collateral to the Special Servicer in accordance with such Request for Release. 

(d) The Special Servicer shall remit to the Servicer for deposit into the Collection Account any proceeds received by it from
the disposition of a Pledged Mortgage Asset and treat such proceeds as Principal Proceeds, for remittance by the Servicer to the Note Administrator on the first Remittance Date occurring thereafter. None of the Trustee, the Note Administrator or the
Securities Intermediary shall be responsible for any loss resulting from delivery or transfer of any such proceeds prior to receipt of payment in accordance herewith. 

(e) The Trustee shall, upon receipt of an Issuer Order declaring that there are no Notes Outstanding and all obligations of the
Issuer hereunder have been satisfied, release the Collateral from the lien of this Indenture. 

  
 -140- 

 (f) Upon receiving actual notice of any offer or any request for a waiver,
consent, amendment or other modification with respect to any Mortgage Asset, or in the event any action is required to be taken in respect to an Asset Document, the Special Servicer on behalf of the Issuer will promptly notify the applicable
Directing Holder, the Operating Advisor and the Servicer of such request, and the Special Servicer shall grant any waiver or consent, and enter into any amendment or other modification pursuant to the Servicing Agreement in accordance with the
Servicing Standard. In the case of any modification or amendment that results in the release of the related Mortgage Asset, notwithstanding anything to the contrary in Section 5.5(a), the Custodian, upon receipt of a
Request for Release, shall release the related Mortgage Asset File upon the written instruction of the Servicer or the Special Servicer, as applicable. 

Section 10.11 [Reserved.] 

Section 10.12 Information Available Electronically. 

(a) The Note Administrator shall make available to any Privileged Person the following items (in each case, as applicable, to
the extent received by it) by means of the Note Administrator’s Website the following items (to the extent such items were prepared by or delivered to the Note Administrator in electronic format); 

(i) The following documents, which will initially be available under a tab or heading designated “deal
documents”: 
 (1) the final Offering Memorandum related to the Notes offered thereunder; 

(2) this Indenture, and any schedules, exhibits and supplements thereto; 

(3) the CREFC® Loan Setup file; 

(4) the Issuer Charter, 

(5) the Servicing Agreement, any schedules, exhibits and supplements thereto: 

(6) the Preferred Share Paying Agency Agreement, and any schedules, exhibits and supplements thereto; 

(ii) The following documents will initially be available under a tab or heading designated “periodic
reports”: 
 (1) the Monthly Reports prepared by the Note Administrator pursuant to
Section 10.9(a); and 
 (2) certain information and reports specified in the
Servicing Agreement (including the collection of reports specified by CRE Finance Council or any successor organization reasonably acceptable to the Note Administrator 

  
 -141- 

 
and the Servicer) known as the “CREFC® Investor Reporting Package” relating to the Mortgage Assets to the extent that the Note
Administrator receives such information and reports from the Servicer from time to time; 
 (iii) The
following documents, which will initially be available under a tab or heading designated “Additional Documents”: 

(1) inspection reports delivered to the Note Administrator under the terms of the Servicing Agreement; 

(2) appraisals delivered to the Note Administrator under the terms of the Servicing Agreement; 

(3) for so long as the Retention Holder or any affiliate thereof is the Directing Holder, any quarterly updates
on the status of the business plan for each Mortgage Asset delivered by the Issuer to the Note Administrator; and 

(4) the Issuer hereby directs the Note Administrator to post any reports or such other information that, from
time to time, the Issuer or the Special Servicer provides to the Note Administrator to be made available on the Note Administrator’s Website; 

(iv) The following documents, which will initially be available under a tab or heading designated “special
notices”: 
 (1) notice of final payment on the Notes delivered to the Note Administrator pursuant to
Section 2.7(d); 
 (2) notice of termination of the Servicer or the Special
Servicer; 
 (3) notice of a Servicer Termination Event or a Special Servicer Termination Event, each as
defined in the Servicing Agreement and delivered to the Note Administrator under the terms of the Servicing Agreement; 

(4) notice of the resignation of any party to the Indenture and notice of the acceptance of appointment of a
replacement for any such party, to the extent such notice is prepared or received by the Note Administrator; 

(5) officer’s certificates supporting the determination that any Interest Advance was (or, if made, would
be) a Nonrecoverable Interest Advance delivered to the Note Administrator pursuant to Section 10.7(b); 

(6) any direction received by the Note Administrator from the applicable Directing Holder for the termination
of the Special Servicer during any period when such Person is entitled to make such a direction, and any direction of a Majority of the Notes to terminate the Special Servicer in response to the recommendation of the Operating Advisor; 

  
 -142- 

 (7) any direction received by the Note Administrator from the
Directing Holder for the termination of the Sub-Servicer during any period when such person is entitled to make such a direction; and 

(8) any direction received by the Note Administrator from a Majority of the Controlling Class or a
Supermajority of the Notes for the termination of the Note Administrator or the Trustee pursuant to Section 6.9(c); 

(v) the following notices provided by Retention Holder to the Note Administrator, if any, which will initially
be available under a tab or heading designated “risk retention special notices”: 
 (1) any changes
to the fair values set forth in the “Credit Risk Retention” section of the Offering Memorandum between the date of the Offering Memorandum and the Closing Date; 

(2) any material differences between the valuation methodology or any of the key inputs and assumptions that
were used in calculating the fair value or range of fair values prior to the pricing of the Notes and the Closing Date; and 

(3) any noncompliance of the applicable credit risk retention requirements under the credit risk retention
requirements under Section 15G of the Exchange Act by Retention Holder or a Subsequent Retaining Holder as and to the extent the Sponsor is required under the credit risk retention requirements under Section 15G of the Exchange Act; 

(vi) the “Investor Q&A Forum” pursuant to Section 10.13; and 

(vii) solely to Noteholders and holders of any Preferred Shares, the “Investor Registry” pursuant to
Section 10.13. 
 Privileged Persons who execute Exhibit
H-2 shall only be entitled to access the Monthly Report, and shall not have access to any other information on the Note Administrator’s Website. 

The Note Administrator’s Website shall initially be located at www.ctslink.com. The foregoing information shall be
made available by the Note Administrator on the Note Administrator’s Website promptly following receipt. The Note Administrator may change the titles of the tabs and headings on portions of its website, and may
re-arrange the files as it deems proper. The Note Administrator shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete,
conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any such information is delivered or posted in error, the Note Administrator may remove it from the Note Administrator’s
Website. The Note Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Note Administrator’s Website to the extent such information was not produced by the Note Administrator.
In connection with providing access to the Note Administrator’s Website, the 

  
 -143- 

 
Note Administrator may require registration and the acceptance of a disclaimer. The Note Administrator shall not be liable for the dissemination of information in accordance with the terms of
this Agreement, makes no representations or warranties as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information. Assistance in using the Note Administrator’s Website can be
obtained by calling 866-846-4526. 

Section 10.13 Investor Q&A Forum; Investor Registry. 

(a) The Note Administrator shall make the “Investor Q&A Forum” available to Privileged Persons and
prospective purchasers of Notes by means of the Note Administrator’s Website, where Noteholders (including beneficial owners of Notes) may (i) submit inquiries to the Note Administrator relating to the Monthly Reports, and submit inquiries
to the Servicer, the Special Servicer or, after the occurrence of a Control Termination Event with respect to any CLO Controlled Mortgage Asset, the Operating Advisor (each, a “Q&A Respondent”) relating to any servicing reports
prepared by that party, the Mortgage Assets, or the properties related thereto (each an “Inquiry” and collectively, “Inquiries”), and (ii) view Inquiries that have been previously submitted and answered,
together with the answers thereto. Upon receipt of an Inquiry for a Q&A Respondent, the Note Administrator shall forward the Inquiry to the applicable Q&A Respondent, in each case via email or such other method as the Note Administrator and
the Servicer or the Special Servicer agree within a commercially reasonable period of time following receipt thereof. Following receipt of an Inquiry, the Note Administrator and the applicable Q&A Respondent, unless such party determines not to
answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the applicable Q&A Respondent shall be by email to the Note Administrator, the Servicer and the Special Servicer or such other method as the Note Administrator and
the Servicer or the Special Servicer will agree. The Note Administrator shall post (within a commercially reasonable period of time following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Note
Administrator‘s Website. If the Note Administrator or the applicable Q&A Respondent determines, in its respective sole discretion, that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry would not be in
the best interests of the Issuer or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law, the Asset Documents, this Indenture or the Servicing Agreement, (iv) answering any Inquiry would materially increase
the duties of, or result in significant additional cost or expense to, the Note Administrator, the Servicer, the Special Servicer or the Operating Advisor, as applicable or (v) answering any such inquiry would reasonably be expected to result
in the waiver of an attorney client privilege or the disclosure of attorney work product, or is otherwise not advisable to answer, it shall not be required to answer such Inquiry and shall promptly notify the Note Administrator of such
determination. The Note Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry shall not be answered in accordance with the terms of this Agreement. Any notice by the Note Administrator to the Person who
submitted an Inquiry that shall not be answered shall include the following statement: “Because the Indenture and the Servicing Agreement provides that the Note Administrator, Servicer, Special Servicer and Operating Advisor shall not answer an
Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described in the Indenture, (ii) answering any Inquiry would not be in the best interests of the Issuer and/or the
Noteholders, (iii) answering any Inquiry would be in violation of applicable law or the Asset Documents, this Indenture or the 

  
 -144- 

 
Servicing Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Trustee, the Servicer, the Special
Servicer or the Operating Advisor, as applicable, or (v) answering any such inquiry would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work product, or is otherwise not advisable
to answer, no inference shall be drawn from the fact that the Trustee, the Servicer, the Special Servicer or the Operating Advisor has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum shall be attributable only to
the Q&A Respondent, and shall not be deemed to be answers from any other Person. Any Inquiry and the related answer posted to the Note Administrator’s Website may be amended, modified, deleted or otherwise altered as the Note Administrator,
Servicer or Special Servicer, as applicable, may determine in its sole discretion. None of the Placement Agents, the Issuer, the Co-Issuer, the Seller, the Advancing Agent, the Future Funding Indemnitor,
Retention Holder, the Servicer, the Special Servicer, the Operating Advisor, the Note Administrator or the Trustee, or any of their respective Affiliates shall certify to any of the information posted in the Investor Q&A Forum and no such party
shall have any responsibility or liability for the content of any such information. The Note Administrator shall not be required to post to the Note Administrator’s Website any Inquiry or answer thereto that the Note Administrator determines,
in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum shall not reflect questions, answers and other communications that are not submitted via the Note Administrator’s Website. Additionally, the Note
Administrator may require acceptance of a waiver and disclaimer for access to the Investor Q&A Forum. 
 (b) The Note
Administrator shall make available to any Noteholder or holder of Preferred Shares and any beneficial owner of a Note, the Investor Registry. The “Investor Registry” shall be a voluntary service available on the Note Administrator’s
Website, where Noteholders and beneficial owners of Notes can register and thereafter obtain information with respect to any other Noteholder or beneficial owner that has so registered. Any Person registering to use the Investor Registry shall be
required to certify that (i) it is a Noteholder, a beneficial owner of a Note or a holder of a Preferred Share and (ii) it grants authorization to the Note Administrator to make its name and contact information available on the Investor
Registry for at least 45 days from the date of such certification to other registered Noteholders and registered beneficial owners or Notes. Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the
company name and email address, as well as certain optional fields such as address, and phone number. If any Noteholder or beneficial owner of a Note notifies the Note Administrator that it wishes to be removed from the Investor Registry (which
notice may not be within forty-five (45) days of its registration), the Note Administrator shall promptly remove it from the Investor Registry. The Note Administrator shall not be responsible for verifying or validating any information
submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Note Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry. 

(c) Certain information concerning the Collateral and the Notes, including the Monthly Reports, CREFC® Reports and supplemental notices, shall be provided by the Note Administrator to certain market data providers upon receipt by the Note Administrator from such persons of a certification in the
form of Exhibit I hereto, which certification may be submitted electronically via the Note Administrator’s Website. The Issuer hereby authorizes the provision 

  
 -145- 

 
of such information to Bloomberg L.P., Trepp, LLC, Intex Solutions, Inc., Markit Group Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s
Analytics and Thomson Reuters Corporation. 
 (d) [Reserved.] 

(e) The 17g-5 Information Provider will make the “Rating Agency Q&A Forum and
Servicer Document Request Tool” available to NRSROs via the 17g-5 Information Providers Website, where NRSROs may (i) submit inquiries to the Trustee relating to the Monthly Report, (ii) submit
inquiries to the Servicer or the Special Servicer relating to servicing reports prepared by such parties, or the Collateral, except to the extent already obtained, (iii) submit requests for loan-level reports and information, and (iv) view
previously submitted inquiries and related answers or reports, as the case may be. Upon receipt of an inquiry or request for the Note Administrator, the Servicer or the Special Servicer, as the case may be, the
17g-5 Information Provider shall forward such inquiry or request to the Note Administrator, the Servicer or the Special Servicer, as applicable, in each case via email within a commercially reasonable period
of time following receipt thereof. The Trustee, the Note Administrator, the Servicer or the Special Servicer, as applicable, will be required to answer each inquiry, unless it determines that (a) answering the inquiry would be in violation of
applicable law, the Servicing Standard, the Indenture, the Servicing Agreement or the applicable loan documents, (b) answering the inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure
of attorney work product, or (c) answering the inquiry would materially increase the duties of, or result in significant additional cost or expense to, such party, and the performance of such additional duty or the payment of such additional
cost or expense is beyond the scope of its duties under the Indenture or the Servicing Agreement, as applicable. In the event that any of the Trustee, the Note Administrator, the Servicer or the Special Servicer declines to answer an inquiry, it
shall promptly email the 17g-5 Information Provider with the basis of such declination. The 17g-5 Information Provider will be required to post the inquiries and the
related answers (or reports, as applicable) on the Rating Agency Q&A Forum and Servicer Document Request Tool promptly upon receipt, or in the event that an inquiry is unanswered, the inquiry and the basis for which it was unanswered. The Rating
Agency Q&A Forum and Servicer Document Request Tool may not reflect questions, answers, or other communications which are not submitted through the 17g-5 Website. Answers and information posted on the
Rating Agency Q&A Forum and Servicer Document Request Tool will be attributable only to the respondent, and will not be deemed to be answers from any other Person. No such other Person will have any responsibility or liability for, and will not
be deemed to have knowledge of, the content of any such information. 
 Section 10.14 Certain
Procedures. 
 For so long as the Notes may be transferred only in accordance with Rule 144A, the Issuer will ensure
that any Bloomberg screen containing information about the Rule 144A Global Notes includes the following (or similar) language: 

(i) the “Note Box” on the bottom of the “Security Display” page describing the
Rule 144A Global Notes will state: “Iss’d Under 144A”; 

  
 -146- 

 (ii) the “Security Display” page will have the flashing
red indicator “See Other Available Information”; and 
 The indicator will link to the “Additional Security
Information” page, which will state that the Notes “are being offered in reliance on the exemption from registration under Rule 144A of the Securities Act to persons who are qualified institutional buyers (as defined in Rule 144A
under the Securities Act). 
 ARTICLE 11 

APPLICATION OF FUNDS 

Section 11.1 Disbursements of Amounts from Payment Account. 

(a) Notwithstanding any other provision in this Indenture, but subject to the other subsections of this
Section 11.1 hereof, on each Payment Date, the Note Administrator shall disburse amounts transferred to the Payment Account in accordance with the following priorities (the “Priority of Payments”): 

(i) Interest Proceeds. On each Payment Date that is not a Redemption Date, the Stated Maturity Date or a
Payment Date following an acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, Interest Proceeds with respect to the related Due Period shall be distributed in the following order of priority: 

(1) to the payment of taxes and filing fees (including any registered office and government fees) owed by the
Issuer, if any; 
 (2) (a) first, to the extent not previously reimbursed, to the Backup Advancing Agent and
the Advancing Agent, in that order, the aggregate amount of any Nonrecoverable Interest Advances due and payable to such party; (b) second, to the Advancing Agent (or to the Backup Advancing Agent if the Advancing Agent has failed to make any
Interest Advance required to be made by the Advancing Agent pursuant to the terms hereof), the Advancing Agent Fee and any previously due but unpaid Advancing Agent Fee (with respect to amounts owed to the Advancing Agent, unless waived by the
Advancing Agent) (provided that the Advancing Agent or Backup Advancing Agent, as applicable, has not failed to make any Interest Advance required to be made in respect of any Payment Date pursuant to the terms of the Indenture); and (c) third,
to the Advancing Agent and the Backup Advancing Agent, to the extent due and payable to such party, Reimbursement Interest and reimbursement of any outstanding Interest Advances not to exceed, in each case, the amount that would result in an
Interest Shortfall with respect to such Payment Date; 
 (3) (a) first, pro rata to the payment to the
Note Administrator and to the Trustee of the accrued and unpaid fees in respect of their services equal to U.S. $4,250, in each case payable monthly (a portion of which is payable to the Trustee by the Note Administrator), (b) second, to the
payment of other accrued 

  
 -147- 

 
and unpaid Company Administrative Expenses of the Note Administrator, the Trustee, the Paying Agent and the Preferred Share Paying Agent not to exceed the sum of U.S. $250,000 per Expense Year
(of which $100,000 shall be allocated to the Trustee and $150,000 shall be allocated to the Note Administrator (in each of its capacities); provided that any unused portions of the foregoing cap remaining at the end of an Expense Year will be
available to pay the Company Administrative Expenses of any of the Note Administrator (in each of its capacities) or the Trustee), and (c) third, to the payment of any other accrued and unpaid Company Administrative Expenses; 

(4) to the payment of the Class A Interest Distribution Amount plus any Class A Defaulted Interest
Amount; 
 (5) to the payment of the Class A-S Interest
Distribution Amount plus any Class A-S Defaulted Interest Amount; 

(6) to the payment of the Class B Interest Distribution Amount plus any Class B Defaulted Interest
Amount; 
 (7) to the payment of the Class C Interest Distribution Amount and, if no Class A Notes,
Class A-S Notes and Class B Notes are outstanding, any Class C Defaulted Interest Amount; 

(8) to the payment of the Class C Deferred Interest Amount (in reduction of the Aggregate Outstanding
Amount of the Class C Notes); 
 (9) to the payment of the Class D Interest Distribution Amount
and, if no Class A Notes, Class A-S Notes, Class B Notes and Class C Notes are outstanding, any Class D Defaulted Interest Amount; 

(10) to the payment of the Class D Deferred Interest Amount (in reduction of the Aggregate Outstanding
Amount of the Class D Notes); 
 (11) if the Offered Note Protection Test is not satisfied as of the
Determination Date relating to such Payment Date, to the payment of, first, principal on the Class A Notes, second, principal on the Class A-S Notes, third, principal on the Class B Notes,
fourth, principal on the Class C Notes, and fifth, principal on the Class D Notes, in each case, to the extent necessary to cause the Offered Note Protection Test to be satisfied or, if sooner, until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes have been paid in full; 

(12) to the payment of the Class E Interest Distribution Amount and, if no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes and Class D Notes are outstanding, any Class E Defaulted Interest Amount; 

(13) to the payment of the Class E Deferred Interest Amount (in reduction of the Aggregate Outstanding
Amount of the Class E Notes); 

  
 -148- 

 (14) to the payment of the Class F Interest Distribution
Amount and, if no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes are outstanding, any Class F Defaulted Interest Amount; 

(15) to the payment of the Class F Deferred Interest Amount (in reduction of the Aggregate Outstanding
Amount of the Class F Notes); 
 (16) to the payment of any Company Administrative Expenses not paid
pursuant to clause (3) above in the order specified therein; and 
 (17) any remaining Interest Proceeds
to be released from the lien of the Indenture and paid (upon standing order of the Issuer) to the Preferred Share Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the holder of the Preferred Shares subject
to and in accordance with the provisions of the Preferred Share Paying Agency Agreement. 
 (ii) Principal
Proceeds. On each Payment Date that is not a Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, Principal Proceeds with
respect to the related Due Period shall be distributed in the following order of priority: 
 (1) to the
payment of the amounts referred to in clauses (1) through (4) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but
only to the extent not paid in full thereunder; 
 (2) to the payment of principal of the Class A Notes
until the Class A Notes have been paid in full; 
 (3) to the payment of amounts referred to in clause
(5) of Section 11.1(a)(i), but only to the extent not paid in full thereunder; 

(4) to the payment of principal of the Class A-S Notes until the Class A-S Notes have been paid in full; 
 (5) to the payment of
amounts referred to in clause (6) of Section 11.1(a)(i), but only to the extent not paid in full thereunder; 

(6) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full;

 (7) to the payment of amounts referred to in clause (7) of
Section 11.1(a)(i), but only to the extent not paid in full thereunder; 
 (8) to
the payment of principal of the Class C Notes (including any Class C Deferred Interest Amounts) until the Class C Notes have been paid in full; 

  
 -149- 

 (9) to the payment of amounts referred to in clause (9) of
Section 11.1(a)(i), but only to the extent not paid in full thereunder; 
 (10) to
the payment of principal of the Class D Notes (including any Class D Deferred Interest Amounts) until the Class D Notes have been paid in full; 

(11) to the payment of amounts referred to in clause (12) of Section 11.1(a)(i),
but only to the extent not paid in full thereunder; 
 (12) to the payment of principal of the Class E
Notes (including any Class E Deferred Interest Amounts) until the Class E Notes have been paid in full; 

(13) to the payment of amounts referred to in clause (14) of Section 11.1(a)(i),
but only to the extent not paid in full thereunder; 
 (14) to the payment of principal of the Class F
Notes (including any Class F Deferred Interest Amounts) until the Class F Notes have been paid in full; and 

(15) any remaining Principal Proceeds to be released from the lien of the Indenture and paid (upon standing
order of the Issuer) to the Preferred Share Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holder of the Preferred Shares subject to and in accordance with the provisions of the Preferred Share Paying
Agency Agreement. 
 (iii) Redemption Dates and Payment Dates During Events of Default. On any
Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, Interest Proceeds and Principal Proceeds with respect to the related Due Period
will be distributed in the following order of priority: 
 (1) to the payment of the amounts referred to in
clauses (1) through (3) of Section 11.1(a)(i) in the same order of priority specified therein, but without giving effect to any limitations on amounts payable set forth therein; 

(2) to the payment of any
out-of-pocket fees and expenses of the Issuer, the Note Administrator and Trustee (including legal fees and expenses) incurred in connection with an acceleration of the
Notes following an Event of Default, including in connection with sale and liquidation of any of the Collateral in connection therewith; 

(3) to the payment of the Class A Interest Distribution Amount, plus, any Class A Defaulted Interest
Amount; 
 (4) to the payment in full of principal of the Class A Notes; 

  
 -150- 

 (5) to the payment of the
Class A-S Interest Distribution Amount, plus, any Class A-S Defaulted Interest Amount; 

(6) to the payment in full of principal of the Class A-S Notes;

 (7) to the payment of the Class B Interest Distribution Amount, plus, any Class B Defaulted
Interest Amount; 
 (8) to the payment in full of principal of the Class B Notes; 

(9) to the payment of the Class C Interest Distribution Amount, plus, any Class C Defaulted Interest
Amount; 
 (10) to the payment in full of principal of the Class C Notes (including any Class C
Deferred Interest Amount); 
 (11) to the payment of the Class D Interest Distribution Amount, plus, any
Class D Defaulted Interest Amount; 
 (12) to the payment in full of principal of the Class D Notes
(including any Class D Deferred Interest Amount); 
 (13) to the payment of the Class E Interest
Distribution Amount, plus, any Class E Defaulted Interest Amount; 
 (14) to the payment in full of the
principal of the Class E Notes (including any Class E Deferred Interest Amount); 
 (15) to the
payment of the Class F Interest Distribution Amount plus any Class F Defaulted Interest Amount; 

(16) to the payment in full of the principal of the Class F Notes (including any Class F Deferred
Interest Amount); and 
 (17) any remaining Interest Proceeds and Principal Proceeds to be released from the
lien of the Indenture and paid (upon standing order of the Issuer) to the Preferred Share Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holder of the Preferred Shares subject to and in accordance with
the provisions of the Preferred Share Paying Agency Agreement. 
 (b) On or before the Business Day prior to each Payment
Date, the Issuer shall, pursuant to Section 10.3, remit or cause to be remitted to the Note Administrator for deposit in the Payment Account an amount of Cash sufficient to pay the amounts described in
Section 11.1(a) required to be paid on such Payment Date. 
 (c) If on any Payment Date the amount
available in the Payment Account from amounts received in the related Due Period are insufficient to make the full amount of the 

  
 -151- 

 
disbursements required by any clause of Section 11.1(a)(i), Section 11.1(a)(ii) or Section 11.1(a)(iii), such
payments will be made to Noteholders of each applicable Class, as to each such clause, ratably in accordance with the respective amounts of such disbursements then due and payable to the extent funds are available therefor. 

(d) In connection with any required payment by the Issuer to the Servicer or the Special Servicer pursuant to the Servicing
Agreement of any amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the Mortgage Assets, the Servicer or the Special Servicer, as applicable, shall be entitled to retain or withdraw such amounts
from the Collection Account pursuant to the terms of the Servicing Agreement. 
 (e) In connection with any required payment
by the Issuer to the Operating Advisor pursuant to the Servicing Agreement of any amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the Mortgage Assets, such amounts shall be paid to the
Operating Advisor pursuant to the terms of the Servicing Agreement. 
 Section 11.2 Securities
Accounts. 
 The Issuer hereby directs the Note Administrator to invest all amounts held by, or deposited with the Note
Administrator in the Permitted Companion Participation Acquisition Account pursuant to the provisions of this Indenture in Eligible Investments described in clause (v) of the definition of Eligible Investments and such amounts shall be credited
to the Indenture Account that is the source of funds for such investment. Any amounts not so invested in Eligible Investments as herein provided, shall be credited to one or more securities accounts established and maintained pursuant to the
Securities Account Control Agreement at the Corporate Trust Office of the Note Administrator, or at another financial institution whose long-term rating is at least equal to “A2” by Moody’s (or such lower rating as the Rating Agencies
shall approve) and agrees to act as a Securities Intermediary on behalf of the Note Administrator on behalf of the Secured Parties pursuant to an account control agreement in form and substance similar to the Securities Account Control Agreement.
All other accounts held by the Note Administrator shall be held uninvested. 
 ARTICLE 12 

SALE OF MORTGAGE ASSETS; ACQUISITION OF COMPANION 

PARTICIPATIONS; FUTURE FUNDING ESTIMATES 

Section 12.1 Sales of Mortgage Assets. 

(a) Except as otherwise expressly permitted or required by this Indenture, the Issuer shall not sell or otherwise dispose of
any Mortgage Asset. The Issuer may sell a Mortgage Asset in the following circumstances: 
 (i) in the event
that a Mortgage Asset is a Defaulted Mortgage Asset and the Special Servicer determines in accordance with the Servicing Standard that the sale of 

  
 -152- 

 
such Mortgage Asset is in the best interest of the Noteholders, the Special Servicer may, on behalf of the Issuer, sell such Mortgage Asset; 

(ii) in the event that the Holder of a Majority of the Preferred Shares notifies the Issuer, the Trustee, the
Note Administrator, the Servicer and the Special Servicer that it is exercising its right under Section 12.1(g) to purchase a Defaulted Mortgage Asset or an Impaired Mortgage Asset at the Par Purchase Price for such
Mortgage Asset, the Special Servicer shall, on behalf of the Issuer, sell such Mortgage Asset to such Holder; 

(iii) in the event the Seller is required to repurchase such Mortgage Asset for the par value thereof plus
accrued and unpaid interest thereon as a result of a Material Document Defect or Material Breach of representation or warranty set forth in the Mortgage Asset Purchase Agreement, the Special Servicer shall, on behalf of the Issuer, sell such
Mortgage Asset to the Seller; and 
 (iv) in the event of a Clean-up
Call, Tax Redemption, Optional Redemption or Auction Call Redemption pursuant to Sections 9.1(a), (b), (c), or (d) respectively, the Special Servicer shall, on behalf of the Issuer, sell such Mortgage Asset. 

