Document:

EX-10.1

MASTER REPURCHASE AGREEMENT

Dated as of November 23, 2011

between

BARCLAYS BANK PLC,

as Purchaser,

and

RAIT CMBS CONDUIT II, LLC,

as Seller

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE 1   APPLICA	 	BILITY 1

	 	ARTICLE 2	 	DEFINITIONS
	 	 	1	 
	ARTICLE 3	 	INITIATION; CONFIRMATION; TERMINATION; FEES
	 	 	17	 	 	 	 	 	 	 
	ARTICLE 4	 	MARGIN MAINTENANCE
	 	 	24	 	 	 	 	 	 	 
	ARTICLE 5	 	PAYMENTS; COLLECTION ACCOUNT
	 	 	25	 	 	 	 	 	 	 
	ARTICLE 6	 	SECURITY INTEREST
	 	 	26	 	 	 	 	 	 	 
	ARTICLE 7	 	PAYMENT, TRANSFER AND CUSTODY
	 	 	28	 	 	 	 	 	 	 
	ARTICLE 8	 	SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED
	 	 	 	 	 	29	 	 	 	 
	 	 	 	 	ASSETS

	 	ARTICLE 9	 	REPRESENTATIONS AND WARRANTIES
	 	 	29	 
	ARTICLE 10	 	NEGATIVE COVENANTS OF SELLER
	 	 	37	 	 	 	 	 	 	 
	ARTICLE 11	 	AFFIRMATIVE COVENANTS OF SELLER
	 	 	39	 	 	 	 	 	 	 
	ARTICLE 12	 	SINGLE PURPOSE ENTITY
	 	 	42	 	 	 	 	 	 	 
	ARTICLE 13	 	EVENTS OF DEFAULT; REMEDIES
	 	 	44	 	 	 	 	 	 	 
	ARTICLE 14	 	SINGLE AGREEMENT
	 	 	49	 	 	 	 	 	 	 
	ARTICLE 15	 	RECORDING OF COMMUNICATIONS
	 	 	50	 	 	 	 	 	 	 
	ARTICLE 16	 	NOTICES AND OTHER COMMUNICATIONS
	 	 	50	 	 	 	 	 	 	 
	ARTICLE 17	 	ENTIRE AGREEMENT; SEVERABILITY
	 	 	51	 	 	 	 	 	 	 
	ARTICLE 18	 	NON-ASSIGNABILITY
	 	 	51	 	 	 	 	 	 	 
	ARTICLE 19	 	GOVERNING LAW
	 	 	51	 	 	 	 	 	 	 
	ARTICLE 20	 	NO WAIVERS, ETC
	 	 	52	 	 	 	 	 	 	 
	ARTICLE 21	 	INTENT
	 	 	52	 	 	 	 	 	 	 
	ARTICLE 22	 	DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS
	 	 	53	 	 	 	 	 	 	 
	ARTICLE 23	 	CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	 	 	53	 	 	 	 	 	 	 
	ARTICLE 24	 	NO RELIANCE
	 	 	54	 	 	 	 	 	 	 
	ARTICLE 25	 	INDEMNITY
	 	 	55	 	 	 	 	 	 	 
	ARTICLE 26	 	DUE DILIGENCE
	 	 	56	 	 	 	 	 	 	 
	ARTICLE 27	 	SERVICING
	 	 	57	 	 	 	 	 	 	 
	ARTICLE 28	 	MISCELLANEOUS
	 	 	58	 	 	 	 	 	 	 

EXHIBITS

	 	 	 
	EXHIBIT I

EXHIBIT II

EXHIBIT III

EXHIBIT IV

EXHIBIT V

EXHIBIT VI

EXHIBIT VII

EXHIBIT VIII

EXHIBIT IX

EXHIBIT X

EXHIBIT XI

EXHIBIT XII

	 	Names and Addresses for Communications between Parties

Form of Confirmation Statement

Authorized Representatives of Seller

Form of Power of Attorney

Representations and Warranties Regarding Individual Purchased Assets

Form of Escrow Agreement

Advance Procedures

Form of Margin Call

UCC Filing Jurisdictions

Form of Release Letter

Form of Covenant Compliance Certificate

Eligibility Matrix

EXHIBIT XIII Seller Asset ScheduleMASTER REPURCHASE AGREEMENT

MASTER REPURCHASE AGREEMENT, dated as of November 23, 2011 (as amended, restated, supplemented
or otherwise modified and in effect from time to time, this “Agreement”), by and between
Barclays Bank PLC, a public limited company organized under the laws of England and Wales
(including any successor thereto, “Purchaser”) and RAIT CMBS Conduit II, LLC, a limited
liability company organized under the laws of the State of Delaware (“Seller”).

ARTICLE 1

APPLICABILITY

From time to time the parties hereto may enter into transactions in which Seller and Purchaser
agree to the transfer from Seller to Purchaser all of Seller’s rights, title and interest to
certain Eligible Assets (as defined herein) or other assets and, in each case, the other related
Purchased Items (as defined herein) (collectively, the “Assets”) against the transfer of
funds by Purchaser to Seller, with a simultaneous agreement by Purchaser to transfer back to Seller
such Assets at a date certain or on demand, against the transfer of funds by Seller to Purchaser.
Each such transaction shall be referred to herein as a “Transaction” and, unless otherwise
agreed in writing, shall be governed by this Agreement, including any supplemental terms or
conditions contained in any exhibits identified herein as applicable hereunder. Each individual
transfer of an Eligible Asset shall constitute a distinct Transaction. Notwithstanding any
provision or agreement herein, at no time shall Purchaser be obligated to agree to enter into any
Transaction. Any commitment to enter into a Transaction shall be evidenced by Purchaser’s delivery
of a Confirmation pursuant to Article 3(b)(ii)(A) and shall be subject to satisfaction of
all terms and conditions of this Agreement.

ARTICLE 2

DEFINITIONS

“A-Note” shall mean a senior or pari passu senior Mortgage Note evidencing a senior
position in a Mortgage Loan.

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

“Accepted Servicing Practices” shall mean with respect to any Purchased Asset, those
mortgage loan servicing practices of prudent mortgage lending institutions that service mortgage
loans of the same type as such Purchased Asset in the state where the related underlying real
estate directly or indirectly securing or supporting such Purchased Asset is located.

“Account Bank” shall mean Wells Fargo Bank, National Association, or any successor
appointed by Purchaser in its sole and absolute discretion.

“Account Control Agreement” shall mean that certain Blocked Account Agreement, dated
as of the date hereof, among Purchaser, Seller and Account Bank.

“Act of Insolvency” shall mean, with respect to any Person, (a) the filing of a
petition, commencing, or authorizing the commencement of any case or proceeding under any
bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law relating to the
protection of creditors, or suffering any such petition or proceeding to be commenced by another
which is consented to, not timely contested or results in entry of an order for relief; (b) the
seeking or consenting to the appointment of a receiver, trustee, custodian or similar official for
such Person or all or substantially all of the property of such Person; (c) the appointment of a
receiver, conservator, or manager for such Person by any governmental agency or authority having
the jurisdiction to do so; (d) the making of a general assignment for the benefit of creditors; (e)
the admission by such Person of its inability to pay its debts or discharge its obligations as they
become due or mature; or (f) that any Governmental Authority or agency or any person, agency or
entity acting or purporting to act under Governmental Authority shall have taken any action to
condemn, seize or appropriate, or to assume custody or control of, all or substantially all of the
property of such Person, or shall have taken any action to displace the management of such Person
or to curtail its authority in the conduct of the business of such Person.

“Affiliate” shall mean, when used with respect to any specified Person, (a) any other
Person directly or indirectly controlling, controlled by, or under common control with, such
Person. Control shall mean the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise and “controlling” and “controlled” shall have meanings
correlative thereto, or (b) any “affiliate” of such Person, as such term is defined in the
Bankruptcy Code.

“Agreement” shall have the meaning assigned thereto in the introductory paragraph
hereof.

“Alternative Rate” shall have the meaning specified in Article 3(g) of this
Agreement.

“Alternative Rate Transaction” shall mean, with respect to any Pricing Rate Period,
any Transaction with respect to which the Pricing Rate for such Pricing Rate Period is determined
with reference to the Alternative Rate.

“Anti-Money Laundering Laws” shall have the meaning specified in Article
9(b)(xxxi) of this Agreement.

“Assets” shall have the meaning specified in Article 1 of this Agreement.

“Assignee” shall have the meaning specified in Article 18 of this Agreement.

“Escrow Agreement” shall mean an agreement substantially in the form of
Exhibit VI hereto or such other form as may be approved by Purchaser in its sole and
absolute discretion, delivered by a Settlement Agent to Purchaser and Custodian.

“Bankruptcy Code” shall mean The United States Bankruptcy Code of 1978, as amended
from time to time.

“Breakage Costs” shall have the meaning assigned thereto in Article 3(l).

“Business Day” shall mean a day other than (a) a Saturday or Sunday, or (b) a day in
which the New York Stock Exchange or banks in the State of New York are authorized or obligated by
law or executive order to be closed.

“Capital Stock” shall mean any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent equity
ownership interests in a Person which is not a corporation, including, without limitation, any and
all member or other equivalent interests in any limited liability company, and any and all warrants
or options to purchase any of the foregoing.

“Capitalized Lease Obligations” shall mean obligations under a lease that are required
to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a
Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to
be reflected on the balance sheet prepared in accordance with GAAP of the applicable Person as of
the applicable date.

“Change of Control” shall mean the occurrence of any of the following events: (a) with
respect to Guarantor, any “person” or “group” (within the meaning of Section 13(d) or 14(d) of the
Exchange Act) shall become, or obtain rights (whether by means of warrants, options or otherwise)
to become, the beneficial owner, directly or indirectly, of 51% or more of the total voting power
of all classes of Capital Stock of Guarantor entitled to vote generally in the election of the
directors or (b) with respect to Seller, Guarantor shall cease to own and control, of record and
beneficially, directly or indirectly, 100% of the common stock of Seller and 80% of the preferred
stock of Seller.

“Closing Date” shall mean November 23, 2011.

“Collateral” shall have the meaning specified in Article 6 of this Agreement.

“Collection Account” shall have the meaning specified in Article 5(a) of this
Agreement.

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

“Covenant Compliance Certificate” shall mean a properly completed and executed
Covenant Compliance Certificate substantially in the form of Exhibit XI hereto.

“Custodial Agreement” shall mean the Custodial Agreement, dated as of the date hereof,
by and among Custodian, Seller and Purchaser.

“Custodial Delivery” shall have the meaning specified in the Custodial Agreement.

“Custodian” shall mean Wells Fargo Bank, National Association, or any successor
custodian appointed by Purchaser.

“DBRS” shall mean DBRS, Inc. and any successor or successors thereto.

“Default” shall mean any event which, with the giving of notice, the passage of time,
or both, would constitute an Event of Default.

“Defaulted Mortgage Asset” shall mean any asset (a) that is thirty (30) days or more
delinquent in the payment of principal, interest, fees or other amounts payable under the terms of
the related transaction documents, (b) for which there is a material breach of the applicable
representations and warranties set forth on Exhibit V hereto that have not been cured, (c)
as to which an Act of Insolvency shall have occurred with respect to the Borrower or (d) as to
which a non-monetary event of default shall have occurred under any document included in the
Purchased Asset File for such Purchased Asset.

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

“Dry Purchased Asset” shall mean an Eligible Asset which Seller is selling to
Purchaser and for which the Purchased Asset File has been, or will be delivered to Custodian, prior
to the related Purchase Date.

“Due Diligence Package” shall have the meaning specified in Exhibit VII to
this Agreement.

“Early Repurchase” shall mean a repurchase of a Purchased Asset as described in
Article 3(e) of this Agreement.

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

“Eligible Assets” shall mean any Mortgage Loan that on the related Purchase Date
(i) is approved by Purchaser in its sole discretion, (ii) satisfies the criteria set forth in the
definition of Mortgage Loan and (iii) with respect to which the representations and warranties set
forth in this Agreement (including the exhibits hereto) are true and correct in all respects except
to the extent disclosed in a Requested Exceptions Report approved by Purchaser. The determination
by Purchaser that a Purchased Asset constitutes an Eligible Asset shall not be revoked by Purchaser
in the absence of fraud, bad faith or malfeasance by the Seller. The forgoing sentence shall not
in any way limit the ability of Purchaser to re-determine Market Value for any Purchased Asset in
accordance with Article 4(a) hereof.

Any Mortgage Loan, as of the proposed Purchase Date: (i) that is a non-performing loan;
(ii) that is a Defaulted Mortgage Assets; (iii) for which the applicable appraisal is (a) not dated
within three hundred sixty-four (364) days of such proposed Purchase Date or (b) not acceptable to
purchaser in its sole and absolute discretion or (iv) that is secured directly or indirectly by
loans described in the preceding clauses (i) through (iii), shall not constitute an
Eligible Asset.

“Eligibility Matrix” shall mean the eligibility matrix mutually approved by Seller and
Purchaser and attached as Exhibit XII to this Agreement.

“Eligible Property Types” shall mean multi-family, office, retail and
warehouse/industrial properties that:

(i) have at least three (3) years of operating history (if applicable) with, to the
extent available, audited financial statements (in each case subject to certain exceptions
approved by Purchaser on a case-by-case basis);

(ii) are fully stabilized and satisfy the occupancy requirements set forth in the
Eligibility Matrix;

(iii) have a minimum value of $5 million as determined by Purchaser on a case-by-case
basis and employing commercially reasonable methods (which methods may include, without
limitation, appraisals);

(iv) are not be undergoing any major renovation or expansion and are free of material
structural or environmental defects; and

(v) are not occupied by a single-tenant (subject to certain exceptions approved by
Purchaser on a case-by-case basis).

The Purchaser may, on a case-by-case basis, approve mobile home park, self-storage and
hospitality properties. The Eligible Property Type criteria set forth herein may be revised by
Purchaser in its sole discretion with respect to any new Eligible Assets proposed to be purchased
by the Purchaser under the Facility. For the avoidance of doubt, such revised Eligible Property
Type criteria shall only be applicable to new Eligible Assets being proposed for purchase under the
Facility after the date such Eligible Property Type criteria is revised and written notice of such
revision is provided to Seller.

“Environmental Law” shall mean any federal, state, foreign or local statute, law,
rule, regulation, ordinance, code, guideline, written policy and rule of common law now or
hereafter in effect and in each case as amended, and any judicial or administrative interpretation
thereof, including any judicial or administrative order, consent decree or judgment, relating to
the environment, employee health and safety or Hazardous Materials, including, without limitation,
CERCLA; RCRA; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Toxic
Substances Control Act, 15 U.S.C. § 2601 et seq.; the Clean Air Act, 42 U.S.C. § 7401 et seq.; the
Safe Drinking Water Act, 42 U.S.C. § 3803 et seq.; the Oil Pollution Act of 1990, 33 U.S.C. § 2701
et seq.; the Emergency Planning and the Community Right-to-Know Act of 1986, 42 U.S.C. § 11001 et
seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 et seq. and the Occupational
Safety and Health Act, 29 U.S.C. § 651 et seq.; and any state and local or foreign counterparts or
equivalents, in each case as amended from time to time.

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended
from time to time, and the regulations promulgated thereunder. Section references to ERISA are to
ERISA, as in effect at the date of this Agreement and, as of the relevant date, any subsequent
provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor.

“ERISA Affiliate” shall mean any corporation or trade or business that is a member of
any group of organizations (i) described in Section 414(b) or (c) of the Internal Revenue Code of
which Seller is a member and (ii) solely for purposes of potential liability under
Section 302(c)(11) of ERISA and Section 412(c)(11) of the Internal Revenue Code and the lien
created under Section 302(f) of ERISA and Section 412(n) of the Internal Revenue Code, described in
Section 414(m) or (o) of the Internal Revenue Code of which Seller is a member.

“Event of Default” shall have the meaning specified in Article 13(a) of this
Agreement.

“Exchange Act” shall mean the Securities and Exchange Act of 1934, as amended.

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

“Extension Period” shall have the meaning specified in Article 3(m)(i) of this
Agreement.

“Federal Funds Rate” shall mean, for any day, the weighted average of the rates on
overnight federal funds transactions with members of the Federal Reserve System arranged by federal
funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New
York, or, if such rate is not so published for any day that is a Business Day, the average of the
quotations for the day of such transactions received by Purchaser from three (3) federal funds
brokers of recognized standing selected by it; provided, that such selected brokers shall
be the same brokers as selected for all of Purchaser’s other repurchase customers where the Federal
Funds Rate is to be applied, to the extent such brokers are available.

“Fee Letter” shall mean the letter agreement, dated as of the date hereof, by and
between Purchaser and Seller.

“Filings” shall have the meaning specified in Article 6(b) of this Agreement.

“Financing Lease” shall mean any lease of property, real or personal, the obligations
of the lessee in respect of which are required in accordance with GAAP to be capitalized on a
balance sheet of the lessee.

“Fitch” shall mean Fitch Ratings, Inc., Fitch Ratings, Ltd. and their subsidiaries
including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto.

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

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

“Guaranty” shall mean the Guaranty, dated as of the date hereof, from Guarantor in
favor of Purchaser, in form and substance acceptable to Purchaser.

“Guarantor” shall mean RAIT Financial Trust, a Maryland Real Estate Investment Trust.

“Indebtedness” shall mean, for any Person, (a) obligations created, issued or
incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt
securities or the sale of property to another Person subject to agreement, contingent or otherwise,
to repurchase such property from such Person); (b) obligations of such Person to pay the deferred
purchase or acquisition price of property or services, other than trade accounts payable (other
than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business
so long as such trade accounts payable are payable within ninety (90) days of the date the
respective goods are delivered or the respective services are rendered; (c) Indebtedness of others
secured by a lien on the property of such Person, whether or not the respective Indebtedness so
secured has been assumed by such Person; (d) obligations (contingent or otherwise) of such Person
in respect of letters of credit or similar instruments issued or accepted by banks and other
financial institutions for account of such Person; (e) obligations of such Person under repurchase
agreements, sale/buy-back agreements or like arrangements; (f) Indebtedness of others guaranteed by
such Person; (g) all obligations of such Person incurred in connection with the acquisition or
carrying of fixed assets by such Person; (h) Recourse Indebtedness of such Person; (i) Indebtedness
of general partnerships of which such Person is secondarily or contingently liable (other than by
endorsement of instruments in the course of collection), whether by reason of any agreement to
acquire such indebtedness to supply or advance sums or otherwise; (j) Capitalized Lease Obligations
of such Person; (k) all net liabilities or obligations under any interest rate, interest rate swap,
interest rate cap, interest rate floor, interest rate collar, or other hedging instrument or
agreement; and (l) all obligations of such Person under Financing Leases; provided, that,
Indebtedness shall not include any borrowings by the Guarantor or its Subsidiaries from the Federal
Reserve Bank of New York’s Term Asset-Backed Securities Loan Facility.

“Indemnified Amounts” and “Indemnified Parties” shall have the meaning
specified in Article 25 of this Agreement.

“Independent Manager” shall mean shall mean a natural Person who (a) is not at the
time of initial appointment and has never been, and will not while serving as Independent Manager
be: (i) a stockholder, director, officer, employee, partner, member (other than a “special member”
or “springing member”), manager (with the exception of serving as the Independent Manager of
Seller), attorney or counsel of Seller or Guarantor or any Affiliate or equity owner of Seller or
Guarantor; (ii) a customer, supplier or other Person who derives any of its purchases or revenues
(other than any revenue derived from serving as the Independent Manager of such party) from its
activities with Seller or Guarantor or any Affiliate or equity owner of Seller or Guarantor; (iii)
a Person controlling or under common control with any such stockholder, director, officer,
employee, partner, member, manager, attorney, counsel, equity owner, customer, supplier or other
Person of Seller, or Guarantor or any Affiliate or equity owner of Seller or Guarantor; or (iv) a
member of the immediate family of any such stockholder, director, officer, employee, partner,
member, manager, attorney, counsel, equity owner, customer, supplier or other Person of Seller or
Guarantor or any Affiliate or equity owner of Seller or Guarantor and (b) has (i) prior experience
as an independent director or independent manager for a corporation, a trust or limited liability
company whose charter documents required the unanimous consent of all independent directors or
independent managers thereof before such corporation, trust or limited liability company could
consent to the institution of bankruptcy or insolvency proceedings against it or could file a
petition seeking relief under any applicable federal or state law relating to bankruptcy and (ii)
at least three (3) years of employment experience and who is provided by CT Corporation,
Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company or Stewart
Management Company, or if none of these companies is then providing professional independent
directors, another nationally recognized company acceptable to Purchaser, that is not an Affiliate
of Seller and that provides, inter alia, professional independent directors or independent managers
in the ordinary course of their respective business to issuers of securitization or structured
finance instruments, agreements or securities or lenders originating commercial real estate loans
for inclusion in securitization or structured finance instruments, agreements or securities (a
“Professional Independent Manager”) and is an employee of such a company or companies at
all times during his or her service as an Independent Manager. A natural Person who satisfies the
foregoing definition except for being (or having been) the independent director or independent
manager of a “special purpose entity” Affiliated with Seller or Guarantor (provided such Affiliate
does not or did not own a direct or indirect equity interest in Seller) shall not be disqualified
from serving as an Independent Manager, provided that such natural Person satisfies all
other criteria set forth above and that the fees such individual earns from serving as independent
director or independent manager of Affiliates of Seller or in any given year constitute in the
aggregate less than five percent (5%) of such individual’s annual income for that year. A natural
Person who satisfies the foregoing definition other than subparagraph (a)(ii) shall not be
disqualified from serving as an Independent Manager if such individual is a Professional
Independent Manager and such individual complies with the requirements of the previous sentence.

“Interim Servicing Agreement” shall mean the Interim Servicing Agreement, dated as of
the date hereof, by and among the Servicer, Seller and Purchaser.

“Internal Revenue Code” shall mean the Internal Revenue Code of 1986, as amended from
time to time, and the regulations promulgated and rulings issued thereunder.

“Kroll” shall mean Kroll Bond Rating Agency, Inc. and any successor or successors
thereto.

“LIBOR” shall mean, with respect to each Pricing Rate Period, the rate determined by
Purchaser to be (i) the per annum rate for one (1) month deposits in Dollars, which appears on the
Reuters Screen LIBOR01 Page (or any successor thereto) as the London Interbank Offering Rate as of
11:00 a.m., London time, on the day that is two (2) London Business Days prior to that respective
Pricing Rate Determination Date (rounded upwards, if necessary, to the nearest 1/1000 of 1%); (ii)
if such rate does not appear on said Reuters Screen LIBOR01 Page, the arithmetic mean (rounded as
aforesaid) of the offered quotations of rates obtained by Purchaser from the Reference Banks for
one (1) month deposits in Dollars to prime banks in the London Interbank market as of approximately
11:00 a.m., London time, on the day that is two (2) London Business Days prior to that Pricing Rate
Determination Date and in an amount that is representative for a single transaction in the relevant
market at the relevant time; or (iii) if fewer than two (2) Reference Banks provide Purchaser with
such quotations, the rate per annum which Purchaser determines in its commercially reasonable
discretion to be the arithmetic mean (rounded as aforesaid) of the offered quotations of rates
which major banks in New York, New York selected by Purchaser are quoting at approximately 11:00
a.m., New York City time, on the Pricing Rate Determination Date for loans in Dollars to leading
European banks for a period equal to the applicable Pricing Rate Period in amounts of not less than
$1,000,000.00; provided, that such selected banks shall be the same banks as selected for
all of Purchaser’s other repurchase customers where LIBOR is to be applied, to the extent such
banks are available. Purchaser’s determination of LIBOR in accordance with this definition shall
be binding and conclusive on Seller absent manifest error. LIBOR may or may not be the lowest rate
based upon the market for U.S. Dollar deposits in the London Interbank Eurodollar Market at which
Purchaser prices loans on the date which LIBOR is determined by Purchaser as set forth above.

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

“London Business Day” shall mean any day other than (a) a Saturday, (b) a Sunday or
(c) any other day on which commercial banks in London, England are not open for business.

“Margin Amount” shall mean, with respect to any Purchased Asset on any date, an amount
equal to (a) the lesser of (i) the unpaid principal balance of such Purchased Asset and (ii) the
Market Value of such Purchased Asset, multiplied by (b) the applicable Purchase Price Percentage
for such Purchased Asset.

“Margin Call” shall have the meaning specified in Article 4(a) of this
Agreement.

“Margin Deficit” shall exist, with respect to any Purchased Asset, if (a) the Margin
Amount for such Purchased Asset is less than (b) the Repurchase Price for such Purchased Asset.

“Margin Deficit Event” shall exist, with respect to any Purchased Asset, if the Margin
Amount for such Purchased Asset is less than the product of (a) 98% multiplied by (b) the
Repurchase Price for such Purchased Asset.

“Margin Excess” shall have the meaning specified in Article 4(c) of this
Agreement.

“Margin Return Amount” shall mean, with respect to any Purchased Asset, any amounts
paid to Seller by Purchaser pursuant to Article 4(c) with respect to such Purchased Asset.

“Market Value” shall mean, with respect to any Purchased Asset as of any relevant
date, the market value for such Purchased Asset on such date as determined by Purchaser in its sole
discretion, exercised in good faith. Without limiting the foregoing, the Market Value shall, at
Purchaser’s option, be deemed to be zero with respect to each Purchased Asset (i) in respect of
which there is a material breach of a representation and warranty set forth in Exhibit V
hereto, (ii) in respect of which the complete Purchased Asset File has not been delivered to the
Custodian in accordance with the terms of the Custodial Agreement, (iii) that has been released
from the possession of the Custodian under the Custodial Agreement to the Seller for a period in
excess of ten (10) calendar days, (iv) upon the occurrence of any Act of Insolvency with respect to
any co-participant or any other Person having an interest in such Purchased Asset or any related
Underlying Mortgaged Property that is pari passu with, in right of payment or priority, the rights
of Purchaser in such Purchased Asset or (v) that is determined by Purchaser to be a Defaulted
Mortgage Asset.

The Market Value of each Purchased Asset may be determined by Purchaser on each Business Day
during the term of this Agreement, and shall take into consideration any pledged hedging
arrangements.

“Marketable Title” shall mean title that is freely transferable and clear of all
encumbrances, liens, clouds, risks of litigation, or other title defects.

“Material Adverse Effect” shall mean a material adverse effect on (a) the property,
business, operations or financial condition of Seller or Guarantor, (b) the ability of Seller or
Guarantor to perform its obligations under any of the Transaction Documents, (c) the validity or
enforceability of any of the Transaction Documents or (d) the rights and remedies of Purchaser
under any of the Transaction Documents.

“Materials of Environmental Concern” shall mean any toxic mold, any petroleum
(including, without limitation, crude oil or any fraction thereof) or petroleum products
(including, without limitation, gasoline) or any hazardous or toxic substances, materials or
wastes, defined as such in or regulated under any Environmental Law, including, without limitation,
asbestos, polychlorinated biphenyls, and urea-formaldehyde insulation.

“Maximum Facility Purchase Price” shall have the meaning specified in the Fee Letter.

“Moody’s” shall mean Moody’s Investors Service, Inc. and any successor or successors
thereto.

“Morningstar” shall mean Morningstar, Inc. and any successor or successors thereto.

“Mortgage” shall mean a mortgage, deed of trust, deed to secure debt or other
instrument, creating a valid and enforceable first Lien on or a first priority ownership interest
in an estate in fee simple in real property and the improvements thereon or a ground lease,
securing a Mortgage Note or similar evidence of indebtedness.

“Mortgage Loan” shall mean (a) any commercial mortgage loan that:

(i) is newly-originated, fully disbursed (except for customary holdbacks, reserves and
escrows for tenant improvements and leasing commissions) and performing;

(ii) has a term to maturity of no greater than ten (10) years;

(iii) is not, and has not previously been, subject to any other warehouse or repurchase
facility;

(iv) has an underlying borrower that is a bankruptcy-remote special purpose entity (to
the extent required pursuant to Rating Agency criteria);

(v) is secured by a Mortgage on one or more properties that are of an Eligible Property
Type and otherwise satisfies the criteria set forth in the definition of Eligible Property
Type;

(vi) has a loan-to-value ratio of up to 75.0% as determined by Purchaser on a
case-by-case basis and employing commercially reasonable methods (which methods may include,
without limitation, appraisals);

(vii) has a loan-to-value ratio inclusive of any related pari-passu or subordinate
loans secured directly or indirectly by the same collateral (collectively with the Mortgage
Loan, the “Total Financing”) of up to 85.0% as determined by Purchaser on a
case-by-case basis and employing commercially reasonable methods (which methods may include,
without limitation, appraisals); and

(viii) satisfies the debt yield, the Total Financing minimum debt yield and minimum
debt-service-coverage ratio requirements set forth in the Eligibility Matrix; or

(b) an A-Note in a Mortgage Loan that meets all of the criteria set forth in clause
(a) above.

“Mortgage Note” shall mean a note or other evidence of indebtedness of a Mortgagor
secured by a Mortgage.

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

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

“Net Cash Flow” shall mean, with respect to any Purchased Asset at any time, all
monies collected from or in respect of such Purchased Asset, including without limitation, payments
of interest, principal, repayment, rental or other income, insurance and liquidation proceeds, plus
all proceeds from sale or other disposition of such Purchased Asset.

“Participants” shall have the meaning specified in Article 18 of this
Agreement.

“Person” shall mean an individual, corporation, limited liability company, business
trust, partnership, joint tenant or tenant-in-common, trust, joint stock company, joint venture,
unincorporated organization, or any other entity of whatever nature, or a Governmental Authority.

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

“Pre-Purchase Due Diligence” shall have the meaning specified in Article
3(b)(iv) of this Agreement.

“Pre-Purchase Due Diligence Review Fee” shall have the meaning specified in the Fee
Letter.

“Pre-Purchase Legal Review Fee” shall have the meaning specified in the Fee Letter.

“Pricing Rate” shall mean, for any Pricing Rate Period, an annual rate equal to the
sum of (i) LIBOR and (ii) the relevant Spread, in each case, for the applicable Pricing Rate Period
for the related Purchased Asset. The Pricing Rate shall be subject to adjustment and/or conversion
as provided in the Transaction Documents (including, without limitation, as provided in
Articles 3(g) and (h) of this Agreement) or the related Confirmation.

“Pricing Rate Determination Date” shall mean with respect to any Pricing Rate Period
with respect to any Transaction, the second (2nd) Business Day preceding the first day
of such Pricing Rate Period.

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

“Principal Payment” shall mean, with respect to any Purchased Asset, any payment or
prepayment of principal received or allocated as principal in respect thereof.

“Prohibited Investor” shall mean (1) a person or entity whose name appears on the list
of Specially Designated Nationals and Blocked Persons by the Office of Foreign Asset Control
(“OFAC”), (2) any foreign shell bank, and (3) any person or entity resident in or whose
subscription funds are transferred from or through an account in a jurisdiction that has been
designated as a non-cooperative with international anti-money laundering principles or procedures
by an intergovernmental group or organization, such as the Financial Action Task Force on Money
Laundering (“FATF”), of which the U.S. is a member and with which designation the U.S.
representative to the group or organization continues to concur. See
http://www.fatf-gati.org for FATF’s list of Non-Cooperative Countries and Territories.

“Properties” shall have the meaning specified in Article 9(b)(xxvii)(A) of
this Agreement.

