Document:

EX-10.21

 Exhibit 10.21 

LOAN AGREEMENT 

THIS LOAN AGREEMENT (this “Agreement”) is made and entered into effective as of August 23, 2016, by and between
TPG RE FINANCE 15, LLC, a Delaware limited liability company (“Borrower”), and BANK OF THE OZARKS (together with its successors and permitted assigns, “Lender”). For ease of reference the title of the
various articles in this Agreement are provided hereinbelow: 
  

			
	 Article I
	  	 Definition of Terms

	 Article II
	  	 The Loan

	 Article III
	  	 Allocations and Advances

	 Article IV
	  	 Warranties and Representations

	 Article V
	  	 Covenants of Borrower

	 Article VI
	  	 Reserves and Accounts

	 Article VII
	  	 Events of Default

	 Article VIII
	  	 Lender’s Disclaimers - Borrower’s
Indemnities

	 Article IX
	  	 Miscellaneous

	 Article X
	  	 Affirmative Rights, Obligations and Negative Covenants

 RECITALS 

WHEREAS, PRH Fairwinds, LLC, a Florida limited liability company (the “Fee Owner”), is the fee simple owner of that certain
property located at 2200-2222 North Ocean Boulevard, Fort Lauderdale, Florida, upon which Fee Owner (x) is developing approximately fifty-seven (57) Units and measuring, in the aggregate, approximately 162,888 sellable square feet, two
hundred ninety-nine (299) parking spaces, approximately 26,384 rentable square feet of retail space (that includes a spa, two (2) restaurants, one of which to be operated by Auberge Resorts LLC and the other of which to be operated by a
third party operator, and a “gourmet deli” space), two (2) swimming pools, an outdoor spa, a fitness center, a golf simulator room, a theater room, a children’s room, a cabana, a Napa room, a cigar room, a clubhouse room, a
billiards area and a business center (the “Phase I Improvements”) and (y) plans to develop approximately one hundred fourteen (114) Units and measuring, in the aggregate, approximately 307,223 sellable square feet, and two
hundred eight (208) parking spaces (the “Phase II Improvements”), each as more particularly described in the Underlying Loan Agreement, hereinafter defined (the improvements, as more particularly described therein,
collectively, the “Project”); 

  
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 WHEREAS, Fee Owner has requested and Borrower is concurrently herewith making (in its capacity as
a lender), a mortgage loan to Fee Owner in the aggregate maximum principal amount of One Hundred Thirty-Two Million and No/100 Dollars ($132,000,000.00) (the “Underlying Mortgage Loan”), which
Underlying Mortgage Loan is comprised of (i) a secured loan made in connection with the acquisition and construction of the Phase I Improvements in the maximum principal amount of Seventy-Four Million and No/100 Dollars ($74,000,000.00) (the
“Underlying Phase I Loan”) and (ii) a secured loan made in connection with the acquisition and construction of the Phase II Improvements in the maximum principal amount of Fifty-Eight Million and No/100 Dollars ($58,000,000.00)
(the “Underlying Phase II Loan”), Twenty-Two Million and No/100 Dollars ($22,000,000.00) of which will be advanced to finance the acquisition of the land upon which the Phase II Improvements
will be constructed (the “Phase II Land Advance”) with Seventeen Million Eight Hundred Twenty-Four Thousand Fifteen and No/100 Dollars ($17,824,015.00) thereof to be advanced on the Closing Date (the “Phase II Initial Land
Advance”). The Underlying Mortgage Loan (x) is evidenced by the Underlying Mortgage Loan Documents and secured by, among other things, the Mortgaged Property (each as defined herein) and (y) will be advanced by Borrower in
accordance with the Underlying Loan Agreement (as defined herein) and used by Fee Owner to pay for costs in connection with the construction, development, operation and maintenance of the Project; 

WHEREAS, Borrower has requested and Lender has agreed to make a loan to Borrower (the “Loan”) in the maximum principal amount
of Ninety-Two Million Four Hundred Thousand and No/100 Dollars ($92,400,000.00) (the “Loan Amount”), which Loan Amount is comprised of (i) a loan made to leverage the Underlying Phase I
Loan in the maximum principal amount of Fifty-One Million Eight Hundred Thousand and No/100 Dollars ($51,800,000.00) (the “Phase I Loan Amount”) and (ii) a loan made to leverage the
Underlying Phase II Loan in the maximum principal amount of Forty Million Six Hundred Thousand and No/100 Dollars ($40,600,000.00) (the “Phase II Loan Amount”), including Lender’s Advance Percentage of the Phase II Land Advance
(which is in the amount of Fifteen Million Four Hundred Thousand and No/100 Dollars ($15,400,000.00) with Lender’s Advance Percentage of the Phase II Initial Land Advance (which is in the amount of Twelve Million Four Hundred Seventy-Six Thousand Eight Hundred Eleven and No/100 Dollars ($12,476,811.00)) to be advanced on the Closing Date. The proceeds of the Loan will be used to make, pursuant to the terms hereof, periodic advances of
the Underlying Mortgage Loan to Fee Owner together with other uses as set forth herein. The Loan (x) shall be secured by, among other things, a first priority security interest in the Underlying Mortgage Loan Documents (such Underlying Mortgage
Loan Documents, as collaterally assigned from Borrower to Lender, the “Collaterally Assigned Underlying Loan Documents”) and (y) will be advanced by Lender in accordance with the terms hereof; and 

WHEREAS, Lender has agreed to make the Loan to Borrower upon the terms and conditions set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, and for the
mutual and dependent covenants herein contained, Borrower and Lender do hereby agree as follows: 

  
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 ARTICLE I 

DEFINITION OF TERMS 

Section 1.1. Definitions. As used in this Agreement, the following terms shall have the respective meanings indicated below: 

Acceptable Accounting Standards: GAAP or other sound and accepted accounting standards approved by Lender in writing, applied on a basis
consistent with that of previous statements and which completely and accurately disclose the financial condition (including all contingent liabilities required to be disclosed in accordance with GAAP) of the party at issue. 

Accounts: As defined in Section 6.2 hereof. 

Action Plan: As defined in Section 10.6(c) hereof. 

Actual Return Amount: As defined in the Underlying Loan Agreement. 

Adjusted Loan Balance: As of the date of calculation, the Outstanding Principal Balance plus any unfunded (and available) amounts under
the Loan; provided, however, that if the conditions required by the Underlying Mortgage Loan to advance the Underlying Phase II Loan as set forth in Section 2.9.1 of the Underlying Loan Agreement are not satisfied on or prior to August 23,
2017, then any unfunded amounts attributable to the Phase II Loan Amount shall be excluded from the Adjusted Loan Balance. 

Advance: A disbursement by Lender, whether by journal entry, deposit to Borrower’s account, check to a third party or otherwise of
any of the proceeds of the Loan, the Borrower’s Deposit or the Shortfall Deposit. 
 Advance Conditions: As defined in
Section 3.3 hereof. 
 Advance Percentage: Means Lender’s Advance Percentage or TPG’s Advance
Percentage, as applicable. 
 Affiliate: When used with respect to any Person, any other Person which directly or indirectly controls
or is controlled by or is under common control with such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), with respect
to any Person, shall mean possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or interests, by contract or otherwise;
provided, however, (x) in no event shall Lender be deemed an Affiliate of Borrower and (y) the definition of “Affiliate” with respect to Borrower, Guarantor and their respective subsidiaries shall be limited to TPG
and subsidiaries that are controlled, directly or indirectly, by TPG. 
 Agreement: This Loan Agreement, as the same may from time to
time be amended, restated, supplemented or otherwise modified. 
 Appraisal: An appraisal of the Mortgaged Property, in form and
substance satisfactory to Lender, prepared by an appraiser satisfactory to Lender, which appraisal must comply in all respects with the standards for real estate appraisal established pursuant to Title XI of the Financial Institutions Reform,
Recovery and Enforcement Act of 1989, as amended and otherwise satisfying Section 2.5 hereof, in form and substance satisfactory to Lender, which appraisal shall be prepared at Borrower’s sole cost and expense. For the
purposes of clarification, if and to the extent an Appraisal received by Borrower in connection with the Collaterally Assigned Underlying Loan satisfies the conditions set forth in this Agreement, such Appraisal shall be used for the purposes
required herein. 

  
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 Appraised Value: The fair market value of the Mortgaged Property (or any applicable
portion thereof as required hereunder) as indicated by the Appraisal prepared by an appraiser designated by Lender, in Lender’s sole discretion, satisfying the requirements of Section 2.5 hereof; provided,
however, that, subject to the provisions of Section 2.5, (i) Lender shall be entitled to obtain a new or updated Appraisal in any instance when the Appraised Value is to be determined hereunder, and
(ii) the cost of any such new or updated Appraisal is to be borne solely by Borrower. 
 Approved Action Plan: An Action Plan
that has been approved by the Lender pursuant to Section 10.6(d). 
 Assignee: As defined in
Section 9.3 hereof. 
 Borrower Equity: As defined in Section 2.6 hereof. 

Borrower Financial Certification: That certification by Borrower in the form attached hereto as Exhibit C. 

Borrower Phase I Equity: As defined in Section 2.6 hereof. 

Borrower Phase II Equity: As defined in Section 2.6 hereof. 

Borrower’s Deposit: A reserve account established to deposit cash amounts as Lender may deem necessary for Borrower to deposit
with it in accordance with the provisions of Section 3.6(a) of this Agreement. 
 Business Day: A weekday,
Monday through Friday, except a legal holiday or a day on which banking institutions in New York, New York are authorized or required by law to be closed. Unless otherwise provided, the term “days” when used herein shall mean
calendar days. 
 Call Protection Payment: Means, if the Actual Return Amount is less than the Minimum Return Amount, an amount equal
to (x) the Minimum Return Amount minus (y) the Actual Return Amount. 
 Carveout Guaranty: That certain Guaranty (Carveout)
dated of even date herewith by Guarantor in favor of Lender, as the same from time to time may be amended, restated, supplemented or otherwise modified. 

Cash Management Account: As defined in the Cash Management Agreement. 

Cash Management Agreement: As defined in the Underlying Loan Agreement. 

Change Order: As defined in the Underlying Loan Agreement. 

Clearing Account: As defined in the Underlying Loan Agreement. 

Closing Date: The date hereof. 

Code: The Uniform Commercial Code, as amended from time to time, in effect in the State of New York. 

  
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 Collateral: All of Borrower’s rights, title and interest in the Collaterally Assigned
Underlying Loan Documents together with all attendant rights, titles, liens, assignments and interests (including, without limitation, general security interests and Borrower’s security interest in the Accounts, Reserve Funds, the Escrow
Deposit Account and the Unit Sale Contract Deposits (as each are defined in the Underlying Loan Agreement)), together with all proceeds, increases, substitutions, products, offspring, accessions and attachments thereof, including all rights to
payment of principal, interest and other amounts on the Underlying Mortgage Note and including any letters of credit. 
 Collateral
Assignment: That certain Collateral Assignment of Mortgage, Assignment of Leases, Rents, Notes, Liens and Loan Documents, dated as of even date herewith, executed by Borrower for the benefit of Lender, as may hereafter be amended, modified,
supplemented, restated, extended or renewed and in effect from time to time, pursuant to which Borrower collaterally assigns its interest in the Collaterally Assigned Underlying Loan Documents to Lender as security for the Loan. 

Collaterally Assigned Underlying Loan Documents: As defined in the Recitals. 

Condominium Documents: As defined in the Underlying Loan Agreement. 

Constituent Party: Any corporation, limited liability company, limited liability partnership, general partnership, limited partnership,
joint venture, trust or other type of business association or legal entity that signs on Borrower’s or Guarantor’s behalf. 

Contingency: As referenced in the Underlying Loan Agreement. 

Contractor: As defined in the Underlying Loan Agreement. 

Cure Period: As defined in Section 7.1(b) hereof. 

Debtor Relief Laws: Title 11 of the United States Code, as now or hereafter in effect, or any other applicable law, domestic or
foreign, as now or hereafter in effect, relating to bankruptcy, insolvency, liquidation, receivership, reorganization, arrangement or composition, extension or adjustment of debts or similar laws affecting the rights of creditors. 

Default: Any condition or event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default.

 Default Rate: The rate of interest specified in the Note to be paid by Borrower upon the occurrence and during the continuance of
an Event of Default but in no event in excess of the Maximum Lawful Rate. 
 Defaulted Amount: As defined in Section 7.2(b).

 Deficiency: As defined in Section 3.6(a). 

Disposition: Any sale, lease (except as expressly permitted pursuant to the Loan Documents), exchange, assignment, conveyance,
transfer, pledge, trade or other disposition of all or any part of the Collateral (or any interest therein), except as permitted under Section 10.2(b) hereof, or all or any part of the beneficial ownership interest including, without
limitation ownership interests or control interests, held directly or indirectly, in Borrower (if Borrower is a corporation, limited liability company, limited liability partnership, general partnership, limited partnership, joint venture, trust, or
other type of business association or legal entity). 

  
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 Draw Request: A request by Borrower for an Advance under the Loan. 

Draw Request Form: The form of Draw Request attached hereto as Exhibit A, which Draw Request shall affix a properly executed and
completed Fee Owner Draw Request for the corresponding advance under the Underlying Mortgage Loan. 
 Elective Protective Advance: As
defined in Section 10.5 hereof. 
 Eligible Institution: As defined in the Underlying Loan Agreement. 

Eligible Transferee: A Person that is (a) an institution that is a “qualified purchaser” as defined in Section
2(a)(51)(A) of the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder and is (b) (i) a commercial bank organized under the Laws of the United States, or any state thereof, and having (x) total
assets in excess of $2,000,000,000 and (y) a combined capital and surplus of at least $500,000,000; (ii) a commercial bank, landesbank or mortgage bank organized under the Laws of any other country which is a member of OECD, or a political
subdivision of any such country, and having (x) total assets in excess of $2,000,000,000 (or the equivalent thereof in another currency) and (y) a combined capital and surplus of at least $500,000,000 (or the equivalent thereof in another
currency), provided that such bank is acting through a branch or agency located in the country in which it is organized or another country which is also a member of OECD; (iii) a life insurance company organized under the Laws of any state of
the United States, or organized under the Laws of any country and licensed as a life insurer by any state within the United States and having admitted assets of at least $2,000,000,000; (iv) a nationally recognized investment banking company, or an
Affiliate thereof organized under the Laws of any state of the United States, and licensed or qualified to conduct such business under the Laws of any such state and any such entity having (1) total assets of at least $2,000,000,000 and
(2) a net worth of at least $500,000,000; or (v) a real estate investment fund customarily involved in making or holding commercial real estate loans, or an Affiliate thereof organized under the Laws of any state of the United States, and
licensed or qualified to conduct such business under the Laws of any such state and any such entity having (1) total assets of at least $2,000,000,000 and (2) a net worth of at least $500,000,000. 

ERISA: The Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., as amended, and any
and all successor statutes thereof. 
 Escrow Account: An account held by Servicer into which Advances and TPG Advances shall be
deposited and disbursed by Servicer in accordance with the Servicing Agreement. 
 Event of Default: Any happening or occurrence
described in Section 7.1 hereof. 
 Exit Fee: As defined in the Note. 

Extension Fee: A fee in the amount equal to the product of (x) in connection with the First Extension Option, one-quarter of one percent (0.25%) multiplied by the Adjusted Loan Balance or (y) in connection with the Second Extension Option, one-half of one percent (0.50%)
multiplied by the Outstanding Principal Balance or the Adjusted Loan Balance, as applicable, in each case, paid by Borrower to Lender pursuant to the applicable provisions of this Agreement in consideration for the extension of the Loan. 

  
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 Extension Options: Collectively, the First Extension Option and the Second Extension
Option. 
 Extension Periods: Collectively, the First Extension Period and the Second Extension Period. 

Extension Request: As defined in Section 2.3(a) hereof. 

Fee Owner: As defined in the Recitals. 

Fee Owner Default: A “Default” as defined in the Underlying Loan Agreement. 

Fee Owner Draw Request: The “Draw Request” as defined in the Underlying Loan Agreement pursuant to which Fee Owner requests
an advance under the Underlying Mortgage Loan from Borrower, together with all required documentation and supporting information submitted in connection therewith. 

Fee Owner Equity: As defined in Section 2.6 hereof. 

Fee Owner Event of Default: An “Event of Default” as defined in the Underlying Loan Agreement. 

Fee Owner Exit Fee: The “Exit Fee” as defined in the Underlying Loan Agreement. 

Final Completion: As defined in the Underlying Loan Agreement. 

Financing Statement: The financing statement or financing statements (on Standard Form UCC-1 or
otherwise) identifying Borrower as “debtor” or as “borrower” or similar in connection with the Loan Documents. 

First Extended Maturity Date: The date that is the earliest of (i) August 23, 2020 or (ii) the maturity of the
Underlying Mortgage Loan as set forth in the Collaterally Assigned Underlying Loan Documents, as may be amended in accordance with the terms hereof, or (iii) such earlier date on which the Lender accelerates payment of the Indebtedness
evidenced by the Note pursuant to the provisions of the Loan Documents. 
 First Extension Option: As defined in
Section 2.3 hereof. 
 First Extension Period: A period commencing on the day after the Original Maturity
Date and ending on the First Extended Maturity Date. 
 Funding Guaranty: That certain Funding Guaranty Agreement dated of even date
herewith by Guarantor in favor of Lender, as the same from time to time may be amended, restated, supplemented or otherwise modified. 

GAAP: Generally accepted accounting principles, applied on a consistent basis, as set forth in Opinions of the Accounting Principles
Board of the American Institute of Certified Public Accountants or in statements of the Financial Accounting Standards Board or their respective successors and which are applicable in the circumstances as of the date in question. Accounting
principles are applied on a “consistent basis” when the accounting principles applied in a current period are comparable in all material respects to those accounting principles applied in preceding periods. 

  
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 Government Lists: As defined in Section 4.19. 

Governmental Authority: Any and all applicable courts, boards, agencies, commissions, offices or authorities of any nature whatsoever
for any governmental unit (federal, state, county, district, municipal, city or otherwise) or for any quasi-governmental units (development districts or authorities). 

Gross Revenue: As defined in the Underlying Loan Agreement. 

Guarantor: TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company and any other party guaranteeing the repayment of all
or any part of the Indebtedness, the satisfaction of, or continued compliance with, all or any part of the Obligations, or both. 

Guarantor Financial Covenants: Those certain net worth and liquidity covenants of Guarantor set forth in the Guaranty. 

Guaranty (individually and/or collectively as the context may require): The Carveout Guaranty, the Funding Guaranty, and all other
instruments of guaranty, if any, now or hereafter in effect from Guarantor to Lender guaranteeing the repayment of all or any part of the Indebtedness, the satisfaction of, or continued compliance with, all or any portion of the Obligations or both,
as the same from time to time may be amended, restated, supplemented or otherwise modified. 
 Guaranty Application Event: A
determination in the reasonable judgment of Lender that, following a Casualty or Condemnation (as each are defined in the Underlying Loan Agreement), the Project cannot be restored or constructed to an economic unit no less valuable than the same
was originally intended pursuant to the terms hereof and the Underlying Loan Agreement prior to the date that is three (3) months prior to the Maturity Date. 

Improvements: Any and all improvements of any kind or nature, and any and all additions, alterations, betterments or appurtenances
thereto, now or at any time hereafter situated, placed or constructed upon the Land or any part thereof, including, without limitation, the Project. 

Indebtedness: (i) The principal of, interest on or other sums evidenced by the Note or the Loan Documents; (ii) any other
amounts, payments, premiums, liabilities or obligations payable under the Loan Documents; and (iii) any and all renewals, modifications, amendments, restatements, rearrangements, consolidations, substitutions, replacements, enlargements and
extensions thereof, it being contemplated by Borrower and Lender that Borrower may hereafter become indebted to Lender in further sum or sums. 

Initial Phase I Borrower Equity: As defined in Section 2.6 hereof. 

Initial Phase II Borrower Equity: As defined in Section 2.6 hereof. 

Inspecting Person: Either the “Construction Consultant” as defined in the Underlying Loan Agreement or, upon the occurrence
and during the continuance of an Event of Default, a Person designated by Lender from time to time who may inspect the Land and the Improvements from time to time for the benefit of Lender. 

Interest Allocation: As defined in Section 3.5(b) hereof. 

  
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 Interest Charges: As defined in Section 3.5(b) hereof. 

Interest Rate Cap Agreement: As defined in the Underlying Loan Agreement.  

Land: That certain land owned by Fee Owner located in Broward County, Florida as more particularly described in the Underlying
Mortgage. 
 Lease: As defined in the Underlying Loan Agreement. 

Legal Requirements: Any and all (i) present and future judicial decisions, statutes, laws, rulings, rules, regulations, orders,
writs, injunctions, decrees, permits, certificates or ordinances of any Governmental Authority in any way applicable to Borrower, any Constituent Party, Guarantor or the Collateral; or (ii) presently or subsequently effective bylaws and
articles of incorporation, operating agreement and articles of organization or partnership, limited partnership, joint venture, trust or other form of business association agreement of Borrower or Guarantor. 

Lender Non-Utilization Fee: Means the Non-Utilization
Fee (as defined in the Underlying Loan Agreement) (x) multiplied by the Lender’s Percentage (y) multiplied by a fraction, the numerator of which is 0.045 and the denominator of which is 0.075. 

Lender’s Advance Percentage: Means seventy percent (70%). 

Lender Defaulted Amount: Any amount of any Total Loan Advance and/or a Protective Advance that Lender is obligated to fund hereunder
but fails to fund as required pursuant to this Agreement. 
 Loan: As defined in the Recitals. 

Loan Allocation(s): The line items set forth in the Project Budget for which Advances of Loan proceeds will be made (including, without
limitation, the Special Allocations). 
 Loan Amount: As defined in the Recitals. 

Loan Documents: This Agreement, the Underlying Note Allonge, the Note, the Collateral Assignment, the Recordable Assignments, the
Omnibus Assignment, the Guaranty and any and all other agreements, documents, certificates, and instruments now or hereafter executed by Borrower, Guarantor or any other Person or party in connection with the Loan evidenced by the Note or in
connection with the payment of the Indebtedness or the performance and discharge of the Obligations, together with any and all renewals, modifications, amendments, restatements, consolidations, substitutions, replacements, extensions and supplements
hereof and thereof. 
 Loan-to-Value
Ratio: The ratio (as determined by Lender), as of any date, of (i) the Adjusted Loan Balance on such date to (ii) fifty percent (50%) of the Appraised Value of the Mortgaged Property as of such date. Lender’s calculation of the Loan-to-Value Ratio shall be final absent manifest error. 

LTV Compliance Amount: An amount that, if applied in reduction of the Adjusted Loan Balance, would cause the Loan-to-Value Ratio to be not greater than thirty-five percent (35%). 

Major Contract: As defined in the Underlying Loan Agreement. 

  
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 Material Adverse Change: Any event, circumstance, fact, condition, development or
occurrence that has had or would reasonably be expected to have a material and adverse effect on any of: (i) the business, operations, financial condition or assets of Borrower and Guarantor in the aggregate; (ii) the ability of
Guarantor to satisfy the Guarantor Financial Covenants; (iii) the ability of Borrower or Guarantor to pay the Indebtedness or perform its monetary obligations or material non-monetary obligations under
any Loan Document; or (iv) the validity, enforceability or binding effect of any of the Loan Documents or the Underlying Mortgage Loan Documents. 

Maturity Date: The Original Maturity Date, the First Extended Maturity Date, the Second Extended Maturity Date, the expiration of the
Remedy Extension Period or the Replacement Loan Maturity Date, as applicable, or such earlier date on which the Lender accelerates payment of the Indebtedness evidenced by the Note pursuant to the provisions of the Loan Documents. 

Maturity Default: A Fee Owner Event of Default under the Underlying Mortgage Loan caused solely by Fee Owner’s failure to pay all
sums under the Underlying Mortgage Loan Documents which are payable on the stated “Maturity Date” thereunder which, for the purposes of clarification, shall include a Maturity Date established by declaration of acceleration. 

Maximum Lawful Rate: The maximum lawful rate of interest which may be contracted for, charged, taken, received or reserved by Lender in
accordance with the applicable laws of the State of New York (or applicable United States federal law to the extent that it permits Lender to contract for, charge, take, receive or reserve a greater amount of interest than under New York law),
taking into account all charges made in connection with the transaction evidenced by the Note and the other Loan Documents. To the extent United States federal law permits Lender to contract for, charge, take, receive or reserve a greater amount of
interest than under New York law, Lender will rely on United States federal law instead of New York law for the purpose of determining the Maximum Lawful Rate. Additionally, to the extent permitted by applicable law now or hereafter in effect,
Lender may, at its option and from time to time, utilize any other method of establishing the Maximum Lawful Rate or under other applicable law by giving notice, if required, to Borrower as provided by applicable law now or hereafter in effect. 

Minimum Return Amount: Means (1) in the event the Phase II initial construction advance is made under the Underlying Loan
Agreement, the difference between (a) $96,789,000 and (b) the difference between (i) $92,400,000 and (ii) the aggregate amount of all advances made under the Loan Documents or (2) in the event that the Phase II initial construction
advance is not made under the Underlying Loan Agreement, the difference between (a) $70,392,000 and (b) the difference between (i) $67,200,000 and (ii) the aggregate amount of all advances made under the Loan Documents. 

Mortgaged Property: Collectively, that certain real and personal property which serves as security for the Underlying Mortgage Loan,
including the Land and the Improvements, and as more particularly described in the Underlying Mortgage. 
 Net Sales Proceeds: As
defined in the Underlying Loan Agreement. 
 Note: That certain Promissory Note dated as of even date herewith in the principal sum
of the Loan Amount (together with any and all renewals, modifications, reinstatements, enlargements or extensions thereof) executed and delivered by Borrower payable to the order of Lender, evidencing the Loan. 

  
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 Obligations: Any and all of the covenants, conditions, warranties, representations and
other obligations (other than to repay the Indebtedness) made or undertaken by Borrower, Guarantor or any other Person or party to the Loan Documents to Lender or others as set forth in the Loan Documents. 

OFAC: As defined in Section 4.19. 

Omnibus Assignment: As defined in the Collateral Assignment. 

Original Maturity Date: The date that is the earliest of (i) August 23, 2019, (ii) the maturity of the Underlying Mortgage
Loan as set forth in the Collaterally Assigned Underlying Loan Documents or (iii) such earlier date on which the Lender accelerates payment of the Indebtedness evidenced by the Note pursuant to the provisions of the Loan Documents. 

Origination Fee: The sum of Nine Hundred Twenty-Four Thousand and No/00 Dollars ($924,000.00) to be paid by Borrower to Lender pursuant
to the applicable provisions of this Agreement. 
 Outstanding Principal Balance: The amount of principal then advanced and
outstanding and payable by Borrower to Lender in accordance with the Note and this Agreement. 
 Patriot Act Offense: As defined in
Section 4.23. 
 Payment Date: Means (i) with respect to regularly scheduled payments of interest, the
first (1st) day of each and every calendar month during the term of the Loan and (ii) with respect to Net Sales Proceeds and Gross Revenue, the date required under Section 7.4 of
the Underlying Loan Agreement; provided, however, to the extent any Payment Date with respect to clause (i) above should fall on a day which is not a Business Day, such Payment Date shall be deemed to be the immediately succeeding
Business Day. 
 Percentage: Means (x) with respect to Lender, the ratio, expressed as a percentage, of the Outstanding
Principal Balance to the Total Outstanding Principal Balance and (y) with respect to Borrower, the difference, expressed as a percentage, between 100% and the Lender’s percentage set forth in (x). On the date hereof, Lender’s
Percentage is 70% and Borrower’s Percentage is 30%. 
 Permitted Change: A Change Order expressly permitted under Section
5.1.17(e) of the Underlying Loan Agreement. 
 Permitted Disposition: The Disposition of any direct or indirect interest in Borrower
that: 
 (i) occurs by inheritance, devise, bequest or by operation of law upon the death of a natural person who is the
owner of a direct or indirect ownership interest in Borrower; or 
 (ii) is to a trust, partnership or other entity for
family estate planning purposes; or 
 (iii) constitutes an assignment of limited partner interests, limited liability
company interests or other non-management beneficial ownership interests in Borrower so long as (a) TPG continues to own, whether directly or indirectly, one hundred percent (100%) of the limited
liability company interests in Borrower, (b) TPG RE Finance Trust Management, L.P. or a replacement manager acceptable to Lender shall continue to manage TPG and its 

  
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subsidiaries and control Borrower, and (c) such assignment does not result in (taking into consideration any previous assignments) a change in excess of forty-nine percent (49%) of the
ultimate beneficial ownership interest in Borrower (subject to Lender’s credit review process described hereinbelow); or 

(iv) a transfer in connection with a Qualifying IPO or the trading on a nationally recognized stock exchange of any securities
or interests issued pursuant to such Qualifying IPO; 
 provided, however, in order for any such transfer of an interest to qualify as a
Permitted Disposition (1) no Event of Default shall have occurred and remain outstanding or shall occur solely as a result of such Disposition, and (2) such Disposition must further (A) intentionally omitted, (B) not result
(either singularly or in the aggregate with prior assignments) in any party as to which Lender has not undertaken its normal credit and/or regulatory review process with satisfactory results becoming an owner, directly or indirectly, in twenty-five
percent (25%) or more of Borrower and (C) be the subject of written notice to Lender within ten (10) days of such assignment together with copies of all applicable assignment documents. 

Person: Any corporation, limited liability company, limited liability partnership, general partnership, limited partnership, firm,
association, joint venture, trust or any other association or legal entity, including any public or governmental body, quasi-governmental body, agency or instrumentality, as well as any natural person. 

Phase I Fee Owner Equity: As defined in Section 2.6 hereof. 

Phase I Improvements: As defined in the Recitals. 

Phase I Loan Amount: As defined in the Recitals. 

Phase II Fee Owner Equity: As defined in Section 2.6 hereof. 

Phase II Improvements: As defined in the Recitals. 

Phase II Initial Land Advance: As defined in the Recitals. 

Phase II Land Advance: As defined in the Recitals. 

Phase II Loan Amount: As defined in the Recitals. 

Pledged Collateral: Means the “Collateral”, as defined in the Underlying Pledge. 

Prescribed Laws: Any and all present and future judicial decisions, statutes, rulings, rules, regulations, permits, certificates,
orders and ordinances of any Governmental Authority relating to terrorism or money laundering, including, without limiting the generality of the foregoing, the USA Patriot Act; the Trading with the Enemy Act (50 U.S.C.A. App. 1
et seq.); the International Emergency Economic Powers Act (50 U.S.C.A. § 1701-06); Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001
(relating to “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism”) and the United States Treasury Department’s Office of Foreign Assets Control list of “Specifically
Designated Nationals and Blocked Persons” (as published from time to time in various mediums.) 

  
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 Proceeds: Means the “Net Proceeds” as defined in the Underlying Loan Agreement.

 Prohibited Sponsor Transferee: Means (i) Fee Owner or the Underlying Mortgage Guarantors or (ii) any Person that
(x) directly or indirectly, owns five percent (5%) or more of Underlying Mortgage Guarantor or (y) controls, is controlled by or is under common control with Underlying Mortgage Guarantor. 

Prohibited Transferee: As defined in Section 9.3(d). 

Project: As defined in the Recitals. 

Project Allocation(s): The line items set forth in the Project Budget for which advances of Underlying Mortgage Loan proceeds will be
made by Borrower to or on behalf of Fee Owner. 
 Project Budget: The “Project Budget” defined in the Underlying Loan
Agreement, which Project Budget shall be subject to the review and approval of Lender in Lender’s sole discretion. 
 Protective
Advance: Means an Elective Protective Advance or a Required Protective Advance, as applicable. 
 Qualifying IPO: Any public
offering involving the issuance of direct or indirect common equity interests in TPG or any Person to which the assets of TPG are contributed, including pursuant to an “UPREIT” structure, on a nationally recognized stock exchange in an
underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the Securities and Exchange
Commission in accordance with the Securities Act of 1933 (whether alone or in connection with a secondary public offering); provided that, (w) as a condition to such Qualifying IPO, Borrower remains in compliance with all of the provisions of
this definition and this Agreement (including, without limitation, Section 5.14), (x) on or prior to the effective date of such Qualifying IPO, Guarantor reaffirms all of its obligations under the Guaranties or a
Replacement Guarantor satisfies the Replacement Guarantor Conditions, (y) on or prior to the effective date of such Qualifying IPO, Borrower and Guarantor shall execute and deliver to Lender an amendment of this Agreement in form and substance
reasonably acceptable to Lender modifying the terms, covenants and conditions of this Agreement as Lender may reasonably require to reflect the ownership structure of Borrower, Guarantor, TPG and their Affiliates after consummation of the Qualifying
IPO including revisions to this definition and related definitions and (z) on or prior to the effective date of such Qualifying IPO, Borrower, Guarantor, TPG and their Affiliates shall have delivered to Lender opinions, organizational
documents, and other customary deliveries as Lender may reasonably require, each in form and substance reasonably acceptable to Lender. 

Rebalancing Reserve Account: As defined in the Underlying Loan Agreement. 

Recordable Assignments: As defined in the Collateral Assignment. 

Refundable Deficiency: As defined in Section 3.6(b). 

Regulatory Authority: As defined in Section 2.5 hereof. 

Remedy Extension Period: As defined in Section 2.3(b) hereof. 

  
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 Replacement Guaranties: Means (x) replacement guaranties executed by a Replacement
Guarantor in substantially the same form as the Underlying Guaranties, but excluding the “Payment Guaranty” and the “Perez Recourse Guaranty”, as such terms are defined in the Underlying Loan Agreement, and (y) a replacement
environmental indemnity agreement executed by a Replacement Guarantor and Borrower in substantially the same form as the Underlying Environmental Indemnity Agreement, in each case with respect to acts or omissions first occurring from and after the
date of the Replacement Mortgage Documents. 
 Replacement Guarantor: Means an Affiliate of Borrower approved by Lender in its sole
discretion, provided that Lender shall not unreasonably withhold its consent to any Affiliate of Borrower that satisfies the Guarantor Financial Covenants. 

Replacement Guarantor Conditions: Means each of the following terms and conditions shall be satisfied prior to, and as a condition
precedent to the effectiveness of, a transfer in connection with a Qualifying IPO; provided that the following shall not apply if Guarantor reaffirms all its obligations under the Guaranties in connection with a Qualifying IPO: 

(A) Borrower shall have delivered written notice to Lender of the proposed Replacement Guarantor not less than fifteen (15) days before
the date on which such transfer is scheduled to close and, within five (5) days of Lender’s request, all such information concerning Replacement Guarantor as Lender shall reasonably require; 

(B) Replacement Guarantor shall execute a replacement guaranty in favor of Lender, which shall be substantially in the form of the Funding
Guaranty and Carveout Guaranty; 
 (C) Borrower, Guarantor and Replacement Guarantor shall execute, or cause to be executed, any amendments
to the Loan Documents reasonably requested by Lender in connection with the replacement of Guarantor with Replacement Guarantor as contemplated herein; 

(D) Replacement Guarantor shall have furnished to Lender, if Replacement Guarantor is a corporation, partnership, limited liability company or
other entity, certified copies of all documents evidencing Replacement Guarantor’s organization and good standing, and the qualification of the signers to execute the guaranties set forth in (B) above, which documents shall include
certified copies of all documents relating to the organization and formation of Replacement Guarantor and any resolutions necessary to establish the due authorization of Replacement Guarantor to enter into the applicable Replacement Guaranty; 

(E) Replacement Guarantor shall have furnished to Lender all information reasonably requested by Lender in connection with, and sufficient to
satisfy, the “know your customer” or other similar checks under all Legal Requirements applicable to Lender and either substantially consistent with the checks performed by Lender on (x) Guarantor in connection with the closing of the
Loan or (y) other guarantors at the time of the Qualifying IPO. 
 (F) Replacement Guarantor shall furnish an opinion of counsel
reasonably satisfactory to Lender and its counsel (i) that the guaranties set forth in (B) above and any other documents required under the definition of Replacement Guarantor Conditions have been duly authorized, executed and delivered
and are valid, binding and enforceable against Replacement Guarantor in accordance with their respective terms, (ii) that Replacement Guarantor has been duly organized and are in existence and good standing, and (iii) with respect to such
other matters as Lender may reasonably request; and 

  
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 (G) Borrower shall have paid to Lender, concurrently with the closing of such transfer, all out-of-pocket costs and expenses, including reasonable attorneys’ fees, incurred by Lender in connection with such transfer, the preparation and execution of the
replacement guaranties and compliance with this Agreement. 
 Replacement Loan Maturity Date: The date that is the earliest of
(i) one (1) year after the Replacement Mortgage Loan is made, or (ii) such earlier date on which the Lender accelerates payment of the Indebtedness evidenced by the note executed and delivered pursuant to the provisions of the replacement
loan documents executed under the Replacement Mortgage Loan. 
 Replacement Mortgage Loan: As defined in Section 10.6(a)
hereof. 
 Replacement Mortgage Documents: Means mortgage documents reasonably acceptable to Lender with Borrower or Borrower’s
designee or assignee which are substantially similar to the Underlying Mortgage Loan Documents which, in any event, grant, convey and assign to Lender a first mortgage lien and security interest in and to the Mortgaged Property. 

Required Protective Advance: As defined in Section 10.5. 

Required Release Price: As defined in the Underlying Loan Agreement. 

Return Differential: As defined in the Underlying Loan Agreement. 

Second Extended Maturity Date: The date that is the earliest of (i) August 23, 2021 or (ii) the maturity of the
Underlying Mortgage Loan as set forth in the Collaterally Assigned Underlying Loan Documents, as may be amended in accordance with the terms hereof, or (iii) such earlier date on which the Lender accelerates payment of the Indebtedness
evidenced by the Note pursuant to the provisions of the Loan Documents. 
 Second Extension Option: As defined in
Section 2.3 hereof. 
 Second Extension Period: A period commencing on the day after the First Extended
Maturity Date and ending on the Second Extended Maturity Date. 
 Servicer: As defined in the Underlying Loan Agreement. 

Servicing Agreement: That certain Servicing Agreement of even date herewith among Borrower, Lender, TPG Agent, and Hanover Street
Capital LLC.  
 Servicing Fee: As defined in the Underlying Loan Agreement. 

Shortfall: As defined in the Underlying Loan Agreement. 

Shortfall Advance: As defined in the Underlying Loan Agreement. 

Shortfall Deposit: As defined in Section 3.6(b). 

Shortfall Rate: As defined in the Underlying Loan Agreement. 

Sole Member: As defined in the Underlying Loan Agreement. 

  
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 Special Allocation (individually or collectively, as the context so requires): The
Underlying Loan Allocation and the Interest Allocation. 
 Subordinate Assignment: Any mortgage assignment, lien instrument, pledge,
lien (statutory, constitutional or contractual), security interest, encumbrance or charge, conditional sale or other title retention agreement, covering all or any part of the Collateral executed and delivered by Borrower, the lien of which is
subordinate and inferior to the lien of the Collateral Assignment. 
 Substantial Completion: As defined in the Underlying Loan
Agreement. 
 Title Company: Chicago Title Insurance Company (and its issuing agent, if applicable) or such other title company
reasonably acceptable to Borrower, issuing the Title Insurance, which shall be acceptable to Lender in its reasonable discretion. 

Title Insurance: The loan title policy issued by the Title Company with Policy No. 5886-4-5591715-2016.7230609-96575649 in the aggregate maximum amount of the Underlying Mortgage Loan insuring or committing to insure that the Underlying Mortgage constitutes a valid lien covering
the Land and Improvements subject only to those exceptions which Borrower approved, together with an endorsement insuring the collateral assignment of the lien of the Underlying Mortgage to Lender pursuant to the Collateral Assignment. 

Total Loan Advance: The amount of an advance requested by Fee Owner pursuant to a Fee Owner Draw Request. 

Total Outstanding Principal Balance: The aggregate amount of principal advanced by both Borrower and Lender and then outstanding. 

TPG: TPG RE Finance Trust, Inc. 

TPG Advance: An advance made by Borrower in an amount equal to TPG’s Advance Percentage of the Total Loan Advance. 

TPG Agent: TPG RE Finance, LLC. 

TPG Call Protection Payment: Means the Return Differential received under the Underlying Loan Agreement minus the Call Protection
Payment (if applicable). 
 TPG Non-Utilization Fee: Means the
non-utilization fee received under the Underlying Loan Agreement minus the Lender Non-Utilization Fee. 