(b) After the Issuer has notified the Trustee and the Note Administrator of an Optional Redemption, a Clean-up Call, a Tax Redemption or an Auction Call Redemption in accordance with Section 9.1, any disposition of Mortgage Assets shall be effected by the Special Servicer upon Issuer Order
(which shall specify that the conditions above have been met) to the Special Servicer with a copy to the Trustee and the Note Administrator (directly or by means of participation or other arrangement) in a manner reasonably acceptable to the Special
Servicer, and the Special Servicer shall sell in such manner, any Mortgage Asset without regard to the foregoing limitations in Section 12.1(a); provided that: 

(i) the Sale Proceeds therefrom must be used to pay certain expenses and redeem all of the Notes in whole but
not in part pursuant to Section 9.1, and upon any such sale the Trustee shall release the lien of such Mortgage Asset, and the Custodian shall, upon receipt of a Request for Release, release the related Mortgage File,
pursuant to Section 10.10; 
 (ii) the Special Servicer on behalf of the Issuer
shall not sell (and the Trustee shall not be required to release) a Mortgage Asset pursuant to this Section 12.1(b) unless the Special Servicer certifies to the Trustee and the Note Administrator that, based on calculations
included in the certification (which shall include the sales prices of the Mortgage Assets), the Sale Proceeds from the sale of one or more of the Mortgage Assets and all Cash and proceeds from Eligible Investments shall be sufficient to pay the
Total Redemption Price; and 
 (iii) in connection with an Optional Redemption, a Clean-up Call or a Tax Redemption, all the Mortgage Assets to be sold pursuant to this Section 12.1(b) must be sold in accordance with the requirements set forth in
Section 9.1(f). 
 (c) In the event that any Notes remain Outstanding as of the Payment Date
occurring six months prior to the Stated Maturity Date of the Notes, the Special Servicer will be 

  
 -153- 

 
required to determine whether the proceeds expected to be received on the Collateral prior to the Stated Maturity Date of the Notes will be sufficient to pay in full the principal amount of (and
accrued interest on) the Notes on the Stated Maturity Date. If the Special Servicer determines, in its sole discretion, that such proceeds will not be sufficient to pay the outstanding principal amount of and accrued interest on the Notes (a
“Note Liquidation Event”) on the Stated Maturity Date of the Notes, the Issuer will be obligated to liquidate the portion of Mortgage Assets sufficient to pay the remaining principal amount of and interest on the Notes on or before
the Stated Maturity Date. The Mortgage Assets to be liquidated will be selected by the Special Servicer. 
 (d) Under no
circumstance shall the Trustee be required to acquire any Mortgage Assets or property related thereto. 
 (e) Any Mortgage
Asset sold pursuant to this Section 12.1 shall be released from the lien of this Indenture. 
 (f)
Pursuant to the terms of this Agreement, any time when Retention Holder or any Affiliate thereof holds 100% of the Preferred Shares, it may contribute additional Cash and Eligible Investments to the Issuer. 

(g) The Holder of a Majority of the Preferred Shares shall have an assignable right to purchase any Defaulted Mortgage Asset or
Impaired Mortgage Asset for a Cash purchase price equal to the Par Purchase Price for such Mortgage Asset. 

Section 12.2 Replenishment. 

(a) The Issuer shall, if directed by the Holder of the Preferred Shares, acquire all or a portion of one or more Companion
Participations identified by the Seller (which shall be, and hereby are upon acquisition by the Issuer, Granted to the Trustee pursuant to the Granting Clause of this Indenture) with funds on deposit in the Permitted Companion Participation
Acquisition Account, subject to the satisfaction of the Replenishment Criteria as of the date of the acquisition with respect to each Companion Participation so acquired as evidenced by the delivery to the Note Administrator of an officer’s
certificate of the Seller confirming the satisfaction of the Replenishment Criteria. The Issuer shall provide written notice of the acquisition of a Companion Participation to the Servicer, the Note Administrator and each Rating Agency at least five
Business Days prior to the related acquisition date. 
 (b) The acquisition by the Issuer of each Companion Participation,
and the remittance by the Note Administrator of amounts from the Permitted Companion Participation Acquisition Account, as applicable, as consideration for such acquisition shall be conditioned upon (i) receipt by the Note Administrator of the
officer’s certificate of the Seller confirming satisfaction of the Replenishment Criteria (upon which the Note Administrator may conclusively rely) substantially in the form of Exhibit J hereto, (ii) receipt by the Custodian of the
Subsequent Transfer Instrument substantially in the form of Exhibit K hereto with respect to the transfer of such Companion Participation, which Subsequent Transfer Instrument shall, as of the date of such transfer, (1) list the purchase
price for such Companion Participation, (2) warrant and confirm the satisfaction of the conditions precedent specified in Section 3 of the Mortgage Asset 

  
 -154- 

 
Purchase Agreement and (3) reaffirm the representations and warranties made in Section 4 of the Mortgage Asset Purchase Agreement, subject only to such exceptions, if any, as were taken
by the Seller with respect to the related Pari Passu Participation (which are also set forth in Schedule 2 to such transfer instrument) and (iii) if the Companion Participation is evidenced by a physical certificate
that is separate from the related Pari Passu Participation, receipt by the Custodian of such certificate together with an endorsement to the Issuer and an endorsement in blank. 

(c) If the acquisition by the Issuer of all or a portion of a Companion Participation results, in and of itself, in a downgrade
of the ratings of any Class of Notes by Moody’s or KBRA, then the Seller shall promptly repurchase such Companion Participation at the same price as the Issuer paid to acquire it. 

Section 12.3 Ongoing Future Advance Estimates. 

(a) The Note Administrator and the Trustee, on behalf of the Noteholders and the Holders of the Preferred Shares, are hereby
directed by the Issuer to (i) enter into the Future Funding Agreement and the Future Funding Account Control Agreement, pursuant to which the Seller will agree to pledge certain collateral described therein in order to secure certain future
funding obligations of any Affiliated Future Funding Companion Participation Holder as holder of any Future Funding Companion Participations and (ii) administer the rights of the Note Administrator and the secured party, as applicable, under
the Future Funding Agreement and the Future Funding Account Control Agreement. In the event an Access Termination Notice (as defined in the Future Funding Agreement) has been sent by the Note Administrator to the related account bank and for so long
as such Access Termination Notice is not withdrawn by the Note Administrator, the Note Administrator shall, pursuant to the direction of the Issuer or the Special Servicer on its behalf, direct the use of funds on deposit in the Future Funding
Controlled Reserve Account pursuant to the terms of the Future Funding Agreement. Neither the Trustee nor the Note Administrator shall have any obligation to ensure that the Seller is depositing or causing to be deposited all amounts into the Future
Funding Controlled Reserve Account that are required to be deposited therein pursuant to the Future Funding Agreement. 
 (b)
Pursuant to the Future Funding Agreement, on the Closing Date, (i) Holdco, in its capacity as Future Funding Indemnitor, shall deliver its Largest One Quarter Future Advance Estimate to the Special Servicer, the Servicer, the Operating Advisor
and the Note Administrator and (ii) the Future Funding Indemnitor shall deliver to the Special Servicer, the Servicer, the Operating Advisor, the Note Administrator and the 17g-5 Information Provider a
certification of a responsible financial officer of the Future Funding Indemnitor that the Future Funding Indemnitor has Segregated Liquidity at least equal to the Largest One Quarter Future Advance Estimate. Thereafter, so long as any Future
Funding Companion Participation is held by an Affiliated Future Funding Companion Participation Holder and any future advance obligations remain outstanding under such Future Funding Companion Participation, no later than the 18th day (or, if such
day is not a Business Day, the next succeeding Business Day) of the calendar-month preceding the beginning of each calendar quarter, the Future Funding Indemnitor shall deliver (which may be by email) to the Special Servicer, the Servicer, the
Operating Advisor, the Note Administrator and the 17g-5 Information Provider a certification of a responsible financial officer of the Future Funding Indemnitor that the Future Funding

  
 -155- 

 
Indemnitor has Segregated Liquidity equal to the greater of (i) the Largest One Quarter Future Advance Estimate or (ii) the controlling Two Quarter Future Advance Estimate for the
immediately following two calendar quarters. 
 (c) Pursuant to the Future Funding Agreement, for so long as any Future
Funding Companion Participations is held by an Affiliated Future Funding Companion Participation Holder and any future advance obligations remain outstanding under such Future Funding Companion Participation and, subject to
Section 12.3(d), by (x) no earlier than the thirty-five (35) days prior to, and (y) no later than the fifth (5th) day of, the calendar-month preceding the beginning of each calendar quarter, the Seller is
required to deliver to the Operating Advisor, the Note Administrator and the Future Funding Indemnitor (i) a Two Quarter Future Advance Estimate for the immediately following two calendar quarters and (ii) such supporting documentation and
other information (including any relevant calculations) as is reasonably necessary for the Operating Advisor to perform its obligations described below. The Issuer shall cause the Operating Advisor to, within ten (10) days after receipt of the
Two Quarter Future Advance Estimate and supporting documentation from the Seller, (A) review the Seller’s Two Quarter Future Advance Estimate and such supporting documentation and other information provided by the Seller in connection
therewith, (B) consult with the Seller with respect thereto and make such inquiry, and request such additional information (and the Seller shall promptly respond to each such request for consultation, inquiry or request for information), in
each case as is commercially reasonable for the Operating Advisor to perform its obligations described in the following clause (C), and (C) by written notice to the Note Administrator, the Seller and the Future Funding Indemnitor substantially
in the form set forth in the Servicing Agreement, either (1) confirm that nothing has come to the attention of the Operating Advisor in the documentation provided by the Seller that in the reasonable opinion of the Operating Advisor would
support a determination of a Two Quarter Future Advance Estimate that is at least 25% higher than the Seller’s Two Quarter Future Advance Estimate for such period and shall state that the Seller’s Two Quarter Future Advance Estimate for
such period shall control or (2) deliver its own Two Quarter Future Advance Estimate for such period. If the Operating Advisor’s Two Quarter Future Advance Estimate is at least 25% higher than the Seller’s Two Quarter Future Advance
Estimate for any period, then the Operating Advisor’s Two Quarter Future Advance Estimate for such period shall control; otherwise, the Seller’s Two Quarter Future Advance Estimate for such period shall control. 

(d) No Two Quarter Future Advance Estimate will be required to be made by the Seller or the Operating Advisor for a calendar
quarter if, by the fifth (5th) day of the calendar-month preceding the beginning of such calendar quarter, the Future Funding Indemnitor delivers (which may be by email) to the Special Servicer, the Servicer, the Operating Advisor, the Note
Administrator and the 17g-5 Information Provider a certificate of a responsible financial officer of the Future Funding Indemnitor certifying that (i) the Future Funding Indemnitor has Segregated
Liquidity equal to at least 100% of the aggregate amount of outstanding future advance obligations (subject to the same exclusions as the calculation of the Two Quarter Future Advance Estimate) under the Future Funding Companion Participations held
by Affiliated Future Funding Companion Participation Holders or (ii) no such future funding obligations remain outstanding under the Future Funding Companion Participations held by Affiliated Future Funding Companion Participation Holders. All
certifications regarding Segregated Liquidity, any Two Quarter Future Advance Estimates, or any notices from the 

  
 -156- 

 
Operating Advisor described in (b) and (c) above shall be emailed to the Note Administrator at trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com or such other
email address as provided by the Note Administrator. 
 (e) The 17g-5 Information
Provider shall promptly post to the 17g-5 Website pursuant to Section 14.13(d) of this Agreement, any certification with respect to the holder of the Future Funding Companion
Participations that is delivered to it in accordance with the Future Funding Agreement. 
 ARTICLE 13 

NOTEHOLDERS’ RELATIONS 

Section 13.1 Subordination. 

(a) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree that, for the
benefit of the Holders of the Class A Notes that the rights of the Holders of the Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes and Class F
Notes shall be subordinate and junior to the Class A Notes to the extent and in the manner set forth in Article XI; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the
acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class A Notes shall be paid pursuant to Section 11.1(a)(iii) in full in
Cash or, to the extent 100% of Holders of the Class A Notes consent, other than in Cash, before any further payment or distribution is made on account of any other Class of Notes, to the extent and in the manner provided in
Section 11.1(a)(iii). 
 (b) Anything in this Indenture or the Notes to the contrary
notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class A-S Notes, that the rights of the Holders of the Class B Notes, Class C Notes, Class D Notes,
Class E Notes and Class F Notes shall be subordinate and junior to the Class A-S Notes to the extent and in the manner set forth in Article XI of this Indenture; provided that on
each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class A-S Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class A-S Notes
consent, other than in Cash, before any further payment or distribution is made on account of any of the Class B Notes, Class C Notes, Class D Notes, Class E Notes and Class F Notes to the extent and in the manner provided
in Section 11.1(a)(iii). 
 (c) Anything in this Indenture or the Notes to the contrary
notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class B Notes, that the rights of the Holders of the Class C Notes, Class D Notes, Class E Notes and Class F Notes shall be subordinate
and junior to the Class B Notes to the extent and in the manner set forth in Article XI of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the
acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class B 

  
 -157- 

 
Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class B Notes consent, other than in Cash, before any
further payment or distribution is made on account of any of the Class C Notes, Class D Notes, Class E Notes and Class F Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

(d) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit
of the Holders of the Class C Notes, that the rights of the Holders of the Class D Notes, Class E Notes and Class F Notes shall be subordinate and junior to the Class C Notes to the extent and in the manner set forth in
Article XI of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and
unpaid interest on and outstanding principal on the Class C Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class C Notes consent, other than in Cash,
before any further payment or distribution is made on account of any of the Class D Notes, Class E Notes and Class F Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

(e) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit
of the Holders of the Class D Notes, that the rights of the Holders of the Class E Notes and Class F Notes shall be subordinate and junior to the Class D Notes to the extent and in the manner set forth in Article XI of
this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on
and outstanding principal on the Class D Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class D Notes consent, other than in Cash, before any further
payment or distribution is made on account of the Class E Notes and Class F Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

(f) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit
of the Holders of the Class E Notes, that the rights of the Holders of the Class F Notes shall be subordinate and junior to the Class E Notes to the extent and in the manner set forth in Article XI of this Indenture;
provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding
principal on the Class E Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class E Notes consent, other than in Cash, before any further payment or
distribution is made on account of the Class F Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

(g) In the event that notwithstanding the provisions of this Indenture, any Holders of any Class of Notes shall have
received any payment or distribution in respect of such Class contrary to the provisions of this Indenture, then, unless and until all accrued and unpaid interest on and outstanding principal of all more senior Classes of Notes have been paid
in full in accordance with this Indenture, such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the Note Administrator,

  
 -158- 

 
which shall pay and deliver the same to the Holders of the more senior Classes of Notes in accordance with this Indenture. 

(h) Each Holder of any Class of Notes agrees with the Note Administrator on behalf of the Secured Parties that such Holder
shall not demand, accept, or receive any payment or distribution in respect of such Notes in violation of the provisions of this Indenture including Section 11.1(a) and this Section 13.1;
provided, however, that after all accrued and unpaid interest on, and principal of, each Class of Notes senior to such Class have been paid in full, the Holders of such Class of Notes shall be fully subrogated to
the rights of the Holders of each Class of Notes senior thereto. Nothing in this Section 13.1 shall affect the obligation of the Issuer to pay Holders of such Class of Notes any amounts due and payable hereunder.

 (i) The Holders of each Class of Notes agree, for the benefit of all Holders of the Notes, not to institute against,
or join any other person in instituting against, the Issuer, the Co-Issuer or any Permitted Subsidiary, any petition for bankruptcy, reorganization, arrangement, moratorium, liquidation or similar proceedings
under the laws of any jurisdiction before one year and one day or, if longer, the applicable preference period then in effect, have elapsed since the final payments to the Holders of the Notes. 

Section 13.2 Standard of Conduct. 

In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Securityholder under
this Indenture, a Securityholder or Securityholders shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or them or at
its or their direction or any failure by it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely affects any Securityholder, the Issuer, or any other Person, except for any
liability to which such Securityholder may be subject to the extent the same results from such Securityholder’s taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this
Indenture. 
 ARTICLE 14 

MISCELLANEOUS 

Section 14.1 Form of Documents Delivered to the Trustee and Note Administrator. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and
one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an Authorized Officer of the Issuer or the Co-Issuer may
be based, insofar as it relates to legal matters, upon a certificate or opinion of, or 

  
 -159- 

 
representations by, counsel, unless such Authorized Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the
matters upon which his certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer of the Issuer or the Co-Issuer or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Co-Issuer, the Servicer or any other Person, stating that the information with respect to such factual matters is in
the possession of the Issuer, the Co-Issuer, the Servicer or such other Person, unless such Authorized Officer of the Issuer or the Co-Issuer or such counsel knows that
the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel also may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Authorized
Officer of the Issuer or the Co-Issuer, or the Servicer on behalf of the Issuer, certifying as to the factual matters that form a basis for such Opinion of Counsel and stating that the information with respect
to such matters is in the possession of the Issuer or the Co-Issuer or the Servicer on behalf of the Issuer, unless such counsel knows that the certificate or opinion or representations with respect to such
matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Whenever in this Indenture it is provided that the absence of the occurrence and continuation of a Default or Event of Default
is a condition precedent to the taking of any action by the Trustee or the Note Administrator at the request or direction of the Issuer or the Co-Issuer, then notwithstanding that the satisfaction of such
condition is a condition precedent to the Issuer’s or the Co-Issuer’s rights to make such request or direction, the Trustee or the Note Administrator shall be protected in acting in accordance with
such request or direction if it does not have knowledge of the occurrence and continuation of such Default or Event of Default as provided in Section 6.1(g). 

Section 14.2 Acts of Securityholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Securityholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and the Note Administrator, and, where it is hereby expressly required, to the Issuer and/or the
Co-Issuer. Such instrument or instruments (and the action or actions embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Securityholders signing such
instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee, the Note Administrator, the Issuer and the Co-Issuer, if made in the manner provided in this Section 14.2. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the
Trustee or the Note Administrator deems sufficient. 

  
 -160- 

 (c) The principal amount and registered numbers of Notes held by any Person, and
the date of his holding the same, shall be proved by the Notes Register. The Notional Amount and registered numbers of the Preferred Shares held by any Person, and the date of his holding the same, shall be proved by the register of members
maintained with respect to the Preferred Shares. Notwithstanding the foregoing, the Trustee and Note Administrator may conclusively rely on an Investor Certification to determine ownership of any Notes. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Securityholder shall bind
such Securityholder (and any transferee thereof) of such Security and of every Security issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the
Note Administrator, the Preferred Share Paying Agent, the Share Registrar, the Issuer or the Co-Issuer in reliance thereon, whether or not notation of such action is made upon such Security. 

Section 14.3 Notices, etc., to the Trustee, the Note Administrator, the Issuer, the Co-Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Operating Advisor, the Preferred Share Paying Agent, the Placement Agents, the Subordinate Class Representative, the
Directing Holder and the Rating Agencies. 
 Any request, demand, authorization, direction, notice, consent, waiver or
Act of Securityholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with: 

(a) the Trustee by any Securityholder or by the Note Administrator, the Issuer or the
Co-Issuer shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier
service guaranteeing next day delivery, to the Trustee addressed to it at Wilmington Trust, National Association, 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – TRTX
2018-FL1, Facsimile number: (302) 636-6196, with a copy to: E-mail: cmbstrustee@wilmingtontrust.com, or at any other address
previously furnished in writing to the parties hereto and the Servicing Agreement, and to the Securityholders; 
 (b) the
Note Administrator by the Trustee or by any Securityholder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier
service, to the Note Administrator addressed to it at Wells Fargo Bank, National Association, Corporate Trust Services, 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services – TRTX 2018-FL1, with a copy by email to: trustadmistrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com, or at any other address previously furnished in writing to the parties hereto and the Servicing
Agreement, and to the Securityholders; 
 (c) the Issuer by the Trustee, the Note Administrator or by any Securityholder
shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Issuer
addressed to it at TPG Real Estate Finance 2018-

  
 -161- 

 
FL1 Issuer, Ltd., 888 Seventh Avenue, 35th Floor, New York, New York 10106, Attention: Deborah Ginsberg, Facsimile number: (212) 405-8626, Email:
dginsberg@tpg.com, with a copy to: TPG Real Estate Finance 2018-FL1 Issuer, Ltd., 888 Seventh Avenue, 35th Floor, New York, New York 10106, Attention: Jason Ruckman, Facsimile number: (212) 430-7525, Email: jruckman@tpg.com, or at any other address previously furnished in writing to the Trustee and the Note Administrator by the Issuer, with a copy to the Special Servicer; 

(d) the Co-Issuer by the Trustee, the Note Administrator or by any Securityholder shall
be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Co-Issuer addressed to it TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, 888 Seventh Avenue, 35th Floor, New York, New York 10106,
Attention: Deborah Ginsberg, Facsimile number: (212) 405-8626, Email: dginsberg@tpg.com, with a copy to: TPG RE Finance Trust 2018-FL1
Co-Issuer, LLC, 888 Seventh Avenue, 35th Floor, New York, New York 10106, Attention: Jason Ruckman, Facsimile number: (212) 430-7525, Email: jruckman@tpg.com, or at any
other address previously furnished in writing to the Trustee and the Note Administrator by the Co-Issuer, with a copy to the Special Servicer at its address set forth below; 

(e) the Advancing Agent by the Trustee, the Note Administrator, the Issuer or the
Co-Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service
or by facsimile in legible form, to the Advancing Agent addressed to it at TPG RE Finance Trust CLO Loan Seller, LLC, 888 Seventh Avenue, 35th Floor, New York, New York 10106, Attention: Deborah Ginsberg, Facsimile number: (212) 405-8626, Email: dginsberg@tpg.com, with a copy to: TPG RE Finance Trust CLO Loan Seller, LLC, 888 Seventh Avenue, 35th Floor, New York, New York 10106, Attention: Jason Ruckman, Facsimile number: (212) 430-7525, Email: jruckman@tpg.com, or at any other address previously furnished in writing to the Trustee, the Note Administrator, and the Co-Issuers, with a copy to the
Special Servicer at its address set forth below. 
 (f) the Preferred Share Paying Agent shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery or by facsimile in legible form, to the
Preferred Share Paying Agent addressed to it at its Corporate Trust Office or at any other address previously furnished in writing by the Preferred Share Paying Agent; 

(g) the Servicer by the Issuer, the Note Administrator, the Co-Issuer or the Trustee
shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Servicer addressed to it at Wells Fargo Bank, National
Association, Commercial Mortgage Servicing, Three Wells Fargo, MAC D1050-084, 401 South Tryon Street, 8th Floor, Charlotte, North Carolina 28202, Attention: TRTX
2018-FL1 Asset Manager, Facsimile number: (704) 715-0036, or at any other address previously furnished in writing to the Issuer, the Note Administrator, the Co-Issuer and the Trustee; 

  
 -162- 

 (h) the Special Servicer by the Issuer, the
Co-Issuer, the Note Administrator, or the Trustee shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by
facsimile in legible form, to the Special Servicer addressed to it at Situs Holdings, LLC, Situs Holdings, LLC, 101 Montgomery Street, Suite 2250, San Francisco, California 94104, Attention: Stacey Ciarlanti,
E-mail: stacey.ciarlanti@situs.com, with a copy to: Situs Group, LLC, 5065 Westheimer, Suite 700E, Houston, Texas 77056, Attention: Legal Department, E-mail:
legal@situs.com, or at any other address previously furnished in writing to the Issuer, the Co-Issuer, the Note Administrator and the Trustee; 

(i) the Operating Advisor by the Issuer, the Co-Issuer, the Note Administrator, or the
Trustee shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Operating Advisor addressed to it at Park Bridge
Lender Services LLC, 600 Third Avenue, 40th Floor, New York, New York 10016, Attention: TRTX 2018-FL1 – Surveillance Manager (with a copy sent via
email to cmbs.notices@parkbridgefinancial.com), or at any other address previously furnished in writing to the Issuer, the Co-Issuer, the Note Administrator and the Trustee; 

(j) the Rating Agencies, by the Issuer, the Co-Issuer, the Servicer, the Note
Administrator or the Trustee shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in
legible form, to the Rating Agencies addressed to them at (i) Kroll Bond Rating Agency, Inc., 845 Third Avenue, New York, New York 10022, Attention: CMBS Surveillance (or by electronic mail at cmbssurveillance@kbra.com) and
(ii) Moody’s Investor Services, Inc., 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Attention: CRE CDO Surveillance, (or by electronic mail at moodys_cre_cdo_monitoring@moodys.com), or such other address that any
Rating Agency shall designate in the future; provided that any request, demand, authorization, direction, order, notice, consent, waiver or Act of Securityholders or other documents provided or permitted by this Indenture to be made upon,
given or furnished to, or filed with the Rating Agencies (“17g-5 Information”) shall be given in accordance with, and subject to, the provisions of Section 14.13
hereof; 
 (k) Wells Fargo Securities, LLC, as a Placement Agent, by the Issuer, the
Co-Issuer, the Note Administrator, the Trustee or the Servicer shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier
service or by facsimile in legible form to Wells Fargo Securities, LLC, 375 Park Avenue, New York, New York 10152, Attention: A.J. Sfarra, fax: (212) 214-8970, email: anthony.sfarra@wellsfargo.com, with a copy
to: Brad W. Funk, Esq., Wells Fargo Law Department, D1053-300, 301 South College St., Charlotte, North Carolina 28288, fax: (704) 715-2378, email:
brad.funk@wellsfargo.com; 
 (l) Goldman Sachs & Co. LLC, as a Placement Agent, by the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Servicer shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service
or by facsimile in legible form to Goldman Sachs & Co. LLC, 200 West Street, 

  
 -163- 

 
New York, New York 10282, Attention: Michael Barbieri, e-mail: michael.barbieri@gs.com, with a copy to: Joe Osborne, facsimile number: (212) 291-5381, email: joe.osborne@gs.com; 
 (m) Morgan Stanley & Co. LLC, as a
Placement Agent, by the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Servicer shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand
delivered, sent by overnight courier service or by facsimile in legible form to Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Jane Lam, e-mail:
jane.lam@morganstanley.com, with a copy to: Morgan Stanley & Co. LLC, Legal Compliance Division, 1221 Avenue of the Americas, New York, New York 10020; 

(n) the Subordinate Class Representative and the initial Directing Holder with respect to all of the Mortgage Assets shall
be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Subordinate Class Representative and such initial
Directing Holder addressed to it at TPG RE Finance Trust 2018-FL1 Retention Holder, LLC, 888 Seventh Avenue, 35th Floor, New York, New York 10106, Attention: Deborah Ginsberg, Facsimile number: (212) 405-8626, Email: dginsberg@tpg.com, with a copy to: TPG RE Finance Trust 2018-FL1 Retention Holder, LLC, 888 Seventh Avenue, 35th Floor, New York, New York 10106, Attention:
Jason Ruckman, Facsimile number: (212) 430-7525, Email: jruckman@tpg.com, or at any other address furnished in writing to the Issuer, the Co-Issuer, the Note
Administrator and the Trustee; and 
 (o) the Note Administrator, shall be sufficient for every purpose hereunder if in
writing and mailed, first class postage prepaid hand delivered, sent by overnight courier service to the Corporate Trust Office of the Note Administrator. 

Section 14.4 Notices to Noteholders; Waiver. 

Except as otherwise expressly provided herein, where this Indenture or the Servicing Agreement provides for notice to Holders
of Notes of any event, 
 (a) such notice shall be sufficiently given to Holders of Notes if in writing and mailed, first
class postage prepaid, to each Holder of a Note affected by such event, at the address of such Holder as it appears in the Notes Register, not earlier than the earliest date and not later than the latest date, prescribed for the giving of such
notice; 
 (b) such notice shall be in the English language; and 

(c) all reports or notices to Preferred Shareholders shall be sufficiently given if provided in writing and mailed, first class
postage prepaid, to the Preferred Share Paying Agent. 
 The Note Administrator shall deliver to the Holders of the Notes any
information or notice in its possession, requested to be so delivered by at least 25% of the Holders of any Class of Notes. 

  
 -164- 

 Neither the failure to mail any notice, nor any defect in any notice so mailed,
to any particular Holder of a Note shall affect the sufficiency of such notice with respect to other Holders of Notes. In case by reason of the suspension of regular mail service or by reason of any other cause, it shall be impracticable to give
such notice by mail, then such notification to Holders of Notes shall be made with the approval of the Note Administrator and shall constitute sufficient notification to such Holders of Notes for every purpose hereunder. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee and with the Note Administrator, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver. 
 In the event that, by reason of the
suspension of the regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this
Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee and the Note Administrator shall be deemed to be a sufficient giving of such notice. 

Section 14.5 Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 Section 14.6 Successors and Assigns. 

All covenants and agreements in this Indenture by the Issuer and the Co-Issuer shall
bind their respective successors and assigns, whether so expressed or not. 
 Section 14.7
Severability. 
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 14.8 Benefits of Indenture. 

Nothing in this Indenture or in the Securities, expressed or implied, shall give to any Person, other than (i) the parties
hereto and their successors hereunder and (ii) the Servicer, the Special Servicer, the Operating Advisor, the Preferred Shareholders, the Preferred Share Paying Agent, the Share Registrar, the Noteholders and the Sponsor (each of whom shall be
an express third party beneficiary hereunder), any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 14.9 Governing Law; Waiver of Jury Trial. 