“Purchase Date” shall mean, with respect to any Purchased Asset, the date on which
Purchaser purchases such Purchased Asset from Seller hereunder.

“Purchase Price Differential” shall mean, with respect to any Purchased Asset as of
any date, the amount equal to the product of (a) the applicable Pricing Rate for such Purchased
Asset and (b) the average outstanding Purchase Price of such Purchased Asset, calculated on the
basis of a 360-day year and the actual number of days during the period commencing on (and
including) the Purchase Date for such Purchased Asset and ending on (but excluding) the Repurchase
Date for such Purchased Asset (reduced by any amount of such Purchase Price Differential previously
paid by Seller to Purchaser with respect to such Purchased Asset).

“Purchase Price” shall mean, with respect to any Purchased Asset, the price at which
such Purchased Asset is transferred by Seller to Purchaser on the applicable Purchase Date. The
Purchase Price as of the Purchase Date for any Purchased Asset shall be an amount (expressed in
Dollars) equal to the product obtained by multiplying the applicable Purchase Price Percentage, as
determined by Purchaser on a case-by-case basis in its sole and absolute discretion, by the lesser
of (x) the unpaid principal balance of such Purchased Asset and (y) the Market Value of such
Purchased Asset.

“Purchase Price Percentage” shall have the meaning specified in the Fee Letter.

“Purchased Asset” shall mean (a) with respect to any Transaction, the Eligible Asset
sold by Seller to Purchaser in such Transaction and (b) with respect to the Transactions in
general, all Eligible Assets sold by Seller to Purchaser (other than Purchased Assets that have
been repurchased by Seller). An Eligible Asset that is repurchased by Seller in accordance with
this Agreement shall cease to be a Purchased Asset.

“Purchased Asset Documents” shall mean, with respect to a Purchased Asset, the
documents comprising the Purchased Asset File for such Purchased Asset.

“Purchased Asset File” shall mean the documents specified as the “Purchased Asset
File” in the Custodial Agreement, together with any additional documents and information required
to be delivered to Purchaser or its designee (including the Custodian) pursuant to this Agreement
and/or the Custodial Agreement; provided that to the extent that Purchaser waives,
including pursuant to Article 7(c), receipt of any document in connection with the purchase
of an Eligible Asset (but not if Purchaser merely agrees to accept delivery of such document after
the Purchase Date), such document shall not be a required component of the Purchased Asset File.

“Purchased Items” shall mean all of Seller’s right, title and interest in, to and
under each of the following items of property, whether now owned or hereafter acquired, now
existing or hereafter created and wherever located:

(i) the Purchased Assets and all “securities accounts” (as defined in Article 8 501(a)
of the UCC) to which any or all of the Purchased Assets are credited;

(ii) the Purchased Asset Documents, the Servicing Rights, the Servicing Agreement, the
Servicing Records, mortgage guaranties, mortgage insurance, insurance policies, insurance
claims, collection and escrow accounts, and letters of credit, in each case, relating to the
Purchased Assets;

(iii) all related forward trades and takeout commitments placed on the Purchased
Assets;

(iv) all proceeds relating to the sale, securitization, liquidation, or other
disposition of the Purchased Assets;

(v) all “general intangibles”, “accounts”, “chattel paper”, “investment property”,
“instruments” and “deposit accounts”, each as defined in the UCC, relating to or
constituting any and all of the foregoing; and

(vi) all replacements, substitutions or distributions on or proceeds, payments, Net
Cash Flow and profits of, and records (but excluding any financial models or other
proprietary information) and files relating to any and all of any of the foregoing.

Notwithstanding the foregoing, upon the payment in full to Purchaser of the Repurchase Price
for a Purchased Asset, all right, title and interest in the Purchased Items related to such
Purchased Asset shall be vested in Seller.

“Purchaser” shall have the meaning assigned thereto in the introductory paragraph
hereof.

“Rating Agency” shall mean any of Fitch, Moody’s, S&P, DBRS, Morningstar and Kroll, or
any other rating agency designated by Purchaser.

“Recourse Indebtedness” shall mean, for any Person on any date, without duplication,
the indebtedness of such Person (and its consolidated Subsidiaries) for which such Person (and its
consolidated Subsidiaries) is directly responsible or liable as obligor or guarantor (excluding
obligations arising by reason of customary recourse carve-outs under a non-recourse instrument,
including, but not limited to, fraud, misappropriation and environmental indemnities).

“Reference Banks” shall mean banks designated by Purchaser, in its sole discretion
exercised in good faith, each of which shall (i) be a leading bank engaged in transactions in
Eurodollar deposits in the international Eurocurrency market and (ii) have an established place of
business in London.

“Release Letter” shall mean a letter substantially in the form of Exhibit X
hereto (or such other form as may be acceptable to Purchaser).

“REMIC” shall mean a real estate mortgage investment conduit, within the meaning of
Section 860D(a) of the Internal Revenue Code.

“Remittance Date” shall mean the 15th calendar day of each month, or the
immediately succeeding Business Day, if such calendar day shall not be a Business Day, or such
other day as is mutually agreed to by Seller and Purchaser.

“Repurchase Date” means, with respect to any Purchased Asset, the earliest to occur of
(a) the date set forth in the applicable Confirmation, or if such day is not a Business Day, the
immediately following Business Day; (b) the Termination Date; (c) the Early Repurchase Date with
respect to such Purchased Asset; or (d) the Accelerated Repurchase Date. Notwithstanding the
foregoing, in no event shall the Repurchase Date for any Purchased Asset be more than three hundred
sixty-four (364) days following the original Purchase Date for such Purchased Asset.

“Repurchase Obligations” shall have the meaning assigned thereto in Article
6(a) of this Agreement.

“Repurchase Price” shall mean, with respect to any Purchased Asset as of any
Repurchase Date or any date on which the Repurchase Price is required to be determined hereunder,
the price at which such Purchased Asset is to be transferred from Purchaser to Seller; such price
will be determined in each case as the sum of (i) the Purchase Price of such Purchased Asset;
(ii) the accreted and unpaid Purchase Price Differential with respect to such Purchased Asset as of
the date of such determination (other than, with respect to calculations in connection with the
determination of a Margin Deficit, accreted and unpaid Purchase Price Differential for the current
Pricing Rate Period); (iii) all accrued and unpaid costs and expenses relating to such Purchased
Assets; and (iv) any other amounts due and owing by Seller to Purchaser and its Affiliates pursuant
to the terms of this Agreement (including, without limitation, pursuant to Article 3(l) of
this Agreement) as of such date. In addition to the forgoing, the Repurchase Price shall be (i)
decreased by (A) the portion of any Principal Payments on such Purchased Asset that is applied
pursuant to Article 5 to reduce such Repurchase Price and (B) any other amounts
specifically paid to Purchaser by Seller to reduce such Repurchase Price and (ii) increased by any
Margin Return Amounts with respect to such Purchased Asset.

“Requested Exceptions Report” shall have the meaning specified in Exhibit VII
hereto.

“Requirement of Law” shall mean any applicable law, treaty, rule, regulation, code,
directive, policy, order or requirement or determination of an arbitrator or a court or other
Governmental Authority whether now or hereafter enacted or in effect.

“Responsible Officer” shall mean any executive officer of Seller.

“S&P” shall mean Standard and Poor’s Ratings Services and any successor or successors
thereto.

“SEC” shall have the meaning specified in Article 22(a) of this Agreement.

“Seller” shall have the meaning assigned thereto in the introductory paragraph hereof.

“Seller Asset Schedule” shall mean, with respect to each Purchased Asset, the
information set forth in Exhibit XIII hereto.

“Servicer” shall mean RAIT Partnership, L.P. or any other servicer approved by
Purchaser in its reasonable discretion; provided that, Purchaser shall not unreasonably
withhold its consent to appoint a servicer that has a primary servicer rating of at least average
by S&P; provided further, that after the occurrence and during the continuance of
an Event of Default Purchaser may designate a Servicer in its sole and absolute discretion.

“Servicing Records” shall have the meaning specified in Article 27(b) of this
Agreement.

“Servicing Rights” shall mean rights of any Person, to administer, service or
subservice the Purchased Assets or to possess related Servicing Records.

“Settlement Agent” shall mean a title company, escrow company or attorney, as
applicable in accordance with local law and practice, which is a party to the Escrow Agreement and
is approved by Purchaser in its sole and absolute discretion.

“SIPA” shall have the meaning specified in Article 22(a) of this Agreement.

“Spread” shall have the meaning specified in the Fee Letter.

“Structuring Fee” shall have the meaning specified in the Fee Letter.

“Subsidiary” shall mean, as to any Person, a corporation, partnership or other entity
of which shares of stock or other ownership interests having ordinary voting power (other than
stock or such other ownership interests having such power only by reason of the happening of a
contingency) to elect a majority of the board of directors or other managers of such corporation,
partnership or other entity are at the time owned, or the management of which is otherwise
controlled, directly or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement
shall refer to a Subsidiary or Subsidiaries of Seller.

“Termination Date” shall mean the day that is the earlier of (i) three hundred
sixty-four (364) calendar days after the Closing Date, or such later date as may be in effect
pursuant to Article 3(m) hereof or (ii) the day on which an Event of Default occurs (after
all applicable grace, notice and/or cure periods).

“Termination Date Extension Conditions” shall have the meaning specified in
Article 3(m).

“Title Insurer” shall mean a nationally recognized title insurance company qualified
to do business in the jurisdiction where the applicable mortgaged property is located.

“Title Policy” shall mean an American Land Title Association (ALTA) lender’s title
insurance policy or a comparable form of lender’s title insurance policy (or escrow instructions
binding on the Title Insurer and irrevocably obligating the Title Insurer to issue such title
insurance policy, a title policy commitment or pro-forma “marked up” at the closing of the related
Purchased Asset and countersigned by the Title Insurer or its authorized agent) as adopted in the
applicable jurisdiction.

“Transaction” shall mean a Transaction, as specified in Article 1 of this
Agreement.

“Transaction Documents” shall mean, collectively, this Agreement, any applicable
Exhibits to this Agreement, the Fee Letter, the Guaranty, the Custodial Agreement, the Interim
Servicing Agreement, the Account Control Agreement, all Confirmations and assignment documentation
executed pursuant to this Agreement in connection with specific Transactions, and all other
documents executed in connection with this Agreement or any Transaction.

“Trust Receipt” shall have the meaning specified in the Custodial Agreement.

“UCC” shall have the meaning specified in Article 6(b) of this Agreement.

“Underlying Mortgaged Property” shall mean, with respect to any Mortgage Loan, the
mortgaged property securing such Mortgage Loan.

“Underwriting Issues” shall mean, with respect to any Purchased Asset as to which
Seller intends to request a Transaction, all material information that has come to Seller’s
attention that, based on the making of reasonable inquiries and the exercise of reasonable care and
diligence under the circumstances, would be considered a materially “negative” factor (either
separately or in the aggregate with other information), or a defect in loan documentation or
closing deliveries (such as any absence of any Purchased Asset Document(s)), to a reasonable
institutional mortgage Purchaser in determining whether to originate or acquire the Purchased Asset
in question.

“Wet Purchased Asset” shall mean an Eligible Asset which Seller is selling to
Purchaser simultaneously with the origination thereof and for which the Purchased Asset File has
not been delivered to Custodian.

All references to articles, schedules and exhibits are to articles, schedules and exhibits in
or to this Agreement unless otherwise specified. The words “hereof,” “herein” and “hereunder” and
words of similar import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement. All accounting terms not specifically defined
herein shall be construed in accordance with generally accepted accounting principles. References
to “good faith” in this Agreement shall mean “honesty in fact in the conduct or transaction
concerned”.

ARTICLE 3

INITIATION; CONFIRMATION; TERMINATION; FEES

(a) Purchaser’s agreement to enter into the initial Transaction hereunder is subject to the
satisfaction, immediately prior to or concurrently with the making of such Transaction, of the
condition precedent that Purchaser shall have received from Seller the following fees and expenses,
and all of the following items, each of which shall be satisfactory in form and substance to
Purchaser and its counsel:

(i) The following documents, delivered to Purchaser:

(A) this Agreement, duly completed and executed by each of the parties hereto
(including all exhibits hereto);

(B) the Fee Letter, duly completed and executed by each of the parties hereto;

(C) the Custodial Agreement, duly executed and delivered by each of the parties
thereto;

(D) the Account Control Agreement, duly completed and executed by each of the
parties thereto;

(E) the Guaranty, duly completed and executed by each of the parties thereto;

(F) the Interim Servicing Agreement, duly completed and executed by each of the
parties thereto;

(G) [reserved];

(H) any and all consents and waivers applicable to Seller or to the Purchased
Assets;

(I) a power of attorney substantially in the form of Exhibit IV hereto,
duly completed and executed;

(J) UCC financing statements for filing in each of the UCC filing jurisdictions
described on Exhibit IX hereto, each naming the Seller as “Debtor” and
Purchaser as “Secured Party” and describing as “Collateral” all of the items set
forth in the definition of Collateral and Purchased Items in this Agreement,
together with any other documents necessary or requested by Purchaser to perfect the
security interests granted by Seller in favor of Purchaser under this Agreement or
any other Transaction Document;

(K) opinions of outside counsel to Seller reasonably acceptable to Purchaser
(including, but not limited to, those relating to enforceability, corporate matters,
security interests and a Bankruptcy Code safe harbor opinion);

(L) good standing certificates and certified copies of the charters and by-laws
(or equivalent documents) of Seller and Guarantor and of all corporate or other
authority for Seller and Guarantor with respect to the execution, delivery and
performance of the Transaction Documents and each other document to be delivered by
Seller and Guarantor from time to time in connection herewith;

(ii) Purchaser shall have received payment from Seller of an amount equal to the amount
of all reasonable and documented out-of-pocket expenses, including but not limited to
reasonable legal fees and due diligence fees, actually incurred by Purchaser in connection
with the development, preparation and execution of this Agreement, the other Transaction
Documents and any other documents prepared in connection herewith or therewith;

(iii) Purchaser shall have received payment from Seller of the Structuring Fee; and

(iv) all such other and further documents and documentation as Purchaser in its
discretion shall reasonably require.

(b) Purchaser’s agreement to enter into each Transaction (including the initial Transaction)
is subject to the satisfaction of the following further conditions precedent, both immediately
prior to entering into such Transaction and also immediately after giving effect to the
consummation thereof and the intended use of the proceeds of the sale:

(i) the sum of (A) the aggregate unpaid Repurchase Price for all prior outstanding
Transactions (excluding accrued and unpaid Price Differential for the then current Pricing
Rate Period) and (B) the requested Purchase Price for the pending Transaction shall not
exceed an amount equal the Maximum Facility Purchase Price;

(ii) Seller shall have, no less than ten (10) Business Days prior to the requested
Purchase Date:

(A) given notice to Purchaser of the proposed Transaction by delivering to
Purchaser an executed and completed confirmation substantially in the form of
Exhibit II hereto (a “Confirmation”). The Confirmation shall be
signed by a Responsible Officer of Seller; provided, however, that
Purchaser shall not be liable to Seller if it inadvertently acts on a Confirmation
that has not been signed by a Responsible Officer of Seller; and

(B) concurrently with the delivery of the Confirmation, paid to Purchaser the
Pre-Purchase Due Diligence Review Fee and the Pre-Purchase Legal Review Fee with
respect to each Eligible Asset proposed to be subject to the Transaction;

(iii) Seller shall have delivered to Purchaser with respect to each Eligible Asset
subject to the proposed Transaction, the documents required to be delivered prior to
entering into a Transaction pursuant to Exhibit VII hereto in accordance with the
time frames set forth therein;

(iv) Seller shall have delivered to Custodian (A) the Custodial Delivery with respect
to each Eligible Asset to be sold to Purchaser and (B) with respect to each Eligible Asset
that is a Dry Purchased Asset, the Purchased Asset File, in each case, in accordance with
the procedures and time frames set forth in the Custodial Agreement;

(v) Purchaser shall have completed its due diligence investigation of the Eligible
Assets subject to the pending Transaction and such other documents, records, agreements,
instruments, mortgaged properties or information relating to such Eligible Assets, the
Seller and the Guarantor as Purchaser in its sole discretion deems appropriate to review and
such review shall be satisfactory to Purchaser in its sole discretion (the “Pre-Purchase
Due Diligence”) and has determined, in its sole discretion, to purchase any or all of
the Eligible Assets proposed to be sold to Purchaser by Seller, all of which Purchaser shall
use commercially reasonable efforts to complete within the above-referenced ten (10)
Business Day period. Purchaser shall inform Seller of its determination with respect to any
such proposed Transaction solely in accordance with Exhibit VII hereto;

(vi) Purchaser shall have deliver to Seller a countersigned copy of the related
Confirmation described in clause (ii)(A) above;

(vii) no Default or Event of Default shall have occurred and be continuing under this
Agreement or any other Transaction Document;

(viii) no event shall have occurred which has, or would have, a Material Adverse
Effect;

(ix) Purchaser shall have waived all exceptions in the related Requested Exceptions
Report;

(x) the representations and warranties made by Seller in Article 9 (other than
those contained in Article 9(b)(x)(D) relating to Purchased Assets subject to other
Transactions) shall be true, correct and complete on and as of the Purchase Date for the
pending Transaction in all respects with the same force and effect as if made on and as of
such date (or, if any such representation or warranty is expressly stated to have been made
as of a specific date, as of such specific date);

(xi) [reserved];

(xii) Purchaser shall have determined, in its sole and absolute discretion, that no
Margin Deficit shall exist, either immediately prior to or after giving effect to the
requested Transaction;

(xiii) Purchaser shall have received from Custodian on each Purchase Date a Trust
Receipt accompanied by an Asset Schedule and Exception Report with respect to each Eligible
Asset to be sold to Purchaser, dated the Purchase Date, duly completed and with exceptions
acceptable to Purchaser in its sole discretion in respect of Eligible Assets to be purchased
hereunder on such Purchase Date;

(xiv) Purchaser shall have received from Seller a Release Letter covering each Eligible
Asset to be sold to Purchaser;

(xv) Purchaser shall have reasonably determined that a change in any Requirement of Law
or in the interpretation or administration of any Requirement of Law applicable to Purchaser
has not made it unlawful, and no Governmental Authority shall have asserted in writing that
it is unlawful, for Purchaser to enter into Transactions;

(xvi) the Repurchase Date for such Transaction is not later than the earlier of (A) the
Termination Date and (B) three hundred sixty-four (364) days following the related Purchase
Date;

(xvii) Seller shall have taken such other action as Purchaser shall have reasonably
requested in order to transfer the Eligible Assets being transferred to Purchaser pursuant
to this Agreement and to perfect all security interests granted under this Agreement or any
other Transaction Document in favor of Purchaser as secured party under the UCC with respect
to such Eligible Assets; and

(xviii) Purchaser shall have received all such other and further documents,
documentation and legal opinions (including, without limitation, opinions regarding the
perfection of Purchaser’s security interests) as Purchaser in its reasonable discretion
shall reasonably require.

(c) Upon the satisfaction of all conditions set forth in Article 3(a) for the initial
Transaction and Article 3(b) for each Transaction (including the initial Transaction), the
Eligible Asset shall be transferred to Purchaser against the transfer of the Purchase Price to an
account of Seller.

(d) Each Confirmation, together with this Agreement, shall be conclusive evidence of the terms
of the Transaction covered thereby. In the event of any conflict between the terms of such
Confirmation and the terms of this Agreement, other than with respect to the Purchase Price
Percentage or the applicable Purchase Price Differential set forth in the related Confirmation,
this Agreement shall prevail.

(e) Seller shall be entitled to terminate a Transaction on demand and repurchase the Purchased
Asset subject to a Transaction on any Business Day prior to the Repurchase Date (an “Early
Repurchase Date”); provided, however, that:

(i) Seller notifies Purchaser in writing of its intent to terminate such Transaction
and repurchase such Purchased Asset, setting forth the Early Repurchase Date and identifying
with particularity the Purchased Asset to be repurchased on such Early Repurchase Date, no
later than five (5) Business Days prior to such Early Repurchase Date;

(ii) no Default or Event of Default (in each case, other than with respect to
Purchaser) under this Agreement shall have occurred and be continuing both as of the date
notice is delivered pursuant to Article 3(e)(i) above and as of the applicable Early
Repurchase Date, unless (A) such Default or Event of Default is cured by such repurchase or
(B) Seller repurchases all of the Purchased Assets on such Early Repurchase Date;

(iii) on such Early Repurchase Date, Seller pays to Purchaser an amount equal to the
Repurchase Price for the applicable Purchased Asset and any other amounts payable under this
Agreement against transfer to Seller or its designated agent of such Purchased Asset; and

(iv) on such Early Repurchase Date, in addition to the amounts set forth in
subclause (iii) above, Seller pays to Purchaser an amount sufficient to reduce the
Repurchase Price for all other Purchased Assets to an amount equal to the Margin Amount for
such Purchased Asset.

(f) On the Repurchase Date (including any Early Repurchase Date) for any Transaction,
termination of the Transaction will be effected by transfer to Seller of the Purchased Assets being
repurchased and any Net Cash Flow in respect thereof received by Purchaser (and not previously
credited or transferred to, or applied to the obligations of, Seller pursuant to Article 5
of this Agreement) against the simultaneous transfer of the Repurchase Price to an account of
Purchaser. Promptly following such Repurchase Date, Purchaser’s security interest in the related
Collateral shall terminate in accordance with Article 6(b).

(g) If on the Pricing Rate Determination Date for any Pricing Rate Period with respect to any
Transaction, (i) Purchaser shall have determined in the exercise of its commercially reasonable
business judgment (which determination shall be conclusive and binding upon Seller) that, by reason
of circumstances affecting the relevant market, adequate and reasonable means do not exist for
ascertaining LIBOR for such Pricing Rate Period, or (ii) LIBOR determined or to be determined for
such Pricing Rate Period will not adequately and fairly reflect the cost to Purchaser (as
determined and certified by Purchaser) of making or maintaining Transactions during such Pricing
Rate Period (such determinations to be made in the same manner as for all of Purchaser’s other
repurchase customers), Purchaser shall give telecopy or telephonic notice thereof to Seller as soon
as practicable thereafter. If such notice is given, the Pricing Rate with respect to such
Transaction for such Pricing Rate Period, and for any subsequent Pricing Rate Periods until
(i) LIBOR is again ascertainable for subsequent pricing periods or (2) LIBOR adequately and fairly
reflects the cost to purchaser of making or maintaining transactions during such Price Rate Period,
as applicable, shall be a per annum rate equal to the Federal Funds Rate plus the Spread (the
“Alternative Rate”).

(h) Notwithstanding any other provision herein, if the adoption of or any change in any
Requirement of Law or in the interpretation or application thereof shall make it unlawful for
Purchaser to enter into or maintain Transactions as contemplated by the Transaction Documents, the
determination of such unlawfulness to be made in the same manner as for all of Purchaser’s other
repurchase customers, (i) the commitment of Purchaser hereunder to enter into new Transactions and
to continue Transactions as such shall forthwith be canceled, and (ii) the Transactions then
outstanding shall be converted automatically to Alternative Rate Transactions on the last day of
the then current Pricing Rate Period or within such earlier period as is required by law. If any
such conversion of a Transaction occurs on a day that is not the last day of the then current
Pricing Rate Period with respect to such Transaction, Seller shall pay to Purchaser such amounts,
if any, as may be required pursuant to Article 3(l) of this Agreement.

(i) Upon demand by Purchaser, Seller shall indemnify Purchaser and hold Purchaser harmless
from any loss, cost or expense (including, without limitation, reasonable attorneys’ fees and
disbursements) that Purchaser may sustain or incur as a consequence of (i) default by Seller
repurchasing any Purchased Asset after Seller has given a notice in accordance with Article
3(e) of an Early Repurchase, (ii) any payment of the Repurchase Price on any day other than a
Remittance Date, (iii) a default by Seller in selling Eligible Assets after Seller has notified
Purchaser of a proposed Transaction and Purchaser has agreed to purchase such Eligible Assets in
accordance with the provisions of this Agreement, (iv) Purchaser’s enforcement of the terms of any
of the Transaction Documents, (v) any actions taken to perfect or continue any lien created under
any Transaction Documents, and/or (vi) Purchaser entering into any of the Transaction Documents,
but excluding any losses, costs or expenses arising out of Purchaser’s gross negligence or willful
misconduct or a default by Purchaser under any of the Transaction Documents, or owning any
Purchased Item. A certificate as to such costs, losses, damages and expenses, setting forth the
calculations thereof shall be submitted promptly by Purchaser to Seller and shall be prima facie
evidence of the information set forth therein.

(j) If the adoption of or any change in any Requirement of Law or in the interpretation or
application thereof by any Governmental Authority or compliance by Purchaser with any request or
directive (whether or not having the force of law) from any central bank or other Governmental
Authority having jurisdiction over Purchaser made subsequent to the date hereof:

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

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

(iii) shall impose on Purchaser any other condition;

and the result of any of the foregoing is to increase the cost to Purchaser of entering into,
continuing or maintaining Transactions or to reduce any amount receivable by Purchaser under the
Transaction Documents in respect thereof, by an amount that Purchaser deems, in the exercise of its
reasonable business judgment, to be material; then, in any such case, Seller shall promptly pay
Purchaser, after written demand, any additional amounts necessary to compensate Purchaser for such
increased cost or reduced amount receivable. Such notification as to the calculation of any
additional amounts payable pursuant to this subsection shall be submitted by Purchaser to Seller,
shall contain an explanation of Purchaser’s claim and shall be prima facie evidence of such
additional amounts. This covenant shall survive the termination of this Agreement and the
repurchase by Seller of any or all of the Purchased Assets.

(k) If Purchaser shall have determined that the adoption of or any change in any Requirement
of Law regarding capital adequacy or in the interpretation or application thereof or compliance by
Purchaser or any corporation controlling Purchaser with any request or directive regarding capital
adequacy (whether or not having the force of law) from any Governmental Authority made subsequent
to the date hereof has the effect of reducing the rate of return on Purchaser’s or such
corporation’s capital as a consequence of its obligations hereunder to a level below that which
Purchaser or such corporation could have achieved but for such adoption, change or compliance
(taking into consideration Purchaser’s or such corporation’s policies with respect to capital
adequacy) by an amount deemed by Purchaser, in the exercise of its reasonable business judgment, to
be material, then from time to time, after submission by Purchaser to Seller of a written request
therefor and provided Purchaser imposes such additional costs generally on its similarly situated
customers, Seller shall pay to Purchaser such additional amount or amounts as will compensate
Purchaser for such reduction. Such notification as to the calculation of any additional amounts
payable pursuant to this subsection shall be submitted by Purchaser to Seller and shall contain an
explanation of Purchaser’s claim and shall be prima facie evidence of such additional amounts.
This covenant shall survive the termination of this Agreement and the repurchase by Seller of any
or all of the Purchased Assets.

(l) If Seller repurchases Purchased Assets on a day other than the Remittance Date, Seller
shall indemnify Purchaser and hold Purchaser harmless from any actual losses, costs and/or expenses
which Purchaser sustains as a direct consequence of terminating any LIBOR contracts Purchaser
entered into in relation to such Purchased Assets (“Breakage Costs”), in each case for the
remainder of the applicable Pricing Rate Period. Purchaser shall deliver to Seller a statement
setting forth the amount and basis of determination of any Breakage Costs in reasonable detail, it
being agreed that such statement and the method of its calculation (which shall be consistent with
this clause (l)) shall be conclusive and binding upon Seller absent manifest error. This
Article 3(l) shall survive termination of this Agreement and the repurchase of all
Purchased Assets subject to Transactions hereunder.

(m) (i) Upon written request of Seller, provided that all of the extension conditions
listed in clause (ii) below (collectively, the “Termination Date Extension
Conditions”) shall have been satisfied, Purchaser shall extend the Termination Date, for a
period not to exceed three hundred sixty-four (364) additional days (an “Extension Period”)
by giving notice to Seller of such extension and of the new Termination Date. Notwithstanding
anything to the contrary in this Article 3(m)(i), in no event shall Seller be permitted to
extend the Termination Date for more than two (2) Extension Periods.

(ii) For purposes of this Article 3(m), the Termination Date Extension
Conditions shall be deemed to have been satisfied if:

(A) Purchaser shall have received payment from Seller, as consideration for
Purchaser’s agreement to extend the then-current Termination Date, of an Extension
Fee, such amount to be paid to Purchaser in Dollars, in immediately available funds,
without deduction, set-off or counterclaim;

(B) Seller shall have given Purchaser written notice, not less than one hundred
and eighty (180) days prior to the originally scheduled Termination Date, of
Seller’s desire to extend the Termination Date;

(C) no Material Adverse Effect, Margin Deficit, Default or Event of Default
under this Agreement shall have occurred and be continuing as of the date notice is
given under subclause (ii)(B) above or as of the originally scheduled
Termination Date; and

(D) all representations and warranties made by Seller and Guarantor in the
Transaction Documents (except to the extent disclosed in a Requested Exceptions
Report) shall be true, correct, complete and accurate in all material respects as of
the existing Termination Date.

ARTICLE 4

MARGIN MAINTENANCE

(a) Purchaser may, at its option in its sole discretion, re-determine the Market Value for any
Purchased Asset at any time and from time to time. Upon the occurrence and during the continuance
of a Margin Deficit Event with respect to any Purchased Asset, Purchaser may, by written notice to
Seller substantially in the form of Exhibit VIII hereto (a “Margin Call”), require
Seller to (i) make a cash payment in reduction of the Repurchase Price of such Purchased Asset or
(ii) at the option of the Purchaser, deliver additional Eligible Assets to Purchaser, in each case,
so that after giving effect to such payment or delivery, no Margin Deficit shall exist with respect
to such Purchased Asset.

(b) If a Margin Call is given by Purchaser under Article 4(a) on any Business Day at
or prior to 10 a.m. (New York time), the Seller shall cure the related Margin Deficit as provided
in Article 4(a) no later than 5:00 p.m. (New York time) on the same day. If a Margin Call
is given by Purchaser under Article 4(a) on any Business Day after 10 a.m. (New York time),
the Seller shall cure the related Margin Deficit as provided in Article 4(a) no later than
5:00 p.m. (New York time) on the immediately following Business Day.

(c) From time to time, if (i) the Market Value of one or more Purchased Assets has been
reduced solely as a result of market fluctuations, (ii) the aggregate amount of cash payments made
by Seller to Purchaser to cure the related Margin Deficits pursuant to Article 4(a) minus
the aggregate amount of Margin Return Amounts with respect to such Purchased Assets exceeds
$3,000,000 and (iii) the Margin Amount for such Purchased Assets exceeds the Repurchase Price for
such Purchased Assets (the amount of such excess, the “Margin Excess”) by an amount of not
less than $3,000,000, then Purchaser may, in its sole and absolute discretion, consider a request
from Seller to transfer cash to Seller in an amount up to such Margin Excess, but not exceeding the
aggregate amount of cash payments made by Seller to Purchaser with respect to such Purchased Asset
to cure Margin Deficits resulting from market fluctuations.

(d) The failure or delay by Purchaser, on any one or more occasions, to exercise its rights
under this Article 4 shall not change or alter the terms and conditions of this Agreement
or limit or waive the right of Purchaser to do so at a later date or in any way create additional
rights for Seller.