TPG Outstanding Principal Balance: The aggregate amount of principal then advanced and payable by Fee Owner to Borrower in accordance
with the Underlying Loan Agreement less the portion of such amount Advanced by Lender pursuant to the terms hereof. 
 TPG’s Advance
Percentage: Means thirty percent (30%). 
 Underlying Environmental Indemnity Agreement: That certain Environmental Indemnity
Agreement dated of even date with the Underlying Loan Note executed by Fee Owner and Underlying Mortgage Guarantors, guaranteeing the payment and performance of certain obligations with respect to environmental issues relating to the Mortgaged
Property, as the same may from time to time be amended, restated, supplemented or otherwise modified. 

  
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 Underlying Guaranties: The “Guaranty”, the “Payment Guaranty” and
“Guaranty of Completion” as each are defined in the Underlying Loan Agreement. 
 Underlying Interest Allocation: As
defined in Section 3.5(b) hereof. 
 Underlying Interest Charges: Any interest due to Borrower on the
Underlying Loan Agreement, the Underlying Mortgage Note and/or the other Underlying Mortgage Loan Documents, which shall equal one hundred percent (100%) of the interest due to Borrower thereunder less the amount of Interest Charges paid to Lender
in connection herewith. 
 Underlying Loan Agreement: That certain Loan Agreement dated of even date with the Underlying Loan Note
between Fee Owner, as borrower, TPG Agent, as administrative agent for the lenders and Borrower, as lender, which governs the terms of the Underlying Mortgage Loan, a true and correct copy of which is attached hereto as Exhibit B, as the same
may from time to time be amended, restated, supplemented or otherwise modified. 
 Underlying Loan Allocation: As defined in
Section 3.5(a) hereof. 
 Underlying Loan Assignment of Leases and Rents: That certain Assignment of Leases
and Rents executed by Fee Owner and delivered to TPG Agent, as administrative agent for Borrower and the other lenders, dated of even date with the Underlying Loan Note and submitted for recording on or about the date hereof with the recorder’s
office in Broward County, Florida, assigning to Borrower all rents, leases, income, revenues, issues, profits and proceeds which may arise from the operation or ownership of the Mortgaged Property, as the same may from time to time be amended,
restated, supplemented or otherwise modified. 
 Underlying Loan Charges: As defined in Section 3.5(a) hereof. 

Underlying Loan Note: That certain Promissory Note, dated as of the date hereof, in the original principal amount of One Hundred Thirty-Two Million and No/100 Dollars ($132,000,000.00) (together with any and all renewals, modifications, reinstatements, enlargements or extensions thereof) executed by Fee Owner payable to Borrower. 

Underlying Mortgage: That certain Mortgage, Assignment of Leases and Rents, Security Agreement, Fixture Filing and Notice of Future
Advance dated of even date with the Underlying Loan Note executed by Fee Owner for the benefit of TPG Agent, as administrative agent for Borrower and the other lenders, and submitted for recording on or about the date hereof with the recorder’s
office in Broward County, Florida, encumbering the Land and the Improvements as security for the Underlying Loan, as the same may from time to time be amended, restated, supplemented or otherwise modified. 

Underlying Mortgage Guarantors: PRH Investments, LLC, a Florida limited liability company, Jorge M. Perez, an individual (with respect
to the Payment Guaranty and the Perez Recourse Guaranty only), and any other party guaranteeing the repayment of all or any part of the Underlying Mortgage Loan, the satisfaction of, or continued compliance with, all or any part of the obligations
under the Collaterally Assigned Underlying Loan Documents, or both. 
 Underlying Mortgage Loan: As defined in the Recitals. 

  
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 Underlying Mortgage Loan Documents: (i) The Underlying Loan Note, the Underlying Loan
Agreement, the Underlying Mortgage, the Underlying Loan Assignment of Leases and Rents, the Underlying Guaranties, the Underlying Pledge (and the original membership certificates related thereto), the Underlying Environmental Indemnity Agreement,
the Cash Management Agreement (ii) the Escrow Deposit Account Agreement, the Assignment of Contracts, the Assignment of General Contractor’s Agreement, the Assignment of Development Agreement, the Assignment of Sales Agency Contract, the
Pledge Agreement Guaranty, the Account Control Agreement (as each are defined in the Underlying Loan Agreement), and (iii) such other agreements, documents and instruments now or hereafter executed by Fee Owner, Underlying Mortgage Guarantors
or any other Person or party for the benefit of TPG Agent and/or Borrower in connection with the Underlying Mortgage Loan, together with any and all renewals, modifications, amendments, restatements, consolidations, substitutions, replacements,
extensions and supplements hereof or thereof. 
 Underlying Mortgage Loan Interest Charges: As defined in Section 6.1(a)
hereof. 
 Underlying Mortgage Loan Reserve Accounts: Collectively, the following accounts, which may be sub-accounts of the Cash Management Account: the Borrower Operating Account, the Borrower Deposit Funds Account, the Carry Cost Account, the Interest Reserve Account, the Forfeited Deposit Reserve Account the
Rebalancing Reserve Account and the Cash Collateral Account (as each are defined in the Underlying Loan Agreement) and all other accounts and subaccounts established pursuant to the Underlying Loan Agreement. 

Underlying Mortgage Loan Reserves: The amounts deposited or to be deposited by Fee Owner in accordance with Article 7 of the Underlying
Loan Agreement. 
 Underlying Note Allonge: That certain allonge in form and substance acceptable to Lender for attachment to the
Underlying Loan Note by which Borrower endorses the Underlying Loan Note to Lender’s order. 
 Underlying Phase I Loan: As
defined in the Recitals. 
 Underlying Phase II Loan: As defined in the Recitals. 

Underlying Pledge: That certain Pledge and Security Agreement dated as of even date with the Underlying Loan Note between Sole Member,
as pledgor, and TPG Agent, for the benefit of Borrower as lender, as pledgee, as the same may from time to time be amended, restated, supplemented or otherwise modified pursuant to the terms thereof and hereof. 

Units: As defined in the Underlying Loan Agreement. 

Unit Sale Contract Deposits: As defined in the Underlying Loan Agreement. 

USA Patriot Act: The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001 (Public Law 107-56) (The USA PATRIOT Act). 
 Section 1.2. Additional
Definitions. As used herein, the following terms shall have the following meanings: (i) “hereof,” “hereby,” “hereto,” “hereunder,” “herewith” and similar terms mean of, by, to, under and with
respect to this Agreement or to the other documents or matters being referenced; (ii) “heretofore” means before, “hereafter” means after, and “herewith” means concurrently

  
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with the date of this Agreement; (iii) all pronouns, whether in masculine, feminine or neuter form, shall be deemed to refer to the object of such pronoun whether same is masculine, feminine
or neuter in gender, as the context may suggest or require; (iv) “including” means including without limitation; (v) and all terms used herein, whether or not defined in Section 1.1 hereof, and whether
used in singular or plural form, shall be deemed to refer to the object of such term whether such is singular or plural in nature, as the context may suggest or require. 

ARTICLE II 
 THE LOAN

 Section 2.1. Agreement to Lend. Lender hereby agrees to lend up to but not in excess of the Loan Amount to Borrower, and
Borrower hereby agrees to borrow such sum from Lender, all upon and subject to the terms and provisions of this Agreement, such sum to be evidenced by the Note. Borrower’s liability for repayment of the interest on account of the Loan shall be
limited to and calculated with respect to Loan proceeds actually disbursed to Borrower pursuant to the terms of this Agreement and the Note and only from the date or dates of such disbursements. Lender shall, upon satisfaction of the Advance
Conditions, disburse Loan proceeds by journal entry to pay interest and financing costs and disburse Loan proceeds directly to third parties to pay costs or expenses required to be paid by Borrower pursuant to this Agreement. Loan proceeds disbursed
by Lender by journal entry to pay interest or financing costs, and Loan proceeds disbursed directly by Lender to pay costs or expenses required to be paid by Borrower pursuant to this Agreement, shall constitute Advances to Borrower. 

Section 2.2. Promise to Pay and Perform; Time of Essence. Borrower will pay the Indebtedness as and when specified in the Note and
the other Loan Documents, and will perform and discharge all of the Obligations, in full and on or before the date same are required to be performed. Time is of the essence with respect to each and every promise, covenant or obligation of Borrower
specified in the Loan Documents. 
 Section 2.3. Extension Options. 

(a) In addition to Borrower’s rights under Section 2.3(b), Borrower shall, subject to satisfaction of the terms and
conditions below, have two (2) successive options to extend the Original Maturity Date to (i) the First Extended Maturity Date, with respect to the first option (the “First Extension Option”), and (ii) the Second
Extended Maturity Date, with respect to the second option (the “Second Extension Option”). An Extension Option shall be granted to Borrower only if all of the following conditions have been simultaneously satisfied as of the
commencement date of the Extension Period (unless an earlier date is specified hereinbelow): 
 (1) Receipt by Lender of a
written request of Borrower (in each instance, an “Extension Request”) given to Lender (i) in the case of the First Extension Option, not less than twenty (20) days prior to the Original Maturity Date but not more than
ninety (90) days prior to the Original Maturity Date and (ii) in the case of the Second Extension Option, not less than twenty (20) days prior to the First Extended Maturity Date but not more than ninety (90) days prior to First
Extended Maturity Date; 
 (2) payment to Lender in cash, of the Extension Fee; 

(3) no monetary or material non-monetary Default for which Lender has given notice or
no Event of Default shall have occurred and be then existing; 

  
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 (4) either (x) no Material Adverse Change shall have occurred and be
continuing or (y) if a Material Adverse Change exists, Lender has failed to give to Borrower notice of such Material Adverse Change within ten (10) days after receipt of an Extension Request; 

(5) Lender shall have received an updated title report from the Title Company showing the Underlying Mortgage, as assigned to
Lender pursuant to the Collateral Assignment, as a prior and paramount lien on the Mortgaged Property, that title to the Land is vested in Fee Owner and that no claim for mechanics’ or materialmen’s liens then encumber the Mortgaged
Property; 
 (6) The Loan-to-Value Ratio of
the Mortgaged Property (based on an updated or new Appraisal obtained not earlier than thirty (30) days prior to the applicable Maturity Date) does not exceed thirty-five percent (35%); 

(7) the Fee Owner has satisfied all conditions to achieve extension of the Underlying Mortgage Loan pursuant to
Section 2.6 of the Underlying Loan Agreement, and each such condition (together with any supporting information submitted by Fee Owner in connection therewith) has been reviewed and approved by Lender in its sole but reasonable discretion; 

(8) the Underlying Mortgage Loan shall have been extended to the First Extended Maturity Date or Second Extended Maturity Date,
as applicable; 
 (9) Borrower shall be in compliance with Section 3.6 hereof; and 

(10) Borrower shall have paid all reasonable
out-of-pocket costs and expenses incurred by Lender in connection with such extension, including without limitation, underwriting, title and legal fees and costs. 

Notwithstanding the foregoing or anything to the contrary contained herein, in the event the Mortgaged Property fails to satisfy the conditions
set forth in subsection (6) immediately above, Borrower may, at its option, in order to satisfy such subsection, (x) prepay the Loan, (y) deliver to Lender cash or other additional collateral (acceptable to Lender in its sole but
reasonable discretion) or (z) deliver a letter of credit (issued by an Eligible Institution and with terms acceptable to Lender in its reasonable discretion), in an amount equal to or greater than the LTV Compliance Amount (as applicable). 

(b) Without limiting Borrower’s rights under Section 2.3(a) hereof, in the event there is a Maturity Default,
Borrower shall have a one-time option to extend the Maturity Date by three (3) months (such extension, the “Remedy Extension Period”) provided that: 

(1) Lender has received an Extension Request not less than five (5) Business Days after the applicable Maturity Date; 

(2) other than with respect to the Maturity Default, no monetary or material
non-monetary Default or Event of Default shall have occurred and be then existing; 

(3) other than with respect to any Event of Default to repay the Loan on the Maturity Date, no Material Adverse Change shall
have occurred; 
 (4) Borrower shall have entered into an Interest Rate Cap Agreement, or extended the existing Interest Rate
Cap Agreement, for the additional three (3) month period; 

  
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 (5) Borrower shall be in compliance with Section 3.6 hereof through the
Maturity Date, as extended; 
 (6) Borrower shall, within ten (10) Business Days after the delivery of the Extension
Request required in item (1) above, initiate and thereafter diligently pursue either (x) a sale of the Underlying Mortgage Loan to a confirmed, bona fide third-party purchaser with a sales price sufficient to repay, in full, the
Indebtedness (and Borrower must repay, in full, the Indebtedness simultaneously with the closing of such sale), which sale shall be evidenced by an executed letter of intent provided to Lender within thirty (30) days after initiation of the
sale of the Underlying Mortgage Loan, (y) foreclosure proceedings against the Mortgaged Property or a secured party sale of the Pledged Collateral, which satisfy the terms and conditions of Section 10.6 or (z) a
loan restructure with Fee Owner which satisfies the terms and conditions of Section 10.6; and 

(7) Borrower shall have paid all reasonable
out-of-pocket costs and expenses incurred by Lender in connection with such extension, including without limitation, underwriting, title and legal fees and costs. 

In the event that Borrower so extends any Maturity Date for three (3) months as described in this Section 2.3(b) but has not
foreclosed on the Mortgaged Property and/or entered into a loan restructuring and (i) Borrower has initiated and is diligently pursuing foreclosure proceedings against the Mortgaged Property (as confirmed by Lender in its reasonable discretion)
and (ii) Borrower has paid to Lender, in cash, a fee equal to the product of one-quarter of one percent (0.25%) multiplied by the Adjusted Loan Balance, then the Remedy Extension Period may be
extended by and additional period equal to the earlier of (x) six (6) months immediately following the Remedy Extension Period or (y) for so long as Borrower is diligently pursuing foreclosure proceedings against the Mortgaged Property (as
confirmed by Lender in its reasonable discretion). For the purposes of clarification, in the event that the Remedy Extension Period is granted based on Borrower’s attempted sale of the Underlying Mortgage Loan in accordance with Section
2.3(b)(6)(x), but such sale has not been completed, Borrower shall not be entitled to the additional six (6) months referred to in this paragraph. 

Section 2.4. Application of Proceeds. Lender shall apply any proceeds or payments or other sums received by Lender or Collateral
held by Lender (including, without limitation, any proceeds of the sale, lease or other disposition of all or any portion of the Collateral) pursuant to, and in accordance with, the terms of this Section 2.4. 

(a) If an Event of Default is not then continuing, any proceeds or payments received from Borrower shall be applied in
accordance with Section 6.1. 
 (b) While an Event of Default exists, proceeds, payments or other
sums shall be applied in the following order and priority: (i) to Lender for the payment of all fees and expenses due to Lender under the Loan Documents (including the Exit Fee, if applicable), (ii) to Lender for the payment of Default Rate
interest or late charges, (iii) to Lender for the payment of any Defaulted Amount and/or Protective Advances that have been made by Lender; (iv) to Lender for the payment of Lender’s Percentage of any exit fees and/or extension fees
received by Borrower in connection with the Underlying Mortgage Loan and the Lender Non-Utilization Fee, (v) to Lender for the payment of the Outstanding Principal Balance and the remaining accrued but
unpaid interest, (vi) to Lender for the payment of any Call Protection Payment then due and owing, and (vii) the balance, if any and to the extent applicable, remaining after the full and final payment of the Indebtedness and full
performance and discharge of the Obligations to Borrower. 

  
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 (c) The application of proceeds of sale or other proceeds as otherwise provided
herein shall be deemed to be a payment of the Indebtedness like any other payment. The balance of the Indebtedness remaining unpaid, if any, shall remain fully due and owing in accordance with the terms of the Note or the other Loan Documents. 

Section 2.5. Appraisals. If any Appraisal is required or desired by Lender, the Federal Deposit Insurance Corporation, the Office
of Comptroller of Currency or any other governmental entity or quasi-governmental entity which has the authority and power to regulate the business and other activities of Lender (“Regulatory
Authority”), Borrower covenants and agrees that it shall, within sixty (60) days following a request therefor by Lender, furnish to Lender (at Borrower’s or Fee Owner’s sole cost and expense) an Appraisal in form, substance
and by an appraising firm acceptable to Lender and, if applicable, the Regulatory Authority requiring such Appraisal pursuant to this Section 2.5, provided that Borrower shall not be required to furnish more than
one (1) such Appraisal in any calendar year (unless an Event of Default shall exist, in which case such limitation shall not apply). In the event Borrower should fail to timely provide an acceptable Appraisal of the Mortgaged Property pursuant
to this Section, then, and in such event, Lender shall be entitled to obtain its own Appraisal of the Mortgaged Property at Borrower’s sole cost and expense. Lender shall further be entitled, at any time, to obtain an Appraisal on its own, and
at its own expense, and any such Appraisal obtained by Lender may be utilized by Lender (even in lieu of other available Appraisals) to undertake any Loan-to-Value
calculations. 
 Section 2.6. Equity Requirements. 

(a) With respect to the Project, prior to the Closing Date, Borrower shall provide to Lender, for its approval, the Project
Budget such that Lender can confirm and approve the aggregate Underlying Mortgage Loan amount of One Hundred Thirty-Two Million and No/100 Dollars ($132,000,000.00). 

(b) With respect to the Phase I Improvements, Borrower shall provide Lender with evidence, acceptable to Lender, that
(x) Borrower has contributed cash equity on the date hereof which comprises a part of the Underlying Mortgage Loan proceeds in an amount equal to Zero and No/100 Dollars ($0.00) (the “Initial Phase I Borrower Equity”) and which
Initial Phase I Borrower Equity shall be increased by each TPG Advance such that upon the advance of the full Underlying Phase I Loan, Borrower shall have contributed cash equity in an amount equal to
Twenty-Two Million Two Hundred Thousand and No/100 Dollars ($22,200,000.00), or such lesser amount as a result of any realized cost savings attributable to the Project Budget as approved by Lender
(collectively, the “Borrower Phase I Equity”); and (y) Fee Owner has contributed cash equity into the Phase I Improvements together with usable contract deposits related to the Phase I Improvements in amount equal to Eighty-One Million Fourteen Thousand Two Hundred Thirty-Seven and No/100 Dollars ($81,014,237.00) (which may consist of up to Fifty-Five Million Fourteen Thousand Two Hundred Thirty-Seven and No/100 Dollars
($55,014,237.00) of usable contract deposits) (the “Phase I Fee Owner Equity”). 
 (c) With respect to the
Phase II Improvements, Borrower shall provide Lender with evidence, acceptable to Lender, that (x) Borrower has contributed cash equity on the date hereof which comprises a part of the Underlying Mortgage Loan proceeds in an amount equal to
Five Million Three Hundred Forty-Seven Thousand Two Hundred Four and No/100 Dollars ($5,347,204.00) (the “Initial Phase II Borrower Equity”) and which Initial Phase II Borrower Equity shall be increased by each TPG Advance such that
upon the advance of the full 

  
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Underlying Phase II Loan, Borrower shall have contributed cash equity in an amount equal to Seventeen Million Four Hundred Thousand and No/100 Dollars ($17,400,000.00), or such lesser amount as a
result of any realized cost savings attributable to the Project Budget as approved by Lender or termination of the Underlying Phase II Loan (collectively, the “Borrower Phase II Equity”; together with the Borrower Phase I Equity,
the “Borrower Equity”); and (y) Fee Owner has contributed cash equity into the Phase II Improvements together with usable contract deposits related to the Phase II Improvements in amount equal to Eighty-Seven Million Seven
Hundred Forty Thousand Six Hundred Forty-Five and No/100 Dollars ($87,740,645.00) (which may consist of up to Fifty Million Nine Hundred Eighty-One Thousand Two Hundred Eighty-Nine and 68/100 Dollars
($50,981,289.68) of usable contract deposits related to the Phase II Improvements) (the “Phase II Fee Owner Equity”; together with the Phase I Fee Owner Equity, the “Fee Owner Equity” ). 

Section 2.7. Not Revolver. This Loan facility is not intended, in whole or in part, to be “revolving” in nature and it
is expressly agreed that no principal amount repaid by Borrower may be reborrowed by Borrower. 
 ARTICLE III 

ALLOCATIONS AND ADVANCES 

Section 3.1. General Provisions with Respect to Allocations and Advances. The purposes for which Loan proceeds are allocated and
the respective amounts of such Loan Allocations are set forth in the Project Budget. The Loan Allocations shall be disbursed only for the purposes set forth in the Project Budget. It is expressly agreed and understood that Borrower shall not
request, and Lender shall have no obligation to fund, any Advance which is not in accordance with the Project Budget and Article III of this Agreement. 

(a) Limitation on Advances. Lender shall not be obligated to make an Advance for a Loan Allocation set forth in the
Project Budget, as applicable, to the extent that the amount of the Advance for such Loan Allocation would, when added to all prior Advances for such Loan Allocation, exceed the total of such Loan Allocation as set forth in the Project Budget, as
applicable. To the extent that Loan proceeds disbursed by Lender pursuant to the Loan Allocations are insufficient to pay all costs required for the payment of Interest Charges, Borrower shall pay such excess costs with funds derived from sources
other than the Loan. Under no circumstances shall Lender be required to disburse any proceeds of the Loan in excess of (x) with respect to a single Advance, Lender’s Advance Percentage of the Total Loan Advance and (y) in the
aggregate, the Loan Amount. Further, if the conditions required by the Underlying Mortgage Loan to advance the Underlying Phase II Loan as set forth in Section 2.9.1 of the Underlying Loan Agreement are not satisfied on or prior to
August 23, 2017, then Lender shall have no obligation to make Lender’s Advance Percentage of the Underlying Phase II Loan (other than Lender’s Advance Percentage of the Phase II Initial Land Advance made as of the Closing Date). 

(b) Advance Not A Waiver or Acceptance. No Advance of the proceeds of the Loan shall constitute a waiver of any of the
conditions of Lender’s obligation to make further Advances, nor, in the event Borrower is unable to satisfy any such condition, shall any such Advance have the effect of precluding Lender from thereafter declaring such inability to be an Event
of Default. The making of any Advance or part thereof shall also not be deemed an approval or acceptance by Lender of any work done. 

  
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 (c) Time and Place of Advances. All Advances are to be made at the office
of Lender, or at such other place as Lender may designate; and Lender shall require five (5) days’ prior notice in writing before the making of any such Advance. Lender shall not be obligated to undertake any Advance hereunder to fund
Underlying Loan Charges more than once in any 30-day period; provided, however, that regardless of the timing of an Advance for Underlying Loan Charges, Advances for regularly scheduled payments of interest
shall, upon satisfaction of the Advance Conditions, be made on each Payment Date. Except as set forth in this Agreement, all Advances are to be made by direct deposit into the Escrow Account. 

(d) Use of Funds from Advances. Upon receipt, Borrower shall disburse the proceeds from all Advances in a manner and for
such purposes as set forth in the Draw Request and consistent with the Project Budget. 
 (e) Advances During Extension
Period. During the Second Extension Period, Lender may (but shall not be required to) make further Advances irrespective of whether or not the full Loan Amount has been disbursed. Any Advances during the Second Extension Period may be made at
Lender’s sole discretion. 
 Section 3.2. Conditions to Closing. The obligation of Lender to close the Loan is subject to
the prior or simultaneous occurrence of each of the following conditions: 
 (a) Lender shall have received evidence that the
Phase I Fee Owner Equity and the Initial Borrower Equity have been fully funded; 
 (b) Lender shall have received from
Borrower all of the Loan Documents duly executed by Borrower and, as applicable, by Guarantor; 
 (c) Lender shall have
received certified copies of resolutions or consents of Borrower and Guarantor authorizing the execution, delivery and performance of all the Loan Documents and authorizing the borrowing and performance of Borrower’s and Guarantor’s
obligations under the Loan Documents, along with such certificates of existence, certificates of good standing and other certificates or documents as Lender may reasonably require to evidence Borrower’s and Guarantor’s authority; 

(d) Lender shall have received payment of the Origination Fee, which Origination Fee may be paid from the Loan proceeds and
added to the Outstanding Principal Balance; 
 (e) Lender shall have received each and every one of its pre-closing requirements satisfied in all respects to Lender’s full satisfaction including, without limitation (i) organizational documents of Borrower, Guarantor and any applicable Constituent Party,
(ii) Title Insurance insuring the collateral assignment of the lien of the Underlying Mortgage to Lender pursuant to the Collateral Assignment, (iii) a current Survey, (iv) an opinion of counsel for Borrower and Guarantor with respect
to power, authority, due formation, enforceability and other matters, (v) current financial statements and tax returns for the preceding three (3) calendar years of Borrower, Guarantor, Fee Owner and Underlying Mortgage Guarantors or
alternatively a certification by an appropriate officer of Borrower or Guarantor, as applicable, certifying that all tax liabilities have been timely paid, (vi) the originals of the Collaterally Assigned Underlying Loan Documents, and
(vii) such other information or other due diligence as Lender may require; and 
 (f) Lender shall have received and
approved evidence acceptable to Lender in its reasonable discretion that Fee Owner has satisfied each and every one of the conditions to closing the Underlying Mortgage Loan, which conditions are set forth in Section 2.8 of the Underlying Loan
Agreement, together with Lender’s receipt and approval of any supporting information submitted by Fee Owner in connection therewith. 

  
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 Section 3.3. Conditions to Advances. The obligation of Lender to make each Advance
hereunder may, in Lender’s sole discretion, be subject to the prior or simultaneous occurrence or satisfaction of each of the following conditions (collectively, the “Advance Conditions”): 

(a) satisfaction of each of the conditions set forth in Section 3.1 and 3.2 hereof; 

(b) no Default or Event of Default then exists; 

(c) the Loan Documents and the Collaterally Assigned Underlying Loan Documents shall be and remain outstanding and enforceable
in accordance with their terms, all as required hereunder and thereunder; 
 (d) the Loan shall not then be in the Second
Extension Period; 
 (e) Lender shall have received evidence that (x) the Fee Owner Equity remains invested in the
Mortgaged Property and (y) Borrower has deposited the corresponding TPG Advance into the Escrow Account, as more particularly described in Section 3.8 hereinbelow; 

(f) at Lender’s option, Lender shall have received prior to Lender’s disbursement of the requested Advance a title
report from the Title Company showing no new state of facts since the Closing Date (with respect to the initial Advance) or the date of the most recent Advance, as applicable, which are objectionable to Lender; 

(g) the representations and warranties made by Borrower, as contained in this Agreement and in all other Loan Documents shall
be true and correct in all material respects as of the date of each Advance; and if requested by Lender, Borrower shall give to Lender a certificate to that effect; provided that Borrower shall be permitted to update such
representations and warranties in writing to reflect any changes in facts since the date of this Agreement so long as no fact disclosed in such update is the result of any breach of any covenant, agreement or other obligation of Borrower under the
Loan Documents and does not constitute any material non-monetary Default, monetary Default or Event of Default by Borrower, or any change that would have a material and adverse effect on the Project Budget or
the Project, in each case as determined by Lender in its sole but reasonable judgment; 
 (h) the covenants made by Borrower
to Lender, as contained in this Agreement and in all other Loan Documents shall have been fully complied with in all material respects, except to the extent such compliance may be limited by the passage of time; 

(i) Lender shall have received from Borrower a properly executed and completed Draw Request on the Draw Request Form for such
Advance (accompanied by a copy of the Fee Owner Draw Request), completed, executed and certified to by Borrower; 
 (j) No
Shortfall (as independently determined by Lender in its sole and absolute discretion) shall exist under the Underlying Mortgage Loan and Borrower shall be in compliance with Section 3.6 hereof; 

(k) to the extent any Shortfall amount has been deposited into the Rebalancing Reserve Account, all sums comprising such
Shortfall amount shall have been completely disbursed in accordance with the Underlying Mortgage Loan Documents; 
 (l)
Lender shall have determined that Section 2.9.2(m) of the Underlying Loan Agreement is satisfied; and 

  
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 (m) Lender shall have received and approved evidence acceptable to Lender in its
sole and absolute discretion (except when approval of a condition to an advance under the Underlying Loan Agreement specifically requires the reasonable discretion of Borrower, in which case the approval standard of the evidence of satisfaction of
such condition shall be in the reasonable discretion of Lender) that Fee Owner has satisfied each and every one of the conditions to an advance of the Underlying Mortgage Loan, which conditions are set forth in Section 2.9 (and, with respect to
the final Total Loan Advance, Section 2.10) of the Underlying Loan Agreement, together with Lender’s receipt and approval of any supporting information submitted by Fee Owner in connection therewith. 

Section 3.4. Intentionally Omitted. 

Section 3.5. Special Allocations. No interest shall accrue on the Special Allocations unless and until Lender makes an Advance of
Loan proceeds thereof. 
 (a) Underlying Loan Allocation. On the date hereof, Loan proceeds in the amount of (x) Fifty-One Million Eight Hundred Thousand and No/100 Dollars ($51,800,000.00) with respect to the Phase I Loan and (y) Forty Million Six Hundred Thousand and No/100 Dollars ($40,600,000.00) with respect
to the Phase II Loan (of which Twelve Million Four Hundred Seventy-Six Thousand Eight Hundred Eleven and No/100 Dollars ($12,476,811.00) is being advanced by Lender on the date hereof) will be withheld by
Lender and allocated for advances required to be made by Borrower for Project Allocation(s) under and in accordance with the Underlying Mortgage Loan Documents (the “Underlying Loan Charges”; and such allocation being referred to
herein as the “Underlying Loan Allocation”), which Underlying Loan Charges include, without limitation, the Interest Charges described in Section 3.5(b) below. Provided that there are sufficient funds available in the
Underlying Loan Allocation and Borrower satisfies the Advance Conditions (unless Lender elects, in its sole discretion, to Advance notwithstanding Borrower’s failure to satisfy the Advance Conditions), Advances of the Underlying Loan Allocation
shall be made into the Escrow Account for the payment by Borrower to Fee Owner (for the payment by Fee Owner of Underlying Loan Charges in accordance with the Underlying Mortgage Loan Documents). 

(b) Interest Allocation. Without duplication of the amounts set forth in Section 3.5(a) above, on the date
hereof, Loan proceeds in the amount of Seven Million Three Hundred Six Thousand Five Hundred Twenty-Eight and No/100 Dollars ($7,306,528.00) will be withheld by Lender and allocated for the payment of interest due and owing under the terms of this
Agreement, the Note and the other Loan Documents (the “Interest Allocation”). Provided that there are sufficient funds available in the Interest Allocation and Borrower satisfies the Advance Conditions (unless Lender elects, in its
sole discretion, to Advance notwithstanding Borrower’s failure to satisfy the Advance Conditions), Advances of the Interest Allocation will be automatically made to pay to Lender accrued but unpaid interest under the Note on each interest
payment date specified in the Note (the “Interest Charges”). Lender is hereby authorized, without the necessity of notifying Borrower, to charge the Note directly for each such Interest Charge by interest journal entries on
Lender’s books. In all events funds in the Interest Allocation shall be first applied to interest due and owing under this Agreement, the Note and the other Loan Documents prior to any sums due and owing under the Underlying Mortgage Loan
Agreement, the Underlying Mortgage Note and the other Underlying Mortgage Loan Documents. Upon full distribution of the Interest Allocation or at any time that Lender elects not to Advance the Interest Allocation in accordance with this Section
3.5(b), Borrower shall make payments for Interest Charges directly to Lender in accordance with the provisions of the Note, and shall not be entitled to any other Advances to pay such Interest Charges.

  
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Borrower agrees and acknowledges that the insufficiency of the amount of the Interest Allocation or the election of Lender not to Advance the Interest Allocation in accordance this Section
3.5(b) is not intended to, and shall therefore not, constitute a limitation on the obligation of Borrower to pay the Interest Charges due and owing under the Note. 

It is hereby acknowledged and agreed that proceeds of the Underlying Loan in the amount of Three Million One Hundred Thirty-One Thousand Three Hundred Sixty-Nine and No/100 Dollars ($3,131,369.00) will be withheld by Borrower and allocated for the payment of Underlying Interest Charges (the “Underlying Interest
Allocation”). Upon the full distribution of the Underlying Interest Allocation, if thereafter, (x) Underlying Interest Charges are due and owing to Borrower, (y) there are sufficient funds available in the Interest Allocation and
(z) Borrower satisfies the Advance Conditions (unless Lender elects, in its sole discretion, to Advance notwithstanding Borrower’s failure to satisfy the Advance Conditions), subsequent to the payment of Interest Charges, Underlying
Interest Charges shall be automatically made to pay to Borrower accrued but unpaid Underlying Interest Charges on each interest payment date specified in the Underlying Mortgage Note. Lender’s calculation of the Underlying Interest Charges then-due and owing shall be final and conclusive absent manifest error. Upon full distribution of the Interest Allocation or at any time that Lender elects not to Advance the Interest Allocation in accordance with
this Section 3.5(b), Borrower shall not be entitled to any Advances to pay such Underlying Interest Charges. 
 Section 3.6.
Loan Balancing. 
 (a) A reserve account (the “Borrower’s Deposit”) shall be established at
Lender to the extent required pursuant to this Section 3.6 which Borrower’s Deposit shall be managed and held in accordance with the terms of this provision. Borrower shall have no access whatsoever to the
Borrower’s Deposit. If at any time the Fee Owner has failed to replenish the Interest Reserve Account in accordance with Section 7.2.3 of the Underlying Loan Agreement and Lender determines in its reasonable discretion that the undisbursed
proceeds of the Interest Allocation are insufficient to pay all Interest Charges through the Maturity Date of the then-applicable term, then Borrower shall be required to deposit with Lender, within twenty (20) Business Days after Lender’s
written request therefor, sufficient additional funds to cover the deficiency which Lender deems to exist (such amount, the “Deficiency”). All sums in the Borrower’s Deposit may be subject to designation by Lender as being
allocated to the Interest Allocation and used for Interest Charges. At Lender’s discretion, all sums in the Borrower’s Deposit will be disbursed by Lender to Lender or Borrower (as applicable) pursuant to the terms and conditions hereof as
if they constituted a part of the Loan being made hereunder. Notwithstanding anything herein to the contrary, to the extent there are any funds held in the Borrower’s Deposit, such funds shall be utilized to pay the Interest Charges prior to
any Advance from the Interest Allocation and shall not be used for the payment of Underlying Interest Charges. 
 (b) Upon
the deposit by or on behalf of Fee Owner into the Rebalancing Reserve Account of a Shortfall (such amount, the “Shortfall Deposit”), such Shortfall Deposit shall be fully advanced in accordance with the terms hereunder (or in
accordance with the terms of the Underlying Loan Agreement, as applicable) prior to any further Advances of the Loan and/or the Underlying Mortgage Loan. Additionally, if, subsequent to a Borrower’s Deposit pursuant to Section 3.6(a),
Fee Owner deposits a Shortfall into the Rebalancing Reserve Account and Lender determines that a portion of such Shortfall is allocated to the Deficiency (such portion, the “Refundable Deficiency”), Lender shall fund to Borrower the
Refundable Deficiency promptly and no later than ten (10) Business Days after receipt of the Shortfall Deposit and Lender’s determination of the Refundable Deficiency. 

  
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 Section 3.7. No Third Party Beneficiaries. The benefits of this Agreement shall not
inure to any third party, nor shall this Agreement be construed to make or render Lender liable to Fee Owner or any materialmen, subcontractors, contractors, laborers or others for goods and materials supplied or work and labor furnished in
connection with the construction of the Improvements or for debts or claims accruing to any such Persons against Borrower. Lender shall not be liable for the manner in which any Advances under this Agreement may be applied by Borrower, Fee Owner and
any of Fee Owner’s contractors or subcontractors. Notwithstanding anything contained in the Loan Documents, or any conduct or course of conduct by the parties hereto, before or after signing the Loan Documents, this Agreement shall not be
construed as creating any rights, claims or causes of action against Lender, or any of its officers, directors, agents or employees, in favor of any contractor, subcontractor, supplier of labor or materials, or any of their respective creditors, or
any other Person other than Borrower. 
 Section 3.8. Sequence of Funding. Contemporaneously herewith, Borrower shall have made
a TPG Advance in an amount equal to Five Million Three Hundred Forty-Seven Thousand Two Hundred Four and No/100 Dollars ($5,347,204.00) and Lender shall have funded its Advance of Twelve Million Four Hundred
Seventy-Six Thousand Eight Hundred Eleven and No/100 Dollars ($12,476,811.00). Subsequent thereto, with respect to each Total Loan Advance, Borrower shall advance an amount equal to TPG’s Advance
Percentage of the Total Loan Advance into the Escrow Account and Lender shall advance an amount equal to Lender’s Advance Percentage of the Total Loan Advance into the Escrow Account (i.e., each dollar of a Total Loan Advance is scheduled
to be sourced 30% from Borrower and 70% from Lender). All obligations of Lender to undertake any Advances hereunder are also subject to Borrower’s satisfaction of all the other conditions to additional Advances specified herein. 

ARTICLE IV 
 WARRANTIES
AND REPRESENTATIONS 
 Borrower hereby unconditionally warrants and represents to Lender, as of the date hereof and at each time
representations are deemed re-made: 
 Section 4.1. Organization and Power. If Borrower
or any Constituent Party is a corporation, limited liability company, general partnership, limited partnership, limited liability partnership, joint venture, trust or other type of business association, as the case may be, Borrower and any
Constituent Party, if any, (i) is duly incorporated or organized with a legal status separate from its Affiliates, validly existing, and in good standing under the laws of the state of its formation or existence, and (ii) has all requisite
power and all governmental certificates of authority, licenses, permits, qualifications and documentation necessary to own, lease and operate its properties and to carry on its business as now being, and as proposed to be, conducted. 

Section 4.2. Validity of Loan Documents. The execution, delivery and performance by Borrower of the Loan Documents (other than the
Guaranty) (i) if Borrower, or any Constituent Party, is a corporation, limited liability company, general partnership, limited partnership, joint venture, trust or other type of business association, as the case may be, are within
Borrower’s and each Constituent Party’s powers and have been duly authorized by Borrower’s and each Constituent Party’s board of directors, shareholders, partners, venturers, trustees or other necessary parties, and all other
requisite action for such authorization has been taken; (ii) have received any and all requisite prior governmental approvals in order to be legally binding and enforceable in accordance with the terms

  
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thereof; and (iii) will not violate, be in conflict with or constitute (with due notice or lapse of time, or both) a default under any Legal Requirement or result in the creation or
imposition of any lien, charge or encumbrance of any nature whatsoever upon any of Borrower’s and any Constituent Party’s or Guarantor’s property or assets, except as contemplated by the provisions of the Loan Documents. The Loan
Documents constitute the legal, valid and binding obligations of Borrower and Guarantor, enforceable in accordance with their respective terms. 

Section 4.3. Information. All information, financial statements, certificates, reports, papers, data or other information given or
to be given by or on behalf of Borrower or Guarantor to Lender or to any third party in connection with third-party reports issued for the benefit of Lender with respect to Borrower, each Constituent Party and Guarantor are, or at the time of
delivery will be, accurate, complete and correct in all material respects and do not, or will not, knowingly contain any untrue statement of a material fact or omit any fact, the inclusion of which is necessary to prevent the facts contained therein
from being materially misleading. 
 Section 4.4. Business Purposes. The Loan evidenced by the Note is solely for the purpose of
carrying on or acquiring a business of Borrower, and is not for personal, family, household or agricultural purposes. 
 Section 4.5.
Mailing Address. Borrower’s mailing address, as set forth in the notice provision hereof or as changed pursuant to such provision, is true and correct. 

Section 4.6. Relationship of Borrower and Lender. The relationship between Borrower and Lender is solely that of debtor and
creditor, and Lender has no fiduciary or other special relationship with Borrower, and no term or condition of any of the Loan Documents shall be construed so as to deem the relationship between Borrower and Lender to be other than that of debtor
and creditor. 
 Section 4.7. No Reliance on Lender. Borrower is experienced in the making and servicing of loans similar to the
Underlying Mortgage Loan, and Borrower has and Lender is relying solely upon Borrower’s expertise and business plan in connection with the making and servicing of the Underlying Mortgage Loan. Borrower is not relying on Lender’s expertise
or business acumen in connection with the Collateral or the Underlying Mortgage Loan. 
 Section 4.8. No Litigation. Except as
disclosed on Schedule 4.8 attached hereto (none of which, if adversely adjudicated, would reasonably be expected to have a Material Adverse Change upon such party or the Collateral), there are no (i) actions, suits or proceedings, at law
or in equity, before any Governmental Authority or arbitrator pending or, to Borrower’s knowledge, threatened against or affecting Borrower, Guarantor, any Constituent Party or involving the Collateral; (ii) outstanding or unpaid final
judgments against Borrower, Guarantor involving a liability of $5,000,000 or more, any Constituent Party or the Collateral which remain unsatisfied or unbonded; or (iii) defaults by Borrower with respect to any order, writ, injunction, decree
or demand of any Governmental Authority or arbitrator. 
 Section 4.9. Legal Requirements. To Borrower’s knowledge, no
violation of any Legal Requirements exists with respect to the Collateral, Borrower is not in default with respect to any Legal Requirements and Guarantor is not in default in any material respect with respect to any Legal Requirements. 