THIS INDENTURE AND EACH NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF STATE OF NEW YORK

  
 -165- 

 
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 

THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 14.10 Submission to Jurisdiction. 

Each of the Issuer and the Co-Issuer hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes or this Indenture,
and each of the Issuer and the Co-Issuer hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State or federal court. Each of the
Issuer and the Co-Issuer hereby irrevocably waives, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. Each of the Issuer
and the Co-Issuer irrevocably consents to the service of any and all process in any action or proceeding by the mailing or delivery of copies of such process to it at the office of the Issuer’s and the Co-Issuer’s agent set forth in Section 7.2. Each of the Issuer and the Co-Issuer agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

Section 14.11 Counterparts. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as
delivery of a manually executed original counterpart to this Agreement. 
 Section 14.12 Liability
of Co-Issuers. 
 Notwithstanding any other terms of this Indenture, the Notes or
any other agreement entered into between, inter alios, the Issuer and the Co-Issuer or otherwise, neither the Issuer nor the Co-Issuer shall have any liability
whatsoever to the Co-Issuer or the Issuer, respectively, under this Indenture, the Notes, any such agreement or otherwise and, without prejudice to the generality of the foregoing, neither the Issuer nor the Co-Issuer shall be entitled to take any steps to enforce, or bring any action or proceeding, in respect of this Indenture, the Notes, any such agreement or otherwise against the other
Co-Issuer or the Issuer, respectively. In particular, neither the Issuer nor the Co-Issuer shall be entitled to petition or take any other steps for the winding up or
bankruptcy of the Co-Issuer or the Issuer, respectively or shall have any claim in respect of any Collateral of the Co-Issuer or the Issuer, respectively. 

  
 -166- 

 Section 14.13
17g-5 Information. 
 (a) The
Co-Issuers shall comply with their obligations under Rule 17g-5 promulgated under the Exchange Act (“Rule
17g-5”), by their or their agent’s posting on the 17g-5 Website, no later than the time such information is provided to the Rating Agencies, all
information that the Issuer or other parties on its behalf, including the Trustee, the Note Administrator, the Servicer and the Special Servicer, provide the Rating Agencies for the purposes of determining the initial credit rating of the Notes or
undertaking credit rating surveillance of the Notes (the “17g-5 Information”); provided that no party other than the Issuer, the Trustee, the Note Administrator, the Servicer or the
Special Servicer may provide information to the Rating Agencies on the Issuer’s behalf without the prior written consent of the Special Servicer. At all times while any Notes are rated by the Rating Agencies or any other NRSRO, the Issuer shall
engage a third party to post 17g-5 Information to the 17g-5 Website. The Issuer hereby engages the Note Administrator (in such capacity, the “17g-5 Information Provider”), to post 17g-5 Information it receives from the Issuer, the Trustee, the Note Administrator, the Servicer or the Special Servicer to the 17g-5 Website in accordance with this Section 14.13, and the Note Administrator hereby accepts such engagement. 

(b) Any information required to be delivered to the 17g-5 Information Provider by any
party under this Agreement or the Servicing Agreement shall be delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “TPG Real Estate Finance
2018-FL1 Issuer, Ltd.” and an identification of the type of information being provided in the body of such electronic mail, or via any alternative electronic mail address following notice to the parties
hereto or any other delivery method established or approved by the 17g-5 Information Provider. 

Upon delivery by the Co-Issuers to the 17g-5
Information Provider (in an electronic format mutually agreed upon by the Co-Issuers and the 17g-5 Information Provider) of information designated by the Co-Issuers as having been previously made available to NRSROs by the Co-Issuers (the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5
Information available only to the Co-Issuers and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 14.13(b) The
Co-Issuers shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website to any designee or other third party. 

(c) The 17g-5 Information Provider shall make available, solely to NRSROs, the
following items to the extent such items are delivered to it via email at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “TRTX 2018-FL1, Ltd.” and an identification of the type of information being
provided in the body of the email, or via any alternate email address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may
be necessary or beneficial: 
 (i) any statements as to compliance and related Officer’s Certificates delivered under
Section 7.9; 

  
 -167- 

 (ii) any information requested by the Issuer or the Rating
Agencies; 
 (iii) any notice to the Rating Agencies relating to the Special Servicer’s determination to
take action without satisfaction of the Rating Agency Condition; 
 (iv) any requests for satisfaction of the
Rating Agency Condition that are delivered to the 17g-5 Information Provider pursuant to Section 14.14; 

(v) any summary of oral communications with the Rating Agencies that are delivered to the 17g-5 Information Provider pursuant to Section 14.13(c); provided that the summary of such oral communications shall not disclose which Rating Agencies the communication was with; 

(vi) any amendment or proposed supplemental indenture to this Agreement pursuant to
Section 8.3; and 
 (vii) the “Rating Agency Q&A Forum and Servicer
Document Request Tool” pursuant to Section 10.13(e). 
 The foregoing information shall be
made available by the 17g-5 Information Provider on the 17g-5 Website or such other website as the Issuer may notify the parties hereto in writing. 

(d) Information shall be posted on the same Business Day of receipt provided that such information is received by 12:00 p.m.
(eastern time) or, if received after 12:00 p.m., on the next Business Day. The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete,
conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any information is delivered or posted in error, the 17g-5 Information Provider may remove
it from the website. The 17g-5 Information Provider (and the Trustee) has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the
17g-5 Website to the extent such information was not produced by it. Access will be provided by the 17g-5 Information Provider to NRSROs upon receipt of an NRSRO
Certification in the form of Exhibit F hereto (which certification may be submitted electronically via the 17g-5 Website). 

(e) Upon request of the Issuer or a Rating Agency, the 17g-5 Information Provider shall
post on the 17g-5 Website any additional information requested by the Issuer or such Rating Agency to the extent such information is delivered to the 17g-5 Information
Provider electronically in accordance with this Section 14.13. In no event shall the 17g-5 Information Provider disclose on the 17g-5 Website
the Rating Agency or NRSRO that requested such additional information. 
 (f) The
17g-5 Information Provider shall provide a mechanism to notify each Person that has signed-up for access to the 17g-5 Website in
respect of the transaction governed by this Agreement each time an additional document is posted to the 17g-5 Website. 

  
 -168- 

 (g) Any other information required to be delivered to the Rating Agencies
pursuant to this agreement shall be furnished to the Rating Agencies only after the earlier of (x) receipt of confirmation (which may be by email) from the 17g-5 Information Provider that such information
has been posted to the 17g-5 Website and (y) at the same time such information has been delivered to the 17g-5 Information Provider in accordance with this
Section 14.13. 
 (h) Notwithstanding anything to the contrary in this Indenture, a breach of this
Section 14.13 shall not constitute a Default or Event of Default. 
 (i) If any of the parties to
this Indenture receives a Form ABS Due Diligence-15E from any party in connection with any third-party due diligence services such party may have provided with respect to the Mortgage Assets (“Due
Diligence Service Provider”), such receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the 17g-5 Website. The 17g-5 Information Provider shall post on the 17g-5 Website any Form ABS Due
Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this Indenture, promptly upon receipt thereof. 

Section 14.14 Rating Agency Condition. 

Any request for satisfaction of the Rating Agency Condition made by a Requesting Party pursuant to this Indenture, shall be
made in writing, which writing shall contain a cover page indicating the nature of the request for satisfaction of the Rating Agency Condition, and shall contain all back-up material necessary for the Rating
Agencies to process such request. Such written request for satisfaction of the Rating Agency Condition shall be provided in electronic format to the 17g-5 Information Provider in accordance with
Section 14.13 hereof and after receiving actual knowledge of such posting (which may be in the form of an automatic email notification of posting delivered by the 17g-5 Website to
such party), the Requesting Party shall send the request for satisfaction of such Condition to the Rating Agencies in accordance with the instructions for notices set forth in Section 14.3 hereof. 

Section 14.15 Patriot Act Compliance. 

In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Trustee, Note Administrator, the Servicer and the Special Servicer may be required to obtain, verify and
record certain information relating to individuals and entities which maintain a business relationship with the Trustee or Note Administrator, as the case may be. Accordingly, each of the parties agrees to provide to the Trustee and the Note
Administrator, upon its request from time to time, such identifying information and documentation as may be available for such party in order to enable the Trustee and the Note Administrator, as applicable, to comply with Applicable Law. 

  
 -169- 

 ARTICLE 15 

ASSIGNMENT OF THE MORTGAGE ASSET PURCHASE AGREEMENT 

Section 15.1 Assignment of Mortgage Asset Purchase Agreement. 

(a) The Issuer, in furtherance of the covenants of this Indenture and as security for the Notes and amounts payable to the
Secured Parties hereunder and the performance and observance of the provisions hereof, hereby collaterally assigns, transfers, conveys and sets over to the Trustee, for the benefit of the Noteholders (and to be exercised on behalf of the Issuer by
persons responsible therefor pursuant to this Agreement and the Servicing Agreement), all of the Issuer’s estate, right, title and interest in, to and under the Mortgage Asset Purchase Agreement (now or hereafter entered into) (an
“Article 15 Agreement”), including, without limitation, (i) the right to give all notices, consents and releases thereunder, (ii) the right to give all notices of termination and to take any legal action upon the breach of
an obligation of the Seller thereunder, including the commencement, conduct and consummation of proceedings at law or in equity, (iii) the right to receive all notices, accountings, consents, releases and statements thereunder and (iv) the
right to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided, however, that the Issuer reserves for itself a license to exercise all of the Issuer’s rights pursuant to the
Article 15 Agreement without notice to or the consent of the Trustee or any other party hereto (except as otherwise expressly required by this Indenture, including, without limitation, as set forth in Section 15.1(f)) which
license shall be and is hereby deemed to be automatically revoked upon the occurrence of an Event of Default hereunder until such time, if any, that such Event of Default is cured or waived. 

(b) The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way
impair or diminish the obligations of the Issuer under the provisions of each of the Article 15 Agreement, nor shall any of the obligations contained in each of the Article 15 Agreement be imposed on the Trustee. 

(c) Upon the retirement of the Notes and the release of the Collateral from the lien of this Indenture, this assignment and all
rights herein assigned to the Trustee for the benefit of the Noteholders shall cease and terminate and all the estate, right, title and interest of the Trustee in, to and under each of the Article 15 Agreement shall revert to the Issuer and no
further instrument or act shall be necessary to evidence such termination and reversion. 
 (d) The Issuer represents that it
has not executed any assignment of the Article 15 Agreement other than this collateral assignment. 
 (e) The Issuer agrees
that this assignment is irrevocable, and that it shall not take any action which is inconsistent with this assignment or make any other assignment inconsistent herewith. The Issuer shall, from time to time upon the request of the Trustee, execute
all instruments of further assurance and all such supplemental instruments with respect to this assignment as the Trustee may specify. 

  
 -170- 

 (f) The Issuer hereby agrees, and hereby undertakes to obtain the agreement and
consent of the Seller in the Mortgage Asset Purchase Agreement to the following: 
 (i) the Seller consents
to the provisions of this collateral assignment and agrees to perform any provisions of this Indenture made expressly applicable to the Seller pursuant to the applicable Article 15 Agreement; 

(ii) the Seller acknowledges that the Issuer is collaterally assigning all of its right, title and interest in,
to and under the Mortgage Asset Purchase Agreement to the Trustee for the benefit of the Noteholders, and the Seller agrees that all of the representations, covenants and agreements made by the Seller in the Article 15 Agreement are also for the
benefit of, and enforceable by, the Trustee and the Noteholders; 
 (iii) the Seller shall deliver to the
Trustee duplicate original copies of all notices, statements, communications and instruments delivered or required to be delivered to the Issuer pursuant to the applicable Article 15 Agreement; and 

(iv) none of the Issuer or the Seller shall enter into any agreement amending, modifying or terminating the
applicable Article 15 Agreement, (other than in respect of an amendment or modification to cure any inconsistency, ambiguity or manifest error) or selecting or consenting to a successor without notifying the Rating Agencies and without the prior
written consent and written confirmation of the Rating Agencies that such amendment, modification or termination will not cause its then-current ratings of the Notes to be downgraded or withdrawn. 

ARTICLE 16 
 ADVANCING
AGENT 
 Section 16.1 Liability of the Advancing Agent. 

The Advancing Agent shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and
undertaken by the Advancing Agent. 
 Section 16.2 Merger or Consolidation of the Advancing
Agent. 
 (a) The Advancing Agent will keep in full effect its existence, rights and franchises as a corporation under
the laws of the jurisdiction in which it was formed, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and
enforceability of this Indenture to perform its duties under this Indenture. 
 (b) Any Person into which the Advancing Agent
may be merged or consolidated, or any corporation resulting from any merger or consolidation to which the Advancing Agent shall be a party, or any Person succeeding to the business of the Advancing Agent shall be the successor of the Advancing
Agent, hereunder, without the execution or filing 

  
 -171- 

 
of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding (it being understood and agreed by the parties hereto that the
consummation of any such transaction by the Advancing Agent shall have no effect on the Backup Advancing Agent’s obligations under Section 10.7, which obligations shall continue pursuant to the terms of
Section 10.7). 
 Section 16.3 Limitation on Liability of the Advancing
Agent and Others. 
 None of the Advancing Agent or any of its affiliates, directors, officers, employees or agents shall
be under any liability for any action taken or for refraining from the taking of any action in good faith pursuant to this Indenture, or for errors in judgment; provided, however, that this provision shall not protect the
Advancing Agent against liability to the Issuer or Noteholders for any breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance
of duties or by reason of negligent disregard of obligations and duties hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent may rely in good faith on any document of any kind prima facie properly
executed and submitted by any Person respecting any matters arising hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent shall be indemnified by the Issuer pursuant to the priorities set forth in
Section 11.1(a) and held harmless against any loss, liability or expense incurred in connection with any legal action relating to this Indenture or the Notes, other than any loss, liability or expense (i) specifically
required to be borne by the Advancing Agent pursuant to the terms hereof or otherwise incidental to the performance of obligations and duties hereunder (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this
Indenture); or (ii) incurred by reason of any breach of a representation, warranty or covenant made herein, any misfeasance, bad faith or negligence by the Advancing Agent in the performance of or negligent disregard of, obligations or duties
hereunder or any violation of any state or federal securities law. 
 Section 16.4 Representations
and Warranties of the Advancing Agent. 
 The Advancing Agent represents and warrants that: 

(a) the Advancing Agent (i) has been duly organized, is validly existing and is in good standing under the laws of the
State of Delaware, (ii) has full power and authority to own the Advancing Agent’s Collateral and to transact the business in which it is currently engaged, and (iii) is duly qualified and in good standing under the laws of each
jurisdiction where the Advancing Agent’s ownership or lease of property or the conduct of the Advancing Agent’s business requires, or the performance of this Indenture would require, such qualification, except for failures to be so
qualified that would not in the aggregate have a material adverse effect on the business, operations, Collateral or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations under, or on the validity
or enforceability of, the provisions of this Indenture applicable to the Advancing Agent; 
 (b) the Advancing Agent has full
power and authority to execute, deliver and perform this Indenture; this Indenture has been duly authorized, executed and delivered by the Advancing Agent and constitutes a legal, valid and binding agreement of the Advancing Agent,

  
 -172- 

 
enforceable against it in accordance with the terms hereof, except that the enforceability hereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar
laws now or hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 

(c) neither the execution and delivery of this Indenture nor the performance by the Advancing Agent of its duties hereunder
conflicts with or will violate or result in a breach or violation of any of the terms or provisions of, or constitutes a default under: (i) the Articles of Incorporation and bylaws of the Advancing Agent, (ii) the terms of any indenture,
contract, lease, mortgage, deed of trust, note agreement or other evidence of indebtedness or other agreement, obligation, condition, covenant or instrument to which the Advancing Agent is a party or is bound, (iii) any law, decree, order, rule
or regulation applicable to the Advancing Agent of any court or regulatory, administrative or governmental agency, body or authority or arbitrator having jurisdiction over the Advancing Agent or its properties, and which would have, in the case of
any of (i), (ii) or (iii) of this Section 16.4(c), either individually or in the aggregate, a material adverse effect on the business, operations, Collateral or financial condition of the Advancing Agent or the ability
of the Advancing Agent to perform its obligations under this Indenture; 
 (d) no litigation is pending or, to the best of
the Advancing Agent’s knowledge, threatened, against the Advancing Agent that would materially and adversely affect the execution, delivery or enforceability of this Indenture or the ability of the Advancing Agent to perform any of its
obligations under this Indenture in accordance with the terms hereof; and 
 (e) no consent, approval, authorization or order
of or declaration or filing with any government, governmental instrumentality or court or other Person is required for the performance by the Advancing Agent of its duties hereunder, except such as have been duly made or obtained. 

Section 16.5 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Advancing Agent and no appointment of a successor Advancing Agent pursuant to this
Article 16 shall become effective until the acceptance of appointment by the successor Advancing Agent under Section 16.6. 

(b) The Advancing Agent may, subject to Section 16.5(a), resign at any time by giving written notice
thereof to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Servicer, the Operating Advisor, the Noteholders and the Rating Agencies. 

(c) The Advancing Agent may be removed at any time by Act of Supermajority of the Preferred Shares upon written notice
delivered to the Trustee and to the Issuer and the Co-Issuer. 
 (d) If the Advancing
Agent fails to make an Interest Advance required by this Indenture with respect to a Payment Date, the Backup Advancing Agent shall be required to make such Interest Advance. If the Advancing Agent fails to make a required Interest Advance that it
has not determined to be a Nonrecoverable Interest Advance with respect to a Payment Date, the Note Administrator shall (i) terminate such Advancing Agent in its capacity as 

  
 -173- 

 
advancing agent under this Indenture and in its capacity as advancing agent under the Servicing Agreement and, to the extent the Special Servicer is an Affiliate of, or the same entity as, the
Advancing Agent, the Special Servicer under the terms of the Servicing Agreement, (ii) use reasonable efforts for 90 days after such termination to replace the Advancing Agent hereunder and under the Servicing Agreement with a successor
advancing agent, subject to the satisfaction of the Rating Agency Condition, and (iii) to the extent the Special Servicer is an Affiliate of, or the same entity as, the Advancing Agent, replace the Special Servicer in accordance with the
procedures set forth in the Servicing Agreement. 
 (e) Subject to Section 16.5(d), if the
Advancing Agent shall resign or be removed, upon receiving such notice of resignation or removal, the Issuer and the Co-Issuer shall promptly appoint a successor advancing agent by written instrument, in
duplicate, executed by an Authorized Officer of the Issuer and an Authorized Officer of the Co-Issuer, one copy of which shall be delivered to the Advancing Agent so resigning and one copy to the successor
Advancing Agent, together with a copy to each Noteholder, the Trustee, the Note Administrator, the Servicer, the Special Servicer and the Operating Advisor; provided that such successor Advancing Agent shall be appointed only subject to
satisfaction of the Rating Agency Condition, upon the written consent of a Majority of Preferred Shareholders. If no successor Advancing Agent shall have been appointed and an instrument of acceptance by a successor Advancing Agent shall not have
been delivered to the Advancing Agent within 30 days after the giving of such notice of resignation, the resigning Advancing Agent, the Trustee, the Note Administrator, or any Preferred Shareholder, on behalf of himself and all others similarly
situated, may petition any court of competent jurisdiction for the appointment of a successor Advancing Agent. 
 (f) The
Issuer and the Co-Issuer shall give prompt notice of each resignation and each removal of the Advancing Agent and each appointment of a successor Advancing Agent by mailing written notice of such event by
first class mail, postage prepaid, to the Rating Agencies, the Trustee, the Note Administrator, and to the Holders of the Notes as their names and addresses appear in the Notes Register. 

Section 16.6 Acceptance of Appointment by Successor Advancing Agent. 

(a) Every successor Advancing Agent appointed hereunder shall execute, acknowledge and deliver to the Issuer, the Co-Issuer, the Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Note Administrator, and the retiring Advancing Agent an instrument accepting such appointment hereunder and under the Servicing
Agreement. Upon delivery of the required instruments, the resignation or removal of the retiring Advancing Agent shall become effective and such successor Advancing Agent, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts, duties and obligations of the retiring Advancing Agent hereunder and under the Servicing Agreement. 

(b) No appointment of a successor Advancing Agent shall become effective unless (1) the Rating Agency Condition has been
satisfied with respect to the appointment of such successor Advancing Agent and (2) such successor has a long-term unsecured debt rating of at least “A2” by Moody’s, and whose short-term unsecured debt rating is at least “P-1” from Moody’s. 

  
 -174- 

 Section 16.7 Removal and Replacement of Backup Advancing
Agent. 
 The Note Administrator shall replace any such successor Advancing Agent (excluding the Note Administrator in
its capacity as Backup Advancing Agent) upon receiving notice that such successor Advancing Agent’s long-term unsecured debt rating at any time becomes lower than “A2” by Moody’s, and whose short-term unsecured debt rating
becomes lower than “P-1” by Moody’s, with a successor Advancing Agent that has a long-term unsecured debt rating of at least “A2” by Moody’s, and whose short-term unsecured debt
rating is at least “P-1” from Moody’s. 
 [SIGNATURE PAGES FOLLOW] 

  
 -175- 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Indenture
as of the day and year first above written. 
  

			
	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
as Issuer

	
	 Executed as a deed

		
	 By
	 	 /s/ Matthew Coleman

		 	 Name: Matthew Coleman

		 	 Title: Vice President, Transactions

	
	 TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, as Co-Issuer

		
	 By:
	 	 /s/ Matthew Coleman

		 	 Name: Matthew Coleman

		 	 Title: Vice President, Transactions

	
	 TPG RE FINANCE TRUST CLO LOAN SELLER, LLC, as Advancing Agent

		
	 By:
	 	 /s/ Matthew Coleman

		 	 Name: Matthew Coleman

		 	 Title: Vice President, Transactions

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	 /s/ Patrick A. Kanar

		 	 Name: Patrick A. Kanar

		 	 Title: Banking Officer

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Note Administrator

		
	 By:
	 	 /s/ Michael J. Baker

		 	 Name: Michael J. Baker

		 	 Title: Vice President

 SCHEDULE A 

MORTGAGE ASSET SCHEDULE 
  

					
	 Mortgage Asset
	  	 Mortgage Asset Type
	  	 Initial Directing Holder

	Cliffside Park	  	Participation	  	TPG RE Finance 11, Ltd.
	Park Central 789	  	Participation	  	TPG RE Finance 11, Ltd.
	Brookview Village	  	Participation	  	TPG RE Finance 2, Ltd.
	Del Amo Crossing	  	Participation	  	TPG RE Finance 2, Ltd.
	Aertson	  	Participation	  	TPG RE Finance 2, Ltd.
	Presidential Tower	  	Participation	  	TPG RE Finance 2, Ltd.
	Jersey City Portfolio	  	Participation	  	TPG RE Finance 11, Ltd.
	The Curtis	  	Participation	  	TPG RE Finance 2, Ltd.
	1825 Park	  	Participation	  	TPG RE Finance 2, Ltd.
	Fresh Direct	  	Whole Loan	  	TPG RE Finance Trust 2018-FL1 Retention Holder, LLC
	High Street	  	Participation	  	TPG RE Finance 12, Ltd.
	180 Livingston	  	Participation	  	TPG RE Finance 2, Ltd.
	Presidents Park	  	Participation	  	TPG RE Finance 12, Ltd.
	300 Capitol Mall	  	Participation	  	TPG RE Finance 11, Ltd.
	LPM Apartments	  	Participation	  	TPG RE Finance 12, Ltd.
	Walnut Creek Executive Center	  	Participation	  	TPG RE Finance 11, Ltd.
	Sirata Beach Resort	  	Participation	  	TPG RE Finance 12, Ltd.
	Doubletree New York	  	Participation	  	TPG RE Finance 11, Ltd.
	Solage Calistoga	  	Participation	  	TPG RE Finance 12, Ltd.
	The Star	  	Participation	  	TPG RE Finance 2, Ltd.
	Freehand	  	Participation	  	TPG RE Finance 2, Ltd.
	Colton Corporate Center	  	Participation	  	TPG RE Finance 2, Ltd.
	Westin Charlotte	  	Participation	  	TPG RE Finance 11, Ltd.
	Woodland Hills Village	  	Participation	  	TPG RE Finance 2, Ltd.
	SE Hotels	  	Participation	  	TPG RE Finance 11, Ltd.
	Goodland Hotel	  	Participation	  	TPG RE Finance 2, Ltd.

  

 SCHEDULE B 

LIBOR 
 Calculation of LIBOR 

For purposes of calculating the London Interbank Offer Rate (“LIBOR”), the Issuer and the Co-Issuer shall initially appoint the Note Administrator as calculation agent (in such capacity, the “Calculation Agent”). LIBOR with respect to any Interest Accrual Period shall be determined by
the Calculation Agent in accordance with the following provisions (rounded upwards, if necessary, to the nearest 1/1000 of 1%): 

1. On the second London Banking Day preceding the first Business Day of an Interest Accrual Period (each such
day, a “LIBOR Determination Date”), LIBOR (other than for the initial Interest Accrual Period) shall equal the rate, as obtained by the Calculation Agent, for deposits in U.S. Dollars for a period of one month, which appears on the
Reuters Page LIBOR01 (or its equivalent), as of 11:00 a.m., London time, on the LIBOR Determination Date. “London Banking Day” means any day on which commercial banks are open for dealing in foreign currency and exchange in
London. 
 2. If such rate does not appear on Reuters Screen LIBOR01 (or its equivalent), as of
11:00 a.m., London time, on the applicable LIBOR Determination Date, the Calculation Agent shall request the principal London office of any four major reference banks in the London interbank market selected by the Calculation Agent to provide
quotations of such reference bank’s offered quotations to prime banks in the London interbank market for deposits in U.S. Dollars for a period of one month, as of 11:00 a.m., London time, on the applicable LIBOR Determination Date, in a
principal amount of not less than $1 million that is representative for a single transaction in the relevant market at the relevant time. If at least two such rates are so provided, then LIBOR shall be the arithmetic mean of such quotations. If
fewer than two such quotations are so provided, the Calculation Agent shall be required to request any three major banks in New York City selected by the Calculation Agent to provide such banks’ rates for loans in U.S. Dollars to leading
European banks for a one-month period as of 11:00 a.m., New York City time, as of the applicable LIBOR Determination Date, in a principal amount not less than $1 million that is representative for a
single transaction in the relevant market at the relevant time. If at least two such rates are so provided, then LIBOR shall be the arithmetic mean of such quotations. If fewer than two rates are so provided, then LIBOR shall be the LIBOR rate used
for the immediately preceding Mortgage Loan Accrual Period. 
 3. In respect of the initial Interest Accrual
Period, LIBOR shall be determined on the second London Banking Day preceding the Closing Date. 
 4.
Notwithstanding the foregoing, in no event will LIBOR be less than zero. 
 5. In the event that LIBOR is
unavailable as provided in clauses (a) or (b) above and the Successor Benchmark Rate is unavailable, then interest for each Class of Notes shall accrue at a rate based on the Treasury Rate plus the Treasury Rate Spread. 

 “Treasury Rate” means, for each Interest Accrual Period for
which interest is calculated using the Treasury Rate, the per annum rate as of 11:00 a.m. New York time on the date two (2) Business Days prior to the last day of the Interest Accrual Period preceding the relevant Interest Accrual Period, equal
to the then-current yield to maturity, on an annual equivalent bond basis (recalculated to a 360 day-year basis), of a U.S. Treasury bill, note or bond selected by the Subordinate Class Representative in
accordance with the Indenture (a “Treasury Note”) that is then actively trading in the secondary market and maturing one year following the date of such determination; provided, however, that if such a Treasury Note is not then
outstanding, the Treasury Rate shall be the per annum rate as of each applicable determination date, equal to the current yield to maturity, on an annual equivalent bond basis (recalculated to a three hundred sixty (360) day year basis),
of a Treasury Note selected by the Subordinate Class Representative in accordance with the Indenture as being appropriate to determine the Treasury Rate. 

“Treasury Rate Spread” means, with respect to any Class of Notes, the difference (expressed as the
number of basis points) between (A) LIBOR on the LIBOR Determination Date that LIBOR was last applicable to such Class plus the LIBOR Spread on such Class and (B) the Treasury Rate on the LIBOR Determination Date that LIBOR was
last applicable to such Class. 