ARTICLE 5

PAYMENTS; COLLECTION ACCOUNT

(a) Concurrently with the execution and delivery of this Agreement, Seller shall establish a
segregated interest bearing deposit account (the “Collection Account”) in the name of
Seller for the benefit of the Purchaser at Account Bank. The Collection Account shall be subject
to the Account Control Agreement in favor of the Purchaser.

(b) Seller shall cause Servicer to promptly remit, and in any event no later than two (2)
Business Days after receipt thereof, all Net Cash Flow in respect of the Purchased Assets directly
into the Collection Account. If Seller, Guarantor or any Affiliate of the foregoing shall receive
any Net Cash Flow with respect to a Purchased Asset other than by remittance from the Collection
Account in accordance with the following sentence, such party shall (and Seller shall cause such
party to) promptly remit such amounts directly into the Collection Account. Amounts in the
Collection Account shall be remitted by Account Bank in accordance with the provisions of
Articles 5(c) and 5(d).

(c) So long as no Event of Default shall have occurred and be continuing, Account Bank shall,
on each Business Day, remit all amounts in the Collection Account to Seller. To the extent Net
Cash Flow is applied to reduce the outstanding principal balance of any Purchased Asset, Seller
shall repay the Repurchase price for such Purchased Asset in an amount equal to the amount of such
principal repayment up to the amount of the Repurchase Price for such Purchased Asset within two
(2) Business Days of receipt thereof.

(d) Upon receipt of written notice from Purchaser that an Event of Default shall have occurred
and be continuing, and so long as Purchaser has not withdrawn such notice, Account Bank shall cease
remitting funds to Seller pursuant to Article 5(c) and shall instead remit, on each
Business Day beginning on the Business Day after receipt of such notice from the Purchaser, all
amounts on deposit in the Collection Account as of the prior Business Day in the following order of
priority:

(i) first, to Purchaser, an amount equal to all accrued and unpaid Purchase Price
Differential;

(ii) second, to the extent Principal Payments are received for a particular Purchased
Asset, to Purchaser in reduction of the Repurchase Price for such Purchased Asset;

(iii) third, to Purchaser, in reduction of the Repurchase Price for all Purchased
Assets, on a pro rata basis based on each Purchased Asset’s unpaid principal balance, until
the Repurchase Price for each Purchased Asset has been reduced to zero;

(iv) fourth, to Purchaser, an amount equal to any other amounts then due and payable to
Purchaser or its Affiliates under any Transaction Document; and

(v) fifth, to Seller, the remainder, if any.

(e) On or before each Remittance Date, Seller shall pay to Purchaser all accrued and unpaid
Purchase Price Differential due on such Remittance Date.

ARTICLE 6

SECURITY INTEREST

(a) Purchaser and Seller intend that the Transactions hereunder be sales to Purchaser of the
Purchased Assets and not loans from Purchaser to Seller secured by the Purchased Assets. However,
in order to preserve Purchaser’s rights under the Transaction Documents, in the event that a court
or other forum re-characterizes the Transactions hereunder as other than sales, and as security for
the performance by Seller of all of Seller’s obligations to Purchaser under the Transaction
Documents and the Transactions entered into hereunder, or in the event that a transfer of a
Purchased Asset is otherwise ineffective to effect an outright transfer of such Purchased Asset to
Purchaser, Seller hereby assigns, pledges and grants a security interest in all of its right, title
and interest in, to and under the Collateral, whether now owned or hereafter acquired, now existing
or hereafter created and wherever located, to Purchaser to secure the payment of the Repurchase
Price on all Transactions to which it is a party and all other amounts owing by it to Purchaser
hereunder, including, without limitation, amounts owing pursuant to Article 25, and under
the other Transaction Documents (collectively, the “Repurchase Obligations”). Seller
agrees to mark its books and records to evidence the interests granted to Purchaser hereunder. For
purposes of this Agreement, “Collateral” shall mean:

(i) the Collection Account and all monies from time to time on deposit in the
Collection Account and any and all replacements, substitutions, distributions on, income
relating to or proceeds of any and all of the foregoing; and

(ii) the Purchased Items.

(b) Purchaser’s security interest in the Collateral shall terminate only upon satisfaction of
the Repurchase Obligations. Upon such satisfaction and upon request by Seller, Purchaser shall, at
Seller’s sole expense, deliver to Seller such UCC termination statements and other release
documents as may be commercially reasonable and return the Purchased Assets to Seller and reconvey
the Purchased Items to Seller and release its security interest in the Collateral, such release to
be effective automatically without further action by any party. For purposes of the grant of the
security interest pursuant to this Article 6, this Agreement shall be deemed to constitute
a security agreement under the New York Uniform Commercial Code (the “UCC”). Purchaser
shall have all of the rights and may exercise all of the remedies of a secured creditor under the
UCC and the other laws of the State of New York. In furtherance of the foregoing, (i) Purchaser,
at Seller’s sole cost and expense, as applicable, shall cause to be filed in such locations as may
be necessary to perfect and maintain perfection and priority of the security interest granted
hereby, UCC financing statements and continuation statements (collectively, the “Filings”),
and shall forward copies of such Filings to Seller upon completion thereof, and (ii) Seller shall
from time to time take such further actions as may be reasonably requested by Purchaser to maintain
and continue the perfection and priority of the security interest granted hereby (including marking
its records and files to evidence the interests granted to Purchaser hereunder). Notwithstanding
the foregoing, the Repurchase Obligations shall be full recourse to Seller.

(c) Seller acknowledges that it has no rights to service the Purchased Assets other than as a
party to the Interim Servicing Agreement. Without limiting the generality of the foregoing and the
grant of a security interest in Article 6(a), and in the event that Seller is deemed by a
court, other forum or otherwise to retain any residual Servicing Rights (notwithstanding that such
Servicing Rights are Purchased Items hereunder), and for the avoidance of doubt, Seller hereby
acknowledges and agrees that the Servicing Rights constitute Collateral hereunder for all purposes.
The foregoing provision is intended to constitute a security agreement or other arrangement or
other credit enhancement related to the Agreement and Transactions hereunder as defined under
Sections 101(47)(v) and 741(7)(x) of the Bankruptcy Code.

(d) Seller agrees, to the extent permitted by applicable law, that neither it nor anyone
claiming through or under it will set up, claim or seek to take advantage of any appraisement,
valuation, stay, extension or redemption law now or hereafter in force in any locality where any
Purchased Assets may be situated in order to prevent, hinder or delay the enforcement or
foreclosure of this Agreement after the occurrence and during the continuance of an Event of
Default, or the absolute sale of any of the Purchased Assets, or the final and absolute putting
into possession thereof, immediately after such sale, of the purchasers thereof, and Seller, for
itself and all who may at any time claim through or under it, hereby waives, after the occurrence
and during the continuance of an Event of Default, to the full extent that it may be lawful so to
do, the benefit of all such laws and any and all right to have any of the properties or assets
constituting the Purchased Assets marshaled upon any such sale, and agrees that Purchaser or any
court having jurisdiction to foreclose the security interests granted in this Agreement may, after
the occurrence and during the continuance of an Event of Default, sell the Purchased Assets as an
entirety or in such parcels as Purchaser or such court may determine.

ARTICLE 7

PAYMENT, TRANSFER AND CUSTODY

(a) Unless otherwise mutually agreed in writing, all transfers of funds to be made by Seller
hereunder shall be made in Dollars, in immediately available funds, without deduction, set-off or
counterclaim, to Purchaser, in accordance with the wiring instructions set forth below, not later
than 5:00 p.m. (New York time), on the date on which such payment shall become due (and each such
payment made after such time shall be deemed to have been made on the next succeeding Business
Day).

	 	 	 
	Bank Name:

ABA Number:

Account Number:

Account Name:

Reference:

Attention:

	 	Bank of New York

021-000-018

GLA 111569-HEL

HEL

RAIT CMBS Conduit II, LLC Repo Facility

Whole Loan Operations

(b) On the Purchase Date for each Transaction, ownership of the Purchased Assets and other
Purchased Items shall be transferred to Purchaser or its designee (including the Custodian) against
the simultaneous transfer of the Purchase Price in immediately available funds to an account of
Seller or its designee specified in the Confirmation relating to such Transaction, subject to and
in accordance with this Agreement.

(c) Seller shall deposit the Purchased Asset Files representing the Purchased Assets, or
direct that the Purchased Asset Files be deposited directly, with the Custodian in accordance with
the Custodial Agreement. The Purchased Asset Files shall be maintained in accordance with the
Custodial Agreement. If a Purchased Asset File is not delivered to Purchaser or its designee
(including the Custodian), such Purchased Asset File shall be held in trust by Seller or its
designee for the benefit of Purchaser as the owner thereof. Seller or its designee shall maintain
a copy of the Purchased Asset File and the originals of the Purchased Asset File not delivered to
Purchaser or its designee (including the Custodian). The possession of the Purchased Asset File by
Seller or its designee is at the will of Purchaser for the sole purpose of servicing the related
Purchased Asset, and such retention and possession by Seller or its designee is in a custodial
capacity only. The books and records (including, without limitation, any computer records or
tapes) of Seller or its designee shall be marked appropriately to reflect clearly the sale of the
related Purchased Asset to Purchaser. Seller or its designee (including the Custodian) shall
release its custody of the Purchased Asset File only in accordance with a written request
acknowledged in writing by Purchaser and otherwise in accordance with the Custodial Agreement.

(d) From time to time, Seller shall forward to the Custodian, with copy to the Purchaser,
additional original documents or additional documents evidencing any assumption, modification,
consolidation or extension of a Purchased Asset approved in accordance with the terms of this
Agreement, and upon receipt of any such other documents (which shall be clearly marked as to which
Purchased Asset File such documents relate).

(e) Subject to the rights of Purchaser under Articles 10 and 27 and under the
Interim Servicing Agreement, Purchaser hereby grants to Seller a revocable license to exercise all
voting and corporate rights with respect to the Purchased Assets and to vote, take corporate
actions and exercise any rights in connection with the Purchased Assets, so long as no Event of
Default has occurred and is continuing. Such revocable license is not evidence of any ownership or
other interest or right of Seller in any Purchased Asset. During the continuance of an Event of
Default, and subject to the provisions of the Purchased Asset Documents, Purchaser shall be
entitled to exercise all voting and corporate rights with respect to the Purchased Assets without
regard to Seller’s instructions.

ARTICLE 8

SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED ASSETS

(a) Title to all Purchased Assets shall pass to Purchaser on the applicable Purchase Date, and
Purchaser shall have free and unrestricted use of all Purchased Assets, subject, however, to the
terms of this Agreement. Nothing in this Agreement or any other Transaction Document shall
preclude Purchaser from engaging in repurchase transactions with the Purchased Assets or otherwise
selling, transferring, pledging, repledging, hypothecating or rehypothecating the Purchased Assets,
all on terms that Purchaser may determine in its sole discretion, but no such transaction shall
relieve Purchaser of its obligations to transfer the same Purchased Assets to Seller pursuant to
Article 3 of this Agreement.

(b) Nothing contained in this Agreement or any other Transaction Document shall obligate
Purchaser to segregate any Purchased Assets delivered to Purchaser by Seller. Except to the extent
expressly set forth in this Agreement or any other Transaction Document, no Purchased Asset shall
remain in the custody of Seller or any Affiliate of Seller.

ARTICLE 9

REPRESENTATIONS AND WARRANTIES

(a) Each of Seller and Purchaser represents and warrants (as to itself) to the other that (i)
it is duly authorized to execute and deliver this Agreement, to enter into Transactions
contemplated hereunder and to perform its obligations hereunder and has taken all necessary action
to authorize such execution, delivery and performance, (ii) it will engage in such Transactions as
principal, (iii) the person signing this Agreement on its behalf is duly authorized to do so on its
behalf (or on behalf of any such disclosed principal), (iv) it has obtained all authorizations of
any Governmental Authority required in connection with this Agreement and the Transactions
hereunder and such authorizations are in full force and effect and (v) the execution, delivery and
performance of this Agreement and the Transactions hereunder will not violate any Requirement of
Law applicable to it or its organizational documents or any agreement by which it is bound or by
which any of its assets are affected. On each Purchase Date, Purchaser and Seller shall each be
deemed to repeat all the foregoing representations made by it.

(b) In addition to the representations and warranties in subsection (a) above, Seller
represents and warrants to Purchaser as of the date of this Agreement and will be deemed to
represent and warrant to Purchaser as of the Purchase Date for the purchase of any Purchased Assets
by Purchaser from Seller, unless otherwise stated herein:

(i) Organization. Seller is duly organized, validly existing and in good
standing under the laws and regulations of the jurisdiction of Seller’s incorporation or
organization, as the case may be, and is duly licensed, qualified, and in good standing in
every state where such licensing or qualification is necessary for the transaction of
Seller’s business, except where failure to so qualify could not be reasonably likely to have
a Material Adverse Effect. Seller has the power to own and hold the assets it purports to
own and hold, and to carry on its business as now being conducted and proposed to be
conducted, and has the power to execute, deliver, and perform its obligations under this
Agreement and the other Transaction Documents.

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

(iii) Ability to Perform. Seller does not believe, nor does it have any reason
or cause to believe, that it cannot perform each and every covenant contained in the
Transaction Documents applicable to it to which it is a party.

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

(v) Litigation; Requirements of Law. Except as disclosed in any public filings
of Guarantor or its affiliates and specifically identified to Purchaser by Seller prior to
the date hereof and prior to each Purchase Date, as of the date hereof and as of the
Purchase Date for any Transaction hereunder, there is no action, suit, proceeding,
investigation, or arbitration pending or, to the best knowledge of Seller, threatened in
writing against Guarantor, Seller, any Affiliate of Seller or any of their respective
assets, nor is there any action, suit, proceeding, investigation, or arbitration pending or
threatened in writing against Guarantor, Seller or any Affiliate of Seller that may result
in any Material Adverse Effect. Seller is in compliance in all material respects with all
Requirements of Law. Neither Guarantor, Seller nor any of its Affiliates is in default in
any material respect with respect to any judgment, order, writ, injunction, decree, rule or
regulation of any arbitrator or Governmental Authority that may result in any Material
Adverse Effect.

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

(vii) Good Title to Purchased Assets. Immediately prior to the purchase of any
Purchased Assets and other Purchased Items by Purchaser from Seller, such Purchased Assets
and other Purchased Items are free and clear of any lien, encumbrance or impediment to
transfer (including any “adverse claim” as defined in Article 8-102(a)(1) of the UCC), and
Seller is the record and beneficial owner of and has good and Marketable Title to and the
right to sell and transfer such Purchased Assets and other Purchased Items to Purchaser and,
upon transfer of such Purchased Assets and other Purchased Items to Purchaser, Purchaser
shall be the owner of such Purchased Assets and other Purchased Items free of any adverse
claim. In the event the related Transaction is recharacterized as a secured financing of
the Purchased Assets and other Purchased Items, the provisions of this Agreement are
effective to create in favor of Purchaser a valid “security interest” (as defined in Section
1-201(b)(35) of the UCC) in all rights, title and interest of Seller in, to and under the
Collateral and Purchaser shall have a valid, perfected first priority security interest in
the Collateral (and without limitation on the foregoing, Purchaser, as entitlement holder,
shall have a “security entitlement” to the Collateral).

(viii) No Decline in Market Value; No Defaults. To the best of Seller’s
knowledge, there are no facts or circumstances that are reasonably likely to cause or have
caused the Market Value of any Purchased Asset to decline. No Default or Event of Default
has occurred or exists under or with respect to the Transaction Documents.

(ix) Authorized Representatives. The duly authorized representatives of Seller
are listed on, and true signatures of such authorized representatives are set forth on,
Exhibit II attached to this Agreement, or such other most recent list of authorized
representatives substantially in the form of Exhibit II to this Agreement as Seller
may from time to time deliver to Purchaser.

(x) Representations and Warranties Regarding Purchased Assets; Delivery of
Purchased Asset File.

(A) As of the date hereof, Seller has not assigned, pledged, or otherwise
conveyed or encumbered any Purchased Asset or other Purchased Items to any other
Person, and immediately prior to the sale of such Purchased Asset and other
Purchased Items to Purchaser, Seller was the sole owner of such Purchased Asset and
other Purchased Items and had good and Marketable Title thereto, free and clear of
all liens, in each case except for liens to be released simultaneously with the sale
to Purchaser hereunder.

(B) The provisions of the Transaction Documents are effective to either
constitute a sale of Purchased Items to Purchaser or to create in favor of Purchaser
a legal, valid and enforceable security interest in all right, title and interest of
Seller in, to and under the Collateral.

(C) Upon receipt by the Custodian of each Mortgage Note endorsed in blank by a
duly authorized officer of Seller, either a purchase shall have been completed by
Purchaser of such Mortgage Note, or Purchaser shall have a valid and fully perfected
first priority security interest in all right, title and interest of Seller in the
Purchased Items described therein.

(D) Each of the representations and warranties made in respect of each
Purchased Asset pursuant to Exhibit V are true, complete and correct, except
to the extent disclosed in a Requested Exceptions Report.

(E) Upon the filing of financing statements on Form UCC-1 naming Purchaser as
“Secured Party”, Seller as “Debtor” and describing the Collateral,
in the jurisdiction and recording office listed on Exhibit XI attached
hereto, the security interests granted hereunder in that portion of the Collateral
that can be perfected by filing under the UCC will constitute fully perfected
security interests under the UCC in all right, title and interest of Seller in, to
and under such Collateral.

(F) Upon execution and delivery of the Account Control Agreement by all parties
thereto, Purchaser shall either be the owner of, or have a valid and fully perfected
first priority security interest in the Collection Account and all “financial
assets” (as defined in the UCC) at any time credited thereto.

(xi) Adequate Capitalization; No Fraudulent Transfer. Seller has, as of such
Purchase Date, adequate capital for the normal obligations foreseeable in a business of its
size and character and in light of its contemplated business operations. Seller is
generally able to pay, and as of the date hereof is paying, its debts as they come due.

(xii) Governmental Approvals. No order, consent, approval, license,
authorization or validation of, or filing, recording or registration with, or exemption by,
any Governmental Authority or any third party is required to authorize, or is required in
connection with, (i) the execution, delivery and performance by Seller of any Transaction
Document to which Seller is or will be a party, (ii) the legality, validity, binding effect
or enforceability of any such Transaction Document against Seller or (iii) the consummation
of the transactions contemplated by this Agreement (other than the filing of certain
financing statements in respect of certain security interests). Seller has all necessary
licenses, permits and other consents from Governmental Authorities necessary to acquire,
originate, own and sell the Purchased Assets and other Purchased Items.

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

(xiv) No Encumbrances. There are (i) no outstanding rights, options, warrants
or agreements on the part of Seller for a purchase, sale or issuance, in connection with the
Purchased Assets, (ii) no agreements on the part of Seller to issue, sell or distribute the
Purchased Assets, and (iii) no obligations on the part of Seller (contingent or otherwise)
to purchase, redeem or otherwise acquire any securities or interest therein, in each case,
except as contemplated by the Transaction Documents.

(xv) Federal Regulations. Seller is not required to register as an “investment
company,” or a company “controlled by an investment company,” within the meaning of the
Investment Company Act of 1940, as amended. Seller is not a “holding company,” or a
“subsidiary company of a holding company,” or an “affiliate” of either a “holding company”
or a “subsidiary company of a holding company,” as such terms are defined in the Public
Utility Holding Company Act of 2005, as amended.

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

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

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

(xix) Solvency. Neither the Transaction Documents nor any Transaction
thereunder are entered into in contemplation of insolvency or with intent to hinder, delay
or defraud any of Seller’s creditors. The transfer of the Purchased Assets subject hereto
and the obligation to repurchase such Purchased Assets is not undertaken with the intent to
hinder, delay or defraud any of Seller’s creditors. As of the Purchase Date, Seller is not
insolvent within the meaning of 11 U.S.C. Section 101(32) or any successor provision thereof
and the transfer and sale of the Purchased Assets pursuant hereto and the obligation to
repurchase such Purchased Asset (i) will not cause the liabilities of Seller to exceed the
assets of Seller, (ii) will not result in Seller having unreasonably small capital in light
of its stated business purpose, and (iii) will not result in debts that would be beyond
Seller’s ability to pay as the same mature. Seller received reasonably equivalent value in
exchange for the transfer and sale of the Purchased Assets and the Purchased Items subject
hereto. No petition in bankruptcy has been filed against Seller in the last ten (10) years,
and Seller has not in the last ten (10) years made an assignment for the benefit of
creditors or taken advantage of any debtors relief laws. Seller has only entered into
agreements on terms that would be considered arm’s length and otherwise on terms consistent
with other similar agreements with other similarly situated entities.

(xx) Use of Proceeds; Margin Regulations. All proceeds of each Transaction
shall be used by Seller for purposes permitted under Seller’s governing documents,
provided that no part of the proceeds of any Transaction will be used by Seller to
purchase or carry any margin stock or to extend credit to others for the purpose of
purchasing or carrying any margin stock. Neither the entering into of any Transaction nor
the use of any proceeds thereof will violate, or be inconsistent with, any provision of
Regulation T, U or X of the Board of Governors of the Federal Reserve System.

(xxi) Full and Accurate Disclosure. No information contained in the
Transaction Documents, or any written statement furnished by or on behalf of Seller pursuant
to the terms of the Transaction Documents, contains any untrue statement of a material fact
or omits to state a material fact necessary to make the statements contained herein or
therein not misleading in light of the circumstances under which they were made.

(xxii) Financial Information. All financial data concerning Seller, Guarantor,
the Purchased Assets and the other Purchased Items, and to the knowledge of Seller with
respect to any financial data concerning the Purchased Assets and the other Purchased Items
that was provided to Seller by the related underlying borrower, that has been delivered by
or on behalf of Seller to Purchaser is true, complete and correct in all material respects.
All financial data concerning Seller and Guarantor has been prepared fairly in accordance
with GAAP. All financial data concerning the Purchased Assets and the other Purchased
Items, and to the knowledge of Seller with respect to any financial data concerning the
Purchased Assets and the other Purchased Items that was provided to Seller by the related
underlying borrower, has been prepared in accordance with standard industry practices.
Since the delivery of such data, except as otherwise disclosed in writing to Purchaser,
there has been no change in the financial position of Seller, Guarantor or in the results of
operations of Seller or Guarantor, or to the knowledge of Seller, in the financial position
of the Purchased Assets and the other Purchased Items, which change is reasonably likely to
result in a Material Adverse Effect.

(xxiii) Selection Process. The Purchased Assets under this Agreement were not
selected by Seller in a manner different from the manner in which Seller selects assets with
regard to any other facilities to which it is a party or, in any event, so as to affect
adversely the interests of Purchaser.

(xxiv) [Reserved].

(xxv) No Reliance. Seller has made its own independent decisions to enter into
the Transaction Documents and each Transaction and as to whether such Transaction is
appropriate and proper for it based upon its own judgment and upon advice from such advisors
(including without limitation, legal counsel and accountants) as it has deemed necessary.
Seller is not relying upon any advice from Purchaser as to any aspect of the Transactions,
including without limitation, the legal, accounting or tax treatment of such Transactions.

(xxvi) Patriot Act.

(A) Seller is in compliance, in all material respects, with the (i) the Trading
with the Enemy Act, as amended, and each of the foreign assets control regulations
of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended)
and any other applicable enabling legislation or executive order relating thereto,
and (ii) the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001). No part of
the proceeds of any Transaction will be used by Seller or any of its Affiliates,
directly or indirectly, 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 the United States Foreign
Corrupt Practices Act of 1977, as amended.

(B) In order to enable Purchaser and its Affiliates to comply with any
anti-money laundering program and related responsibilities including, but not
limited to, any obligations under the USA Patriot Act of 2001 and regulations
thereunder, Seller on behalf of itself and its Affiliates represents that neither
Seller, nor, to Seller’s actual knowledge, any of its Affiliates, is a Prohibited
Investor, and Seller is not acting on behalf of or for the benefit of any Prohibited
Investor.

(xxvii) Environmental Matters.

(A) No properties owned or leased by Seller and no properties formerly owned or
leased by Seller, its predecessors, or any former Subsidiaries or predecessors
thereof (the “Properties”), contain, or have previously contained, any
Materials of Environmental Concern in amounts or concentrations which constitute or
constituted a violation of, or reasonably could be expected to give rise to
liability under, Environmental Laws;

(B) Seller is in compliance with all applicable Environmental Laws, and there
is no violation of any Environmental Laws which reasonably would be expected to
interfere with the continued operations of Seller;

(C) Seller has not received any written notice of violation, alleged violation,
non-compliance, liability or potential liability under any Environmental Law;

(D) Materials of Environmental Concern have not been transported or disposed by
Seller in violation of, or in a manner or to a location which reasonably would be
expected to give rise to liability under, any applicable Environmental Law, nor has
Seller generated, treated, stored or disposed of at, on or under any of the
Properties in violation of, or in a manner that reasonably would be expected to give
rise to liability under, any applicable Environmental Law;

(E) No judicial proceedings or governmental or administrative action under any
Environmental Law is pending or, to the knowledge of Seller, threatened in writing
to which Seller is or will be named as a party, nor are there any consent decrees or
other decrees, consent orders, administrative orders or other orders, or other
administrative or judicial requirements arising out of judicial proceedings or
governmental or administrative actions, outstanding under any Environmental Law to
which Seller is a party;

(F) There has been no release of Materials of Environmental Concern in
violation of or in amounts or in a manner that reasonably would be expected to give
rise to liability under any Environmental Law for which Seller may become liable;
and

(G) Each of the representations and warranties set forth in the preceding
clauses (A) through (F) is true and correct with respect to each
parcel of real property owned or operated by Seller.

(xxviii) Insider. Seller is not an “executive officer,” “director,” or “person
who directly or indirectly or acting through or in concert with one or more persons owns,
controls, or has the power to vote more than 10% of any class of voting securities” (as
those terms are defined in 12 U.S.C. § 375(b) or in regulations promulgated pursuant
thereto) of Purchaser, of a bank holding company of which Purchaser is a Subsidiary, or of
any Subsidiary, of a bank holding company of which Purchaser is a Subsidiary, of any bank at
which Purchaser maintains a correspondent account or of any lender which maintains a
correspondent account with Purchaser.

(xxix) Office of Foreign Assets Control. Seller is not a person (i) whose
property or interest in property is blocked or subject to blocking pursuant to Section 1 of
Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079
(2001)), (ii) who engages in any dealings or transactions prohibited by Section 2 of such
executive order, or to the best of Seller’s knowledge, is otherwise associated with any
such person in any manner in violation of Section 2 of such executive order, or (iii) on the
current list of Specially Designated Nationals and Blocked Persons or subject to the
limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign
Assets Control regulation or executive order.

(xxx) Notice Address; Jurisdiction of Organization. On the date of this
Agreement, Seller’s address for notices is as specified on Exhibit I, unless Seller
has provided a new address to Purchaser in writing. Seller’s jurisdiction of organization
is Delaware. The location where Seller keeps its books and records, including all computer
tapes and records relating to the Collateral, is its notice address, unless Seller has
provided a different address to Purchaser in writing.

(xxxi) Anti-Money Laundering Laws. Seller either (1) is entirely exempt from
or (2) has otherwise fully complied with all applicable anti-money laundering laws and
regulations (collectively, the “Anti-Money Laundering Laws”), by (A) establishing an
adequate anti-money laundering compliance program as required by the Anti-Money Laundering
Laws, (B) conducting the requisite due diligence in connection with the origination of each
Purchased Asset for purposes of the Anti-Money Laundering Laws, including with respect to
the legitimacy of the related obligor (if applicable) and the origin of the assets used by
such obligor to purchase the property in question, and (C) maintaining sufficient
information to identify the related obligor (if applicable) for purposes of the Anti-Money
Laundering Laws.

(xxxii) Ownership. Seller is and shall remain at all times a wholly-owned
direct or indirect subsidiary of Guarantor; provided that 20% of the direct and/or
indirect preferred stock of Seller may be owned by Persons other than Guarantor.

ARTICLE 10

NEGATIVE COVENANTS OF SELLER

On and as of the date hereof and each Purchase Date and until this Agreement is no longer in
force with respect to any Transaction, Seller shall not without the prior written consent of
Purchaser:

(a) take any action that would directly or indirectly impair or adversely affect Purchaser’s
title to the Purchased Assets and the other Purchased Items;

(b) transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of,
or pledge or hypothecate, directly or indirectly, any interest in any Purchased Assets and the
other Purchased Items to any Person other than Purchaser, or engage in repurchase transactions or
similar transactions with respect to any Purchased Assets and the other Purchased Items with any
Person other than Purchaser;

(c) create, incur, assume or suffer to exist any Lien, encumbrance or security interest in or
on any of its property, assets, revenue, the Purchased Assets, the other Collateral, whether now
owned or hereafter acquired, other than the Liens and security interest granted by Seller pursuant
to the Transaction Documents;

(d) create, incur, assume or suffer to exist any Indebtedness or other obligation not
otherwise permitted under this Agreement, secured or unsecured, direct or indirect, absolute or
contingent (including guaranteeing any obligation) if the same would cause the Seller to violate
the covenants contained in Article 12 or the Guarantor to violate the financial covenants
contained in the Guaranty;

(e) permit (through the giving of consent, waiver, failure to object (if Seller has such
right) or otherwise) any Mortgaged Property or Mortgagor to create, incur, assume or suffer to
exist any Liens or Indebtedness, including without limitation, junior mortgage debt or mezzanine
debt without the consent of the Purchaser (in each case, unless expressly permitted by the
applicable Purchased Asset Documents and excluding non-consensual Liens against the related
Mortgaged Property);

(f) enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind
up or dissolve itself (or suffer any liquidation, winding up or dissolution), sell all or
substantially all of its assets (except to Purchaser) without the consent of Purchaser in its sole
and absolute discretion, unless it will result in the satisfaction of the Repurchase Obligations;

(g) permit a Change of Control of Seller;

(h) except to the extent expressly authorized in or required by such documents, consent or
assent to any amendment, modification, waiver or supplement to, or termination of, any note, loan
agreement, mortgage or guarantee relating to the Purchased Assets or other agreement or instrument
relating to the Purchased Assets other than in accordance with Article 27 and the Interim Servicing
Agreement;

(i) permit the organizational documents or organizational structure of Seller to be amended
without the prior written consent of Purchaser in its sole and absolute discretion;

(j) after the occurrence and during the continuance of a Default or an Event of Default, make
any distribution, payment on account of, or set apart assets for, a sinking or other analogous fund
for the purchase, redemption, defeasance, retirement or other acquisition of any Capital Stock of
Seller, whether now or hereafter outstanding, or make any other distribution in respect thereof,
either directly or indirectly, whether in cash or property or in obligations of Seller;

(k) acquire or maintain any right or interest in any Purchased Asset or Underlying Mortgaged
Property that is senior to or pari passu with the rights and interests of Purchaser therein under
this Agreement and the other Transaction Documents; and

(l) use any part of the proceeds of any Transaction hereunder for any purpose which violates,
or would be inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of
the Federal Reserve System.

ARTICLE 11

AFFIRMATIVE COVENANTS OF SELLER

On and as of the date hereof and each Purchase Date and until this Agreement is no longer in
force with respect to any Transaction, Seller covenants that:

(a) Seller shall promptly notify Purchaser of any material adverse change in its business
operations and/or financial condition; provided, however, that nothing in this
Article 11 shall relieve Seller of its obligations under this Agreement.

(b) Seller shall provide Purchaser with copies of such documents as Purchaser may reasonably
request evidencing the truthfulness of the representations set forth in Article 9.