Section 4.10. Financial Statements. Each financial statement of Borrower or Guarantor delivered heretofore, concurrently herewith
or hereafter to Lender was and will be prepared in conformity with Acceptable Accounting Standards and completely and accurately disclose the financial condition of such applicable entity (including all contingent liabilities required to be
disclosed in accordance with GAAP) as of the date thereof and for the period covered thereby, and 

  
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there has been no Material Adverse Change in any of Borrower’s or Guarantors’ financial condition subsequent to the date of the most recent financial statement of such party delivered
to Lender and except as heretofore disclosed in writing to Lender, neither Borrower nor Guarantor has incurred any material liability, direct or indirect, fixed or contingent. 

Section 4.11. Intentionally Omitted. 

Section 4.12. ERISA. None of Borrower or Guarantor is an “employee benefit plan” as defined in Section 3(3) of
ERISA, which is subject to Title I of ERISA, and the assets of such parties do not constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R.
Section 2510.3-101. 
 Section 4.13. Indebtedness, Operations and Fundamental Changes
of Borrower. Borrower: (a) intentionally omitted; (b) has not and is not engaged in any business other than the organization, acquisition, ownership, administering and servicing of the Underlying Mortgage Loan in accordance with the
applicable provisions of the Loan Documents; (c) has not entered into any contract or agreement with any member, manager, general partner, principal or Affiliate of Borrower, except as has been disclosed to Lender and which is upon terms and
conditions that are substantially similar to those that would be available on an arms’ length basis with third parties other than an Affiliate; (d) has not incurred any debt, secured or unsecured, direct or contingent (including
guaranteeing any obligation), other than the Indebtedness; no debt whatsoever may be secured (senior, subordinate or pari passu) by the Collateral except the Indebtedness; (e) has not made any loans or advances to any third party (including any
member, manager, general partner, principal or Affiliate of Borrower or Guarantor) other than to Fee Owner; (f) is solvent and is able to pay its debts from its assets as the same shall become due; (g) has done all things necessary to
preserve its existence and organizational formalities and has not amended, modified or otherwise changed its organizational documents (or allowed a general partner, member, manager or any other party to change its organizational documents) except as
has been disclosed to Lender and, in any case, has not made or allowed any such amendment, modification or change which adversely affects Borrower’s existence as a single-purpose, single-asset “bankruptcy remote” entity; (h) has
continuously conducted and operated its business as presently conducted and operated; (i) has maintained its books and records and bank accounts separate from those of its Affiliates, including its general partners, principals and members;
(j) has at all times held itself out to the public as a legal entity separate and distinct from any other entity (including any general partner, principal, member or Affiliate); (k) has filed its own tax returns (if yet applicable) except to
the extent that it has been or is required to file consolidated tax returns by law or is treated as disregarded entity; (l) has maintained and currently maintains adequate capital for the normal obligations reasonably foreseeable in a business
of its size and character and in light of its contemplated business operations; (m) has not sought the dissolution or winding up, in whole or in part, of Borrower; (n) has not entered into any transaction of merger or consolidation, or
acquired by purchase or otherwise all or substantially all of the business or assets of, or any stock or beneficial ownership of, any entity; (o) has not commingled the funds and other assets of Borrower with those of any member, manager,
general partner, principal or Affiliate or any other Person; (p) has maintained its assets in such a manner that it is not costly or difficult to segregate, ascertain or identify its individual assets from those of any Affiliate or any other
Person; (q) has at all times since its formation, observed all legal and customary formalities in all material respects regarding its respective formation; (r) does not hold itself out to be responsible for the debts and obligations of any
other Person; and (s) is not currently the subject of a voluntary or involuntary bankruptcy proceeding or other insolvency proceeding whatsoever. 

Section 4.14. No Investment Company. None of Borrower or Guarantor is an “investment company” within the meaning of the
Investment Company Act of 1940, nor is any such party “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. 

  
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 Section 4.15. No Margin Stock. None of Borrower or Guarantor is engaged principally
or has as one of its important activities, directly or indirectly, the business of extending credit for the purpose of purchasing or carrying margin stock, and none of the proceeds of the Loan will be used, directly or indirectly, to purchase or
carry any margin stock or be made available by any such parties in any manner to any other Person to enable or assist such person in purchasing or carrying margin stock, or otherwise used or made available for any other purpose which might violate
the provisions of Regulations G, T, U or X of the Board of Governors of the Federal Reserve System. 
 Section 4.16. Disclaimer
of Extension or Permanent Financing. Borrower acknowledges and agrees that, except as specifically provided in Section 2.3 or Section 10.6 of this Agreement, Lender has not made any
commitments, either express or implied, to extend the term of the Loan past the Maturity Date or to provide Borrower with any further financing with respect to the Collateral. 

Section 4.17. Collaterally Assigned Underlying Loan Documents. 

(a) Borrower has delivered to Lender true, correct and complete originals of all of the Collaterally Assigned Underlying Loan
Documents. 
 (b) Borrower represents and warrants that: 

(1) none of the Collaterally Assigned Underlying Loan Documents have been modified, amended, supplemented, released or
terminated in any manner, except as set forth in writing delivered by Borrower to Lender prior to the date hereof, 
 (2) (i)
all of the Collaterally Assigned Underlying Loan Documents are in full force and effect, (ii) to Borrower’s knowledge, there are no Fee Owner Defaults or Fee Owner Events of Default existing under the Collaterally Assigned Underlying Loan
Documents and (iii) to Borrower’s knowledge, the Fee Owner has no defenses, counterclaims or offsets to any of the Collaterally Assigned Underlying Loan Documents, (iv) as of the date hereof, the aggregate outstanding principal
balance of the Underlying Mortgage Note is Seventeen Million Eight Hundred Twenty-Four Thousand Fifteen and No/100 Dollars ($17,824,015.00), and (v) payments of interest on the Underlying Mortgage Note have been paid in full through [not
applicable as of the Closing Date]; 
 (3) the Collaterally Assigned Underlying Loan Documents create valid first priority
liens on the Mortgaged Property, and as of the date hereof, to the best of Borrower’s knowledge, other than as set forth in the Title Insurance, there are no other liens, security interests or encumbrances affecting the Mortgaged Property,
including without limitation, any liens, security interests or encumbrances which are subordinate, junior or inferior to the Collaterally Assigned Underlying Loan Documents; and 

(4) to Borrower’s knowledge, there are no claims, damages, demands, actions, causes of action or defenses to the
enforcement of the Collaterally Assigned Underlying Loan Documents which Fee Owner has or may have against Borrower, known, now existing, directly or indirectly, of every kind and character, and liability: (i) arising out of or in relation to
the indebtedness evidenced by the Underlying Mortgage Note and the other Collaterally Assigned Underlying Loan Documents under or pursuant to common or statutory law, rules or regulations including, but not limited to, state and/or federal law
(including but not limited to all usury and environmental laws); 

  
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(ii) for or because of any and all acts, matters or things done or omitted prior to the date hereof, which relate to any and all claims of any kind or character relating to the Underlying
Mortgage Loan or otherwise, growing out of or in any way connected with or resulting from conduct, representations, acts, actions, or omissions in connection with any breach of fiduciary duty, sole or concurrent negligence, bad faith, malpractice,
intentional or negligent infliction of mental distress, tortious interference with contractual relations, tortious interference with corporate or partnership governance or prospective business advantage, breach of contract, deceptive trade
practices, injury to any person or entity of whatever nature, and libel or slander (without admitting or implying that any such claim exists or has any validity); or (iii) arising out of or attributable to any and all conduct, representations,
acts, matters, or things done, omitted, or supposed to be done by Borrower prior to the date hereof. 
 Section 4.18. Pledges of
Ownership Interest in Borrower. No pledges or similar encumbrance of the direct or indirect ownership interest in Borrower have been made. 

Section 4.19. Prescribed Laws. 

(a) Neither Borrower nor Guarantor (i) is listed on any Government Lists, (ii) is a Person who has been determined by
competent authority to be the subject of the prohibitions contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC (as defined below) or in any
enabling legislation or other Presidential Executive Orders in respect thereof, or (iii) has been previously indicted for or convicted of any Patriot Act Offense (as defined below). For purposes hereof, the term “Patriot Act
Offense” means any violation of the criminal laws of the United States of America or of any of the several states, or that would be a criminal violation if committed within the jurisdiction of the United States of America or any of the
several states, relating to terrorism or the laundering of monetary instruments, including any offense under (A) the criminal laws against terrorism, (B) the criminal laws against money laundering, (C) the Bank Secrecy Act, as
amended, (D) the Money Laundering Control Act of 1986, as amended, or (E) the USA Patriot Act. “Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act
Offense. For purposes hereof, the term “Government Lists” means (x) the Specially Designated Nationals and Blocked Persons Lists maintained by Office of Foreign Assets Control (“OFAC”), (y) any other list
of terrorists, terrorist organizations or narcotics traffickers maintained pursuant to any of the Rules and Regulations of OFAC that Lender notified Borrower in writing is now included in “Governmental Lists”, or (z) any similar lists
maintained by the United States Department of State, the United States Department of Commerce or any other government authority or pursuant to any Executive Order of the President of the United States of America that Lender notified Borrower in
writing is now included in “Governmental Lists”. 
 (b) No portion of the proceeds of the Loan will be used, are
needed, or will be invested by the Borrower or any Affiliate of Borrower in order to support international terrorism or activities that may contravene U.S. federal, state or other Governmental Authority’s anti-money laundering laws, rules and
regulations. 
 ARTICLE V 

COVENANTS OF BORROWER 

Borrower hereby unconditionally covenants and agrees with Lender, until the Indebtedness shall have been paid in full, as follows: 

  
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 Section 5.1. Existence. Borrower will and will cause Guarantor to preserve and keep
in full force and effect its existence (separate and apart from its Affiliates), rights, franchises and trade names. 
 Section 5.2.
Compliance with Legal Requirements. Borrower and Guarantor will promptly and faithfully comply with, conform to and obey all Legal Requirements. 

Section 5.3. Intentionally Omitted. 

Section 5.4. Further Assurances and Corrections. From time to time, at the request of Lender, Borrower will (i) promptly
correct any defect, error or omission which may be discovered in the contents of any of the Loan Documents or in the execution or acknowledgment thereof; (ii) execute, acknowledge, deliver, record and/or file such further instruments and
perform such further acts and provide such further assurances as may be reasonably necessary, desirable or proper, in Lender’s opinion, to carry out more effectively the purposes of the Loan Documents; (iii) execute, acknowledge, deliver,
procure, file and/or record any document or instrument (including any Financing Statement) deemed advisable by Lender to protect the liens and the security interests herein granted against the rights or interests of third persons; provided, however,
to the extent Lender should elect to do so, Borrower hereby irrevocably authorizes Lender at any time and from time to time to prepare and file of record in any jurisdiction an “all-assets” financing
statement and amendments thereof; and (iv) pay all out-of-pocket costs of Lender connected with any of the foregoing. 

Section 5.5. Statement of Unpaid Balance. At any time and from time to time, Borrower will furnish promptly, upon the request of
Lender, a written statement or affidavit, in form satisfactory to Lender, stating the unpaid balance of the Indebtedness and that there are no offsets or defenses against full payment of the Indebtedness and the terms hereof, or if there are any
such offsets or defenses, specifying them. 
 Section 5.6. Disclosures. Upon Borrower becoming aware of same, Borrower shall
give prompt notice to Lender of (i) intentionally omitted; (ii) any litigation or dispute, threatened in writing or pending against or affecting Borrower, the Collateral, Guarantor, Fee Owner, the Mortgaged Property or the Underlying
Mortgage Guarantor which in Borrower’s good faith judgment would reasonably be expected to constitute a Material Adverse Change; (iii) any Default or Event of Default or any Fee Owner Default or Fee Owner Event of Default; (iv) any
default by Borrower or any acceleration of any indebtedness owed by Borrower under any contract to which Borrower is a party; (v) any default by Guarantor or any acceleration of any indebtedness owed by Guarantor under any contract to which
such entity is a party if such default or acceleration materially affects Guarantor’s obligations hereunder; and (vi) any change in the character of Borrower’s business as it existed on the date hereof. 

Section 5.7. No Disposition or Subordinate Assignments. 

(a) Except as expressly permitted by Section 10.2(b) below, neither Borrower nor any shareholder, member or partner of
Borrower shall cause or allow a Disposition to occur (other than a Permitted Disposition) without obtaining Lender’s prior written consent to the Disposition. 

(b) Borrower will not create, place or permit to be created or placed or through any act or failure to act, acquiesce in the
placing of, or allow to remain any lien or Subordinate Assignment regardless of whether such lien or Subordinate Assignment is expressly subordinate to the liens or security interests of the Loan Documents with respect to the Collateral or any part
thereof. Notwithstanding the foregoing, the foregoing shall not preclude Borrower from subordinating the Underlying Mortgage to the Condominium Documents with Lender’s confirmation (not to be unreasonably withheld, conditioned or delayed) that
Fee Owner has satisfied the conditions set forth in Section 5.41(h) of the Underlying Loan Agreement and in connection with the subordination permitted hereby, Lender will provide a subordination of the Collateral Assignment to the Condominium
Documents. 

  
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 (c) Borrower will not create, place or permit to be created or placed or through
any act or failure to act, acquiesce in the placing of, or allow to remain, any subordinate financing secured by the limited liability company interests in Borrower including, without limitation, a pledge or similar encumbrance of the direct
ownership interest in Borrower. 
 Section 5.8. Inspecting Person. Borrower will, or will cause Fee Owner to, pay the fees and
expenses of, and cooperate, with the Inspecting Person and will cause the Fee Owner to cause the Borrower’s Architect, the General Contractor (as such terms are defined in the Underlying Loan Agreement) and each other contractor and
subcontractor and the employees of each of them to cooperate with the Inspecting Person and, upon request, will furnish the Inspecting Person whatever the Inspecting Person may consider necessary or useful in connection with the performance of the
Inspecting Person’s duties, all in accordance with the Underlying Loan Agreement. Without limiting the generality of the foregoing, Borrower shall furnish or cause to be furnished such items as working details, plans and specifications and
details thereof, samples of materials, licenses, permits, certificates of public authorities, zoning ordinances, building codes and copies of the contracts between such Person and Fee Owner (if applicable), to the extent in Borrower’s
possession or entitled to be in Borrower’s possession. Borrower shall cause the Fee Owner to permit Lender, the Inspecting Person and their representative to enter the Mortgaged Property for the purposes of inspecting same. 

Section 5.9. BROKERS. BORROWER HEREBY REPRESENTS TO LENDER THAT IT HAS NOT DEALT WITH ANY FINANCIAL ADVISORS,
BROKERS, UNDERWRITERS, PLACEMENT AGENTS, AGENTS OR FINDERS IN CONNECTION WITH THE LOAN. EXCEPT FOR THOSE CLAIMS THAT ARE CAUSED BY THE WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF LENDER, BORROWER WILL INDEMNIFY LENDER FROM CLAIMS OF BROKERS
ARISING BY REASON OF THE EXECUTION HEREOF OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 5.10. Payment
of Expenses. Borrower will promptly reimburse Lender for all out-of-pocket expenses of Lender, including reasonable attorneys’ fees incurred in connection with
the preparation, execution, delivery, administration and performance of the Loan Documents. Borrower shall pay or reimburse to Lender all reasonable out-of-pocket costs
and expenses incurred by Lender in connection with the transactions contemplated by this Agreement, including any expenses payable to third parties. 

Section 5.11. Financial Statements. Each financial statement of Borrower will be prepared in conformity with Acceptable Accounting
Standards and completely and accurately disclose the financial condition of such applicable entity (including all contingent liabilities required to be disclosed in accordance with GAAP) as of the date hereof and for the period covered thereby. 

Section 5.12. Statements and Reports. Borrower agrees to maintain full and accurate books of account and other records reflecting
the ownership and servicing of the Collateral and shall deliver to Lender, during the term of the Loan and until the Loan has been fully paid and satisfied, the following statements and reports: 

(a) semi-annual, unaudited balance sheets of Borrower within sixty (60) days after
the end of each June and December (and accurate as of the last day of each such period) which shall be prepared in accordance with Acceptable Accounting Standards and include a Borrower Financial Certification by an appropriate officer of Borrower;

  
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 (b) copies of all state (if applicable) and federal tax returns, to the extent
applicable, prepared with respect to Borrower (as well as any extension requests with respect thereto) within thirty (30) days of such returns being filed with the Internal Revenue Service or applicable state authority;

 (c) Borrower shall cause Guarantor to deliver to Lender the statements and reports required under the Guaranty; and 

(d) such other reports and statements from Borrower as Lender may reasonably require from time to time. 

Section 5.13. ERISA. Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken
hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or any of the other Loan Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited
transaction under ERISA. Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the term of the Loan, as requested by Lender in its reasonable discretion, provided that unless an
Event of Default exists or Lender is required to obtain such information under applicable Legal Requirements, Borrower shall not be required to furnish such certifications or other evidence more than once in any calendar year, that:
(a) Borrower is not an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan” within the meaning of Section 3(3) of ERISA; (b) Borrower is
not subject to state statutes regulating investments and fiduciary obligations with respect to governmental plans; and (c) one or more of the following circumstances is true: (1) Equity interests in Borrower are publicly offered securities
within the meaning of 29 C.F.R. Section 2510.3-101(b)(2); (2) Less than twenty-five percent (25%) of each outstanding class of equity interests in
Borrower are held by “benefit plan investors” within the meaning of 29 C.F.R. Section 2510.3-101(f)(2); or (3) Borrower qualifies as an “operating company” or a “real
estate operating company” within the meaning of 29 C.F.R. Section 2510.3-101(c) or (e), or as an investment company registered under the Investment Company Act of 1940. 

Section 5.14. Indebtedness, Operations and Fundamental Changes of Borrower. Borrower: (a) intentionally omitted;
(b) will not engage in any business other than the ownership and servicing of the Underlying Mortgage Loan; (c) will not enter into any contract or agreement with any member, manager, general partner, principal or Affiliate of Borrower or
any Affiliate thereof, except upon terms and conditions that are substantially similar to those that would be available on an arm’s length basis with third parties other than an Affiliate; (d) will not incur any debt, secured or unsecured,
direct or contingent (including guaranteeing any obligation), other than the Indebtedness; no debt whatsoever may be secured (senior, subordinate or pari passu) by the Collateral except the Indebtedness, and no debt whatsoever may be secured by the
limited liability company interests in Borrower; (e) will not make any loans or advances to any third party (including any member, manager, general partner, principal or Affiliate of Borrower or Guarantor) other than to Fee Owner; (f) will
be solvent and pay its debts from its assets as the same shall become due; (g) will do all things necessary to preserve its existence and organizational formalities, and will not, nor will any member, manager, shareholder, partner, principal or
Affiliate, amend, modify or otherwise change its organizational documents; (h) will conduct and operate its business as presently conducted and operated; (i) will maintain books and records and bank accounts separate from those of its
Affiliates, including its general partners, principals and members; (j) will be, and at all times will hold itself out to the public as, a legal entity separate and distinct from any other entity (including any general partner, principal,
member or Affiliate thereof); (k) will file its own tax returns, except to the extent that it has been or is required to file consolidated tax returns by law or is treated as a disregarded entity; (l) will maintain adequate capital for the
normal obligations reasonably foreseeable in a business of its size and character and in 

  
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light of its contemplated business operations; (m) will not, nor will any member, manager, shareholder, partner, principal or Affiliate, seek the dissolution or winding up, in whole or in
part, of Borrower; (n) will not enter into any transaction of merger or consolidation, or acquire by purchase or otherwise all or substantially all of the business or assets of, or any stock or beneficial ownership of, any entity; (o) will
not commingle the funds and other assets of Borrower with those of any member, manager, general partner, principal or Affiliate or any other Person; (p) will maintain its assets in such a manner that it is not costly or difficult to segregate,
ascertain or identify its individual assets from those of any Affiliate or any other Person; (q) will continue to observe all legal and customary formalities regarding its formation in all material respects; (r) will not hold itself out to
be responsible for the debts and obligations of any other Person; and (s) upon the commencement of a voluntary or involuntary bankruptcy proceeding by or against Borrower, Borrower shall not seek a supplemental stay or otherwise pursuant to 11
U.S.C. Section 105 or any other Debtor Relief Law of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable, to stay, interdict, condition, reduce or inhibit the ability of Lender to enforce any rights of
Lender against any guarantor or indemnitor of the Indebtedness or the Obligations or any other party liable with respect thereto by virtue of any indemnity, guaranty or otherwise. 

Section 5.15. Prescribed Laws. 

(a) Lender hereby notifies Borrower and Guarantor that, pursuant to the requirements of various Prescribed Laws, Lender may be
required to obtain, verify and record information that identifies Borrower, Guarantor, certain Constituent Parties and Affiliates of any of the foregoing and which information may include the name and address of such parties and other information
that will allow Lender to identify such parties in accordance with Prescribed Laws. Without the prior written consent of Lender, none of Borrower, Guarantor or any Constituent Party will: (i) be or become the subject at any time of any law,
regulation or list of any government agency (including, without limitation, the U.S. Office of Foreign Assets Control list of Specially Designated Nationals and Blocked Persons) that prohibits or limits Lender from making any advance or extension of
credit to Borrower, Guarantor or any Constituent Party or from otherwise conducting business with Borrower, Guarantor or any Constituent Party, or (ii) fail to provide documentary or other evidence of Borrower’s, Guarantor’s or any
Constituent Party’s identity as may be requested by Lender at any time so as to enable Lender to verify Borrower’s, Guarantor’s or any Constituent Party’s identity or comply with any applicable law or regulation, including,
without limitation, the Prescribed Laws. 
 (b) Borrower shall and shall cause its Affiliates to comply with the USA Patriot
Act and all applicable requirements of Governmental Authorities having jurisdiction over Borrower, its Affiliates, the Collateral, and the Mortgaged Property, which relate to money laundering and terrorism. If, at any time, Lender has a reasonable
belief that Borrower or any Affiliate of Borrower is not in compliance with the USA Patriot Act or any applicable requirement of Governmental Authorities having jurisdiction over Borrower or such Affiliate, or the Collateral, or the Mortgaged
Property which relates to money laundering and/or terrorism, upon ten (10) days’ notice to Borrower, Lender shall have the right to audit Borrower’s and its Affiliates’ compliance with the USA Patriot Act and all applicable
requirements of Governmental Authorities having jurisdiction over Borrower, its Affiliates, the Collateral, and the Mortgaged Property, which relate to money laundering and terrorism. In the event that Borrower fails or fails to cause its Affiliates
to comply with the USA Patriot Act or any such requirements of Governmental Authorities relating to money laundering and terrorism, then Lender may, at its option, cause Borrower to comply or cause Borrower to cause its Affiliates to comply
therewith and any and all reasonable costs and expenses incurred by Lender in connection therewith shall be secured by the Collateral and the other Loan Documents and shall be immediately due and payable. 

  
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 (c) No portion of the proceeds of the Loan will be used, are needed, or will be
invested by Borrower, any Affiliates of Borrower, or Guarantor, in order to support international terrorism or activities that may contravene U.S. federal or state or any other Governmental Authority’s anti-money laundering laws and
regulations. Borrower understands and hereby acknowledges that Lender has certain anti-money laundering responsibilities under various laws, rules and regulations of the United States of America and shall deliver to Lender, in each case, as
reasonably requested by Lender or as requested by Governmental Authority administering such laws and regulations, either (x) a copy of Borrower’s anti-money laundering and OFAC compliance policies and procedures, together with a
certification from Borrower of Borrower’s compliance with such policies and procedures or (y) if subsection (x) does not apply, information regarding Borrower’s direct and indirect beneficial owners’ identities or sources of
funds or other similar information and may seek to ensure that representatives or direct or indirect beneficial owners of Borrower are not named on one of the Government Lists. Borrower agrees, upon the reasonable request of Lender, to provide
additional information as may be necessary or advisable in order to satisfy their anti-money laundering responsibilities under various laws, rules and regulations of the United States of America. 

(d) Borrower shall not (i) be or become the subject at any time of any law, regulation, or list of any Governmental
Authority (including, without limitation, the U.S. Office of Foreign Asset Control list) that prohibits or limits Lender from making any advance or extension of credit to Borrower or from otherwise conducting business with Borrower, or
(ii) fail to provide documentary and other evidence of Borrower’s identity as may be requested by Lender at any time to enable Lender to verify Borrower’s identity or to comply with any applicable law or regulation, including, without
limitation, Section 326 of the USA Patriot Act. 
 Section 5.16. Revenue. On each Payment Date in accordance with
Section 7.4 of the Underlying Loan Agreement, (x) while no Event of Default exists, Lender shall withhold the amounts due to Lender as set forth in Section 6.1(b) and/or 6.1(c), as applicable, of all Net Sales Proceeds and
Gross Revenue (if any) and (y) while an Event of Default exists, Lender shall withhold all Net Sales Proceeds and Gross Revenue (if any), deposited in the Cash Management Account in accordance with the Underlying Mortgage Loan Documents. Lender
shall apply such funds to the payment of amounts due to Lender in accordance with Section 2.4 hereof and shall remit the balance to the Servicer on each Payment Date in accordance with Servicer’s instructions and the
Servicing Agreement. 
 Section 5.17. Advances. If conditions precedent to disbursements of the Underlying Mortgage Loan have
been met, as determined by Lender in Lender’s reasonable discretion, Borrower shall fund TPG’s Advance Percentage of each Total Loan Advance into the Escrow Account on or before the time required pursuant to this Agreement or the
Underlying Loan Agreement, as applicable and shall comply with the terms and conditions of the Underlying Loan Agreement. Borrower shall have no obligation to make the Underlying Phase II Loan if the conditions to the advance of the Underlying Phase
II Loan set forth in Section 2.9.1 of the Underlying Loan Agreement are not satisfied on or prior to August 23, 2017. 

  
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 ARTICLE VI 

RESERVES AND ACCOUNTS 

Section 6.1. Reserves and Accounts. 

(a) During the term of the Loan, Borrower shall (i) cause Fee Owner to establish and maintain the Cash Management Account
with Bank of the Ozarks, in its capacity as depository bank in accordance with Section 7.1 of the Underlying Loan Agreement, and (ii) cause Fee Owner to establish and maintain the Underlying Mortgage Loan Reserve Accounts with Bank of the
Ozarks, in its capacity as depository bank (for the benefit of Borrower), in accordance with Section 7.2 of the Underlying Loan Agreement, (iii) use commercially reasonable efforts to cause Fee Owner to deposit into the Underlying Mortgage
Loan Reserves the amounts as and when required in the Underlying Loan Agreement and (iv) not permit Fee Owner to transfer the Cash Management Account or the Underlying Mortgage Loan Reserves from Lender. 

(b) On each Payment Date (and, if requested by Fee Owner in accordance with Section 7.4 of the Underlying Loan Agreement,
on such other dates that are not Payment Dates), Borrower hereby authorizes Lender to disburse all funds deposited into the Cash Management Account and permitted to be applied in accordance with the priorities set forth under Section 7.4 of the
Underlying Loan Agreement in accordance with the below: 
 (1) Funds deposited in accordance with Section 7.4(i) of the
Underlying Loan Agreement shall be disbursed first, to Servicer in the amount of Borrower’s Percentage of the Servicing Fee and any costs of the Inspecting Person, as such term is defined in the Underlying Loan Agreement; second to Lender for
any Defaulted Amount funded by Lender and Protective Advances funded solely by Lender; third to Lender for costs, fees, expenses and interest then-due in accordance with the Loan Documents, including
Lender’s Percentage of the servicing fee payable by Fee Owner under the Underlying Loan Agreement (except for any amounts payable pursuant to clauses (2) through (6) of this Section 6.1(b)); and fourth to Borrower for costs, fees or
expenses actually incurred by Borrower in accordance with the Underlying Loan Agreement and any Underlying Interest Charges then-due and any Lender Defaulted Amount and/or Protective Advances each funded
solely by Borrower; 
 (2) Funds deposited in accordance with Section 7.4(ii) of the Underlying Loan Agreement shall be
disbursed first, to Lender to pay all accrued and unpaid interest at the Shortfall Rate on any Shortfall Advance made by Lender and second, to Borrower to pay all accrued and unpaid interest at the Shortfall Rate on any Shortfall Advance made by
Borrower (and not otherwise reimbursed to Borrower); 
 (3) Funds deposited in accordance with Section 7.4(iii) of the
Underlying Loan Agreement shall be disbursed first, to Lender to repay any outstanding Shortfall Advance made by Lender and second, to Borrower to repay any outstanding Shortfall Advance made by Borrower; 

(4) Funds deposited in accordance with Section 7.4(iv) of the Underlying Loan Agreement shall be disbursed on a pro rata and
pari passu basis to Lender and Borrower to pay their Advance Percentage of the Total Outstanding Principal Balance and all other amounts due and payable to Lender and Borrower under the Loan Documents (including without limitation, their Advance
Percentage of the Fee Owner Exit Fee); 
 (5) Funds deposited in accordance with Section 7.4(v) of the Underlying Loan
Agreement shall be disbursed to Lender to pay the Call Protection Payment and to Borrower to pay the TPG Call Protection Payment; 

  
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 (6) Funds deposited in accordance with Section 7.4(vi) of the Underlying Loan
Agreement shall be disbursed first, Lender for any other amounts then due under the Loan Documents and second to Borrower for any other amounts then due to Borrower under the Underlying Mortgage Loan Documents; and 

(7) The balance, if any, to Fee Owner to the extent required by the Underlying Mortgage Loan Documents. 

(c) Upon the occurrence of a Fee Owner Event of Default, on each Payment Date, Borrower hereby authorizes Lender to disburse
all funds deposited into the Cash Management Account in accordance with the below: 
 (1) First, to Lender for any Defaulted
Amount funded by Lender and Protective Advances funded solely by Lender and any costs, fees or expenses then-due in accordance with the Loan Documents (except for any amounts payable pursuant to clauses
(2) through (7) of this Section 6.1(c)); 
 (2) Second, to Lender to pay Interest Charges and the Lender Non-Utilization Fee; 
 (3) Third, to Lender to pay the Outstanding Principal Balance and
all other amounts due and payable to Lender under the Loan Documents; 
 (4) Fourth, to Borrower to pay Underlying Interest
Charges (calculated without taking into account any default rate of interest) and the TPG Non-Utilization Fee; 

(5) Fifth, to Borrower to pay the TPG Outstanding Principal Balance; 

(6) Sixth, on a pro rata and pari passu basis to Lender and Borrower to pay its Percentage of any default interest, late
charges, exit fees and/or extension fees received from Fee Owner; 
 (7) Seventh, to Lender to pay the Call Protection
Payment (if applicable) and then to Borrower to pay the TPG Call Protection Payment; and 
 (8) The balance, if any, to Fee
Owner to the extent required by the Underlying Mortgage Loan Documents. 
 (d) Upon the occurrence and during the continuance
of an Event of Default, Borrower shall cease exercising any unilateral control of the Underlying Mortgage Loan Reserve Accounts and the Unit Sale Contract Deposits and shall cause control of the Underlying Mortgage Loan Reserve Accounts to be
transferred to Lender. Upon and after such transfer of control, Lender shall hold and administer the Underlying Mortgage Loan Reserve Accounts and Unit Sale Contract Deposits in accordance with the terms and conditions of the Underlying Loan
Agreement. 
 Section 6.2. Security Interest in Reserves and Accounts. 

(a) To the greatest extent not prohibited by Legal Requirements, as additional security for the payment and performance by
Borrower of all duties, responsibilities and obligations under the Note and the other Loan Documents, Borrower hereby unconditionally and irrevocably assigns, conveys, pledges, mortgages, transfers, delivers, deposits, sets over and confirms unto
Lender, and hereby grants to Lender a security interest in each of the Borrower’s Deposit, the Shortfall Deposit, the Underlying Mortgage Loan Reserve Accounts, the Escrow Deposit Account, the Collection Account, Clearing Account, the Cash
Management 

  
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Account, any sub-accounts and any account holding the Proceeds (collectively, the “Accounts”) and the Unit Sale Contract Deposits,
including, without limitation, (i) all insurance on said accounts, (ii) all accounts, contract rights and general intangibles or other rights and interests pertaining thereto, (iii) all sums now or hereafter therein or represented
thereby, (iv) all replacements, substitutions or proceeds thereof, (v) all instruments and documents now or hereafter evidencing the Accounts, (vi) all powers, options, rights, privileges and immunities pertaining to the Accounts
(including the right to make withdrawals therefrom); and (vii) all proceeds of the foregoing. BORROWER HEREBY INDEMNIFIES AND HOLDS LENDER HARMLESS WITH RESPECT TO ANY LOSS REGARDING AMOUNTS ON DEPOSIT IN THE ACCOUNTS, EXCEPT TO THE EXTENT THAT
ANY SUCH LOSS IS CAUSED BY THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF LENDER. Borrower hereby knowingly, voluntarily and intentionally stipulates, acknowledges and agrees that the advancement of the funds from the Accounts as set forth herein
is at Borrower’s direction and is not the exercise by Lender of any right of set off or other remedy upon a Default or Event of Default. Upon the occurrence and during the continuance of an Event of Default, Borrower shall not be entitled to
disbursements from the Accounts and provided a Fee Owner Default or Fee Owner Event of Default has not occurred and is not continuing under the Collaterally Assigned Underlying Loan Documents, Lender shall, without notice or demand on Borrower, make
disbursements directly to the Fee Owner in accordance with the Collaterally Assigned Underlying Loan Documents. No such use or application of the funds contained in the Accounts shall be deemed to cure any Default or Event of Default hereunder or
under the other Loan Documents. 
 (b) To the extent control of the Underlying Mortgage Loan Reserve Accounts and any Unit
Sale Contract Deposits is transferred to Lender in accordance with Section 6.1(d) and to the greatest extent not prohibited by Legal Requirements: 

(1) The Accounts and the Unit Sale Contract Deposits shall be solely for the protection of Lender and entail no responsibility
on Lender’s part beyond the payment of the respective costs and expenses in accordance with the terms thereof and beyond the allowing of due credit for the sums actually received and application of Unit Sale Contract Deposits in accordance with
the Underlying Loan Agreement and applicable laws. Upon assignment of this Agreement by Lender, any funds in the Accounts and the Unit Sale Contract Deposits shall be turned over to the assignee and any responsibility of Lender, as assignor, with
respect thereto shall terminate. The Accounts shall not, unless otherwise explicitly required by the Underlying Loan Documents or applicable law, be or be deemed to be escrow or trust funds, but shall be held by Lender in a separate account. Lender
shall be protected in acting upon any notice, resolution, request, consent, order, certificate, report, opinion, bond or other paper, document or signature believed by Lender to be genuine, and it may be assumed conclusively that any Person
purporting to give any of the foregoing in connection with the Accounts and Unit Sale Contract Deposits has been duly authorized to do so. Lender shall not be liable to Borrower for any act or omission done or omitted to be done by Lender in
reliance upon any instruction, direction or certification received by Lender and without gross negligence or willful misconduct. Upon full payment of the Indebtedness secured hereby in accordance with the terms of the Loan Documents (or if earlier,
the completion of the applicable conditions to release of each Account to Lender’s satisfaction) or at such earlier time as Lender may elect, the balance in the Accounts then in Lender’s possession shall be paid over to Borrower and no
other party shall have any right or claim thereto. 

  
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 (2) Provided Borrower has satisfied the conditions to disbursement of the
Accounts pursuant to this Agreement, Lender shall disburse such amounts from the Accounts within the time periods required for disbursement of funds to Fee Owner pursuant to the Collaterally Assigned Underlying Loan Documents and this Agreement.
Upon the occurrence and during the continuance of an Event of Default together with a Fee Owner Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the
Accounts to the payment of the Indebtedness in any order in its sole discretion to the extent permitted by applicable laws. 
 ARTICLE VII

 EVENTS OF DEFAULT 

Section 7.1. Events of Default. Each of the following shall constitute an “Event of Default” hereunder: 

(a) Borrower shall fail, refuse or neglect to pay, in full, any installment or part of the Indebtedness as and when the same
shall become due and payable, whether at the due date thereof stipulated in the Loan Documents, upon acceleration or otherwise; provided, however, that a failure by Borrower to pay a regularly scheduled monthly payment due pursuant to
the Note shall not constitute an “Event of Default” hereunder unless such failure continues for at least ten (10) days after the due date thereof; 

(b) Borrower shall fail, refuse or neglect, or cause others to fail, refuse or neglect to comply with, perform and discharge
fully and timely any of the Obligations as and when called for; provided, however, that a failure by Borrower to timely satisfy an Obligation shall not constitute an “Event of Default” hereunder if (i) such failure does not constitute
an Event of Default pursuant to any other subsection of this Section 7.1 other than this Subsection (b), and (ii) such failure is fully cured by Borrower on or before the expiration of the
Cure Period (hereinafter defined). As used in this Subsection 7.1(b), the term “Cure Period” means a thirty (30) day period commencing upon Lender’s written notice to Borrower of Borrower’s
failure to satisfy the subject Obligation; provided, however, if (1) the subject failure is, by its nature, not readily susceptible to cure within thirty (30) days, and (2) Borrower commences such cure process within the initial
thirty (30) day period and thereafter diligently proceeds to cure the same to completion then such initial thirty (30) day period shall be extended one-time only for another ninety (90) days;

 (c) Any representation, warranty or statement made by Borrower or Guarantor in, under or pursuant to the Loan Documents or
in, under or pursuant to any affidavit or other instrument executed or delivered with respect to the Loan Documents or the Indebtedness (including, without limitation, Draw Requests) is determined by Lender to be false or misleading in any material
respect as of the date hereof or thereof or shall become so at any time prior to the repayment in full of the Indebtedness except to the extent that (y) such misrepresentation was not intentional or otherwise known to Borrower or Guarantor to
be false or misleading when made, remade or deemed remade and (z) either (I) in Lender’s sole determination such misrepresentation has no material adverse effect on Lender, the value of the Loan or the Collateral or (II) such
misrepresentation can be cured and is diligently and expeditiously cured in connection herewith (provided that to the extent such cure is (A) 

  
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monetary in nature, such cure must be completed within five (5) Business Days of Borrower obtaining knowledge thereof, and (B) non-monetary in
nature, such cure must be commenced within twenty (20) days of Borrower obtaining knowledge thereof, diligently pursued, and completed within sixty (60) days of Borrower obtaining knowledge thereof); 

(d) Borrower shall default or commit an event of default under and pursuant to any other mortgage, deed of trust, security
agreement or other lien or security instrument (which is not a Loan Document) which covers or affects any part of the Collateral that is continuing beyond any applicable notice and grace period; 

(e) Borrower (i) shall execute an assignment for the benefit of creditors or an admission in writing of Borrower’s
inability to pay, or Borrower’s failure to pay, its debts generally as such debts become due; (ii) shall allow the levy against the Collateral or any part thereof, of any execution, attachment, sequestration or other writ which is not
vacated within sixty (60) days after the levy; (iii) shall allow the appointment of a receiver, trustee or custodian of Borrower or of the Collateral or any part thereof, which receiver, trustee or custodian is not discharged within sixty
(60) days after the appointment; (iv) files as a debtor a petition, case, proceeding or other action pursuant to, or voluntarily seeks the benefit or benefits of, any Debtor Relief Law, or takes any action in furtherance thereof;
(v) files either a petition, complaint, answer or other instrument which seeks to effect a suspension of, or which has the effect of suspending, any of the rights or powers of Lender granted in the Note, herein or in any Loan Document; or
(vi) allows the filing of a petition, case, proceeding or other action against Borrower as a debtor under any Debtor Relief Law or seeks the appointment of a receiver, trustee, custodian or liquidator of Borrower or of the Collateral, or any
part thereof, or of any significant part of Borrower’s other property, and (a) Borrower admits, acquiesces in or fails to contest diligently the material allegations thereof, (b) the petition, case, proceeding or other action results
in the entry of an order for relief or order granting the relief sought against Borrower, or (c) the petition, case, proceeding or other action is not permanently dismissed or discharged on or before the earlier of trial thereon or sixty
(60) days following the date such petition, case, proceeding or other action was filed; 
 (f) Borrower shall dissolve,
terminate or liquidate or merge with or be consolidated into any other entity, except in the event of a Qualifying IPO; 

(g) Borrower creates, places, or permits to be created or placed or, through any act or failure to act, acquiesces in the
placing of, or allows to remain, (i) any Subordinate Assignment, regardless of whether such Subordinate Assignment is expressly subordinate to the liens or security interests of the Loan Documents, with respect to the Collateral and/or
(ii) any subordinate financing which is secured by the limited liability company interests in Borrower; 
 (h) A
Disposition (other than a Permitted Disposition) without the prior written consent of Lender; 
 (i) Intentionally Omitted;

 (j) Borrower’s failure to remit, or cause Servicer to remit, to Lender Net Sales Proceeds and Gross Revenue in
accordance with Section 5.16 hereof; 
 (k) The occurrence of any event referred to in
Sections 7.1(e) and (f) hereof with respect to any Guarantor or other Person obligated in any manner to pay or perform the Indebtedness or Obligations, respectively, or any part thereof (as if such Person were the
“Borrower” in such Sections); 

  
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 (l) The continuance of any other event of default (which would entitle Lender to
exercise any remedy) in any of the Loan Documents; 
 (m) Any or all of the Loan Documents are determined to be invalid,
unenforceable and/or not binding on the Borrower and/or Guarantor, as applicable and the same has not been cured within three (3) Business Days of Borrower obtaining knowledge that such Loan Document became invalid, unenforceable and/or not
binding on Borrower and/or Guarantor; 
 (n) Guarantor shall fail to pay when due any principal of or interest on any debt
(other than the Indebtedness) in excess of $15,000,000 or the maturity date of any such debt shall have been accelerated; 

(o) Borrower fails to make any deposit required pursuant to Section 3.6 hereof; 

(p) Borrower fails to comply with the covenants as to Prescribed Laws set forth in Section 5.15; 

(q) Guarantor fails to satisfy the Guarantor Financial Covenants; and/or 

(r) Borrower’s failure to comply with the terms of Article X hereof; and/or 

(s) Borrower’s failure to make (x) Advances as required in Section 5.17 or
(y) Required Protective Advances as required in Section 10.5 hereof. 
 Section 7.2. Remedies.