 EXHIBIT A-1 

FORM OF CLASS A SENIOR SECURED FLOATING RATE NOTE DUE 2035 

[REGULATION S] [RULE 144A] GLOBAL SECURITY 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED INSTITUTIONAL
BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,” WITHIN THE
MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS DEFINED IN
SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL SECURITY WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF
THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE
CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED
THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL SECURITY WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN
SUCH GLOBAL SECURITY VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS
OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO.). 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF
A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE 

 
REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 

 

	1 	 Regulation S Global Securities. 

  
 A-1-2 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC 

CLASS A SENIOR SECURED FLOATING RATE NOTE DUE 2035 
  

			
	 No. [144A][Reg. S]- ___
	  	Up to
	 CUSIP No. 87266XAA12 G8982HAA83
	  	U.S.$[491,831,000]
	 ISIN: US87266XAA194 USG8982HAA895
	  	

 Each of TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
a Cayman Islands exempted company with limited liability (the “Issuer”) and TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, a Delaware limited liability company
(the “Co-Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by
the Indenture referred to below), the principal sum of up to the amount indicated above, or such other principal sum as is equal to the aggregate principal amount of the Class A Notes identified from time to time on the records of the Note
Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Security, on the Payment Date occurring in February 2035 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with
the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class A Interest Distribution Amount allocable
to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each Determination Date (or if such day is not a Business Day, then on the next succeeding Business Day)
(each, a “Payment Date”). Interest on the Class A Notes shall accrue at the Class A Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so
payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest, which shall be the last
Business Day of the preceding calendar month immediately preceding the month in which the applicable Payment Date occurs. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are
limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Mortgage Assets and other Collateral pledged by the
Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with
the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal of, and interest on, each
Class of Notes with a lower alphabetical designation and the Preferred Shares. So long as any Class A Notes are Outstanding, any more junior Class of Notes and the Preferred Shares will receive payments only in accordance with the
Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption
or otherwise. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note
shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered Holder hereof; provided that the Registered Holder
shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the Indenture and mailed to the Registered Holder at its
address in the Notes Register. 
  

	2 	 For Rule 144A Global Security. 

	3 	 For Regulation S Global Security. 

	4 	 For Rule 144A Global Security. 

	5 	 For Regulation S Global Security. 

  
 A-1-3 

 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

The Registered Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the
Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein.

 Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual signature of
one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A Senior Secured Floating Rate Notes Due 2035, of the Issuer and the
Co-Issuer (the “Class A Notes,” and together with the other Classes of Notes issued under the Indenture, the “Notes”) issued under an indenture dated as of February 14, 2018 (the
“Indenture”) by and among the Issuer, the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent (the “Advancing Agent”), Wilmington Trust, National Association, as
trustee (together with its permitted successors and assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup
advancing agent and notes registrar (in all such capacities, together with any permitted successors and assigns, the “Note Administrator”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”),
under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 
 Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Other than in connection with any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the
Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class A Notes shall be payable in accordance with Section 11.1(a)(i) of the Indenture and (b) payments of principal of
the Class A Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and
continuation of an Event of Default, payments of interest on, and principal of, the Class A Notes, will be payable in accordance with Section 11.1(a)(iii) of the Indenture. 

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

The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and procedures for
redemption thereunder. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class A Notes may become or be declared due and payable in the
manner and with the effect provided in the Indenture. 

  
 A-1-4 

 The Indenture may be amended and supplemented under the circumstances, and in
accordance with the conditions, set forth therein. 
 The Notes are issuable in minimum denominations of $100,000 and
integral multiples of $500 in excess thereof. 
 The principal of each Note shall be payable on the Stated Maturity Date,
unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other
acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator and the Operating Advisor that
(A) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan which is subject to any federal, state or local law that is substantially similar to
Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such a plan’s investment in the entity or otherwise (any of
the foregoing, a “Plan”) or (B) its purchase and holding of the Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust
Office. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the
Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee, the Note Administrator or to the
Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given

  
 A-1-5 

 
hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE
INDENTURE. 
 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED
BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 A-1-6 

 IN WITNESS WHEREOF, the Co-Issuers have
caused this Note to be duly executed. 
 Dated as of
                         , 20     

 

			
	TPG REAL ESTATE FINANCE 2018-FL1 ISSUER,     LTD.,
	    as Issuer
		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, as Co-Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-1-7 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Note Administrator

		
	 By:
	 	  

		 	 Authenticating Agent

  
 A-1-8 

 ASSIGNMENT FORM 

For value received _________________________________________________ 

hereby sell, assign and transfer unto 
  

                    
                                         
                                

 

                    
                                         
                                

Please insert social security or 

other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

the within Note and does hereby irrevocably constitute and appoint ___________________________ Attorney to transfer the Note on the books of
the Issuer with full power of substitution in the premises. 
  

									
	 Date:
	 		 		  	 Your Signature:
	 	  

		 		  		 	           (Sign exactly as your name

          appears on this Note)

  
 A-1-9 

 SCHEDULE A 

EXCHANGES IN GLOBAL SECURITY 

This Note shall be issued in the original principal balance of
U.S.$[                ] on the Closing Date. The following exchanges of a part of this [Rule 144A][Regulation S] Global Security have been made: 

 

									
	 Date of Exchange
	 	 Amount of

Decrease in
 Principal
Amount
 of this

Global Security
	 	 Amount of

Increase in
 Principal
Amount
 of this

Global Security
	  	 Principal Amount

of
 this Global
Security
following such
 decrease (or

increase)
	  	 Signature of

authorized officer
 of
Note
 Administrator or

securities

Custodian

  
 A-1-10 

 EXHIBIT A-2 

FORM OF CLASS A SENIOR SECURED FLOATING RATE NOTE DUE 2035 

DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,”
WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS
DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT
THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 A-2-1 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC 

CLASS A SENIOR SECURED FLOATING RATE NOTE DUE 2035 
  

			
	 No. [IAI-          ]
[144A-        ]
	  	
	 CUSIP No. 87266XAB9
	  	U.S.$[                    ]
	 ISIN: US87266XAB91
	  	

 Each of TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
a Cayman Islands exempted company with limited liability (the “Issuer”) and TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, a Delaware limited liability company
(the “Co-Issuer”) for value received, hereby promises to pay to [            ] or its registered assigns (a) upon presentation and
surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of the amount indicated above on the Payment Date occurring in February 2035 (the “Stated Maturity Date”), to the extent not
previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class A
Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each Determination Date (or if such day is not a Business Day,
then on the next succeeding Business Day) (each, a “Payment Date”). Interest on the Class A Notes shall accrue at the Class A Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual
Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for
such interest, which shall be the last Business Day of the preceding calendar month immediately preceding the month in which the applicable Payment Date occurs. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are
limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Mortgage Assets and other Collateral pledged by the
Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with
the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal of, and interest on, each
Class of Notes with a lower alphabetical designation and the Preferred Shares. So long as any Class A Notes are Outstanding, any more junior Class of Notes and the Preferred Shares will receive payments only in accordance with the
Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption
or otherwise. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note
shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered Holder hereof; provided that the Registered Holder
shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the Indenture and mailed to the Registered Holder at its
address in the Notes Register. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such
part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

  
 A-2-2 

 The Registered Holder of this Note shall be treated as the owner hereof for all
purposes. 
 Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual signature of one of
its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A Senior Secured Floating Rate Notes Due 20[_], of the Issuer and
the Co-Issuer (the “Class A Notes,” and together with the other Classes of Notes issued under the Indenture, the “Notes”), issued under an indenture dated as of February 14, 2018
(the “Indenture”) by and among the Issuer, the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent (the “Advancing Agent”), Wilmington Trust, National Association, as
trustee (together with its permitted successors and assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup
advancing agent and notes registrar (in all such capacities, together with any permitted successors and assigns, the “Note Administrator”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”),
under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 
 Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Other than in connection with any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the
Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class A Notes shall be payable in accordance with Section 11.1(a)(i) of the Indenture and (b) payments of principal of
the Class A Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and
continuation of an Event of Default, payments of interest on, and principal of, the Class A Notes, will be payable in accordance with Section 11.1(a)(iii) of the Indenture. 

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

The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and procedures for
redemption thereunder. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class A Notes may become or be declared due and payable in the
manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the
Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Notes (voting as a separate Class), other than with respect to an
Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i), by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such
declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

  
 A-2-3 

 The Indenture may be amended and supplemented under the circumstances, and in
accordance with the conditions, set forth therein. 
 The Notes are issuable in minimum denominations of $100,000 and
integral multiples of $500 in excess thereof. 
 The principal of each Note shall be payable on the Stated Maturity Date,
unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other
acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note
Administrator and the Operating Advisor that (A) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA)
subject to Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is
substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or
other plan’s investment in the entity or otherwise (any of the foregoing, a “Plan”) or (B) its purchase and holding of the Notes do not and will not constitute or give rise to a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust
Office. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the
Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee, the Note Administrator or to the
Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given

  
 A-2-4 

 
hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE
INDENTURE. 
 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED
BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 A-2-5 

 IN WITNESS WHEREOF, the Co-Issuers have
caused this Note to be duly executed. 
 Dated as of __________ ____, 20__ 

 

			
	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER,     LTD.,
as Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 TPG RE FINANCE TRUST 2018-FL1
CO-ISSUER,     LLC, as Co-Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-2-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

    as Note Administrator

		
	 By:
	 	  

		 	 Authenticating Agent

  
 A-2-7 

 ASSIGNMENT FORM 

For value received _________________________________________________ 

hereby sell, assign and transfer unto 
  

                    
                                         
                                

 

                    
                                         
                                

Please insert social security or 

other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

the within Note and does hereby irrevocably constitute and appoint ___________________________ Attorney to transfer the Note on the books of
the Issuer with full power of substitution in the premises. 
  

									
	 Date:
	 		 		  	 Your Signature:
	 	  

		 		  		 	           (Sign exactly as your name

          appears on this Note)

  
 A-2-8 

 EXHIBIT A-3 

FORM OF CLASS A-S SECOND PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

[REGULATION S] [RULE 144A] GLOBAL SECURITY 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED INSTITUTIONAL
BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,” WITHIN THE
MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS DEFINED IN
SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL SECURITY WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF
THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE
CO-ISSUER, AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED
THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL SECURITY WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN
SUCH GLOBAL SECURITY VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS
OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO.). 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF
A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE 

  
 A-3-1 

 
REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 

 
  

	1 	 Regulation S Global Securities. 

  
 A-3-2 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC 

CLASS A-S SECOND PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

 

			
	 No. [144A][Reg. S]- ___
	  	Up to
	 CUSIP No. 87266XAC7
2 G8982HAB6 3
	  	U.S.$77,259,000
	 ISIN: US87266XAC74
4   USG8982HAB62 5
	  	

 Each of TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
a Cayman Islands exempted company with limited liability (the “Issuer”) and TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, a Delaware limited liability company
(the “Co-Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by
the Indenture referred to below), the principal sum of up to the amount indicated above, or such other principal sum as is equal to the aggregate principal amount of the Class A-S Notes identified from
time to time on the records of the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Security, on the Payment Date occurring in February 2035 (the “Stated Maturity Date”), to the extent
not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class A-S Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each
Determination Date (or if such day is not a Business Day, then on the next succeeding Business Day) (each, a “Payment Date”). Interest on the Class A-S Notes shall accrue at the Class A-S Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest, which shall be the last Business Day of the preceding calendar month immediately
preceding the month in which the applicable Payment Date occurs. 
 The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are limited recourse obligations of the Issuer and non-recourse obligations of the
Co-Issuer payable solely from the Mortgage Assets and other Collateral pledged by the Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are
insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is senior to the payments of the principal of, and interest on, each Class of Notes
with a lower alphabetical designation and the Preferred Shares. So long as any Class A-S Notes are Outstanding, any more junior Class of Notes and the Preferred Shares will receive payments only in
accordance with the Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration,
call for redemption or otherwise. 
 Payments in respect of principal and interest and any other amounts due on any Payment
Date on this Note shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered Holder hereof; provided that the
Registered Holder shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the Indenture and mailed to the Registered
Holder at its address in the Notes Register. 
  
  

 
  

 

	2 	 For Rule 144A Global Security. 

	3 	 For Regulation S Global Security. 

	4 	 For Rule 144A Global Security. 

	5 	 For Regulation S Global Security. 

  
 A-3-3 

 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

The Registered Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the
Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein.

 Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual signature of
one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A-S Second Priority Secured
Floating Rate Notes Due 2035, of the Issuer and the Co-Issuer (the “Class A-S Notes,” and together with the other Classes of Notes issued under the
Indenture, the “Notes”), issued under an indenture dated as of February 14, 2018 (the “Indenture”) by and among the Issuer, the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as
advancing agent (the “Advancing Agent”), Wilmington Trust, National Association, as trustee (together with its permitted successors and assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator,
paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup advancing agent and notes registrar (in all such capacities, together with any permitted successors and assigns, the “Note Administrator”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”),
under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 
 Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Other than in connection with any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the
Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class A-S Notes shall be payable in accordance with Section 11.1(a)(i) of the
Indenture and (b) payments of principal of the Class A-S Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or a
Payment Date following an acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, payments of interest on, and principal of, the Class A-S Notes, will be payable
in accordance with Section 11.1(a)(iii) of the Indenture. 
 For so long as any Class of Notes with a higher
priority is outstanding, any interest due on the Class A-S Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date in accordance with the Priority of Payments
will be deferred, will not be considered “due and payable” and the failure to pay such interest will not be an Event of Default under the Indenture. Deferred Interest on any Class of Notes will be added to the outstanding principal
balance of such Class of Notes and will accrue interest at the Class A-S Rate. 

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

The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and procedures for
redemption thereunder. 

  
 A-3-4 

 Notes for whose redemption and payment provision is made in accordance with the
Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class A-S Notes may
become or be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture may be
amended and supplemented under the circumstances, and in accordance with the conditions, set forth therein. 
 The Notes are
issuable in minimum denominations of $100,000 and integral multiples of $500 in excess thereof. 
 The principal of each
Note shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other
acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator and the Operating Advisor that
(A) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is substantially similar to
Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or other plan’s
investment in the entity or otherwise (any of the foregoing, a “Plan”) or (B) its purchase and holding of the Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust
Office. 

  
 A-3-5 

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

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

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT
TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE
PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 A-3-6 

 IN WITNESS WHEREOF, the Co-Issuers have
caused this Note to be duly executed. 
 Dated as of
                         , 20     

 

			
	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER,
LTD.,
     as Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, as Co-Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-3-7 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

    as Note Administrator

		
	 By:
	 	  

		 	 Authenticating Agent

  
 A-3-8 

 ASSIGNMENT FORM 

For value received _________________________________________________ 

hereby sell, assign and transfer unto 
  

                    
                                         
                                

 

                    
                                         
                                

Please insert social security or 

other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

the within Note and does hereby irrevocably constitute and appoint ___________________________ Attorney to transfer the Note on the books of
the Issuer with full power of substitution in the premises. 
  

									
	 Date:
	 		 		  	 Your Signature:
	 	  

		 		  		 	           (Sign exactly as your name

          appears on this Note)

  
 A-3-9 

 SCHEDULE A 

EXCHANGES IN GLOBAL SECURITY 

This Note shall be issued in the original principal balance of
U.S.$[                ] on the Closing Date. The following exchanges of a part of this [Rule 144A][Regulation S] Global Security have been made: 

 

									
	 Date of Exchange
	 	 Amount of

Decrease in
 Principal
Amount
 of this

Global Security
	 	 Amount of

Increase in
 Principal
Amount
 of this

Global Security
	  	 Principal Amount

of
 this Global
Security
following such
 decrease (or

increase)
	  	 Signature of

authorized officer
 of
Note
 Administrator or

securities

Custodian

  
 A-3-10 

 EXHIBIT A-4 

FORM OF CLASS A-S SECOND PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,”
WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS
DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT
THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 A-4-1 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC 

CLASS A-S SECOND PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

 

					
	 No. [IAI- ___ __] [144A-____]
	  			
	 CUSIP No. 87266XAD5
	  	 	U.S.$[__________]	 
	 ISIN: US87266XAD57
	  			

 Each of TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
a Cayman Islands exempted company with limited liability (the “Issuer”) and TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, a Delaware limited liability company
(the “Co-Issuer”) for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the
Indenture referred to below), the principal sum of the amount indicated above on the Payment Date occurring in February 2035 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to
below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class A-S Interest Distribution
Amount allocable to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each Determination Date (or if such day is not a Business Day, then on the next
succeeding Business Day) (each, a “Payment Date”). Interest on the Class A-S Notes shall accrue at the Class A-S Rate and shall be computed on the
basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor
Notes) is registered at the close of business on the Record Date for such interest, which shall be the last Business Day of the preceding calendar month immediately preceding the month in which the applicable Payment Date occurs. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are
limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Mortgage Assets and other Collateral pledged by the
Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with
the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal of, and interest on, each
Class of Notes with a lower alphabetical designation and the Preferred Shares. So long as any Class A-S Notes are Outstanding, any more junior Class of Notes and the Preferred Shares will
receive payments only in accordance with the Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by
declaration of acceleration, call for redemption or otherwise. 
 Payments in respect of principal and interest and any
other amounts due on any Payment Date on this Note shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered Holder
hereof; provided that the Registered Holder shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the
Indenture and mailed to the Registered Holder at its address in the Notes Register. 
 Interest will cease to accrue on this
Note, or in the case of a partial repayment, on such part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

  
 A-4-2 

 The Registered Holder of this Note shall be treated as the owner hereof for all
purposes. 
 Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual signature of one of
its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A-S Second Priority Secured
Floating Rate Notes Due 2035, of the Issuer and the Co-Issuer (the “Class A-S Notes,” and together with the other Classes of Notes issued under the
Indenture, the “Notes”), issued under an indenture dated as of February 14, 2018 (the “Indenture”) by and among the Issuer, the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as
advancing agent (the “Advancing Agent”), Wilmington Trust, National Association, as trustee (together with its permitted successors and assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator,
paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup advancing agent and notes registrar (in all such capacities, together with any permitted successors and assigns, the “Note Administrator”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”),
under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 
 Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Other than in connection with any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the
Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class A-S Notes shall be payable in accordance with Section 11.1(a)(i) of the
Indenture and (b) payments of principal of the Class A-S Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or a
Payment Date following an acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, payments of interest on, and principal of, the Class A-S Notes, will be payable
in accordance with Section 11.1(a)(iii) of the Indenture. 
 For so long as any Class of Notes with a higher
priority is outstanding, any interest due on the Class A-S Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date in accordance with the Priority of Payments
will be deferred, will not be considered “due and payable” and the failure to pay such interest will not be an Event of Default under the Indenture. Deferred Interest on any Class of Notes will be added to the outstanding principal
balance of such Class of Notes and will accrue interest at the Class A-S Rate. 

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

The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and procedures for
redemption thereunder. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class A-S Notes may
become or be declared due and payable in the manner and with the effect provided in the Indenture. 

  
 A-4-3 

 At any time after a declaration of acceleration of Maturity of the Notes has been
made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Notes (voting as a separate Class), other than with respect to an Event of Default
specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i), by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and
its consequences if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and
supplemented under the circumstances, and in accordance with the conditions, set forth therein. 
 The Notes are issuable in
minimum denominations of $100,000 and integral multiples of $500 in excess thereof. 
 The principal of each Note shall be
payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other
acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note
Administrator and the Operating Advisor that (A) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA)
subject to Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is
substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or
other plan’s investment in the entity or otherwise (any of the foregoing, a “Plan”) or (B) its purchase and holding of the Notes do not and will not constitute or give rise to a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust
Office. 

  
 A-4-4 

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

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

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT
TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE
PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 A-4-5 

 IN WITNESS WHEREOF, the Co-Issuers have
caused this Note to be duly executed. 
 Dated as of __________ ____, 20__ 

 

			
	 TPG REAL ESTATE FINANCE 2018-FL1

      ISSUER, LTD., as Issuer

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 
			
	  
 TPG RE FINANCE TRUST 2018-FL1
       CO-ISSUER, LLC, as Co-Issuer

 
			
	  
 By:
	 	  
  

		 	 Name:

		 	 Title:

  
 A-4-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

      as Note Administrator

		
	 By:
	 	  

		 	 Authenticating Agent

  
 A-4-7 

 ASSIGNMENT FORM 

For value received _________________________________________________ 

hereby sell, assign and transfer unto 
  

                    
                                         
                                

 

                    
                                         
                                

Please insert social security or 

other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

the within Note and does hereby irrevocably constitute and appoint ___________________________ Attorney to transfer the Note on the books of
the Issuer with full power of substitution in the premises. 
  

									
	 Date:
	 		 		  	 Your Signature:
	 	  

	 (Sign exactly as your name

appears on this Note)
	 		  		 	

  
 A-4-8 

 EXHIBIT A-5 

FORM OF CLASS B THIRD PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

[REGULATION S] [RULE 144A] GLOBAL SECURITY 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED INSTITUTIONAL
BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,” WITHIN THE
MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS DEFINED IN
SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL SECURITY WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF
THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE
CO-ISSUER, AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED
THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL SECURITY WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN
SUCH GLOBAL SECURITY VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS
OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO.). 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF
A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE 

  
 A-5-1 

 
REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 

 
  

	1 	 Regulation S Global Securities. 

  
 A-5-2 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC 

CLASS B THIRD PRIORITY SECURED FLOATING RATE NOTE DUE 2035 
  

					
	 No. [144A][Reg. S]- ___
	  	 	Up to	 
	 CUSIP No. 87266XAE3 2           G8982HAC4 3
	  	U.S.$	[55,943,000	] 
	 ISIN: US87266XAE31 4             USG8982HAC46
5
	  			

 Each of TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
a Cayman Islands exempted company with limited liability (the “Issuer”) and TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, a Delaware limited liability company
(the “Co-Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by
the Indenture referred to below), the principal sum of up to the amount indicated above, or such other principal sum as is equal to the aggregate principal amount of the Class B Notes identified from time to time on the records of the Note
Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Security, on the Payment Date occurring in February 2035 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with
the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class B Interest Distribution Amount allocable
to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each Determination Date (or if such day is not a Business Day, then on the next succeeding Business Day)
(each, a “Payment Date”). Interest on the Class B Notes shall accrue at the Class B Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so
payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest, which shall be the last
Business Day of the preceding calendar month immediately preceding the month in which the applicable Payment Date occurs. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are
limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Mortgage Assets and other Collateral pledged by the
Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with
the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal of, and interest on, each
Class of Notes with a lower alphabetical designation and the Preferred Shares. So long as any Class B Notes are Outstanding, any more junior Class of Notes and the Preferred Shares will receive payments only in accordance with the
Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption
or otherwise. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note
shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered Holder hereof; provided that the Registered Holder
shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the Indenture and mailed to the Registered Holder at its
address in the Notes Register. 
  
  

	2 	 For Rule 144A Global Security. 

	3 	 For Regulation S Global Security. 

	4 	 For Rule 144A Global Security. 

	5 	 For Regulation S Global Security. 

  
 A-5-3 

 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

The Registered Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the
Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein.

 Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual signature of
one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class B Third Priority Secured Floating Rate Notes Due 2035, of the Issuer
and the Co-Issuer (the “Class B Notes,” and together with the other Classes of Notes issued under the Indenture, the “Notes”), issued under an indenture dated as of February 14,
2018 (the “Indenture”) by and among the Issuer, the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent (the “Advancing Agent”), Wilmington Trust, National Association,
as trustee (together with its permitted successors and assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup
advancing agent and notes registrar (in all such capacities, together with any permitted successors and assigns, the “Note Administrator”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”),
under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 
 Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Other than in connection with any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the
Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class B Notes shall be payable in accordance with Section 11.1(a)(i) of the Indenture and (b) payments of principal of
the Class B Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and
continuation of an Event of Default, payments of interest on, and principal of, the Class B Notes, will be payable in accordance with Section 11.1(a)(iii) of the Indenture. 

For so long as any Class of Notes with a higher priority is outstanding, any interest due on the Class B Notes that
is not paid as a result of the operation of the Priority of Payments on any Payment Date in accordance with the Priority of Payments will be deferred, will not be considered “due and payable” and the failure to pay such interest will not
be an Event of Default under the Indenture. Deferred Interest on any Class of Notes will be added to the outstanding principal balance of such Class of Notes and will accrue interest at the Class B Rate. 

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

The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and procedures for
redemption thereunder. 

  
 A-5-4 

 Notes for whose redemption and payment provision is made in accordance with the
Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class B Notes may become or be declared due and payable in the
manner and with the effect provided in the Indenture. 
 The Indenture may be amended and supplemented under the
circumstances, and in accordance with the conditions, set forth therein. 
 The Notes are issuable in minimum denominations
of $100,000 and integral multiples of $500 in excess thereof. 
 The principal of each Note shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other
acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator and the Operating Advisor that
(A) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is substantially similar to
Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or other plan’s
investment in the entity or otherwise (any of the foregoing, a “Plan”) or (B) its purchase and holding of the Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust
Office. 

  
 A-5-5 

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

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

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT
TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE
PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 A-5-6 

 IN WITNESS WHEREOF, the Co-Issuers have
caused this Note to be duly executed. 
 Dated as of __________ ____, 20__ 

 

			
	 TPG REAL ESTATE FINANCE 2018-FL1

      ISSUER, LTD.,

      as Issuer

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 
			
	
	 TPG RE FINANCE TRUST 2018-FL1

      CO-ISSUER, LLC, as
Co-Issuer

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-5-7 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

      as Note Administrator

		
	 By:
	 	  

		 	 Authenticating Agent

  
 A-5-8 

 ASSIGNMENT FORM 

For value received _________________________________________________ 

hereby sell, assign and transfer unto 
  

                    
                                         
                                

 

                    
                                         
                                

Please insert social security or 

other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

the within Note and does hereby irrevocably constitute and appoint ___________________________ Attorney to transfer the Note on the books of
the Issuer with full power of substitution in the premises. 
  

									
	 Date:
	 		 		  	 Your Signature:
	 	  

		 		  		 	 (Sign exactly as your name

appears on this Note)

  
 A-5-9 

 SCHEDULE A 

EXCHANGES IN GLOBAL SECURITY 

This Note shall be issued in the original principal balance of
U.S.$[                    ] on the Closing Date. The following exchanges of a part of this [Rule 144A][Regulation S] Global Security have been made:

  

									
	 Date of Exchange
	  	Amount of
Decrease in
Principal Amount
of this
Global Security	  	Amount of
Increase in
Principal Amount
of this
Global Security	  	Principal Amount
of
this Global Security
following such
decrease (or increase)	  	Signature of
authorized officer
of Note Administrator or
securities
Custodian

  
 A-5-10 

 EXHIBIT A-6 

FORM OF CLASS B THIRD PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,”
WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS
DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT
THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 A-6-1 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC 

CLASS B THIRD PRIORITY SECURED FLOATING RATE NOTE DUE 2035 
  

					
	 No. [IAI- ___ __] [144A-____]
	  			
	 CUSIP No. 87266XAF0
	  	U.S.$	[__________	] 
	 ISIN: US87266XAF06
	  			

 Each of TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
a Cayman Islands exempted company with limited liability (the “Issuer”) and TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, a Delaware limited liability company
(the “Co-Issuer”) for value received, hereby promises to pay to [                ] or its registered assigns
(a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of the amount indicated above on the Payment Date occurring in February 2035 (the “Stated Maturity
Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise
and (b) the Class B Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each Determination Date (or if such
day is not a Business Day, then on the next succeeding Business Day) (each, a “Payment Date”). Interest on the Class B Notes shall accrue at the Class B Rate and shall be computed on the basis of the actual number of days in the
related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business
on the Record Date for such interest, which shall be the last Business Day of the preceding calendar month immediately preceding the month in which the applicable Payment Date occurs. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are
limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Mortgage Assets and other Collateral pledged by the
Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with
the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal of, and interest on, each
Class of Notes with a lower alphabetical designation and the Preferred Shares. So long as any Class B Notes are Outstanding, any more junior Class of Notes and the Preferred Shares will receive payments only in accordance with the
Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption
or otherwise. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note
shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered Holder hereof; provided that the Registered Holder
shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the Indenture and mailed to the Registered Holder at its
address in the Notes Register. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such
part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

  
 A-6-2 

 The Registered Holder of this Note shall be treated as the owner hereof for all
purposes. 
 Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual signature of one of
its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class B Third Priority Secured Floating Rate Notes Due 2035, of the Issuer
and the Co-Issuer (the “Class B Notes,” and together with the other Classes of Notes issued under the Indenture, the “Notes”), issued under an indenture dated as of February 14,
2018 (the “Indenture”) by and among the Issuer, the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent (the “Advancing Agent”), Wilmington Trust, National Association,
as trustee (together with its permitted successors and assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup
advancing agent and notes registrar (in all such capacities, together with any permitted successors and assigns, the “Note Administrator”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”),
under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 
 Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Other than in connection with any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the
Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class B Notes shall be payable in accordance with Section 11.1(a)(i) of the Indenture and (b) payments of principal of
the Class B Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and
continuation of an Event of Default, payments of interest on, and principal of, the Class B Notes, will be payable in accordance with Section 11.1(a)(iii) of the Indenture. 