(c) Seller shall (1) defend the right, title and interest of Purchaser in and to the Purchased
Assets and other Collateral against, and take such other action as is necessary to remove, the
Liens, security interests, claims and demands of all Persons (other than security interests by or
through Purchaser) and (2) at Purchaser’s reasonable request, take all action Purchaser deems
necessary or desirable to ensure that Purchaser will have a first priority security interest in the
Purchased Assets and other Collateral subject to any of the Transactions in the event such
Transactions are recharacterized as secured financings.

(d) Seller shall notify Purchaser, Account Bank, Servicer and Custodian of the occurrence of
any Default or Event of Default with respect to Seller as soon as possible but in no event later
than the immediately succeeding Business Day after obtaining actual knowledge of such event.

(e) Seller shall promptly (and in any event not later than two (2) Business Days after
knowledge thereof, notify Purchaser: (i) of any default or event of default under any Purchased
Asset; (ii) any default or event of default (or similar event) on the part of Seller or Guarantor
under any Indebtedness or other contractual obligations, which default (A) involves the failure to
pay a matured obligation or (B) permits the acceleration of the maturity of obligations by any
other party to, or beneficiary with respect to, such Indebtedness or contract, in either case, if
the aggregate amount of the Indebtedness or obligations in respect of which such default or
defaults shall have occurred is at least $100,000 with respect to Seller or $2,500,000 with respect
to Guarantor; and (iii) of the commencement of, settlement of or judgment in any litigation,
action, suit, arbitration, investigation or other legal or arbitrable proceeding involving Seller
or Guarantor that could have a Materially Adverse Effect.

(f) Seller shall promptly (and in any event not later than two (2) Business Days following
receipt) deliver to Purchaser (i) any notice of the occurrence of an event of default under, or
report received by Seller pursuant to, the Purchased Asset Documents; and (ii) any other
information with respect to the Purchased Assets that may be reasonably requested by Purchaser from
time to time.

(g) Seller shall permit Purchaser and any of its agents, representatives or permitted assigns
to perform due diligence reviews and inspections in accordance with Article 26.

(h) If Seller shall at any time become entitled to receive or shall receive any rights,
whether in addition to, in substitution of, as a conversion of, or in exchange for a Purchased
Asset, or otherwise in respect thereof, Seller shall accept the same as Purchaser’s agent, hold the
same in trust for Purchaser and deliver the same forthwith to Purchaser (or the Custodian, as
appropriate) in the exact form received, duly endorsed by Seller to Purchaser, if required,
together with an undated bond power covering such certificate duly executed in blank to be held by
Purchaser hereunder as additional collateral security for the Transactions. If any sums of money
or property so paid or distributed in respect of the Purchased Assets shall be received by Seller,
Seller shall, until such money or property is paid or delivered to Purchaser, hold such money or
property in trust for Purchaser, segregated from other funds of Seller, as additional collateral
security for the Transactions.

(i) At any time from time to time upon the commercially reasonable request of Purchaser, at
the sole expense of Seller, Seller shall promptly and duly execute and deliver such further
instruments and documents and take such further actions as Purchaser may deem necessary or
desirable to (A) obtain or preserve the security interest granted hereunder, (B) ensure that such
security interest remains fully perfected at all times and remains at all times first in priority
as against all other creditors of Seller (whether or not existing as of the Closing Date or in the
future) and (C) obtain or preserve the rights and powers herein granted (including, among other
things, filing such UCC financing statements as Purchaser may request). If any amount payable
under or in connection with any of the Collateral shall be or become evidenced by any promissory
note, other instrument or certificated security, such note, instrument or certificated security
shall be promptly delivered to Purchaser, duly endorsed in a manner satisfactory to Purchaser, to
be itself held as Collateral pursuant to the Transaction Documents.

(j) Seller shall provide, or to cause to be provided, to Purchaser the following financial and
reporting information:

(i) Purchased Asset Information. Within two (2) business days after receipt
thereof, copies of property level information made available to Seller and all other
required reports, rent rolls, financial statements, certificates and notices it receives
pursuant to the Purchased Asset Documents relating to each Purchased Asset;

(ii) Monthly Purchased Asset Reports. No later than the 15th day of
each month, a summary property performance report for each Purchased Asset in a form
acceptable to Purchaser, which shall include, without limitation, net operating income, a
debt service coverage ratio calculation, occupancy, revenue per available unit (for
hospitality properties) and sales per square foot (for retail properties) for the preceding
calendar month. For any portfolio, the report shall include a summary of the performance of
the portfolio on a consolidated basis;

(iii) Quarterly Reports. Within forty-five (45) days after the end of each
calendar quarter, consolidated unaudited financial statements (including balance sheets and
income statements) of Seller and Guarantor presented fairly in accordance with GAAP;

(iv) Annual Reports. Within ninety (90) days after the end of each calendar
year, consolidated audited financial statements (including balance sheets and income
statements) of Guarantor and consolidated unaudited financial statements (including balance
sheets and income statements) of Seller, in each case, presented fairly in accordance with
GAAP; and

(v) Covenant Compliance Certificate. Along with each delivery pursuant to
Article 11(j)(ii), 11(j)(iii) and 11(j)(iv), a completed and
executed Covenant Compliance Certificate.

(k) Seller shall make a representative available to Purchaser once every month for attendance
at a telephone conference, the date of which to be mutually agreed upon by Purchaser and Seller,
regarding the status of each Purchased Asset, Seller’s compliance with the requirements of
Articles 11 and 12, and any other matters relating to the Transaction Documents or
Transactions that Purchaser, in its reasonable discretion, wishes to discuss with Seller.

(l) Seller shall and shall cause Guarantor to at all times (i) comply with all material
contractual obligations, (ii) comply in all respects with all laws, ordinances, rules, regulations
and orders (including, without limitation, environmental laws) of any Governmental Authority or any
other federal, state, municipal or other public authority having jurisdiction over Seller and
Guarantor or any of its assets and Seller and Guarantor shall do or cause to be done all things
necessary to preserve and maintain in full force and effect its legal existence, and all licenses
material to its business and (iii) maintain and preserve its legal existence and all of its
material rights, privileges, licenses and franchises necessary for the operation of its business
(including, without limitation, preservation of all lending licenses held by Seller and of Seller’s
status as a “qualified transferee” (however denominated) under all documents which govern the
Purchased Assets).

(m) Seller shall and shall cause Guarantor to at all times keep proper books of records and
accounts in which full, true and correct entries shall be made of its transactions fairly in
accordance with GAAP, and set aside on its books from its earnings for each fiscal year all such
proper reserves in accordance with GAAP.

(n) Seller shall observe, perform and satisfy all the terms, provisions and covenants required
to be observed, performed or satisfied by it, and shall pay when due all costs, fees and expenses
required to be paid by it, under the Transaction Documents. Seller shall pay and discharge all
taxes, levies, liens and other charges on its assets and on the Collateral that, in each case, in
any manner would create any lien or charge upon the Collateral, other than any such taxes that are
being appropriately contested in good faith by appropriate proceedings diligently conducted and
with respect to which adequate reserves have been provided in accordance with GAAP.

(o) Seller shall advise Purchaser in writing of the opening of any new chief executive office
or the closing of any such office of Seller or Guarantor and of any change in Seller’s or
Guarantor’s name or the places where the books and records pertaining to the Purchased Assets are
held not less than fifteen (15) Business Days prior to taking any such action.

(p) Seller shall maintain records with respect to the Collateral and Purchased Items and the
conduct and operation of its business with no less a degree of prudence than if the Collateral and
Purchased Items were held by Seller for its own account and shall furnish Purchaser, upon
reasonable request by Purchaser or its designated representative, with reasonable information
obtainable by Seller with respect to the Collateral and Purchased Items and the conduct and
operation of its business.

(q) Seller shall continue to engage in business of the same general type as now conducted by
it or otherwise as approved by Purchaser prior to the date hereof.

(r) Seller shall pay and discharge all taxes, assessments and governmental charges or levies
imposed on it or on its income or profits or on any of its Property prior to the date on which
penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which
is being contested in good faith and by proper proceedings and against which adequate reserves are
being maintained.

(s) Seller shall be solely responsible for the fees and expenses of Custodian, Account Bank
and Servicer in carrying out their respective duties and obligations in connection with the
Transaction Documents or any Transaction hereunder.

(t) Seller shall cause Guarantor to at all times comply with the terms of the Guaranty,
including without limitation, the financial covenants contained therein.

(u) Seller shall at all times maintain hedging arrangements satisfactory to Purchaser in its
reasonable discretion, either as a direct trade with Purchaser or through fully executed
assignments of trade with Purchaser through a hedge counterparty approved by Purchaser in its
reasonable discretion.

(v) Seller agrees that, from time to time upon the prior written request of Purchaser, it
shall (i) execute and deliver such further documents, provide such additional information and
reports and perform such other acts as Purchaser may request in its commercially reasonable
discretion in order to insure compliance with the USA Patriot Act of 2001 and (ii) provide such
opinions of counsel concerning matters relating to the USA Patriot Act of 2001 as Purchaser may
request in its commercially reasonable discretion; provided, however, that nothing
in this Article 11(v) shall be construed as requiring Purchaser to conduct any inquiry or
decreasing Seller’s responsibility for its statements, representations, warranties or covenants
hereunder. Seller agrees to promptly notify Purchaser or a person appointed by Purchaser to
administer Purchaser’s anti-money laundering program, if applicable, if Seller or, to Seller’s
actual knowledge, any of its Affiliates is or becomes a Prohibited Investor, or if Seller is acting
on behalf of or for the benefit of any Prohibited Investor.

ARTICLE 12

SINGLE PURPOSE ENTITY

Seller hereby covenants with Purchaser, that as of the date hereof and for so long as any of
the Transaction Documents shall remain in effect:

(a) Seller shall own no assets, and shall not engage in any business, other than the assets
and transactions specifically contemplated by this Agreement and any other Transaction Document;

(b) Seller shall not make any loans or advances to any Affiliate and shall not acquire
obligations or securities of its Affiliates;

(c) Seller shall pay its debts and liabilities (including, as applicable, shared personnel and
overhead expenses) only from its own assets;

(d) Seller shall comply with the provisions of its organizational documents;

(e) Seller shall do all things necessary to observe its organizational formalities and to
preserve its existence;

(f) Seller shall maintain all of its books, records, financial statements and bank accounts
separate from those of its Affiliates (except that such financial statements may be consolidated to
the extent consolidation is required under GAAP or as a matter of Requirements of Law;
provided, that (i) appropriate notation shall be made on such financial statements to
indicate the separateness of the Seller from such Affiliate and to indicate that the Seller’s
assets and credit are not available to satisfy the debts and other obligations of such Affiliate or
any other Person and (ii) such assets shall also be listed on the Seller’s own separate balance
sheet) and file its own tax returns (except to the extent consolidation is required or permitted
under Requirements of Law);

(g) Seller shall be, and at all times shall hold itself out to the public as, a legal entity
separate and distinct from any other entity (including any Affiliate), shall correct any known
misunderstanding regarding its status as a separate entity, shall conduct business in its own name,
and shall not identify itself or any of its Affiliates as a division of the other;

(h) Seller shall maintain adequate capital for the normal obligations reasonably foreseeable
in a business of its size and character and in light of its contemplated business operations and
shall remain solvent;

(i) Seller shall not commingle its funds or other assets with those of any Affiliate or any
other Person and shall maintain its properties and assets in such a manner that it would not be
costly or difficult to identify, segregate or ascertain its properties and assets from those of
others;

(j) Seller shall maintain its properties, assets and accounts separate from those of any
Affiliate or any other Person;

(k) Seller shall not hold itself out to be responsible for the debts or obligations of any
other Person;

(l) Seller shall not, without the prior unanimous written consent of all of its Independent
Managers, take any action that will result in an Act of Insolvency;

(m) Seller shall, at all times, have at least one (1) Independent Manager;

(n) Seller’s organizational documents shall provide (i) that Purchaser be given at least two
(2) Business Days prior notice of the removal and/or replacement of any Independent Manager,
together with the name and contact information of the replacement Independent Manager and evidence
of the replacement’s satisfaction of the definition of Independent Manager and (ii) that any
Independent Manager of Seller shall not have any fiduciary duty to anyone including the holders of
the equity interest in Seller and any Affiliates of Seller except Seller and the creditors of
Seller with respect to taking of, or otherwise voting on, any Act of Insolvency; provided,
that the foregoing shall not eliminate the implied contractual covenant of good faith and fair
dealing;

(o) Seller shall not enter into any transaction with an Affiliate of the Seller except on
commercially reasonable terms similar to those available to unaffiliated parties in an arm’s length
transaction;

(p) Seller shall maintain a sufficient number of employees in light of contemplated business
operations;

(q) Seller shall use separate invoices and checks bearing its own name, and allocate fairly
and reasonably any overhead for shared office space and for services performed by an employee of an
Affiliate;

(r) Seller shall not pledge its assets to secure the obligations of any other Person;

(s) Seller shall not form, acquire or hold any Subsidiary or own any equity interest in any
other entity; and

(t) Seller shall not create, incur, assume or suffer to exist any Lien, encumbrance or
security interest in or on any of its property, assets, revenue, the Purchased Assets, the other
Collateral, whether now owned or hereafter acquired, other than the Liens and security interest
granted by Seller pursuant to the Transaction Documents.

ARTICLE 13

EVENTS OF DEFAULT; REMEDIES

(a) Each of the following events shall constitute an “Event of Default” under this
Agreement:

(i) Seller shall fail to repurchase Purchased Assets upon the applicable Repurchase
Date;

(ii) Purchaser shall fail to receive on or before any Remittance Date the accrued and
unpaid Purchase Price Differential due for the immediately preceding Pricing Rate Period;

(iii) Seller shall fail to cure any Margin Deficit within the period specified in
Article 4;

(iv) any Principal Payment received with respect to a Purchased Assets is not applied
to repay the Repurchase Price for such Purchased Asset in accordance with Article
5(c);

(v) Seller shall fail to make any payment not otherwise enumerated that is owing to
Purchaser that has become due, whether by acceleration or otherwise, which failure is not
remedied within five (5) Business Days of notice thereof;

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

(vii) Seller or Guarantor shall admit in writing to any Person its inability to, or its
intention not to, perform any of its respective obligations under any Transaction Document;

(viii) the Custodial Agreement, the Account Control Agreement or any other Transaction
Document or a replacement therefor acceptable to Purchaser shall for whatever reason be
terminated or cease to be in full force and effect, other than as a result of any action or
inaction of Purchaser, or the enforceability thereof shall be contested by Seller;

(ix) Seller or Guarantor shall be in default (after the expiration of any applicable
grace, notice and/or cure periods) under (A) any Indebtedness of Seller or Guarantor, as
applicable, which default (1) involves the failure to pay a matured obligation in excess of
$100,000, with respect to Seller or $2,500,000 with respect to Guarantor or (2) permits the
acceleration of the maturity of obligations by any other party to or beneficiary with
respect to such Indebtedness, if the aggregate amount of the Indebtedness in respect of
which such default or defaults shall have occurred is at least $100,000, with respect to
Seller or $2,500,000, with respect to Guarantor; or (B) any other material contract to which
Seller or Guarantor is a party which default (1) involves the failure to pay a matured
obligation or (2) permits the acceleration of the maturity of obligations by any other party
to or beneficiary of such contract if the aggregate amount of such obligations is $100,000,
with respect to Seller or $2,500,000, with respect to Guarantor;

(x) (A) Seller or an ERISA Affiliate shall engage in any “prohibited transaction” (as
defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan that is not
exempt from such Sections of ERISA and the Internal Revenue Code, (B) any material
“accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not
waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan
shall arise on the assets of Seller or any ERISA Affiliate, (C) a Reportable Event (as
referenced in Section 4043(b)(3) of ERISA) shall occur with respect to, or proceedings shall
commence to have a trustee appointed, or a trustee shall be appointed, to administer or to
terminate, any Plan, which Reportable Event or commencement of proceedings or appointment of
a trustee is, in the reasonable opinion of Purchaser, likely to result in the termination of
such Plan for purposes of Title IV of ERISA, (D) any Plan shall terminate for purposes of
Title IV of ERISA, or (E) Seller or any ERISA Affiliate shall, or in the reasonable opinion
of Purchaser is likely to, incur any liability in connection with a withdrawal from, or the
insolvency or reorganization of, a Multiemployer Plan; and in each case in clauses
(A) through (E) above, such event or condition, together with all other such
events or conditions, if any, could reasonably be expected to have a Material Adverse
Effect;

(xi) either (A) the Transaction Documents shall for any reason not cause, or shall
cease to cause, Purchaser to be the owner free of any adverse claim of any of the Purchased
Assets and other Purchased Items, and such condition is not cured by Seller within three (3)
Business Days after the earlier of notice thereof from Purchaser to Seller or actual
knowledge thereof by Seller, or (B) if a Transaction is recharacterized as a secured
financing, and the Transaction Documents with respect to any Transaction shall for any
reason cease to create and maintain a valid first priority security interest in favor of
Purchaser in any of the Collateral;

(xii) any governmental, regulatory, or self regulatory authority shall have taken any
action to remove, limit, restrict, suspend or terminate the rights, privileges, or
operations of Seller or Guarantor, which suspension has a Material Adverse Effect in the
commercially reasonable determination of Purchaser;

(xiii) any condition shall exist that constitutes a Material Adverse Effect in
Purchaser’s sole discretion exercised in good faith;

(xiv) a Change of Control, without the consent of Purchaser, shall occur with respect
to Seller;

(xv) any representation made by Seller to Purchaser (other than those contained in
Article 9(b)(x)(D)) shall have been incorrect or untrue in any respect when made or
repeated or deemed to have been made or repeated;

(xvi) a final non appealable judgment by any competent court in the United States of
America for the payment of money (a) rendered against Seller in an amount greater than
$100,000 or (b) rendered against Guarantor in an amount greater than $2,500,000, and
remained undischarged or unpaid for a period of sixty (60) days, during which period
execution of such judgment is not effectively stayed by bonding over or other means
reasonably acceptable to Purchaser;

(xvii) if Seller shall breach or fail to perform any of the terms, covenants or
obligations under this Agreement, other than as specifically otherwise referred to in this
definition of “Event of Default”, and such breach or failure to perform is not remedied
within the earlier of ten (10) days after (a) delivery of written notice thereof to Seller
by Purchaser, or (b) actual knowledge on the part of Seller of such breach or failure to
perform;

(xviii) the Guaranty or a replacement thereof acceptable to Purchaser shall for
whatever reason be terminated or cease to be in full force and effect, other than as a
result of any action or inaction of Purchaser, or the enforceability thereof shall be
contested by Guarantor or Seller;

(xix) the Interim Servicing Agreement or a replacement thereof acceptable to Purchaser
shall for whatever reason be terminated or cease to be in full force and effect, other than
as a result of any action or inaction of Purchaser, or the enforceability thereof shall be
contested by Servicer or Seller;

(xx) the breach by any Servicer affiliated with Seller or Guarantor of any term set
forth in the Interim Servicing Agreement or of any representation, warranty, certification
or covenant made or deemed made in the Interim Servicing Agreement by such Servicer (after
the expiration of any applicable grace, notice, and/or cure periods) or if any certificate
furnished by such Servicer to Purchaser pursuant to the provisions hereof or thereof or any
information with respect to the Purchased Assets furnished in writing on behalf of such
Servicer shall prove to have been false or misleading in any material respect as of the time
made or furnished; and

(xxi) the breach by Guarantor of any term set forth in the Guaranty or of any
representation, warranty, certification or covenant made or deemed made in the Guaranty by
Guarantor (after the expiration of any applicable grace, notice, and/or cure periods) or if
any certificate furnished by Guarantor to Purchaser pursuant to the provisions hereof or
thereof or any information with respect to the Purchased Assets furnished in writing on
behalf of Guarantor shall prove to have been false or misleading in any material respect as
of the time made or furnished.

(b) After the occurrence and during the continuance of an Event of Default, Seller hereby
appoints Purchaser as attorney-in-fact of Seller for the purpose of taking any action and executing
or endorsing any instruments that Purchaser may deem necessary or advisable to accomplish the
purposes of this Agreement, which appointment as attorney-in-fact is irrevocable and coupled with
an interest. If an Event of Default shall occur and be continuing with respect to Seller, the
following rights and remedies shall be available to Purchaser:

(i) at the option of Purchaser, exercised by written notice to Seller (which option
shall be deemed to have been exercised, even if no notice is given, immediately upon the
occurrence of an Act of Insolvency with respect to Seller or Guarantor), the Repurchase Date
for each Transaction hereunder shall, if it has not already occurred, immediately occur
(such date, the “Accelerated Repurchase Date”);

(ii) if Purchaser exercises or is deemed to have exercised the option referred to in
Article 13(b)(i):

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

(B) to the extent permitted by applicable law, the Repurchase Price with
respect to each Transaction (determined as of the Accelerated Repurchase Date) shall
be increased by the aggregate amount obtained by daily application of, on a 360 day
per year basis for the actual number of days during the period from and including
the Accelerated Repurchase Date to but excluding the date of payment of the
Repurchase Price (as so increased), (x) the Pricing Rate for such Transaction
multiplied by (y) the Repurchase Price for such Transaction (decreased by (I) any
amounts actually remitted to Purchaser by the Account Bank or Seller from time to
time pursuant to Article 5 of this Agreement and applied to such Repurchase
Price, and (II) any amounts applied to the Repurchase Price pursuant to Article
13(b)(iii) of this Agreement);

(C) the Custodian shall, upon the request of Purchaser, deliver to Purchaser
all instruments, certificates and other documents then held by the Custodian
relating to the Purchased Assets; and

(D) Purchaser may (I) immediately sell, at a public or private sale in a
commercially reasonable manner and at such price or prices as Purchaser may deem
satisfactory any or all of the Purchased Assets, and/or (II) in its sole and
absolute discretion elect, in lieu of selling all or a portion of such Purchased
Assets, to give Seller credit for such Purchased Assets in an amount equal to the
Market Value of such Purchased Assets against the aggregate unpaid Repurchase Price
for such Purchased Assets and any other amounts owing by Seller under the
Transaction Documents. The proceeds of any disposition of Purchased Assets effected
pursuant to this Article 13(b)(iii) shall be applied, (w) first, to the
costs and expenses incurred by Purchaser in connection with Seller’s default;
(x) second, to actual, out-of-pocket damages incurred by Purchaser in connection
with Seller’s default, (y) third, to the Repurchase Price; and (z) fourth, to return
any excess to Seller.

(iii) the parties acknowledge and agree that (A) the Purchased Assets subject to any
Transaction hereunder are not instruments traded in a recognized market, (B) in the absence
of a generally recognized source for prices or bid or offer quotations for any Purchased
Asset, the Purchaser may establish the source therefor in its sole and absolute discretion
and (C) all prices, bids and offers shall be determined together with accrued Net Cash Flow
(except to the extent contrary to market practice with respect to the relevant Purchased
Assets). The parties recognize that it may not be possible to purchase or sell all of the
Purchased Assets on a particular Business Day, or in a transaction with the same purchaser,
or in the same manner because the market for such Purchased Assets may not be liquid. In
view of the nature of the Purchased Assets, the parties agree that liquidation of a
Transaction or the Purchased Assets does not require a public purchase or sale and that a
good faith private purchase or sale shall be deemed to have been made in a commercially
reasonable manner. Accordingly, Purchaser may elect, in its sole and absolute discretion,
the time and manner of liquidating any Purchased Assets, and nothing contained herein shall
(A) obligate Purchaser to liquidate any Purchased Assets on the occurrence and during the
continuance of an Event of Default or to liquidate all of the Purchased Assets in the same
manner or on the same Business Day or (B) constitute a waiver of any right or remedy of
Purchaser;

(iv) Seller shall be liable to Purchaser and its Affiliates and shall indemnify
Purchaser and its Affiliates for the amount (including in connection with the enforcement of
this Agreement) of all losses, costs and expenses, including reasonable legal fees and
expenses, actually incurred by Purchaser in connection with or as a consequence of an Event
of Default with respect to Seller (but excluding any losses, costs or expenses incurred as a
result of Purchaser’s gross negligence or willful misconduct);

(v) Purchaser shall have, in addition to its rights and remedies under the Transaction
Documents, all of the rights and remedies provided by applicable federal, state, foreign
(where relevant), and local laws (including, without limitation, if the Transactions are
recharacterized as secured financings, the rights and remedies of a secured party under the
UCC, to the extent that the UCC is applicable, and the right to offset any mutual debt and
claim), in equity, and under any other agreement between Purchaser and Seller. Without
limiting the generality of the foregoing, Purchaser shall be entitled to set off the
proceeds of the liquidation of the Purchased Assets against all of Seller’s obligations to
Purchaser under this Agreement, without prejudice to Purchaser’s right to recover any
deficiency;

(vi) Purchaser may exercise any or all of the remedies available to Purchaser
immediately upon the occurrence of an Event of Default with respect to Seller and at any
time during the continuance thereof. All rights and remedies arising under the Transaction
Documents, as amended from time to time, are cumulative and not exclusive of any other
rights or remedies that Purchaser may have; and

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

ARTICLE 14

SINGLE AGREEMENT

Purchaser and Seller acknowledge that, and have entered hereinto and will enter into each
Transaction hereunder in consideration of and in reliance upon the fact that, all Transactions
hereunder constitute a single business and contractual relationship and have been made in
consideration of each other. Accordingly, each of Purchaser and Seller agrees (i) to perform all
of its obligations in respect of each Transaction hereunder, and that a default in the performance
of any such obligations shall constitute a default by it in respect of all Transactions hereunder,
(ii) that each of them shall be entitled to set off claims and apply property held by them in
respect of any Transaction against obligations owing to them in respect of any other Transactions
hereunder and (iii) that payments, deliveries and other transfers made by either of them in respect
of any Transaction shall be deemed to have been made in consideration of payments, deliveries and
other transfers in respect of any other Transactions hereunder, and the obligations to make any
such payments, deliveries and other transfers may be applied against each other and netted.

ARTICLE 15

RECORDING OF COMMUNICATIONS

EACH OF PURCHASER AND SELLER SHALL HAVE THE RIGHT (BUT NOT THE OBLIGATION) FROM TIME TO TIME
TO MAKE OR CAUSE TO BE MADE TAPE RECORDINGS OF COMMUNICATIONS BETWEEN ITS EMPLOYEES, IF ANY, AND
THOSE OF THE OTHER PARTY WITH RESPECT TO TRANSACTIONS; PROVIDED, HOWEVER, THAT SUCH RIGHT TO RECORD
COMMUNICATIONS SHALL BE LIMITED TO COMMUNICATIONS OF EMPLOYEES TAKING PLACE ON THE TRADING FLOOR OF
THE APPLICABLE PARTY. EACH OF PURCHASER AND SELLER HEREBY CONSENTS TO THE ADMISSIBILITY OF SUCH
TAPE RECORDINGS IN ANY COURT, ARBITRATION, OR OTHER PROCEEDINGS, AND AGREES THAT A DULY
AUTHENTICATED TRANSCRIPT OF SUCH A TAPE RECORDING SHALL BE DEEMED TO BE A WRITING CONCLUSIVELY
EVIDENCING THE PARTIES’ AGREEMENT.

ARTICLE 16

NOTICES AND OTHER COMMUNICATIONS

Unless otherwise provided in this Agreement, all notices, consents, approvals and requests
required or permitted hereunder shall be given in writing and shall be effective for all purposes
if sent by (a) hand delivery, with proof of delivery, (b) certified or registered United States
mail, postage prepaid, (c) expedited prepaid delivery service, either commercial or United States
Postal Service, with proof of delivery, (d) by telecopier (with answerback acknowledged)
provided that such telecopied notice must also be delivered by one of the means set forth
in (a), (b) or (c) above, or (e) by electronic mail provided that such electronic mail
notice must also be delivered by one of the means set forth in (a), (b) or (c) above, to the
address specified in Exhibit I hereto or at such other address and person as shall be
designated from time to time by any party hereto, as the case may be, in a written notice to the
other parties hereto in the manner provided for in this Article 16. A notice shall be
deemed to have been given: (v) in the case of hand delivery, at the time of delivery, (w) in the
case of registered or certified mail, when delivered or the first attempted delivery on a Business
Day, (x) in the case of expedited prepaid delivery upon the first attempted delivery on a Business
Day, (y) in the case of telecopier, upon receipt of answerback confirmation, provided that
such telecopied notice was also delivered as required in this Article 16 or (z) in the case
of electronic mail, upon receipt of a verbal or electronic communication confirming receipt
thereof, provided that such electronic mail notice was also delivered as required in this
Article 16. A party receiving a notice that does not comply with the technical
requirements for notice under this Article 16 may elect to waive any deficiencies and treat
the notice as having been properly given.

ARTICLE 17

ENTIRE AGREEMENT; SEVERABILITY

This Agreement shall supersede any existing agreements between the parties containing general
terms and conditions for repurchase transactions. Each provision and agreement herein shall be
treated as separate and independent from any other provision or agreement herein and shall be
enforceable notwithstanding the unenforceability of any such other provision or agreement.

ARTICLE 18

NON-ASSIGNABILITY

Seller may not assign any of its rights or obligations under this Agreement without the prior
written consent of Purchaser and any attempt by Seller to assign any of its rights or obligations
under this Agreement without the prior written consent of Purchaser shall be null and void.
Subject to the terms of this Agreement, Purchaser may, without consent of Seller, but with five (5)
Business Days prior notice to Seller, sell to one or more banks, financial institutions or other
entities (“Participants”) participating interests in any Transaction, its interest in the
Purchased Assets, or any other interest of Purchaser under this Agreement. Subject to the terms of
this Agreement, Purchaser may, at any time and from time to time, assign to any Person (an
“Assignee” and together with Participants, each a “Transferee” and collectively,
the “Transferees”) all or any part of its rights and its interest in the Purchased Assets,
or any other interest of Purchaser under this Agreement. Seller agrees, at Purchaser’s sole cost
and expense, to cooperate with Purchaser in connection with any such assignment, transfer or sale
of participating interest and to enter into such restatements of, and amendments, supplements and
other modifications to, this Agreement in order to give effect to such assignment, transfer or
sale; provided, however, that, (i) such restatements, amendments, supplements
and/or modifications shall be subject to Seller’s prior written approval as to form and substance
and shall not materially alter any of Seller’s duties or obligations hereunder, (ii) Purchaser
shall act as exclusive agent for all Transferees in any dealings with Seller in with any such
proposed transactions and (iii) Seller shall not be obligated to deal directly with any party other
than Purchaser in connection with such transactions, or to pay or reimburse Purchaser for any costs
that would not have been incurred by Purchaser had no interest in such proposed transaction been
issued.

ARTICLE 19

GOVERNING LAW

THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND
THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN
SECTION 5-140 1 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

ARTICLE 20

NO WAIVERS, ETC.

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

ARTICLE 21

INTENT

(a) The parties recognize that each Transaction is a “repurchase agreement” as that term is
defined in Section 101(47) of Title 11 of the United States Code, as amended (except insofar as the
type of Assets subject to such Transaction or the term of such Transaction would render such
definition inapplicable), and a “securities contract” as that term is defined in Section 741 of
Title 11 of the United States Code, as amended (except insofar as the type of assets subject to
such Transaction would render such definition inapplicable).