 (a) Upon the occurrence of an Event of Default, Lender shall have the immediate right, at the sole discretion of Lender
and without notice, presentment for payment, demand, notice of nonpayment or nonperformance, protest, notice of protest, notice of intent to accelerate, notice of acceleration or any other notice or any other action (ALL OF WHICH BORROWER HEREBY
EXPRESSLY WAIVES AND RELINQUISHES) (i) to declare the entire unpaid balance of the Indebtedness (including the Outstanding Principal Balance, including all sums advanced or accrued hereunder or under any other Loan Document, and all accrued but
unpaid interest thereon) at once immediately due and payable (and upon such declaration, the same shall be at once immediately due and payable) and may be collected forthwith, whether or not there has been a prior demand for payment and regardless
of the stipulated date of maturity; (ii) to commence an action to foreclose any liens and security interests securing payment thereof (including any liens and security interests covering any portion of the Collateral); and (iii) to
exercise any of Lender’s other rights, powers, recourses and remedies under this Agreement, under any other Loan Document or at law (including, without limitation, under the Code) or in equity, and the same (a) shall be cumulative and
concurrent, (b) may be pursued separately, singly, successively or concurrently against Borrower or others obligated for the repayment of the Note or any part hereof, or against any one or more of them, or against the Collateral, at the sole
discretion of Lender, (c) may be exercised as often as occasion therefor shall arise, it being agreed by Borrower that the exercise, discontinuance of the exercise of or failure to exercise any of the same shall in no event be construed as a
waiver or release thereof or of any other right, remedy or recourse, and (d) are intended to be, and shall be, nonexclusive. All rights and remedies of Lender hereunder and under the other Loan Documents shall extend to any period after the
initiation of foreclosure proceedings, judicial or otherwise, with respect to the Collateral or any portion of either. If the Indebtedness, or any part hereof, is collected by or through an attorney at law, Borrower agrees to pay all out-of-pocket costs and expenses of collection, including Lender’s 

  
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reasonable attorneys’ fees, whether or not any legal action shall be instituted to enforce this Agreement. Notwithstanding the foregoing, upon the occurrence and during the continuance of an
Event of Default described in Sections 7.1(e) or (k), all amounts due under the Loan Documents automatically and immediately shall become due and payable, all without notice and without presentment, demand, protest, notice of protest or dishonor,
notice of intent to accelerate the maturity thereof, notice of acceleration of the maturity thereof, or any other notice of any kind (ALL OF WHICH BORROWER HEREBY EXPRESSLY WAIVES AND RELINQUISHES). 

(b) If Borrower fails to fund all or any portion of TPG’s Advance Percentage of any Total Loan Advance and/or a Protective
Advance on or before the time required pursuant to this Agreement or the Underlying Loan Agreement, as applicable (the aggregate amount which Borrower fails to pay or fund is referred to as the “Defaulted Amount”), then, in addition
to the rights and remedies that may be available to Lender at Law and in equity, Lender shall be entitled (but shall not be obligated) to fund the Defaulted Amount, and, solely with respect to a Defaulted Amount resulting from Borrower’s
failure to fund all or any portion of TPG’s Advance Percentage of any Total Loan Advance and/or a Required Protective Advance (as opposed to an Elective Protective Advance), collect interest at the Default Rate on the Defaulted Amount from the
Borrower (after crediting all interest actually paid by Borrower and/or Fee Owner on the Defaulted Amount from time to time) from amounts otherwise payable to Lender for the period from the date on which the payment was due until the date on which
payment is made. Upon funding of any Defaulted Amount, such Defaulted Amount shall be added to the Loan Amount and Lender’s Percentage shall be adjusted accordingly. 

Section 7.3. Lender’s Offset Rights. Without limitation to the foregoing, Lender may, at any time and from time to time after
the occurrence and during the continuance of an Event of Default, without notice to any person or entity (and Borrower hereby expressly waives any such notice) to the fullest extent permitted by law, set-off
and apply any and all monies, securities and other properties of Borrower now or in the future in its possession, custody or control, or on deposit with or otherwise owed to Borrower by Lender including funds in all Accounts (provided that the
Underlying Mortgage Loan Reserves shall be specifically excluded unless a Fee Owner Event of Default shall exist), including all Reserves or such other monies, securities and other properties held in general, special, time, demand, provisional or
final accounts or for safekeeping or as collateral or otherwise, against any and all of Borrower’s obligations to Lender now or hereafter existing under this Agreement, irrespective of whether Lender shall have made any demand under this
Agreement. Lender agrees to use reasonable efforts promptly to notify Borrower after any such set-off and application, provided that failure, to give or delay in giving any such notice shall not affect the
validity of such set-off and application or impose any liability on Lender. Rights given to Lender under this Section are in addition to other rights and remedies (including other rights of set-off) which Lender may have under this Agreement. 
 Section 7.4. Exercise of Rights and
Remedies. All rights and remedies of Lender hereunder or under the Note or under any other Loan Document shall be separate, distinct and cumulative and no single, partial or full exercise of any right or remedy shall exhaust the same or preclude
Lender from thereafter exercising in full or in part the same right or remedy or from concurrently or thereafter exercising any other right or remedy which Lender may have hereunder, under the Note or any other Loan Document, or at law or in equity,
and each and every such right and remedy may be exercised at any time or from time to time. 

  
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 Section 7.5. Legal Proceedings. Lender shall have the right to commence, appear in,
or to defend any action or proceeding purporting to affect the rights or duties of the parties hereunder or the payment of any funds, and in connection therewith pay necessary expenses, employ counsel and pay its reasonable fees. Any such
expenditures shall be considered additional Advances hereunder, shall bear interest at the rate payable under the Note for past due payments, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand. 

ARTICLE VIII 

LENDER’S DISCLAIMERS - BORROWER’S INDEMNITIES 

Section 8.1. No Obligation by Lender to Construct or Operate. Lender has no liability or obligation whatsoever or howsoever in
connection with the Collateral, Mortgaged Property or the development, construction, completion or operation thereof or work performed thereon, and has no obligation except to disburse the Loan proceeds as herein agreed. Lender is not obligated to
inspect the Improvements nor is Lender liable, and under no circumstances whatsoever shall Lender be or become liable, for the performance or default of any contractor or subcontractor, or for any failure to construct, complete, protect or insure
the Mortgaged Property, or any part thereof, or for the payment of any cost or expense incurred in connection therewith, or for the performance or nonperformance of any obligation of Borrower or Guarantor to Lender nor to any other Person without
limitation. Nothing, including any disbursement of Loan proceeds or Borrower’s Deposit or Shortfall Deposit nor acceptance of any document or instrument, shall be construed as a representation or warranty, express or implied, on Lender’s
part. EXCEPT FOR THOSE COSTS, EXPENSES OR LIABILITIES THAT ARE CAUSED BY THE WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF LENDER AS DETERMINED BY A FINAL, NON-APPEALABLE ORDER OF A COURT OF COMPETENT
JURISDICTION, BORROWER HEREBY INDEMNIFIES AND AGREES TO HOLD LENDER HARMLESS FROM AND AGAINST ANY COST, EXPENSE OR LIABILITY (INCLUDING REASONABLE ATTORNEYS’ FEES) INCURRED OR SUFFERED BY LENDER AS A RESULT OF ANY ASSERTION OR CLAIM OF ANY
OBLIGATION OR RESPONSIBILITY OF LENDER FOR THE MANAGEMENT, OPERATION AND CONDUCT OF THE BUSINESS AND AFFAIRS OF BORROWER OR GUARANTOR, OR AS A RESULT OF ANY ASSERTION OR CLAIM OF ANY LIABILITY OR RESPONSIBILITY OF LENDER FOR THE PAYMENT OR
PERFORMANCE OF ANY INDEBTEDNESS OR OBLIGATION OF BORROWER OR GUARANTOR. 
 Section 8.2. INDEMNITY BY BORROWER.
EXCEPT FOR THOSE LOSSES, LIABILITIES, CLAIMS, DAMAGES, COSTS OR EXPENSES, THAT ARE CAUSED BY THE WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF LENDER, ITS AFFILIATES, AGENTS OR REPRESENTATIVES AS DETERMINED BY A FINAL,
NON-APPEALABLE ORDER OF A COURT OF COMPETENT JURISDICTION, BORROWER HEREBY INDEMNIFIES LENDER AND EACH AFFILIATE THEREOF AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS FROM, AND HOLDS EACH OF
THEM HARMLESS AGAINST, ANY AND ALL LOSSES, LIABILITIES, CLAIMS, DAMAGES, OUT-OF-POCKET COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES) TO WHICH ANY OF
THEM MAY BECOME SUBJECT, INSOFAR AS SUCH LOSSES, LIABILITIES, CLAIMS, DAMAGES, OUT-OF-POCKET COSTS AND EXPENSES ARISE FROM OR RELATE TO ANY OF THE LOAN DOCUMENTS OR ANY
OF THE TRANSACTIONS CONTEMPLATED THEREBY OR FROM ANY INVESTIGATION, LITIGATION, OR OTHER PROCEEDING, INCLUDING ANY THREATENED INVESTIGATION, LITIGATION OR OTHER PROCEEDING RELATING TO ANY OF THE FOREGOING. WITHOUT INTENDING TO LIMIT THE REMEDIES
AVAILABLE TO LENDER WITH RESPECT TO THE ENFORCEMENT OF ITS  

  
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INDEMNIFICATION RIGHTS AS STATED HEREIN OR AS STATED IN ANY LOAN DOCUMENT, IN THE EVENT ANY CLAIM OR DEMAND IS MADE OR ANY OTHER FACT COMES TO THE ATTENTION OF LENDER IN CONNECTION WITH, RELATING
OR PERTAINING TO, OR ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, WHICH LENDER REASONABLY BELIEVES COULD INVOLVE OR LEAD TO SOME LIABILITY OF LENDER, BORROWER SHALL, IMMEDIATELY UPON RECEIPT OF WRITTEN NOTIFICATION OF ANY SUCH
CLAIM OR DEMAND, ASSUME IN FULL THE PERSONAL RESPONSIBILITY FOR AND THE DEFENSE OF ANY SUCH CLAIM OR DEMAND AND PAY IN CONNECTION THEREWITH ANY LOSS, DAMAGE, DEFICIENCY, LIABILITY OR OBLIGATION, INCLUDING REASONABLE LEGAL FEES AND COURT COSTS
INCURRED IN CONNECTION THEREWITH. IN THE EVENT OF COURT ACTION IN CONNECTION WITH ANY SUCH CLAIM OR DEMAND, BORROWER SHALL ASSUME IN FULL THE RESPONSIBILITY FOR THE DEFENSE OF ANY SUCH ACTION AND SHALL IMMEDIATELY SATISFY AND DISCHARGE ANY FINAL
DECREE OR JUDGMENT RENDERED THEREIN. LENDER MAY, IN ITS SOLE DISCRETION, MAKE ANY PAYMENTS SUSTAINED OR INCURRED BY REASON OF ANY OF THE FOREGOING; AND BORROWER SHALL IMMEDIATELY REPAY TO LENDER, IN CASH AND NOT WITH PROCEEDS OF THE LOAN, THE AMOUNT
OF SUCH PAYMENT, WITH INTEREST THEREON AT THE RATE OF INTEREST PAYABLE UNDER THE NOTE FROM THE DATE OF SUCH PAYMENT. LENDER SHALL HAVE THE RIGHT TO JOIN BORROWER AS A PARTY DEFENDANT IN ANY LEGAL ACTION BROUGHT AGAINST LENDER, AND BORROWER HEREBY
CONSENTS TO THE ENTRY OF AN ORDER MAKING BORROWER A PARTY DEFENDANT TO ANY SUCH ACTION. 
 Section 8.3. No Agency. Nothing
herein shall be construed as making or constituting Lender as the agent of Borrower or Fee Owner in making payments pursuant to any construction contracts or subcontracts entered into by Fee Owner for any construction work at the Mortgaged Property
or otherwise. The purpose of all requirements of Lender hereunder is solely to allow Lender to check and require documentation (including lien waivers) sufficient to protect Lender and the Loan contemplated hereby. Borrower shall have no right to
rely on any procedures required by Lender. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.1. Survival of Obligations. This Agreement and each and all of the Obligations shall survive the execution and delivery
of the Loan Documents and the consummation of the Loan and shall continue in full force and effect until the Indebtedness shall have been paid in full in accordance with the terms of the Loan Documents and Borrower shall have performed each and
every one of the Obligations; provided, however, that nothing contained in this Section shall limit the obligations of Borrower or Guarantor as otherwise set forth herein. 

Section 9.2. Notices. All notices or other communications required or permitted to be given pursuant to this Agreement shall be in
writing and shall be considered as properly given (i) if mailed by first class United States mail, postage prepaid, registered or certified with return receipt requested; (ii) by delivering same in person to the intended addressee;
(iii) by delivery to a reputable independent third party commercial delivery service for same day or next day delivery and providing for evidence of receipt at the office of the intended addressee or (iv) with respect to routine non-material notices, by electronic mail to a recipient identified by Lender (provided that such notice shall not be deemed given if the sender of the same receives a reply indicating that the message was not
delivered to any of its intended recipients or that such intended recipient is out of the office). Notice so mailed shall be 

  
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effective upon two (2) Business Days’ following its deposit (properly addressed) with the United States Postal Service or any successor thereto; notice given by personal delivery shall
be effective only if and when received by the addressee; notice sent by a reputable commercial delivery service shall be effective upon the transmitting parties’ receipt of written verification of delivery from such reputable commercial
delivery service at the proper address indicated hereinbelow; and notice given by other means shall be effective only if and when received at the designated address of the intended addressee. For purposes of notice, the addresses of the parties
shall be as set forth below: 
  

			
	 If to Lender:
	  	 Bank of the Ozarks

		  	 8201 Preston Road

		  	 Suite 700

		  	 Dallas, Texas 75225

		  	 Attn: Brannon Hamblen

		  	 Email: ########@bankozarks.com

 

	 With a copy to:
	  	 Bank of the Ozarks

		  	 6th and Commercial

		  	 P.O. Box 196

		  	 Ozark, Arkansas 72949

		  	 Attn: Regina Barker

 

	 With a copy to:
	  	 Riemer & Braunstein LLP

		  	 Times Square Tower

		  	 7 Times Square, Suite 2506

		  	 New York, New York 10036

		  	 Attn: Erik F. Andersen, Esq.

		  	 Email: #########@riemerlaw.com

 

	 If to Borrower:
	  	 c/o TPG Real Estate Finance Trust, Inc.

		  	 888 7th Avenue

		  	 New York, New York 10106

		  	 Attention: Ian McColough, Jason Ruckman and Deborah Ginsberg

		  	 Email: ##########@tpg.com

		  	 ########@tpg.com

		  	 #########@tpg.com

 

	 With a copy to:
	  	 Ropes & Gray LLP

		  	 1211 Avenue of the Americas

		  	 New York, New York 10036

		  	 Attention: Daniel Stanco, Esq.

		  	 Email: #############@ropesgray.com

 Any of the foregoing parties shall have the right to change its address for notice hereunder to any other location
within the continental United States by the giving of thirty (30) days’ notice to the other party in the manner set forth herein. 

Section 9.3. Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of, Borrower and Lender,
and their respective successors and assigns; provided, however, that Borrower may not assign any of its rights or obligations under this Agreement without the prior written consent of Lender, except as expressly set forth below. 

  
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 (a) Participation and Assignment. 

(1) Lender may, at any time and from time to time, sell or grant, without prior notice to or the consent of Borrower, to any
Eligible Transferee (other than to a Prohibited Transferee as set forth in Section 9.3(d)) participations in all or any part of the Loan, the Loan Documents, any Advance, or all or part of the Note. Any participant shall be entitled to
receive and rely on all information received by Lender regarding the Collateral, Mortgaged Property, Fee Owner, Underlying Mortgage Guarantors, Borrower, any of its principals and any of the Guarantors, including (without limitation) information
required to be disclosed to a participant pursuant to any applicable banking regulations. If Lender shall sell or grant any participation: (i) Lender shall retain its right and responsibility to enforce the Obligations of Borrower relating to
the Loan, including the right to approve any amendment, modification or waiver of any provision of this Agreement, and to grant or withhold consents and approvals, in accordance with the terms of this Agreement, (ii) Borrower shall continue to
deal solely and directly with Lender in connection with Lender’s rights and obligations hereunder and (iii) Borrower agrees, to the fullest extent it may effectively do so under applicable law, that any participant of which Borrower shall
have received written notice may exercise all rights of set-off, bankers’ lien, counterclaim or similar rights with respect to such participation as fully as if such participant were a direct holder of
Loans. 
 (2) Subject to Section 9.3(d), Lender may at any time and from time to time, assign to any Eligible
Transferee (but not any other Person unless (x) the Loan is fully Advanced, (y) the Borrower and/or Fee Owner has cancelled and/or waived any unfunded future Advances or Underlying Mortgage Loan Advances, respectively, or (z) an Event
of Default exists, and in any such case, Lender shall have the unfettered right to make assignments of all or a portion of the Loan to any Person), all or a part of its rights and obligations under the Loan Documents. In the case of such an
assignment, the assignee (“Assignee”) shall, to the extent of such assignment, have the same rights, benefits and obligations as it would if it were the Lender hereunder and the Lender shall be relieved of its obligations hereunder
to the extent of the interest so assigned and expressly assumed in writing by Assignee. For the purposes of clarification, during an Event of Default, Lender shall be entitled to assign, syndicate, or participate all or any portion of the Loan to
any Person, including a Prohibited Transferee. In the case of a partial assignment, Borrower shall be entitled to deal with Lender as the exclusive representative of the lenders on all matters relating to the Loan. Any Assignee shall be entitled to
receive and rely on all information received by Lender regarding the Collateral, Mortgaged Property, Fee Owner, Underlying Mortgage Guarantors, Borrower, any of its principals and any of the Guarantors, including (without limitation) information
required to be disclosed to an Assignee pursuant to any applicable banking regulations. Borrower will use its reasonable efforts to assist and cooperate with Lender in any manner reasonably requested by Lender to effect any such assignment including
assisting in the preparation of appropriate disclosure documents or modifying this Agreement to further reflect an agency relationship between Lender and other institutions. 

(b) Disclosure to Assignees. Lender may, in connection with any assignment or participation or proposed assignment or
participation of the Loan as described above, but subject to any disclosure or confidentiality provisions set forth in the Underlying Mortgage Loan Documents, disclose to the Assignee or participant or proposed Assignee or participant,

  
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any information relating to Borrower or Guarantor furnished to Lender in the course of the transactions described herein. Borrower will be responsible for the accuracy and completeness of any
materials furnished by Lender to any actual or prospective Assignee or participant exactly as if such Assignee or participant were the original “Lender” under this Agreement. 

(c) Further Assurances. Borrower agrees to cooperate with Lender at Borrower’s sole expense in connection with any
proposed participation or assignment and to provide, upon reasonable request and written notice from Lender, all reasonable assistance requested by Lender and each proposed Assignee in connection therewith, including without limitation: (i) the
execution of such documents as Lender or any Assignee may reasonably require, consistent with the provisions of this Agreement; (ii) the participation by representatives of Borrower in meetings or conference telephone calls with Lender, any
assigning lender or any proposed Assignees; and (iii) the execution of amendments to any Loan Documents required in connection with any assignment that are reasonably required in connection therewith (including, without limitation, severances,
substitutes and replacements of the Note for Lender and such assignee(s)), provided that no such amendments will modify the material terms of any of the Loan Documents or materially impair the rights of Borrower under any such Loan Documents. 

(d) Prohibited Transferees. Provided that no Event of Default exists, Lender shall not assign, syndicate, or participate
all or any portion of the Loan or any interest therein to (x) any of the parties listed on Schedule 9.3 hereof or (y) a Prohibited Sponsor Transferee (collectively, “Prohibited Transferees”). During an Event of
Default, Lender shall be entitled to assign, syndicate, or participate all or any portion of the Loan to any Person. 
 Section 9.4.
Reliance by Lender. Lender is relying and is entitled to rely upon each and all of the provisions of this Agreement; and accordingly, if any provision or provisions of this Agreement should be held to be invalid or ineffective, then all other
provisions hereof shall continue in full force and effect notwithstanding. 
 Section 9.5. Counterparts. To facilitate
execution, this Agreement may be executed in as many counterparts as may be convenient or required. It shall not be necessary that the signature and acknowledgment of, or on behalf of, each party, or that the signature and acknowledgment of all
Persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making proof of this Agreement to produce or account for more than a single counterpart
containing the respective signatures and acknowledgment of, or on behalf of, each of the parties hereto. Any signature and acknowledgment page to any counterpart may be detached from such counterpart without impairing the legal effect of the
signatures and acknowledgments thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature and acknowledgment pages. This Agreement may be transmitted and/or signed by facsimile or e-mail transmission (e.g., “pdf” or “tif”). The effectiveness of any such documents and signatures shall, subject to applicable Legal Requirements, have the same force and effect as
manually-signed originals and shall be binding on all parties to the this Agreement. Lender may also require that any such documents and signatures be confirmed by a manually-signed original thereof; provided, however, that the failure to request or
deliver the same shall not limit the effectiveness of any facsimile or e-mail document or signature. 

Section 9.6. APPLICABLE LAW. IT IS ACKNOWLEDGED AND AGREED THAT THE NEGOTIATIONS WITH RESPECT TO THE LOAN DOCUMENTS AND
THE TRANSACTION EVIDENCED HEREBY WERE UNDERTAKEN IN THE STATE OF NEW YORK. IT IS THE INTENTION OF BORROWER AND LENDER THAT THIS  

  
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AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO CHOICE OF LAWS OR CONFLICT OF LAWS
RULES) AND THE LAWS OF THE UNITED STATES APPLICABLE TO TRANSACTIONS IN THE STATE OF NEW YORK. IT IS FURTHER AGREED THAT APPROPRIATE VENUE IN ANY DISPUTE OCCURRING RELATIVE TO THE LOAN DOCUMENTS, WHETHER IN FEDERAL OR STATE COURT, SHALL BE IN NEW
YORK COUNTY, NEW YORK. 
 Section 9.7. Headings. The Article, Section and Subsection entitlements hereof are inserted for
convenience of reference only and shall in no way alter, modify, define, limit, amplify or be used in construing the text, scope or intent of such Articles, Sections or Subsections. 

Section 9.8. Controlling Agreement. It is expressly stipulated and agreed to be the intent of Borrower and Lender at all times to
comply strictly with the applicable New York law governing the maximum rate or amount of interest payable on the Indebtedness (or applicable United States federal law to the extent that it permits Lender to contract for, charge, take, reserve or
receive a greater amount of interest than under New York law). If the applicable law is ever judicially interpreted so as to render usurious any amount (i) contracted for, charged, taken, reserved or received pursuant to the Note, any of the
other Loan Documents or any other communication or writing by or between Borrower and Lender related to the transaction or transactions that are the subject matter of the Loan Documents; (ii) contracted for, charged, taken, reserved or received
by reason of Lender’s exercise of the option to accelerate the maturity of the Note and/or the Loan; or (iii) Borrower will have paid or Lender will have received by reason of any voluntary prepayment by Borrower of the Indebtedness and/or
the Loan, then it is Borrower’s and Lender’s express intent that all amounts charged in excess of the Maximum Lawful Rate shall be automatically canceled, ab initio, and all amounts in excess of the Maximum Lawful Rate theretofore
collected by Lender shall be credited on the principal balance of the Indebtedness (or, if the Indebtedness has been or would thereby be paid in full, refunded to Borrower), and the provisions of the Note and the other Loan Documents shall
immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the
fullest amount otherwise called for hereunder and thereunder; provided, however, if the Indebtedness has been paid in full before the end of the stated term of the Note, then Borrower and Lender agree that Lender shall, with reasonable
promptness after Lender discovers or is advised by Borrower that interest was received in an amount in excess of the Maximum Lawful Rate, either refund such excess interest to Borrower and/or credit such excess interest against the Indebtedness then
owing by Borrower to Lender. Borrower hereby agrees that as a condition precedent to any claim seeking usury penalties against Lender, Borrower will provide written notice to Lender, advising Lender in reasonable detail of the nature and amount of
the violation, and Lender shall have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest to Borrower or crediting such excess interest against the Indebtedness
then owing by Borrower to Lender. All sums contracted for, charged, taken, reserved or received by Lender for the use, forbearance or detention of any debt evidenced by the Note and/or the Loan shall, to the extent permitted by applicable law, be
amortized or spread, using the actuarial method, throughout the stated term of the Note and/or the Loan (including any and all renewal and extension periods) until payment in full so that the rate or amount of interest on account of the Indebtedness
does not exceed the Maximum Lawful Rate from time to time in effect and applicable to the Indebtedness for so long as debt is outstanding. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the
intention of Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. 

  
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 Section 9.9. Controlling Document. In the event of a conflict between the terms and
conditions of this Agreement and the terms and conditions of any other Loan Document, the terms and conditions of this Agreement shall control. 

Section 9.10. Construction of Agreement. All pronouns, whether in masculine, feminine or neuter form, shall be deemed to refer to
the object of such pronoun whether same is masculine, feminine or neuter in gender, as the context may suggest or require. All terms used herein, whether or not defined in Section 1.1 hereof, and whether used in singular or
plural form, shall be deemed to refer to the object of such term, whether such is singular or plural in nature, as the context may suggest or require. 

Section 9.11. Counting of Days. If any time period referenced hereunder ends on a day other than a Business Day, such time period
shall be deemed to instead end on the immediately succeeding Business Day. 
 Section 9.12. Recording. Borrower covenants not to
record this Agreement, the Note or the Guaranty in the real property records of the county where all or any part of the Mortgaged Property is located. Borrower and Lender agree that the Collateral Assignment shall be recorded in the real property
records of the county or counties where all or any part of the Mortgaged Property is located. Nothing herein shall be deemed to prohibit Lender from (a) making any of the Loan Documents a matter of public record in any court proceeding seeking
the enforcement of the Loan Documents, (b) making any other public filing or disclosure of the Loan Documents necessary for the enforcement of the Loan Documents, or (c) making any other public filing or disclosure required by applicable
law or order of an applicable Governmental Authority. 
 Section 9.13. WAIVER OF RIGHT TO TRIAL BY JURY. EACH OF
BORROWER AND LENDER, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY KNOWINGLY, INTENTIONALLY, IRREVOCABLY, UNCONDITIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT
TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT OR ANY CONDUCT, ACT OR OMISSION OF LENDER OR BORROWER, OR ANY OF THEIR DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR
ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH LENDER OR BORROWER, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. 

Section 9.14. NOTICE OF INDEMNIFICATION. BORROWER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT CONTAINS CERTAIN
INDEMNIFICATION PROVISIONS PURSUANT TO SECTIONS 5.9, 6.2, 8.1 AND 8.2 HEREOF, WHICH PROVISIONS, IN CERTAIN INSTANCES, INCLUDE BORROWER’S INDEMNIFICATION OF LENDER AGAINST LENDER’S OWN
NEGLIGENCE. 
 Section 9.15. NO ORAL AGREEMENTS. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT
THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED
OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO. The provisions hereof and the other Loan Documents
may be amended or waived only by an instrument in writing signed by Borrower and Lender. 

  
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 Section 9.16. Publicity. All news releases, publicity or advertising by Borrower or
its Affiliates through any media which refers to the Loan, the Loan Documents (or the financing evidenced thereby) or Lender or any of its Affiliates shall be subject to the prior reasonable approval of Lender. Borrower authorizes Lender to
issue press releases, advertisements and other promotional materials in connection with Lender’s own promotional and marketing activities, which describe the Loan, Borrower or any Affiliates of Borrower in general terms. Notwithstanding the
foregoing, any press releases, advertisements and other promotional materials of Lender that describes the Loan, TPG, TPG Agent, Borrower or any of their Affiliates in detail shall be subject to the prior reasonable approval of Borrower. 

Section 9.17. Recourse Limitation. Borrower hereby acknowledges and agrees that the Obligations and Indebtedness are, and are
intended to be, recourse to Borrower, provided, however, no personal liability in respect of the Obligations or the Indebtedness in connection with the Loan shall be asserted, sought, obtained or enforceable by Lender from or against:
(a) any Person owning, directly or indirectly, any legal or beneficial interest in Borrower (except to the extent set forth in a separate agreement given by any such Person in connection with the Loan including, without limitation, the
Guaranty) or (b) any direct or indirect partner, member, principal, officer, beneficiary, trustee, advisor, shareholder, employee, agent, Affiliate or director of Borrower. 

ARTICLE X 
 AFFIRMATIVE
RIGHTS, OBLIGATIONS AND NEGATIVE COVENANTS 
 Section 10.1. Affirmative Covenants. With respect to the Collaterally Assigned
Underlying Loan Documents, Borrower hereby agrees it will, or will cause Servicer to: 
 (a) deliver to Lender each of the
foregoing: 
 (1) within five (5) Business Days of receipt or issuance, as applicable, a copy of any and all notices
received by Borrower or any of its Affiliates from Fee Owner or Underlying Mortgage Guarantors, any of their Affiliates or any other Person with respect to any of the Collaterally Assigned Underlying Loan Documents, the Mortgaged Property, the
Collateral, the Fee Owner, the Underlying Mortgage Guarantors or any or all of them and a copy of any material notice provided by Borrower to Fee Owner or the Underlying Mortgage Guarantors, or any other Person with respect to any of the
Collaterally Assigned Underlying Loan Documents or the Mortgaged Property; 
 (2) within five (5) Business Days of
receipt, copies of any and all documents, reports, inspections or notices received by Borrower or any of its Affiliates with respect to the Mortgaged Property, including, without limitation, tax statements, assessments, notices of violation, notices
of rezoning, rent rolls, operating statements, annual balance sheets, annual budgets and any other financial information provided by Fee Owner or Underlying Mortgage Guarantors to Borrower in accordance with the provisions of Section 5.1.12 of
the Underlying Loan Agreement or the provisions of the Underlying Guaranties, or any other relevant notices; 

  
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 (3) within two (2) Business Days after receipt, copies of all Fee Owner Draw
Requests; 
 (4) within three (3) Business Day after receipt, copies of all requests for consents or waivers requiring
Lender’s approval pursuant to the provisions of this Article X, together with any supporting documentation received; 

(5) within three (3) Business Days after receipt or knowledge thereof, copies of any and all notices received by or on
behalf of Fee Owner which allege that Fee Owner is in default under the Condominium Documents; and 
 (6) simultaneous with
the delivery to Fee Owner, copies of notices of a Fee Owner Default or Fee Owner Event of Default, any foreclosure notice or other material correspondence provided to Fee Owner. 

Notwithstanding the foregoing, if Borrower is seeking Lender’s approval, satisfaction, consent or determination in connection with a
request by Fee Owner under the Underlying Loan Documents and Borrower is required to respond to Fee Owner in a shorter time period than the delivery requirements set forth in this Section 10.1(a), then the time periods set forth herein shall
be shortened such that Lender shall be entitled to receipt of such materials no less than two (2) Business Days prior to Borrower’s required response date. 

(b) at no cost or expense to Lender and subject to requirements set forth in Section 10.6, diligently
enforce the performance and observance of each and every material condition and covenant of Fee Owner and Underlying Mortgage Guarantors under the Collaterally Assigned Underlying Loan Documents, including but not limited to, the obligation to make
payments in accordance with the Underlying Mortgage Note and the Underlying Loan Agreement and the covenants pertaining to the ownership, construction, operation and maintenance of the Mortgaged Property; 

(c) if requested by Lender, cause Fee Owner to permit Lender and its agents, representatives and employees, to inspect the
Mortgaged Property at all reasonable times, with or without prior notice to Borrower or Fee Owner; and 
 (d) assist and
cooperate, and use its reasonable efforts to cause Fee Owner to assist and cooperate, with Lender in any manner reasonably requested by Lender to carry out more effectively the purposes of the Loan Documents. 

Section 10.2. Negative Covenants. With respect to the Collaterally Assigned Underlying Loan Documents, Borrower hereby agrees it
will not, without the express prior written consent of Lender (which, if Borrower’s consent is required under the Collaterally Assigned Underlying Loan Documents and Borrower is required to be reasonable thereunder, Lender’s consent shall
not be unreasonably withheld): 
 (a) consent to or enter into any of the following amendments, modifications, or other
document relevant to the Collaterally Assigned Underlying Loan Documents in connection with any of the following matters: 

(1) increasing the amount of the Underlying Mortgage Loan; 

(2) amending the interest rate, default interest rate or other material monetary obligations set forth in the Collaterally
Assigned Underlying Loan Documents (including, without limitation the Extension Fee (as defined in the Underlying Loan Agreement), the Return Differential (as defined in the Underlying Loan Agreement), the
Non-Utilization Fee (as defined in the Underlying Loan Agreement) and the Fee Owner Exit Fee); 

  
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 (3) amending the maturity date set forth in the Collaterally Assigned Underlying
Loan Documents (except an extension granted subject to satisfaction of each of the conditions to extension set forth in Section 2.6 of the Underlying Loan Agreement); 

(4) cross-defaulting the Underlying Mortgage Loan; 

(5) amending the date of any regularly scheduled payment of Underlying Interest Charges or principal as set forth in the
Collaterally Assigned Underlying Loan Documents; 
 (6) a material amendment or waiver of Section 6.1 of the Underlying
Loan Agreement; 
 (7) a material waiver or amendment to any of the conditions set forth in Section 2.9 and 2.10 of the
Underlying Loan Agreement; 
 (8) a material waiver or amendment to any of the requirements or disbursement conditions set
forth in Section 7.1 and 7.2 of the Underlying Loan Agreement; 
 (b) other than in connection with a Permitted
Disposition and a sale of the Underlying Mortgage Loan in accordance with Section 2.3(b)(6), notwithstanding anything to the contrary in the Underlying Loan Agreement, sell or assign any interest whatsoever (including any participation or
similar interest) in or to any of the Collaterally Assigned Underlying Loan Documents. For the purposes of clarification, Borrower shall be entitled to sell the Underlying Mortgage Loan provided that prior to the closing of such sale, Borrower
provides Lender with a copy of the applicable loan sale agreement (which may be redacted) or such other customary evidence to demonstrate to Lender’s reasonable satisfaction that the proceeds from the intended sale are sufficient, or if not
sufficient that Borrower otherwise has the remaining funds (which remaining funds Borrower shall deposit, in escrow, with Lender pending the closing of such sale) necessary to, repay the Indebtedness in full upon the closing of such sale; 

(c) provide any consent or approval for which Borrower’s consent or approval is required under the Underlying Mortgage
Loan Documents in connection with any of the following matters: 
 (1) reallocate or apply Contingency and/or determine or
approve Cost Savings (as defined in the Underlying Loan Agreement); 
 (2) approve any material modification of the Business
Plan (as defined in the Underlying Loan Agreement), including any zoning reclassification; 
 (3) modify or amend the Project
Budget or the Plans and Specifications (as defined in the Underlying Loan Agreement) (unless (x) in connection with a Permitted Change or a Change Order approved in writing by Lender or (y) the aggregate of all such modifications does not
exceed $1,000,000 and does not cause a Shortfall); 
 (4) approve or waive any modification to the Major Milestones (as
defined in the Underlying Loan Agreement) other than on a one (1) time basis for a period not in excess of thirty (30) days; 

  
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 (5) approve any remedial action required to bring the Project into compliance
with applicable Legal Requirements; 
 (6) approve any Lease greater than 10,000 square feet or that would otherwise have a
material impact on the revenue from or value of the Project; 
 (7) approve payment and performance surety bonds or
“Subguard” insurance; 
 (8) amend or waive any Minimum Release Price; 

(9) approve any Major Contractor (including, without limitation, the General Contractor) or the surrender, termination,
cancellation, modification, amendment or replacement of the Architect’s Contract, the General Contractor’s Agreement or any Major Contract (each as defined in the Underlying Loan Agreement) or the Development Agreement; 

(10) apply any proceeds, rents, collateral, reserves, Shortfall Deposit, Required Release Price or any other collateral held by
Borrower when, pursuant to the Underlying Mortgage Loan Documents, Borrower is permitted to apply any such proceeds, rents, collateral, reserves, Shortfall Deposit, Required Release Price, or any other collateral held by Borrower in Borrower’s
“sole discretion”; 
 (11) approve (x) the amendment, surrender, termination, cancellation, modification,
assignment, renewal or extension of the Condominium Documents, (y) any material written waiver under the Condominium Documents or (z) the entering into any agreement relating to the management of the Project; 

(12) approve the amendment, surrender, termination, cancellation, modification, assignment, replacement, renewal or extension
of the Property Management Agreement and/or the Property Manager; 
 (13) amend or modify any organizational documents of Fee
Owner or Sole Member; 
 (14) determine that the provisions set forth in Sections 5.1.41(h), 6.2.3 and 6.2.4 of the
Underlying Loan Agreement have been satisfied; 
 (15) consent to or approve a Transfer (as defined in the Underlying Loan
Agreement) or the incurrence of additional secured or unsecured debt; 
 (16) waive a “due-on-sale” or “due-on-encumbrance” clause; 

(17) consent to an alteration in excess of the Threshold Amount (as defined in the Underlying Loan Agreement); and/or 

(18) consent to a modification or amendment of the Servicing Agreement. 

(d) accept a letter of credit unless Borrower has (i) caused Lender to have a perfected security interest in such letter
of credit in accordance with the terms specified by Lender, (ii) has provided to Lender documentation reasonably acceptable to Lender evidencing Lender’s security interest, (iii) has delivered such letter of credit to Lender, and
(iv) has collaterally assigned to Lender all of Borrower’s right, title and interest in and to the letter of credit as additional collateral for the Loan; 

(e) release or substitute Fee Owner or Underlying Mortgage Guarantors from the performance or observance of any material
obligation, covenant or condition under the Collaterally Assigned Underlying Loan Documents, change the financial covenants applicable to the Underlying Mortgage Guarantors, or release any Collateral; 

  
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 (f) amend or modify Section 8.1 of the Underlying Loan Agreement, waive any
monetary Fee Owner Event of Default in excess of $100,000 or any material non-monetary Fee Owner Event of Default; 

(g) other than in accordance with Section 10.6, declare the Underlying Mortgage Note to be
immediately due and payable, bring any action to foreclose the lien of the Underlying Mortgage, conduct a foreclosure sale pursuant to a power of sale, accept a deed in lieu of foreclosure, appoint a receiver for the collection of rents or other
revenue, file or approve any plan in any bankruptcy proceeding involving Fee Owner, Underlying Mortgage Guarantors or the Mortgaged Property and/or vote on any plan of reorganization or restructuring or similar plan in any bankruptcy or insolvency
of Fee Owner, Underlying Mortgage Guarantors or the Mortgaged Property, bring any suit on the Underlying Mortgage Note to collect the debt thereunder or consent to a forbearance agreement. Notwithstanding anything to the contrary contained herein,
in no event shall Borrower approve a discounted pay-off of the Underlying Mortgage Loan unless the Indebtedness is paid in full in connection therewith; or 

(h) enter into a termination or full or partial release with respect to the Collaterally Assigned Underlying Loan Documents.