For so long as any Class of Notes with a higher priority is outstanding, any interest due on the Class B Notes that
is not paid as a result of the operation of the Priority of Payments on any Payment Date in accordance with the Priority of Payments will be deferred, will not be considered “due and payable” and the failure to pay such interest will not
be an Event of Default under the Indenture. Deferred Interest on any Class of Notes will be added to the outstanding principal balance of such Class of Notes and will accrue interest at the Class B Rate. 

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

The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and procedures for
redemption thereunder. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class B Notes may become or be declared due and payable in the
manner and with the effect provided in the Indenture. 

  
 A-6-3 

 At any time after a declaration of acceleration of Maturity of the Notes has been
made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Notes (voting as a separate Class), other than with respect to an Event of Default
specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i), by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and
its consequences if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and
supplemented under the circumstances, and in accordance with the conditions, set forth therein. 
 The Notes are issuable in
minimum denominations of $100,000 and integral multiples of $500 in excess thereof. 
 The principal of each Note shall be
payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other
acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note
Administrator and the Operating Advisor that (A) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA)
subject to Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is
substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or
other plan’s investment in the entity or otherwise (any of the foregoing, a “Plan”) or (B) its purchase and holding of the Notes do not and will not constitute or give rise to a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust
Office. 

  
 A-6-4 

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

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

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT
TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE
PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 A-6-5 

 IN WITNESS WHEREOF, the Co-Issuers have
caused this Note to be duly executed. 
 Dated as of __________ ____, 20__ 

 

			
	 TPG REAL ESTATE FINANCE 2018-FL1

      ISSUER, LTD., as Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 TPG RE FINANCE TRUST 2018-FL1

      CO-ISSUER, LLC, as
Co-Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-6-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

      as Note Administrator

		
	 By:
	 	  

		 	 Authenticating Agent

  
 A-6-7 

 ASSIGNMENT FORM 

For value received _________________________________________________ 

hereby sell, assign and transfer unto 
  

                    
                                         
                                        

 

                    
                                         
                                        

Please insert social security or 

other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

 

                       
                                         
                                         
                                         
                                         
                              

the within Note and does hereby irrevocably constitute and appoint ___________________________ Attorney to transfer the Note on the books of
the Issuer with full power of substitution in the premises. 
  

									
	 Date:
	 		 		  	 Your Signature:
	 	  

		 		  		 	 (Sign exactly as your name

appears on this Note)

  
 A-6-8 

 EXHIBIT A-7 

FORM OF CLASS C FOURTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

[REGULATION S] [RULE 144A] GLOBAL SECURITY 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED INSTITUTIONAL
BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,” WITHIN THE
MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS DEFINED IN
SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL SECURITY WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF
THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE
CO-ISSUER, AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED
THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL SECURITY WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN
SUCH GLOBAL SECURITY VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS
OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO.). 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF
A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE 

  
 A-8-1 

 
REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 

THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO THE ISSUER, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 
  

 

	1 	 Regulation S Global Securities. 

  
 A-8-2 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC 

CLASS C FOURTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 
  

					
	 No. [144A][Reg. S]-         
	  	 	Up to	 
	 CUSIP No.
87266XAG82           G8982HAD2
3
	  	U.S.$	[ 52,446,000	] 
	 ISIN: US87266XAG88 4             USG8982HAD295
	  			

 Each of TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
a Cayman Islands exempted company with limited liability (the “Issuer”) and TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, a Delaware limited liability company
(the “Co-Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by
the Indenture referred to below), the principal sum of up to the amount indicated above, or such other principal sum as is equal to the aggregate principal amount of the Class C Notes identified from time to time on the records of the Note
Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Security, on the Payment Date occurring in February 2035 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with
the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class C Interest Distribution Amount allocable
to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each Determination Date (or if such day is not a Business Day, then on the next succeeding Business Day)
(each, a “Payment Date”). Interest on the Class C Notes shall accrue at the Class C Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so
payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest, which shall be the last
Business Day of the preceding calendar month immediately preceding the month in which the applicable Payment Date occurs. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are
limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Mortgage Assets and other Collateral pledged by the
Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with
the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal of, and interest on, each
Class of Notes with a lower alphabetical designation and the Preferred Shares. So long as any Class C Notes are Outstanding, any more junior Class of Notes and the Preferred Shares will receive payments only in accordance with the
Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption
or otherwise. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note
shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered Holder hereof; provided that the Registered Holder
shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the Indenture and mailed to the Registered Holder at its
address in the Notes Register. 
  
  
  

 
  

	2 	 For Rule 144A Global Security. 

	3 	 For Regulation S Global Security. 

	4 	 For Rule 144A Global Security. 

	5 	 For Regulation S Global Security. 

  
 A-8-3 

 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

The Registered Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the
Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein.

 Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual signature of
one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class C Fourth Priority Secured Floating Rate Notes Due 2035, of the
Issuer and the Co-Issuer (the “Class C Notes,” and together with the other Classes of Notes issued under the Indenture, the “Notes”), issued under an indenture dated as of
February 14, 2018 (the “Indenture”) by and among the Issuer, the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent (the “Advancing Agent”), Wilmington Trust,
National Association, as trustee (together with its permitted successors and assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities
intermediary, backup advancing agent and notes registrar (in all such capacities, together with any permitted successors and assigns, the “Note Administrator”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”),
under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 
 Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Other than in connection with any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the
Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class C Notes shall be payable in accordance with Section 11.1(a)(i) of the Indenture and (b) payments of principal of
the Class C Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and
continuation of an Event of Default, payments of interest on, and principal of, the Class C Notes, will be payable in accordance with Section 11.1(a)(iii) of the Indenture. 

For so long as any Class of Notes with a higher priority is outstanding, any interest due on the Class C Notes that
is not paid as a result of the operation of the Priority of Payments on any Payment Date in accordance with the Priority of Payments will be deferred, will not be considered “due and payable” and the failure to pay such interest will not
be an Event of Default under the Indenture. Deferred Interest on any Class of Notes will be added to the outstanding principal balance of such Class of Notes and will accrue interest at the Class C Rate. 

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

The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and procedures for
redemption thereunder. 

  
 A-8-4 

 Notes for whose redemption and payment provision is made in accordance with the
Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class C Notes may become or be declared due and payable in the
manner and with the effect provided in the Indenture. 
 The Indenture may be amended and supplemented under the
circumstances, and in accordance with the conditions, set forth therein. 
 The Notes are issuable in minimum denominations
of $100,000 and integral multiples of $500 in excess thereof. 
 The principal of each Note shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other
acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator and the Operating Advisor that
(A) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is substantially similar to
Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or other plan’s
investment in the entity or otherwise (any of the foregoing, a “Plan”) or (B) its purchase and holding of the Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust
Office. 

  
 A-8-5 

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

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

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT
TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE
PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 A-8-6 

 IN WITNESS WHEREOF, the Co-Issuers have
caused this Note to be duly executed. 
 Dated as of
                                 , 20     

 

			
	 TPG REAL ESTATE FINANCE 2018-FL1

      ISSUER, LTD., as Issuer

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 
			
	
	 TPG RE FINANCE TRUST 2018-FL1

      CO-ISSUER, LLC, as
Co-Issuer

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-8-7 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

     as Note Administrator

		
	 By:
	 	  

		 	 Authenticating Agent

  
 A-8-8 

 ASSIGNMENT FORM 

For value received _________________________________________________ 

hereby sell, assign and transfer unto 

                    
                                         
                                        

                    
                                         
                                        

Please insert social security or 

other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby
irrevocably constitute and appoint
                                     Attorney to transfer the Note on
the books of the Issuer with full power of substitution in the premises. 
  

									
	 Date:
	 		 		  	 Your Signature:
	 	  

		 		  		 	 (Sign exactly as your name

appears on this Note)      

  
 A-8-9 

 SCHEDULE A 

EXCHANGES IN GLOBAL SECURITY 

This Note shall be issued in the original principal balance of
U.S.$[                ] on the Closing Date. The following exchanges of a part of this [Rule 144A][Regulation S] Global Security have been made: 

 

									
	 Date of Exchange
	 	 Amount of

Decrease in

Principal Amount
 of
this
 Global Security
	 	 Amount of

Increase in

Principal Amount
 of
this
 Global Security
	 	 Principal Amount

of

this Global Security
following such

decrease (or

increase)
	 	 Signature of

authorized officer
 of
Note
 Administrator or

securities

Custodian

  
 A-8-10 

 EXHIBIT A-8 

FORM OF CLASS C FOURTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,”
WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS
DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT
THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 
 THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE
DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO THE ISSUER, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE
ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 

  
 A-8-1 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC 

CLASS C FOURTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 
  

			
	 No. [IAI-
        ] [144A-        ]
	  	
	 CUSIP No. 87266XAH6
	  	U.S.$[                    ]
	 ISIN: US87266XAH61
	  	

 Each of TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
a Cayman Islands exempted company with limited liability (the “Issuer”) and TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, a Delaware limited liability company
(the “Co-Issuer”) for value received, hereby promises to pay to [            ] or its registered assigns (a) upon presentation and
surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of the amount indicated above on the Payment Date occurring in February 2035 (the “Stated Maturity Date”), to the extent not
previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class C
Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each Determination Date (or if such day is not a Business Day,
then on the next succeeding Business Day) (each, a “Payment Date”). Interest on the Class C Notes shall accrue at the Class C Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual
Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for
such interest, which shall be the last Business Day of the preceding calendar month immediately preceding the month in which the applicable Payment Date occurs. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are
limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Mortgage Assets and other Collateral pledged by the
Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with
the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal of, and interest on, each
Class of Notes with a lower alphabetical designation and the Preferred Shares. So long as any Class C Notes are Outstanding, any more junior Class of Notes and the Preferred Shares will receive payments only in accordance with the
Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption
or otherwise. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note
shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered Holder hereof; provided that the Registered Holder
shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the Indenture and mailed to the Registered Holder at its
address in the Notes Register. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such
part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

  
 A-8-2 

 The Registered Holder of this Note shall be treated as the owner hereof for all
purposes. 
 Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual signature of one of
its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class C Second Priority Secured Floating Rate Notes Due 2035, of the
Issuer and the Co-Issuer (the “Class C Notes,” and together with the other Classes of Notes issued under the Indenture, the “Notes”), issued under an indenture dated as of
February 14, 2018 (the “Indenture”) by and among the Issuer, the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent (the “Advancing Agent”), Wilmington Trust,
National Association, as trustee (together with its permitted successors and assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities
intermediary, backup advancing agent and notes registrar (in all such capacities, together with any permitted successors and assigns, the “Note Administrator”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”),
under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 
 Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Other than in connection with any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the
Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class C Notes shall be payable in accordance with Section 11.1(a)(i) of the Indenture and (b) payments of principal of
the Class C Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and
continuation of an Event of Default, payments of interest on, and principal of, the Class C Notes, will be payable in accordance with Section 11.1(a)(iii) of the Indenture. 

For so long as any Class of Notes with a higher priority is outstanding, any interest due on the Class C Notes that
is not paid as a result of the operation of the Priority of Payments on any Payment Date in accordance with the Priority of Payments will be deferred, will not be considered “due and payable” and the failure to pay such interest will not
be an Event of Default under the Indenture. Deferred Interest on any Class of Notes will be added to the outstanding principal balance of such Class of Notes and will accrue interest at the Class C Rate. 

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

The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and procedures for
redemption thereunder. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class C Notes may become or be declared due and payable in the
manner and with the effect provided in the Indenture. 

  
 A-8-3 

 At any time after a declaration of acceleration of Maturity of the Notes has been
made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Notes (voting as a separate Class), other than with respect to an Event of Default
specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i), by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and
its consequences if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and
supplemented under the circumstances, and in accordance with the conditions, set forth therein. 
 The Notes are issuable in
minimum denominations of $100,000 and integral multiples of $500 in excess thereof. 
 The principal of each Note shall be
payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other
acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note
Administrator and the Operating Advisor that (A) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA)
subject to Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is
substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or
other plan’s investment in the entity or otherwise (any of the foregoing, a “Plan”) or (B) its purchase and holding of the Notes do not and will not constitute or give rise to a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust
Office. 

  
 A-8-4 

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

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

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT
TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE
PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 A-8-5 

 IN WITNESS WHEREOF, the Co-Issuers have
caused this Note to be duly executed. 
 Dated as of
                        ,          20     

 

			
	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER,

     LTD., as Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER,

     LLC, as Co-Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-8-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

     as Note Administrator

		
	 By:
	 	  

		 	 Authenticating Agent

  
 A-8-7 

 ASSIGNMENT FORM 

For value
received                                       
                                         
              
 hereby sell, assign and transfer unto 

                    
                                         
                

                    
                                         
                
 Please insert social
security or 
 other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby
irrevocably constitute and appoint
                                        Attorney
to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

			
	 Date:
	 	 Your Signature: 
                                         
                               

		 	 (Sign exactly as your name

appears on this Note)

  
 A-8-8 

 EXHIBIT A-9 

FORM OF CLASS D FIFTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

[REGULATION S] [RULE 144A] GLOBAL SECURITY 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED INSTITUTIONAL
BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,” WITHIN THE
MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS DEFINED IN
SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL SECURITY WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF
THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE
CO-ISSUER, AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED
THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL SECURITY WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN
SUCH GLOBAL SECURITY VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS
OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO.). 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF
A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE 

  
 A-9-1 

 
REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 

THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO THE ISSUER, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 
  

 

	1 	 Regulation S Global Securities. 

  
 A-9-2 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC 

CLASS D FIFTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 
  

			
	 No. [144A][Reg. S]-         
	  	Up to
	 CUSIP No.
87266XAJ22    G8982HAE0 3
	  	U.S.$[73,425,000]
	 ISIN: US87266XAJ28 4     USG8982HAE02 5
	  	

 Each of TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
a Cayman Islands exempted company with limited liability (the “Issuer”) and TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, a Delaware limited liability company
(the “Co-Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by
the Indenture referred to below), the principal sum of up to the amount indicated above, or such other principal sum as is equal to the aggregate principal amount of the Class D Notes identified from time to time on the records of the Note
Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Security, on the Payment Date occurring in February 2035 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with
the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class D Interest Distribution Amount allocable
to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each Determination Date (or if such day is not a Business Day, then on the next succeeding Business Day)
(each, a “Payment Date”). Interest on the Class D Notes shall accrue at the Class D Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so
payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest, which shall be the last
Business Day of the preceding calendar month immediately preceding the month in which the applicable Payment Date occurs. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are
limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Mortgage Assets and other Collateral pledged by the
Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with
the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal of, and interest on, each
Class of Notes with a lower alphabetical designation and the Preferred Shares. So long as any Class D Notes are Outstanding, any more junior Class of Notes and the Preferred Shares will receive payments only in accordance with the
Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption
or otherwise. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note
shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered Holder hereof; provided that the Registered Holder
shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the Indenture and mailed to the Registered Holder at its
address in the Notes Register. 
  

	2 	 For Rule 144A Global Security. 

	3 	 For Regulation S Global Security. 

	4 	 For Rule 144A Global Security. 

	5 	 For Regulation S Global Security. 

  
 A-9-3 

 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

The Registered Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the
Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein.

 Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual signature of
one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class D Fifth Priority Secured Floating Rate Notes Due 2035, of the Issuer
and the Co-Issuer (the “Class D Notes,” and together with the other Classes of Notes issued under the Indenture, the “Notes”), issued under an indenture dated as of February 14,
2018 (the “Indenture”) by and among the Issuer, the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent (the “Advancing Agent”), Wilmington Trust, National Association,
as trustee (together with its permitted successors and assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup
advancing agent and notes registrar (in all such capacities, together with any permitted successors and assigns, the “Note Administrator”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”),
under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 
 Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Other than in connection with any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the
Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class D Notes shall be payable in accordance with Section 11.1(a)(i) of the Indenture and (b) payments of principal of
the Class D Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and
continuation of an Event of Default, payments of interest on, and principal of, the Class D Notes, will be payable in accordance with Section 11.1(a)(iii) of the Indenture. 

For so long as any Class of Notes with a higher priority is outstanding, any interest due on the Class D Notes that
is not paid as a result of the operation of the Priority of Payments on any Payment Date in accordance with the Priority of Payments will be deferred, will not be considered “due and payable” and the failure to pay such interest will not
be an Event of Default under the Indenture. Deferred Interest on any Class of Notes will be added to the outstanding principal balance of such Class of Notes and will accrue interest at the Class D Rate. 

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

The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and procedures for
redemption thereunder. 

  
 A-9-4 

 Notes for whose redemption and payment provision is made in accordance with the
Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class D Notes may become or be declared due and payable in the
manner and with the effect provided in the Indenture. 
 The Indenture may be amended and supplemented under the
circumstances, and in accordance with the conditions, set forth therein. 
 The Notes are issuable in minimum denominations
of $100,000 and integral multiples of $500 in excess thereof. 
 The principal of each Note shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other
acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator and the Operating Advisor that
(A) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is substantially similar to
Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or other plan’s
investment in the entity or otherwise (any of the foregoing, a “Plan”) or (B) its purchase and holding of the Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust
Office. 

  
 A-9-5 

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

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

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT
TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE
PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 A-9-6 

 IN WITNESS WHEREOF, the Co-Issuers have
caused this Note to be duly executed. 
 Dated as of
                        ,          20     

 

			
	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER,

     LTD., as Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER,

     LLC, as Co-Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-9-7 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

    as Note Administrator

	
	
By:                      
                                         
          

	        Authenticating Agent

  
 A-9-8 

 ASSIGNMENT FORM 

For value received
                                         
                                         
                               

hereby sell, assign and transfer unto 

                    
                                         
                    

                    
                                         
                    

Please insert social security or 

other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby
irrevocably constitute and appoint                                  Attorney to transfer
the Note on the books of the Issuer with full power of substitution in the premises. 
  

			
	 Date:
	  	 Your Signature:
                                         
                           

		  	 (Sign exactly as your name

appears on this Note)      

  
 A-9-9 

 SCHEDULE A 

EXCHANGES IN GLOBAL SECURITY 

This Note shall be issued in the original principal balance of
U.S.$[                ] on the Closing Date. The following exchanges of a part of this [Rule 144A][Regulation S] Global Security have been made: 

 

									
	 Date of Exchange
	 	 Amount of

Decrease in
 Principal
Amount
 of this

Global Security
	 	 Amount of

Increase in
 Principal
Amount
 of this

Global Security
	  	 Principal Amount

of
 this Global
Security
 following such

decrease (or

increase)
	  	 Signature of

authorized officer
 of
Note
 Administrator or

securities

Custodian

  
 A-9-10 

 EXHIBIT A-10 

FORM OF CLASS D FIFTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,”
WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS
DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT
THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 
 THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE
DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO THE ISSUER, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE
ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 

  
 A-10-1 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC 

CLASS D FIFTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 
  

			
	 No. [IAI-
            ] [144A-            ]
	  	
	 CUSIP No. 87266XAK9
	  	U.S.$[                            ]
	 ISIN: US87266XAK90
	  	

 Each of TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
a Cayman Islands exempted company with limited liability (the “Issuer”) and TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, a Delaware limited liability company
(the “Co-Issuer”) for value received, hereby promises to pay to [                    ] or its
registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of the amount indicated above on the Payment Date occurring in February 2035 (the
“Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for
redemption or otherwise and (b) the Class D Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each
Determination Date (or if such day is not a Business Day, then on the next succeeding Business Day) (each, a “Payment Date”). Interest on the Class D Notes shall accrue at the Class D Rate and shall be computed on the basis of
the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on the Record Date for such interest, which shall be the last Business Day of the preceding calendar month immediately preceding the month in which the applicable Payment Date occurs. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are
limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Mortgage Assets and other Collateral pledged by the
Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with
the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal of, and interest on, each
Class of Notes with a lower alphabetical designation and the Preferred Shares. So long as any Class D Notes are Outstanding, any more junior Class of Notes and the Preferred Shares will receive payments only in accordance with the
Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption
or otherwise. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note
shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered Holder hereof; provided that the Registered Holder
shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the Indenture and mailed to the Registered Holder at its
address in the Notes Register. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such
part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

  
 A-10-2 

 The Registered Holder of this Note shall be treated as the owner hereof for all
purposes. 
 Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual signature of one of
its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class D Second Priority Secured Floating Rate Notes Due 2035, of the
Issuer and the Co-Issuer (the “Class D Notes,” and together with the other Classes of Notes issued under the Indenture, the “Notes”), issued under an indenture dated as of
February 14, 2018 (the “Indenture”) by and among the Issuer, the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent (the “Advancing Agent”), Wilmington Trust,
National Association, as trustee (together with its permitted successors and assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities
intermediary, backup advancing agent and notes registrar (in all such capacities, together with any permitted successors and assigns, the “Note Administrator”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”),
under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 
 Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Other than in connection with any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the
Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class D Notes shall be payable in accordance with Section 11.1(a)(i) of the Indenture and (b) payments of principal of
the Class D Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and
continuation of an Event of Default, payments of interest on, and principal of, the Class D Notes, will be payable in accordance with Section 11.1(a)(iii) of the Indenture. 

For so long as any Class of Notes with a higher priority is outstanding, any interest due on the Class D Notes that
is not paid as a result of the operation of the Priority of Payments on any Payment Date in accordance with the Priority of Payments will be deferred, will not be considered “due and payable” and the failure to pay such interest will not
be an Event of Default under the Indenture. Deferred Interest on any Class of Notes will be added to the outstanding principal balance of such Class of Notes and will accrue interest at the Class D Rate. 

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

The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and procedures for
redemption thereunder. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class D Notes may become or be declared due and payable in the
manner and with the effect provided in the Indenture. 

  
 A-10-3 

 At any time after a declaration of acceleration of Maturity of the Notes has been
made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Notes (voting as a separate Class), other than with respect to an Event of Default
specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i), by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and
its consequences if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and
supplemented under the circumstances, and in accordance with the conditions, set forth therein. 
 The Notes are issuable in
minimum denominations of $100,000 and integral multiples of $500 in excess thereof. 
 The principal of each Note shall be
payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other
acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note
Administrator and the Operating Advisor that (A) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA)
subject to Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is
substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or
other plan’s investment in the entity or otherwise (any of the foregoing, a “Plan”) or (B) its purchase and holding of the Notes do not and will not constitute or give rise to a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust
Office. 

  
 A-10-4 

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

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

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT
TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE
PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 A-10-5 

 IN WITNESS WHEREOF, the Co-Issuers have
caused this Note to be duly executed. 
 Dated as of
                        ,          20     

 

			
	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER,

     LTD., as Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER,

     LLC, as Co-Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-10-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	      as Note Administrator

		
	 By:
	 	  

		 	 Authenticating Agent

  
 A-10-7 

 ASSIGNMENT FORM 

For value received
                                         
                                        

hereby sell, assign and transfer unto 

                    
                                         
                    

                    
                                         
                    

Please insert social security or 

other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby
irrevocably constitute and appoint                          Attorney to transfer the Note on the books of the Issuer with full
power of substitution in the premises. 
  

			
	 Date:
	  	 Your
Signature:                                       
                              

		  	 (Sign exactly as your name

appears on this Note)        

  
 A-10-8 

 EXHIBIT B-1 

FORM OF CLASS E SIXTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,”
WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS
DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT
THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 
 THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE
DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO THE ISSUER, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE
ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 

  
 B-1-1 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

CLASS E SIXTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 
  

			
	 No. [IAI-
                    ] [144A-                ]
	  	
	 CUSIP No. 87266WAB1
	  	U.S.$[37,295,000]
	 ISIN: US87266WAB19
	  	

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD., a
Cayman Islands exempted company with limited liability (the “Issuer”) for value received, hereby promises to pay to [TPG RE Finance Trust 2018-FL1 Retention Holder, LLC] or its registered assigns
(a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of the amount indicated above on the Payment Date occurring in February 2035 (the “Stated Maturity
Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise
and (b) the Class E Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each Determination Date (or if such
day is not a Business Day, then on the next succeeding Business Day) (each, a “Payment Date”). Interest on the Class E Notes shall accrue at the Class E Rate and shall be computed on the basis of the actual number of days in the
related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business
on the Record Date for such interest, which shall be the last Business Day of the preceding calendar month immediately preceding the month in which the applicable Payment Date occurs. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely
from the Mortgage Assets and other Collateral pledged by the Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations, any claims of the Holders
of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior
to the payments of the principal of, and interest on, each Class of Notes with a lower alphabetical designation and the Preferred Shares. So long as any Class E Notes are Outstanding, any more junior Class of Notes and the Preferred
Shares will receive payments only in accordance with the Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier
date by declaration of acceleration, call for redemption or otherwise. 
 Payments in respect of principal and interest and
any other amounts due on any Payment Date on this Note shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered
Holder hereof; provided that the Registered Holder shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the
Indenture and mailed to the Registered Holder at its address in the Notes Register. 
 Interest will cease to accrue on this
Note, or in the case of a partial repayment, on such part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

The Registered Holder of this Note shall be treated as the owner hereof for all purposes. 

  
 B-1-2 

 Except as specifically provided herein and in the Indenture, neither the Issuer
nor the Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or
therein. 
 Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual
signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class E Sixth Priority Secured Floating Rate Notes Due 2035, of the Issuer
(the “Class E Notes,” and together with the other Classes of Notes issued under the Indenture, the “Notes”), issued under an indenture dated as of February 14, 2018 (the “Indenture”) by and among the Issuer,
the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent (the “Advancing Agent”), Wilmington Trust, National Association, as trustee (together with its permitted successors and
assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup advancing agent and notes registrar (in all such
capacities, together with any permitted successors and assigns, the “Note Administrator”). 
 Concurrently with
the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and
the Preferred Shares are, and are to be, executed, authenticated and delivered. 
 Other than in connection with any
Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class E Notes shall be payable in
accordance with Section 11.1(a)(i) of the Indenture and (b) payments of principal of the Class E Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or
a Payment Date following an acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, payments of interest on, and principal of, the Class E Notes, will be payable in accordance with
Section 11.1(a)(iii) of the Indenture. 
 For so long as any Class of Notes with a higher priority is outstanding,
any interest due on the Class E Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date in accordance with the Priority of Payments will be deferred, will not be considered “due and payable”
and the failure to pay such interest will not be an Event of Default under the Indenture. Deferred Interest on any Class of Notes will be added to the outstanding principal balance of such Class of Notes and will accrue interest at the
Class E Rate. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Indenture. 
 The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and
procedures for redemption thereunder. 
 Notes for whose redemption and payment provision is made in accordance with the
Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class E Notes may become or be declared due and payable in the
manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the
Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Notes (voting as a separate Class), other than with respect to an
Event of Default 

  
 B-1-3 

 
specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i), by written notice to the Issuer, the Co-Issuer and
the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes are issuable in minimum denominations of $100,000 and integral multiples of $500 in excess thereof.

 The principal of each Note shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes
due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture and the term
“Co-Issuer” as used in this Note includes any successor-in-interest to the
Co-Issuer under the Indenture. 
 Each purchaser and any subsequent transferee of
this Note or any interest herein shall, by virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator and the Operating Advisor that it is
not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, a “plan” (as defined
in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is substantially similar to Section 406 of ERISA or
Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or other plan’s investment in the entity or otherwise.

 Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate
Trust Office. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but
the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee, the Note Administrator or to the
Holder hereof is intended to be exclusive of any other right or remedy, and every right and 

  
 B-1-4 

 
remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT
TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE
PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 B-1-5 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of __________ ____, 20__ 
  

			
	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD., as Issuer

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 B-1-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

     as Note Administrator

		
	 By:
	 	  

		 	 Authenticating Agent

  
 B-1-7 

 ASSIGNMENT FORM 

For value received _________________________________________________ 

hereby sell, assign and transfer unto 

                    
                                         
            

                    
                                         
            
 Please insert social security or 

other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby
irrevocably constitute and appoint                              Attorney to transfer the Note on the books of
the Issuer with full power of substitution in the premises. 
  