(b) It is understood that either party’s right to liquidate Assets delivered to it in
connection with Transactions hereunder or to exercise any other remedies pursuant to Article
13 hereof is a contractual right to liquidate such Transaction as described in Sections 555,
559 and 561 of Title 11 of the United States Code, as amended.

(c) The parties agree and acknowledge that if a party hereto is an “insured depository
institution,” as such term is defined in the Federal Deposit Insurance Act, as amended
(“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term
is defined in the FDIA and any rules, orders or policy statements thereunder (except insofar as the
type of assets subject to such Transaction would render such definition inapplicable).

(d) It is understood that this Agreement constitutes a “netting contract” as defined in and
subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991
(“FDICIA”) and each payment entitlement and payment obligation under any Transaction
hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual
payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as one or
both of the parties is not a “financial institution” as that term is defined in FDICIA).

(e) It is understood that this Agreement constitutes a “master netting agreement” as defined
in Section 101(38A) of Title 11 of the United States Code, as amended, and as used in Section 561
of Title 11 of the United States Code, as amended.

(f) It is the intention of the parties that, for U.S. Federal, state and local income and
franchise tax purposes and for accounting purposes, each Transaction constitute a financing to
Seller, and that Seller be (except to the extent that Purchaser shall have exercised its remedies
following an Event of Default) the owner of the Purchased Assets for such purposes. Unless
prohibited by applicable law, Seller and Purchaser agree to treat the Transactions as described in
the preceding sentence on any and all filings with any U.S. Federal, state, or local taxing
authority.

ARTICLE 22

DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS

The parties acknowledge that they have been advised that:

(a) in the case of Transactions in which one of the parties is a broker or dealer registered
with the Securities and Exchange Commission (“SEC”) under Section 15 of the Exchange Act,
the Securities Investor Protection Corporation has taken the position that the provisions of the
Securities Investor Protection Act of 1970 (“SIPA”) do not protect the other party with
respect to any Transaction hereunder;

(b) in the case of Transactions in which one of the parties is a government securities broker
or a government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA
will not provide protection to the other party with respect to any Transaction hereunder; and

(c) in the case of Transactions in which one of the parties is a financial institution, funds
held by the financial institution pursuant to a Transaction hereunder are not a deposit and
therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union
Share Insurance Fund, as applicable.

ARTICLE 23

CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL

(a) Each party irrevocably and unconditionally (i) submits to the non-exclusive jurisdiction
of any United States Federal or New York State court sitting in Manhattan, and any appellate court
from any such court, solely for the purpose of any suit, action or proceeding brought to enforce
its obligations under this Agreement or relating in any way to this Agreement or any Transaction
under this Agreement and (ii) waives, to the fullest extent it may effectively do so, any defense
of an inconvenient forum to the maintenance of such action or proceeding in any such court and any
right of jurisdiction on account of its place of residence or domicile.

(b) To the extent that either party has or hereafter may acquire any immunity (sovereign or
otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set
off or any legal process (whether service or notice, attachment prior to judgment, attachment in
aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any of
its property, such party hereby irrevocably waives and agrees not to plead or claim such immunity
in respect of any action brought to enforce its obligations under this Agreement or relating in any
way to this Agreement or any Transaction under this Agreement.

(c) The parties hereby irrevocably waive, to the fullest extent each may effectively do so,
the defense of an inconvenient forum to the maintenance of such action or proceeding and
irrevocably consent to the service of any summons and complaint and any other process by the
mailing of copies of such process to them at their respective address specified herein. The
parties hereby agree that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by
law. Nothing in this Article 23 shall affect the right of either party to serve legal
process in any other manner permitted by law or affect the right of either party to bring any
action or proceeding against the other party or its property in the courts of other jurisdictions.

(d) EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION
DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER.

ARTICLE 24

NO RELIANCE

Seller and Purchaser hereby acknowledges, represents and warrants (as to itself) to the other
that, in connection with the negotiation of, the entering into, and the performance under, the
Transaction Documents and each Transaction thereunder:

(a) It is not relying (for purposes of making any investment decision or otherwise) upon any
advice, counsel or representations (whether written or oral) of the other party to the Transaction
Documents, other than the representations expressly set forth in the Transaction Documents;

(b) It has consulted with its own legal, regulatory, tax, business, investment, financial and
accounting advisors to the extent that it has deemed necessary, and it has made its own investment,
hedging and trading decisions (including decisions regarding the suitability of any Transaction)
based upon its own judgment and upon any advice from such advisors as it has deemed necessary and
not upon any view expressed by the other party;

(c) It is a sophisticated and informed Person that has a full understanding of all the terms,
conditions and risks (economic and otherwise) of the Transaction Documents and each Transaction
thereunder and is capable of assuming and willing to assume (financially and otherwise) those
risks;

(d) It is entering into the Transaction Documents and each Transaction thereunder for the
purposes of managing its borrowings or investments or hedging its assets or liabilities and not for
purposes of speculation; and

(e) It is not acting as a fiduciary or financial, investment or commodity trading advisor for
the other party and has not given the other party (directly or indirectly through any other Person)
any assurance, guarantee or representation whatsoever as to the merits (either legal, regulatory,
tax, business, investment, financial accounting or otherwise) of the Transaction Documents or any
Transaction thereunder.

ARTICLE 25

INDEMNITY

Seller hereby agrees to indemnify Purchaser, Purchaser’s Affiliates and each of its officers,
directors, employees and agents (“Indemnified Parties”) from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, taxes (including
stamp, excise, sales or other taxes that may be payable or determined to be payable with respect to
any of the Purchased Assets, Purchased Items or Collateral or in connection with any of the
transactions contemplated by this Agreement and the documents delivered in connection herewith,
other than income, withholding or other taxes imposed upon Purchaser), fees, costs, expenses
(including attorneys’ fees and disbursements) or disbursements (all of the foregoing, collectively
“Indemnified Amounts”) that are at any time (including, without limitation, such time as
this Agreement shall no longer be in effect and the Transactions shall have been repaid in full)
imposed on or asserted against any Indemnified Party in any way whatsoever arising out of or in
connection with, or relating to, or as a result of, this Agreement or any Transactions hereunder,
the other Transaction Documents, an Event of Default with respect to Seller or any action taken or
omitted to be taken by any Indemnified Party under or in connection with any of the foregoing;
provided that Seller shall not be liable for Indemnified Amounts resulting from the gross
negligence, illegal acts, fraud or willful misconduct of any Indemnified Party or from any default
under any of the Transaction Documents by an Indemnified Party. Without limiting the generality of
the foregoing, Seller agrees to hold Purchaser harmless from and indemnify Purchaser against all
Indemnified Amounts with respect to all Purchased Assets relating to or arising out of any
violation or alleged violation of any environmental law, rule or regulation or any consumer credit
laws, including without limitation ERISA, the Truth in Lending Act and/or the Real Estate
Settlement Procedures Act, that, in each case, results from anything other than Purchaser’s gross
negligence, fraud or willful misconduct. In any suit, proceeding or action brought by Purchaser in
connection with any Purchased Asset for any sum owing thereunder, or to enforce any provisions of
any Purchased Asset, Seller will save, indemnify and hold Purchaser harmless from and against all
expense (including attorneys’ fees), loss or damage suffered by reason of any defense, set-off,
counterclaim, recoupment or reduction or liability whatsoever of the account debtor or obligor
thereunder, arising out of a breach by Seller of any obligation thereunder or arising out of any
other agreement, indebtedness or liability at any time owing to or in favor of such account debtor
or obligor or its successors from Seller. Seller also agrees to reimburse Purchaser as and when
billed by Purchaser for all Purchaser’s reasonable costs and out-of-pocket expenses incurred in
connection with the enforcement or the preservation of Purchaser’s rights under this Agreement, any
Transaction Documents or Transaction contemplated hereby, including without limitation the
reasonable fees and disbursements of its counsel. Seller hereby acknowledges that the obligation
of Seller hereunder is a recourse obligation of Seller.

If an Indemnified Party claims indemnification under this Agreement, the Indemnified Party
shall promptly notify Seller of such indemnification claim. After notice by any Indemnified Party,
Seller shall defend such Indemnified Party against such indemnification claim (if requested by any
Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals
approved, in writing, by the Indemnified Party, which approval shall not be unreasonably withheld,
conditioned or delayed. Notwithstanding the foregoing, any Indemnified Party may, in its sole
discretion and at the expense of Seller, engage its own attorneys and other professionals to defend
or assist it if such Indemnified Party determines that the defense as conducted by Seller is not
proceeding or being diligently conducted in a commercially reasonable manner or that a conflict of
interest exists between any of the parties represented by Seller’s counsel in such action or
proceeding.

ARTICLE 26

DUE DILIGENCE

Seller acknowledges that, at reasonable times and upon reasonable notice to Seller, Purchaser
has the right to perform continuing due diligence reviews with respect to the Purchased Assets, the
Seller, the Guarantor and any Servicer affiliated with Seller for purposes of verifying compliance
with the representations, warranties and specifications made hereunder, or otherwise. Seller
agrees that upon reasonable prior notice, Seller, Guarantor and such Servicer shall provide
reasonable access to Purchaser and any of its agents, representatives or permitted assigns to the
offices of Seller, Guarantor and such Servicer during normal business hours and permit them to
examine, inspect, and make copies and extracts of the Purchased Asset Files, Servicing Records and
any and all documents, records, agreements, instruments or information relating to such Purchased
Assets in the possession or under the control of Seller, Guarantor, and such Servicer and during
such visit make available to them a knowledgeable financial or accounting officer of Seller,
Guarantor or such Servicer, as the case may be, for the purpose of answering questions about any of
the foregoing; provided however, unless an Event of Default (after all applicable
grace, notice and/or cure period) has occurred and is continuing, such on-site inspections shall be
limited to once per year.

Seller further agrees that, upon reasonable request from Purchaser, Seller shall provide
Purchaser and any of its agents, representatives or permitted assigns with copies of the Purchased
Asset Files, Servicing Records and any and all documents, records, agreements, instruments or
information relating to the Purchased Assets and Seller, Guarantor and any Servicer affiliated with
Seller in the possession or under the control of Seller, Guarantor and/or such Servicer in order to
allow Purchaser to complete any continuing due diligence and make available to them by phone a
knowledgeable financial or accounting officer of Seller, Guarantor or such Servicer, as the case
may be, for the purpose of answering questions about any of the foregoing.

Without limiting the generality of the foregoing, Seller acknowledges that Purchaser may enter
into Transactions with Seller based solely upon the information provided by Seller to Purchaser and
the representations, warranties and covenants contained herein, and that Purchaser, at its option,
has the right at any time to conduct a partial or complete due diligence review on some or all of
the Purchased Assets. Purchaser may underwrite such Purchased Assets itself or engage a third
party underwriter to perform such underwriting. Seller agrees to reasonably cooperate with
Purchaser and any third party underwriter in connection with such underwriting, including, but not
limited to, providing Purchaser and any third party underwriter with access to any and all
documents, records, agreements, instruments or information relating to such Purchased Assets in the
possession, or under the control, of Seller. Seller further agrees to reimburse Purchaser for any
and all reasonable attorneys’ fees, costs and expenses incurred by Purchaser in connection with
continuing due diligence pursuant to this Article 26, which amounts shall be paid by Seller
to Purchaser within five (5) Business Days after receipt of an invoice therefor, provided
however, unless an Event of Default (after all applicable grace, notice and/or cure period)
has occurred and is continuing, Seller shall not be required to reimburse continuing due diligence
costs in excess of $10,000 per year.

ARTICLE 27

SERVICING

(a) Seller agrees that Purchaser is owner of all Servicing Rights so long as the Purchased
Assets are subject to this Agreement. Notwithstanding the foregoing, Seller shall cause the
Purchased Assets to be serviced by a Servicer pursuant to the Interim Servicing Agreement at
Seller’s sole cost and for the benefit of Purchaser in accordance with Accepted Servicing Practices
approved by Purchaser in the exercise of its reasonable business judgment and maintained by other
prudent mortgage lenders with respect to assets similar to the Purchased Assets, provided,
however, that the obligations of Servicer (or Seller to cause Servicer) to service any of
the Purchased Assets shall cease, at Purchaser’s option, upon the occurrence and during the
continuation of an Event of Default. In such case, Seller shall take all actions necessary to
effectuate the underlying servicing transfer as expeditiously as possible. Notwithstanding the
foregoing, neither Seller nor such Servicer shall take any action or effect any modification or
amendment to any Purchased Asset without first having given prior notice thereof to Purchaser in
each such instance and receiving the prior written consent of Purchaser.

(b) Seller agrees that Purchaser is the owner of all servicing records, including but not
limited to the Servicing Agreement, files, documents, records, data bases, computer tapes, copies
of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing
documentation, payment history records, and any other records relating to or evidencing the
servicing of Purchased Assets (the “Servicing Records”) so long as the Purchased Assets are
subject to this Agreement. Seller covenants to safeguard such Servicing Records and to deliver
them promptly to Purchaser or its designee (including the Custodian) at Purchaser’s request.

(c) During the continuance of an Event of Default, Purchaser may, in its sole discretion, (i)
sell its right to the Purchased Assets on a servicing released basis or (ii) terminate Servicer or
any sub-servicer of the Purchased Assets with or without cause, in each case without payment of any
termination fee.

(d) The payment of servicing fees shall be subordinate to payment of amounts outstanding under
any Transaction and this Agreement.

(e) For the avoidance of doubt, Seller does not retain economic or other beneficial rights to
the Servicing Rights, other than Seller’s rights under the Interim Servicing Agreement. As such,
Seller expressly acknowledges that the Purchased Assets are sold to Purchaser on a “servicing
released” basis, subject to the terms of this Agreement.

ARTICLE 28

MISCELLANEOUS

(a) All rights, remedies and powers of Purchaser hereunder and in connection herewith are
irrevocable and cumulative, and not alternative or exclusive, and shall be in addition to all other
rights, remedies and powers of Purchaser whether under law, equity or agreement. In addition to
the rights and remedies granted to it in this Agreement, to the extent this Agreement is determined
to create a security interest, Purchaser shall have all rights and remedies of a secured party
under the UCC.

(b) The Transaction Documents may be executed in counterparts, each of which so executed shall
be deemed to be an original, but all of such counterparts shall together constitute but one and the
same instrument.

(c) The headings in the Transaction Documents are for convenience of reference only and shall
not affect the interpretation or construction of the Transaction Documents.

(d) Without limiting the rights and remedies of Purchaser under the Transaction Documents,
Seller shall pay Purchaser’s reasonable actual out-of-pocket costs and expenses, including
reasonable fees and expenses of accountants, attorneys and advisors, incurred in connection with
the preparation, negotiation, execution and consummation of, and any amendment, supplement or
modification to, the Transaction Documents and the Transactions thereunder, whether or not such
Transaction Document (or amendment thereto) or Transaction is ultimately consummated. Seller
agrees to pay Purchaser promptly all costs and expenses (including reasonable expenses for legal
services of every kind) of any subsequent enforcement of any of the provisions hereof, or of the
performance by Purchaser of any obligations of Seller in respect of the Purchased Assets, or any
actual or attempted sale, or any exchange, enforcement, collection, compromise or settlement in
respect of any of the Collateral or Purchased Items and for the custody, care or preservation of
the Collateral or Purchased Items (including insurance costs) and defending or asserting rights and
claims of Purchaser in respect thereof, by litigation or otherwise. In addition, Seller agrees to
pay Purchaser promptly all reasonable costs and expenses (including reasonable expenses for legal
services) incurred in connection with the maintenance of the Collection Account and registering the
Collateral and Purchased Items in the name of Purchaser or its nominee. All such expenses shall be
recourse obligations of Seller to Purchaser under this Agreement.

(e) In addition to any rights now or hereafter granted under applicable law or otherwise, and
not by way of limitation of such rights, Seller hereby grants to Purchaser and its Affiliates a
right of offset, to secure repayment of all amounts owing to Purchaser or its Affiliates by Seller
under the Transaction Documents, upon any and all monies, securities, collateral or other property
of Seller and the proceeds therefrom, now or hereafter held or received by Purchaser or its
Affiliates or any entity under the control of Purchaser or its Affiliates and their respective
successors and assigns (including, without limitation, branches and agencies of Purchaser, wherever
located), for the account of Seller, whether for safekeeping, custody, pledge, transmission,
collection, or otherwise, and also upon any and all deposits (general or specified) and credits of
Seller at any time existing. Purchaser and its Affiliates are hereby authorized at any time and
from time to time upon the occurrence and during the continuance of an Event of Default, without
notice to Seller, to offset, appropriate, apply and enforce such right of offset against any and
all items hereinabove referred to against any amounts owing to Purchaser or its Affiliates by
Seller under the Transaction Documents, irrespective of whether Purchaser or its Affiliates shall
have made any demand hereunder and although such amounts, or any of them, shall be contingent or
unmatured and regardless of any other collateral securing such amounts. Seller shall be deemed
directly indebted to Purchaser and its Affiliates in the full amount of all amounts owing to
Purchaser and its Affiliates by Seller under the Transaction Documents, and Purchaser and its
Affiliates shall be entitled to exercise the rights of offset provided for above. ANY AND ALL
RIGHTS TO REQUIRE PURCHASER OR ITS AFFILIATES TO EXERCISE THEIR RIGHTS OR REMEDIES WITH RESPECT TO
ANY OTHER COLLATERAL OR PURCHASED ITEMS THAT SECURE THE AMOUNTS OWING TO PURCHASER OR ITS
AFFILIATES BY SELLER UNDER THE TRANSACTION DOCUMENTS, PRIOR TO EXERCISING THEIR RIGHT OF OFFSET
WITH RESPECT TO SUCH MONIES, SECURITIES, COLLATERAL, DEPOSITS, CREDITS OR OTHER PROPERTY OF SELLER,
ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED BY SELLER.

(f) Each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or be
invalid under such law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of
this Agreement.

(g) This Agreement contains a final and complete integration of all prior expressions by the
parties with respect to the subject matter hereof and thereof and shall constitute the entire
agreement among the parties with respect to such subject matter, superseding all prior oral or
written understandings.

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

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

(j) Unless otherwise specifically enumerated, wherever pursuant to this Agreement Purchaser
exercises any right given to it to consent or not consent, or to approve or disapprove, or any
arrangement or term is to be satisfactory to, Purchaser in its sole discretion, Purchaser shall
decide to consent or not consent, or to approve or disapprove or to decide that arrangements or
terms are satisfactory or not satisfactory, in its sole and absolute discretion and such decision
by Purchaser shall be final and conclusive.

[REMAINDER OF PAGE LEFT BLANK]

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

	 	 	 	PURCHASER:

	 	 	 	BARCLAYS BANK PLC, a public limited company
organized under the laws of England and
Wales

	 	 	 	By:
/s/ Larry Kravetz

	 	 	Name: Larry Kravetz

Title: Managing Director

1

	 	 	 	SELLER:

	 	 	 	RAIT
CMBS CONDUIT II, LLC, a Delaware limited
liability company

	 	 	 	By:
RAIT FUNDING, LLC, a Delaware limited
liability company, its sole member and
manager

	 	 	 	By:
TABERNA REALTY FINANCE TRUST, a Maryland
real estate investment trust, its sole
member

	 	 	 	By:
/s/ Jack E. Salmon

	 	 	Name: Jack E. Salmon

Title: Chief Financial Officer

EXHIBIT I

NAMES AND ADDRESSES FOR COMMUNICATIONS BETWEEN PARTIES

	 	 	 	Purchaser: Barclays Bank PLC

	 	 	 
	745 7th Avenue

New York, New York 10019

	 	

	Attention: Francis X. Gilhool, Jr.

	Telephone: (212) 526-6970

	Fax: (646) 758-5334

	 	

	Email: francis.gilhool@barclayscapital.com

	with copies to:

	 	Dechert LLP

	 	 	 
	Cira Centre

2929 Arch Street

Philadelphia, PA 19104

	 	

	Attention: David W. Forti

	Telephone: (215) 994 2647

	Fax: (215) 655 2647

	 	

	Email: david.forti@dechert.com

	Seller:

	 	RAIT CMBS Conduit II, LLC

	 	 	 
	c/o RAIT Financial Trust

450 Park Avenue

New York, New York 10022

	 	

	Attention: Ron Wechsler and Scott Davidson

	Telephone: 215-243-9019

Fax: 215-405-2945

	 	

	Email: rwechsler@raitft.com and sdavidson@raitft.com

	with copies to:

	 	RAIT Financial Trust

2929 Arch Street, 17th Floor

Philadelphia, Pennsylvania 19104

Attention: Jamie Reyle, Esq., Corporate Counsel

Telephone: 215-243-9019

Fax: 215-405-2945

Email: jreyle@raitft.com

	 	 	 	and in the case of notices delivered under Section 4(a), with a copy to:

RAIT Financial Trust

2929 Arch Street, 17th Floor

Philadelphia, Pennsylvania 19104

Attention: James Sebra, Chief Accounting Officer

Telephone: 215-243-9000

Fax: 215-405-9097

Email: jsebra@raitft.com

EXHIBIT II

FORM OF CONFIRMATION STATEMENT

[Date]

To: Barclays Bank PLC

Ladies and Gentlemen:

Reference is made hereby to the Master Repurchase Agreement, dated as of November 23, 2011
(the “Agreement”), between Barclays Bank PLC (“Purchaser”) and RAIT CMBS Conduit
II, LLC (“Seller”). This Confirmation is being delivered to you, as Purchaser, to request
a Transaction pursuant to which Purchaser will purchase from us, as Seller, the Eligible Asset
identified on the attached Schedule 1 in accordance with the terms of the Agreement.
Capitalized terms used herein without definition have the meanings given in the Agreement.

	 	 	 
	Purchase Date:

Eligible Asset:

Aggregate Principal Amount of

Purchased Asset:

Repurchase Date:

Purchase Price:

Pricing Rate:

Purchase Price Percentage:

Governing Agreements:

Requested Wire Amount:

	 	     , 201_

[       Name]: As identified on attached Schedule 1

[$]

     , 201_

[$]

As defined in the Agreement

[ %]

As identified on attached Schedule 1

	Requested Fund Date:

	 	

	Type of Funding:

Wiring Instructions:

	 	[Wet][Dry] Funding

	Name and address for

communications:

	 	

	Purchaser:

	 	Barclays Bank PLC

	 	 	 
	745 7th Avenue

	 	

	New York, New York 10019

	Attention: Francis X. Gilhool, Jr.

	Telephone: (212) 526-6970

	Fax: (646) 758-5334

	 	

	Email: francis.gilhool@barclayscapital.com

	Seller:

	 	RAIT CMBS Conduit II, LLC

c/o RAIT Financial Trust

450 Park Avenue

New York, New York 10022

Attention: Ron Wechsler and Scott Davidson

Telephone: 215-243-9019

Fax: 215-405-2945

Email: rwechsler@raitft.com and sdavidson@raitft.com

If you agree to enter into the Transaction in accordance with the terms set forth in this
Confirmation, please return a countersigned copy of this Confirmation to Seller.

	 	 	 	RAIT
CMBS CONDUIT II, LLC, a Delaware limited
liability company

	 	 	 	By:
RAIT FUNDING, LLC, a Delaware limited
liability company, its sole member and
manager

	 	 	 	By:
TABERNA REALTY FINANCE TRUST, a Maryland
real estate investment trust, its sole
member

	 	 	 	By:

Name:

Title:

ACCEPTED AND AGREED:

BARCLAYS BANK PLC, a public limited company
organized under the laws of England and
Wales

By:       

Name:

Title:

Schedule 1 to Confirmation Statement

Purchased Asset:

Aggregate Principal Amount:

EXHIBIT III

AUTHORIZED REPRESENTATIVES OF SELLER

	 	 	 	 	 
	Name	 	Title	 	Specimen Signature
	Scott Schaeffer

	 	President and CEO
	 	

	 

	 	 
	 	

	Raphael Licht

	 	Chief Operating Officer
	 	

	 

	 	 
	 	

	Jack Salmon

	 	Chief Financial Officer
	 	

	 

	 	 
	 	

	Kenneth Frappier

	 	Executive Vice President
	 	

	 

	 	 
	 	

EXHIBIT IV

FORM OF POWER OF ATTORNEY

Know All Men by These Presents, that RAIT CMBS Conduit II, LLC, a limited liability company
organized under the laws of the State of Delaware (“Seller”), does hereby appoint Barclays
Bank PLC (“Purchaser”), its attorney-in-fact to act in Seller’s name, place and stead, upon
the occurrence and during the continuance of an Event of Default, in any way that Seller could do
with respect to (i) the completion of the endorsements of the Purchased Assets, including without
limitation the Mortgage Notes and Assignments of Mortgages, and any transfer documents related
thereto, (ii) the recordation of the Assignments of Mortgages, (iii) the preparation and filing, in
form and substance satisfactory to Purchaser, of such financing statements, continuation
statements, and other uniform commercial code forms, as Purchaser may from time to time, reasonably
consider necessary to create, perfect, and preserve Purchaser’s security interest in the Purchased
Assets and (iv) the enforcement of Seller’s rights under the Purchased Assets purchased by
Purchaser pursuant to the Master Repurchase Agreement, dated as of November 23, 2011 (the
“Repurchase Agreement”), between Purchaser and Seller, and to take such other steps as may
be necessary or desirable to enforce Purchaser’s rights against such Purchased Assets, the related
Purchased Asset Files and the Servicing Records to the extent that Seller is permitted by law to
act through an agent. Capitalized terms used but not otherwise defined herein shall have the
meanings assigned thereto in the Repurchase Agreement.

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

THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND
THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN
SECTION 5-140 1 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

[SIGNATURE PAGE FOLLOWS]

2

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

3

	 
	RAIT CMBS CONDUIT II, LLC, a Delaware limited liability company

By: RAIT FUNDING, LLC, a Delaware limited liability company, its sole member

and manager

By: TABERNA REALTY FINANCE TRUST, a Maryland real estate investment trust, its

sole member

	By:     

Name:

	Title:

	 	 	 
	STATE OF       

COUNTY OF       

	 	)

)

On       , 20      , before me,       , a Notary Public, personally appeared
     , who proved to me on the basis of satisfactory evidence to be the person whose
name is subscribed to the within instrument and acknowledged to me that he executed the same in his
authorized capacity, and that by his signature on the instrument the person, or the entity upon
behalf of which the person acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the        that the foregoing
paragraph is true and correct.

WITNESS my hand and official seal.

Signature       

(Seal)

EXHIBIT V

REPRESENTATIONS AND WARRANTIES

REGARDING EACH INDIVIDUAL PURCHASED ASSET

(attached)

4

EXHIBIT V

REPRESENTATIONS AND WARRANTIES

REGARDING EACH INDIVIDUAL PURCHASED ASSET

For purposes of the representations and warranties contained in this Exhibit V, the
phrases “the Seller’s knowledge” or “the Seller’s belief” and other words and phrases of like
import shall mean, except where otherwise expressly set forth herein, the actual state of knowledge
or belief of the Seller, its officers and employees responsible for the underwriting, origination,
servicing or sale of the Purchased Assets regarding the matters expressly set forth herein. All
information contained in documents which are part of the Servicing Records shall be deemed to be
within the Seller’s knowledge.

Capitalized terms used but not defined in this Exhibit V shall have the respective
meanings given them in the Master Repurchase Agreement to which this Exhibit V is attached.

Seller acknowledges and agrees that the representations and warranties contained in this
Exhibit V may be amended from time to time by Purchaser in its reasonable discretion to
conform such representations and warranties to Purchaser’s then current standard representations
and warranties for commercial mortgage-backed securitization transactions; provided, that
such amended representations and warranties shall only apply to Purchased Assets that are
originated after the date Seller receives written notice of the amended representations and
warranties.

CERTAIN DEFINED TERMS

“Anticipated Repayment Date” shall mean, with respect to any Mortgage Loan that is
identified on the related Seller Asset Schedule as an ARD Loan, the date upon which such Mortgage
Loan commences accruing interest at an increased interest rate.

“ARD Loan” shall mean a Mortgage Loan the terms of which provide that if, after an
Anticipated Repayment Date, the related Mortgagor has not prepaid such Mortgage Loan in full, any
principal outstanding on the Anticipated Repayment Date will accrue interest at an increased
interest rate.

“Assignment of Leases” shall mean any assignment of leases, rents and profits or
similar document or instrument executed by a Mortgagor in connection with the origination of a
Mortgage Loan.

“Companion Interest” shall mean, with respect to any Mortgage Loan, any B note or
other subordinate obligation of the Mortgagor under such Mortgage Loan secured by the same Mortgage
as such Mortgage Loan.

“Mortgage Rate” shall mean, with respect to each Mortgage Loan, the related annualized
rate at which interest is scheduled (in the absence of a default) to accrue on such Mortgage Loan
from time to time in accordance with the related Mortgage Note and applicable law.

“REMIC Provisions” shall mean the provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through 860G of Subchapter
M of Chapter 1 of the Code, and related provisions, and proposed, temporary and final Treasury
regulations and any published rulings, notices and announcements promulgated thereunder, as the
foregoing may be in effect from time to time.

REPRESENTATIONS AND WARRANTIES

1. Complete Servicing File. All documents comprising the Servicing Records are in the
possession of the Servicer.

2. Whole Loan; Ownership of Mortgage Loans. Except with respect to each A-Note that
is part of a Mortgage Loan, each Purchased Asset is a whole Mortgage Loan and not a participation
interest or other partial interest in a Mortgage Loan. Each A-Note that is part of a Mortgage Loan
is a senior portion (or a pari passu portion of a senior portion) of a whole Mortgage Loan
evidenced by a senior note. Immediately prior to the sale, transfer and assignment to Purchaser, no
Mortgage Note or Mortgage was subject to any assignment (other than assignments to the Seller),
participation or pledge, and the Seller had good title to, and was the sole owner of, each Mortgage
Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any other
ownership interests on, in or to such Mortgage Loan other than any servicing rights appointment or
similar agreement and the rights of the holder of a Companion Interest under the related co-lender
agreement. Seller has full right and authority to sell, assign and transfer each Purchased Asset,
and the assignment to Purchaser constitutes a legal, valid and binding assignment of such Purchased
Asset free and clear of any and all liens, pledges, charges or security interests of any nature
encumbering such Purchased Asset other than the rights of the holder of a Companion Interest under
the related co-lender agreement.

3. Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases
(if a separate instrument) and other agreement executed by or on behalf of the related Mortgagor in
connection with such Purchased Asset is the legal, valid and binding obligation of the related
Mortgagor (subject to any non-recourse provisions contained in any of the foregoing agreements and
any applicable state anti-deficiency or market value limit deficiency legislation), as applicable,
and is enforceable in accordance with its terms, except as such enforcement may be limited by
(i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws
affecting the enforcement of creditors’ rights generally and (ii) general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity or at law and
except that certain provisions in such Purchased Asset Documents (including, without limitation,
provisions requiring the payment of default interest, late fees or prepayment/yield maintenance
fees, charges and/or premiums) may be further limited or rendered unenforceable by or under
applicable law, but (subject to the limitations set forth in clause (i) above) such limitations or
unenforceability will not render such Purchased Asset Documents invalid as a whole or materially
interfere with the mortgagee’s realization of the principal benefits and/or security provided
thereby (clauses (i) and (ii) collectively, the “Insolvency Qualifications”).