 Section 10.3. Financial Testing. 

(a) Prior to finalizing and informing Fee Owner of the calculations of Loan-to-Value Ratio (specifically in connection with Section 2.6 of the Underlying Loan Agreement and Section 6.2.4(a)(x) of the Underlying Loan Agreement), Borrower shall confirm its calculations with
Lender and, to the extent the calculations by Borrower and Lender are different, Borrower covenants and agrees that it shall employ and report Lender’s calculations to Fee Owner. 

(b) Notwithstanding anything to the contrary contained in the Collaterally Assigned Underlying Loan Documents, Lender may
independently review the amounts deposited and/or required to be deposited in the Underlying Mortgage Loan Reserves. Lender may require that the amounts required to be deposited in the Underlying Mortgage Loan Reserve Accounts by Fee Owner be, and
Borrower covenants and agrees to cause such amounts to be, increased or decreased as determined by Lender in its sole but reasonable discretion. 

(c) Notwithstanding anything to the contrary contained in the Collaterally Assigned Underlying Loan Documents, Lender may
independently review and calculate whether a Shortfall exists. Lender may require that Borrower shall deliver to Fee Owner written notice of the determination of a Shortfall. Borrower covenants and agrees that it shall promptly deliver written
notice of such Shortfall to Fee Owner and thereafter enforce the performance and observance by Fee Owner of Section 2.1.13 of the Underlying Loan Agreement. 

Section 10.4. Prepayments and Fees. Other than Borrower’s Percentage of the Closing Payment (as defined in the Underlying
Loan Agreement), the Extension Fee (as defined in the Underlying Loan Agreement), the TPG Call Protection Payment, the TPG Non-Utilization Fee, Borrower’s Percentage of the Fee Owner Exit Fee and
Underlying Mortgage Loan Interest Charges, Borrower shall not be entitled to retain any other sums and/or fees from or on behalf of Fee Owner in excess of its Percentage of such sums and/or fees. In the event (x) Fee Owner prepays the
Underlying Mortgage Loan, (y) Borrower is entitled to prepay the Underlying Mortgage Loan using collateral held 

  
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by Borrower or (z) Borrower receives any other sums and/or fees from or on behalf of Fee Owner, Lender’s Percentage of any such prepayment shall be received and held in trust by
Borrower for the benefit of Lender and shall be paid to Lender within two (2) Business Days of receipt or offset, as applicable. All sums received hereby by Lender shall be applied in accordance with Section 2.4 and
Section 6.1. 
 Section 10.5. Protective Advances. In the event of the failure of Fee Owner to pay
Taxes or Insurance Premiums (as each are defined in the Underlying Loan Agreement) or any other charges required by the Underlying Mortgage Loan Documents to be paid by Fee Owner that may become liens against the Mortgaged Property or any part
thereof (the payment of such Taxes, Insurance Premiums or other charges, a “Required Protective Advance”), or otherwise if determined by Borrower in its reasonable discretion to be commercially prudent in order to construct the
Project or preserve the collateral for the Underlying Mortgage Loan or to otherwise protect or enforce Borrower’s liens and security interests under the Underlying Mortgage and other Underlying Mortgage Loan Documents or otherwise to pay for
expenditures which are emergency in nature and that the Borrower believes are reasonably necessary to prevent personal injury, loss of life, material damage or substantial economic harm to the Mortgaged Property (any such amount, an
“Elective Protective Advance”), Borrower shall notify Lender of the amount estimated by Borrower to be required under this Section 10.5, together with supporting documentation related thereto. Additionally,
Lender may independently learn and determine that a Required Protective Advance or an Elective Protective Advance is required and may notify Borrower of the amount estimated by Lender to be required under this Section 10.5.
In the event of a Required Protective Advance, (x) Borrower shall advance to or on behalf of Fee Owner its Percentage of such Required Protective Advance and (y) Lender shall advance to or on behalf of Fee Owner its Percentage of such
Required Protective Advance. In the event of an Elective Protective Advance, Borrower may advance to or on behalf of Fee Owner its Percentage of such Elective Protective Advance. In the event that Borrower does not advance Borrower’s Percentage
of such Required Protective Advance and/or Elective Protective Advance within ten (10) days after notification to Lender and/or request from Lender, Lender may, but is not obligated to, make such Required Protective Advance and/or Elective
Protective Advance. All Required Protective Advances and charges, costs and expenses, including reasonable attorneys’ fees and disbursements, incurred or paid by the Lender in exercising any right, power or remedy conferred by this
Section 10.5 with respect to Required Protective Advances, together with interest on those amounts at the Default Rate, from the time paid by the Lender until repaid by the Borrower, are deemed to be principal outstanding
under this Agreement and the Note. All Elective Protective Advances and charges, costs and expenses, including reasonable attorneys’ fees and disbursements, incurred or paid by the Lender in exercising any right, power or remedy conferred by
this Section 10.5 with respect to Elective Protective Advances, together with interest on those amounts, from the time paid by the Lender until repaid by the Borrower, are deemed to be principal outstanding under this
Agreement and the Note. Notwithstanding the foregoing, in the event Borrower elects not to make an Elective Protective Advance and Lender makes such Elective Protective Advance, such amounts shall accrue at the
non-Default Rate set forth in the Note (unless Borrower collects from Fee Owner interest based on the default rate set forth in the Underlying Loan Documents with respect to such Elective Protective Advance,
in which case, such amounts shall accrue at the Default Rate). 
 Section 10.6. Post-Default Action. 

(a) Borrower shall have the right, without the prior consent of Lender, to accelerate the Underlying Mortgage Loan and
(x) commence and prosecute a foreclosure proceeding (including the appointment of a receiver or other typical appointments or proceedings) or accept a deed-in-lieu
or (y) commence and prosecute a secured party sale of the Pledged 

  
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Collateral under the Code or acceptance of the Pledged Collateral (each of which are subject to the remainder of this Section 10.6(a)). Notwithstanding anything herein or in any of the
Loan Documents to the contrary, Borrower may not complete a foreclosure action on the Mortgaged Property or secured party sale of the Pledged Collateral under the Code or accept a
deed-in-lieu or accept the Pledged Collateral unless and until such time as Borrower (or an Affiliate of Borrower reasonably acceptable to Lender) and a Replacement
Guarantor have provided to Lender Replacement Mortgage Documents and Replacement Guaranties reasonably acceptable to Lender such that, simultaneous with any foreclosure or transfer of the Mortgaged Property to Borrower or Borrower’s designee or
assignee, and in furtherance of Lender’s commitment to enter into such Replacement Mortgage Documents and convert the Loan in to the Replacement Mortgage Loan: 

(1) Lender shall make a new loan to Borrower or Borrower’s designee or assignee in the amount of the Adjusted Loan Balance
at the Note Rate (as defined in the Note) and otherwise substantially in the form of the Underlying Mortgage Loan and the Underlying Mortgage Loan Documents (the “Replacement Mortgage Loan”), provided, however, the Replacement
Mortgage Loan shall mature on the Replacement Loan Maturity Date. Prior to Lender’s disbursement of any unfunded and available amounts under the Replacement Mortgage Loan, Lender shall have received evidence that Borrower or Borrower’s
designee or assignee shall have either contributed to the Mortgaged Property and/or deposited with Lender all Borrower’s Equity. Further, Borrower shall pay to Lender, in cash, a fee equal to the product of
one-half of one percent (0.50%) multiplied by the then Adjusted Loan Balance; and 

(2) Borrower or Borrower’s designee or assignee shall grant, convey and assign to Lender a first mortgage lien and
security interest in and to the Mortgaged Property. Simultaneous with any foreclosure or transfer of the Mortgaged Property or secured party sale or transfer of the Pledged Collateral, (x) Borrower or Borrower’s designee or assignee shall
provide the Replacement Mortgage Documents and (y) Replacement Guarantor shall provide the Replacement Guaranties. The Replacement Mortgage Documents and Replacement Guaranties shall be held in escrow and automatically released simultaneously
with the consummation of Borrower’s foreclosure action on the Mortgaged Property or secured party sale or transfer of the Pledged Collateral under the Code, and the Replacement Mortgage Documents, together with a termination of the Collateral
Assignment, may be recorded by Lender against the Mortgaged Property in Lender’s sole discretion. Borrower hereby agrees to execute, procure and deliver and/or cause to be executed, procured and delivered, the Replacement Mortgage Documents,
the Replacement Guaranties and any and all such documents and instruments as Lender may reasonably require to evidence such first lien and security interest, including without limitation, a Loan Policy of Title Insurance insuring the validity and
priority of such lien on the Mortgaged Property (unless, as determined by Lender in its sole discretion, the existing mortgage title policy insuring Borrower, as lender, insures Lender as a successor and assign). 

(b) Borrower hereby agrees, at the written request of Lender following a Fee Owner Event of Default continuing for sixty
(60) days, to diligently pursue its rights and remedies, in law or in equity or otherwise, under the Underlying Guaranties (a “Guaranty Claim”) and Borrower shall promptly pay any sum that is awarded to Borrower in any action
brought by Borrower with respect to a Guaranty Claim, and any amount paid in settlement of such claim, (i) if an Event of Default exists or a Guaranty Application Event has occurred, to Lender as

  
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additional collateral for the Loan, which may be used by Lender to repay the Indebtedness (unless the payment or use of such sum or amount would be prohibited by the terms of the award granted to
Borrower or the settlement of the Guaranty Claim (each as reasonably approved by Lender) or would otherwise violate any applicable requirements of the Underlying Loan Agreement that continue to apply) or (ii) if no Event of Default exists or a
Guaranty Application Event has not occurred, (x) with respect to sums recovered from the “Guaranty of Completion”, to Construction Costs (as defined in the Underlying Loan Agreement), (y) with respect to sums recovered from the
“Guaranty” and the “Payment Guaranty” (as such terms are defined in the Underlying Loan Agreement), (A) as required pursuant to the Underlying Mortgage Loan Documents and (B) any remainder will be held by Lender as
additional collateral while Borrower and Lender determine how to apply such funds and, absent an agreement to the parties within thirty (30) days of receipt of such funds, used by Lender to repay the Indebtedness and (z) with respect to
sums recovered from the Underlying Environmental Indemnity Agreement, (A) as required pursuant to the Underlying Mortgage Loan Documents and (B) any remainder will be held by Lender as additional collateral while Borrower and Lender
determine how to apply such funds and, absent an agreement to the parties within thirty (30) days of receipt of such funds, used by Lender to repay the Indebtedness. At a foreclosure sale or secured party sale, as applicable, in which there are
no third-party bidders, Borrower shall place a credit bid in an amount it shall determine in its commercially reasonable business discretion. Notwithstanding anything to the contrary in the Loan Documents, unless otherwise consented to by Lender
(which consent shall be granted or withheld in the sole discretion of Lender), if there are any third-party bidders at such foreclosure sale or secured party sale, as applicable, Borrower shall place a credit bid in excess of the highest third-party
bid but in no event shall Borrower be required to place a credit bid in excess of the Indebtedness. 
 (c) To the extent
Borrower elects or proposes a course of action other than (x) accelerating the Underlying Mortgage Loan and commencing and prosecuting a foreclosure proceeding against the Mortgaged Property or (y) a secured party sale of the Pledged
Collateral under the Code or acceptance of a deed-in-lieu or acceptance of the Pledged Collateral, then within thirty (30) Business Days after the occurrence of a
Fee Owner Event of Default, the Borrower shall deliver to the Lender the Borrower’s proposed course of action (an “Action Plan”) with respect to such Fee Owner Event of Default and shall inform the Lender, from time to time, of
any changes thereto. Any Action Plan with respect to a Fee Owner Event of Default shall be subject to the Lender’s approval, in its sole but reasonable discretion, such approval to be granted or withheld within fifteen (15) Business Days
of receipt of the Action Plan (or, with respect to any of the actions, decisions or approvals described in Section 10.2(g), to the extent that Borrower is required to take or respond to such actions, decisions or approvals within less than
(15) Business Days (a “Shorter Approval Period”), Lender’s approval shall be granted or withheld within such Shorter Approval Period. In no event shall (i) the Lender’s approval of an Action Plan which
contemplates any actions, events, circumstances or other matters which go beyond the Maturity Date constitute an extension of the Maturity Date, unless otherwise specifically agreed in writing by the Lender, or (ii) any Fee Owner Event of
Default excuse the Borrower from the full and timely payment and performance of all of its Obligations and Indebtedness, including, without limitation, to pay the Indebtedness in full on or before the Maturity Date. 

  
 Page 59 

 (d) Upon Lender’s approval of an Action Plan (such Action Plan, an
“Approved Action Plan”), Borrower shall keep the Lender fully informed of all material developments with respect to an Approved Action Plan, and, upon the Lender’s request, will provide the Lender with updates with respect to
all actions and developments with respect to any Approved Action Plan. Further, Borrower shall promptly undertake on a diligent basis the remedial measures set forth in the Approved Action Plan. 

(e) At any time subsequent to the occurrence of a Fee Owner Event of Default, Lender shall have the right, by delivering notice
to Borrower, to cause Borrower to (i) convene a meeting of Borrower and Lender no sooner than ten (10) Business Days after the date of such notice, (ii) set an agenda of items to be discussed and voted on at such meeting (which items
shall be set forth in such written notice), and (iii) cause such items to be discussed and voted on at such meeting. 

(f) If (x) Borrower has submitted an Action Plan in accordance with Section 10.6(c) and Lender has not approved
such Action Plan within one hundred eighty (180) days immediately following the submission of such Action Plan or (y) a Fee Owner Event of Default has occurred and within thirty (30) Business Days thereafter, Borrower has not
commenced a foreclosure proceeding or secured party sale and/or Borrower has not accepted a deed in lieu of foreclosure or consummated an acceptance of Pledged Collateral (unless such Fee Owner Event of Default has been waived by Borrower and such
waiver has been approved by Lender), Borrower shall declare the outstanding principal amount of the Underlying Mortgage Loan, all interest thereon, and all other amounts payable under the Underlying Mortgage Loan Documents to be immediately due and
payable and shall promptly commence a foreclosure proceeding or third party sale; provided that (i) such action is not stayed by any bankruptcy or insolvency proceeding or any other injunction or court order and (ii) Borrower believes in
good faith that such action will not expose Borrower to any liability from any party, including, without limitation, Fee Owner or Lender. If, after commencing such foreclosure proceeding or secured party sale, as applicable, Borrower is directed to
cease such action or take another course of action by the Lender, Borrower shall follow such direction, provided that any such cessation shall not continue for a period in excess of thirty (30) days or such longer period as mutually agreed to
by the parties, and in any case, the Remedy Extension Period shall be extended by the period of time Borrower is directed to cease such action or until Borrower is directed to take any other action. 

[SIGNATURE PAGE FOLLOWS] 

  
 Page 60 

 EXECUTED to be effective as of the date first written above. 

 

					
	LENDER:
	
	BANK OF THE OZARKS
		
	By:	 	 /s/ Dan Thomas

		 	Name:	 	Dan Thomas
		 	Title:	 	President – Real Estate
		 		 	Specialties Group

  
 Signature Page 

 
					
	BORROWER:
	
	 TPG RE FINANCE 15, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ Clive D. Bode

		 	Name:	 	Clive D. Bode
		 	Title:	 	Vice President

  
 Signature Page 

 List of Attachments: 

Schedule 4.8 – Litigation 
 Schedule 9.3 – Prohibited
Transferee 
 Exhibit A – Draw Request Form 
 Exhibit B
– Underlying Loan Agreement 
 Exhibit C – Form of Borrower Financial Certification 

  

 SCHEDULE 4.8 

LITIGATION 
 None. 

  

 EXHIBIT A 

Draw Request Form 

DRAW REQUEST 

Requisition No. [***___ ***] 
  

			
	 LENDER: Bank of the Ozarks

 
	  	 BORROWER: TPG RE Finance 15, LLC

 

	 DATE: _________
	  	 PREMISES:

2200-2200 North Ocean Boulevard

Fort Lauderdale, Florida

(the Auberge)
  

	 PERIOD COVERED: _________ to _________
	  	

 Pursuant to that certain Loan Agreement, dated as of August 23, 2016, by and between Borrower and Lender (the
“Loan Agreement”), Borrower hereby authorizes and requests an Advance in the amount of $         for amounts to be advanced to Fee Owner pursuant to the Underlying Loan Agreement in accordance
with the Fee Owner Draw Request attached hereto as Exhibit 1, and the amount of $         for Underlying Mortgage Loan Interest Charges. Capitalized terms used herein and not otherwise defined herein
shall have the meanings ascribed to such terms in the Loan Agreement. 
 Borrower requests that the funds be wired on
             [DATE] in accordance with the following wire instructions: 

Amount: 
 Bank: 

ABA #: 
 Account Name: 

Account #: 
 Attention: 

  

 In connection with and in order to induce Lender to make the requested Advance, Borrower hereby represents and
warrants to Lender that (i) the Fee Owner Draw Request attached hereto is a true, complete, and correct copy thereof to the extent received by Borrower, which Fee Owner Draw Request has been reviewed and approved by Borrower, (ii) all
amounts, percentages, calculations, and other information contained in the Fee Owner Draw Request attached hereto is/are true, complete, and correct to the best of Borrower’s knowledge, (iii) to Borrower’s knowledge, no Fee Owner
Default or Fee Owner Event of Default exists, (iv) Borrower has previously advanced to Fee Owner the amount requested in any prior Fee Owner Draw Request (but not, for the avoidance of ambiguity, this Fee Owner Draw Request), and (v) the
amount of Underlying Mortgage Loan Interest Charges now due and owing is $        . 
  

			
	Very truly yours,
	
	 TPG RE FINANCE 15, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Exhibit 1 

Fee Owner Draw Request 

[The Fee Owner Draw Request immediately follows this cover page.] 

  

 EXHIBIT B 

Underlying Loan Agreement 

  

 EXHIBIT C 

Form of Certification 

Bank of the Ozarks Loan No.:             (the “Loan”) 

BORROWER’S CERTIFICATION OF 

FINANCIAL INFORMATION 
 1. The financial
statements and other information attached hereto are given to Bank of the Ozarks for the purpose of obtaining credit and the undersigned, on behalf of the borrower (“Borrower”) under the referenced Loan, hereby certifies that same are true
and correct in all material respects as of the date thereof, and that no material adverse change has occurred in the condition of the Borrower from the date thereof to the date hereof. 

2. The undersigned agrees to notify Bank of the Ozarks promptly in writing of any material adverse change in any of the information contained in this
statement or the attachments hereto. If the undersigned fails to notify Bank of the Ozarks of any such change, or if any of the information attached hereto should prove to be inaccurate or incomplete in any material respect, it is acknowledged that
such failures shall constitute a default under the terms of the Loan. 
 Dated:             ,
201     
  

			
	BORROWER:
	
	TPG RE FINANCE 15, LLC
		
	By:	 	  

	Name (Print):	 	  

	Title:EX-10.22

 Exhibit 10.22 

EXECUTION COPY 
 MASTER REPURCHASE
AND SECURITIES CONTRACT 
 Dated as of March 31, 2017 

between 
 TPG RE FINANCE 14, LTD.

 as Seller, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Buyer. 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 1.
	 	 APPLICABILITY
	  	 	1	 
			
	 2.
	 	 DEFINITIONS
	  	 	1	 
			
	 3.
	 	 INITIATION; CONFIRMATION; TERMINATION; FEES
	  	 	30	 
			
	 4.
	 	 FACILITY FINANCIAL COVENANTS, REBALANCING
	  	 	39	 
			
	 5.
	 	 CASH MANAGEMENT ACCOUNT; SERVICING DIRECTION; MONTHLY DISTRIBUTIONS
	  	 	41	 
			
	 6.
	 	 PRECAUTIONARY SECURITY INTEREST
	  	 	44	 
			
	 7.
	 	 PAYMENT, TRANSFER AND CUSTODY
	  	 	47	 
			
	 8.
	 	 SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED MORTGAGE LOANS
	  	 	52	 
			
	 9.
	 	 REPRESENTATIONS
	  	 	53	 
			
	 10.
	 	 NEGATIVE COVENANTS OF SELLER
	  	 	58	 
			
	 11.
	 	 AFFIRMATIVE COVENANTS OF SELLER
	  	 	60	 
			
	 12.
	 	 SPECIAL-PURPOSE ENTITY
	  	 	65	 
			
	 13.
	 	 EVENTS OF DEFAULT
	  	 	67	 
			
	 14.
	 	 REMEDIES
	  	 	70	 
			
	 15.
	 	 NOTICES AND OTHER COMMUNICATIONS
	  	 	72	 
			
	 16.
	 	 SINGLE AGREEMENT
	  	 	73	 
			
	 17.
	 	 INTENTIONALLY OMITTED.
	  	 	73	 
			
	 18.
	 	 ASSIGNABILITY
	  	 	73	 
			
	 19.
	 	 ENTIRE AGREEMENT; SEVERABILITY
	  	 	75	 
			
	 20.
	 	 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	  	 	75	 
			
	 21.
	 	 NO RELIANCE
	  	 	76	 
			
	 22.
	 	 INDEMNITY
	  	 	76	 

							
	 23.
	 	 DUE DILIGENCE
	  	 	77	 
			
	 24.
	 	 SERVICING
	  	 	78	 
			
	 25.
	 	 MISCELLANEOUS
	  	 	80	 
			
	 26.
	 	 INTENT
	  	 	82	 
			
	 27.
	 	 CHANGE IN CIRCUMSTANCES
	  	 	83	 

 ANNEXES, EXHIBITS AND SCHEDULES 
  

			
	ANNEX I	  	Names and Addresses for Communications between Parties
		
	EXHIBIT I	  	Form of Confirmation
		
	EXHIBIT II	  	Authorized Representatives of Seller
		
	EXHIBIT III	  	Form of Custodial Delivery
		
	EXHIBIT IV	  	Due Diligence Checklist
		
	EXHIBIT V	  	Form of Power of Attorney
		
	EXHIBIT VI	  	Representations and Warranties Regarding Each Individual Purchased Mortgage Loan
		
	EXHIBIT VII	  	Form of Officer’s Certificate
		
	EXHIBIT VIII	  	Form of Transaction Request
		
	EXHIBIT IX	  	Ownership Chart
		
	EXHIBIT X	  	Form of Servicing Direction Letter
		
	EXHIBIT XI	  	Forms of U.S. Tax Compliance Certificate
		
	EXHIBIT XII	  	Reserved
		
	EXHIBIT XIII	  	Form of Subsequent Purchase Request
		
	EXHIBIT XIV	  	Prohibited Assignees
		
	EXHIBIT XV	  	Initial Purchased Mortgage Loans

 MASTER REPURCHASE AND SECURITIES CONTRACT 

This Master Repurchase and Securities Contract is dated as of March 31, 2017, between TPG RE FINANCE 14, LTD., an exempted company
incorporated with limited liability under the laws of the Cayman Islands, as Seller, and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Buyer. 

1. APPLICABILITY 
 From time to time Buyer
and Seller may enter into transactions in which Seller agrees to transfer to Buyer specified interests in Eligible Mortgage Loans set forth in the related Confirmation against the transfer of funds by Buyer on the related Initial Purchase Date and,
if applicable, on each Subsequent Purchase Date thereafter with a simultaneous agreement by Buyer to transfer to Seller such specified interests in such Eligible Mortgage Loans at a date certain or on demand, against the transfer of funds by Seller.
Each such transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing, shall be governed by this Agreement. 

2. DEFINITIONS 
  

	 	(a)  	Definitions. As used herein, the following terms shall have the following meanings: 

“Accelerated Repurchase Date” shall have the meaning specified in Section 14 of this
Agreement. 
 “Accepted Servicing Practices” shall have the meaning set forth in the Servicing Agreement.

 “Accordion Feature” shall have the meaning set forth in Section 3(k) of this Agreement. 

“Act of Insolvency” means with respect to any party, (i) the voluntary commencement by such party as
debtor of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, moratorium, dissolution, delinquency or similar law, or such party seeking the appointment or election of a receiver, conservator, trustee, custodian or
similar official for such party or any substantial part of its property, or such party convening any meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or election, (ii) the commencement
of any such case or proceeding against such party, or another seeking such an appointment or election, or the filing against a party of an application for a protective decree under the provisions of the Securities Investor Protection Act of 1970,
which (A) is consented to, solicited or colluded, or not timely contested by such party or (B) results in the entry of an order for relief, such an appointment or election, the issuance of such a protective decree or the entry of an order
having a similar effect, (iii) the making by such party of a general assignment for the benefit of creditors, or (iv) the admission in writing by such party of such party’s inability to pay such party’s debts as they become due.

 “Additional Collateral” means (i) additional Eligible Mortgage Loans, (ii) letters of credit,
(iii) cash or cash equivalents or (iv) other property of Seller or Guarantor, in each case acceptable to Buyer in its discretion and with an Appraised Value or valuation determined by Buyer in its discretion. 

 “Advance” means an advance of Dollars actually made by Seller to
a Mortgagor pursuant to the terms of the related Mortgage Note or Mortgage Loan Agreement (including by deposit into any reserve account for the benefit of the Mortgagor), whether made upon the closing of the related Mortgage Loan or subsequent to
such closing. 
 “Affiliate” shall mean, (A) when used with respect to Seller, Guarantor, Sponsor or
any of their respective Subsidiaries, Sponsor and its Subsidiaries, or (B) when used with respect to any other specified Person, (i) any other Person directly or indirectly, Controlling, Controlled by, or Under Common Control With, such
Person. 
 “Agreement” means this Master Repurchase and Securities Contract. 

“Alternative Rate” means, for any Pricing Rate Period or portion thereof with respect to any Transaction, an
annual rate determined in accordance with Section 27(c). 
 “Alternative Rate Transaction” means,
with respect to any Pricing Rate Period, any Transaction with respect to which the Pricing Rate for such Pricing Rate Period is determined by reference to the Alternative Rate. 

“Annual Valuation Period” means the “annual valuation period” as defined in 29 C.F.R.
§2510.3-101(d)(5) as determined, for Seller, as applicable. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Seller or
Guarantor from time to time concerning or relating to bribery or corruption. 
 “Applicable Spread” means,
with respect to each Purchased Mortgage Loan (a) so long as no Event of Default shall have occurred and be continuing, the “Applicable Spread” reflected in the related Confirmation; and (b) after the occurrence and during the
continuance of an Event of Default, the applicable incremental per annum rate described in clause (a) of this definition, plus 500 basis points (i.e. 5%). 

“Appraisal” means an appraisal of the related Mortgaged Property from an independent appraiser having a
minimum of five (5) years’ experience in the subject property type, and otherwise acceptable to Buyer in its sole but good faith discretion, complying with the requirements of Title XI of the Federal Financial Institutions Reform, Recovery
and Enforcement Act of 1989, and conducted in accordance with the standards of the American Appraisal Institute in form and substance acceptable to Buyer in its sole but good faith discretion. If an Appraisal is to be performed pursuant to this
Agreement at a time when the prior Appraisal of the same Mortgaged Property was performed less than one (1) year before such Appraisal is to be performed, Buyer may, in its sole and absolute discretion, permit such prior Appraisal to be updated
in lieu of performing a new full Appraisal, and such update shall qualify as an “Appraisal” hereunder. New Appraisals shall be obtained in accordance with Section 25 hereof. 

  
 2 

 “Appraisal Trigger Event” has the meaning specified in
Section 25(e). 
 “Appraised Value” means the
“as-is” market value of the underlying Mortgaged Property relating to a Purchased Mortgage Loan as reflected in the most recent Appraisal delivered or obtained pursuant to the terms of this Agreement
or the related Mortgage Loan Documents or by the Seller. At any time Buyer may, in its discretion, substitute the stabilized market value of the underlying Mortgaged Property relating to a Purchased Mortgage Loan, assuming the material assumptions
contained in the Appraisal for such underlying Mortgaged Property relating to such Purchased Mortgage Loan delivered to Buyer as part of the Due Diligence Checklist for such Purchased Mortgage Loan continue to apply based on the most recent
Appraisal delivered by Seller to Buyer, pursuant to the terms of this Agreement. In addition, to the extent Seller has made an additional Advance to the Mortgagor of a Purchased Mortgage Loan as set forth in the related Mortgage Loan Documents,
Buyer may, in its discretion, permit Seller to aggregate such additional Advance with the Appraised Value, provided such Appraised Value is utilizing the “as-is” market value, as reflected on the
most recent Appraisal of such Purchased Mortgage Loan and utilize such adjusted Appraised Value hereunder. If Buyer does not receive any Appraisal as and when required to be delivered hereunder, Buyer shall have the right to obtain an Appraisal with
respect to any Mortgaged Property selected by Buyer in its sole discretion, and at Seller’s cost and expense, and such appraisal shall be deemed to be the “Appraisal” for purposes of this definition of “Appraised Value”.

 “Assigned Security Interest” shall have the meaning specified in Section 6(f) of this Agreement

 “Assignment of Leases and Rents” means with respect to any Mortgaged Property related to a Purchased
Mortgage Loan, an assignment of leases, rents and profits derived from the ownership, operation or leasing of such Mortgaged Property, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction
wherein the Mortgaged Property is located to effect the assignment of leases, rents and profits to the holder of the Purchased Mortgage Loan. 

“Assignment of Mortgage” means, with respect to any Mortgage, an assignment of such Mortgage, notice of
transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related property is located to reflect the assignment and pledge of such Mortgage, which assignment, notice of transfer or equivalent
instrument may be in the form of one or more blanket assignments covering Mortgages encumbering Mortgaged Properties located in the same jurisdiction, if permitted by law and acceptable for recording. 

“Bankruptcy Code” means Title 11 of the United States Code. 

“Business Day” shall mean (a) any day other than (i) a Saturday or Sunday and (ii) a day on
which the New York Stock Exchange, the Federal Reserve Bank of New York, Custodian or Buyer is authorized or obligated by law or executive order to be closed. 

  
 3 

 “Buyer” means U.S Bank, National Association. 

“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 membership or other equivalent interests in any limited liability
company, and any and all partnership or other equivalent interests in any partnership or limited partnership, and any and all warrants or options to purchase any of the foregoing. 

“Cash Management Account” means a segregated interest bearing account, in the name of Seller, for the benefit
of Buyer, established at the Depository with account number 103690874872. 
 “CERCLIS” means the
Comprehensive Environmental Response, Compensation and Liability Information System. 
 “Change in Law”
means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority, including any change in the Risk-Based Capital Guidelines; or (c) the making or issuance of any request, rule, guideline or directive (whether or not having
the force of law) by any Governmental Authority; provided that, notwithstanding anything herein to the contrary: (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act (or any similar law enacted in the future by any Governmental
Authority) and all requests, rules, guidelines or directives thereunder or issued in connection therewith; and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or
issued. “Risk Based Capital Guidelines” means (i) the risk-based capital guidelines in effect in the United States on the date of this Agreement, including transition rules, and (ii) the corresponding capital regulations
promulgated by regulatory authorities outside the United States including transition rules, and any amendments to such regulations adopted prior to the date of this Agreement applicable to Buyer. 

“Change of Control” means the occurrence of any one or more of the following events: 

(a) prior to an IPO Transaction, (i) a Transfer, whether directly or indirectly through its direct or indirect
Subsidiaries, of all or substantially all of Seller’s, Guarantor’s or Sponsor’s assets, taken as a whole, to any person other than an Affiliate of Sponsor or Guarantor (excluding any Transfer in connection with any securitization
transaction or repurchase or other similar transaction in the ordinary course of Seller’s or Guarantor’s business or in connection with an IPO Transaction of Guarantor or Sponsor) or (ii) Guarantor shall cease to own and Control of
record and beneficially, directly or indirectly, 100% of each class of the outstanding Capital Stock of Seller; 

  
 4 

 (b) following an IPO Transaction, the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Public Vehicle’s assets and the assets of its Subsidiaries, taken as a whole, to any
person other than the Public Vehicle or one of its Affiliates; or 
 (c) with respect to Manager, (i) the sale, merger,
consolidation or reorganization of Manager with or into any Person that is not an Affiliate of Manager as of the date hereof, (ii) Manager or an Affiliate of Manager ceases for any reason to act as manager under the Management Agreement,
(iii) Manager ceases to be Controlled by the Person or Persons who directly or indirectly Control Manager as of the date hereof, (iv) the Management Agreement is terminated; provided, however, that the occurrence of this clause
(c) shall not constitute a “Change of Control” so long as a replacement manager acceptable to Buyer shall continue to manage Sponsor or the Public Vehicle and their respective Subsidiaries, as the case may be, pursuant to a management
agreement. 
 “Closing Date” means the date hereof as set forth on the first page of this Agreement. 

“Code” means the United States Internal Revenue Code of 1986 and the regulations promulgated thereunder. 

“Collateral” shall have the meaning specified in Section 6(a) of this Agreement. 

“Collection Period” means with respect to the Remittance Date in any month, the period beginning on but
excluding the Cut-off Date in the month preceding the month in which such Remittance Date occurs and continuing to and including the Cut-off Date immediately preceding
such Remittance Date. 
 “Condemnation” means any taking of title to, use of, or any other interest in a
Mortgaged Property under the exercise of the power of condemnation or eminent domain, whether temporarily or permanently, by any Governmental Authority or by any other Person acting under or for the benefit of a Government Agency. 

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

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 
 “Control” and the correlative meanings
of the terms “Controlled By” and “Under Common Control With” means the (i) possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting shares or partnership interests, or of the ability to exercise voting power by contract or otherwise or (ii) the direct or indirect beneficial ownership of fifty percent (50%) or more of the outstanding
voting securities or voting equity of such Person. 

  
 5 

 “Conveyance” and the correlative meanings of the term
“Convey” means a sale, outright assignment (and not a collateral assignment), transfer, set over or other outright conveyance. 

“Covenant Determination Date” means the date that is sixty (60) days following the end of each calendar
quarter following the First Covenant Determination Quarterly Period; provided, however, such calculation shall give effect to any collateral released in accordance with the terms of this Agreement. 

“Credit Event” means the occurrence of the following events or any similar event, occurrence or condition, as
determined by Buyer in its sole but good faith discretion, (A) an Act of Insolvency involving a related Underlying Obligor, (B) a monetary or material non-monetary default or event of default
(whether or not declared) under the related Mortgage Loan Documents has occurred and is continuing or (C) a material breach of any representation or warranty set forth in this Agreement with respect to a Purchased Mortgage Loan (subject to any
exceptions disclosed to Buyer in writing on or prior to the Purchase Date of such Purchased Mortgage Loan has occurred and is continuing. 

“Custodial Agreement” means the Custodial Agreement, dated as of the date hereof, by and among the Custodian,
Seller and Buyer. 
 “Custodial Delivery” means the document executed by Seller in order to deliver the
Purchased Mortgage Loan Schedule and the Mortgage Loan File to Buyer or its designee (including the Custodian) pursuant to Section 7 of this Agreement, a form of which is attached hereto as Exhibit III. 

“Custodian” means U.S. Bank National Association, or any successor Custodian appointed by Buyer with the prior
written consent of Seller (which consent shall not be unreasonably withheld or delayed). 
 “Cut-off Date” means the second Business Day preceding each Remittance Date. 

“Debt” means (a) indebtedness for borrowed money; (b) obligations evidenced by bonds, debentures,
notes, or other similar instruments; (c) obligations to pay the deferred purchase price of property or services (including trade obligations); and (d) obligations under guaranties, endorsements, performance bonds, assurances of payment,
required investments, assurances against loss, and all other contingent obligations relating to the assurance of another Person against loss. “Debt” shall not include contingent indemnification obligations occurring under contracts entered
into in the ordinary course of acquiring, holding or servicing the Purchased Mortgage Loans. 
 “Debt Yield”
means, for any Purchased Mortgage Loan, the ratio calculated by Seller and verified and approved by Buyer (expressed as a percentage), of (i) the Net Cash Flow generated by the Mortgaged Property securing such Purchased Mortgage Loan divided by
(ii) the Repurchase Price (excluding Other Price Components) of such Purchased Mortgage Loan on the date of measurement. 

  
 6 

 “Debt Yield Deficit” has the meaning assigned to such term in
the definition of “Purchased Mortgage Loan Margin Event”. 
 “Default” means any event that, with
the giving of notice, the passage of time, or both, would constitute an Event of Default. 
 “Depository”
means U.S. Bank National Association, or any successor Depository appointed by Buyer and reasonably acceptable to Seller. 

“Distribution” means with respect to any Person, (a) any dividend or other distribution, direct or
indirect, on account of any shares (or equivalent) of any class of Equity Interests of such Person or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar payment, purchase or other
acquisition for value, direct or indirect, of any shares (or equivalent) of any class of Equity Interests of such Person or any of its Subsidiaries, now or hereafter outstanding, (c) any payment made to retire, or to obtain the surrender of,
any outstanding warrants, options or other rights to acquire shares of any class of Equity Interests of such Person or any of its Subsidiaries, now or hereafter outstanding, (d) any payment or prepayment of principal of, premium, if any, or
interest on, redemption, purchase, retirement, defeasance, sinking fund or similar payment with respect to, any subordinated debt of such Person or Intercompany Debt of such Person or any Subsidiary, (e) the payment by such Person or any of its
Subsidiaries of any management, advisory or consulting fees to any other Person who is directly or indirectly a significant partner, shareholder, owner or executive officer of any such Person or its Affiliates or (f) the payment of any
extraordinary salary, bonus or other form of compensation to any other Person who is directly or indirectly a significant partner, shareholder, owner or executive officer of any such Person, to the extent such extraordinary salary, bonus or other
form of compensation does not reduce such Person’s consolidated net income. 
 “Dollars” means the
legal tender of the United States of America. 
 “Due Diligence Checklist” means the due diligence materials
set forth in Exhibit IV attached hereto. 
 “Due Diligence Fee” shall have the
meaning set forth in the Fee Letter. 
 “Due Diligence Package” means (i) the items on the Due
Diligence Checklist, in each case to the extent applicable and (ii) such other documents or information as Buyer or its counsel shall reasonably deem necessary. 

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

“Eligible Mortgage Loan” means (i) the Initial Purchased Mortgage Loans or (ii) performing fixed or
floating rate whole mortgage loans (“Whole Loans”) on a servicing released basis, which are originated or purchased by Seller (subject to the requirement to deliver a true sale opinion set forth herein, if applicable) and are
secured by first liens on stabilized commercial properties located in the United States of America that are retail, 

  
 7 

 
office, mixed-use, multifamily, manufactured housing, student housing, industrial, hospitality or self-storage properties, (iii) mezzanine loans,
provided that the related A-note, senior participation interest or Whole Loan is also included in the Transaction, or (iv) such other type of property as the Buyer in its discretion may approve, that,
upon purchase by Buyer in accordance with the terms of this Agreement, satisfies the representations and warranties set forth in Exhibit VI or, if not satisfied, Buyer has accepted said exception as reflected in the completed Confirmation
delivered by the Buyer to the Seller, and is otherwise acceptable to Buyer in its discretion as evidenced by a completed Confirmation executed and delivered by the Buyer. Impaired Assets and loans secured by undeveloped land are not eligible for
inclusion as Eligible Mortgage Loans. 
 “Environmental Complaint” means any complaint, order, demand,
citation or notice threatened or issued in writing to any Underlying Obligor by a Governmental Authority with regard to air emissions, water discharges, Releases, or disposal of any Hazardous Material, noise emissions or any other environmental,
health or safety matter affecting any Underlying Obligor or any Mortgaged Property. 
 “Environmental Law”
means: (a) the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Re-authorization Act of 1986, 42 U.S.C. §9601 et seq.; (b) the
Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §6901 et seq.; (c) the Clean Air Act, 42 U.S.C. §7401 et seq., as amended by the Clean Air Act Amendments of 1990;
(d) the Clean Water Act of 1977, 33 U.S.C. §1251 et seq.; (e) the Toxic Substances Control Act, 15 U.S.C.A. §2601 et seq.; (f) all other federal, state and local laws, ordinances, regulations or policies relating to pollution or protection
of human health or the environment including without limitation, air pollution, water pollution, noise control, or the use, handling, discharge, disposal or Release or recovery of on-site or off-site Hazardous Materials, as each of the foregoing may be amended from time to time; and (g) any and all regulations promulgated under or pursuant to any of the foregoing statutes. 