			
	 Date:
	  	 Your
Signature:                                       
                                  

		  	 (Sign exactly as your name

appears on this Note)        

  

  
 B-1-8 

 EXHIBIT B-2 

FORM OF CLASS F SEVENTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 

DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR,”
WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS
DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT
THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 
 THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE
DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO THE ISSUER, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE
ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 

  
 B-2-1 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

CLASS F SEVENTH PRIORITY SECURED FLOATING RATE NOTE DUE 2035 
  

			
	 No. [IAI-         
        ] [144A-                ]
	  	
	 CUSIP No. 87266WAD7
	  	U.S.$[37,296,000]
	 ISIN: US87266WAD74
	  	

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD., a
Cayman Islands exempted company with limited liability (the “Issuer”) for value received, hereby promises to pay to [TPG RE Finance Trust 2018-FL1 Retention Holder, LLC] or its registered assigns
(a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of the amount indicated above on the Payment Date occurring in February 2035 (the “Stated Maturity
Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise
and (b) the Class F Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on March 16, 2018, and thereafter monthly on the 4th Business day following each Determination Date (or if such
day is not a Business Day, then on the next succeeding Business Day) (each, a “Payment Date”). Interest on the Class F Notes shall accrue at the Class F Rate and shall be computed on the basis of the actual number of days in the
related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business
on the Record Date for such interest, which shall be the last Business Day of the preceding calendar month immediately preceding the month in which the applicable Payment Date occurs. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely
from the Mortgage Assets and other Collateral pledged by the Issuer as security for the Notes under the Indenture, and in the event the Mortgage Assets and such other Collateral are insufficient to satisfy such obligations, any claims of the Holders
of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior
to the payments of the principal of, and interest on, each Class of Notes with a lower alphabetical designation and the Preferred Shares. So long as any Class F Notes are Outstanding, any more junior Class of Notes and the Preferred
Shares will receive payments only in accordance with the Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier
date by declaration of acceleration, call for redemption or otherwise. 
 Payments in respect of principal and interest and
any other amounts due on any Payment Date on this Note shall be payable by the Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Registered
Holder hereof; provided that the Registered Holder shall have provided wiring instructions to the Paying Agent on or before the related Record Date, or, if wire transfer cannot be effected, by Dollar check drawn on a bank as provided in the
Indenture and mailed to the Registered Holder at its address in the Notes Register. 
 Interest will cease to accrue on this
Note, or in the case of a partial repayment, on such part, from the date of repayment or Stated Maturity Date unless payment of principal is improperly withheld or unless a Default is otherwise made with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at any Paying Agent. 

The Registered Holder of this Note shall be treated as the owner hereof for all purposes. 

  
 B-2-2 

 Except as specifically provided herein and in the Indenture, neither the Issuer
nor the Co-Issuer shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or
therein. 
 Unless the certificate of authentication hereon has been executed by the Note Administrator by the manual
signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class F Seventh Priority Secured Floating Rate Notes Due 2035, of the
Issuer (the “Class F Notes,” and together with the other Classes of Notes issued under the Indenture, the “Notes”), issued under an indenture dated as of February 14, 2018 (the “Indenture”) by and among the
Issuer, the Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent (the “Advancing Agent”), Wilmington Trust, National Association, as trustee (together with its permitted
successors and assigns, the “Trustee”), and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup advancing agent and notes registrar (in
all such capacities, together with any permitted successors and assigns, the “Note Administrator”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”),
under the Issuer’s Memorandum and Articles of Association as part of its issued share capital. 
 Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Other than in connection with any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the
Notes as a result of the occurrence and continuation of an Event of Default, (a) payments of interest on the Class F Notes shall be payable in accordance with Section 11.1(a)(i) of the Indenture and (b) payments of principal of
the Class F Notes shall be payable in accordance with Section 11.1(a)(ii) of the Indenture. On any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and
continuation of an Event of Default, payments of interest on, and principal of, the Class F Notes, will be payable in accordance with Section 11.1(a)(iii) of the Indenture. 

For so long as any Class of Notes with a higher priority is outstanding, any interest due on the Class F Notes that
is not paid as a result of the operation of the Priority of Payments on any Payment Date in accordance with the Priority of Payments will be deferred, will not be considered “due and payable” and the failure to pay such interest will not
be an Event of Default under the Indenture. Deferred Interest on any Class of Notes will be added to the outstanding principal balance of such Class of Notes and will accrue interest at the Class F Rate. 

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

The Notes are subject to redemption pursuant to Article 9 of the Indenture in accordance with the terms and procedures for
redemption thereunder. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

If an Event of Default shall occur and be continuing, the Class F Notes may become or be declared due and payable in the
manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the
Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Notes (voting as a separate Class), other than with respect to an
Event of Default 

  
 B-2-3 

 
specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i), by written notice to the Issuer, the Co-Issuer and
the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes are issuable in minimum denominations of $100,000 and integral multiples of $500 in excess thereof.

 The principal of each Note shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes
due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture and the term
“Co-Issuer” as used in this Note includes any successor-in-interest to the
Co-Issuer under the Indenture. 
 Each purchaser and any subsequent transferee of
this Note or any interest herein shall, by virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates is acting as a fiduciary or financial or
investment advisor for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of
the Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the Operating Advisor or any of their respective affiliates other than any statements in the final
offering memorandum for such Notes, and such Holder or beneficial owner has read and understands such final offering memorandum; (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) 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 Co-Issuers, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator, the
Operating Advisor or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented and agreed to the Issuer, the Co-Issuer, the Servicer, the Special Servicer, the Placement Agents, the Trustee, the Note Administrator and the Operating Advisor that it is
not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, a “plan” (as defined
in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is substantially similar to Section 406 of ERISA or
Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or other plan’s investment in the entity or otherwise.

 Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate
Trust Office. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but
the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee, the Note Administrator or to the
Holder hereof is intended to be exclusive of any other right or remedy, and every right and 

  
 B-2-4 

 
remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT
TO CAUSE THE FILING OF A PETITION IN BANKRUPTCY AGAINST THE ISSUER OR THE CO-ISSUER IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE
PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE,
THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 B-2-5 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of                  ,
20     
  

			
	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
as Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 B-2-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

    as Note Administrator

		
	 By:
	 	  

		 	 Authenticating Agent

  
 B-2-7 

 ASSIGNMENT FORM 

For value received
                                         
                                         
                                   

hereby sell, assign and transfer unto 

                    
                                         
                                        

                    
                                         
                                        

Please insert social security or 

other identifying number of assignee 

Please print or type name 

and address, including zip code, 

of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby
irrevocably constitute and appoint
                                         Attorney
to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

							
	 Date:
	  		  	Your Signature:	 	  

		  		  		 	 (Sign exactly as your name

appears on this Note)        

  

  
 B-2-8 

 EXHIBIT C-1 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM A RULE 144A 

GLOBAL SECURITY OR DEFINITIVE NOTE TO A REGULATION S GLOBAL SECURITY 

(Transfer pursuant to Article 2 of the Indenture) 

Wells Fargo Bank, National Association, as Note Administrator 

600 South 4th St., 7th Floor 
 MAC
N9300-070 
 Minneapolis, Minnesota 55479 

Attention: Note Transfers – TRTX 2018-FL1 

Wells Fargo Bank, National Association, as Note Administrator 

9062 Old Annapolis Road 
 Columbia, Maryland 21045-1951 

Attention: CMBS – TRTX 2018--FL1 
  

	 	Re:	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD., as Issuer, and TPG RE
FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, as Co-Issuer, of: the Class
[A][A-S][B][C][D][E][F] Notes, Due 2035 (the “Transferred Notes”) 

Reference is hereby made to the Indenture, dated as of February 14, 2018 (the “Indenture”) by and among
TPG Real Estate Finance 2018-FL1 Issuer, Ltd., as Issuer, TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, as Co-Issuer of the Offered Notes, Wilmington Trust, National Association, as trustee (together with its permitted successors and assigns, the “Trustee”), Wells Fargo Bank, National Association, as
note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup advancing agent and notes registrar (in all such capacities, together with its permitted successors and assigns, “Note
Administrator”) and TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent. Capitalized terms used but not defined herein will have the meanings assigned to such terms in the Indenture and if not defined in the Indenture then such
terms will have the meanings assigned to them in Regulation S (“Regulation S”), or Rule 144A (“Rule 144A”), under the Securities Act of 1933, as amended (the “Securities
Act”), and the rules promulgated thereunder. 
 This letter relates to the transfer of
$[        ] aggregate principal amount of [Class A] [Class A-S] [Class B] [Class C] [Class D] [Class E] [Class F] Notes being transferred for an equivalent
beneficial interest in a Regulation S Global Note of the same Class in the name of Cede & Co., as nominee of the Depository Trust Company (“DTC”), on behalf of DTC’s participant for account of [name of transferee]
(the “Transferee”). 
 In connection with such request, the Transferee hereby certifies that such transfer
has been effected in accordance with the transfer restrictions set forth in the Indenture and the Offering Memorandum, dated February [    ], 2018, and hereby represents, warrants and agrees for the benefit of the Issuer, the Co-Issuer, the Note Administrator and the Trustee and their counsel that: 

(i) at the time the buy order was originated, the Transferee was outside the United States; 

(ii) the Transferee is not a U.S. Person (“U.S. Person”), as defined in Regulation S; 

(iii) the transfer is being made in an “offshore transaction” (“Offshore
Transaction”), as defined in Regulation S, pursuant to Rule 903 or 904 of Regulation S; 
 (iv) the
Transferee will notify future transferees of the transfer restrictions; 
 (v) the Transferee understands
that the Notes, including the Transferred Notes, are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, the Notes, including the Transferred Notes, have not been and
will not be registered or qualified under the Securities Act or the securities laws of any state or other jurisdiction, and, if in the future the owner decides to reoffer, resell, pledge or otherwise transfer the Transferred Notes, such Transferred
Notes may 

  
 C-1-1 

 
only be reoffered, resold, pledged or otherwise transferred only in accordance with the Indenture and the legend on such Transferred Notes. The Transferee acknowledges that no representation is
made by the Issuer, the Co-Issuer or the Placement Agents, as the case may be, as to the availability of any exemption from registration or qualification under the Securities Act or any state or other
securities laws for resale of the Transferred Notes; 
 (vi) the Transferee is not purchasing the Transferred
Notes with a view to the resale, distribution or other disposition thereof in violation of the Securities Act or the securities laws of any state or other jurisdiction. The Transferee understands that an investment in the Transferred Notes involves
certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The Transferee has had access to such financial and other information concerning the Issuer, the
Co-Issuer and the Transferred Notes as it deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Transferred Notes, including, without limitation,
an opportunity to ask questions of and request information from the Placement Agents, the Issuer and the Co-Issuer, including without limitation, an opportunity to access to such legal and tax representation
as the Transferee deemed necessary or appropriate; 
 (vii) in connection with the purchase of the
Transferred Notes: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or
investment adviser for the Transferee; (B) the Transferee is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the
Co-Issuer, the Placement Agents, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final Offering Memorandum, dated February
[    ], 2018, relating to such Transferred Notes and any representations expressly set forth in a written agreement with such party; (C) the Transferee has read and understands the final offering memorandum relating to the
Transferred Notes (including, without limitation, the descriptions therein of the structure of the transaction in which the Transferred Notes are being issued and the risks to purchasers of the Notes); (D) none of the Issuer, the Co-Issuer, the Placement Agents, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates has given to the Transferee (directly or indirectly through any other person) any assurance,
guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of the
Transferee’s purchase of the Transferred Notes; (E) the Transferee has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its
own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by
the Issuer, the Co-Issuer, the Placement Agents, the Note Administrator, the Trustee, or any of their respective affiliates; (F) the Transferee will hold and transfer at least the minimum denomination of
such Transferred Notes; (G) the Transferee was not formed for the purpose of investing in the Transferred Notes; and (H) the Transferee is purchasing the Transferred Notes with a full understanding of all of the terms, conditions and risks
thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) these risks; 

(viii) the Transferee understands that the Transferred Notes will bear the applicable legend set forth on such
Transferred Notes; 
 (ix) the Transferee represents and agrees that (a) it is not and will not be, and
is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, a “plan” (as defined in
Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975
of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or other plan’s investment in the entity or otherwise (any of the
foregoing, a “Plan”) or (b) in the case of the Offered Notes, its purchase and holding of the Transferred Notes do not and will not constitute or otherwise give rise to a non-exempt
prohibited transaction under Section 406 of ERISA or 

  
 C-1-2 

 
Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law; 

(x) Except to the extent permitted by the Securities Act and any rules thereunder as in effect and applicable
at the time of any such offer, the Transferee will not, at any time, offer to buy or offer to sell the Transferred Notes by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or other
communication published in any newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose attendees have been invited by general solicitations or advertising; 

(xi) the Transferee is not a member of the public in the Cayman Islands, within the meaning of Section 175
of the Cayman Islands Companies Law (2016 Revision); 
 (xii) the Transferee understands that (A) the
Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent will require certification acceptable to them (1) as a condition to the payment of principal of and interest on any Notes
without, or at a reduced rate of, U.S. withholding or backup withholding tax, and (2) to enable the Issuer, the Co-Issuer, the Note Administrator, the Trustee and the Paying Agent to determine their
duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such Notes or the holder of such Notes under any present or future law or regulation of the Cayman
Islands or the United States or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation (including, without
limitation, the Cayman FATCA Legislation and the CRS), which certification may include U.S. federal income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United
States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting
(Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with
the Conduct of a Trade or Business in the United States) or any successors to such IRS forms); (B) the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent may require certification
acceptable to them to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its assets; (C) the Issuer, the Co-Issuer,
the Note Administrator, the Trustee or the Paying Agent will require the Transferee to provide the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent with any correct, complete and
accurate information that may be required for the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA requirements (or the IGA) or Cayman FATCA Legislation, and
will take any other actions necessary for the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA (or the IGA) or Cayman FATCA Legislation requirements,
including, but not limited to the delivery of a properly completed and executed “Entity Self-Certification Form” or “Individual Self-Certification Form” (in the forms published by the Cayman Islands Department of International
Tax Cooperation, which forms can be obtained at http://www.tia.gov.ky/pdf/CRS_Legislation.pdf on or prior to the date on which it becomes a holder of the Notes) and, in the event the Transferee fails to provide such information or take such actions,
(1) the Issuer, the Co-Issuer, the Note Administrator, the Trustee and the Paying Agent are authorized to withhold amounts otherwise distributable to the Transferee as compensation for any amount withheld
from payments to the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent as a result of such failure, (2) to the extent necessary to avoid an adverse effect on the Issuer or any
other holder of Notes as a result of such failure, the Transferee may be compelled to sell its Notes or, if the Transferee does not sell its Notes within 10 business days after notice from the Issuer, the
Co-Issuer, the Note Administrator, the Trustee or the Paying Agent, such Notes may be sold at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such
sale (taking into account any taxes incurred by the Issuer in connection with such sale) to the Transferee as payment in full for such Notes and (3) the Issuer may also assign each such Note a separate CUSIP or CUSIPs in the Issuer’s sole
discretion; (D) if the Transferee is a “foreign financial institution” or other foreign financial entity subject to FATCA and does not provide the Issuer, Co-Issuer, Note Administrator, the
Trustee or Paying Agent with evidence that 

  
 C-1-3 

 
it has complied with the applicable FATCA requirements, the Issuer, Co-Issuer, Note Administrator, Trustee or Paying Agent may be required to withhold
amounts under FATCA on payments to the Transferee; and (E) the Transferee agrees to provide any certification requested pursuant to this paragraph and to update or replace such form or certification in accordance with its terms or its
subsequent amendments; 
 (xiii) the Transferee acknowledges that it is its intent and that it understands it
is the intent of the Issuer that, for purposes of U.S. federal, state and local income and franchise tax and any other income taxes, for so long as a direct or indirect wholly-owned subsidiary of TRTX (or subsequent REIT) owns 100% of the
Class E Notes, the Class F Notes and the Preferred Shares and the Issuer Ordinary Shares, the Issuer will be treated as a Qualified REIT Subsidiary and the Offered Notes will be treated as indebtedness solely of TRTX or such subsequent
REIT; the Transferee agrees to such treatment and agrees to take no action inconsistent with such treatment; 

(xiv) if the Transferee is not a “United States person” (as defined in Section 7701(a)(30) of
the Code), it hereby represents that (i) either (A) it is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code), a 10%
shareholder of the Issuer within the meaning of Section 871(h)(3) of the Code or a controlled foreign corporation within the meaning of Section 957(a) of the Code that is related to the Issuer within the meaning of Section 881(c)(3)
of the Code, or (B) it is a person that has provided a Form W-8BEN-E indicating that it is eligible for benefits under an income tax treaty with the United States
that completely eliminates U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, and (ii) it is not purchasing the Notes in order to reduce its U.S. federal income tax liability
pursuant to a tax avoidance plan; 
 (xv) the Transferee understands that the Notes have not been approved or
disapproved by the SEC or any other governmental authority or agency or any jurisdiction and that neither the SEC nor any other governmental authority or agency has passed upon the adequacy or accuracy of the final offering memorandum relating to
the Notes. The Transferee further understands that any representation to the contrary is a criminal offense; 

(xvi) the Transferee will, prior to any sale, pledge or other transfer by such Transferee of any Note (or
interest therein), obtain from the prospective transferee, and deliver to the Note Administrator, a duly executed transferee certificate addressed to each of the Note Administrator, the Trustee, the Issuer, the
Co-Issuer and the Servicer in the form of the relevant exhibit attached to the Indenture, and such other certificates and other information as the Issuer, the Co-Issuer,
the Servicer, the Note Administrator, or the Trustee may reasonably require to confirm that the proposed transfer complies with the transfer restrictions contained in the Indenture; 

(xvii) the Transferee agrees that no Note may be purchased, sold, pledged or otherwise transferred in an amount
less than the minimum denomination set forth in the Indenture. In addition, the Transferee understands that the Notes will be transferable only upon registration of the transferee in the Note Register of the Issuer following delivery to the Note
Registrar of a duly executed transfer certificate and any other certificates and other information required by the Indenture; 

(xviii) the Transferee is aware and agrees that no Note (or beneficial interest therein) may be reoffered,
resold, pledged or otherwise transferred (i) to a transferee taking delivery of such Note represented by a Rule 144A Global Note except (A) to a transferee that the Transferee reasonably believes is a QIB, purchasing for its account or the
account of another QIB, to which notice is given that the resale, pledge or other transfer is being made in reliance on the exemption from the registration requirements of the Securities Act provided by Rule 144A or another person the sale to which
is exempt under the Securities Act, (B) to a transferee that is a Qualified Purchaser and (C) if such transfer is made in accordance with any applicable securities laws of any state of the United States and any other relevant jurisdiction,
(ii) to a transferee taking delivery of such Note represented by a Regulation S Global Note except (A) to a transferee that is an institution that is a non-U.S. Person acquiring such interest in an
Offshore Transaction in accordance with Rule 903 or Rule 904 of Regulation S, (B) to a transferee that is not a U.S. resident (within the meaning of the 1940 Act) unless such transferee is a Qualified Purchaser, (C) such transfer is

  
 C-1-4 

 
made in compliance with the other requirements set forth in the Indenture and (D) if such transfer is made in accordance with any applicable securities laws of any state of the United States
and any other jurisdiction or (iii) if such transfer would have the effect of requiring the Issuer, the Co-Issuer or the pool of Collateral to register as an “investment company” under the 1940
Act; 
 (xix) the Transferee understands that there is no secondary market for the Notes and that no
assurances can be given as to the liquidity of any trading market for the Notes and that it is unlikely that a trading market for the Notes will develop. The Transferee further understands that, although the Placement Agents may from time to time
make a market in the Notes, the Placement Agents are not under any obligation to do so and, following the commencement of any market-making, may discontinue the same at any time. Accordingly, the Transferee must be prepared to hold the Notes until
the Stated Maturity Date; 
 (xx) the Transferee agrees that (i) any sale, pledge or other transfer of a
Note (or any beneficial interest therein) made in violation of the transfer restrictions contained in the Indenture, or made based upon any false or inaccurate representation made by the Transferee or a transferee to the Issuer, the Note
Administrator, the Trustee or the Note Registrar, will be void and of no force or effect and (ii) none of the Issuer, the Note Administrator, the Trustee and the Note Registrar has any obligation to recognize any sale, pledge or other transfer
of a Note (or any beneficial interest therein) made in violation of any such transfer restriction or made based upon any such false or inaccurate representation; 

(xxi) the Transferee approves and consents to any direct trades between the Issuer and the Trustee and/or its
affiliates that is permitted under the terms of the Indenture and the Servicing Agreement; 
 (xxii) the
Transferee acknowledges that the Issuer, the Co-Issuer, the Placement Agents, the Note Administrator, the Trustee, the Note Registrar, the Servicer and others will rely upon the truth and accuracy of the
foregoing acknowledgments, representations and agreements and agrees that, if any of the acknowledgments, representations or warranties made or deemed to have been made by it in connection with its purchase of the Notes are no longer accurate, the
Transferee will promptly notify the Issuer, the Co-Issuer, the Placement Agents, the Note Administrator, the Note Registrar, the Servicer and the Trustee; 

(xxiii) The Notes will bear a legend to the following effect unless the Issuer and the Co-Issuer determine otherwise in compliance with applicable law: 
 THIS NOTE HAS NOT BEEN
AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR
THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR
(Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN
ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A
PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS
DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
GLOBAL SECURITY WILL 

  
 C-1-5 

 
BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY
INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL SECURITY WAS IN BREACH, AT THE TIME GIVEN, OF ANY
OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL SECURITY VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER AND THE CO-ISSUER, AS APPLICABLE. 
 ANY TRANSFER, PLEDGE OR OTHER USE OF
THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
(“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

(xxiv) The owner understands and agrees that an additional legend in substantially the following form will be placed on each
Note in the form of a Regulation S Global Note: 
 AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S.
PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME. 

[FOR CLASS [D] NOTES, CLASS [E] NOTES AND CLASS [F] NOTES] THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE
DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO THE ISSUER, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE
ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 

You, the Trustee, the Issuer, the Co-Issuer and the Note Administrator are entitled to
rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

  
 C-1-6 

 
			
	 [Name of Transferee]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

			
	 Dated:
	 	
                       
                             

 

	cc:	 TPG RE Finance Trust 2018-FL1
Co-Issuer, LLC 

 888 Seventh Avenue, 35th Floor 

New York, New York 10106 

Attention: Deborah Ginsberg 

Email: dginsberg@tpg.com 

  
 C-1-7 

 EXHIBIT C-2 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM A REGULATION S 

GLOBAL SECURITY OR DEFINITIVE NOTE TO A RULE 144A GLOBAL SECURITY 

(Transfers pursuant to Article 2 of the Indenture) 

Wells Fargo Bank, National Association, as Note Administrator 

600 South 4th St., 7th Floor 
 MAC
N9300-070 
 Minneapolis, Minnesota 55479 

Attention: Note Transfers – TRTX 2018-FL1 

Wells Fargo Bank, National Association, as Note Administrator 

9062 Old Annapolis Road 
 Columbia, Maryland 21045-1951 

Attention: CMBS – TRTX 2018-FL1 
  

	 	Re:	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD., as Issuer, and TPG RE
FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, as Co-Issuer, of: the Class
[A][A-S][B][C][D][E][F] Notes, Due 2035 (the “Transferred Notes”) 

Reference is hereby made to the Indenture, dated as of February 14, 2018 (the “Indenture”) by and among
TPG Real Estate Finance 2018-FL1 Issuer, Ltd., as Issuer, TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, as Co-Issuer of the Offered Notes, Wilmington Trust, National Association, as trustee (together with its permitted successors and assigns, the “Trustee”), Wells Fargo Bank, National Association, as
note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup advancing agent and notes registrar (in all such capacities, together with its permitted successors and assigns, “Note
Administrator”) and TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent. Capitalized terms used but not defined herein will have the meanings assigned to such terms in the Indenture and if not defined in the Indenture then such
terms will have the meanings assigned to them in Regulation S (“Regulation S”), or Rule 144A (“Rule 144A”), under the Securities Act of 1933, as amended (the “Securities
Act”), and the rules promulgated thereunder. 
 This letter relates to the transfer of $[    ]
aggregate principal amount of [Class A] [Class A-S] [Class B] [Class C] [Class D] [Class E] [Class F] Notes being transferred in exchange for an equivalent beneficial interest in a Rule 144A Global
Note of the same Class in the name of Cede & Co., as nominee of the Depository Trust Company (“DTC”), on behalf of DTC’s participant for account of [name of transferee] (the “Transferee”). 

In connection with such request, the Transferee hereby certifies that such transfer has been effected in accordance with the
transfer restrictions set forth in the Indenture and the Offering Memorandum, dated February [    ], 2018, and hereby represents, warrants and agrees for the benefit of the Issuer, the
Co-Issuer, the Note Administrator and the Trustee that: 
 (i) the
Transferee is a “qualified institutional buyer” as defined in Rule 144A (a “QIB”), and a “qualified purchaser” as defined in the 1940 Act and the rules promulgated thereunder (a “Qualified
Purchaser”); 
 (ii) (A) the Transferee is acquiring a beneficial interest in such Transferred Notes
for its own account or for an account that is both a QIB and a Qualified Purchaser and as to each of which the Transferee exercises sole investment discretion, and (B) the Transferee and each such account is acquiring not less than the minimum
denomination of the Transferred Notes; 
 (iii) the Transferee will notify future transferees of the transfer
restrictions; 
 (iv) the Transferee is obtaining the Transferred Notes in a transaction pursuant to Rule
144A; 

  
 C-2-1 

 (v) the Transferee is obtaining the Transferred Notes in
accordance with any applicable securities laws of any state of the United States and any other applicable jurisdiction; 

(vi) the Transferee understands that the Notes, including the Transferred Notes, are being offered only in a
transaction not involving any public offering in the United States within the meaning of the Securities Act, the Notes, including the Transferred Notes, have not been and will not be registered or qualified under the Securities Act or the securities
laws of any state or other jurisdiction, and, if in the future the owner decides to reoffer, resell, pledge or otherwise transfer the Transferred Notes, such Transferred Notes may only be reoffered, resold, pledged or otherwise transferred only in
accordance with the Indenture and the legend on such Transferred Notes. The Transferee acknowledges that no representation is made by the Issuer, the Co-Issuer or the Placement Agents, as the case may be, as
to the availability of any exemption from registration or qualification under the Securities Act or any state or other securities laws for resale of the Transferred Notes; 

(vii) the Transferee is not purchasing the Transferred Notes with a view to the resale, distribution or other
disposition thereof in violation of the Securities Act or the securities laws of any state or other jurisdiction. The Transferee understands that an investment in the Transferred Notes involves certain risks, including the risk of loss of all or a
substantial part of its investment under certain circumstances. The Transferee has had access to such financial and other information concerning the Issuer, the Co-Issuer and the Transferred Notes as it deemed
necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Transferred Notes, including, without limitation, an opportunity to ask questions of and request information from the Issuer, the Co-Issuer, the Placement Agents, and the Servicer, including without limitation, an opportunity to access to such legal and tax representation as the Transferee deemed necessary or appropriate; 

(viii) in connection with the purchase of the Transferred Notes: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Note Administrator, the Servicer, the Trustee, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for the Transferee; (B) the
Transferee is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Note
Administrator, the Trustee, the Servicer or the Operating Advisor or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Transferred Notes and any representations expressly set forth in a
written agreement with such party; (C) the Transferee has read and understands the final offering memorandum relating to the Transferred Notes (including, without limitation, the descriptions therein of the structure of the transaction in which
the Transferred Notes are being issued and the risks to purchasers of the Notes); (D) none of the Issuer, the Co-Issuer, the Placement Agents, the Note Administrator, the Trustee, the Servicer or the Operating
Advisor or any of their respective affiliates has given to the Transferee (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return,
performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of the Transferee’s purchase of the Transferred Notes; (E) the Transferee has consulted with its own legal,
regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the
Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Note
Administrator, the Trustee, the Servicer or the Operating Advisor or any of their respective affiliates; (F) the Transferee will hold and transfer at least the minimum denomination of such Transferred Notes; (G) the Transferee was not
formed for the purpose of investing in the Transferred Notes; and (H) the Transferee is purchasing the Transferred Notes with a full understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of
assuming and willing to assume (financially and otherwise) these risks; 
 (ix) the Transferee understands
that the Transferred Notes will bear the applicable legend set forth on such Transferred Notes; 
 (x) the
Transferee represents and agrees that (a) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section

  
 C-2-2 

 
3(3) of ERISA) subject to Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit
plan that is subject to any federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include
“plan assets” by reason of such an employee benefit plan’s or other plan’s investment in the entity or otherwise (any of the foregoing, a “Plan”) or (b) in the case of the Offered Notes, its purchase and
holding of the Transferred Notes do not and will not constitute or otherwise give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case
of a Plan subject to Similar Law, a non-exempt violation of Similar Law; 

(xi) except to the extent permitted by the Securities Act and any rules thereunder as in effect and applicable
at the time of any such offer, the Transferee will not, at any time, offer to buy or offer to sell the Transferred Notes by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or other
communication published in any newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose attendees have been invited by general solicitations or advertising; 