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

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

5. Hospitality Provisions. The Purchased Asset Documents for each Mortgage Loan that
is secured by a hospitality property operated pursuant to a franchise agreement include an executed
comfort letter or similar agreement signed by the Mortgagor and franchisor of such property
enforceable by the Purchaser or any subsequent holder of such Mortgage Loan (including a
securitization trustee) against such franchisor, either directly or as an assignee of the
originator. The Mortgage or related security agreement for each Mortgage Loan secured by a
hospitality property creates a security interest in the revenues of such property for which a UCC
financing statement has been filed in the appropriate filing office.

6. Mortgage Status; Waivers and Modifications. Since origination and except by
written instruments set forth in the related Purchased Asset File (a) the material terms of each
Mortgage, Mortgage Note, Mortgage Loan guaranty and related operative Purchased Asset Documents
have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded
in any respect which materially interferes with the security intended to be provided by such
Mortgage; (b) no related Underlying Mortgaged Property or any portion thereof has been released
from the lien of the related Mortgage in any manner which materially interferes with the security
intended to be provided by such Mortgage or the use or operation of the remaining portion of such
Underlying Mortgaged Property; and (c) the Mortgagor has not been released from its material
obligations under the Mortgage Loan.

7. Lien; Valid Assignment. Subject to the Insolvency Qualifications, each assignment
of Mortgage and assignment of Assignment of Leases from the Seller constitutes a legal, valid and
binding assignment from the Seller. Each related Mortgage and Assignment of Leases is freely
assignable without the consent of the related Mortgagor. Each related Mortgage is a legal, valid
and enforceable first lien on the related Mortgagor’s fee (or if identified on the related Seller
Asset Schedule, leasehold) interest in the Underlying Mortgaged Property in the principal amount of
such Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined
below) or any other title exceptions identified to Purchaser in a Requested Exceptions Report
(“Title Exceptions”)), except as the enforcement thereof may be limited by the Insolvency
Qualifications. Such Underlying Mortgaged Property (subject to Permitted Encumbrances or any Title
Exceptions) as of its origination and the Purchase Date, to Seller’s knowledge, is free and clear
of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances
which are prior to or equal with the lien of the related Mortgage, except those which are bonded
over, escrowed for or insured against by a lender’s title insurance policy, and, to the Seller’s
knowledge and subject to the rights of tenants (subject to and excepting Permitted Encumbrances and
any other Title Exceptions), and no rights exist which under law could give rise to any such lien
or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those
which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as
described below). Notwithstanding anything herein to the contrary, no representation is made as to
the perfection of any security interest in rents or other personal property to the extent that
possession or control of such items or actions other than the filing of UCC financing statements is
required in order to effect such perfection.

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

9. Junior Liens. It being understood that B notes secured by the same Mortgage as a
Mortgage Loan are not subordinate mortgages or junior liens, there are no subordinate mortgages or
junior liens securing the payment of money encumbering the related Underlying Mortgaged Property
(other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics and
materialmens liens (which are the subject of the representation in paragraph (7) above), and
equipment and other personal property financing). Except as set forth on the related Seller Asset
Schedule, the Seller has no knowledge of any mezzanine debt secured directly by interests in the
related Mortgagor.

10. Assignment of Leases and Rents. There exists as part of the related Purchased
Asset File an Assignment of Leases (either as a separate instrument or incorporated into the
related Mortgage). Subject to Permitted Encumbrances and Title Exceptions, each related Assignment
of Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien
or security interest in, rents and certain rights under the related lease or leases, subject only
to a license granted to the related Mortgagor to exercise certain rights and to perform certain
obligations of the lessor under such lease or leases, including the right to operate the related
leased property, except as the enforcement thereof may be limited by the Insolvency Qualifications.
The related Mortgage or related Assignment of Leases, subject to applicable law, provides that,
upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for the
collection of rents or for the related mortgagee to enter into possession to collect the rents or
for rents to be paid directly to the mortgagee.

11. [Reserved].

12. Condition of Property. Seller or the originator of the Mortgage Loan inspected or
caused to be inspected each related Underlying Mortgaged Property within four (4) months of
origination of the Mortgage Loan and within six (6) months of the Purchase Date.

An engineering report or property condition assessment was prepared in connection with the
origination of each Mortgage Loan no more than six (6) months prior to the Purchase Date. The
Seller has no knowledge of any material damage to the Underlying Mortgaged Property that the Seller
believes would have a material adverse effect on the value of the Underlying Mortgaged Property
other than those disclosed in the engineering report or property condition assessment delivered to
Purchaser in accordance with Exhibit VII.

13. Taxes and Assessments. All taxes, governmental assessments and other outstanding
governmental charges (including, without limitation, water and sewage charges), or installments
thereof, which could be a lien on the related Underlying Mortgaged Property that would be of equal
or superior priority to the lien of the Mortgage and that prior to the Purchase Date have become
delinquent in respect of each related Underlying Mortgaged Property have been paid, or an escrow of
funds has been established in an amount sufficient to cover such payments and reasonably estimated
interest and penalties, if any, thereon. For purposes of this representation and warranty, real
estate taxes and governmental assessments and other outstanding governmental charges and
installments thereof shall not be considered delinquent until the earlier of (a) the date on which
interest and/or penalties would first be payable thereon and (b) the date on which enforcement
action is entitled to be taken by the related taxing authority.

14. Condemnation. As of the date of origination and to the Seller’s knowledge as of
the Purchase Date, there is no proceeding pending and, to the Seller’s knowledge as of the date of
origination and as of the Purchase Date, there is no proceeding threatened for the total or partial
condemnation of such Underlying Mortgaged Property that would have a material adverse effect on the
value, use or operation of the Underlying Mortgaged Property.

15. Actions Concerning Mortgage Loan. As of the date of origination and to the
Seller’s knowledge as of the Purchase Date, there was no pending, filed or threatened action, suit
or proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor, or
Mortgagor’s interest in the Underlying Mortgaged Property, an adverse outcome of which would
reasonably be expected to materially and adversely affect (a) title to the Underlying Mortgaged
Property, (b) the validity or enforceability of the Mortgage, (c) such Mortgagor’s ability to
perform under the related Mortgage Loan, (d) such guarantor’s ability to perform under the related
guaranty, or (e) the current principal use of the Underlying Mortgaged Property.

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

17. No Holdbacks. The principal amount of the Mortgage Loan stated on the related
Seller Asset Schedule has been fully disbursed as of the Purchase Date and there is no requirement
for future advances thereunder (except in those cases where the full amount of the Mortgage Loan
has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the
satisfaction of certain conditions relating to leasing, repairs or other matters with respect to
the related Underlying Mortgaged Property, the Mortgagor or other considerations determined by
Seller to merit such holdback).

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

Each related Underlying Mortgaged Property is also covered, and required to be covered
pursuant to the related Purchased Asset Documents, by business interruption or rental loss
insurance which (subject to a customary deductible) covers a period of not less than twelve (12)
months (or with respect to each Mortgage Loan on a single asset with a principal balance of $50
million or more, eighteen (18) months).

If any material part of the improvements, exclusive of a parking lot, located on a Underlying
Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency
Management Agency as having special flood hazards, the related Mortgagor is required to maintain
insurance in the maximum amount available under the National Flood Insurance Program.

If the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the
Atlantic coast of Florida, Georgia, South Carolina or North Carolina, the related Mortgagor is
required to maintain coverage for windstorm and/or windstorm related perils and/or “named storms”
issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from
windstorm and/or windstorm related perils and/or named storms.

The Underlying Mortgaged Property is covered, and required to be covered pursuant to the
related Purchased Asset Documents, by a commercial general liability insurance policy issued by an
insurer meeting the Insurance Rating Requirements including coverage for property damage,
contractual damage and personal injury (including bodily injury and death) in amounts as are
generally required by prudent institutional commercial mortgage lenders, and in any event not less
than $1 million per occurrence and $2 million in the aggregate.

An architectural or engineering consultant has performed an analysis of each of the Mortgaged
Properties located in seismic zones 3 or 4 in order to evaluate the structural and seismic
condition of such property for the sole purpose of assessing the probable maximum loss
(“PML”) for the Underlying Mortgaged Property in the event of an earthquake. In such
instance, the PML was based on a 475-year return period, an exposure period of 50 years and a 10%
probability of exceedance. If the resulting report concluded that the PML would exceed 20% of the
amount of the replacement costs of the improvements, earthquake insurance on such Underlying
Mortgaged Property was obtained by an insurer meeting the Insurance Rating Requirements in an
amount not less than 100% of the PML.

The Purchased Asset Documents require insurance proceeds in respect of a property loss to be
applied either (a) to the repair or restoration of all or part of the related Underlying Mortgaged
Property, with respect to all property losses in excess of 5% of the outstanding principal amount
of the related Mortgage Loan, the lender (or a trustee appointed by it) having the right to hold
and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the
outstanding principal balance of such Mortgage Loan together with any accrued interest thereon.

All premiums on all insurance policies referred to in this section required to be paid as of
the related Purchase Date have been paid, and such insurance policies name the lender under the
Mortgage Loan and its successors and assigns as a loss payee under a mortgagee endorsement clause
or, in the case of the general liability insurance policy, as named or additional insured. Such
insurance policies will inure to the benefit of the Purchaser. Each related Mortgage Loan
obligates the related Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to
do so, authorizes the lender to maintain such insurance at the Mortgagor’s cost and expense and to
charge such Mortgagor for premiums. All such insurance policies (other than commercial liability
policies) require at least ten (10) days’ prior notice to the lender of termination or cancellation
arising because of nonpayment of a premium and at least thirty (30) days prior notice to the lender
of termination or cancellation (or such lesser period, not less than ten (10) days, as may be
required by applicable law) arising for any reason other than non-payment of a premium and no such
notice has been received by Seller.

19. Access; Utilities; Separate Tax Lots. Each Underlying Mortgaged Property (a) is
located on or adjacent to a public road and has direct legal access to such road, or has access
via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a
public road, (b) is served by or has uninhibited access rights to public or private water and sewer
(or well and septic) and all required utilities, all of which are appropriate for the current use
of the Underlying Mortgaged Property, and (c) constitutes one or more separate tax parcels which do
not include any property which is not part of the Underlying Mortgaged Property or is subject to an
endorsement under the related Title Policy insuring the Underlying Mortgaged Property, or in
certain cases, an application has been, or will be, made to the applicable governing authority for
creation of separate tax lots, in which case the Mortgage Loan requires the Mortgagor to escrow an
amount sufficient to pay taxes for the existing tax parcel of which the Underlying Mortgaged
Property is a part until the separate tax lots are created.

20. No Encroachments. Based solely on surveys obtained in connection with origination
and the lender’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a
preliminary title policy with escrow instructions or a “marked up” commitment) obtained in
connection with the origination of each Mortgage Loan, all material improvements that were included
for the purpose of determining the appraised value of the related Underlying Mortgaged Property at
the time of the origination of such Mortgage Loan are within the boundaries of the related
Underlying Mortgaged Property, except encroachments that do not materially and adversely affect the
value or current use of such Underlying Mortgaged Property or for which insurance or endorsements
were obtained under the Title Policy. No improvements on adjoining parcels encroach onto the
related Underlying Mortgaged Property except for encroachments that do not materially and adversely
affect the value or current use of such Underlying Mortgaged Property, after taking into account
any applicable provisions of the Title Policy. No improvements encroach upon any easements except
for encroachments the removal of which would not materially and adversely affect the value or
current use of such Underlying Mortgaged Property or for which insurance or endorsements were
obtained under the Title Policy.

21. No Contingent Interest or Equity Participation. No Mortgage Loan has a shared
appreciation feature, any other contingent interest feature or a negative amortization feature
(except that an ARD Loan may provide for the accrual of the portion of interest in excess of the
rate in effect prior to the Anticipated Repayment Date) or an equity participation by Seller.

22. REMIC. The Mortgage Loan is a “qualified mortgage” within the meaning of Section
860G(a)(3) of the Code (but determined without regard to the rule in Treasury Regulations Section
1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and,
accordingly, (a) the issue price of the Mortgage Loan to the related Mortgagor at origination did
not exceed the non-contingent principal amount of the Mortgage Loan and (b) either: (i) such
Mortgage Loan is secured by an interest in real property (including buildings and structural
components thereof, but excluding personal property) having a fair market value (A) at the date the
Mortgage Loan was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan
on such date or (B) at the Purchase Date at least equal to 80% of the adjusted issue price of the
Mortgage Loan on such date, provided that for purposes hereof, the fair market value of the real
property interest must first be reduced by (1) the amount of any lien on the real property interest
that is senior to the Mortgage Loan and (2) a proportionate amount of any lien that is in parity
with the Mortgage Loan; or (ii) substantially all of the proceeds of such Mortgage Loan were used
to acquire, improve or protect the real property which served as the only security for such
Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the
meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the Mortgage Loan was
“significantly modified” prior to the Purchase Date so as to result in a taxable exchange under
Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably
foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause
(b)(i)(A) above (substituting the date of the last such modification for the date the Mortgage Loan
was originated) or sub-clause (b)(i)(B), including the proviso thereto. Any prepayment premium and
yield maintenance charges applicable to the Mortgage Loan constitute “customary prepayment
penalties” within the meaning of Treasury Regulations Section 1.860G-(b)(2). All terms used in
this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

23. Compliance with Usury Laws. The Mortgage Rate (exclusive of any default interest,
late charges, yield maintenance charge, or prepayment premiums) of such Mortgage Loan complied as
of the date of origination with, or was exempt from, applicable state or federal laws, regulations
and other requirements pertaining to usury.

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

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

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

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

28. Recourse Obligations. The Purchased Asset Documents for each Mortgage Loan
provide that such Mortgage Loan (a) becomes full recourse to the Mortgagor and guarantor (which is
a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with
the Mortgagor) that has assets other than equity in the related Underlying Mortgaged Property that
are not de minimis) in any of the following events: (i) if any voluntary petition for bankruptcy,
insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal
or state law, shall be filed by the Mortgagor; (ii) Mortgagor or guarantor shall have colluded with
other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii)
voluntary transfers of either the Underlying Mortgaged Property or equity interests in Mortgagor
made in violation of the Purchased Asset Documents; and (b) contains provisions providing for
recourse against the Mortgagor and guarantor (which is a natural person or persons, or an entity
distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than
equity in the related Underlying Mortgaged Property that are not de minimis), for losses and
damages sustained by reason of Mortgagor’s (i) misappropriation of rents after the occurrence of an
event of default under the Mortgage Loan, (ii) misappropriation of security deposits, insurance
proceeds, or condemnation awards; (iii) fraud or intentional material misrepresentation; (iv)
breaches of the environmental covenants in the Purchased Asset Documents; or (v) commission of
intentional material physical waste at the Underlying Mortgaged Property.

29. Mortgage Releases. The terms of the related Mortgage or related Purchased Asset
Documents do not provide for release of any material portion of the Underlying Mortgaged Property
from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment, or
partial Defeasance (as defined in paragraph (34)), of not less than a specified percentage at least
equal to the lesser of (i) 110% of the related allocated loan amount of such portion of the
Underlying Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b)
upon payment in full of such Mortgage Loan, (c) upon a Defeasance defined in (34) below, (d)
releases of out-parcels that are unimproved or other portions of the Underlying Mortgaged Property
which will not have a material adverse effect on the underwritten value of the Underlying Mortgaged
Property and which were not afforded any material value in the appraisal obtained at the
origination of the Mortgage Loan and are not necessary for physical access to the Underlying
Mortgaged Property or compliance with zoning requirements, or (e) as required pursuant to an order
of condemnation. With respect to any partial release under the preceding clauses (a) or (d),
either: (x) such release of collateral (i) would not constitute a “significant modification” of the
subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii)
would not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning
of Section 860G(a)(3)(A) of the Code; or (y) the mortgagee or servicer can, in accordance with the
related Purchased Asset Documents, condition such release of collateral on the related Mortgagor’s
delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause
(x). For purposes of the preceding clause (x), for any Mortgage Loan originated after December 6,
2010, if the fair market value of the real property constituting such Underlying Mortgaged Property
after the release is not equal to at least 80% of the principal balance of the Mortgage Loan
outstanding after the release, the Mortgagor is required to make a payment of principal in an
amount not less than the amount required by the REMIC Provisions.

In the case of any Mortgage Loan originated after December 6, 2010, in the event of a taking
of any portion of a Underlying Mortgaged Property by a State or any political subdivision or
authority thereof, whether by legal proceeding or by agreement, the Mortgagor can be required to
pay down the principal balance of the related Mortgage Loan in an amount not less than the amount
required by the REMIC Provisions and, to such extent, may not be required to be applied to the
restoration of the Underlying Mortgaged Property or released to the Mortgagor if, immediately after
the release of such portion of the Underlying Mortgaged Property from the lien of the Mortgage (but
taking into account the planned restoration) the fair market value of the real property
constituting the remaining Underlying Mortgaged Property is not equal to at least 80% of the
remaining principal balance of the Mortgage Loan.

In the case of any Mortgage Loan originated after December 6, 2010, no Mortgage Loan that is
secured by more than one Underlying Mortgaged Property or that is cross-collateralized with another
Mortgage Loan permits the release of cross-collateralization of the related Mortgaged Properties,
other than in compliance with the REMIC Provisions.

30. Financial Reporting and Rent Rolls. The Purchased Asset Documents for each
Mortgage Loan require the Mortgagor to provide the owner or holder of the Mortgage with quarterly
(other than for single-tenant properties) and annual operating statements, and quarterly (other
than for single-tenant properties) and rent rolls for properties that have leases contributing more
than 5% of the in-place base rent and annual financial statements, which annual financial
statements with respect to each Mortgage Loan with more than one Mortgagor are in the form of an
annual combined balance sheet of the Mortgagor entities (and no other entities), together with the
related combined statements of operations, members’ capital and cash flows, including a combining
balance sheet and statement of income for the Mortgaged Properties on a combined basis.

31. Acts of Terrorism Exclusion. With respect to each Mortgage Loan over $20 million,
the related special-form all-risk insurance policy and business interruption policy (issued by an
insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism,
as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance
Program Reauthorization Act of 2007 (collectively referred to as “TRIA”), from coverage, or
if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect
to each other Mortgage Loan, the related special all-risk insurance policy and business
interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of
the date of origination of the Mortgage Loan, and, to Seller’s knowledge, do not, as of the
Purchase Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if
such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to
each Mortgage Loan, the related Purchased Asset Documents do not expressly waive or prohibit the
mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related
thereto; provided, however, that if TRIA or a similar or subsequent statute is not
in effect, then, provided that terrorism insurance is commercially available, the Mortgagor under
each Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall
not be required to spend on terrorism insurance coverage more than two times the amount of the
insurance premium that is payable at such time in respect of the property and business
interruption/rental loss insurance required under the related Purchased Asset Documents (without
giving effect to the cost of terrorism and earthquake components of such casualty and business
interruption/rental loss insurance), and if the cost of terrorism insurance exceeds such amount,
the Mortgagor is required to purchase the maximum amount of terrorism insurance available with
funds equal to such amount.

32. Due-on-Sale or Encumbrance. Subject to specific exceptions set forth below, each
Mortgage Loan contains a “due on sale” or other such provision for the acceleration of the payment
of the unpaid principal balance of such Mortgage Loan if, without the consent of the holder of the
Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the
requirements of the related Purchased Asset Documents (which provide for transfers without the
consent of the lender which are customarily acceptable to prudent commercial and multifamily
mortgage lending institutions lending on the security of property comparable to the related
Underlying Mortgaged Property, including, without limitation, transfers of worn-out or obsolete
furnishings, fixtures, or equipment promptly replaced with property of equivalent value and
functionality and transfers by leases entered into in accordance with the Purchased Asset
Documents), (a) the related Underlying Mortgaged Property, or any equity interest of greater than
50% in the related Mortgagor, is directly or indirectly pledged, transferred or sold, other than as
related to (i) family and estate planning transfers or transfers upon death or legal incapacity,
(ii) transfers to certain affiliates as defined in the related Purchased Asset Documents, (iii)
transfers of less than, or other than, a controlling interest in the related Mortgagor, (iv)
transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person
designated in the related Purchased Asset Documents or a Person satisfying specific criteria
identified in the related Purchased Asset Documents, (v) transfers of stock or similar equity units
in publicly traded companies, (vi) a substitution or release of collateral within the parameters of
paragraphs 29 and 34 herein or (vii) any mezzanine debt that existed at the origination of the
related Mortgage Loan, or future permitted mezzanine debt or (b) the related Underlying Mortgaged
Property is encumbered with a subordinate lien or security interest against the related Underlying
Mortgaged Property, other than (i) any Companion Interest of any Mortgage Loan or any subordinate
debt that existed at origination and is permitted under the related Purchased Asset Documents, (ii)
purchase money security interests, (iii) any Mortgage Loan that is cross-collateralized and
cross-defaulted with another Mortgage Loan or (iv) Permitted Encumbrances. The Mortgage or other
Purchased Asset Documents provide that to the extent any rating agency fees are incurred in
connection with the review of and consent to any transfer or encumbrance, the Mortgagor is
responsible for such payment along with all other reasonable fees and expenses incurred by the
mortgagee relative to such transfer or encumbrance.

33. Single-Purpose Entity. Each Mortgage Loan requires the Mortgagor to be a
Single-Purpose Entity for at least as long as the Mortgage Loan is outstanding. Both the Purchased
Asset Documents and the organizational documents of the Mortgagor with respect to each Mortgage
Loan with a Purchase Date principal balance in excess of $5 million provide that the Mortgagor is a
Single-Purpose Entity, and each Mortgage Loan with a Purchase Date principal balance of $20 million
or more has a counsel’s opinion regarding non-consolidation of the Mortgagor. For this purpose, a
“Single-Purpose Entity” shall mean an entity, other than an individual, whose
organizational documents (or if the Mortgage Loan has a Purchase Date principal balance equal to $5
million or less, its organizational documents or the related Purchased Asset Documents) provide
substantially to the effect that it was formed or organized solely for the purpose of owning and
operating one or more of the Mortgaged Properties securing the Mortgage Loans and prohibit it from
engaging in any business unrelated to such Underlying Mortgaged Property or Properties, and whose
organizational documents further provide, or which entity represented in the related Purchased
Asset Documents, substantially to the effect that it does not have any assets other than those
related to its interest in and operation of such Underlying Mortgaged Property or Properties, or
any indebtedness other than as permitted by the related Mortgage(s) or the other related Purchased
Asset Documents, that it has its own books and records and accounts separate and apart from those
of any other person (other than a Mortgagor for a Mortgage Loan that is cross-collateralized and
cross-defaulted with the related Mortgage Loan), and that it holds itself out as a legal entity,
separate and apart from any other person or entity.

34. Defeasance. With respect to any Mortgage Loan that, pursuant to the Purchased
Asset Documents, can be defeased (a “Defeasance”), (i) the Purchased Asset Documents
provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of
conditions specified in the Purchased Asset Documents; (ii) the Mortgage Loan cannot be defeased
within two (2) years after the securitization thereof; (iii) the Mortgagor is permitted to pledge
only United States “government securities” within the meaning of Treasury Regulations Section
1.860G-2(a)(8)(ii), the revenues from which will, in the case of a full Defeasance, be sufficient
to make all scheduled payments under the Mortgage Loan when due, including the entire remaining
principal balance on the maturity date (or on or after the first date on which payment may be made
without payment of a yield maintenance charge or prepayment penalty) or, if the Mortgage Loan is an
ARD Loan, the entire principal balance outstanding on the Anticipated Repayment Date, and if the
Mortgage Loan permits partial releases of real property in connection with partial defeasance, the
revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a
principal amount equal to a specified percentage at least equal to the lesser of (i) 110% of the
allocated loan amount for the real property to be released and (ii) the outstanding principal
balance of the Mortgage Loan; (iv) the Mortgagor is required to provide a certification from an
independent certified public accountant that the collateral is sufficient to make all scheduled
payments under the Mortgage Note as set forth in (iii) above, (v) if the Mortgagor would continue
to own assets in addition to the defeasance collateral, the portion of the Mortgage Loan secured by
defeasance collateral is required to be assumed (or the mortgagee may require such assumption) by a
Single-Purpose Entity; (vi) the Mortgagor is required to provide an opinion of counsel that the
mortgagee has a perfected security interest in such collateral prior to any other claim or
interest; and (vii) the Mortgagor is required to pay all rating agency fees associated with
defeasance (if rating confirmation is a specific condition precedent thereto) and all other
reasonable expenses associated with defeasance, including, but not limited to, accountant’s fees
and opinions of counsel.

35. Fixed Interest Rates. Each Mortgage Loan bears interest at a rate that remains
fixed throughout the remaining term of such Mortgage Loan, except in the case of ARD loans and
situations where default interest is imposed.

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

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

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

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

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

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

(e) The ground lease is assignable to the holder of the Mortgage Loan and its assigns
without the consent of the lessor thereunder (or if such consent is necessary it has been
obtained);

(f) The Seller has not received any written notice of material default under or notice
of termination of such ground lease. To the Seller’s knowledge, there is no default under
such ground lease and no condition that, but for the passage of time or giving of notice,
would result in a default under the terms of such ground lease and to the Seller’s
knowledge, such ground lease is in full force and effect as of the Purchase Date;

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

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

(i) The ground lease does not impose any restrictions on subletting that would be
viewed as commercially unreasonable by a prudent commercial mortgage lender;

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

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

(l) Provided that the lender cures any defaults which are susceptible to being cured,
the ground lessor has agreed to enter into a new lease with lender upon termination of the
ground lease for any reason, including rejection of the ground lease in a bankruptcy
proceeding.

37. Servicing. The servicing and collection practices used by the Seller with respect
to the Mortgage Loan have been, in all respects, legal and have met customary industry standards
for servicing of commercial loans for conduit loan programs.

38. Origination and Underwriting. The origination practices of the Seller (or the
related originator if the Seller was not the originator) with respect to each Mortgage Loan have
been, in all material respects, legal and as of the date of its origination, such Mortgage Loan and
the origination thereof complied in all material respects with, or was exempt from, all
requirements of federal, state or local law relating to the origination of such Mortgage Loan;
provided that such representation and warranty does not address or otherwise cover any matters with
respect to federal, state or local law otherwise covered in this Exhibit V.

39. [Reserved].

40. No Material Default; Payment Record. No Mortgage Loan has been more than thirty
(30) days delinquent, without giving effect to any grace or cure period, in making required
payments since origination, and as of the date hereof, no Mortgage Loan is more than thirty (30)
days delinquent (beyond any applicable grace or cure period) in making required payments. To the
Seller’s knowledge, there is (a) no material default, breach, violation or event of acceleration
existing under the related Mortgage Loan, or (b) no event (other than payments due but not yet
delinquent) which, with the passage of time or with notice and the expiration of any grace or cure
period, would constitute a material default, breach, violation or event of acceleration, which
default, breach, violation or event of acceleration, in the case of either (a) or (b), materially
and adversely affects the value of the Mortgage Loan or the value, use or operation of the related
Underlying Mortgaged Property, provided, however, that this representation and
warranty does not cover any default, breach, violation or event of acceleration that specifically
pertains to or arises out of an exception scheduled to any other representation and warranty made
by the Seller in this Exhibit V. No person other than the holder of such Mortgage Loan may
declare any event of default under the Mortgage Loan or accelerate any indebtedness under the
Purchased Asset Documents.

41. Bankruptcy. As of the date of origination and to the Seller’s actual knowledge as
of the Purchase Date, neither the Underlying Mortgaged Property (other than tenants of such
Underlying Mortgaged Property), nor any portion thereof, is the subject of, and no Mortgagor,
guarantor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy,
insolvency or similar proceeding.

42. Organization of Mortgagor. With respect to each Mortgage Loan, in reliance on
certified copies of the organizational documents of the Mortgagor delivered by the Mortgagor in
connection with the origination of such Mortgage Loan, the Mortgagor is an entity organized under
the laws of a state of the United States of America, the District of Columbia or the Commonwealth
of Puerto Rico. Except with respect to any Mortgage Loan that is cross-collateralized and cross
defaulted with another Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of
another Mortgagor.

43. Environmental Conditions. A Phase I environmental site assessment (or update of a
previous Phase I and or Phase II site assessment) and, with respect to certain Mortgage Loans, a
Phase II environmental site assessment (collectively, an “ESA”) meeting ASTM requirements
conducted by a reputable environmental consultant in connection with such Mortgage Loan within
twelve (12) months prior to its origination date (or an update of a previous ESA was prepared), and
such ESA (i) did not identify the existence of recognized environmental conditions (as such term is
defined in ASTM E1527-05 or its successor, hereinafter “Environmental Condition”) at the related
Mortgaged Property or the need for further investigation, or (ii) if the existence of an
Environmental Condition or need for further investigation was indicated in any such ESA, then at
least one of the following statements is true: (A) an amount reasonably estimated by a reputable
environmental consultant to be sufficient to cover the estimated cost to cure any material
noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed
by the related Mortgagor and is held or controlled by the related lender; (B) if the only
Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor
air, lead based paint or lead in drinking water, the only recommended action in the ESA is the
institution of such a plan, an operations or maintenance plan has been required to be instituted by
the related Mortgagor that can reasonably be expected to mitigate the identified risk; (C) the
Environmental Condition identified in the related environmental report was remediated or abated in
all material respects prior to the date hereof, and, if and as appropriate, a no further action or
closure letter was obtained from the applicable governmental regulatory authority (or the
environmental issue affecting the related Mortgaged Property was otherwise listed by such
governmental authority as “closed” or a reputable environmental consultant has concluded that no
further action is required); (D) an environmental policy or a lender’s pollution legal liability
insurance policy meeting the requirements set forth below that covers liability for the identified
circumstance or condition was obtained from an insurer rated no less than A- (or the equivalent) by
Moody’s, S&P and/or Fitch; (E) a party not related to the Mortgagor was identified as the
responsible party for such condition or circumstance and such responsible party has financial
resources reasonably estimated to be adequate to address the situation; or (F) a party related to
the Mortgagor having financial resources reasonably estimated to be adequate to address the
situation is required to take action. To Seller’s knowledge, except as set forth in the ESA, there
is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the
related Underlying Mortgaged Property.

44. [Reserved].

45. Appraisal. The Purchased Asset File contains an appraisal of the related
Underlying Mortgaged Property with an appraisal date within six (6) months of the Mortgage Loan
origination date, and within six (6) months of the Purchase Date. The appraisal is signed by an
appraiser who is a Member of the Appraisal Institute (“MAI”) and, to the Seller’s
knowledge, had no interest, direct or indirect, in the Underlying Mortgaged Property or the
Mortgagor or in any loan made on the security thereof, and whose compensation is not affected by
the approval or disapproval of the Mortgage Loan. Each appraiser has represented in such appraisal
or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards
of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal
Foundation.

46. Seller Asset Schedule. The information pertaining to each Purchased Asset which
is set forth in the related Seller Asset Schedule is true and correct in all material respects as
of the Purchase Date and contains all information required by the Agreement to be contained
therein.

47. Cross-Collateralization. No Mortgage Loan is cross-collateralized or
cross-defaulted with any other Mortgage Loan, except as set forth on the related Seller Asset
Schedule.

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

49. Compliance with Anti-Money Laundering Laws. Seller has complied in all material
respects with all applicable anti-money laundering laws and regulations, including without
limitation the USA Patriot Act of 2001 with respect to the origination of the Mortgage Loan.