“Environmental Liability” means any written claim, demand, obligation, cause of action, accusation or
allegation, or any order, violation, damage (including, without limitation, to any Person, property or natural resources), injury, judgment, penalty or fine, cost of enforcement, cost of remedial action,
clean-up, restoration or any other cost or expense whatsoever, including reasonable attorneys’ fees and disbursements resulting from the violation or alleged violation of any Environmental Law or the
imposition of any Environmental Lien or otherwise arising under any Environmental Law or resulting from any common law cause of action asserted by any Person. 

“Environmental Lien” means a lien in favor of any Governmental Authority: (a) under any Environmental
Law; or (b) for any liability or damages arising from, or costs incurred by, any Governmental Authority in response to the release or threatened release of any Hazardous Material. 

  
 8 

 “Equity Interests” means, with respect to any Person, all of the
shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests
in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such
shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or
other interests are outstanding on any date of determination. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated)
under common control with Seller, Guarantor or Sponsor within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to
Section 412 of the Code). 
 “Excluded Taxes” means any of the following Taxes
imposed on or with respect to Buyer or the applicable Lending Installation or required to be withheld or deducted from a payment to Buyer or the applicable Lending Installation, (a) Taxes imposed on or measured by net income (however
denominated), franchise Taxes, and branch profits Taxes, in each case (i) imposed as a result of Buyer or the applicable Lending Installation being organized under the laws of, or having its principal office, or its applicable lending office
located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of Buyer or the applicable
Lending Installation pursuant to a law in effect on the date on which (i) Buyer or the applicable Lending Installation acquires such interest under this Agreement or (ii) Buyer or the applicable Lending Installation changes its lending
office, except in each case to the extent that, pursuant to Section 27, amounts with respect to such Taxes were payable either to Buyer’s or the applicable Lending Installation’s assignor immediately before such
Person became a party hereto or to such Person immediately before it changed its lending office, (c) Taxes attributable to such Person’s failure to comply with Section 27(vi) and (d) any U.S. federal withholding Taxes imposed
under FATCA. 
 “Exit Fee” shall have the meaning set forth in the Fee Letter. 

“Extended Facility Expiration Date” shall have the meaning specified in Section 3(i) of this Agreement.

 “Extension Fee” shall have the meaning set forth in the Fee Letter. 

“Event of Default” shall have the meaning specified in Section 13 of this Agreement.

 “Facility” means the facility evidenced by and the Transactions contemplated under the Transaction
Documents. 

  
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 “Facility Amount” means $21,000,000, as such amount may increase
from time to time through exercise of the Accordion Feature pursuant to Section 3(k) of this Agreement. To the extent that a Purchased Mortgage Loan is repurchased, the Facility Amount will be decreased by the Maximum Repurchase Price
thereof. 
 “Facility Conditions Precedent” shall have the meaning specified in Section 3(c) of this
Agreement. 
 “Facility Expiration Date” means October 6, 2019, or any later date to which the Facility
Expiration Date may be extended in accordance with Section 3(i) of this Agreement, or any earlier date on which the Transactions are required to terminate in full and all Purchased Mortgage Loans are required to be repurchased under this
Agreement. The Facility Expiration Date is subject to two (2) twelve (12) month extensions pursuant to the provisions of Section 3(i). 

“Facility Obligations” means the Seller’s obligations owed to Buyer under the Transaction Documents,
including without limitation the Seller’s obligations to pay the Repurchase Prices and other amounts from time to time due and owing to Buyer under the Transaction Documents. 

“FATCA” means Sections 1471 through 1474 of the Code, any current or future regulations or official
interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidance notes or practices adopted pursuant to any
intergovernmental agreement entered into in connection with the implementation of such sections of the Code. 

“FDIA” shall have the meaning specified in Section 26(c) of this Agreement. 

“FDICIA” shall have the meaning specified in Section 26(d) of this Agreement. 

“Fee Letter” means that certain letter agreement dated as of the date hereof between Seller and Buyer, as
amended, restated, supplemented and/or otherwise modified and in effect from time to time. 
 “Filings”
shall have the meaning specified in Section 6(c) of this Agreement. 
 “First Covenant Determination Quarterly
Period” has the meaning set forth in the Confirmation for each Purchased Mortgage Loan. 
 “First Extended
Facility Expiration Date” shall have the meaning set forth in Section 3(i) of this Agreement. 

“First Extension Period” shall have the meaning set forth in Section 3(i) of this Agreement. 

“Foreign Buyer” means: (a) if Seller is a U.S. Person, a Buyer that is not a U.S. Person; and (b) if
Seller is not a U.S. Person, a Buyer that is resident or organized under the laws of a jurisdiction other than that in which Seller is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District
of Columbia shall be deemed to constitute a single jurisdiction. 

  
 10 

 “Funding Account” means an account held at U.S. Bank National
Association and designated by Seller in the Confirmation or Subsequent Purchase Request, as applicable. 

“GAAP” means United States generally accepted accounting principles consistently applied as in effect from
time to time. 
 “General Assignment” shall have the meaning assigned to such term in the Custodial
Agreement. 
 “Governmental Authority” means 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. 

“Guarantor” means TPG RE Finance Trust Holdco, LLC, a Delaware limited liability company, and any other Person
who now or hereafter executes a joinder to a Guaranty to support the obligations of Seller under this Agreement and the other Transaction Documents. 

“Guaranty” means the Limited Guaranty, dated as of the date hereof, from Guarantor to Buyer. 

“Hazardous Material” means any substance, material, or waste that is or becomes regulated, under any
Environmental Law, as hazardous to public health or safety or to the environment, including, but not limited to: (a) any substance or material designated as a “hazardous substance” pursuant to
Section 311 of the Clean Water Act, as amended, 33 U.S.C. §1251 et seq., or listed pursuant to Section 307 of the Clean Water Act, as amended; (b) any substance or material defined as
“hazardous waste” pursuant to Section 1004 of the Resource Conservation and Recovery Act, as amended, 42 U.S.C. §6901 et seq.; (c) any substance or material defined as a “hazardous
substance” pursuant to Section 101 of the Comprehensive Environmental Response, Compensation and Liability Act, as amended, 42 U.S.C. §9601 et seq.; or (d) petroleum, petroleum products and petroleum
waste materials. 
 “Hedging Transactions” means, with respect to any or all of the Purchased Mortgage
Loans, as applicable, any interest rate swap, cap or collar agreement or similar arrangements providing for protection against fluctuations in interest rates, either generally or under specific contingencies, entered into by an Underlying Obligor in
connection with one or more Purchased Mortgage Loans or by Seller in the ordinary course of its business with one or more other counterparties acceptable to Buyer. 

“Impaired Asset” means any Purchased Mortgage Loan with respect to which (a) a monetary or material non-monetary event of default (whether or not declared) beyond any applicable notice and cure periods has occurred and is continuing under the related Mortgage Loan Documents; (b) an Act of Insolvency involving
a related Underlying 

  
 11 

 
Obligor has occurred; (c) the Seller or Servicer, on Seller’s behalf, in accordance with the Servicing Agreement, has initiated foreclosure proceedings or has engaged in deed-in-lieu negotiations all or any portion of the Mortgaged Property; or (d) there has occurred a breach of the representations and warranties in Exhibit VI hereto
made with respect to such Purchased Mortgage Loan as qualified by any exceptions thereto set forth in the related Confirmation. 

“Income” means, with respect to any Purchased Mortgage Loan at any time, the sum of (x) any principal
thereof and all interest, dividends or other distributions thereon, including without limitation, amounts received by Seller in connection with the sale of any portion of the related Mortgaged Property, (y) all payments and other receipts on
account of associated Hedging Transactions and (z) all net sale proceeds received by Seller or any Affiliate of Seller in connection with a sale of such Purchased Mortgage Loan but solely to the extent of the related Repurchase Price for such
Purchased Mortgage Loan. Income does not include Qualified Servicing Expenses or amounts that, pursuant to the related Mortgage Loan Documents, are held in reserves or escrows as additional collateral for the obligations of the underlying Mortgagor
unless and until such reserves and escrows are applied to such obligations on account of a default thereunder. 

“Indemnified Amounts” shall have the meaning specified in Section 22 of this
Agreement. 
 “Indemnified Parties” shall have the meaning specified in Section 22
of this Agreement. 
 “Indemnified Taxes” means: (a) Taxes, other than Excluded Taxes, imposed on or
with respect to any payment made by or on account of any obligation of any Loan Party under any Transaction Document; and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Independent Director” means an individual who has at least three (3) years’ prior experience as an
independent director, independent manager or independent member and who is either (i) provided by CT Corporation, Corporation Service Company, Citadel SPV, MaplesFS Limited, Maples Fiduciary Services (Delaware) Inc., National Registered Agents,
Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation or, if none of those companies is then providing professional Independent Director, another nationally-recognized company regularly engaged in the business of
providing Independent Directors reasonably approved by Buyer, in each case that is not an Affiliate of any Seller Party and that provides professional Independent Directors and other corporate services in the ordinary course of its business or
(ii) approved by Buyer, who is duly appointed as a manager or member of the board of directors (or managers) of the relevant entity who shall not have been, at the time of such appointment or at any time while serving as a director or manager
of the relevant entity and may not have been at any time in the preceding five (5) years, 

  
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 (a) a member, partner, equity holder, manager, director, officer or employee of
any Seller Party, any of their respective equity holders or Affiliates (other than (a) as an independent director or independent manager of any Seller Party and (b) as an independent director or independent manager of an Affiliate of any
Seller Party or any of their respective single-purpose entity equity holders that is not in the direct chain of ownership of any Seller Party and that is required by a creditor to be a single purpose bankruptcy remote entity, provided that such
independent director or independent manager is employed by a company that routinely provides professional independent directors or independent managers); 

(b) a creditor, supplier or service provider (including provider of professional services) to any Seller Party, any
single-purpose entity equity holder, or any of their respective equity holders or Affiliates (other than a nationally-recognized company that routinely provides professional independent directors or independent managers and other corporate services
to Seller, any other Seller Party or any of their respective equity holders or Affiliates in the ordinary course of business); 

(c) a family member of any such member, partner, equity holder, manager, director, officer, employee, creditor, supplier or
service provider; or 
 (d) a Person that controls (whether directly, indirectly or otherwise) any Person described in any of
the preceding clauses (a), (b) or (c) such provided, however, that a natural Person who otherwise satisfies the preceding definition other than clause (a) by reason of being the independent
director or independent manager of a “special purpose entity” affiliated with any Seller Party shall not be disqualified from serving as an independent director or independent manager of any Seller Party provided that the fees that
such individual earns from serving as independent directors or independent managers of Affiliates of any Seller Party in any given year constitute in the aggregate less than 5% of such individual’s annual income for that year. 

“Initial Purchase Date” means the Business Day upon which the Buyer and Seller first enter into a Transaction
with respect to a Purchased Mortgage Loan. 
 “Initial Purchased Mortgage Loans” means the Purchased
Mortgage Loans identified on Exhibit XV. 
 “Initial Purchase Price” means, with respect to any
Purchased Mortgage Loan, the Purchase Price paid by Buyer for such Purchased Mortgage Loan on the Initial Purchase Date related to such Purchased Mortgage Loan as reflected in the related Confirmation. 

“Intercompany Debt” means any Debt of any Person or any of its Subsidiaries payable to or held by Seller,
Guarantor, Sponsor or an Affiliate of Seller, Guarantor or Sponsor, or any manager, officer or director of any such parties. 

“Interest Differential” means the sum equal to the greater of zero or the financial loss incurred by Buyer
resulting from the repurchase of a Purchased Mortgage Loan on any date other than a Remittance Date, calculated as the difference between (i) the amount of Price Differential that would have been due beginning on, and including, the

  
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actual date of repurchase and ending on, and including, the last date of the Pricing Rate Period in which such repurchase occurs had the repurchase not occurred and (ii) the interest or
comparable return that Buyer will actually earn (from like investments in the Money Markets as of the date of prepayment) as a result of the redeployment of funds from the repurchase. Because of the short-term nature of this facility, Seller agrees
that the Interest Differential shall not be discounted to its present value. 
 “Investment” means with
respect to any Person, any loan, advance (other than commission, travel and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of
business on terms customary in the trade) or contribution of capital by such Person; stocks, bonds, mutual funds, partnership interests, notes, debentures or other securities (including warrants or options to purchase securities) owned by such
Person; any deposit accounts and certificate of deposit owned by such Person; and structured notes, derivative financial instruments or contracts owned by such Person. 

“IPO Transaction” shall mean any public offering involving the issuance of direct or indirect capital stock in
Sponsor or any Person to which the assets of Sponsor are contributed, including pursuant to an “UPREIT” structure, on a nationally recognized stock exchange in an underwritten primary public offering (other than a public offering pursuant
to a registration statement on Form S-8) pursuant to an effective registration statement filed with the Securities and Exchange Commission in accordance with the Securities Act of 1933 (whether alone or in
connection with a secondary public offering). 
 “Laws” means, collectively, all international, foreign,
Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged
with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or
not having the force of law. 
 “Lending Installation” means the office, branch, subsidiary or affiliate of
Buyer listed on the signature pages hereof. 
 “LIBO Rate” means for any Pricing Rate Period, an annual rate
equal to the Applicable Spread plus the greater of (a) zero and one-fourth percent (0.25%) and (b) the one-month LIBOR rate quoted by Buyer from Reuters Screen
LIBOR01 Page or any successor thereto, which shall be that one-month LIBOR rate in effect two (2) New York Banking Days prior to the Remittance Date, adjusted for any reserve requirement and any
subsequent costs arising from a change in government regulation such rate rounded up to the nearest one-sixteenth percent and, such rate to be reset monthly on the Pricing Rate Determination Date. The term
“New York Banking Day” means any date (other than a Saturday or Sunday) on which commercial banks are open for business in New York, New York. If the initial advance of funds by Buyer for a Purchased Mortgage Loan occurs on a day
other than the Pricing Rate Determination Date, the initial one-month LIBOR rate shall be that one-month LIBOR rate in effect as of the most recent Pricing

  
 14 

 
Rate Determination Date, which rate plus the percentage described above Applicable Spread shall be in effect until the next Pricing Rate Determination Date. Buyer’s internal records of
applicable interest rates shall be determinative in the absence of manifest error. The Seller shall not have the right to have more than five (5) LIBO Rate contracts in the aggregate outstanding at any one time during the term of the Facility
unless otherwise mutually agreed between Buyer and Seller. 
 “Lien” means any mortgage, lien, pledge,
charge, hypothecation, charge, security interest or similar encumbrance. 
 “LTV” means, for any Purchased
Mortgage Loan, as of any date of determination, the ratio (expressed as a percentage) of the Repurchase Price (excluding Other Price Components) of such Purchased Mortgage Loan as of such date of determination to the Appraised Value of the Mortgaged
Property securing such Purchased Mortgage Loan as of the date of the most recent Appraisal of such Mortgaged Property. 

“LTV Deficit” has the meaning set forth in the definition of Purchased Mortgage Loan Margin Event. 

“Manager” shall mean TPG RE Finance Trust Management, L.P., a Delaware limited partnership 

“Margin Call” has the meaning specified in Section 4(a) of this Agreement. 

“Margin Deficit” means, with (A) respect to one or more of a LTV Deficit or Debt Yield Deficit, the
entire amount, without duplication, of such deficit or (B) with respect to a Purchased Mortgage Loan Credit Event, the entire amount, without duplication, necessary to cure the Purchased Mortgage Loan Credit Event Deficit. 

“Margin Excess Amount” has the meaning set forth in Section 4(e) of this Agreement. 

“Margin Excess Request” has the meaning set forth in Section 4(e) of this Agreement. 

“Margin Notice Deadline” has the meaning set forth in Section 4(b) of this Agreement. 

“Market Value” means, with respect to any Purchased Mortgage Loan as of any relevant date, (1) for
purposes of Section 14(iii) of this Agreement, the market value of such Purchased Mortgage Loan on such date, as determined by Buyer in its sole but good faith discretion, or (2) for all other purposes in this Agreement or any other
Transaction Document, the market value as determined by Buyer in its sole but good faith discretion but based solely on changes relative to underwriting in terms of the performance or condition of (i) the Mortgaged Property, (ii) the
Mortgagor (or its sponsor(s)) in relation to such Purchased Mortgage Loan or (iii) relevant commercial real estate market relating to the relevant Mortgaged Property; provided, that, for purposes of this clause (2), in the event a Purchased
Mortgage Loan becomes an Impaired Asset, the Market Value of such Purchased Mortgage Loan may be designated as zero by Buyer. 

  
 15 

 “Material Adverse Change” means a material adverse change, as
determined by Buyer in its sole but good faith discretion, in or to (a) the financial condition of Seller and Guarantor, taken as a whole, as determined by the failure of Guarantor to satisfy the financial covenants set forth in Section 5
of the Guaranty, (b) the ability of Seller, Guarantor or Sponsor to timely pay and perform any monetary obligations or perform any other material Facility Obligations and other material obligations under the Transaction Documents, (c) the
validity, legality, binding effect or enforceability of any Transaction Document, (d) the rights and remedies of Buyer or any Indemnified Party under any Transaction Document, Mortgage Loan Document or Purchased Mortgage Loan, (e) the
perfection or priority of any Lien granted under any Transaction Document or Mortgage Loan Document. 
 “Material
Condemnation” means a Condemnation to a Mortgaged Property that results in the loss of 10% or more of the rental income from such Mortgaged Property. 

“Material Damage or Destruction” means physical damage or destruction to a Mortgaged Property that results in
the loss of 10% or more of the rental income from such Mortgaged Property. 
 “Material Purchased Mortgage Loan
Modification” means any modification or amendment of a Purchased Mortgage Loan other than as expressly contemplated in the related Mortgage Loan Documents that: 

(i) reduces the principal amount of such Purchased Mortgage Loan; 

(ii) increases the principal amount of such Purchased Mortgage Loan; 

(iii) modifies or changes the regularly scheduled payments of principal and interest of such Purchased Mortgage Loan including
any modification of the interest rate or principal payments of such Purchased Mortgage Loan; 
 (iv) changes the maturity
date in respect of such Purchased Mortgage Loan; 
 (v) subordinates the lien priority of such Purchased Mortgage Loan or the
payment priority of the Purchased Mortgage Loan other than subordinations required under the then existing terms and conditions of the Purchased Mortgage Loan (provided, however, the foregoing shall not preclude the execution and delivery of
subordination, nondisturbance and attornment agreements with tenants, subordination to tenant leases, easements, plats of subdivision and condominium declarations and similar instruments which in the commercially reasonable judgment of the Seller do
not materially adversely affect the rights and interest of the holder of such Purchased Mortgage Loan); 

  
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 (vi) releases any collateral (either full or partial) for such Purchased Mortgage
Loan other than releases required under the then existing Purchased Mortgage Loan Documents or releases in connection with eminent domain or under threat of eminent domain or releases any guarantees (either full or partial) securing the Purchased
Mortgage Loan; 
 (vii) waives any monetary or material non-monetary defaults of any
Underlying Obligor under the Purchase Mortgage Loan Documents; 
 (viii) modifies any other economic terms in respect of a
Purchased Mortgage Loan, including, but not limited to, the prepayment terms; or 
 (ix) enters into any forbearance
agreement with respect to the Mortgaged Property securing a Purchased Mortgage Loan. 
 “Maximum Advance
Amount” means, with respect to any Purchased Mortgage Loan, the maximum Dollar amount of advances (including future funding advances) that have been approved by Buyer with respect to such Purchased Mortgage Loan, which initial amount is
reflected in the Confirmation, which may be reduced, from time to time, in connection with a corresponding reduction in the Advance amount approved by Seller with respect to such Purchased Mortgage Loan. 

“Maximum Purchase Price Percentage” means with respect to any Purchased Mortgage Loan, a percentage which
shall be set forth on the related Confirmation. 
 “Maximum Repurchase Price” means, with respect to any
Purchased Mortgage Loan and as set forth on the Confirmation thereto on the Initial Purchase Date, an amount equal to the product of (i) the Maximum Advance Amount and (ii) the Maximum Purchase Price Percentage related to such Purchased
Mortgage Loan. 
 “Money Markets Rate” means the rate, determined by Buyer in its sole and absolute
discretion, at which Buyer would be able to borrow funds of comparable amounts in the Money Markets for a 1, 2, 3, 6 or 12 month period, adjusted for any reserve requirement and any subsequent costs arising from a change in governmental regulations.
As used herein, the term “Money Markets” means one or two wholesale funding markets available to and selected by Buyer, including negotiable certificates of deposit, commercial paper, Eurodollar deposits, bank notes, federal funds,
interest rate swaps or others. 
 “Mortgage” means a mortgage, deed of trust, deed to secure debt or other
instrument, creating a valid and enforceable first priority lien on or a first priority ownership interest in an estate in fee simple in real property and the improvements thereon, securing a mortgage note or similar evidence of indebtedness. 

“Mortgage Loan” means a loan secured by one or more Mortgages, evidenced by a Mortgage Note and a Mortgage
Loan Agreement. 

  
 17 

 “Mortgage Loan Agreement” means the agreement between the Seller
(whether directly or by way of assignment pursuant to the Mortgage Loan Purchase Documents) and the Mortgagor reflecting the terms upon which the Seller made the Mortgage Loan to the Mortgagor and pursuant to which the related Mortgage Note was
issued. 
 “Mortgage Loan Closing Date” means, with respect to any Purchased Mortgage Loan, the date upon
which credit was first extended under the Mortgage Loan Documents related to such Purchased Mortgage Loan. 

“Mortgage Loan Documents” means, with respect to a Purchased Mortgage Loan, the documents comprising the
Mortgage Loan File for such Purchased Mortgage Loan. 
 “Mortgage Loan File” means the documents specified
as the “Mortgage Loan File” in Section 7(c), together with any additional documents and information required to be delivered to Buyer or its designee (including the Custodian) pursuant to this Agreement. 

“Mortgage Loan Purchase Documents” means, if applicable, with respect to any Eligible Mortgage Loan to be sold
to Buyer that was not originated by Seller, any mortgage loan purchase agreement, the allonge to or other endorsement of the related Note to Seller, the general or omnibus assignment of the Purchased Mortgage Loan Documents, the Assignment of
Mortgage, assignment of Assignment of Leases and Rents and any other recordable document or instrument related to such Eligible Mortgage Loan (together with all intervening assignments representing an unbroken chain of assignment from the originator
of such Eligible Mortgage Loan to the Person transferring the Eligible Mortgage Loan to Seller). 
 “Mortgage
Note” means a note or other evidence of indebtedness of a Mortgagor secured by a Mortgage. 
 “Mortgaged
Property” means the real property or properties securing repayment of the debt evidenced by a Mortgage Note and Mortgage Loan Agreement. 

“Mortgagor” means, individually or collectively, as the case may be the obligor on a Mortgage Note and the
grantor of the related Mortgage. 
 “Multiemployer Plan” means any employee benefit plan of the type
described in Section 4001(a)(3) of ERISA, to which Seller, Guarantor, Sponsor or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six plan years, has made or been obligated to make contributions. 

“Multiple Employer Plan” means any employee benefit plan which has two or more contributing sponsors
(including Seller, Guarantor, Sponsor or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 

  
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 “Net Cash Flow” means, for (A) any Purchased Mortgage Loan
that is not a hotel, self-storage, student housing or multi-family asset, based on most current calendar quarter end rent roll, the amount by which operating revenues (adjusted for the addition of fully executed leases where the tenant will take
occupancy and commence paying rent within ninety (90) days from the applicable reporting date) and reduced by (i) leases expiring within ninety (90) days of the applicable reporting date where no extension or renewal has been fully
executed or is available under the leases; (ii) tenants that have notified the Underlying Obligor of their intention to vacate, tenants that have already vacated, non-investment grade rated tenants that
have gone dark or investment grade rated tenants that have gone dark and have less than one year of remaining lease term; (iii) month to month leases; and (iv) tenants in bankruptcy from the related Mortgage Property, unless such lease is
assumed in bankruptcy, exceeds operating expenses (inclusive of a market rate management fee) based upon the applicable trailing three (3) month period adjusted for normalized non-monthly expenses such as
real estate taxes and insurance and any Seller required capital reserves, annualized; (B) any Purchased Mortgage Loan, that is a hotel asset, student housing asset or self-storage asset, the amount by which operating revenues for the twelve
(12) month period ending with the most recent calendar quarter exceeds operating expenses for such twelve (12) month period; or (C) any Purchased Mortgage Loan that is a multi-family asset, the amount by which operating revenues for
the three (3) month period annualized ending with the most recent calendar quarter exceeds operating expenses for such applicable trailing three (3) month period annualized and adjusted for normalized
non-monthly expenses such as real estate taxes and insurance and any Seller required capital reserves. 

“OFAC” means the United States Treasure Department Office of Foreign Assets Control, and any successor
thereto. 
 “Operating Company” means an “operating company” within the meaning of
Section 2510.3-101(c) of the Plan Assets Regulation. 
 “Other
Connection Taxes” means, with respect to Buyer or the applicable Lending Installation, Taxes imposed as a result of a present or former connection between Buyer or the applicable Lending Installation and the jurisdiction imposing such Tax
(other than connections arising solely from Buyer or the applicable Lending Installation having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under,
engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest herein or in any Transaction). 

“Other Price Components” has the meaning set forth in the definition of Repurchase Price. 

“Other Taxes” means all present or future stamp, court or documentary, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Transaction Document except any such Taxes
that are Other Connection Taxes imposed with respect to an assigment, grant of a participation, designation of a new office for receiving payments by or on account of the Seller or other transfer. 

  
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 “Outstanding Principal Balance” means, with respect to any
Purchased Mortgage Loan, on any date of determination, the then outstanding amount of principal owed by the Underlying Obligor to the lender on such Purchased Mortgage Loan pursuant to the Mortgage Loan Documents. 

“PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)). 
 “Pension Plan” means any employee pension benefit plan
(including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by Seller, Guarantor, Sponsor or any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under
Section 412 of the Code. 
 “Permitted Encumbrance” means shall mean
(a) liens for real property Taxes, ground rents, water charges, sewer rates and assessments not yet due and payable; (b) liens arising by operation of law (such as materialmen’s, mechanics’, carriers’, workmen’s,
repairmen’s and similar liens) arising in the ordinary course of business which are (i) discharged by payment, bonding or otherwise or (ii) being contested in good faith by the related Mortgagor in accordance with the related Mortgage
Loan Documents; (c) covenants, conditions and restrictions, rights of way, easements and other matters of public record, which do not individually or in the aggregate, in the reasonable judgment of Seller, materially interfere with (i) the
current use of the related Mortgaged Property, (ii) the security intended to be provided by the related Mortgage, or (iii) the Underlying Obligor’s ability to pay its obligations when they become due; (d) liens and encumbrances
set forth in the related Title Policy; and (e) rights of existing or future tenants as tenants only pursuant to leases. 

“Permitted Purchased Mortgage Loan Modification” means any modification or amendment of a Purchased Mortgage
Loan or other action with respect to any Purchased Mortgage Loan (including, without limitation, waivers and releases) which is not a Material Purchased Mortgage Loan Modification. 

“Person” means an individual, corporation, limited liability company, business trust, partnership, joint
tenant or tenant-in-common, trust, unincorporated organization, or other entity, or a federal, state or local government or any agency or political subdivision thereof.

 “Plan Assets Regulation” means 29 C.F.R. §2510.3-101, et
seq., as modified in operation by Section 3(42) of ERISA. 
 “Plan Assets” means
“plan assets” within the meaning of the Plan Assets Regulation or otherwise. 
 “Price
Differential” means, with respect to any Transaction as of any date, the aggregate amount obtained by daily application of the Pricing Rate for such Transaction to the Purchase Price for such Transaction on a
360-day-per-year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such
Transaction and ending on (but excluding) the date of determination (reduced by any amount of such Price Differential previously paid by Seller to Buyer with respect to such Transaction). 

  
 20 

 “Pricing Rate” means, for any Pricing Rate Period with respect
to any Transaction, an annual rate equal to the LIBO Rate for such Pricing Rate Period plus the relevant Applicable Spread for such Transaction; provided, that the Pricing Rate shall be the Alternative Rate for any Pricing Rate Period or
portion thereof for which the Alternative Rate is provided to be used under either of, or both, Sections 27(b) and/or 27(c) of this Agreement. 

“Pricing Rate Determination Date” means (a) in the case of the first Pricing Rate Period with respect to
any Transaction, the second (2nd) Business Day preceding the first day of such Pricing Rate Period and (b) with respect to any subsequent Pricing Rate Period, the second (2nd) Business Day preceding the first day of the Pricing Rate Period. 

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

“Principal Payment” means, with respect to any Purchased Mortgage Loan, any payment or prepayment of principal
or any proceeds of redemption received by the Depository in respect thereof. 
 “Prohibited Assignee” means
those entities set forth on Exhibit XIV (and the Affiliates of such entities), but in no event shall the definition of “Prohibited Assignee” include any, insurance company, savings and loan association, investment bank, trust
company, commercial credit corporation, pension plan, pension fund, pension fund advisory firm, mutual fund, government entity or plan, national bank, any banking association or commercial bank. 

“Public Vehicle” shall mean a Person whose securities are listed and traded on a nationally or internationally
recognized securities exchange or quoted on a nationally or internationally recognized automated quotation system. 

“Purchase Date” means the date of each Transaction entered into hereunder with respect to any Purchased
Mortgage Loan, either the Initial Purchase Date or a Subsequent Purchase Date, as the context requires. 
 “Purchase
Price” means, with respect to any Purchased Mortgage Loan, the sum of (i) the Initial Purchase Price therefor and (ii) the aggregate of the Subsequent Purchase Prices, less any amounts applied in reduction of the Purchase Price in
accordance with this Agreement. 

  
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 “Purchase Price Percentage” means, with respect to any Purchased
Mortgage Loan, the “Purchase Price Percentage” reflected in the related Confirmation and, thereafter, on any date of determination, shall equal the lesser of (A) a fraction, expressed as a percentage (i) the numerator of which is
the Repurchase Price (excluding Other Price Components) of such Purchased Mortgage Loan as of such date and (ii) the denominator of which is the Outstanding Principal Balance of such Purchased Mortgage Loan as of such date, and (B) the
Maximum Purchase Price Percentage of such Purchased Mortgage Loan. 
 “Purchased Mortgage Loan” means with
respect to any Transaction, the specified interest in the related Eligible Mortgage Loan (including, without limitation, the Servicing Rights thereto) sold by Seller to Buyer in such Transaction set forth in the related Confirmation, including any
acquisitions of additional interests in such Mortgage Loan on Subsequent Purchase Dates. 
 “Purchased Mortgage Loan
Credit Event Deficit” has the meaning assigned to such term in the definition of “Purchased Mortgage Loan Margin Event”. 

“Purchased Mortgage Loan Margin Event” shall mean the occurrence and continuance of any of the following
events with respect to any Purchased Mortgage Loan, as determined by Buyer in its sole but good faith discretion: 
 (i) on
any Covenant Determination Date, the LTV for such Purchased Mortgage Loan exceeds the LTV threshold set forth in the related Confirmation for such Purchased Mortgage Loan. The amount necessary to reduce the Purchase Price to cause the LTV to equal
such LTV threshold shall be referred to herein as the “LTV Deficit”; 
 (ii) on any Covenant Determination Date the
Debt Yield is less than the Debt Yield threshold set forth in the related Confirmation for such Purchased Mortgage Loan. The amount necessary to reduce the Purchase Price to cause the Debt Yield to equal such Debt Yield threshold shall be referred
to herein as the “Debt Yield Deficit”; or 
 (iii) at any time during the continuance of a Credit Event, the Market
Value of any Purchased Mortgage Loan is less than the outstanding Repurchase Price of such Purchased Mortgage Loan, as determined by Buyer in its sole and absolute discretion (a “Purchased Mortgage Loan Credit Event”, and the amount
necessary to reduce the Repurchase Price for such Purchased Mortgage Loan to the product of the Maximum Purchase Price Percentage and the then current Market Value is referred to herein as the “Purchased Mortgage Loan Credit Event
Deficit” for such Purchased Mortgage Loan). 
 “Purchased Mortgage Loan Schedule” means a schedule
of Purchased Mortgage Loans attached to each Custodial Delivery. 
 “Qualified Servicing Expenses” shall
mean any fees and expenses payable to any Servicer pursuant to the Servicing Agreement, which fees and expenses are netted by Servicer out of collections pursuant to such Servicing Agreement. 

  
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 “Qualified Transferee” means (a) a commercial bank, savings
bank, savings and loan association, trust company, commercial credit corporation, pension plan, pension fund or pension fund advisory firm, mutual fund, governmental entity or plan, investment bank, insurance company; (b) an investment company,
investment fund, money management firm, qualified institutional buyer (as defined under Rule 144A of the Securities Act), institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) Regulation D of the
Securities Act); (c) any institution substantially similar to those described in clauses (a) and (b) above that has total combined assets of at least $250,000,000; (d) any entity controlled by any of the entities described in clauses
(a) through (c) above or (e) an Affiliate of Buyer; provided, however, that any such Qualified Transferee must also qualify under any qualified transferee, eligible assignee or similar transfer restrictions applicable to any Purchased
Mortgage Loan. 
 “Recipient” means Buyer or any other recipient of any payment to be made by or on account
of any obligation of Seller, Guarantor or Sponsor hereunder. 
 “Remittance Date” means the seventeenth (17th) calendar day of each month, or the next succeeding Business Day, if such calendar day shall not be a Business Day, or such other day as is designated by Buyer. 

“Repurchase Date” means, with respect to each Purchased Mortgage Loan, the earliest of: 

(a) the Facility Expiration Date as may be extended pursuant to the terms of Section 3(i) of this Agreement; 

(b) the Accelerated Repurchase Date; 

(c) the Business Day on which Seller is to repurchase such Purchased Mortgage Loan as specified by Seller and agreed to by
Buyer in the related Confirmation or such Business Day that Seller elects to repurchase such Purchased Mortgage Loan pursuant to the terms of this Agreement; 

(d) the date that is five (5) Business Days after the Buyer notifies Seller in writing that the Purchased Mortgage Loan
has become a Required Repurchase Impaired Asset pursuant to Section 4(d) of this Agreement; or 
 (e) the date of
maturity or repayment in full of the Purchased Mortgage Loan. 
 “Repurchase Price” means, with respect to
any Purchased Mortgage Loan as of any date, the price at which such Purchased Mortgage Loan is to be transferred from Buyer to Seller upon termination of the related Transaction; such price will be determined in each case as the sum of (a) the
Purchase Price of such Purchased Mortgage Loan as of such date, (b) the accrued and unpaid Price Differential with respect to such Purchased Mortgage Loan as of the date of such determination, and (c) all other amounts due and owing to
Buyer under this Agreement and the other Transaction Documents, including any Exit Fee, (clauses (b) and (c) of this definition collectively referred to herein as “Other Price Components”), provided that if such other amounts are not
payable at the time of a repurchase of such Purchased Mortgage Loan the same shall not be included in the Repurchase Price of such Purchased Mortgage Loan. 

  
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 “Required Repurchase Impaired Asset” shall have the meaning
specified in Section 4(d) of this Agreement. 
 “Requirement of Law” means any law, treaty, rule,
regulation, code, directive, policy, order or requirement or determination of an arbitrator or a court or other governmental authority whether now or hereafter enacted or in effect. 

“Responsible Officer” means the president, chief executive officer, director, managing director, senior vice
president, vice president, secretary, treasurer or other authorized signatory of Seller or Guarantor. 
 “Sanctioned
Country” means, at any time, any country or territory which is itself the subject or target of any comprehensive Sanctions. 

“Sanctioned Person” means, at any time, (a) any Person or group listed in any Sanctions-related list of
designated Persons maintained by OFAC or the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any Person or group operating, organized or resident in a Sanctioned Country,
(c) any agency, political subdivision or instrumentality of the government of a Sanctioned Country, or (d) any Person 50% or more owned, directly or indirectly, by any of the above. 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from
time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 

“Second Extended Facility Expiration Date” shall have the meaning set forth in Section 3(i) of this
Agreement. 
 “Second Extension Period” shall have the meaning set forth in Section 3(i) of this
Agreement. 
 “Secondary Market Transaction” shall have the meaning specified in Section 8(a) this
Agreement. 
 “Seller” means TPG RE Finance 14, Ltd., an exempted company incorporated with limited
liability under the laws of the Cayman Islands. 
 “Seller Operating Agreement” means the Amended and
Restated Memorandum and Articles of Association dated as of the date hereof. 
 “Seller Parties” means
Seller and Guarantor. 

  
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 “Servicer” shall mean for each Purchased Asset, as determined in
accordance with Section 24 of this Agreement, Hanover Street Capital, LLC (or Situs Asset Management LLC, as the replacement servicer) or such other servicer as shall be selected by Seller with the consent of Buyer. 

“Servicer Account” shall have the meaning assigned such term in the Servicing Agreement. 

“Servicing Agreement” means that certain Servicing Agreement, dated as of the date hereof, among Seller, Buyer
and Servicer, as amended, restated, supplemented and/or otherwise modified and in effect from time to time, and any other agreement to which Buyer and Seller are party providing for the servicing of one or more of the Purchased Mortgage Loans. 

“Servicing Records” has the meaning specified in Section 24(b). 

“Servicing Rights” means, with respect to each Purchased Mortgage Loan, any and all of the following:
(a) any and all rights to service the Purchased Mortgage Loan; (b) any payments to or monies received by Seller or any other Person for servicing the Purchased Mortgage Loan; (c) any late fees, penalties or similar payments with
respect to the Purchased Mortgage Loan; (d) all agreements or documents creating, defining or evidencing any such servicing rights to the extent they relate to such servicing rights and all rights of Seller or any other Person thereunder;
(e) escrow payment or other similar payments with respect to the Purchased Mortgage Loans and any amounts actually collected by the related Seller or any other Person with respect thereto; and (f) all accounts and other rights to payment
related to the Purchased Mortgage Loans. 
 “Special-Purpose Entity” means a Person, other than an
individual, that is formed or organized solely for the purpose of acquiring and holding, selling and repurchasing, directly and subject to this Agreement, the Purchased Mortgage Loan and related Hedging Transactions; does not engage in any business
unrelated to the Purchased Mortgage Loans and the financing and sale thereof; does not have any assets other than the Purchased Mortgage Loans, Eligible Mortgage Loans to be proposed to and considered by Buyer for inclusion as a Purchased Mortgage
Loan, the Cash Management Account and the Funding Account, or any indebtedness other than as permitted by this Agreement; has its own books and records and its own accounts, in each case which are separate and apart from the books and records and
accounts of any other Person; holds itself out as being a Person, separate and apart from any other Person; and provides in its formation and organizational documents for the inclusion of at least one Independent Director on terms and conditions
approved by Buyer. If the foregoing entity is a limited partnership, limited liability company or exempted company, (i) its partnership agreement or limited liability company agreement or memorandum and articles of association (as applicable)
shall provide that upon the withdrawal or dissolution of the last remaining general partner or member, the partnership, limited liability company or exempted company will not be dissolved and shall be continued by the personal representative of such
member or general partner who shall agree to be, or appoint a substitute member within ninety (90) days after the occurrence of the event that 

  
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terminated the last remaining member or general partner, and (ii) the partnership agreement or limited liability company agreement (as applicable) shall provide that the dissolution and
winding up or bankruptcy or insolvency filing of such partnership or limited liability company shall require the unanimous consent of all partners, members or directors (including the affirmative vote of the Independent Directors). 

“Special Purpose Provisions” has the meaning assigned to such term in the Seller Operating Agreement. 