(xii) the Transferee is not a member of the public in the Cayman Islands, within the meaning of
Section 175 of the Cayman Islands Companies Law (2016 Revision); 
 (xiii) the Transferee understands
that (A) the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent will require certification acceptable to them (1) as a condition to the payment of principal of and
interest on any Notes without, or at a reduced rate of, U.S. withholding or backup withholding tax, and (2) to enable the Issuer, the Co-Issuer, the Note Administrator, the Trustee and the Paying Agent to
determine their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such Notes or the holder of such Notes under any present or future law or regulation
of the Cayman Islands or the United States or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation (including,
without limitation, the Cayman FATCA Legislation and the CRS), which certification may include U.S. federal income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for
United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and
Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with
the Conduct of a Trade or Business in the United States) or any successors to such IRS forms); (B) the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent may require certification
acceptable to them to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its assets; (C) the Issuer, the Co-Issuer,
the Note Administrator, the Trustee or the Paying Agent will require the Transferee to provide the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent with any correct, complete and
accurate information that may be required for the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA (or the IGA) or Cayman FATCA Legislation requirements, and
will take any other actions necessary for the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA (or the IGA) or Cayman FATCA Legislation requirements,
including, but not limited to, the delivery of a properly completed and executed “Entity Self-Certification Form” or “Individual Self-Certification Form” (in the forms published by the Cayman Islands Department of International
Tax Cooperation, which forms can be obtained at http://www.tia.gov.ky/pdf/CRS_Legislation.pdf on or prior to the date on which it becomes a holder of the Notes) and, in the event the Transferee fails to provide such information or take such actions,
(1) the Issuer, the Co-Issuer, the Note Administrator, the Trustee and the Paying Agent are authorized to withhold amounts otherwise distributable to the Transferee as compensation for any amount withheld
from payments to the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent as a result of such failure, (2) to the extent necessary to avoid an adverse effect on the Issuer or any
other holder of Notes as a result of such failure, the Transferee may be compelled to sell its Notes or, if the Transferee does not sell its 

  
 C-2-3 

 
Notes within 10 business days after notice from the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent, such Notes may be sold
at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such sale (taking into account any taxes incurred by the Issuer in connection with such sale) to the Transferee as payment in full for
such Notes and (3) the Issuer may also assign each such Note a separate CUSIP or CUSIPs in the Issuer’s sole discretion; (D) if the Transferee is a “foreign financial institution” or other foreign financial entity subject to
FATCA and does not provide the Issuer, Co-Issuer, Note Administrator, the Trustee or Paying Agent with evidence that it has complied with the applicable FATCA requirements, the Issuer, Co-Issuer, Note Administrator, Trustee or Paying Agent may be required to withhold amounts under FATCA on payments to the Transferee; and (E) the Transferee agrees to provide any certification requested
pursuant to this paragraph and to update or replace such form or certification in accordance with its terms or its subsequent amendments; 

(xiv) the Transferee acknowledges that it is its intent and that it understands it is the intent of the Issuer
that, for purposes of U.S. federal, state and local income and franchise tax and any other income taxes, for so long as a direct or indirect wholly owned disregarded subsidiary of TRTX (or a subsequent REIT) owns 100% of the Class E Notes, the
Class F Notes and the Preferred Shares and the Issuer Ordinary Shares, the Issuer will be treated as a Qualified REIT Subsidiary and the Offered Notes will be treated as indebtedness solely of TRTX or such subsequent REIT; the Transferee agrees
to such treatment and agrees to take no action inconsistent with such treatment; 
 (xv) if the Transferee is
not a “United States person” (as defined in Section 7701(a)(30) of the Code), it hereby represents that (i) either (A) it is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business (within the meaning of Section 881(c)(3)(A) of the Code), a 10% shareholder of the Issuer within the meaning of Section 871(h)(3) of the Code or a controlled foreign corporation within the meaning of Section 957(a)
of the Code that is related to the Issuer within the meaning of Section 881(c)(3) of the Code, or (B) it is a person that has provided a Form W-8BEN-E
indicating that it is eligible for benefits under an income tax treaty with the United States that completely eliminates U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, and
(ii) it is not purchasing the Notes in order to reduce its U.S. federal income tax liability pursuant to a tax avoidance plan; 

(xvi) the Transferee understands that the Notes have not been approved or disapproved by the SEC or any other
governmental authority or agency or any jurisdiction and that neither the SEC nor any other governmental authority or agency has passed upon the adequacy or accuracy of the final offering memorandum relating to the Notes. The Transferee further
understands that any representation to the contrary is a criminal offense; 
 (xvii) the Transferee will,
prior to any sale, pledge or other transfer by such Transferee of any Note (or interest therein), obtain from the prospective transferee, and deliver to the Note Administrator, a duly executed transferee certificate addressed to each of the Note
Administrator, the Trustee, the Issuer, the Co-Issuer and the Servicer in the form of the relevant exhibit attached to the Indenture, and such other certificates and other information as the Issuer, the Co-Issuer, the Servicer, the Note Administrator, or the Trustee may reasonably require to confirm that the proposed transfer complies with the transfer restrictions contained in the Indenture; 

(xviii) the Transferee agrees that no Note may be purchased, sold, pledged or otherwise transferred in an
amount less than the minimum denomination set forth in the Indenture. In addition, the Transferee understands that the Notes will be transferable only upon registration of the transferee in the Note Register of the Issuer following delivery to the
Note Registrar of a duly executed transfer certificate and any other certificates and other information required by the Indenture; 

(xix) the Transferee is aware and agrees that no Note (or beneficial interest therein) may be reoffered,
resold, pledged or otherwise transferred (i) to a transferee taking delivery of such Note represented by a Rule 144A Global Note except (A) to a transferee that the Transferee reasonably believes is a QIB, purchasing for its account or the
account of another QIB, to which notice is given that the resale, pledge or other transfer is being made in reliance on the exemption from the registration requirements of the 

  
 C-2-4 

 
Securities Act provided by Rule 144A or another person the sale to which is exempt under the Securities Act, (B) to a transferee that is a Qualified Purchaser and (C) if such transfer
is made in accordance with any applicable securities laws of any state of the United States and any other relevant jurisdiction, (ii) to a transferee taking delivery of such Note represented by a Regulation S Global Note except (A) to a
transferee that is an institution that is a non-U.S. Person acquiring such interest in an Offshore Transaction in accordance with Rule 903 or Rule 904 of Regulation S, (B) to a transferee that is not a
U.S. resident (within the meaning of the 1940 Act) unless such transferee is a Qualified Purchaser, (C) such transfer is made in compliance with the other requirements set forth in the Indenture and (D) if such transfer is made in
accordance with any applicable securities laws of any state of the United States and any other jurisdiction or (iii) if such transfer would have the effect of requiring the Issuer, the Co-Issuer or the
pool of Collateral to register as an “investment company” under the 1940 Act; 
 (xx) the
Transferee understands that there is no secondary market for the Notes and that no assurances can be given as to the liquidity of any trading market for the Notes and that it is unlikely that a trading market for the Notes will develop. The
Transferee further understands that, although the Placement Agents may from time to time make a market in the Notes, the Placement Agents are not under any obligation to do so and, following the commencement of any market-making, may discontinue the
same at any time. Accordingly, the Transferee must be prepared to hold the Notes until the Stated Maturity Date; 

(xxi) the Transferee agrees that (i) any sale, pledge or other transfer of a Note (or any beneficial
interest therein) made in violation of the transfer restrictions contained in the Indenture, or made based upon any false or inaccurate representation made by the Transferee or a transferee to the Issuer, the Note Administrator, the Trustee or the
Note Registrar, will be void and of no force or effect and (ii) none of the Issuer, the Note Administrator, the Trustee and the Note Registrar has any obligation to recognize any sale, pledge or other transfer of a Note (or any beneficial
interest therein) made in violation of any such transfer restriction or made based upon any such false or inaccurate representation; 

(xxii) the Transferee approves and consents to any direct trades between the Issuer and the Trustee and/or its
affiliates that is permitted under the terms of the Indenture; 
 (xxiii) the Transferee acknowledges that
the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Note Registrar, the Servicer, the Placement Agents and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements and agrees that, if any of the acknowledgments, representations or warranties made or deemed to have been made by it in connection with its purchase of the Notes are no longer accurate, the Transferee will promptly
notify the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Note Registrar, the Servicer and the Placement Agents; and 

(xxiv) the Notes will bear a legend to the following effect unless the Issuer and the Co-Issuer determine otherwise in compliance with applicable law: 
 THIS NOTE HAS NOT BEEN
AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR
THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR
(Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN
ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A
PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A, 

  
 C-2-5 

 
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN
“OFFSHORE TRANSACTION,” AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND
INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL SECURITY WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY
INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL SECURITY WAS IN BREACH, AT THE TIME GIVEN, OF ANY
OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL SECURITY VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER AND THE CO-ISSUER, AS APPLICABLE. 
 ANY TRANSFER, PLEDGE OR OTHER USE OF
THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
(“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[FOR CLASS [D] NOTES, CLASS [E] NOTES AND CLASS [F] NOTES] THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT”
(WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO THE ISSUER, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE
AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 

You, the Trustee, the Issuer, the Co-Issuer and the Note Administrator are entitled to
rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

  
 C-2-6 

 
			
	 [Name of Transferee]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Dated:
                         
  

	cc:	 TPG RE Finance Trust 2018-FL1
Co-Issuer, LLC 

 888 Seventh Avenue, 35th Floor 

New York, New York 10106 

Attention: Deborah Ginsberg 

Email: dginsberg@tpg.com 

  
 C-2-7 

 EXHIBIT C-3 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM A REGULATION S GLOBAL 

SECURITY, RULE 144A GLOBAL SECURITY OR DEFINITIVE NOTE TO A DEFINITIVE NOTE 

(Transfers pursuant to Article 2 of the Indenture) 

Wells Fargo Bank, National Association, as Note Administrator 

600 South 4th St., 7th Floor 
 MAC
N9300-070 
 Minneapolis, Minnesota 55479 

Attention: Note Transfers – TRTX 2018-FL1 

Wells Fargo Bank, National Association, as Note Administrator 

9062 Old Annapolis Road 
 Columbia, Maryland 21045-1951 

Attention: CMBS – TRTX 2018-FL1 
  

	 	Re:	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD., as Issuer, and TPG RE
FINANCE TRUST 2018-FL1 CO-ISSUER, LLC, as Co-Issuer, of: the Class
[A][A-S][B][C][D][E][F] Notes, Due 2035 (the “Transferred Notes”) 

Reference is hereby made to the Indenture, dated as of February 14, 2018 (the “Indenture”) by and among
TPG Real Estate Finance 2018-FL1 Issuer, Ltd., as Issuer, TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, as Co-Issuer of the Offered Notes, Wilmington Trust, National Association, as trustee (together with its permitted successors and assigns, the “Trustee”), Wells Fargo Bank, National Association, as
note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup advancing agent and notes registrar (in all such capacities, together with its permitted successors and assigns, “Note
Administrator”) and TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent. Capitalized terms used but not defined herein will have the meanings assigned to such terms in the Indenture and if not defined in the Indenture then such
terms will have the meanings assigned to them in Regulation S (“Regulation S”), or Rule 144A (“Rule 144A”), under the Securities Act of 1933, as amended (the “Securities
Act”), and the rules promulgated thereunder. 
 This letter relates to the transfer of $[    ]
aggregate principal amount of [Class A] [Class A-S] [Class B] [Class C] [Class D] [Class E] [Class F] Notes being transferred in exchange for a Definitive Note of the same Class in the name of
[name of transferee] (the “Transferee”). 
 In connection with such request, the Transferee hereby
certifies that such transfer has been effected in accordance with the transfer restrictions set forth in the Indenture and the Offering Memorandum, dated February [    ], 2018, and hereby represents, warrants and agrees for the
benefit of the Issuer, the Co-Issuer, the Note Administrator and the Trustee that: 

(i) the Transferee is an institution that is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) of Regulation D under the Securities Act (an “IAI”), or an entity in which all of the equity owners are such “accredited investors”, who is also a “qualified purchaser” as defined in
Section 2(a)(51) of the 1940 Act and the rules promulgated thereunder (a “Qualified Purchaser”); 

(ii) the Transferee is acquiring the Notes for its own account (and not for the account of any other Person) in
a minimum denomination of $100,000 and in integral multiples of $500 in excess thereof; 
 (iii) the
Transferee understands that the Notes have not been and will not be registered or qualified under the Securities Act or the securities laws of any state or other jurisdiction, and, if in the future the Transferee decides to reoffer, resell, pledge
or otherwise transfer the Notes, such Notes may be reoffered, resold, pledged or otherwise transferred only in accordance with the provisions of the Indenture and the 

  
 C-3-1 

 
legends on such Notes, including the requirement for written certifications. In particular, the Transferee understands that the Notes may be transferred only to a person that is (A) both
(a) (i) a “qualified institutional buyer” as defined in Rule 144A (a “QIB”), who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A, or (ii) solely in the
case of Notes that are issued in the form of Definitive Securities, an IAI; and (b) a Qualified Purchaser; or (B) a person that is not a “U.S. person” as defined in Regulation S (a “U.S. Person”), and is
acquiring the Notes in an “offshore transaction” as defined in Regulation S (an “Offshore Transaction”), in reliance on the exemption from registration provided by Regulation S. The Transferee acknowledges that no
representation is made as to the availability of any exemption from registration or qualification under the Securities Act or any state or other securities laws for resale of the Notes; 

(iv) in connection with the Transferee’s purchase of the Notes: (a) none of the Issuer, the Co-Issuer, the Placement Agents, the Servicer, the Note Administrator, the Trustee, the Operating Advisor, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for the
Transferee; (b) the Transferee is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the
Placement Agents, the Servicer, the Note Administrator, the Trustee, the Operating Advisor, or any of their respective affiliates, other than any statements in the final Offering Memorandum relating to such Notes and any representations expressly
set forth in a written agreement with such party; (c) the Transferee has read and understands the final Offering Memorandum relating to such Notes (including, without limitation, the descriptions therein of the structure of the transaction in
which the Notes are being issued and the risks to purchasers of the Notes); (d) none of the Issuer, the Co-Issuer, the Placement Agents, the Servicer, the Note Administrator, the Trustee, the Operating
Advisor, or any of their respective affiliates has given to the Transferee (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return,
performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of the Transferee’s purchase of the Notes; (e) the Transferee has consulted with its own legal, regulatory, tax,
business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon
its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Servicer, the Note Administrator, the
Trustee, the Operating Advisor, or any of their respective affiliates; (f) the Transferee will hold and transfer at least the minimum denomination of such Notes; (g) the Transferee was not formed for the purpose of investing in the Notes;
and (h) the Transferee is a sophisticated investor and is purchasing the Notes with a full understanding of all of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume those risks; 

(v) the Transferee is acquiring the Notes as principal solely for its own account for investment and not with a
view to the resale, distribution or other disposition thereof in violation of the Securities Act or the securities laws of any state or other jurisdiction; it is not a (A) partnership, (B) common trust fund, or (C) special trust, pension,
profit-sharing or other retirement trust fund or plan in which the partners, beneficiaries or participants may designate the particular investments to be made; it agrees that it will not hold any Notes for the benefit of any other person, that it
will at all times be the sole beneficial owner thereof for purposes of the 1940 Act and all other purposes and that it will not sell participation interests in the Notes or enter into any other arrangement pursuant to which any other person will be
entitled to a beneficial interest in the distributions on the Notes; 
 (vi) the Transferee represents and
agrees that (a) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan that is subject to any federal, state or local law that is substantially similar to
Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of such an employee benefit plan’s or other plan’s
investment in the entity or otherwise (any of the foregoing, a “Plan”) or (b) in the case of the Offered Notes, its purchase and holding of the Transferred Notes do not and will not constitute or otherwise give rise to a non-exempt prohibited transaction under Section 406 of ERISA or 

  
 C-3-2 

 
Section 4975 of the Code, or, in the case of a Plan subject to Similar Law, a non-exempt violation of Similar Law; 

(vii) the Transferee will treat its Notes as debt of the Issuer for United States federal and, to the extent
permitted by law, state and local income and franchise tax purposes unless otherwise required by any relevant taxing authority; 

(viii) the Transferee is a “United States person” within the meaning of Section 7701(a)(30) of
the Code, and has submitted a properly completed and signed IRS Form W-9 containing its name, address and U.S. taxpayer identification number (or applicable successor form); or it is not a “United States
person” within the meaning of Section 7701(a)(30) of the Code, and has submitted a properly completed and signed applicable IRS Form W-8 (or applicable successor form); 

(ix) the Transferee acknowledges that it is its intent and that it understands it is the intent of the Issuer
that, for purposes of U.S. federal, state and local income and franchise tax and any other income taxes, for so long as a direct or indirect wholly-owned subsidiary of TRTX (or subsequent REIT) owns 100% of the Class E Notes, the Class F
Notes and the Preferred Shares and the Issuer Ordinary Shares, the Issuer will be treated as a Qualified REIT Subsidiary and the Notes will be treated as indebtedness solely of the TRTX or such subsequent REIT; the Transferee agrees to such
treatment and agrees to take no action inconsistent with such treatment; 
 (x) if the Transferee is not a
“United States person” (as defined in Section 7701(a)(30) of the Code), it hereby represents that (i) either (A) it is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or
business (within the meaning of Section 881(c)(3)(A) of the Code), a 10% shareholder of the Issuer within the meaning of Section 871(h)(3) of the Code or a controlled foreign corporation within the meaning of Section 957(a) of the
Code that is related to the Issuer within the meaning of Section 881(c)(3) of the Code, or (B) it is a person that has provided a Form W-8BEN-E indicating that
it is eligible for benefits under an income tax treaty with the United States that completely eliminates U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, and (ii) it is not
purchasing the Notes in order to reduce its U.S. federal income tax liability pursuant to a tax avoidance plan; 

(xi) the Transferee is not a member of the public in the Cayman Islands, within the meaning of Section 175
of the Cayman Islands Companies Law (2016 Revision); 
 (xii) the Transferee understands that (A) the
Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent will require certification acceptable to them (1) as a condition to the payment of principal of and interest on any Notes
without, or at a reduced rate of, U.S. withholding or backup withholding tax, and (2) to enable the Issuer, the Co-Issuer, the Note Administrator, the Trustee and the Paying Agent to determine their
duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such Notes or the holder of such Notes under any present or future law or regulation of the Cayman
Islands or the United States or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation (including, without
limitation, the Cayman FATCA Legislation and the CRS), which certification may include U.S. federal income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United
States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting
(Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with
the Conduct of a Trade or Business in the United States) or any successors to such IRS forms); (B) the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent may require certification
acceptable to them to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its assets; (C) the Issuer, the Co-Issuer,
the Note Administrator, the Trustee or the Paying Agent will require the Transferee to provide the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent with any correct, complete

  
 C-3-3 

 
and accurate information that may be required for the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA
(or the IGA) or Cayman FATCA Legislation requirements and will take any other actions necessary for the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA (or
the IGA) or Cayman FATCA Legislation requirements, including, but not limited to, the delivery a properly completed and executed “Entity Self-Certification Form” or “Individual Self-Certification Form” (in the forms published by
the Cayman Islands Department of International Tax Cooperation, which forms can be obtained at http://www.tia.gov.ky/pdf/CRS_Legislation.pdf on or prior to the date on which it becomes a holder of the Notes) and, in the event the Transferee fails to
provide such information or take such actions, (1) the Issuer, the Co-Issuer, the Note Administrator, the Trustee and the Paying Agent are authorized to withhold amounts otherwise distributable to the
Transferee as compensation for any amount withheld from payments to the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent as a result of such failure, (2) to the extent
necessary to avoid an adverse effect on the Issuer or any other holder of Notes as a result of such failure, the Transferee may be compelled to sell its Notes or, if the Transferee does not sell its Notes within 10 business days after notice from
the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent, such Notes may be sold at a public or private sale called and conducted in any manner permitted by law, and to remit the net
proceeds of such sale (taking into account any taxes incurred by the Issuer in connection with such sale) to the Transferee as payment in full for such Notes and (3) the Issuer may also assign each such Note a separate CUSIP or CUSIPs in the
Issuer’s sole discretion; (D) if the Transferee is a “foreign financial institution” or other foreign financial entity subject to FATCA and does not provide the Issuer, Co-Issuer, Note
Administrator, the Trustee or Paying Agent with evidence that it has complied with the applicable FATCA requirements, the Issuer, Co-Issuer, Note Administrator, Trustee or Paying Agent may be required to
withhold amounts under FATCA on payments to the Transferee; and (E) the Transferee agrees to provide any certification requested pursuant to this paragraph and to update or replace such form or certification in accordance with its terms or its
subsequent amendments; 
 (xiii) the Transferee agrees not to seek to commence in respect of the Issuer, or
cause the Issuer to commence, a bankruptcy proceeding before a year and a day has elapsed since the payment in full to the holders of the Notes issued pursuant to the Indenture or, if longer, the applicable preference period (plus one day) then in
effect; 
 (xiv) the Transferee acknowledges that, to the extent required by the Issuer, as determined by the
Issuer or the Servicer on behalf of the Issuer, the Issuer may, upon notice to the Note Administrator and the Trustee, impose additional transfer restrictions on the Notes to comply with the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”) and other similar laws or regulations, including, without limitation, requiring each transferee of a Note to make representations to the Issuer
in connection with such compliance; 
 (xv) the Transferee acknowledges that, each investor or prospective
investor will be required to make such representations to the Issuer, as determined by the Issuer or the Servicer on behalf of the Issuer, as the Issuer will require in connection with applicable AML/OFAC obligations, including, without limitation,
representations to the Issuer that such investor or prospective investor (or any person controlling or controlled by the investor or prospective investor; if the investor or prospective investor is a privately held entity, any person having a
beneficial interest in the investor or prospective investor; or any person for whom the investor or prospective investor is acting as agent or nominee in connection with the investment) is not (i) an individual or entity named on any available
lists of known or suspected terrorists, terrorist organizations or of other sanctioned persons issued by the United States government and the government(s) of any jurisdiction(s) in which the Partnership is doing business, including the List of
Specially Designated Nationals and Blocked Persons administered by OFAC, as such list may be amended from time to time; (ii) an individual or entity otherwise prohibited by the OFAC sanctions programs; or (iii) a current or former senior
foreign political figure or politically exposed person, or an immediate family member or close associate of such an individual. Further, such investor or prospective investor must represent to the Issuer that it is not a prohibited foreign shell
bank; 

  
 C-3-4 

 (xvi) the Transferee acknowledges that, each investor or
prospective investor will also be required to represent to the Issuer that amounts invested with the Issuer were not directly or indirectly derived from activities that may contravene U.S. Federal, state or international laws and regulations,
including, without limitation, any applicable anti-money laundering laws and regulations; 
 (xvii) the
Transferee acknowledges that, by law, the Issuer, the Placement Agents, the Servicer or other service providers acting on behalf of the Issuer, may be obligated to “freeze” any investment in a Note by such investor. The Issuer, the
Placement Agents, the Servicer or other service providers acting on behalf of the Issuer may also be required to report such action and to disclose the investor’s identity to OFAC or other applicable governmental and regulatory authorities;

 (xviii) the Transferee understands that the Issuer, the Note Administrator, the Trustee and the Placement
Agents will rely upon the accuracy and truth of the foregoing representations, and it hereby consents to such reliance; and 

(xix) the Definitive Notes will bear a legend to the following effect unless the Issuer and the Co-Issuer determine otherwise in compliance with applicable law: 
 THIS NOTE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER
NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
EXCEPT (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1)(X) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR
(Y) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN
ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER,” AS DEFINED IN SECTION 2(a)(51) OF THE 1940 ACT AND THE RULES THEREUNDER (A “QUALIFIED PURCHASER”), IN A
PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON- “U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS
DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE TRUSTEE, THE NOTE ADMINISTRATOR, OR ANY INTERMEDIARY. IF AT ANY TIME,
THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND
THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 C-3-5 

 [FOR CLASS [D] NOTES, CLASS [E] NOTES AND CLASS [F] NOTES] THIS NOTE HAS
BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO THE ISSUER, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE
THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 

You, the Trustee, the Issuer, the Co-Issuer and the Note Administrator are entitled to
rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	 [Name of Transferee]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Dated: _________________ 
  

	cc:	 TPG RE Finance Trust 2018-FL1
Co-Issuer, LLC 

 888 Seventh Avenue, 35th Floor 

New York, New York 10106 

Attention: Deborah Ginsberg 

Email: dginsberg@tpg.com 

  
 C-3-6 

 EXHIBIT D 

FORM OF CUSTODIAN POST-CLOSING CERTIFICATION  

[Date] 
 To the Persons Listed on the attached
Schedule A 
  

	 	Re:	 TPG Real Estate Finance 2018-FL1 Issuer, Ltd. 

Ladies and Gentlemen: 

In accordance with Section 3.3(f) of the Indenture, dated as of February 14, 2018 (the “Indenture”),
by and among TPG Real Estate Finance 2018-FL1 Issuer, LTD., as Issuer, TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, as Co-Issuer of the Offered Notes, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent, Wilmington Trust, National Association, as trustee and Wells Fargo Bank, National Association, as note administrator,
paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup advancing agent and notes registrar, the undersigned, as the Custodian, hereby certifies, subject to the terms of the Indenture, that with respect to each
Mortgage Asset listed on the Mortgage Asset Schedule attached to the Indenture as Schedule A, that each such document referred to in Section 3.3(e) and with respect to each clause, solely to the extent such documents referred to in
Section 3.3(e) of the Indenture are identified by the Seller or Depositor in writing to the Custodian to be included in the delivery of a Mortgage Asset File: (A) has been received; and (B) that each such document has been reviewed by
the Custodian, has been executed, appears on its face to be what it purports to be, purports to be recorded or filed (as applicable) and has not been torn, mutilated or otherwise defaced, and that each such document appears on its face to relate to
the Mortgage Asset identified on the Mortgage Asset Schedule, in each case, except as set forth on Schedule B attached hereto. 

The Custodian makes no representations as to, and shall not be responsible to verify, (i) the validity, legality,
enforceability, due authorization, recordability, sufficiency, or genuineness of any of the documents in its custody relating to a Mortgage Asset, or (ii) the collectability, insurability, effectiveness or suitability of any such documents in
its custody relating to a Mortgage Asset. 
 Capitalized terms used but not defined herein shall have the respective
meanings set forth in the Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, solely in its capacity as Custodian
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 D-1 

 SCHEDULE A TO CUSTODIAN POST-CLOSING CERTIFICATION 

 

			
	 TPG Real Estate 2018-FL1 Issuer, Ltd.

888 Seventh Avenue, 35th Floor

New York, New York 10106

Attention: Deborah Ginsberg

Email: dginsberg@tpg.com
	  	 Wells Fargo Bank, National Association

Commercial Mortgage Servicing
 MAC
D1086-120
 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: TRTX 2018-FL1 Asset Manager

		
	 Wells Fargo Bank, National Association

Corporate Trust Services
 9062 Old
Annapolis Road
 Columbia, Maryland 21045-1951

Attention: TRTX 2018-FL1
	  	 Wells Fargo Bank, National Association

Legal Department
 301 S. College
Street, TW-30
 Charlotte, North Carolina 28288-0630

Attention: Commercial Mortgage Servicing Legal

Support – TRTX 2018-FL1

	 Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – TRTX 2018-FL1
	  	

  
 Sch. A to Ex. D-1 

 SCHEDULE B TO CUSTODIAN POST-CLOSING CERTIFICATION 

MORTGAGE ASSET EXCEPTIONS REPORT 

  
 Sch. B to Ex. D-1 

 EXHIBIT E 

FORM OF REQUEST FOR RELEASE 

REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT 

To:  Wells Fargo Bank, National Association 

1055 10th Avenue SE 

Minneapolis, Minnesota 55414 

In connection with the administration of the Mortgage Assets held by you as the Custodian on behalf of the Issuer, we request
the release, to the [Servicer/Special Servicer] of [specify document] for the Mortgage Asset described below, for the reason indicated. 
  

			
	 Borrower’s Name, Address & Zip
Code:
	  	 Ship Files To:

		
	 	  	Name:
		
	 	  	Address:
		
	 	  	Telephone Number:
	 Mortgage Asset Description:
	  	
		  	  

	 Current Outstanding Principal Balance:
	  	
		  	  

 Reason for Requesting Documents (check one): 

 

			
	 ___1.
	  	 Mortgage Asset Paid in Full. The [Servicer/Special Servicer] hereby certifies that all amounts received in connection
therewith that are required to be remitted by the borrower or other obligors thereunder have been paid in full and that any amounts in respect thereof required to be remitted to the Trustee pursuant to the Indenture have been so
remitted.

		
	 ___2.
	  	 Mortgage Asset Liquidated By
                                    . The [Servicer/Special Servicer]
hereby certifies that all proceeds of insurance, condemnation or other liquidation have been finally received and that any amounts in respect thereof required to be remitted to the Trustee pursuant to the Indenture have been so
remitted.