EXHIBIT VI

FORM OF ESCROW AGREEMENT

[Date]

VIA FAX

Barclays Bank PLC

745 7th Avenue

New York, New York 10019

Attention: Francis X. Gilhool, Jr.

Fax: (646) 758-5334

Attention:

	 	 	 	Acquisition of [      ] (the “Asset”) by RAIT CMBS Conduit II, LLC
(“Seller”)

Ladies and Gentlemen:

This letter shall constitute the instructions to be followed by [SETTLEMENT AGENT] (the
“Settlement Agent”) in connection with Seller’s acquisition of the Asset, which shall be
financed pursuant to the terms of that certain Master Repurchase Agreement, dated as of
November 23, 2011 (as amended, restated, supplemented, or otherwise modified and in effect from
time to time, the “Master Repurchase Agreement”) by and between Seller and Barclays Bank
PLC (“Purchaser”).

By its execution of this Letter, the Settlement Agent agrees to act as exclusive agent and bailee
for Purchaser with respect to the transaction described herein.

Upon or prior to notification that the Settlement Agent has received the Asset Documents (as
defined below), Purchaser will wire or cause to be wired to Settlement Agent on [Purchase Date]
(the “Purchase Date”) an amount equal to $[      ] (the “Proceeds”), which Proceeds
shall be disbursed by the Settlement Agent to the party entitled thereto as set forth on the
settlement statement executed by Seller and Purchaser, a copy of which is attached as Exhibit
A hereto (the “Disbursement Instructions”).

Before the Proceeds may be disbursed by the Settlement Agent, the Settlement Agent shall be
unconditionally obligated and prepared to comply with all requirements of this letter and shall
have received each of the following Asset Loan Documents (collectively, the “Asset
Documents”):

	 	 	 	[List documents to be collected by Settlement Agent]

Upon receipt by the Settlement Agent of the Asset Documents and the Proceeds, the Settlement Agent
shall do each of the following in the order specified:

	 	1.	 	Disburse the Proceeds in accordance with the Disbursement Instructions.

	 	2.	 	Deliver the Asset Documents via overnight mail to the Custodian at the following
address:

Wells Fargo Bank, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Kathleen A. Marshall

Telephone: 612-667-8032

Fax: 612-466-5416

Email: kathleen.a.marshall@wellsfargo.com

	 	3.	 	Notify Purchaser that all of the foregoing actions have been completed.

Notwithstanding the foregoing, Settlement Agent shall be permitted to deliver recorded pages of the
following Asset Documents to Custodian within 2 Business Days of receipt thereof from the
applicable recording office:

[List permitted post-closing docs]

All costs and expenses incurred in carrying out these instructions shall be borne by Seller, and
the Settlement Agent shall not look to any other party for reimbursement of, or liability for, such
costs and expenses.

The Settlement Agent hereby agrees (i) that the Settlement Agent has obtained whatever assurances
it deems necessary from the appropriate parties to firmly bind itself to fully and completely carry
out the instructions set forth herein and (ii) that Purchaser is entitled to rely on the terms and
provisions of this agreement in wiring the Proceeds and shall be the intended beneficiary hereof.

If for any reason the Proceeds are funded by Purchaser to the Settlement Agent and the funds have
not been disbursed by the Settlement Agent as specified herein on or before 5:00 P.M. (New York
time) on the date that is two (2) Business Days after the Purchase Date, the Settlement Agent shall
contact Purchaser immediately for further instructions. In the event that the Settlement Agent is
advised to return the Proceeds to Purchaser, the Settlement Agent agrees to do so on demand in
accordance with the instructions provided by Purchaser, without regard to any contrary instructions
from Seller. If Seller’s acquisition of the Asset is delayed, the Settlement Agent will return the
Asset Documents to Seller unless otherwise instructed by Seller.

If Seller’s acquisition of the Asset is delayed and the Proceeds have been received by the
Settlement Agent, it is understood by Seller that interest shall accrue on the Proceeds at the rate
which would have applied under the Master Repurchase Agreement had the acquisition been completed,
from the time such amount is received by the Settlement Agent until it is returned to Purchaser,
and Seller shall be liable for all such accrued interest.

	 
	[SETTLEMENT AGENT]

By:     

Name:

	Title:

	Notice Information

	 

	Address:

	Attention:

	Fax:

	ACCEPTED AND AGREED:

	 

	 	 	 	RAIT
CMBS CONDUIT II, LLC, a Delaware limited
liability company, as Seller

	 	 	 	By:
RAIT FUNDING, LLC, a Delaware limited
liability company, its sole member and
manager

	 	 	 	By:
TABERNA REALTY FINANCE TRUST, a Maryland
real estate investment trust, its sole
member

	 	 	 
	 	 	By:

	 	 	Name:

	 	 	Title:

	ACCEPTED AND AGREED:
	 	

	 
	BARCLAYS BANK PLC, a public limited company organized
	under the laws of England and Wales
	By:
	 	     

Name:

Title:

Notice Information

Address: 745 7th Avenue, New York, New York 10019

Fax: (646) 758-5334

EXHIBIT VII

ADVANCE PROCEDURES

Submission of Due Diligence Package. No less than ten (10) Business Days prior to the
each Purchase Date, Seller shall deliver to Purchaser for Purchaser’s review and approval a due
diligence package with respect to each Eligible Asset proposed to be purchased on such proposed
Purchase Date, which shall contain the following items (the “Due Diligence Package”):

(1) Purchased Asset Documents. With respect to each Eligible Asset:

(a) if such Eligible Asset is a Dry Purchased Asset, each of the Purchased Asset
Documents along with blacklines of the executed versions of such Purchased Asset Documents
against the approved form Purchased Asset Documents; provided, however, if
such Eligible Asset has not been originated and closed at the time of such delivery, Seller
shall deliver (i) copies of all draft Purchased Asset Documents, blacklined against the
approved form Purchased Asset Documents and (ii) no less than three (3) Business Days prior
to the proposed Purchase Date, executed copies of all Purchased Asset Documents along with
blacklines of the executed versions of such Purchased Asset Documents against the previously
delivered drafts;

(b) if such Eligible Asset is a Wet Purchased Asset, (i) copies of all draft Purchased
Asset Documents, blacklined against the approved form Purchased Asset Documents, (ii) no
later than 11:00 a.m. on the Business Day before the requested Purchase Date, execution
versions in final form of (A) the Mortgage Note endorsed by the Seller in blank, without
recourse (either on the face thereof or pursuant to a separate allonge), (B) the Mortgage,
(C) evidence satisfactory to Purchaser that all documents necessary to perfect Seller’s
(and, by means of assignment to Buyer on the Purchase Date, Buyer’s) interest in the
collateral and (D) such other components of the Purchased Asset File as Purchaser may
require on a case by case basis with respect to the particular Purchased Asset, in each
case, along with blacklines of such executed Purchased Asset Documents against the
previously delivered drafts and (iii) not later than the third (3rd) Business Day following
the related Purchase Date, executed copies of all Purchased Asset Documents along with
blacklines of such executed Purchased Asset Documents against the previously delivered
drafts.

(c) if such Eligible Asset is a Wet Purchased Asset, a fully executed and delivered
Escrow Agreement;

(d) certificates or other evidence of insurance demonstrating insurance coverage in
respect of the underlying real estate directly or indirectly securing or supporting such
Eligible Asset of types, in amounts, with insurers and otherwise in compliance with the
terms, provisions and conditions set forth in the Purchased Asset Documents;
provided, however, if such certificates or other evidence of insurance are
not available at least ten (10) Business Day prior to the related Purchase Date, Seller
shall deliver such certificates or other evidence of insurance to Purchaser (i) if such
Eligible Asset is a Dry Purchased Asset, no less than three (3) Business Days prior to the
related Purchase Date and in any case, prior to approval of such Eligible Asset by Purchaser
in accordance with paragraph (10) below or (ii) if such Eligible Asset is a Wet
Purchased Asset, no later than 11:00 a.m. on the Business Day before the requested Purchase
Date. Such certificates or other evidence shall indicate that Seller, will be named as an
additional insured as its interest may appear and shall contain a loss payee endorsement in
favor of such additional insured with respect to the policies required to be maintained
under the Purchased Asset Documents;

(e) all surveys of the underlying real estate directly or indirectly securing or
supporting such Eligible Asset that are in Seller’s possession;

(f) as reasonably requested by Purchaser, satisfactory reports of UCC, tax lien,
judgment and litigation searches and title updates conducted by search firms and/or title
companies reasonably acceptable to Purchaser with respect to the Eligible Asset, underlying
real estate directly or indirectly securing or supporting such Eligible Asset, Seller and
Mortgagor, such searches to be conducted in each location Purchaser shall reasonably
designate;

(g) an unconditional commitment to issue a Title Policy in favor of Seller and Seller’s
successors and/or assigns with respect to Seller’s interest in the related real property and
insuring the assignment of the Eligible Asset to Purchaser, with an amount of insurance that
shall be not less than the maximum principal amount of the Eligible Asset, or an endorsement
or confirmatory letter from the title insurance company that issued the existing title
insurance policy, in favor of Seller and Seller’s successors and/or assigns, that amends the
existing title insurance policy by stating that the amount of the insurance is not less than
the maximum principal amount of the Eligible Asset (taking into account the proposed
Advance); and

(h) certificates of occupancy and zoning reports certifying that the property is in
compliance with all applicable zoning laws, each issued by the appropriate Governmental
Authority.

(2) Transaction-Specific Due Diligence Materials. Each of the following:

(a) a summary memorandum outlining the proposed Transaction, including transaction
benefits and all material underwriting risks, all Underwriting Issues and all other
characteristics of the Eligible Asset that a reasonable loan buyer would consider material,

(b) the Seller Asset Schedule and, if available, maps and photos of the underlying real
estate directly or indirectly securing or supporting such Eligible Asset;

(c) a current rent roll and roll over schedule;

(d) a cash flow pro-forma, plus historical information;

(e) a description of the underlying real estate directly or indirectly securing or
supporting such Eligible Asset and any other collateral securing such Eligible Asset, the
related collateral securing such Eligible Asset, if any;

(f) indicative debt service coverage ratios;

(g) indicative loan-to-value ratios;

(h) a term sheet outlining the transaction generally;

(i) a description of the Mortgagor and sponsor, including experience with other
projects (real estate owned), their ownership structure (including, without limitation, the
board of directors, if applicable) and financial statements;

(j) a description of Seller’s relationship, if any, to the Mortgagor and sponsor; and

(k) copies of documents evidencing such Eligible Asset, or current drafts thereof,
including, without limitation, underlying debt and security documents, guaranties, the
underlying borrower’s and guarantor’s organizational documents, warrant agreements, and loan
and collateral pledge agreements, as applicable, provided that, if same are not
available to Seller at the time of Seller’s submission of the Due Diligence Package to
Purchaser, Seller shall deliver such items to Purchaser promptly upon Seller’s receipt of
such items.

(3) Environmental and Engineering. A “Phase 1” (and, if requested by Purchaser,
“Phase 2”) environmental report, an asbestos survey, if applicable, and an engineering
report, each in form reasonably satisfactory to Purchaser, by an engineer or environmental
consultant reasonably approved by Purchaser.

(4) Credit Memorandum. A credit memorandum, asset summary or other similar document
that details cash flow underwriting, historical operating numbers, underwriting footnotes, rent
roll and lease rollover schedule.

(5) Appraisal. An appraisal by a member of the Appraisal Institute performed in
accordance with The Federal Institutions Reform, Recovery and Enforcement Act of 1989, as amended.
The related appraisal shall (A) be dated less than twelve (12) months prior to the origination of
the Eligible Asset and (B) not be ordered by the related borrower or an Affiliate of the related
borrower.

(6) Opinions of Counsel. An opinion of counsel addressed to Seller and its successors
and assigns from counsel to the underlying obligor on the underlying loan transaction as to
enforceability of the loan documents governing such transaction and such other matters as Purchaser
shall require (including, without limitation, opinions as to due formation, authority, choice of
law, bankruptcy and perfection of security interests).

(7) Additional Real Estate Matters. To the extent obtained by Seller from the
Mortgagor or the underlying obligor at the origination of the Eligible Asset, such other real
estate related certificates and documentation as may have been requested by Purchaser, such as
abstracts of all leases in effect at the real property relating to such Eligible Asset.

(8) Exceptions Report. A list of all exceptions to the representations and warranties
set forth in Exhibit V to this Agreement and any other eligibility criteria (the
“Requested Exceptions Report”).

(9) Other Documents. Any other documents as Purchaser or its counsel shall reasonably
deem necessary.

(10) Approval of Eligible Asset. Conditioned upon the timely and satisfactory
completion of Seller’s requirements in paragraph (1) above, Purchaser shall, no less than
five (5) Business Days prior to the proposed Purchase Date (i) notify Seller in writing (which may
take the form of electronic mail format) that Purchaser has not approved the proposed Eligible
Asset as a Purchased Asset or (ii) notify Seller in writing (which may take the form of electronic
mail format) that Purchaser has approved the proposed Eligible Asset as a Purchased Asset.
Purchaser’s failure to respond to Seller on or prior to five (5) Business Days prior to the
proposed Purchase Date, shall be deemed to be a denial of Seller’s request that Purchaser approve
the proposed Eligible Asset, unless Purchaser and Seller has agreed otherwise in writing.

(11) Assignment Documents. No less than one (1) Business Days prior to the proposed
Purchase Date, Seller shall have executed and delivered to Purchaser, in form and substance
reasonably satisfactory to Purchaser and its counsel, all applicable assignment documents assigning
to Purchaser the proposed Eligible Asset that shall be subject to no liens except as expressly
permitted by Purchaser. Each of the assignment documents shall contain such representations and
warranties as is customary for transactions of this nature.

EXHIBIT VIII

FORM OF MARGIN CALL

[DATE]

	 	 	 
	Via Electronic Transmission

	[SELLER]

	 	

	[      ]

	[      ]

	Attention:

	 	[      ]

	 	 	 	Re: Master Repurchase Agreement, dated as of November 23, 2011 (as amended,
restated, supplemented, or otherwise modified and in effect from time to time, the
“Master Repurchase Agreement”), by and between Barclays Bank PLC
(“Purchaser”) and RAIT CMBS Conduit II, LLC (“Seller”)

Ladies and Gentlemen:

Pursuant to Article 4(a) of the Master Repurchase Agreement, Purchaser hereby notifies
Seller that a Margin Deficit Event has occurred as set forth below. Capitalized terms used but not
otherwise defined herein shall have the meanings assigned thereto in the Master Repurchase
Agreement.

	 	 	 
	Purchased Asset:

Repurchase Price for Purchased Asset:

	 	[      ]

$     

(a) Margin Amount for Purchased Asset: $     

(b) 98% multiplied by Repurchase Price for Purchased Asset $     

A Margin Deficit Event exists when the amount in (a) above is less than the amount in (b)
above.

	 	 	 
	MARGIN DEFICIT:

Accrued interest from [ ] to [ ]:

TOTAL WIRE DUE:

	 	$     

$     

$     

WHEN A MARGIN DEFICIT EVENT EXISTS, SELLER IS REQUIRED TO CURE THE MARGIN DEFICIT SPECIFIED
ABOVE IN ACCORDANCE WITH THE MASTER REPURCHASE AGREEMENT AND WITHIN THE TIME PERIOD SPECIFIED IN
ARTICLE 4(b) THEREOF.

5

	 	 	 	BARCLAYS BANK PLC, a public limited company
organized under the laws of England and
Wales

	 	 	 	By:

Name:

Title:

EXHIBIT IX

UCC FILING JURISDICTIONS

State of Delaware

EXHIBIT X

FORM OF RELEASE LETTER

[DATE]

Barclays Bank PLC

745 7th Avenue

New York, New York 10019

Attention: Francis X. Gilhool, Jr.

	 	 	 	Re: Master Repurchase Agreement, dated as of November 23, 2011 by and between
Barclays Bank PLC (“Purchaser”) and RAIT CMBS Conduit II, LLC
(“Seller”) (as amended, restated, supplemented, or otherwise modified and in
effect from time to time, the “Master Repurchase Agreement”)

Ladies and Gentlemen:

With respect to the Purchased Assets described in the attached Schedule A (the
“Purchased Assets”) (a) we hereby certify to you that the Purchased Assets are not subject
to a lien of any third party, and (b) we hereby release to you all rights, interests or claims of
any kind other than any rights, interests or claims under the Master Repurchase Agreement with
respect to such Purchased Assets, such release to be effective automatically without further action
by any party upon payment by Purchaser of the amount of the Purchase Price contemplated under the
Master Repurchase Agreement (calculated in accordance with the terms thereof) in accordance with
the wiring instructions set forth in the Master Repurchase Agreement. Capitalized terms used but
not otherwise defined herein shall have the meanings assigned thereto in the Master Repurchase
Agreement.

	 	 	 	Very
truly yours,

	 	 	 	RAIT
CMBS CONDUIT II, LLC, a Delaware limited
liability company

	 	 	 	By:
RAIT FUNDING, LLC, a Delaware limited
liability company, its sole member and
manager

	 	 	 	By:
TABERNA REALTY FINANCE TRUST, a Maryland
real estate investment trust, its sole
member

	 	 	 	By:

Name:

Title:

6

Schedule A

[List of Purchased Asset Documents]

EXHIBIT XI

FORM OF COVENANT COMPLIANCE CERTIFICATE

[DATE]

Barclays Bank PLC

745 7th Avenue

New York, New York 10019

Attention: Francis X. Gilhool, Jr.

	 	 	 	Re: Master Repurchase Agreement, dated as of November 23, 2011 (as amended,
restated, supplemented, or otherwise modified and in effect from time to time, the
“Master Repurchase Agreement”) by and between Barclays Bank PLC
(“Purchaser”) and RAIT CMBS Conduit II, LLC (“Seller”)

Ladies and Gentlemen:

This Covenant Compliance Certificate is furnished pursuant to that Master Repurchase
Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings
assigned thereto in the Master Repurchase Agreement.

THE UNDERSIGNED HEREBY CERTIFIES (NOT IN ITS INDIVIDUAL CAPACITY BUT SOLEY IN ITS CAPACITY AS
A RESPONSIBLE OFFICER OF SELLER) THAT:

	 	(i)	 	I am a duly elected Responsible Officer of Seller.

	 	(ii)	 	All of the financial statements, calculations and other information set forth
in this Covenant Compliance Certificate, including, without limitation, in any exhibit
or other attachment hereto, are true, complete and correct as of the date hereof.

	 	(iii)	 	I have reviewed the terms of the Master Repurchase Agreement and I have made,
or have caused to be made under my supervision, a detailed review of the transactions
and financial condition of Seller during the accounting period covered by the financial
statements attached (or most recently delivered to Purchaser if none are attached).

	 	(iv)	 	I am not aware of any facts, or pending developments that have caused the
Market Value of any Purchased Asset to decline as of the date hereof.

	 	(v)	 	As of the date hereof, and since the date of the certificate most recently
delivered pursuant to Article 11(j)(v) of the Master Repurchase Agreement, Seller has
observed or performed all of its covenants and other agreements in all material
respects, and satisfied in all material respects (unless waived by Purchaser), every
condition, contained in the Master Repurchase Agreement and the related documents to be
observed, performed or satisfied by it.

	 	(vi)	 	[IF FINANCIAL STATEMENTS ARE NOT ATTACHED: The examinations described in
Paragraph 3 above did not disclose, and I have no knowledge of, the existence of any
condition or event which constitutes an Event of Default or Default as of the date of
this Covenant Compliance Certificate (including after giving effect to any pending
Transactions requested to be entered into), except as set forth below.] [IF FINANCIAL
STATEMENTS ARE ATTACHED: The examinations described in Paragraph 3 above did not
disclose, and I have no knowledge of, the existence of any condition or event which
constitutes an Event of Default or Default during or at the end of the accounting
period covered by the attached financial statements, or as of the date of this Covenant
Compliance Certificate (including after giving effect to any pending Transactions
requested to be entered into), except as set forth below.]

	 	(vii)	 	As of the date hereof, each of the representations and warranties made by
Seller in the Master Repurchase Agreement are true, correct and complete in all
material respects with the same force and effect as if made on and as of the date
hereof, except as disclosed in a Requested Exceptions Report approved by Purchaser.

	 	(viii)	 	Seller hereby representation and warrants that (i) it is in compliance with all of
the terms and conditions of the Master Repurchase Agreement and (ii) it has no claim or
offset against Purchaser under the Transaction Documents.

	 	(ix)	 	To the best of my knowledge, Seller has, during the period since the delivery
of the immediately preceding Covenant Compliance Certificate, observed or performed all
of its covenants and other agreements in all material respects, and satisfied in all
material respects every condition, contained in the Master Repurchase Agreement and the
related documents to be observed, performed or satisfied by it, and I have no knowledge
of the occurrence during such period, or present existence, of any condition or event
which constitutes an Event of Default or Default (including after giving effect to any
pending Transactions requested to be entered into), except as set forth below.

	 	(x)	 	[IF FINANCIAL SUMMARY PROPERTY PERFORMANCE REPORTS ARE ATTACHED: Attached
hereto are the summary property performance reports required to be delivered pursuant
to Article 11(j) of the Master Repurchase Agreement, which reports, to the best
of my knowledge after due inquiry, fairly and accurately present in all material
respects, the related Purchased Assets as of the date or with respect to the period
therein specified, determined in accordance with the requirements set forth in
Article 11(j) of the Master Repurchase Agreement.]

	 	(xi)	 	[IF FINANCIAL STATEMENTS ARE ATTACHED: Attached hereto are the financial
statements required to be delivered pursuant to Article 11(j) of the Master Repurchase
Agreement, which financial statements, to the best of my knowledge after due inquiry,
fairly and accurately present in all material respects, the financial condition and
operations of Seller as of the date or with respect to the period therein specified,
determined in accordance with the requirements set forth in Article 11(j) of the Master
Repurchase Agreement.]

	 	(xii)	 	[IF FINANCIAL STATEMENTS ARE ATTACHED: Attached hereto are the calculations
demonstrating compliance with the financial covenants set forth in the Guaranty.]

Described below are the exceptions, if any, to any of the foregoing, listing, in detail, the
nature of the condition or event, the period during which it has existed and the action which the
Guarantor or Seller has taken, is taking, or proposes to take with respect to each such condition
or event:

The foregoing certifications, together with the financial statements, updates, reports,
materials, calculations and other information set forth in any exhibit or other attachment hereto,
or otherwise covered by this Covenant Compliance Certificate, are made and delivered as of the date
first above written.

	 	 	 	RAIT
CMBS CONDUIT II, LLC, a Delaware limited
liability company

	 	 	 	By:
RAIT FUNDING, LLC, a Delaware limited
liability company, its sole member and
manager

	 	 	 	By:
TABERNA REALTY FINANCE TRUST, a Maryland
real estate investment trust, its sole
member

	 	 	 	By:

Name:

Title:

EXHIBIT XII

ELIGIBILITY MATRIX

(see attached)

EXHIBIT XIII

SELLER ASSET SCHEDULE

Loan ID #:

Borrower Name:

Borrower Address:

Borrower City:

Borrower State:

Borrower Zip Code:

Recourse?

Guaranteed?

Related Borrower Name(s):

Original Principal Balance:

Note Date:

Loan Date:

Loan Type (e.g. fixed/arm):

Current Principal Balance:

Current Interest Rate (per annum):

Paid to date:

Annual P&I:

Next Payment due date:

Index (complete whether fixed or arm):

Gross Spread/Margin (complete whether fixed or arm):

Life Cap:

Life Floor:

Periodic Cap:

Periodic Floor:

Rounding Factor:

Lookback (in days):

Interest Calculation Method (e.g., Actual/360):

Interest rate adjustment frequency:

P&I payment frequency:

First P&I payment due:

First interest rate adjustment date:

First payment adjustment date:

Next interest rate adjustment date:

Next payment adjustment date:

Conversion Date:

Converted Interest Rate Index:

Converted Interest Rate Spread:

Maturity date:

ARD Loan?

Loan term:

Amortization term:

Hyper-Amortization Flag:

Hyper-Amortization Term:

Hyper-Amortization Rate Increase:

Balloon Amount:

Balloon LTV:

Prepayment Penalty Flag:

Prepayment Penalty Text:

Lockout Period:

Lien Position:

Fee/Leasehold:

Ground Lease Expiration Date:

CTL (Yes/No):

CTL Rating (Moody’s):

CTL Rating (Duff):

CTL Rating (S&P):

CTL Rating (Fitch):

Lease Guarantor:

CTL Lease Type (NNN, NN, Bondable):

Property Name:

Property Address:

Property City:

Property Zip Code:

Property Type (General):

Property Type (Specific):

Cross-collateralized (Yes/No):*

Property Size:

Year built:

Year renovated:

Actual Average Occupancy:

Occupancy Rent Roll Date:

Underwritten Average Occupancy:

Largest Tenant:

Largest Tenant SF:

Largest Tenant Lease Expiration:

2nd Largest Tenant:

2nd Largest Tenant SF:

2nd Largest Tenant Lease Expiration:

3rd Largest Tenant:

3rd Largest Tenant SF:

3rd Largest Tenant Lease Expiration:

Underwritten Average Rental Rate/ADR:

Underwritten Vacancy/Credit Loss:

Underwritten Other Income:

Underwritten Total Revenues:

Underwritten Replacement Reserves:

Underwritten Management Fees:

Underwritten Franchise Fees:

Underwritten Total Expenses:

Underwritten Leasing Commissions:

Underwritten Tenant Improvement Costs:

Underwritten NOI:

Underwritten NCF:

Underwritten Debt Service Constant:

Underwritten DSCR at NOI:

Underwritten DSCR at NCF:

Underwritten NOI Period End Date:

Hotel Franchise:

Hotel Franchise Expiration Date:

Appraiser Name:

Appraised Value:

Appraisal Date:

Appraisal Cap Rate:

Appraisal Discount Rate:

Underwritten LTV:

Environmental Report Preparer:

Environmental Report Date:

Environmental Report Issues:

Covered by Environmental Insurance (Yes/No):

Architectural and Engineering Report Preparer:

Architectural and Engineering Report Date:

Deferred Maintenance Amount:

Ongoing Replacement Reserve Requirement per A&E Report:

Immediate Repairs Escrow % (e.g. [      ]%):

Replacement Reserve Annual Deposit:

Replacement Reserve Balance:

Tenant Improvement/Leasing Commission Annual Deposits:

Tenant Improvement/Leasing Commission Balance:

Taxes paid through date:

Monthly Tax Escrow:

Tax Escrow Balance:

Insurance paid through date:

Monthly Insurance Escrow:

Insurance Escrow Balance:

Reserve/Escrow Balance as of Date:

Probable Maximum Loss %:

Covered by Earthquake Insurance (Yes/No):

Number of times 30 days late in last 12 months:

Number of times 60 days late in last 12 months:

Number of times 90 days late in last 12 months:

Servicing Fee:

Secondary Financing in Place (Yes/No)

Secondary Financing Amount

Secondary Financing Description

Future Supplemental Financing (Yes/No)

Future Supplemental Financing Description

Notes:

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

7EX-10.2

GUARANTY

GUARANTY, dated as of November 23, 2011 (this “Guaranty”), made by RAIT Financial
Trust, a Maryland real estate investment trust (“Guarantor”), for the benefit of Barclays
Bank PLC, a public limited company organized under the laws of England and Wales
(“Purchaser”).

W I T N E S E T H :

WHEREAS, Purchaser and RAIT CMBS Conduit II, LLC (the “Seller”), are parties to that
certain Master Repurchase Agreement dated as of the date hereof (as amended, restated, supplemented
or otherwise modified and in effect from time to time, the “Repurchase Agreement”);

WHEREAS, Guarantor indirectly owns 100% of the common stock and 80% of the preferred stock of
Seller and Guarantor will derive benefits, directly and indirectly, from the execution, delivery
and performance by Seller of the Transaction Documents, and the transactions contemplated by the
Repurchase Agreement and the other Transaction Documents; and

WHEREAS, it is a condition precedent to the Repurchase Agreement and the consummation of the
Transactions thereunder that Guarantor execute and deliver this Guaranty for the benefit of
Purchaser.

NOW, THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of
which are hereby acknowledged, Guarantor does hereby agree as follows:

ARTICLE I.

DEFINED TERMS

(a) Unless otherwise defined herein, terms defined in the Repurchase Agreement and used herein
shall have the meanings given to them in the Repurchase Agreement.

(b) The following terms shall have the meanings set forth below:

“Approved Bank” shall mean any bank, savings and loan association, savings
institution, trust company or national banking association subject to state and/or federal
supervision.

“Cash” shall mean coin or currency of the United States of America or immediately
available federal funds, including such funds delivered by wire transfer.

“Cash Equivalents” shall mean, with respect to any Person, any of the following, to
the extent owned by such Person or any of its Subsidiaries free and clear of all Liens and having a
maturity of not greater than 90 days from the date of issuance thereof: (a) readily marketable
direct obligations of the government of the United States or any agency or instrumentality thereof
or obligations unconditionally guaranteed by the full faith and credit of the government of the
United States, (b) certificates of deposit of or time deposits with Purchaser or a member of the
Federal Reserve System that issues (or the parent of which issues) commercial paper rated as
described in clause (c) below, is organized under the laws of the United States or any state
thereof and has combined capital and surplus of at least $1,000,000,000 or (c) commercial paper in
an aggregate amount of not more than $50,000,000 per issuer outstanding at any time, issued by any
corporation organized under the laws of any state of the United States and rated at least “Prime-1”
(or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P.

“Cash Liquidity” shall mean, with respect to any Person on any date, the sum of
(i) unrestricted Cash of such Person plus (ii) Cash Equivalents of such Person.

“Consolidated Net Income” shall mean, with respect to any Person for any period, the
consolidated net income (or loss) of such Person and its Subsidiaries for such period as determined
on a consolidated basis in accordance with GAAP.

“EBITDA” shall mean, with respect to any Person for any period, the Consolidated Net
Income of such Person for the four consecutive fiscal quarters of such Person most recently ended,
excluding the effects of interest expense, taxes, depreciation, amortization, asset write-ups or
impairment charges, provisions for loan losses, and changes in mark-to-market value(s) (both gains
and losses) of financial instruments.

“Equity Interests” shall mean, with respect to any Person, (a) any share, interest,
participation and other equivalent (however denominated) of Capital Stock of (or other ownership,
equity or profit interests in) such Person, (b) any security convertible into or exchangeable for
any of the foregoing to the extent such security has actually been converted or exchanged, and (c)
any other ownership or profit interest in such Person (including partnership, member or trust
interests therein), whether voting or nonvoting, and whether or not such share, right or other
interest is authorized or otherwise existing on any date.

“Fixed Charge Coverage Ratio” shall mean, with respect to any Person, at any date of
determination, the ratio of EBITDA to Interest Expense for the four consecutive fiscal quarters of
such Person most recently ended.

“Guaranteed Obligations” shall mean all obligations and liabilities of Seller to
Purchaser, whether direct or indirect, absolute or contingent, due or to be come due, or now
existing or hereafter incurred, or whether for payment or for performance (including, without
limitation, Purchase Price Differential accruing after the Repurchase Date for the Transactions and
Purchase Price Differential accruing after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceeding, relating to Seller, whether or
not a claim for post filing or post petition interest is allowed in such proceeding), which arise
under, or out of or in connection with the Repurchase Agreement, this Guaranty and any other
Transaction Documents, whether on account of the Repurchase Price for the Purchased Assets,
Purchase Price Differential, reimbursement obligations, fees, indemnities, costs, expenses
(including, without limitation, all fees and disbursements of counsel to the Purchaser that are
required to be paid by Seller pursuant to the terms of such documents), and all “claims” (as
defined in Section 101 of the Bankruptcy Code) of Purchaser against Seller.