“Sponsor” means TPG RE Finance Trust, Inc., a Maryland corporation 

“Subsequent Advance” means with regard to a Purchased Mortgage Loan, each additional Advance made by Seller to
an Underlying Obligor after the Initial Purchase Date. 
 “Subsequent Mortgage Loan” shall have the meaning
specified in Section 3(k). 
 “Subsequent Purchase” shall have the meaning specified in Section
3(j). 
 “Subsequent Purchase Date” means, with respect to any Transaction, each Business Day after the
Initial Purchase Date upon which Buyer and Seller enter into a Subsequent Purchase. 
 “Subsequent Purchase
Price” means, with respect to any Purchased Mortgage Loan, the purchase price paid by Buyer to Seller in connection with a Subsequent Purchase pursuant to Section 3(j), which shall be equal to the amount of the related Subsequent
Advance multiplied by the Subsequent Purchase Price Percentage for such Purchased Mortgage Loan. The plural of such term shall refer to the sum of all Dollars paid by Buyer to Seller in connection with all Subsequent Purchases affected with respect
to such Purchased Mortgage Loan as provided in Section 3(j). 
 “Subsequent Purchase Price
Percentage” means, for any Purchased Mortgage Loan, the Purchase Price Percentage reflected in the related Confirmation. 

“Subsequent Purchase Request” means the form executed by Seller and delivered to Buyer in connection with
Buyer’s request to Seller to effect a Subsequent Purchase, a form of which is attached hereto as Exhibit XIII. 

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

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

“Title Policy” shall have the meaning specified in paragraph 11 of Exhibit VI. 

  
 26 

 “Transaction” shall have the meaning designated in the
introductory paragraph of this Agreement, and which for avoidance of doubt, which shall be comprised of an Initial Purchase and any Subsequent Purchases. 

“Transaction Conditions Precedent” shall have the meaning specified in Section 3(d) of this Agreement.

 “Transaction Documents” means, collectively, this Agreement, including the Annexes, Exhibits and
Schedules to this Agreement, (as reflected in, the Table of Contents), the Fee Letter, the Custodial Agreement, the Servicing Agreement, the Guaranty, the control agreement with respect to the Cash Management Account, all Confirmations executed
pursuant to this Agreement in connection with specific Transactions, and any other document or agreement, now or in the future, executed by the Seller for the benefit of Buyer in connection with this Agreement. 

“Transaction Fee” shall have the meaning set forth in the Fee Letter. 

“Transaction Request” shall have the meaning set forth in Section 3(a). 

“Transfer” shall mean, with respect to any Person, any sale or other whole or partial conveyance of all or any
portion of such Person’s assets, or any direct or indirect interest therein to a third party (other than in connection with the transfer of a Purchased Mortgage Loan to Buyer in accordance herewith), including the granting of any purchase
options, rights of first refusal, rights of first offer or similar rights in respect of any portion of such assets or the subjecting of any portion of such assets to restrictions on transfer. 

“Trust Receipt” means a trust receipt issued by Custodian to Buyer confirming the Custodian’s possession
of certain Mortgage Loan Files that are the property of and held by Custodian for the benefit of Buyer (or any other holder of such trust receipt). 

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

“Underlying Obligor” means, individually and collectively, as the context may require, (i) the Mortgagor
and other obligors under a Purchased Mortgage Loan and (ii) any other Person who has assumed or guaranteed the obligations of such Mortgagor under the Mortgage Loan Documents relating to a Purchased Mortgage Loan. 

“Wind Down Period” shall mean the period from and after December 15, 2019, provided that an IPO
Transaction has not occurred, and that Seller has provided notice to Buyer that Manager has commenced the orderly wind down of the operations of Sponsor and its Affiliates along with evidence reasonably acceptable to Buyer evidencing the same. 

(b) Rules of Interpretation. The following rules apply unless the context requires otherwise. 

(i) The singular includes the plural and conversely. 

  
 27 

 (ii) A gender includes all genders. 

(iii) A reference to a party to this Agreement or another agreement or document includes the party’s permitted successors,
substitutes or assigns. 
 (iv) Where a word or phrase is defined, its other grammatical forms have a corresponding meaning.

 (v) A reference to an Article, Section, subsection, paragraph, subparagraph, clause, Annex, Schedule, Appendix,
Attachment, Rider or Exhibit is, unless otherwise specified, a reference to an Article, Section, subsection, paragraph, subparagraph or clause of, or Annex, Schedule, Appendix, Attachment, Rider or Exhibit to, this Agreement, all of which are hereby
incorporated herein by this reference and made a part hereof. 
 (vi) A reference to an agreement or document is to the
agreement or document as amended, modified, novated, supplemented or replaced in accordance with the terms thereof, except to the extent prohibited by any Transaction Document. 

(vii) A reference to legislation or to a provision of legislation includes a modification, codification, replacement, amendment
or re-enactment of it, a legislative provision substituted for it and a rule, regulation or statutory instrument issued under it. 

(viii) A reference to writing includes a facsimile or electronic transmission and any means of reproducing words in a tangible
and permanently visible form. 
 (ix) A reference to conduct includes an omission, statement or undertaking, whether or not
in writing. 
 (x) A Default or Event of Default exists until it has been cured or waived in writing by the Buyer. 

(xi) The words “hereof,” “herein,” “hereunder” and other similar compounds of the word
“here” refer to this Agreement as a whole and not to any particular provision of this Agreement, unless the context clearly requires or the language provides otherwise. 

(xii) The word “including” is not limiting and means “including without limitation.” 

(xiii) In the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including,” the words “to” and “until” each mean “to but excluding,” and the word “through” means “to and including.” 

(xiv) The words “will” and “shall” have the same meaning and effect. 

(xv) The term “document” is used in its broadest sense and encompasses agreements, certificates, opinions, consents,
instruments and other written material of every kind, including information recorded on a computer disk. 

  
 28 

 (xvi) The term “any” as a modifier to any noun, shall be construed to
mean “any and/or all” preceding the same noun in the plural, and the use of the word “or” has the inclusive meaning represented by the phrase “and/or.” 

(xvii) A reference to day or days without further qualification means calendar days. 

(xviii) A reference to any time means New York time unless otherwise indicated. 

(xix) This Agreement may use several different limitations, tests or measurements to regulate the same or similar matters. All
such limitations, tests and measurements are cumulative and shall each be performed in accordance with their respective terms. 

(xx) All capitalized terms used herein, but not defined herein, that are defined in Articles 8 and 9 of the UCC, are used
herein as defined in such Articles 8 and 9. 
 (xxi) “Indorse” and correlative terms used in the Uniform Commercial
Code may be spelled with an initial “e” instead of “i”. 
 (xxii) Whenever a Person is required to
provide any document to the Buyer under the Transaction Documents, the relevant document shall be provided in writing, including, printed form or, unless the Buyer requests otherwise, in the form of a PDF attachment to electronic mail. At the
request of either party receiving a document, the document shall be provided in electronic format or both printed and electronic format. 

(xxiii) Except where otherwise expressly stated, either party may give or withhold, or give conditionally, approvals and
consents, and may form opinions and make determinations, in its sole and absolute discretion. Notwithstanding the foregoing, in any instance in which the Agreement requires the consent or approval of Buyer to an action or request of an Underlying
Obligor, Buyer’s consent or approval shall be subject to the same standard, if any, that is imposed on “lender” under the Mortgage Loan Documents. 

(xxiv) A reference to “good faith” means good faith as defined in
§1-201(19) of the UCC. Any requirement of good faith, reasonableness, discretion or judgment by the Buyer shall not be construed to require the Buyer to request or await receipt of information or
documentation not immediately available from or with respect to Seller or any other Person or the Purchased Mortgage Loans themselves. 

(xxv) The Buyer may waive, relax or strictly enforce any applicable deadline at any time and to such extent as the Buyer shall
elect, and no waiver or relaxation of any deadline shall be applicable to any other instance or application of that deadline or any other deadline, and no such waiver or relaxation, no matter how often made or given, shall be evidence of or
establish a custom or course of dealing different from the express provisions and requirements of this Agreement. 

  
 29 

 (xxvi) This Agreement and the Transaction Documents are the result of
negotiations between the Persons party hereto and thereto, have been reviewed by counsel to Seller and counsel to the Buyer and each Guarantor, and are the product of all Persons party hereto and thereto, each of which is sophisticated and
knowledgeable in business matters. No rule of construction shall apply to disadvantage one Person party hereto on the ground that such Person proposed or was involved in the preparation of any particular provision of the Transaction Documents or the
Transaction Documents themselves. 
 (c) Accounting Principles. Unless the context otherwise clearly requires, all accounting
terms not expressly defined herein shall be construed in accordance with GAAP, and all accounting determinations, financial computations and financial statements required hereunder shall be made, in accordance with GAAP, as in effect from time to
time, on a consistent basis, without duplication of amounts, and on a consolidated basis with all subsidiaries. 
 (d)
Headings. All headings appearing in this Agreement and article and section headings in the Transaction Documents are for convenience of reference only and shall be disregarded in construing this Agreement and the Transaction Documents. 

(e) Other Documents. This Agreement shall be deemed a supplement to the other Transaction Documents and shall not be construed
as a modification thereto. In the event of any conflict between the provisions of this Agreement and those of any other Transaction Document (other than Confirmations), the provisions of this Agreement shall control. In the event of any conflict
between the provisions of this Agreement and those of a Confirmation, the provisions of the Confirmation shall control. 
 3. INITIATION; CONFIRMATION;
TERMINATION; FEES 
 (a) Subject to the terms and conditions set forth in this Agreement (including, without limitation, the Facility
Conditions Precedent and Transaction Conditions Precedent specified in Sections 3(c) and (d) of this Agreement), an agreement to enter into a Transaction shall be made in writing at the initiation of Seller as provided below;
provided, however, that (i) the aggregate of the Maximum Repurchase Price for the subject Transaction when added to the Maximum Repurchase Prices of all then outstanding Transactions shall not exceed the Facility Amount in effect
on the Initial Purchase Date for such Transaction and (ii) Buyer shall not have any obligation to enter into Transactions with Seller after the occurrence and during the continuance of an Event of Default or during the thirty (30) day
period immediately prior to the Facility Expiration Date (other than Subsequent Purchases during such thirty (30) day period, if applicable). Seller may, from time to time, submit to Buyer a Transaction Request, in the form of Exhibit
VIII attached hereto (the “Transaction Request”), for Buyer’s review and approval in order to enter into the initial Transaction with respect to any Eligible Mortgage Loan that Seller proposes to sell to Buyer under this
Agreement. Upon Buyer’s receipt of the Transaction Request and initial Due Diligence Package, Buyer shall endeavor to within five (5) Business Days and following receipt of internal credit approval, either (i) notify Seller of the
Maximum Repurchase Price, the Initial Purchase Price and the Market Value for the Eligible Mortgage Loan or (ii) deny Seller’s request for a Transaction, in Buyer’s sole and absolute discretion.

  
 30 

 
Buyer’s failure to respond to Seller within five (5) Business Days shall be deemed to be a denial of Seller’s request for a Transaction, unless Buyer and Seller have agreed
otherwise in writing. Buyer shall have the right to review each Mortgage Loan proposed to be sold to Buyer in any Transaction, request additional diligence materials and deliveries from Seller and to conduct its own due diligence investigation of
such Mortgage Loan as Buyer determines in its sole and absolute discretion. Upon receipt of the Due Diligence Package and other required documentation, Buyer shall complete its due diligence review and financial modeling with respect to the Mortgage
Loan proposed to be sold to Buyer by Seller. Buyer shall be entitled to make a determination, in the exercise of its sole discretion that it shall not purchase any or all of the Mortgage Loan proposed to be sold to Buyer by Seller. On the Initial
Purchase Date for the Transaction, which shall be not less than two (2) Business Days following the approval of an Eligible Mortgage Loan by Buyer, the Purchased Mortgage Loan shall be transferred to Buyer or Custodian against the transfer of
the Initial Purchase Price to the Funding Account. 
 (b) Upon agreeing to enter into a Transaction hereunder, provided each of the Facility
Conditions Precedent (as hereinafter defined) or Transaction Conditions Precedent (as hereinafter defined), as applicable, shall have been satisfied (or waived by Buyer), Buyer and Seller shall enter into a written confirmation describing the
Purchased Mortgage Loans that shall be the subject of the proposed Transaction and any additional terms and conditions not inconsistent with this Agreement and in the form of Exhibit I attached hereto of each Transaction (together with any
amendments, restatements or other modifications thereto including any updated confirmation delivered in connection with a Subsequent Purchase, a “Confirmation”). In the absence of execution and delivery by Buyer of a Confirmation
for a proposed Transaction, Buyer shall under no circumstance be deemed to have agreed to enter into such Transaction. The Pricing Rate for such Transaction shall be determined initially on the Pricing Rate Determination Date applicable to the first
Pricing Rate Period for such Transaction, and shall be reset on each Pricing Rate Determination Date for the next succeeding Pricing Rate Period for such Transaction. Buyer or its agent shall determine in accordance with the terms of this Agreement
and the relevant Confirmation the Pricing Rate (other than the Applicable Spread which shall be determined as set forth in the relevant Confirmation) on each Pricing Rate Determination Date for the related Pricing Rate Period and notify Seller of
such rate for such period on the Pricing Rate Determination Date. 
 (c) Buyer shall not be obligated to enter and consummate the initial
Transaction until the following conditions have been satisfied, or waived by Buyer, on and as of the Closing Date (the “Facility Conditions Precedent”): 

(i) Buyer shall have obtained internal credit approval to enter into this Agreement and the transactions contemplated hereby;

 (ii) Seller shall have delivered (or caused to be delivered) to Buyer this Agreement and the other Transaction Documents
duly executed by each Seller Party thereto; 

  
 31 

 (iii) Buyer shall have received the following documents, (a) an official
good standing certificate dated a recent date with respect to each Seller Party (including in each jurisdiction where any Mortgaged Property is located to the extent necessary for Buyer to enforce its rights and remedies thereunder), (b) an executed
power of attorney of Seller substantially in the form of Exhibit V attached hereto, (iii) such opinions of law from counsel to the Seller Parties as Buyer may reasonably require, including, without limitation, with respect to corporate
matters, enforceability, no consents or approvals required other than those that have been obtained, absence of conflicts with Requirements of Law, organizational documents and material agreements, perfected security interest in the Purchased
Mortgage Loans by filing, first priority perfected security interest in the Mortgage Loan Documents by possession, first priority perfected security interest in the Cash Management Account and any other collateral pledged pursuant to the Transaction
Documents, Investment Company Act matters, the applicability of Bankruptcy Code safe harbors, a true sale opinion (if applicable) and such other opinions as may be reasonably required by Buyer and (iv) all other documents, certificates,
information, financial statements, reports, approvals and opinions of counsel as it may require; 
 (iv) Buyer shall have
received a certificate of a Responsible Officer of each Seller Party, certifying such Person’s (a) governing documents, (b) certificates of formation, limited partnership or articles of incorporation, as applicable and
(c) incumbency; 
 (v) no Requirements of Law shall prohibit or render it unlawful, and no order, judgment or decree of
any Governmental Authority shall prohibit, enjoin or render it unlawful, to enter into any Transaction Document, including after giving effect to the consummation thereof; 

(vi) Buyer shall have received payment from Seller of all fees and expenses then payable under the Fee Letter, this Agreement
and the other Transaction Documents, including the costs and expenses actually incurred by Buyer (including reasonable and actual out of pocket legal fees and expenses) in connection with its due diligence and underwriting review of each Eligible
Mortgage Loan approved by Buyer subject, however, to any limitations on Due Diligence Fees as set forth in the Fee Letter; 

(vii) UCC financing statements have been filed against Seller in all filing offices reasonably required by Buyer,
(a) Buyer has received such searches of UCC filings, tax liens, judgments, pending litigation and other matters relating to the Seller Parties and Sponsor, as Buyer may require, and (b) the results of such searches are satisfactory to
Buyer; 
 (viii) all information, reports, certificates, documents, financial statements, operating statements, forecasts,
books, records, files, exhibits and schedules concerning each Seller Party, or, to Seller’s knowledge, the Mortgaged Properties furnished by or on behalf of such Seller Party, to Buyer in connection with the Transaction Documents, when taken as
a whole, do not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under which they were made, not misleading; 

(ix) the Mortgage Loan Purchase Documents, executed copies of which shall have been delivered to Buyer, shall be in full force
and effect; and 

  
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 (x) Seller shall have satisfied such other conditions as Buyer reasonably
requires. 
 By its release of its signature page to this Agreement and delivery of any then payable Purchase Price to Seller, Buyer acknowledges that, to
its knowledge, the Facility Conditions Precedent have been satisfied and this Agreement is in full force and effect. 
 (d) Buyer shall not
be obligated to enter into any Transaction or purchase any Eligible Mortgage Loan for the Initial Purchase Price, until the following additional conditions have been satisfied or waived by Buyer, with respect to each Eligible Mortgage Loan on or
prior to the Initial Purchase Date therefor (the “Transaction Conditions Precedent”): 
 (i) Buyer has
received the following documents: (i) a Transaction Request, (ii) a Due Diligence Package, (iii) a Confirmation delivered by Seller, (iv) the related Servicing Agreement, (v) a Trust Receipt and other items required to be
delivered under the Custodial Agreement, and (vi) all other documents, certificates, information, financial statements, reports, approvals and opinions of counsel as Buyer may reasonably require; 

(ii) Servicer has received copies of all documents in the Mortgage Loan File required to service the Eligible Mortgage Loan and
such other items as required in the Servicing Agreement; 
 (iii) no Default or Event of Default or Margin Deficit under this
Agreement shall have occurred and be continuing as of the Purchase Date for such proposed Transaction or would result from entering into such Transaction; 

(iv) no Requirements of Law shall prohibit or render it unlawful, and no order, judgment or decree of any Governmental
Authority shall prohibit, enjoin or render it unlawful, to enter into any Transaction, including after giving effect to the consummation thereof; 

(v) Buyer has (i) notified Seller that it has obtained all necessary internal credit and other approvals for such
Transaction and (ii) executed and delivered to Seller the related Confirmation; 
 (vi) the aggregate outstanding
Maximum Repurchase Price of all Transactions does not exceed the Facility Amount then in effect after giving effect to such Transaction; 

(vii) the initial Purchase Date specified in the Confirmation is not later than thirty (30) days prior to the Facility
Expiration Date; 
 (viii) the Repurchase Date is not later than the Facility Expiration Date then in effect; 

(ix) Seller, Guarantor, Servicer and Custodian have satisfied all requirements and conditions and have performed all covenants,
duties, obligations and agreements contained in the Transaction Documents to be performed by such Person on or before the related Initial Purchase Date; 

  
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 (x) to the extent any Purchased Mortgage Loan was not originated by Seller, all
requirements of Section 9(b)(xxii) have been fulfilled with respect to any such Purchased Mortgage Loan; 
 (xi) to
the extent the related Mortgage Loan Documents contain notice, cure and other provisions in favor of a pledgee under a repurchase or warehouse facility, and without prejudice to the sale treatment of such Mortgage Loan to Buyer, Buyer has received
evidence that Seller has given notice or contemporaneously with the closing of a Transaction will give notice to the applicable Persons of Buyer’s interest in such Mortgage Loan and otherwise satisfied any other applicable requirements under
such pledgee provisions so that Buyer is entitled to the rights and benefits of a pledgee under such pledgee provisions; 

(xii) if requested by Buyer, such legal opinions from counsel to the Seller Parties as Buyer may reasonably require, including,
without limitation, with respect to the perfected security interest in the Purchased Mortgage Loan and any other Collateral; 

(xiii) (A) Buyer has received a copy of any interest rate protection confirmation or agreement and related documents relating
to Hedging Transactions entered into with respect to a Purchased Mortgage Loan, (B) Seller has collaterally assigned to Buyer all of Seller’s rights (but none of its obligations) under such interest rate protection agreement and related
documents, and (C) no termination event, default or event of default (however defined) exists thereunder; 
 (xiv) the
representations and warranties made by Seller in any of the Transaction Documents, excluding those set forth in Exhibit VI (except with respect to the related Eligible Mortgage Loan and subject to any exceptions thereto set forth in the related
Confirmation), shall be true and correct in all material respects as of the Initial Purchase Date for such Transaction; 

(xv) Buyer has received payment from Seller of all fees and expenses then payable under the Fee Letter, this Agreement and the
other Transaction Documents, including the Due Diligence Fee; 
 (xvi) there shall not be a Material Adverse Change which has
occurred and is continuing with respect to Seller, Guarantor or Sponsor; and 
 (xvii) Seller shall have satisfied such other
conditions as Buyer reasonably requires. 
 By its release of its signature page to the Confirmation and delivery of the Purchase Price to Seller and
funding of any applicable Transaction, except as expressly set forth in such Confirmation, Buyer acknowledges that, to its knowledge, the Transaction Conditions Precedent with respect to the applicable Transaction have been satisfied or waived. Any
waiver of a Transaction Conditions Precedent by Buyer (whether temporary or permanent) and the terms thereof will be reflected in the related Confirmation. Seller shall certify in the Confirmation that all Transaction Conditions Precedent to the
related Transaction as specified in this Section 4(d) have been met other than those waived by Buyer. 

  
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 (e) So long as no Event of Default has occurred and is then continuing, the Repurchase Price with
respect to one or more Purchased Mortgage Loan(s) may be partially paid by Seller at any time upon two (2) Business Days prior written notice from Seller to Buyer; provided, however, that any such partial payment of Repurchase
Price shall be accompanied by an amount representing accrued Price Differential with respect to such Purchased Mortgage Loan(s) on the amount of such payment and all other amounts then due under the Transaction Documents. Each partial payment of the
Repurchase Price that is voluntary (as opposed to mandatory under the terms of this Agreement) shall be in an amount of not less than $1,000,000 and Seller shall not make more than one (1) voluntary partial payment of Repurchase Price per
Purchased Mortgage Loan in any month. 
 (f) Each fully executed Confirmation, together with this Agreement, shall be conclusive evidence of
the terms of the Transaction(s) covered thereby. In the event of any conflict between the terms of such Confirmation and the terms of this Agreement, the Confirmation shall prevail. Seller hereby acknowledges that the obligations of Seller pursuant
to each Transaction hereunder are a recourse obligation of Seller. 
 (g) Seller shall be entitled to terminate a Transaction on demand, in
whole, and repurchase the related Purchased Mortgage Loan (each, an “Early Repurchase Date”) on any Business Day prior to the Repurchase Date; provided, however, that Seller: 

(i) notifies Buyer in writing of its intent to terminate such Transaction and repurchase such Purchased Mortgage Loan no later
than three (3) Business Days prior to such Early Repurchase Date, provided such notice shall be revocable by Seller, provided Seller shall reimburse Buyer for all
out-of-pocket costs and expenses actually incurred by Buyer (including reasonable attorneys’ fees and disbursements) in connection with such notice; and 

(ii) on such Early Repurchase Date pays to Buyer an amount equal to the sum of the Repurchase Price for the Purchased Mortgage
Loan, and any other amounts payable under this Agreement with respect to such Transaction against transfer to Seller or its agent of such Purchased Mortgage Loan. 

If the Early Repurchase Date is any Business Day other than a Remittance Date, Seller shall pay all of Buyer’s out of pocket costs,
expenses and Interest Differential (as determined by Buyer in its sole and absolute discretion) incurred as a result of such repurchase. 

(h) On the Repurchase Date or the Early Repurchase Date, as applicable, for each Purchased Mortgage Loan (or in connection with repayment in
full of a Mortgage Note by the related Underlying Obligor), termination of the related Transactions will be effected by transfer to Seller or its agent of the Purchased Mortgage Loan relating to such Transaction and any Income in respect thereof
received by Buyer (and not previously credited or transferred to, or applied to the obligations of, Seller pursuant to Section 5 of this Agreement) against the simultaneous transfer of the Repurchase Price with respect to
such Transaction to an account of Buyer including the Cash Management Account. So long as no Event of Default has occurred and is continuing, upon receipt of the Repurchase Price for such Purchased Mortgage Loan,

  
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Buyer shall transfer to Seller such Purchased Mortgage Loan whereupon the Transaction with respect to such Purchased Mortgage Loan shall terminate. So long as no Event of Default has occurred and
is continuing, upon receipt of the Repurchase Price for such Purchased Mortgage Loan in the Cash Management Account (or in such other account specified in writing by Buyer), Buyer shall be deemed to have simultaneously released its security interest
in such Purchased Mortgage Loan, shall authorize Custodian, in accordance with the terms of the Custodial Agreement, to release to Seller the Mortgage Loan Documents for such Purchased Mortgage Loan and, to the extent any UCC financing statement
filed against Seller specifically identifies such Purchased Mortgage Loan, Buyer shall deliver an amendment thereto or termination thereof evidencing the release of such Purchased Mortgage Loan from Buyer’s security interest therein. Any such
transfer or release shall be without recourse to Buyer and without representation or warranty by Buyer, except that Buyer shall represent to Seller, to the extent that good title was transferred and assigned by Seller to Buyer hereunder on the
related Purchase Date(s), that Buyer is the sole owner of such Purchased Mortgage Loan, free and clear of any other interests or liens caused, directly or indirectly, by Buyer’s actions or inactions. In connection with the repurchase by Seller
of any Purchased Mortgage Loan in accordance herewith, Buyer shall deliver to Seller such additional documents or instruments as may be reasonably necessary or requested by Seller to re-convey such Purchased
Mortgage Loan and Income and Servicing Rights related thereto to Seller, together with a written release of Buyer’s security interest therein. 

(i) Seller shall have two (2) options to extend the Facility Expiration Date, the first for an additional one (1) year term (the
“First Extension Period”) ending on the October 6, 2020 (the “First Extended Facility Expiration Date”) and the second for an additional one (1) year term (the “Second Extension Period”)
ending on October 6, 2021 (the “Second Extended Facility Expiration Date” and, together with the First Extended Facility Termination Date, the “Extended Facility Expiration Date”), which, in each case, shall be
exercisable by written request of Seller delivered no earlier than ninety (90) days before and no later than thirty (30) days before the then applicable Facility Expiration Date. The extension of the then applicable Facility Expiration
Date shall be subject to the following conditions precedent: (a) no monetary or material non-monetary Default or Event of Default exists on the date of the request to extend such Facility Expiration Date,
(b) Seller shall have made a timely request to extend the then applicable Facility Expiration Date, (c) Seller shall have paid to Buyer the Extension Fee on or before the applicable Facility Expiration Date, (d) the LTV for each
Purchased Mortgage Loan shall not exceed the LTV threshold set forth in the related confirmation for such Purchased Mortgage Loan, (e) the Debt Yield for each Purchased Mortgage Loan shall be equal to or greater than the Debt Yield threshold
set forth in the related Confirmation for such Purchased Mortgage Loan, (f) Seller and Guarantor are then, and will be on the first day of the First Extension Period and Second Extension Period, as applicable, in compliance with all covenants
under this Agreement and the other Transaction Documents; (g) Buyer’s receipt of an officer’s certificate from Seller signed by a duly appointed officer of Seller (1) certifying as to the matters contained in clauses (d), (e),
and (f) above and (2) certifying that, before and after giving effect to such extension, the representations and warranties of Seller contained in Article 9 of this Agreement and the other Transaction Documents are true and correct
on and as of the then applicable Facility Expiration Date, and (h) Buyer’s receipt of an officer’s certificate from Guarantor signed by a duly appointed officer of Guarantor (1) certifying as to the matters contained in clause
(f) above, including Article 5 of the Guaranty and (2) certifying that, before and after giving effect to such extension, the representations and warranties of Guarantor contained in Article 3 of the Guaranty

  
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are true and correct on and as of the then applicable Facility Expiration Date. Notwithstanding the foregoing to the contrary, if a Purchased Mortgage Loan has a maturity date that occurs later
in time then the then current Facility Expiration Date, Buyer agrees to extend the Facility Expiration Date, First Extended Facility Expiration Date and Second Extended Facility Expiration Date for such specific Purchased Mortgage Loan only and the
Facility Amount associated with it to accommodate such Purchased Mortgage Loan (as such dates and amount shall be set forth in the Confirmation with respect to such Purchased Mortgage Loan). In the event a Purchased Mortgage Loan fails to satisfy
either or both of the covenants set forth in clauses (d) or (e) of this Section 3(i), Seller shall have the right to prepay a portion of the Repurchase Price with respect to such Purchased Mortgage Loan in order to cause the covenants
set forth in clauses (d) or (e) to be in compliance. 
 (j) On any Business Day after an Initial Purchase Date with respect to a
Purchased Mortgage Loan, Seller may submit a Subsequent Purchase Request to Buyer in the form attached hereto as Exhibit XIII, and Buyer shall, deposit Dollars in the Funding Account in an amount equal to the Subsequent Purchase Price within
five (5) Business Days of satisfaction of the following conditions precedent (each, a “Subsequent Purchase”): 

(i) the Initial Purchase Price plus the sum of the Subsequent Purchase Prices for such Purchased Mortgage Loan (including the
Subsequent Purchase Price related to such Subsequent Purchase Request) as reflected on the related Subsequent Purchase Request shall not exceed the Maximum Repurchase Price for such Purchased Mortgage Loan; 

(ii) no Event of Default or Margin Deficit under this Agreement shall have occurred and be continuing as of the Subsequent
Purchase Date or would result from such Subsequent Purchase; 
 (iii) the representations and warranties made by Seller in
any of the Transaction Documents, excluding those set forth on Exhibit VI hereto (except with respect to the related Purchased Mortgage Loan that is the subject of the Subsequent Purchase and subject to any exceptions thereto set forth in the
related Confirmation), shall be true and correct in all material respects as of the Subsequent Purchase Date except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall have been true
and correct as of such earlier date; 
 (iv) Seller and Guarantor are in compliance with all covenants under this Agreement
and the other Transaction Documents, including Section 5 of the Guaranty; 
 (v) Seller has
delivered an officer’s certificate signed by a duly appointed officer of Seller certifying (a) the Subsequent Advance is made in accordance with the terms of the related Mortgage Loan Documents, (b) that Seller has made or will, upon
receipt of such Subsequent Purchase Price, contemporaneously make a Subsequent Advance to, at the direction or for the benefit of, the related Mortgagor, (c) the amount of such Subsequent Advance made, and (d) that all conditions precedent
to the making of such Subsequent Advance as set forth in the related Mortgage Loan Documents have been satisfied (without giving effect to any Material Purchased Mortgage Loan Modification made by Seller without Buyer’s consent), together with
evidence supporting compliance with such conditions precedent; and 

  
 37 

 (vi) Seller shall have paid to Buyer all reasonable, out-of-pocket costs and expenses incurred by Buyer, including reasonable attorney’s fees, in connection with the related Subsequent Advance. 

For the avoidance of doubt, Seller hereby acknowledges and agrees that Buyer shall have no liability or obligation whatsoever to make any
future or subsequent advances to the Mortgagor under the Mortgage Loan Documents for any Purchased Mortgage Loan, and that the obligations of Buyer to make any Subsequent Purchase hereunder in connection with such future funding obligations are
pursuant to and set forth in this Agreement only; provided, however, that notwithstanding anything to the contrary, upon Buyer’s exercise of remedies pursuant to Section 14(iii) of this Agreement during the continuance of an Event of
Default, Buyer will simultaneously assume all obligations of Seller with respect to the Purchased Mortgage Loans. 
 (k) At any time after
the date hereof, but prior to the Facility Expiration Date, Buyer may, in its sole and absolute discretion, increase the Facility Amount (the “Accordion Feature”) in connection with the purchase of one or more additional Eligible
Mortgage Loans (the “Subsequent Mortgage Loans”) subject to the terms and conditions of this Agreement. The purchase of any Subsequent Mortgage Loans shall be subject to the following conditions: 

(i) no Event of Default or Margin Deficit shall have occurred and be continuing as of the date of the purchase of the
Subsequent Mortgage Loans or would result from the Purchase of such Subsequent Mortgage Loans; 
 (ii) Seller provides Buyer
a request for the increase in the Facility Amount in writing at least fifteen (15) days prior to the date that Seller requires the increase in the Facility Amount; 

(iii) the increased Facility Amount shall not exceed the Maximum Repurchase Price set forth in a Confirmation with respect to
the Subsequent Mortgage Loans(s) to be purchased by Buyer; 
 (iv) the Facility Amount shall not exceed $150,000,000 at any
time, unless otherwise increased in Buyer’s sole and absolute discretion as set forth in the related Confirmation; 

(v) No Purchased Mortgage Loan Margin Event remains uncured and no Required Repurchase Impaired Asset remains on the Facility
and Seller and Guarantor remain in compliance with all covenants under this Agreement and the other Transaction Documents, including Section 5 of the Guaranty; 

(vi) Seller and Guarantor shall deliver an executed certificate by an authorized signatory of Seller (which may be part of the
related Confirmation) certifying that the representations and warranties contained in this Agreement, excluding those set forth on Exhibit VI hereto (except with respect to the related Subsequent Mortgage Loan(s) and subject to any exceptions
thereto set forth in 

  
 38 

 
the related Confirmation), and the Guaranty, as applicable, as of the date of such request and on the effective date of such increase of the Facility Amount are true and correct in all material
respects as of such dates except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date; 

(vii) prior to any increase of the Facility Amount, Seller shall (i) deliver such information and documentation required
to be delivered to Buyer, Custodian or any other party pursuant to this Agreement and (ii) enter into any amendment of this Agreement or the Transaction Documents required by Buyer, in order to amend or modify certain terms of this Agreement or
the Transaction Documents; 
 (viii) Seller shall pay to Buyer all actual out-of-pocket fees and expenses incurred by Buyer in connection with such increase in the Facility Amount and any fees and expense otherwise due hereunder or under the Fee Letter; and 

(ix) Seller shall satisfy any additional requirements reasonably requested by Buyer. 

4. FACILITY FINANCIAL COVENANTS, REBALANCING 

(a) If at any time Buyer determines that a Purchased Mortgage Loan Margin Event has occurred and is continuing, then Buyer may by notice to
Seller (a “Margin Call”) require Seller to transfer to Buyer cash in an amount sufficient so that no Margin Deficit shall exist after application of such cash by Buyer to reduce the Repurchase Price of such Purchased Mortgage Loan.
Upon such payment of cash, as outlined in the preceding sentence, the Margin Deficit shall be deemed cured. Seller’s failure to cure any Margin Deficit as required by the preceding sentence prior to expiration of the time period
set forth in Section 4(b) below shall constitute an Event of Default under the Transaction Documents and shall entitle Buyer to exercise its remedies under Section 14 of this Agreement (including, without limitation,
the liquidation remedy provided for in Section 14(iv) of this Agreement). 
 (b) If any Margin Call is given by Buyer under Section
4(a) of this Agreement at or prior to 2:00 p.m. CST (the “Margin Notice Deadline”) on any Business Day, the Seller shall transfer Dollars as provided in Section 4(a) by no later than 5:00 p.m. CST on the date that is the
fifth (5th) Business Day following the Business Day on which the Margin Call is given. If any Margin Call is given by Buyer under Section 4(a) of this Agreement after the Margin Notice
Deadline on any Business Day, the Seller shall transfer Dollars as provided in Section 4(a) by no later than 12:00 p.m. CST on the date that is the sixth (6th) Business Day following the
Business Day on which the Margin Call is given. The failure of Buyer on any one or more occasions to exercise its rights under Section 4(a) of this Agreement shall not change or alter the terms and conditions to which this Agreement is
subject or limit the right of Buyer or Seller to do so at a later date. Buyer and Seller agree that any failure or delay by Buyer to exercise its rights under Section 4(a) of this Agreement shall not limit such party’s rights under this
Agreement or otherwise existing by law or in any way create additional rights for such party. 

  
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 (c) Any cash transferred to Buyer pursuant to Section 4(a) of this Agreement with respect
to any Purchased Mortgage Loan shall be applied to reduce the Repurchase Price of the Purchased Mortgage Loan giving rise to the Margin Deficit until it no longer exists. Notwithstanding anything to the contrary herein, in connection with any Margin
Call under Section 4(a) or 4(b), if Margin Excess with respect to a separate Purchased Mortgage Loan is available, Seller shall have the right to make a Margin Excess Request up to an amount not to exceed the related Margin Excess Amount for the
purpose of applying such Margin Excess proceeds in reduction of the Repurchase Price of the Purchased Mortgage Loan giving rise to the Margin Deficit. Upon receipt of such Margin Excess Request pursuant to this Section 4(c), Buyer shall
increase the Repurchase Price of such Purchased Mortgage Loan from which a Margin Excess Request had been submitted and shall decrease the Repurchase Price of the Purchased Mortgage Loan giving rise to the Margin Deficit within one (1) Business
Day of such Margin Excess Request provided that the conditions to Buyer’s funding of a Margin Excess Amount under Section 4(e) are otherwise satisfied. 

(d) Seller shall repurchase a Purchased Mortgage Loan that has become an Impaired Asset within five (5) Business Days following the date
on which Seller is notified by Buyer in writing that such Purchased Mortgage Loan is an Impaired Asset which must be repurchased (a “Required Repurchase Impaired Asset”). 

(e) If, at any time during the term of the Facility, the Repurchase Price (excluding Price Differential) of any Purchased Mortgage Loan is less
than an amount equal to the product of (i) the Maximum Purchase Price Percentage applicable to such Purchased Mortgage Loan and (ii) the Market Value for such Purchased Mortgage Loan (the “Margin Excess Amount”), then
Seller may deliver a written request (a “Margin Excess Request”) to Buyer with respect to such Purchased Mortgage Loan and Transaction requesting that the Purchase Price of such Purchased Mortgage Loan be increased by an amount not
to exceed the Margin Excess Amount. Seller may not deliver more than one (1) Margin Excess Request for a Purchased Mortgage Loan per calendar month. Buyer shall accept such Margin Excess Request; provided (i) the representations and
warranties made by Seller in any of the Transaction Documents, excluding those set forth on Exhibit VI hereto (except with respect to the Purchased Mortgage Loan forming the basis for such Margin Excess Request and subject to any exceptions
thereto set forth in the related Confirmation), shall be true and correct in all material respects except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall have been true and
correct as of such earlier date, (ii) Seller and Guarantor are in compliance with all material covenants under this Agreement and the other Transaction Documents, including Section 5 of the Guaranty, and
(iii) Seller shall have paid to Buyer all reasonable, out-of-pocket costs and expenses incurred by Buyer, including reasonable attorney’s fees, in connection
with the Margin Excess Request. Subject to satisfaction of the foregoing conditions and such other conditions set forth in this Section 4(e) and upon receipt of such additional documentation in connection therewith as Buyer may reasonably
request, Buyer shall use commercially reasonable efforts to deposit such Margin Excess Amount within five (5) Business Days of receipt of the Margin Excess Request, in immediately available funds, into the Funding Account and, upon receipt of
such deposit into the Funding Account, the Purchase Price of the related Purchased Mortgage Loan shall be deemed to have increased by such Margin Excess Amount. The parties will enter into such additional documents as may be agreed to document the
payment of any such Margin Excess Amount and the associated increase in the 

  
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Repurchase Price of the related Purchased Mortgage Loan. Under no circumstances will any Margin Excess Amount be paid (i) if the payment of such Margin Excess Amount would result in
(A) the aggregate of the Maximum Repurchase Price for the related Purchased Mortgage Loan when added to the Maximum Repurchase Prices of all then outstanding Transactions (less any reductions in the Repurchase Price for any such Transactions
resulting from amounts paid by Seller to Buyer, or Income received by Buyer from the Depository pursuant to Section 5 hereof, and plus any previous Margin Excess Amounts paid in connection therewith, in each case, on or
prior to the date of such determination on account of the Repurchase Price for such Purchased Mortgage Loan) exceeding the Facility Amount in effect on the date of payment of the Margin Excess Amount or (B) the Purchase Price Percentage
applicable to such Purchased Mortgage Loan exceeding its Maximum Purchase Price Percentage and (ii) during the continuance of an Event of Default or a Margin Deficit (other than in accordance with Section 4(c)).  