		
	 ___3.
	  	 Other (explain)
                                         
                   .

 If box 1 or 2 above is checked, and if all or part of the underlying instruments were
previously released to us, please release to us our previous request and receipt on file with you, as well as any additional documents in your possession relating to the specified Mortgage Asset. 

If box 3 above is checked, upon our return of all of the above documents to you as the Custodian, please acknowledge your
receipt by signing in the space indicated below and returning this form. 
 If box 3 above is checked, it is hereby
acknowledged that a security interest pursuant to the Uniform Commercial Code in the Mortgage Asset described above and in the proceeds of said Mortgage Asset has been granted to the Trustee pursuant to the Indenture. 

  
 E-1 

 If box 3 above is checked, in consideration of the aforesaid delivery by the
Custodian, the Servicer hereby agrees to hold said Mortgage Asset in trust for the Trustee, as provided under and in accordance with all provisions of the Indenture and the Servicing Agreement, and to return said Mortgage Asset to the Custodian no
later than the close of business on the twentieth (20th) day following the date hereof or, if such day is not a Business Day, on the immediately preceding Business Day. 

The [Servicer/Special Servicer] hereby acknowledges that it shall hold the above-described Mortgage Asset and any related
underlying instruments in trust for, and as the bailee of, the Trustee, and shall return said Mortgage Asset and any related documents only to the Custodian. 

Capitalized terms used but not defined in this Request have the meanings assigned to them in the Indenture, dated as of
February 14, 2018, by and among TPG Real Estate Finance 2018-FL1 Issuer, Ltd., as Issuer, TPG RE Finance Trust 2018-FL1
Co-Issuer, LLC, as Co-Issuer, TPG RE Finance Trust CLO Loan Seller, LLC, as Advancing Agent, and Wells Fargo Bank, National Association, as Trustee, Note Administrator,
Paying Agent, Calculation Agent, Transfer Agent, Custodial Securities Intermediary, Backup Advancing Agent and Notes Registrar. 
  

			
	 [WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Servicer]

	
	 [SITUS HOLDINGS, LLC, as Special Servicer]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Acknowledgment of documents returned: 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Custodian on behalf of Wilmington Trust, National Association, as Trustee 

 

			
	 By:
	 	  

		 	 Name:

		 	 Title:

			
		
	 Date:
	 	

  
 E-2 

 EXHIBIT F 

FORM OF NRSRO CERTIFICATION 

[Date] 
 TPG Real Estate Finance
2018-FL1 Issuer, Ltd. 
 888 Seventh Avenue, 35th Floor 

New York, New York 10106 
 Attention: Deborah Ginsberg 

Wells Fargo Bank, National Association 
 Corporate Trust Services

 9062 Old Annapolis Road 
 Columbia, Maryland 21045-1951 

 

	Re:	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. and TPG RE FINANCE TRUST
2018-FL1 CO-ISSUER, LLC 

In accordance with the requirements for obtaining certain information pursuant to the Indenture, dated as of February 14,
2018 (the “Indenture”), by and among TPG Real Estate Finance 2018-FL1 Issuer, Ltd., as Issuer (the “Issuer”), TPG RE Finance Trust
2018-FL1 Co-Issuer, LLC, as Co-Issuer of the Offered Notes, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent,
Wilmington Trust, National Association, as trustee and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup advancing agent and notes registrar,
the undersigned hereby certifies and agrees as follows: 
 1. The undersigned, is (a) either a (i) a Nationally
Recognized Statistical Rating Organization (“NRSRO”) or (ii) a Rating Agency, (b) has provided the Issuer with the appropriate certifications under Exchange Act 17g-5(e), (c) has
access to the Issuer’s 17g-5 Website, and (d) agrees that any information obtained from the Issuer’s 17g-5 Website will be subject to the same
confidentiality provisions applicable to information obtained from the Issuer’s 17g-5 Website; provided, that if the undersigned did not have access to the Issuer’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions of any confidentiality agreement required by the 17g-5 Information Provider,
which shall be applicable to it with respect to any information obtained from the 17g-5 Information Provider’s Website, including any information that is obtained from the section of the 17g-5 Information Provider’s Website that hosts the Issuer’s 17g-5 website after the Closing Date. 

2. The undersigned agrees that each time it accesses the Issuer’s 17g-5 Website,
it shall be deemed to have recertified that the representations above remain true and correct. 
 Capitalized terms used but
not defined herein shall have the respective meanings assigned thereto in the Indenture. 
 BY ITS CERTIFICATION HEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 

 

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 F-1 

 EXHIBIT G 

FORM OF NOTE ADMINISTRATOR’S MONTHLY REPORT 

  
 G-1 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 DISTRIBUTION DATE STATEMENT Table of Contents STATEMENT SECTIONS PAGE(s) Note Note Distribution Factor Detail
Detail 3 2 Other Reconciliation Required Detail Information 5 4 Cash Reconciliation Detail 6 Mortgage NOI Detail Loan Detail 7 8 Principal Historical Prepayment Detail Detail 10 9 Delinquency Specially Serviced Loan Detail Loan Detail 1211 —13
Advance Detail 14 Modified HIstorical Loan Liquidated Detail Loan Detail 15 16 Bond Interest / Collateral Shortfall Reconciliation Realized Loss Detail Reconciliation 1817 —19 Supplemental Reporting 20 Issuer Servicer Special Servicer Operating
Advisor TPG Real Estate Finance 2018-FL1 Issuer, Ltd Wells Fargo Bank, National Association Situs Holdings, LLC Park Bridge Lender Services LLC TBD Three Wells Fargo, MAC
D1050-084 2 Embarcadero Center, Suite 1300 600 Third Avenue TBD, TBD 401 S. Tryon Street, 8th Floor San Francisco, CA 94111 40th Floor Charlotte, NC 28202 New York, NY 10022 Contact: TBD Contact: Contact:
George Wisniewski Contact: David Rodgers Phone Number: (TBD)—REAM_InvestorRelations@wellsfargo.com Phone Number: (415) 374-2832 Phone Number: (212) 310-9821 This
report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information. Please visit www.ctslink.com for additional information and special
notices. In addition, certificateholders may register online for email notification when special notices are posted. For information or assistance please call
866-846-4526. Page 1 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Note Distribution Detail Note Interest Original Beginning Principal Interest Prepayment Realized Loss/ Total Ending
Current Class CUSIP Additional Trust Subordination Rate Balance Balance Distribution Distribution Premium Distribution Balance Fund Expenses Level (1) A 0.000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B 0.000000% 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 C 0.000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 D 0.000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 E 0.000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 F 0.000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 PREF 0.000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Note (1) Calculated balance of by all taking classes (A) which the sum are of not the subordinate ending note to balance
the designated of all classes class less and (B) dividing the sum the result of (i) the by ending (A). balance of the designated class and (ii) the ending Page 2 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Note Factor Detail Beginning Principal Interest Prepayment Realized Loss/ Ending Class CUSIP Additional Trust
Balance Distribution Distribution Premium Balance Fund Expenses A 0. 0.00000000 00000000 0. 0.00000000 00000000 0. 0.00000000 00000000 0. 0.00000000 00000000 0. 0.00000000 00000000 0. 0.00000000 00000000 B C 0. 0.00000000 00000000 0. 0.00000000
00000000 0. 0.00000000 00000000 0. 0.00000000 00000000 0. 0.00000000 00000000 0. 0.00000000 00000000 D E 0. 0.00000000 00000000 0. 0.00000000 00000000 0. 0.00000000 00000000 0. 0.00000000 00000000 0. 0.00000000 00000000 0. 0.00000000 00000000 F PREF
0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Page 3 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Reconciliation Detail Principal Reconciliation Stated Beginning Balance Principal Unpaid Principal Beginning
Balance Scheduled Principal Unscheduled Principal Adjustments Principal Realized Loss Principal Stated Ending Balance Principal Unpaid Ending Balance Distribution Current Principal Amount Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Note
Interest Reconciliation Accrual Accrual Accrued Net Aggregate Distributable Distributable WAC CAP Additional Interest Remaining Unpaid Class Dates Days Note Prepayment Note Note Interest Shortfall Trust Fund Distribution Distributable Interest
Interest Shortfall Interest Adjustment Expenses Note Interest A 0 0 0 0 0. 0.00 00 0. 0.00 00 0. 0.00 00 0. 0.00 00 0. 0.00 00 0. 0.00 00 0. 0.00 00 0. 0.00 00 C B 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 D 0 0 0 0 0. 0.00 00 0. 0.00 00 0. 0.00
00 0. 0.00 00 0. 0.00 00 0. 0.00 00 0. 0.00 00 0. 0.00 00 E F 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Totals 0 0.00 0.00 0.00 0. 0.00 00 0.00 0.00 0.00 0.00 Page 4 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Other Required Information Available Distribution Amount (1) 0.00 Current LIBOR 0.00% Next LIBOR 0.00% Control
Termination Event Y/N Consultation Termination Event Y/N Control Shift Event Y/N Subordinate Class Preferred Shares Subordinate Class Representative Majority Holder of Preferred Shares (1) The Available Distribution Amount includes
any Prepayment Premiums . Page 5 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Cash Reconciliation Detail Total Funds Collected Total Funds Distributed Interest: Fees: Interest paid or advanced
0.00 Servicing Fee—Wells Fargo Bank, N.A. 0.00 Interest reductions due to Non-Recoverability Determinations 0.00 Trustee Fee—Wells Fargo Bank, N.A. 0.00 Interest Adjustments 0.00 Note Administrator
Fee—Wells Fargo Bank, N.A. 0.00 Deferred Interest 0.00 Operating Advisor Fee—Park Bridge Lender Services LLC 0.00 Net Prepayment Interest Shortfall 0.00 CREFC® Intellectual Property Royalty License Fee 0.00 Net Prepayment Interest
Excess 0.00 Total Fees 0.00 Total Interest Collected 0.00 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 0.00 Principal: Scheduled Principal 0.00 Special Servicing Fee 0.00 0.00 Unscheduled Principal 0.00
Rating Agency Expenses 0.00 Attorney Fees & Expenses Principal Prepayments 0.00 Bankruptcy Expense 0.00 Collection of Principal after Maturity Date 0.00 Taxes Imposed on Trust Fund 0.00 Recoveries from Liquidation and Insurance Proceeds
0.00 Non-Recoverable Advances 0.00 Excess of Prior Principal Amounts paid 0.00 Other Expenses 0.00 Curtailments 0.00 Total Additional Trust Fund Expenses 0.00 Negative Amortization 0.00 Principal Adjustments
0.00 Total Principal Collected 0.00 Payments to Noteholders & Others: Other: Interest Distribution 0.00 Prepayment Penalties/Yield Maintenance 0.00 Principal Distribution 0.00 Repayment Fees 0.00 Prepayment Penalties/Yield Maintenance 0.00
Borrower Option Extension Fees 0.00 Borrower Option Extension Fees 0.00 Total Other Collected 0.00 Total Payments to Noteholders & Others 0.00 Total Funds Collected 0.00 Total Funds Distributed 0.00 Page 6 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Mortgage Loan Detail Extended Beginning Ending Paid Res. Mod. Loan ODCR Property City State Interest Principal
Gross Maturity Thru LIBOR LIBOR Number Maturity Scheduled Scheduled Strat. Code Type (1) Payment Payment Coupon Date Balance Balance Date Floor Cap Date (2) (3) Totals *—Indicates new collateral added to the pool in previous month
(1) Property Type Code (2) Resolution Strategy Code (3) Modification Code MF RT — Multi-Family Retail MU OF — Mixed Office Use 1 2 — Modification Foreclosure 6 7 — REO DPO 10—Deed Foreclosure in Lieu Of 1 2
— Maturity Amortization Date Change Extension HC IN — Industrial Health Care LO SS — Lodging Self Storage 4 3 — Bankruptcy Extension 8 9 — Pending Resolved Return 12 11 — Full Reps Payoff and Warranties 4 3 —
Principal Combination Write-Off WH MH — Mobile Warehouse Home Park OT—Other 5—Note Sale to Master Servicer 13—Other or TBD Page 7 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 NOI Detail Loan Property Ending Most Most Most Recent Most Recent Number ODCR Type City State Scheduled Balance
Fiscal Recent NOI Recent NOI NOI Date Start NOI Date End Total Page 8 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Principal Prepayment Detail Loan Group, if Offering Document Principal Prepayment Amount Prepayment Penalties Loan
Number applicable Cross-Reference Payoff Amount Curtailment Amount Prepayment Premium Yield Maintenance Premium Totals Page 9 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Historical Detail Delinquencies Prepayments Rate and Maturities Distribution Date
30-59 Days 60-89 Days 90 Days or More Foreclosure REO Modifications Curtailments Payoff Next Weighted Avg. WAM # Balance # Balance # Balance # Balance # Balance #
Balance # Balance # Balance Coupon Remit Note: Foreclosure and REO Totals are excluded from the delinquencies. Page 10 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Delinquency Loan Detail Offering # of Paid Through Status of Resolution Servicing Foreclosure Actual Outstanding
Bankruptcy REO Loan Number Document Months Mortgage Strategy Principal Servicing Cross-Reference Delinq. Date Loan (1) Code (2) Transfer Date Date Balance Advances Date Date Totals (1) Status of Mortgage Loan (2) Resolution Strategy
Code A—Payment Not Received 0—Current 4—Assumed Scheduled Payment 1—Modification 6—DPO 10—Deed In Lieu Of But Or Not Still Yet in Grace Due Period 1 2 — One Two Months Month Delinquent Delinquent 5—Non
(Performing Performing Matured Matured Balloon) Balloon 2 3 — Foreclosure Bankruptcy 7 8 — Resolved REO 11—Full Foreclosure Payoff B—Late Payment But Less 3—Three or More Months Delinquent 4—Extension 9—Pending
Return 12—Reps and Warranties Than 1 Month Delinquent 5—Note Sale to Master Servicer 13—Other or TBD Page 11 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Specially Serviced Loan Detail—Part 1 Distribution Loan Offering Servicing Resolution Scheduled Property
Interest Actual Net NOI Note Maturity Remaining Document Transfer Strategy State Operating DSCR Amortization Date Number Balance Type (2) Rate Balance Date Date Date Cross-Reference Date Code (1) Income Term (1) Resolution Strategy
Code (2) Property Type Code 2 1 — Foreclosure Modification 6 7 — DPO REO                10—Foreclosure Deed In Lieu    Of MF RT
— Multi-Family Retail MU OF — Mixed Office use 4 3 — Extension Bankruptcy 8 9 — Resolved Pending Return                12 11 — Reps Full Payoff
and Warranties                HC IN — Health Industrial Care SS LO — Lodging Self Storage 5—Note Sale to Master
Servicer    13—Other or TBD MH WH — Warehouse Mobile Home Park OT—Other Page 12 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Specially Serviced Loan Detail—Part 2 Distribution Loan Offering Resolution Site Appraisal Appraisal Other REO
Document Strategy Inspection Phase 1 Date Comment Date Number Date Value Property Revenue Cross-Reference Code (1) Date (1) Resolution Strategy Code 1 2 — Modification Foreclosure 7 6 — REO
DPO                10—Deed Foreclosure In Lieu                Of 3 4 —
Bankruptcy Extension 8 9 — Resolved Pending Return                12 11 — Full Reps Payoff and Warranties 5—Note Sale to Master Servicer 13—Other or
TBD Page 13 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Advance Summary Beginning Outstanding Current Period Outstanding Interest Advances Interest Advances Interest
Advances Advancing Agent Backup Advancing Agent Totals 0.00 0.00 0.00 Page 14 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Modified Loan Detail Loan Document Offering Pre-Modification
Post-Modification Pre-Modification Post-Modification Modification Modification Description Number Cross-Reference Balance Balance Interest Rate Interest Rate Date 

Totals Page 15 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Historical Liquidated Loan Detail Distribution ODCR Scheduled Beginning Advances, Fees, Most Appraised Recent Gross
Proceeds Sales or Net Received Proceeds on Net Available Proceeds for Realized Date Period of Current Adj. Current Adjustment Period Adjustment Cumulative Loss with to Cum Loan Date Loss to Trust Balance and Expenses * Value or BPO Other Proceeds
Liquidation Distribution to Trust to Trust to Trust Adj. to Trust Current Total Cumulative Total * Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.). Page 16 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Historical Bond/Collateral Loss Reconciliation Detail Distribution Document Offering Beginning Balance Realized
Aggregate Loss Prior Loss Realized Applied Covered Amounts by (Shortages)/ Interest Modification /Appraisal (Recoveries) Additional Realized Applied Loss to Realized Recoveries Losses of Losses (Recoveries)/ Applied to Date Cross-Reference at
Liquidation on Loans to Notes Credit Support Excesses Reduction Adj. /Expenses Notes to Date Paid as Cash Note Interest Totals Page 17 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Interest Shortfall Reconciliation Detail—Part 1 Offering Stated Principal Current Ending Special Servicing
Fees Non-Recoverable Modified Interest Interest on Document Balance at Scheduled ASER (PPIS) Excess (Scheduled Rate (Reduction) Monthly Liquidation Work Out Advances Cross-Reference Contribution Balance
Interest) /Excess Totals Page 18 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Interest Shortfall Reconciliation Detail—Part 2 Offering Stated Principal Current Ending Reimb of Advances to
the Servicer Other (Shortfalls)/ Document Balance at Scheduled Left to Reimburse Comments Cross-Reference Contribution Balance Current Month Refunds Master Servicer Totals Interest Shortfall Reconciliation Detail Part 2 Total 0.00 Interest Shortfall
Reconciliation Detail Part 1 Total 0.00 Total Interest Shortfall Allocated to Trust 0.00 Page 19 of 20 

 

 
 For Additional Information please contact CTSLink Customer Service TRTX 2018-FL1 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate
Trust Services Payment Date: 3/16/18 8480 Stagecoach Circle Record Date: 2/28/18 Frederick, MD 21701-4747 Determination Date: 3/12/18 Supplemental Reporting Page 20 of 20 

 EXHIBIT H-1 

FORM OF INVESTOR CERTIFICATION 

(For Non-Borrower Affiliates) 

[Date] 
 Wells Fargo Bank,
National Association 
 Corporate Trust Services 

9062 Old Annapolis Road 

Columbia, Maryland 21045-1951 
  

	Re:	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. and TPG RE FINANCE TRUST
2018-FL1 CO-ISSUER, LLC 

In accordance with the requirements for obtaining certain information pursuant to the Indenture, dated as of February 14,
2018 (the “Indenture”), by and among TPG Real Estate Finance 2018-FL1 Issuer, Ltd., as Issuer, TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, as Co-Issuer of the Offered Notes, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent, Wilmington Trust, National Association, as trustee (the
“Trustee”), and Wells Fargo Bank, National Association, as note administrator (in such capacity, the “Note Administrator”), paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup
advancing agent and notes registrar, the undersigned hereby certifies and agrees as follows: 
 1. The
undersigned is [a Noteholder, a beneficial owner of a Note, a holder of a Preferred Share, or a prospective purchaser of a Note or a Preferred Share][a Directing Holder][Subordinate Class Representative]. 

2. The undersigned is not an agent of, or an investment advisor to, any borrower or affiliate of any
borrower under a Mortgage Asset. 
 3. The undersigned is requesting access pursuant to the Indenture to
certain information (the “Information”) on the Note Administrator’s Website and/or is requesting the information identified on the schedule attached hereto (also, the “Information”) pursuant to the provisions
of the Indenture. 
 4. In consideration of the disclosure to the undersigned of the Information, or the
access thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Notes or Preferred Shares, from its accountants and
attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not, without the prior written consent of the Note Administrator, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part. 

The undersigned will not use or disclose the Information in any manner which could result in a violation of any
provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration of any Note or Preferred Share not previously registered pursuant to
Section 5 of the Securities Act. 
 5. The undersigned shall be fully liable for any breach of this
agreement by itself or any of its Representatives and shall indemnify the Issuer, the Note Administrator, the Trustee, the Servicer, and the Special Servicer for any loss, liability or expense incurred thereby with respect to any such breach by the
undersigned or any of its Representatives. 
 6. The undersigned shall be deemed to have recertified to the
provisions herein each time it accesses the Information on the Note Administrator’s Website. 

  
 H-1-1 

 7. Capitalized terms used but not defined herein shall have the
respective meanings assigned thereto in the Indenture. 
 BY ITS CERTIFICATION HEREOF, the undersigned has
made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 H-1-2 

 EXHIBIT H-2 

FORM OF INVESTOR CERTIFICATION 

(For Borrower Affiliates) 
 [Date]

 Wells Fargo Bank, National Association 
 Corporate Trust
Services 
 9062 Old Annapolis Road 
 Columbia, Maryland
21045-1951 
  

	Re:	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. and TPG RE FINANCE TRUST
2018-FL1 CO-ISSUER, LLC 

In accordance with the requirements for obtaining certain information pursuant to the Indenture, dated as of February 14,
2018 (the “Indenture”), by and among TPG Real Estate Finance 2018-FL1 Issuer, Ltd., as Issuer, TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, as Co-Issuer of the Offered Notes, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent, Wilmington Trust, National Association as trustee (the
“Trustee”), and Wells Fargo Bank, National Association as note administrator (in such capacity, the “Note Administrator”), paying agent, calculation agent, transfer agent, custodian, securities intermediary, backup
advancing agent and notes registrar, the undersigned hereby certifies and agrees as follows: 
 1. The
undersigned is [a Noteholder, a beneficial owner of a Note, a holder of a Preferred Share, or a prospective purchaser of a Note or a Preferred Share][a Directing Holder][Subordinate Class Representative]. 

2. The undersigned is an agent or Affiliate of, or an investment advisor to, any borrower under a Mortgage
Asset. 
 3. The undersigned is requesting access pursuant to the Indenture to the Monthly Reports (the
“Information”) on the Note Administrator’s Website pursuant to the provisions of the Indenture. 

4. In consideration of the disclosure to the undersigned of the Information, or the access thereto, the
undersigned will keep the Information confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Notes or Preferred Shares, from its accountants and attorneys, and otherwise
from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not, without the prior written consent of the Note Administrator, be otherwise disclosed by the undersigned or by its officers,
directors, partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part. 

The undersigned will not use or disclose the Information in any manner which could result in a violation of any
provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration of any Note or Preferred Share not previously registered pursuant to
Section 5 of the Securities Act. 
 5. The undersigned shall be fully liable for any breach of this
agreement by itself or any of its Representatives and shall indemnify the Issuer, the Note Administrator, the Trustee, the Servicer, and the Special Servicer for any loss, liability or expense incurred thereby with respect to any such breach by the
undersigned or any of its Representatives. 
 6. The undersigned shall be deemed to have recertified to the
provisions herein each time it accesses the Information on the Note Administrator’s Website. 

  
 H-2-1 

 7. Capitalized terms used but not defined herein shall have the
respective meanings assigned thereto in the Indenture. 

  
 H-2-2 

 BY ITS CERTIFICATION HEREOF, the undersigned has made the
representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 H-2-3 

 EXHIBIT I 

FORM OF ONLINE MARKET DATA PROVIDER CERTIFICATION 

This Certification has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant to the
direction of the Issuer. If you represent a Market Data Provider not listed herein and would like access to the information, please contact CTSLink at 866-846-4526, or
at ctslink.customerservice@wellsfargo.com. 
 In connection with the TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. and TPG RE FINANCE TRUST 2018-FL1 CO-ISSUER, LLC (the “Notes”), the undersigned hereby certifies
and agrees as follows: 
  

	1.	 The undersigned is an employee or agent of Bloomberg L.P., Trepp, LLC, Intex Solutions, Inc., Markit Group
Limited, Interactive Data Corporation, BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics or Thomson Reuters Corp., a market data provider that has been given access to the Monthly Reports, CREFC reports and supplemental
notices on www.ctslink.com (“CTSLink”) by request of the Issuer. 

  

	2.	 The undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified that
the representation above remains true and correct. 

  

	3.	 The undersigned acknowledges and agrees that the provision to it of information and/or reports on CTSLink is
for its own use only, and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent of the Issuer, and any confidentiality agreement applicable to the undersigned with respect to
information obtained from the Issuer’s 17g-5 Website shall also be applicable to information obtained from CTSLink. 

 

	4.	 Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the
Indenture pursuant to which the Notes were issued. 

 BY ITS CERTIFICATION HEREOF, the undersigned has made the
representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 I-1 

 EXHIBIT J 

FORM OF 
 ACQUISITION OF
COMPANION PARTICIPATION OFFICER’S CERTIFICATE 
 This officer’s certificate is being delivered
(1) pursuant to Section 12.2 of the Indenture, dated as February 14, 2018 (the “Indenture”), by and among TPG Real Estate Finance 2018-FL1 Issuer, Ltd., as Issuer (the
“Issuer”), TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, as Co-Issuer of the Offered Notes, TPG RE Finance Trust
CLO Loan Seller, LLC, as advancing agent, Wilmington Trust, National Association, as trustee and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, custodian, securities intermediary,
backup advancing agent and notes registrar, and (2) in connection with the sale by TPG RE Finance Trust CLO Loan Seller, LLC, a Delaware limited liability company (the “Seller”), to the Issuer of the Companion Participations
described on Schedule A hereto (the “Subsequent Mortgage Assets”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Indenture. 

In connection with the foregoing, the Seller hereby certifies that with respect to the acquisition of each Subsequent Mortgage
Assets as of the related acquisition date after giving effect to such acquisition: 
  

	 	1.	 The requirements set forth in Section 12.2(b) of the Indenture regarding the representations and
warranties with respect to such Companion Participation and the related Mortgaged Property have been met (subject to such exceptions as are reasonably acceptable to the Special Servicer); and 

 

	 	2.	 The Replenishment Criteria are satisfied. 

[SIGNATURE ON FOLLOWING PAGE] 

  
 J-1 

 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate
as of                 , 20    . 
  

			
	TPG RE FINANCE TRUST CLO LOAN SELLER, LLC

 
			
		
	 By:
	 	  

	 Name:

	 Title:

  
 J-2 

 EXHIBIT K 

FORM OF SUBSEQUENT TRANSFER INSTRUMENT 

THIS SUBSEQUENT TRANSFER INSTRUMENT is made as of
                 , 20     between TPG RE Finance Trust CLO Loan Seller, LLC, a Delaware limited liability company (the “Seller”) and
TPG Real Estate Finance 2018-FL1 Issuer, Ltd., an exempted company incorporated under the laws of the Cayman Islands with limited liability (the “Issuer”). 

In accordance with the Mortgage Asset Purchase Agreement (the “Agreement”) dated as of February 14,
2018, between the Seller, the Issuer and TPG RE Finance Trust Holdco, LLC and TPG RE Finance Trust, Inc., the Seller does hereby transfer, assign, set over and otherwise convey, as of the date hereof, without recourse, to the Issuer or directly to
the Issuer as its designee all of its right, title and interest in the Companion Participations identified in Schedule 1 attached hereto which shall supplement Exhibit A to the Agreement, and any and all rights to receive payments on
or with respect to the Companion Participations after the date hereof (other than payments due before the date hereof, which shall belong to and promptly be remitted to the Seller). 

Except as set forth on Schedule 2 attached hereto, the Seller hereby reaffirms that all of the
representations and warranties made by it in Section 4 of the Agreement, relating to itself and the Companion Participations are true and correct as of the date hereof. The Seller further represents, warrants and confirms the satisfaction of
the conditions precedent specified in Section 3 of the Agreement. In addition, each party hereby represents and warrants to the other party that (i) it is duly organized and validly existing as an entity under the laws of the jurisdiction
in which it is chartered or organized, (ii) it has the requisite organization power and authority to enter into and perform this Subsequent Transfer Instrument, and (iii) this Subsequent Transfer Instrument has been duly authorized by all
necessary organizational action, has been duly executed by one or more duly authorized officers and is the valid and binding agreement of such party enforceable against such party in accordance with its terms. 

The purchase price with respect to the Companion Participations is as follows:
[            ]. 
 All capitalized terms used herein and not
otherwise defined shall have the meanings given them in the Agreement. 
 As supplemented by this Subsequent Transfer
Instrument, the Agreement is in all respects ratified and confirmed and the Agreement as so supplemented, shall be read, taken and construed as one and the same instrument. 

This Subsequent Transfer Instrument shall be construed in accordance with the laws of the State of New York. 

  
 K-1 

 IN WITNESS WHEREOF, the undersigned has caused this Subsequent Transfer
Instrument to be duly executed as of the date first written above. 
  

			
	 TPG RE FINANCE TRUST CLO LOAN SELLER, LLC, as Seller

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD., as Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 K-2 

 SCHEDULE 1 

LIST OF COMPANION PARTICIPATIONS 
  

			
	 Name
	 	 Purchase
Price

  
 K-3 

 SCHEDULE 2 

EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES 

  
 K-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}]]