“Intangible Assets” shall mean, for any Person on any date, assets that are considered
to be intangible assets under GAAP, including customer lists, goodwill, computer software,
copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges,
unamortized debt discount and capitalized research and development costs.

“Interest Expense” shall mean, for any Person on any date, total interest expense,
both expensed and capitalized, of such Person and its Subsidiaries for such period with respect to
all outstanding Indebtedness of such Person and its Subsidiaries (including, without limitation,
all commissions, discounts and other fees and charges owed with respect to letters of credit and
bankers’ acceptance financing and net costs under interest rate protection agreements), determined
on a consolidated basis in accordance with GAAP, net of interest income of such Person and its
Subsidiaries for such period (determined on a consolidated basis in accordance with GAAP).

“Investment Securities” shall mean any of the following:

(i) par value of negotiable debt obligations issued by the U.S. Treasury Department
having a remaining maturity of less than 1 year; or

(ii) par value of negotiable debt obligations issued by the U.S. Treasury Department
having a remaining maturity of 1-10 years; or

(iii) par value of negotiable debt obligations issued by the U.S. Treasury Department
having a remaining maturity of more than 10 years; or

(iv) par value of single-class mortgage participation certificates (“FHLMC
Certificates”) in book-entry form backed by single-family residential mortgage loans,
the full and timely payment of interest at the applicable certificate rate and the ultimate
collection of principal of which are guaranteed by the Federal Home Loan Mortgage
Corporation (excluding Real Estate Mortgage Investment Conduit (“REMIC”) or other
multi-class pass-through certificates, collateralized mortgage obligations, pass-through
certificates backed by adjustable rate mortgages, securities paying interest or principal
only and similar derivative securities); or

(v) par value of single-class mortgage pass-through certificates (“FNMA
Certificates”) in book-entry form backed by single-family residential mortgage loans,
the full and timely payment of interest at the applicable certificate rate and ultimate
collection of principal of which are guaranteed by the Federal National Mortgage Association
(excluding REMIC or other multi-class pass-through certificates, pass-through certificates
backed by adjustable rate mortgages collateralized mortgage obligations, securities paying
interest or principal only and similar derivative securities); or

(vi) par value of single-class fully modified pass-through certificates (“GNMA
Certificates”) in book-entry form backed by single-family residential mortgage loans,
the full and timely payment of principal and interest of which is guaranteed by the
Government National Mortgage Association (excluding REMIC or other multi-class pass-through
certificates, collateralized mortgage obligations, pass-through certificates backed by
adjustable rate mortgages, securities paying interest or principal only and similar
derivatives securities); or

(vii) par value of all actively and regularly traded investment-grade residential
mortgage-backed securities; or

(viii) such other collateral as Guarantor and Purchaser may agree, with such valuation
percentage applied thereto as Purchaser, in its sole discretion acting in good faith shall
deem appropriate.

“Minimum Consolidated Net Worth” shall mean, for any Person on any date, an amount
equal to (i) the Total Assets of such Person on such date minus (ii) the sum of (x) the Total
Liabilities of such Person on such date plus (y) the Intangible Assets of such Person on such date.

“REIT Status” shall mean, with respect to any Person, (a) the qualification of such
Person as a real estate investment trust under Sections 856 through 860 of the Internal Revenue
Code, and (b) the applicability to such Person and its shareholders of the method of taxation
provided for in Section 857 et seq. of the Internal Revenue Code, including a deduction for
dividends paid.

“Restricted Payments” shall have the meaning specified in Article V(f).

“Total Assets” shall mean, with respect to any Person on any date, all amounts that
would be included under total assets on a balance sheet of such Person and its consolidated
Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP.

“Total Liabilities” shall mean, with respect to any Person on any date, all amounts
that would be included under total liabilities on a balance sheet of such Person and its
consolidated Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP.

“Total Liquidity” shall mean, with respect to any Person on any date, the sum of
(i) Cash Liquidity plus (ii) unencumbered Investment Securities.

(c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Guaranty shall refer to this Guaranty as a whole and not to any particular provision of this
Guaranty. All accounting terms not specifically defined herein shall be construed in accordance
with generally accepted accounting principles.

ARTICLE II.

NATURE AND SCOPE OF GUARANTY

(a) Guaranty of Obligations. Subject to the terms hereof, Guarantor hereby
irrevocably and unconditionally guarantees to Purchaser and its successors, indorsees, transferees
and assigns as a primary obligor the prompt and complete payment and performance by Seller of the
Guaranteed Obligations as and when the same shall be due and payable (whether at the stated
maturity, by acceleration or otherwise).

(b) Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing
guaranty of payment and performance and not a guaranty of collection. This Guaranty may not be
revoked by Guarantor and shall continue to be effective with respect to any Guaranteed Obligations
arising or created after any attempted revocation by Guarantor. This Guaranty may be enforced by
Purchaser and any successor, indorsee, transferee or assignee under the Repurchase Agreement and
shall not be discharged by the assignment or negotiation of all or part thereof.

(c) Satisfaction of Guaranteed Obligations. Guarantor shall satisfy its obligations
hereunder without demand, presentment, protest, notice of protest, notice of non-payment, notice of
intention to accelerate the maturity, notice of acceleration of the maturity or any other notice
whatsoever. The obligations of Guarantor hereunder shall not be reduced, discharged or released
because or by reason of any existing or future offset, claim or defense of Seller, or any other
party, against Purchaser or against the payment of the Guaranteed Obligations, other than the
payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection
with such Guaranteed Obligations or otherwise.

(d) No Duty to Pursue Others. It shall not be necessary for Purchaser (and Guarantor
hereby waives any rights which Guarantor may have to require Purchaser), in order to enforce the
obligations of Guarantor hereunder, first to (i) institute suit or exhaust its remedies against
Seller or others liable on the Guaranteed Obligations or any other person, (ii) enforce or exhaust
Purchaser’s rights against any collateral which shall ever have been given to secure the Guaranteed
Obligations, (iii) join Seller or any others liable on the Guaranteed Obligations in any action
seeking to enforce this Guaranty or (iv) resort to any other means of obtaining payment of the
Guaranteed Obligations. Purchaser shall not be required to mitigate damages or take any other
action to collect or enforce the Guaranteed Obligations.

(e) Waivers. Guarantor agrees to the provisions of the Transaction Documents, and
hereby waives notice of (i) any loans or advances made by Purchaser to Seller or any purchases of
Purchased Assets made by Purchaser from Seller, (ii) acceptance of this Guaranty, (iii) any
amendment or extension of the Repurchase Agreement or of any other Transaction Documents, (iv) the
execution and delivery by Seller and Purchaser of any other agreement or of Seller’s execution and
delivery of any other documents arising under the Transaction Documents or in connection with the
Guaranteed Obligations, (v) the occurrence of any breach by Seller or an Event of Default under the
Transaction Documents, (vi) Purchaser’s transfer or disposition of the Transaction Documents, or
any part thereof, (vii) sale or foreclosure (or posting or advertising for sale or foreclosure) of
any collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment or default by
Seller, (ix) any other action at any time taken or omitted by Purchaser and (x) except to the
extent required by the terms hereof or any of the other Transaction Documents, all other demands
and notices of every kind in connection with this Guaranty, the Transaction Documents and any
documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations.

(f) Payment of Expenses. In the event that Guarantor should breach or fail to timely
perform any provisions of this Guaranty, Guarantor shall, within three (3) Business Days after
demand by Purchaser, pay Purchaser all reasonable out-of-pocket costs and expenses (including court
costs and reasonable attorneys’ fees) incurred by Purchaser in the enforcement hereof or the
preservation of Purchaser’s rights hereunder. The covenant contained in this Article 2(f)
shall survive the payment and performance of the Guaranteed Obligations.

(g) Effect of Bankruptcy. In the event that, pursuant to any insolvency, bankruptcy,
reorganization, receivership or other debtor relief law, or any judgment, order or decision
thereunder, Purchaser must rescind or restore any payment, or any part thereof, received by
Purchaser in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or
discharge from the terms of this Guaranty given to Guarantor by Purchaser shall be without effect,
and this Guaranty shall remain in full force and effect to the extent related to, but not limited
to, the amount of rescinded or restored payment. It is the intention of Seller and Guarantor that
Guarantor’s obligations hereunder shall not be discharged except by Seller’s or Guarantor’s payment
and performance of the Guaranteed Obligations which is not so rescinded or Guarantor’s performance
of such obligations and then only to the extent of such performance.

(h) Deferral of Subrogation, Reimbursement and Contribution. Notwithstanding anything
to the contrary contained in this Guaranty, Guarantor hereby unconditionally and irrevocably defers
any and all rights it may now or hereafter have under any agreement, at law or in equity
(including, without limitation, any law subrogating Guarantor to the rights of Purchaser), to
assert any claim against or seek contribution, indemnification or any other form of reimbursement
from Seller or any other party liable for payment of any or all of the Guaranteed Obligations for
any payment made by Guarantor under or in connection with this Guaranty until payment in full of
the Guaranteed Obligations and termination of the Repurchase Agreement. Guarantor hereby
subordinates all of its subrogation rights against Seller arising from payments made under this
Guaranty to the full payment of the Guaranteed Obligations due Purchaser for a period of ninety-one
(91) days following the final payment of the last of all of the Guaranteed Obligations and
termination of the Repurchase Agreement. If any amount shall be paid to the Guarantor on account
of such subrogation rights at any time when all of the Guaranteed Obligations shall not have been
paid in full, such amount shall be held by Guarantor in trust for Purchaser, segregated from other
funds of Guarantor, and shall, forthwith upon receipt by Guarantor, be turned over to Purchaser in
the exact form received by Guarantor (duly indorsed by Guarantor to Purchaser, if required), to be
applied against the Guaranteed Obligations, whether matured or unmatured, in such order as
Purchaser may determine.

(i) Seller. The term “Seller” as used herein shall include any new or successor
corporation, association, partnership (general or limited), joint venture, trust or other
individual or organization formed as a result of any merger, reorganization, sale, transfer,
devise, gift or bequest of Seller or any interest in Seller.

ARTICLE III.

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTOR’S OBLIGATIONS

Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s
obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely
affected by any of the following, except to the extent required by the terms hereof, and waives any
common law, equitable, statutory or other rights (including without limitation, except to the
extent required by the terms hereof, rights to notice) which Guarantor might otherwise have as a
result of or in connection with any of the following:

(a) Modifications. Any renewal, extension, increase, modification, alteration or
rearrangement of all or any part of the Repurchase Agreement, the other Transaction Documents
(other than this Guaranty), or any other document, instrument, contract or understanding between
Seller and Purchaser, or any other parties, pertaining to the Guaranteed Obligations.

(b) Adjustment. Any adjustment, indulgence, forbearance or compromise that might be
granted or given by Purchaser to Seller, except as otherwise agreed to in writing by Purchaser and
Guarantor.

(c) Condition of Seller or Guarantor. The insolvency, bankruptcy, arrangement,
adjustment, composition, liquidation, disability, dissolution or lack of power of Seller, Guarantor
or any other party at any time liable for the payment of all or part of the Guaranteed Obligations
or any dissolution of Seller or Guarantor, or any sale, lease or transfer of any or all of the
assets of Seller or Guarantor, or any changes in the shareholders, partners or members of Seller or
Guarantor; or any reorganization of Seller or Guarantor.

(d) Invalidity of Guaranteed Obligations. The invalidity, illegality or
unenforceability against Seller of all or any part of the Repurchase Agreement or any document or
agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever,
including without limitation the fact that (i) the act of creating the Guaranteed Obligations or
any part thereof is ultra vires, (ii) the officers or representatives executing the
Repurchase Agreement or the other Transaction Documents or otherwise creating the Guaranteed
Obligations acted in excess of their authority, (iii) the Seller has valid defenses (other than
payment of the Guaranteed Obligations), claims or offsets (whether at law, in equity or by
agreement) which render the Guaranteed Obligations wholly or partially uncollectible from Seller,
(iv) the creation, performance or repayment of the Guaranteed Obligations (or the execution,
delivery and performance of any document or instrument representing part of the Guaranteed
Obligations or executed in connection with the Guaranteed Obligations, or given to secure the
repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable or (v) the
Repurchase Agreement, or any of the other Transaction Documents have been forged or otherwise are
irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon
regardless of whether Seller or any other person is found not liable on the Guaranteed Obligations
or any part thereof for any reason.

(e) Release of Obligors. Any full or partial release of the liability of Seller on
the Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any other person or
entity now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and
severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any
part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be
required to pay the Guaranteed Obligations in full without assistance or support of any other
party, and Guarantor has not been induced to enter into this Guaranty on the basis of a
contemplation, belief, understanding or agreement, as between Purchaser and Guarantor, that other
parties will be liable to pay or perform the Guaranteed Obligations, or that Purchaser will look to
other parties to pay or perform the obligations of Seller under the Repurchase Agreement or the
other Transaction Documents.

(f) Other Collateral. The taking or accepting of any other security, collateral or
guaranty, or other assurance of payment, for all or any part of the Guaranteed Obligations.

(g) Release of Collateral. Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including without limitation negligent, willful,
unreasonable or unjustifiable impairment) by any party other than Purchaser of any collateral,
property or security at any time existing in connection with, or assuring or securing payment of,
all or any part of the Guaranteed Obligations.

(h) Care and Diligence. Except to the extent the same shall result from the gross
negligence, willful misconduct, illegal acts or fraud of Purchaser, the failure of Purchaser or any
other party to exercise diligence or reasonable care in the preservation, protection, enforcement,
sale or other handling or treatment of all or any part of such collateral, property or security,
including but not limited to any neglect, delay, omission, failure or refusal of Purchaser (i) to
take or prosecute any action for the collection of any of the Guaranteed Obligations or (ii) to
foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any
action to foreclose upon any security therefor, or (iii) to take or prosecute any action in
connection with any instrument or agreement evidencing or securing all or any part of the
Guaranteed Obligations.

(i) Unenforceability. The fact that any collateral, security, security interest or
lien contemplated or intended to be given, created or granted as security for the repayment of the
Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall
prove to be unenforceable or subordinate to any other security interest or lien, it being
recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance
on, or in contemplation of the benefits of, the validity, enforceability, collectibility or value
of any of the collateral for the Guaranteed Obligations.

(j) Offset. The liabilities and obligations of the Guarantor to Purchaser hereunder
shall not be reduced, discharged or released because of or by reason of any existing or future
right of offset, claim or defense (other than payment of the Guaranteed Obligations) of Seller
against Purchaser, or any other party, or against payment of the Guaranteed Obligations (to the
extent such payment is subsequently rescinded or restored), whether such right of offset, claim or
defense arises in connection with the Guaranteed Obligations (or the transactions creating the
Guaranteed Obligations).

(k) Merger. The reorganization, merger or consolidation of Seller into or with any
other corporation or entity.

(l) Preference. Any payment by Seller to Purchaser is held to constitute a preference
under bankruptcy laws, or for any reason Purchaser is required to refund such payment or pay such
amount to Seller or someone else.

(m) Other Actions Taken or Omitted. Except to the extent the same shall result from
the gross negligence, willful misconduct, illegal acts or fraud of Purchaser, any other action
taken or omitted to be taken with respect to the Transaction Documents, the Guaranteed Obligations,
or the security and collateral therefor, whether or not such action or omission prejudices
Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed
Obligations pursuant to the terms hereof, it is the unambiguous and unequivocal intention of
Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations when due,
notwithstanding any occurrence, circumstance, event, action, or omission whatsoever, whether
contemplated or uncontemplated, and whether or not otherwise or particularly described herein,
which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of
the Guaranteed Obligations.

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES

To induce Purchaser to enter into the Transaction Documents, Guarantor represents and warrants
to Purchaser as follows:

(a) Benefit. Guarantor has received, or will receive, indirect benefit from the
execution, delivery and performance by Seller of the Transaction Documents, and the transactions
contemplated therein.

(b) Familiarity and Reliance. Guarantor is familiar with, and has independently
reviewed books and records regarding, the financial condition of Seller and is familiar with the
value of any and all collateral intended to be created as security for the payment of the
Guaranteed Obligations; however, as between Purchaser and Guarantor, Guarantor is not relying on
such financial condition or the collateral as an inducement to enter into this Guaranty.

(c) No Representation By Purchaser. Neither Purchaser nor any other party on
Purchaser’s behalf has made any representation, warranty or statement to Guarantor in order to
induce Guarantor to execute this Guaranty, except to the extent expressly set forth in any of the
Transaction Documents.

(d) Guarantor’s Financial Condition. As of the date hereof, and after giving effect
to this Guaranty and the contingent obligation evidenced hereby, Guarantor is, and will be,
solvent, and has and will have assets which, fairly valued, exceed its obligations, liabilities
(including contingent liabilities fairly estimated) and debts, and has and will have property and
assets sufficient to satisfy and repay its obligations and liabilities, as and when the same become
due.

(e) Authority and Legality. The execution, delivery and performance by Guarantor of
this Guaranty and the consummation of the transactions contemplated hereunder has been duly
authorized by proper action and do not, and will not, contravene or conflict with any law, statute
or regulation whatsoever to which Guarantor is subject or constitute a default (or an event which
with notice or lapse of time or both would constitute a default) under, or result in the breach of,
any material indenture, mortgage, deed of trust, charge, lien, or any material contract, agreement
or other instrument to which Guarantor is a party or which may be applicable to Guarantor. This
Guaranty is a legal and binding obligation of Guarantor and is enforceable against Guarantor in
accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general
application relating to the enforcement of creditors’ rights and subject, as to enforceability, to
general principals of equity, regardless whether enforcement is sought in a proceeding in equity or
at law.

(f) Organization. Guarantor has been duly organized or formed and is validly existing
and in good standing under the laws of the jurisdiction in which it is organized. Guarantor is
duly qualified to do business and is in good standing in each jurisdiction where it is required to
be so qualified in connection with its properties, businesses and operations except where the
failure to do same would not reasonably be expected to have a material adverse effect thereon.
Guarantor has all requisite entity power and authority to own its properties, to transact the
businesses in which it is now engaged and to enter into and perform this Guaranty. Guarantor
possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to
entitle it to own its properties and to transact the businesses in which it is now engaged, except
where the failure to do same would not reasonably be expected to have a material adverse effect
thereon.

(g) Litigation. Except to the extent set forth in any public filing made by Guarantor
and specifically indentified to Purchase by Guarantor prior to the date hereof, there are no legal
proceedings pending, or threatened in writing, before any court of governmental agency which would
adversely affect Guarantor’s financial condition, operations or any licenses or its ability to
perform under this Guaranty.

(h) Survival. All representations and warranties made by Guarantor herein shall
survive until payment in full of the Guaranteed Obligations and termination of the Repurchase
Agreement.

ARTICLE V.

COVENANTS OF GUARANTOR

Guarantor covenants and agrees with Purchaser that, until payment in full of all Guaranteed
Obligations and termination of the Repurchase Agreement:

(a) Financial Statements, Reports, etc. Guarantor shall deliver (or cause to be
delivered) to Purchaser all financial information and certificates with respect to the Guarantor
that are required to be delivered pursuant to Article 11(j) of the Repurchase Agreement.

(b) Litigation. Guarantor shall promptly, and in any event within two (2) Business
Days after knowledge thereof, notify Purchaser of any pending or threatened in writing litigation,
action, suit, arbitration, investigation or other legal or arbitrable proceedings affecting
Guarantor or any of its Subsidiaries before any Governmental Authority that (i) questions or
challenges the validity or enforceability of this Guaranty or any action to be taken in connection
with the transactions contemplated hereby, (ii) makes a claim or claims against Guarantor in an
aggregate amount greater than $2,500,000 or (iii) which, individually or in the aggregate, if
adversely determined could be reasonably likely to have a Material Adverse Effect.

(c) Existence, etc. Guarantor shall:

(i) preserve and maintain its legal existence and all of its material rights, privileges,
licenses and franchises;

(ii) comply with the requirements of all applicable laws, rules, regulations and orders of
Governmental Authorities (including, without limitation, all environmental laws) if failure to
comply with such requirements would be reasonably likely (either individually or in the aggregate)
to have a Material Adverse Effect;

(iii) keep proper books of records and accounts in which full, true and correct entries shall
be made of its transactions fairly in accordance with GAAP, and set aside on its books from its
earnings for each fiscal year all such proper reserves in accordance with GAAP;

(iv) not change its jurisdiction of organization unless it shall have provided Purchaser ten
(10) days’ prior written notice of such change;

(v) pay and discharge all taxes, assessments and governmental charges or levies imposed on it
or on its income or profits or on any of its property prior to the date on which penalties attach
thereto, except for any such tax, assessment, charge or levy the payment of which is being
contested in good faith and by proper proceedings and against which adequate reserves are being
maintained; and

(vi) permit Purchaser to conduct continuing due diligence in accordance with Article 26 of the
Repurchase Agreement.

(d) Prohibition of Fundamental Changes. Guarantor shall not enter into any
transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself
(or suffer any liquidation, winding up or dissolution) or sell all or substantially all of its
assets; provided, that Guarantor may enter into a merger or consolidation if (a) the
surviving or resulting entity shall be a corporation, partnership, or other legal entity organized
under the laws of the United States or any state thereof; and (b) such entity shall expressly
assume by written agreement, in form and substance satisfactory to Purchaser in Purchaser’s
commercially reasonable discretion, the performance of all of the duties and obligations under this
Guaranty; and, provided, further, that if after giving effect thereto, no Default or Event of
Default would exist.

(e) Notices. Guarantor shall give notice to Purchaser promptly upon Guarantor’s
receipt of notice or knowledge of the occurrence of any Default or Event of Default.

(f) Limitation on Distributions. After the occurrence and during the continuation of
any Event of Default or the breach of any of the financial covenants set forth in Article
V(g) below, Guarantor shall not make any payment on account of, or set apart assets for, a
sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other
acquisition of any equity or partnership interest of Guarantor, whether now or hereafter
outstanding, or make any other distribution in respect thereof, either directly or indirectly,
whether in cash or property or in obligations of Guarantor (collectively, “Restricted
Payments”). Notwithstanding the foregoing, unless (i) an Event of Default under Article
13(a)(i), (ii), (iii), (iv), (v), (vi) or (vii)
of the Repurchase Agreement has occurred and is continuing or (ii) Purchaser shall have declared an
Accelerated Repurchase Date, Guarantor may make Restricted Payments to its direct or indirect
owners during any four quarter period that do not exceed the amount necessary to enable
(disregarding the ability of Guarantor to make consent dividends within the meaning of Section 565
of the Internal Revenue Code) Guarantor to maintain REIT Status, provided that, on the date
of such Restricted Payment, Guarantor shall deliver to Purchaser a certificate signed by a
Responsible Officer of Guarantor containing all information and calculations necessary, and taking
into consideration such Restricted Payment, for determining pro forma compliance with the
provisions of this Article V(f).

(g) Financial Covenants. Guarantor shall at all times satisfy the following financial
covenants:

(i) Minimum Consolidated Net Worth. Guarantor shall at all times maintain a Minimum
Consolidated Net Worth of not less than the sum of (x) $700 million plus (y) 75% of the net
proceeds received by Guarantor in connection with any issuance of Equity Interests in Guarantor,
minus (z) 100% of the amount paid by Guarantor for the repurchase of any Equity Interests in
Guarantor, in each case subsequent to the date of this Guaranty.

(ii) Minimum Fixed Charge Coverage Ratio. Guarantor shall at all times maintain a
Fixed Charge Coverage Ratio of no less than 1.20 : 1.00.

(iii) Maximum Leverage. Guarantor shall at all times maintain a ratio of (x) Total
Liabilities to (y) Total Assets of no greater than 80%.

(iv) Minimum Cash Liquidity. Guarantor shall at all times maintain Cash Liquidity of
no less than $10,000,000.

(v) Minimum Total Liquidity. Guarantor shall at all times maintain Total Liquidity of
no less than $20,000,000.

(h) Voluntary or Collusive Filing. Guarantor shall not voluntarily file a case, or
join or collude with any Person in the filing of an involuntary case, in respect of Seller under
the Bankruptcy Code.

ARTICLE VI.

MISCELLANEOUS

(a) Waiver. No failure to exercise, and no delay in exercising, on the part of
Purchaser, any right hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any other right.
The rights of Purchaser hereunder shall be in addition to all other rights provided by law. No
modification or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall
be effective unless in writing signed by Purchaser and Guarantor and no such consent or waiver
shall extend beyond the particular case and purpose involved. No notice or demand given in any
case shall constitute a waiver of the right to take other action in the same, similar or other
instances without such notice or demand (except to the extent such a notice or demand is required
by the terms hereof).

(b) Notices. Unless otherwise provided in this Guaranty, all notices, consents,
approvals and requests required or permitted hereunder shall be given in writing and shall be
effective for all purposes if sent by (i) hand delivery, with proof of delivery, (ii) certified or
registered United States mail, postage prepaid, (iii) expedited prepaid delivery service, either
commercial or United States Postal Service, with proof of delivery, (iv) by fax (with answerback
acknowledged), provided that such fax notice must also be delivered by one of the means set
forth in (i), (ii) or (iii) above, or (v) by electronic mail, provided that such electronic
mail notice must also be delivered by one of the means set forth in (i), (ii) or (iii) above; in
the case of notice to the Purchaser, to the address specified in Exhibit I to the
Repurchase Agreement and, in the case of notice to the Guarantor, to the address specified below,
or to such other address and person as shall be designated from time to time by Guarantor or
Purchaser, as the case may be, in a written notice to the other in the manner provided for in this
Article VI(b). A notice shall be deemed to have been given: (v) in the case of hand
delivery, at the time of delivery, (w) in the case of registered or certified mail, when delivered
or the first attempted delivery on a Business Day, (x) in the case of expedited prepaid delivery
upon the first attempted delivery on a Business Day, (y) in the case of fax, upon receipt of
answerback confirmation, provided that such fax notice was also delivered as required in
this Article VI or (z) in the case of electronic mail, upon receipt of a verbal or
electronic communication confirming receipt thereof, provided that such electronic mail
notice was also delivered as required in this Article VI. A party receiving a notice that
does not comply with the technical requirements for notice under this Article VI may elect
to waive any deficiencies and treat the notice as having been properly given.

	 	 	 	If to Guarantor: RAIT Financial Trust

450 Park Avenue

New York, New York 10022

Attention: Ron Wechsler and Scott Davidson

Telephone: 215-243-9019

Fax: 215-405-2945

Email: rwechsler@raitft.com and sdavidson@raitft.com

	 	 	 	With a copy to: RAIT Financial Trust

2929 Arch Street, 17th Floor

Philadelphia, Pennsylvania 19104

Attention: Jamie Reyle, Esq., Corporate Counsel

Telephone: 215-243-9019

Fax: 215-405-2945

Email: jreyle@raitft.com

(c) GOVERNING LAW. THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN
SUCH STATE (OTHER THAN SECTION 5-140 1 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

(d) SUBMISSION TO JURISDICTION; WAIVERS.

(i) Guarantor irrevocably and unconditionally (A) submits to the non-exclusive
jurisdiction of any United States Federal or New York State court sitting in Manhattan, and
any appellate court from any such court, solely for the purpose of any suit, action or
proceeding brought to enforce its obligations under this Guaranty or relating in any way to
this Guaranty, the Repurchase Agreement or any Transaction under the Repurchase Agreement
and (B) waives, to the fullest extent it may effectively do so, any defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court and any
right of jurisdiction on account of its place of residence or domicile.

(ii) To the extent that Guarantor has or hereafter may acquire any immunity (sovereign
or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or
from set off or any legal process (whether service or notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise) with respect
to itself or any of its property, Guarantor hereby irrevocably waives and agrees not to
plead or claim such immunity in respect of any action brought to enforce its obligations
under this Guaranty or relating in any way to this Guaranty, the Repurchase Agreement or any
Transaction under the Repurchase Agreement.

(iii) Guarantor hereby irrevocably waives, to the fullest extent each may effectively
do so, the defense of an inconvenient forum to the maintenance of such action or proceeding
and irrevocably consent to the service of any summons and complaint and any other process by
the mailing of copies of such process to it at its address specified herein. Guarantor
hereby agrees that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Article VI(d) shall affect the right of Purchaser
to serve legal process in any other manner permitted by law or affect the right of Purchaser
to bring any action or proceeding against Guarantor or its property in the courts of other
jurisdictions, and nothing in this Article VI(d) shall affect the right of Guarantor
to serve legal process in any other manner permitted by law or affect the right of Guarantor
to bring any action or proceeding against Purchaser or its property in the courts of other
jurisdictions.

(iv) GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER
TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER.

(e) Invalid Provisions. If any provision of this Guaranty is held to be illegal,
invalid, or unenforceable under present or future laws effective during the term of this Guaranty,
such provision shall be fully severable and this Guaranty shall be construed and enforced as if
such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and
the remaining provisions of this Guaranty shall remain in full force and effect and shall not be
affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty,
unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic
understandings and intentions of the parties as expressed herein.

(f) Amendments. This Guaranty may be amended only by an instrument in writing
executed by Guarantor and Purchaser.

(g) Parties Bound; Assignment; Joint and Several. This Guaranty shall be binding upon
and inure to the benefit of the parties hereto and their respective successors, assigns and legal
representatives; provided, however, that Guarantor may not, without the prior
written consent of Purchaser, assign any of its rights, powers, duties or obligations hereunder
except as provided in Article V(d). If Guarantor consists of more than one person or
party, the obligations and liabilities of each such person or party shall be joint and several.

(h) Headings. Section headings are for convenience of reference only and shall in no
way affect the interpretation or construction of this Guaranty.

(i) Recitals. The recital and introductory paragraphs hereof are a part hereof, form
a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents
referred to therein.

(j) Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by
Seller to Purchaser, by endorsement or otherwise, other than under this Guaranty, such liability
shall not be in any manner impaired or affected hereby and the rights of Purchaser hereunder shall
be cumulative of any and all other rights that Purchaser may ever have against Guarantor. The
exercise by Purchaser of any right or remedy hereunder or under any other instrument, or at law or
in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy.

(k) Entirety. This Guaranty embodies the final, entire agreement of Guarantor and
Purchaser with respect to Guarantor’s guaranty of the Guaranteed Obligations and supersedes any and
all prior commitments, agreements, representations, and understandings, whether written or oral,
relating to the subject matter hereof. This Guaranty is intended by Guarantor and Purchaser as a
final and complete expression of the terms of the guaranty, and no course of dealing between
Guarantor and Purchaser, no course of performance, no trade practices, and no evidence of prior,
contemporaneous or subsequent oral agreements or discussions or other extrinsic evidence of any
nature shall be used to contradict, vary, supplement or modify any term of this Guaranty. There
are no oral agreements between Guarantor and Purchaser relating to the subject matter hereof.

[SIGNATURE ON NEXT PAGE]IN WITNESS WHEREOF, the undersigned executed this
Guaranty as of the day first written above.

	 	 	 
	RAIT FINANCIAL TRUST
	By:

	 	/s/ Scott F. Schaeffer
	
 
	 	 

	 	 	Name: Scott F. Schaeffer

Title: Chief Executive Officer

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