5. CASH MANAGEMENT ACCOUNT; SERVICING DIRECTION; MONTHLY DISTRIBUTIONS 

(a) The Cash Management Account shall be established at the Depository concurrently with the execution and delivery of this Agreement by Seller
and Buyer. Buyer shall have sole dominion and control (including, without limitation, “control” within the meaning of Section 9-104(a) of the UCC) over the Cash Management Account pursuant to
Section 5(i) hereof. All Income in respect of the Purchased Mortgage Loans as well as any interest received from the reinvestment of such Income, shall be deposited by Servicer subject to the terms of the Servicing Agreement (including
Servicer’s ability to transfer funds to the Cash Management Account net of Qualified Servicing Fees) into the Cash Management Account within two (2) Business Days of receipt and, at the direction of Servicer, shall be remitted by the
Depository in accordance with the applicable provisions of this Section 5. 
 (b) With respect to each Purchased Mortgage Loan
which is not serviced by the Servicing Agreement, Seller shall deliver to the Servicer, a servicing direction letter (the “Servicing Direction Letter”) in the form attached hereto as Exhibit X to this Agreement (or such other
evidence acceptable to Buyer that notifies the Servicer that such Purchased Mortgage Loan is subject to the related Servicing Agreement), which may be delivered to the Servicer by electronic mail or other electronic means instructing the Servicer to
deposit all amounts payable under the related Purchased Mortgage Loan to the Cash Management Account within two (2) Business Days of receipt (but no later than two (2) days prior to the Remittance Date). If a Mortgagor forwards any Income
with respect to a Purchased Mortgage Loan to Seller rather than directly to the Servicer, Seller shall (i) use commercially reasonable efforts to cause such Mortgagor to forward any future payments directly to the Servicer and
(ii) immediately forward such payment to the Servicer or deposit any such amounts into the Cash Management Account. 
 (c) On each
Remittance Date, Seller shall pay to Buyer an amount equal to the Price Differential that has accrued during the related Pricing Rate Period for the related Transactions to the extent not previously paid to Buyer (including pursuant to the waterfall
provisions of this Section 5). 

  
 41 

 (d) So long as no monetary or material non-monetary
Default or Event of Default shall have occurred and be continuing, all Income received by the Depository in respect of the Purchased Mortgage Loan and the related Hedging Transactions during each Collection Period shall be applied by the Depository
at the direction of Buyer on the related Remittance Date as follows; provided, however, that if the amount of Principal Payments on deposit equals or exceeds $5,000,000, upon no less than two (2) Business Days’ prior written notice, Seller
shall have the right, exercisable no more than one (1) time per month, to cause such Principal Payments only to be applied on a date earlier than the next Remittance Date as specified in the related notice and, in such case, such Principal
Payments shall be applied by the Depository starting from priority second of the following: 
 (i) first, to
remit to Buyer an amount equal to the Price Differential which has accrued and is outstanding in respect of all of the Purchased Mortgage Loans as of such Remittance Date; 

(ii) second, to remit to Buyer an amount equal to any and all fees, costs and expenses, including, but not limited to,
reasonable attorneys’ fees and expenses and enforcement costs, due and owing by Seller to Buyer (or any other Indemnified Party) under the Transaction Documents as of such Remittance Date; 

(iii) third, to remit to Buyer (A) its proportionate share of any Principal Payments received by Seller with
respect to a Purchased Mortgage Loan, in an amount equal to the product of (x) the amount of such Principal Payment received and (y) the Purchase Price Percentage or (B) if such Principal Payment reduces the Mortgagor’s
obligation under the Mortgage Note to $0, the Repurchase Price of the related Purchased Mortgage Loan; 
 (iv) fourth,
to remit to Buyer any Exit Fee, if applicable; 
 (v) fifth, if a Margin Deficit exists with respect to any Purchased
Mortgage Loan, to remit to Buyer an amount sufficient to eliminate such outstanding Margin Deficit (without limiting the Seller’s obligation to satisfy a Margin Deficit in a timely manner as required pursuant to Section 4) 

(vi) sixth, to remit to Buyer to pay in full any other outstanding obligation of Seller then due and payable to Buyer or
its Affiliates under this Agreement; 
 (vii) seventh, all remaining Income shall be remitted to Seller. 

(e) If a monetary or material non-monetary Default or an Event of Default shall have occurred and be
continuing, all Income received by the Depository in respect of the Purchased Mortgage Loan and the associated Hedging Transactions shall be applied by the Depository on the Business Day next following the Business Day on which such funds are
deposited in the Cash Management Account as follows (provided that Buyer may change the order and manner of any such application from time to time in Buyer’s sole and absolute discretion): 

(i) first, to remit to Buyer an amount equal to the Price Differential that has accrued and is outstanding in respect of
all of the Purchased Mortgage Loans as of such Remittance Date; 

  
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 (ii) second, to remit to Buyer an amount equal to any and all fees, costs
and expenses, including, but not limited to, reasonable attorneys’ fees and expenses and enforcement costs, due and owing by Seller to Buyer (or any other Indemnified Party) under the Transaction Documents as of such Remittance Date; 

(iii) third, to remit to Depository and Custodian an amount equal to the depository and custodial fees due and payable
as of such Remittance Date; 
 (iv) fourth, to remit to Buyer an amount equal to the aggregate Repurchase Price of all
Purchased Mortgage Loans (to be applied in reduction of the aggregate Repurchase Price in such amounts, order and manner as determined by Buyer, until such Repurchase Price has been reduced to zero (0)); and 

(v) fifth, to remit to Buyer any Exit Fee, if applicable; 

(vi) sixth, to remit to Buyer or its Affiliates to pay in full any other outstanding obligation of Seller to Buyer or
its Affiliates; and 
 (vii) seventh, to remit to Seller the remainder. 

(f) If the Wind Down Period shall have commenced, so long as no monetary or material non-monetary
Default or Event of Default shall have occurred and be continuing, all Principal Payments received with respect to the Purchased Mortgage Loans or other collateral, without regard to their source, shall be applied by the Depository at the direction
of Servicer on the related Remittance Date as follows: 
 (i) first, to Buyer, on account of the Repurchase Price of
such Purchased Mortgage Loan until the Repurchase Price for such Purchased Mortgage Loan has been reduced to zero; 
 (ii)
second, to Buyer, on account of the Repurchase Price of all other Purchased Mortgage Loans until the Repurchase Price for all such other Purchased Mortgage Loans has been reduced to zero; 

(iii) third, to Buyer, an amount equal to any other amounts due and payable to Buyer or its Affiliates under any
Transaction Document to the extent such amounts have not otherwise been paid under Sections 5(d) or 5(e); and 
 (iv)
fourth, to the Seller, any remainder. 
 (g) Buyer is hereby authorized at any time and from time to time, to the fullest extent
permitted by law, to set off and apply any and all amounts held by Buyer or any Affiliate of Buyer and any other obligations at any time owing by Buyer or an Affiliate of Buyer to or for the credit or the account of Seller against any of or all the
obligations of Seller now or hereafter existing under this Agreement irrespective of whether or not Buyer shall have made any demand under this Agreement (and without prior notice to Seller), whereupon such obligations owing by Buyer or its
Affiliates to Seller shall, to the extent (and only to the extent) of such set off actually made by Buyer, be discharged. The rights of Buyer under this Section 5(f) are in addition to other rights and remedies (including other rights of
setoff) that Buyer may have. 

  
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 (h) At the end of each Collection Period and prior to the Remittance Date for such Collection
Period, Seller shall provide (or shall cause Servicer to provide) to Buyer a statement and analysis of all Income for such period, indicating the Purchased Mortgage Loans to which each element of Income relates and the amounts constituting interest
on each Purchased Mortgage Loan, Principal Payments on each Purchased Mortgage Loan with respect to each Purchased Mortgage Loan and other Income. 

(i) The following provisions shall apply with respect to the Cash Management Account: 

(i) Control. In order to provide Buyer with control over the Cash Management Account, Seller agrees that Depository shall
comply with any and all orders, notices, requests and other instructions originated by Buyer directing disposition of the funds in the Cash Management Account (“Distribution Instructions”) without any further consent from Seller; provided,
however, that Buyer agrees that Distribution Instructions shall be in compliance with this Agreement including clauses (d) through (f) of this Section 5. 

(ii) Access to Cash Management Account. The Cash Management Account shall be under the sole dominion and control of Buyer.
Neither Seller, nor any other person or entity, acting through or under Seller, shall have any control over the use of, or any rights to withdraw any amount from, the Cash Management Account. Depository is hereby authorized and instructed to
transfer all funds in the Deposit Account into designated accounts as Buyer may direct in writing to Depository. 
 6. PRECAUTIONARY SECURITY INTEREST

 (a) Buyer and Seller intend that all Transactions hereunder be one or more sales or other absolute Conveyances to Buyer of the
Purchased Mortgage Loans and not a loan or loans from Buyer to Seller secured by the Purchased Mortgage Loan. However to protect and preserve Buyer’s rights with respect to the Purchased Mortgage Loan, including any Conveyance thereof pursuant
to the Mortgage Loan Purchase Documents, in the event any such Transaction is deemed to be other than a sale or other absolute Conveyance, Seller hereby pledges all of its right, title, and interest in, to and under and grants a first priority lien
on, and security interest in and right of set-off against, all of the Seller’s right, title and interest in and to all Purchased Mortgage Loans, including, without limitation, the following property below
and any and all interests of Seller therein, whether now owned or hereafter acquired, now existing or hereafter created and wherever located (collectively, together with the Cash Management, the “Collateral”) to Buyer to secure the
payment and performance of all amounts or obligations owing to Buyer pursuant to this Agreement, each of the Transactions and the Transaction Documents (including the obligation of Seller to pay the Repurchase Price, or if the Transactions are
recharacterized as loans, to repay such loans for the Repurchase Price): 

  
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 (i) the Purchased Mortgage Loans, the Mortgage Loan Documents, the Mortgage Loan
File, including all files, documents, instruments, surveys, certificates, correspondence, appraisals, computer programs, computer storage media, accounting records and other books and records relating thereto, all Servicing Rights, all
“securities accounts” (as defined in Section 8-501 (a) of the UCC) to which any or all of the Purchased Mortgage Loan or any proceeds that are credited and all “securities
entitlements” (as defined in Section 8-102(a)(17) of the UCC) therein; 
 (ii)
the Servicing Agreements, Servicing Records, insurance relating to the Purchased Mortgage Loans, and all “deposit accounts” (as defined in the UCC, including, without limitation, collection and escrow accounts) and securities accounts
relating to the Purchased Mortgage Loans; 
 (iii) all of Seller’s right, title and interest in, to and under the
Transaction Documents and Mortgage Loan Purchase Documents related to the Purchased Mortgage Loans; 
 (iv) all Hedging
Transactions and all agreements, instruments and other documents evidencing and/or securing all Hedging Transactions related to the Purchased Mortgage Loans; 

(v) all “general intangibles” (including without limitation “payment intangibles”), “accounts,”
“chattel paper,” “investment property,” “documents” and “instruments” as defined in the UCC relating to or constituting any and all of the foregoing; 

(vi) all “supporting obligations” and “letter of credit rights” as defined in the UCC relating to or
constituting any and all of the foregoing; and 
 (vii) all replacements, substitutions or distributions on or proceeds,
payments, Income and profits of, tort claims, insurance claims and other rights to payments, and records (but excluding any financial models or other proprietary information) and files relating to any and all of any of the foregoing. 

(b) Seller hereby pledges all of its right, title, and interest in, to and under and grants a first priority lien on, and security interest in
and right of set-off against, all of its right, title and interest, in, to and under the Cash Management Account, to Buyer to secure the payment and performance of all amounts or obligations owing to Buyer
pursuant to this Agreement, each of the Transactions and the Transaction Documents (including the obligation of Seller to pay the Repurchase Price, or if the Transactions are recharacterized as loans, to repay such loans for the Repurchase Price).

 (c) Buyer’s security interest in a Purchased Mortgage Loan, or the Collateral as a whole, shall terminate only upon (i) in the
case of an individual Purchased Mortgage Loan, the repurchase thereof in accordance with the terms of this Agreement and (ii) in the case of the Collateral as a whole, the repayment in full of all amounts payable to Buyer and termination of
Seller’s obligations under this Agreement and the documents delivered in connection herewith and therewith. For purposes of the grant of the security interest pursuant to this Article 6, this

  
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Agreement shall be deemed to constitute a security agreement under the New York Uniform Commercial Code (the “UCC”) and the Uniform Commercial Code as in effect in any other
applicable jurisdiction. In furtherance of the foregoing, (a) Seller, at its sole cost and expense, shall cause to be filed in such locations as may be necessary to perfect and maintain perfection and priority of the security interest granted
hereby, UCC financing statements and continuation statements (collectively, the “Filings”), and shall forward copies of such Filings to Buyer upon completion thereof, (b) Seller shall from time to time take such further actions
as may be reasonably requested by Buyer to maintain and continue the perfection and priority of the security interest granted hereby (including marking its records and files to evidence the interests granted to Buyer hereunder), it being agreed that
Seller shall pay any and all fees required in connection therewith, and (c) Seller hereby authorizes Buyer, at Seller’s cost and expense, to prepare and file any and all Filings, which such Filings may include a collateral description of
“all assets of the debtor” or a similarly generic collateral description. In addition, Seller hereby authorizes Buyer to make Filings, at the sole cost and expense of Seller, in such locations as Buyer may determine to be necessary or
advisable to perfect and maintain priority of the security interest granted hereby. 
 (d) If any circumstance described in this Article
6 occurs, (a) Buyer shall have all of the rights and remedies provided to a secured party by Requirements of Law (including the rights and remedies of a secured party under the UCC and the right to set off any mutual debt and claim) and
under any other agreement between Buyer and Seller, (b) without limiting the generality of the foregoing, Buyer shall be entitled to set off the proceeds of the liquidation of the Purchased Mortgage Loans against all of the Facility
Obligations, without prejudice to Buyer’s right to recover any deficiency, (d) the possession by Buyer or any of its agents, including Custodian, of the Mortgage Loan Documents, the Purchased Mortgage Loans and such other items of property
as constitute instruments, money, negotiable documents, securities or chattel paper shall be deemed to be possession by the secured party for purposes of perfecting such security interest under the UCC and Requirements of Law, and
(e) notifications to Persons (other than Buyer) holding such property, and acknowledgments, receipts or confirmations from Persons (other than Buyer) holding such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries, bailees or agents of the secured party for the purpose of perfecting such security interest under the UCC and Requirements of Law. The assignment, pledge and grant of security interest contained herein
shall be, and Seller hereby represents and warrants to Buyer that it is, a first priority perfected security interest. For the avoidance of doubt, (x) each Purchased Mortgage Loan secures the Facility Obligations with respect to all other
Transactions and all other Purchased Mortgage Loans, including any Purchased Mortgage Loans that are junior in priority to the Purchased Mortgage Loan in question, and (y) if an Event of Default exists, no Purchased Mortgage Loans relating to a
Purchased Mortgage Loans will be released from Buyer’s lien or transferred to Seller until the Facility Obligations are indefeasibly paid in full (unless required by the terms of the Mortgage Loan Documents). Notwithstanding the foregoing, the
Facility Obligations shall be full recourse to Seller. 
 (e) The grant of a security interest under this Article 6 shall not
constitute or result in the creation or assumption by Buyer of any obligation of Seller or any other Person in connection with any of the Purchased Mortgage Loans, whether or not Buyer exercises any right with respect thereto. Seller shall remain
liable under the Purchased Mortgage Loans and Mortgage 

  
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Loan Documents to perform all of Seller’s duties and obligations thereunder to the same extent as if the Transaction Documents had not been executed. Notwithstanding the foregoing or
anything to the contrary contained in this Agreement, upon Buyer’s exercise of remedies pursuant to Section 14(iii) of this Agreement following an Event of Default, Buyer will be deemed to have simultaneously assumed all of Seller’s
obligations under the Purchased Mortgage Loans. 
 (f) Seller agrees, to the extent permitted by Requirements of 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 the Purchased Mortgage Loan or any Mortgaged Property
may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Purchased Mortgage Loans, 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, 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 Mortgage Loans marshaled upon any such sale, and agrees that Buyer or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Purchased Mortgage Loans
as an entirety or in such parcels as Buyer or such court may determine. 
 7. PAYMENT, TRANSFER AND CUSTODY 

(a) On the Initial Purchase Date for each Transaction, ownership of the related Purchased Mortgage Loan shall be transferred to Buyer against
Buyer’s simultaneous transfer of the Initial Purchase Price to the Funding Account. On each Subsequent Purchase Date, as part of the same Transaction that occurred on the Initial Purchase Date, Buyer will purchase the related increase in the
Outstanding Principal Balance of the related Mortgage Note resulting from Seller’s Subsequent Advance to or for the benefit of the related Mortgagor, subject to the terms and conditions of Section 3(j). 

(b) For each Purchased Mortgage Loan, no later than 1:00 p.m. at least one (1) Business Day for any single Purchased Mortgage Loan and two
(2) Business Days for more than one (1) but less than twenty (20) Purchased Mortgage Loans, prior to the related Initial Purchase Date, Seller shall deliver or cause to be delivered to Buyer or its designee (i) , the information
contained on Appendix I to the Confirmation, (ii) a Mortgage Loan File Checklist and (iii) a Custodial Delivery together with the following documents (collectively, “Mortgage Loan File”), each of which shall be an
original, fully executed, counterpart (unless otherwise noted below or otherwise acknowledged and accepted by Buyer as a copy), pertaining to each of the Purchased Mortgage Loans identified in the Custodial Delivery delivered therewith: 

(i) The Mortgage Note bearing all intervening endorsements, endorsed “Pay to the order of
             without recourse” and signed in the name of Seller by an authorized Person, and further reflecting a complete, unbroken chain of assignment or endorsement from the
originator to Seller; 

  
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 (ii) an original or a copy of the Mortgage, together with, if applicable,
originals or copies of any intervening assignments thereof reflecting a complete, unbroken chain of assignment or endorsement from the originator to Seller, in each case (unless the particular item has been delivered to but not returned from the
applicable recording office) with evidence of recording thereon; 
 (iii) the original or a copy of any related Assignment of
Leases and Rents (if any such item is a document separate from the Mortgage) and, if applicable, the originals or copies of any intervening assignments thereof reflecting a complete, unbroken chain of assignment or endorsement from the originator to
Seller, in each case (unless the particular item has been delivered to but not returned from the applicable recording office) with evidence of recording thereon; 

(iv) an (A) Assignment of Mortgage and (B) assignment of any related Assignment of Leases and Rents (if such item is
a document separate from the Mortgage), in each case, executed by Seller in blank and in recordable form; 
 (v) (A) copies
(with evidence of filing thereon) of any prior effective UCC financing statements in favor of the originator of such Mortgage Loan or in favor of any assignee thereof prior to and including Seller and (B) a UCC financing statement assignment
thereof in blank; 
 (vi) the original or a copy of the policy or certificate of lender’s title insurance issued in
connection with such Mortgage Loan (or, if the policy has not yet been issued, an original or copy of a written commitment “marked-up” at the closing of such Mortgage Loan, interim binder or the pro
forma title insurance policy, in each case evidencing a binding commitment to issue such policy); 
 (vii) prints of a
current (certified within 60 days of the closing of such Mortgage Loan) Survey; 
 (viii) an original or a copy of any
related security agreement (if such item is a document separate from the Mortgage) an assignment of any related security agreement (if such item is a document separate from the Mortgage and has been recorded) executed by Seller, in blank and, if
applicable, in recordable form, which assignment may (in any case) be included as part of the corresponding Assignment of Mortgage referred to in clause (iv) hereof; 

(ix) originals or copies of any assumption, modification, written assurance, consolidation, extension and substitution
agreements, if any, with, if applicable, evidence of recording thereon, together with any assignments thereof reflecting a complete, unbroken chain of assignment from originator to Seller, in each case (unless the particular item has been delivered
to but not returned from the applicable recording office) with evidence of recording thereon, and an assignment thereof executed by Seller in blank and in recordable form; 

(x) any documents not otherwise described in the preceding clauses of this definition relating to, evidencing or constituting
additional collateral, if any; 

  
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 (xi) an original or copy of the related guaranty of payment under such Mortgage
Loan, if any; 
 (xii) an original or a copy of each lock box agreement, deposit account control agreement or cash management
agreement relating to such Mortgage Loan, if any; 
 (xiii) an original or a copy of the environmental indemnity from the
related Mortgagor or other party, if any; 
 (xiv) an original or a copy of any intercreditor agreement or similar agreement
relating to such Mortgage Loan; 
 (xv) an original or a copy of any management agreement with respect to the related
Mortgaged Property if the manager thereunder is not an Affiliate of the Mortgagor; 
 (xvi) an original or a copy of any
master operating lease with respect to the related Mortgaged Property; 
 (xvii) if the related Mortgaged Property is a
hospitality property that is subject to a franchise, management or similar arrangement, (a) a copy of any franchise, management or similar agreement and (b) a signed copy of any estoppel certificate or comfort letter delivered by the
franchisor or similar person for the benefit of the holder of such Mortgage Loan in connection with the origination or acquisition of such Mortgage Loan, together with such instrument(s) of notice or transfer (if any) as are necessary to transfer or
assign to Buyer the benefits of such estoppel certificate or comfort letter; 
 (xviii) an original or copy of the Mortgage
Loan Agreement; 
 (xix) General Assignment of such Purchased Mortgage Loan from originator, reflecting a complete, unbroken
chain of assignment from originator to Seller, and a General Assignment of such Purchased Mortgage Loan executed by Seller in blank; 

(xx) an original or copy of the disbursement letter from the Mortgagor to the originator (if any); 

(xxi) an original or copy of the Mortgagor’s opinion of counsel (if any); 

(xxii) assignments of permits, contracts and agreements (if any); 

(xxiii) assignments of any interest rate cap agreement or other interest rate protection agreement entered into by the
Mortgagor or its affiliates, with the counterparty’s written consent to such assignment (and further assignment to originator’s assignees) and agreement to make all payments thereunder to the originator and its assignees; 

(xxiv) the original or copy of any participation agreement and/or servicing agreement executed in connection with such Mortgage
Loan; 

  
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 (xxv) an original or copy of any Insurance Policy or certificates; 

(xxvi) an original or copy of an assignment of permits, contracts and agreements (if any); 

(xxvii) an original or copy of any environmental site assessment, appraisal and property condition report; 

(xxviii) if the related Mortgagor’s interest in the Mortgaged Property is a leasehold estate, the originals of ground
lease estoppel(s) (and similar agreements), with true and correct copies of the ground lease, together with all amendments and modifications thereof and other agreements between ground lessor and lessee, attached thereto (and, if recorded, with
evidence of recording thereon, unless the original document has been sent for recording but has not been returned by the applicable recording office), any memorandum of ground lease, all amendments and modifications thereof (and, if recorded, with
evidence of recording thereon, unless the original document has been sent for recording but has not been returned by the applicable recording office) and all other agreements with the ground lessor and any lender to the ground lessor; 

(xxix) if any of the related Mortgaged Properties are a condominium: 

(A) a copy of the declaration of condominium; 

(B) copies of the governing documents of the condominium association; 

(C) a copy of the plat or map establishing or depicting the condominium; 

(D) a copy of the condominium endorsement to the title policy; and 

(E) such other documents, instruments and agreements as Buyer may require in its discretion. 

(xxx) If applicable, the originals or copies of any other agreements, documents and/or certificates executed in connection with
the Purchased Mortgage Loan or identified on any closing checklist, closing index or the Mortgage Loan File Checklist. 

(xxxi) the originals or copies of any additional documents and agreements required to be added to the Mortgage Loan File by
Buyer or pursuant to this Agreement and the Transaction Documents. 
 From time to time, but in no event later than three (3) Business
Days following execution and receipt of fully executed documents, Seller shall forward to the Custodian additional original documents or additional documents evidencing any assumption, modification, amendment, consolidation, extension substitution
or restatement of or waiver or consent with respect to a Purchased Mortgage Loan approved in accordance with the terms of this Agreement, and upon receipt of any such documents and such other documents, the Custodian shall hold such documents and
such other documents as Buyer shall request from time to time as part of the related Mortgage Loan File. 

  
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 With respect to any Mortgage Loan Document that has been delivered or is being delivered to
recording offices for recording or filing and has not been returned to Seller in time to permit delivery hereunder at the time and in the form required, in lieu of delivering such Mortgage Loan Document, Seller shall deliver to Custodian a true
duplicate original thereof certified by Seller to be a true and correct copy of the original delivered to the appropriate recording office, and Seller shall deliver to Custodian such Mortgage Loan Document in the form required hereunder, together
with any related policy of title insurance not previously delivered to Custodian (with evidence of recording or filing, as applicable, thereon or therein, as applicable), promptly after its receipt for inclusion in the Mortgage Loan File, and the
delivery requirements of this Section 7(c) shall be deemed provisionally satisfied with respect to such Mortgage Loan Document. If the original or a copy of any such Mortgage Loan Document that is required to bear evidence of recording or filing
cannot be delivered with evidence of recording or filing thereon on or prior to the 90th day following the related Purchase Date (or such later date as may be agreed upon between Buyer and Seller)
because of a delay caused by the public recording office where such original Mortgage Loan Document has been delivered for recordation or filing, then the delivery requirements of this Section 7(c) shall be deemed provisionally satisfied if, a
certificate of an authorized officer of Seller or a statement from the title agent delivered to Buyer and Custodian to the effect that such original Mortgage Loan Document has been sent to the appropriate public recording official for recordation or
filing and detailing any communications with the recording office or actions taken by Seller (or by others on its behalf) to consummate such recordation or filing. Seller shall, until the recorded or filed Mortgage Loan Document in the form required
hereunder has been received by the Custodian, deliver an officer’s certificate as described above on the 90th day following the related Purchase Date and every 90th day thereafter (or on the next succeeding Business Day if any such 90th day is not a Business Day). No Default or Event of Default shall
occur as a result of the Seller’s failure to provide any such officer’s certificate unless Seller, after the earlier of actual knowledge by Seller or notice by Buyer that the provision of such officer’s certificate is past due, fails
to deliver such officer’s certificate as provided herein within five (5) Business Days of such knowledge or notice. 
 With
respect to all of the Purchased Mortgage Loans delivered by Seller to Buyer or its designee (including the Custodian), Seller shall execute an omnibus power of attorney substantially in the form of Exhibit V attached hereto irrevocably
appointing Buyer its attorney-in-fact, which appointment is irrevocable and coupled with an interest, with full power, if an Event of Default has occurred and is
continuing, to (i) complete and record Assignments of Mortgage and other recordable Mortgage Loan Documents delivered “in blank”, (ii) complete endorsement of Mortgage Note delivered “in blank”, (iii) modify any other
documents described in this Section 7(c) to the extent necessary to make them acceptable for recording or filing in the appropriate governmental recording office and (iv) take such other steps as may be necessary or desirable to enforce
Buyer’s rights against such Purchased Mortgage Loans and the related Mortgage Loan Files and the Servicing Records and to create a first priority perfected security interest in favor of Buyer, as secured party, therein. Buyer shall deposit the
Mortgage Loan Files 

  
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representing the Purchased Mortgage Loans, or direct that the Mortgage Loan Files be deposited directly, with the Custodian. The Mortgage Loan Files shall be maintained in accordance with the
Custodial Agreement. Any Mortgage Loan Document constituting part of the Mortgage Loan File not delivered to Buyer or its designee (including the Custodian) is and shall be held in trust by Seller or its designee for the benefit of Buyer as the
owner thereof. Seller or its designee shall maintain a copy of the Mortgage Loan File. Any originals of the Mortgage Loan Documents that come into the possession of Seller or any Affiliate shall be forwarded by or at the direction of Buyer as
promptly as possible to Custodian pursuant to a Custodial Delivery. The possession of a Mortgage Loan File by Seller or its designee is at the will of Buyer for the sole purpose of servicing the related Purchased Mortgage Loan, and such retention
and possession by Seller or its designee is in a custodial capacity only. The books and records (including, without limitation, any computer records or tapes) of Seller or its designee shall be marked appropriately to reflect clearly the sale of the
related Purchased Mortgage Loan to Buyer. Seller or its designee (including the Custodian) shall release its custody of the Mortgage Loan File only in accordance with written instructions from Buyer. 

Unless an Event of Default shall have occurred and be continuing, subject to Article 24, Buyer shall exercise all voting and corporate
rights with respect to the Purchased Mortgage Loans in accordance with Seller’s written instructions; provided, however, that Buyer shall not be required to follow Seller’s instructions concerning any vote or corporate right
if doing so would, in Buyer’s good faith business judgment, impair the Purchased Mortgage Loans or be inconsistent with or result in any violation of any provision of the Transaction Documents. Upon the occurrence and during the continuation of
an Event of Default (other than with respect to Buyer), Buyer shall be entitled to exercise all voting and corporate rights with respect to the Purchased Mortgage Loans without regard to Seller’s instructions. 

8. SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED MORTGAGE LOANS 

(a) Title to all Purchased Mortgage Loans, including the Servicing Rights related thereto, shall pass to Buyer on the applicable Purchase Date,
and Buyer shall have free and unrestricted use of all Purchased Mortgage Loans. Nothing in this Agreement or any other Transaction Document shall preclude Buyer from engaging in repurchase transactions with the Purchased Mortgage Loans or otherwise
selling, transferring, pledging, repledging, hypothecating, or rehypothecating the Purchased Mortgage Loans (any of the foregoing, a “Secondary Market Transaction”), but no such transaction shall relieve Buyer of its obligations to
transfer the Purchased Mortgage Loans to Seller pursuant to Article 3 of this Agreement or of Buyer’s obligation to credit or pay Income to, or apply Income to the obligations of, Seller pursuant to Article 5 hereof. Seller shall,
at no additional expense to Seller, cooperate reasonably with Buyer to facilitate any Secondary Market Transaction, which cooperation shall continue until Seller’s obligations under this Agreement are indefeasibly repaid in full. Any Secondary
Market Transaction shall not affect the aggregate Price Differential, Repurchase Date or other economic terms hereof and shall not materially increase or decrease the obligations and liabilities, or rights, of Seller hereunder. 

(b) Nothing contained in this Agreement or any other Transaction Document shall obligate Buyer to segregate any Purchased Mortgage Loans
delivered to Buyer by Seller. Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, no Purchased Mortgage Loan shall remain in the custody of Seller or any Affiliate of Seller. 

  
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 9. REPRESENTATIONS 

(a) Seller represents and warrants to Buyer 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 under the other Transaction Documents to which it is a party and has taken all necessary action to authorize such execution, delivery and performance, (ii) it will
engage in such Transactions as principal (or, if agreed in writing, in the form of an annex hereto or otherwise, in advance of any Transaction by the other party hereto, as agent for a disclosed principal), (iii) the person signing this Agreement on
its behalf is duly authorized to do so on its behalf (or on behalf of any such disclosed principal), (iv) it has obtained all authorizations of any governmental body required in connection with this Agreement and the Transactions hereunder and such
authorizations are in full force and effect and (v) the execution, delivery and performance of this Agreement, the other Transaction Documents and the Transactions will not violate any law, ordinance or rule applicable to it or its formation,
organizational and other governing documents or any agreement by which it is bound or by which any of its assets are affected. On each Purchase Date for any Transaction, Seller shall each be deemed to repeat all the foregoing representations. 

(b) In addition to the representations and warranties appearing in subsection (a) above and elsewhere in this Agreement, Seller represents
and warrants to Buyer that as of each Purchase Date for the purchase of any Purchased Mortgage Loans by Buyer from Seller and any Transaction thereunder and as of the date of this Agreement and at all times while this Agreement and any Transaction
thereunder is in full force and effect: 
 (i) Organization. Seller is duly incorporated, validly existing and in good
standing under the laws and regulations of the Cayman Islands and is duly licensed, qualified, and in good standing in every state where such licensing or qualification is necessary for the transaction of Seller’s business. Seller has the power
to own and hold the assets it purports to own and hold, and to carry on its business as now being conducted and proposed to be conducted, and has the power to execute, deliver, and perform its obligations under this Agreement and the other
Transaction Documents. 
 (ii) Due Execution; Enforceability. The Transaction Documents have been duly executed and
delivered by Seller, for good and valuable consideration. The Transaction Documents constitute the legal, valid and binding obligations of Seller, enforceable against Seller in accordance with their respective terms subject to bankruptcy,
insolvency, and other limitations on creditors’ rights generally and to equitable principles. 
 (iii) Non-Contravention. Neither the execution and delivery of the Transaction Documents, nor consummation by Seller of the transactions contemplated by the Transaction Documents (or any of them), nor compliance by
Seller with the terms, conditions and provisions of the Transaction Documents (or any of them) will conflict with or result in a breach of any of the terms, conditions or provisions of (i) the 

  
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formation, organizational or other governing 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 are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of the assets of Seller, other than pursuant
to the Transaction Documents, (iii) any judgment or order, writ, injunction, decree or demand of any court applicable to Seller, or (iv) any applicable Requirement of Law. Seller has all necessary licenses, permits and other consents from
Governmental Authorities necessary to acquire, own and sell the Purchased Mortgage Loans and for the performance of its obligations under the Transaction Documents. 

(iv) Litigation: Requirements of Law. Except as otherwise disclosed to Buyer in writing, there is no action, suit,
proceeding, investigation, or arbitration pending or, to the knowledge of Seller, threatened against Seller, Guarantor, Sponsor or any of their respective assets, nor is there any action, suit, proceeding, investigation, or arbitration pending or
threatened against Seller, Guarantor or the Sponsor that would reasonably be expected to result in a Material Adverse Change. Seller is in compliance in all material respects with all Requirements of Law. Seller is not in default in any material
respect with respect to any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or Governmental Authority. 

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

(vi) Good Title to Purchased Mortgage Loans. Immediately prior to the purchase of any Purchased Mortgage Loans by
Buyer from Seller, such Purchased Mortgage Loans are free and clear of any lien, encumbrance or impediment to transfer (including any “adverse claim” as defined in Section 8-102(a)(l) of the UCC),
and Seller is the record and beneficial owner of and has good and marketable title to and the right to sell and transfer such Purchased Mortgage Loans to Buyer and, upon transfer of such Purchased Mortgage Loans to Buyer, Buyer shall be the owner of
such Purchased Mortgage Loans free of any adverse claim but subject to Seller’s rights pursuant to this Agreement. In the event the related Transaction is recharacterized as a secured financing of the Purchased Mortgage Loans, the provisions of
this Agreement are effective to create in favor of Buyer a valid security interest in all rights, title and interest of Seller in, to and under the Collateral and Buyer shall have a valid, perfected first priority security interest in the Purchased
Mortgage Loans. 
 (vii) No Default. No Default or Event of Default exists. 

(viii) Representations and Warranties Regarding Purchased Mortgage Loans; Delivery of Mortgage Loan File.
Seller represents and warrants to Buyer that each Purchased Mortgage Loan sold in a Transaction hereunder, as of each Purchase Date for a Transaction conforms to the applicable representations and warranties set forth in Exhibit VI attached
hereto, except as disclosed to Buyer in writing prior to the related 

  
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Purchase Date for the Transaction in which such Purchased Mortgage Loan is purchased by Buyer and reflected in the related Confirmation. It is understood and agreed that the representations and
warranties set forth in Exhibit VI hereto (subject to any exceptions thereto set forth in the relevant Confirmations), if any, shall survive delivery of the respective Mortgage Loan File to Buyer or its designee (including the Custodian).
With respect to each Purchased Mortgage Loan, the Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents required to be delivered under this Agreement and the Custodial Agreement for such Purchased Mortgage Loan have been
delivered to Buyer or the Custodian on its behalf. Seller or its designee is in possession of a complete, true and accurate Mortgage Loan File with respect to each Purchased Mortgage Loan, except for such documents the originals of which have been
delivered to the Custodian. 
 (ix) Adequate Capitalization: No Fraudulent Transfer. Immediately after giving effect
to each Transaction, Seller has adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations. Seller is generally able to pay, and as of the date
hereof is paying, and intends to continue paying its debts as they come due. Seller is neither presently financially insolvent nor will Seller be made insolvent by virtue of Seller’s execution of or performance under any of the Transaction
Documents or Mortgage Loan Purchase Documents within the meaning of the bankruptcy laws or the insolvency laws of any jurisdiction. Seller has not entered into any Transaction Document, the Mortgage Loan Purchase Documents or any Transaction
pursuant thereto in contemplation of insolvency or with intent to hinder, delay or defraud any creditor. 
 (x)
Consents. No consent, approval or other action of, or filing by Seller with, any Governmental Authority or any other Seller Party is required to authorize, or is otherwise required in connection with, the execution, delivery and performance
of any of the Transaction Documents (other than consents, approvals and filings that have been obtained or made, as applicable). 

(xi) Ownership. Seller does not have any stockholders, partner, members or other holders of ownership interests other
than Guarantor. Set forth on Exhibit IX attached hereto is a true, complete and correct ownership chart for the Seller and Guarantor. 

(xii) Organizational Documents. Seller has delivered to Buyer certified copies of its formation, organizational and
other governing documents, together with all amendments thereto, if any. 
 (xiii) 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 Mortgage Loans, (ii) no agreements on the part of Seller to issue, sell or distribute the
Purchased Mortgage Loans, and (iii) no obligations on the part of Seller (contingent or otherwise) to purchase, redeem or otherwise acquire any securities or any interest therein or to pay any dividend or make any distribution in respect of the
Purchased Mortgage Loans. 

  
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 (xiv) Investment Company Act 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. 

(xv) 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 other than any such taxes, assessments, fees, or other governmental charges that are being contested in good faith by appropriate proceedings diligently conducted and for
which appropriate reserves have been established in accordance with GAAP; no tax liens have been filed against any of Seller’s assets and, to Seller’s knowledge, no claims are being asserted with respect to any such taxes, fees or other
charges which is not being contested in good faith as provided above. 
 (xvi) ERISA Compliance. (a) None of the
Seller nor any ERISA Affiliate has established, maintains, contributes to, or has any liability (contingent or otherwise) with respect to, any Pension Plan; (b) the underlying assets of each of Seller, Guarantor and Sponsor have not and do not
constitute Plan Assets; and (c) assuming that no portion of the assets used by Buyer in connection with the transactions contemplated under the Transaction Documents constitutes the assets of any “employee benefit plan” (within
the meaning of Section 3(3) of ERISA) that is subject to Title I of ERISA or a “plan” within the meaning of Section 4975 of the Code, none of the transactions contemplated under
the Transaction Documents constitutes a “non-exempt prohibited transaction” under Section 4975(c)(1)(A), (B), (C) or (D) of the Code or Section 406(a) of ERISA
that could subject Seller to any tax, penalty, damages or any other claim or relief under the Code or ERISA. 
 (xvii)
Judgments/Bankruptcy. There are no judgments against the Seller Parties that are, 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 any Seller
Party or Sponsor. 
 (xviii) Full and Accurate Disclosure. No information with respect to any Seller Party, contained
in the Transaction Documents, or any written statement furnished by or on behalf of any Seller Party 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. 

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

  
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 (xx) Notice Address; Jurisdiction of Organization Location of Books and
Records. Seller’s jurisdiction of organization is the Cayman Islands. The location where the Seller keeps its books and records, including all computer tapes and records relating to the Collateral, is its notice address reflected in Annex
I. 
 (xxi) Anti-Corruption Laws; Sanctions; Anti-Terrorism Laws. 

(a) The Seller Parties, Sponsor, and their respective Affiliates, officers and employees and to the knowledge of the Seller,
its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of the Seller Parties, Sponsor, any Affiliate or to the knowledge of the Seller any of their respective directors, officers
or employees is a Sanctioned Person. The Facility, use of the proceeds of the Facility or other transactions contemplated hereby will not violate any Anti-Corruption Laws or applicable Sanctions. 

(b) Neither the making of the facility hereunder nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading
with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor
stature thereto or successor statute thereto. The Seller Parties, Sponsor and their respective Affiliates are in compliance in all material respects with the PATRIOT Act. 

(xxii) Purchased Mortgage Loans Acquired from Transferors. With respect to each Purchased Mortgage Loan purchased by
Seller or an Affiliate of Seller, (a) such Purchased Mortgage Loan was Conveyed pursuant to a purchase agreement or assignment (“Purchase Agreement”) between Seller or such Affiliate and the transferor of such Purchased
Mortgage Loan (“Transferor”) pursuant to which Seller or such Affiliate purchased or acquired an Eligible Mortgage Loan that is subsequently sold to Buyer, (b) such Transferor received reasonably equivalent value in
consideration for the Conveyance of such Purchased Mortgage Loan, (c) no such Conveyance was made for or on account of an antecedent debt owed by such Transferor to Seller or such Affiliate, (d) no such Conveyance is or may be voidable or
subject to avoidance under the Bankruptcy Code, and (e) if Seller acquired the Purchased Mortgage Loan from an Affiliate, to the extent required by Buyer, Seller shall have delivered to Buyer on or before the related Purchase Date an opinion of
counsel regarding the true sale of the purchase of such Purchased Mortgage Loan by Seller and, if such Purchased Mortgage Loan was acquired by Seller’s Affiliate from another Affiliate, the true sale of the purchase of the Asset by the
Affiliate of Seller from the transferor Affiliate, which opinions shall be in form and substance satisfactory to Buyer. To the extent Seller and/or such Affiliate of Seller have been granted a security interest in each such Purchased Mortgage Loan,
Seller or such Affiliate shall have filed one or more UCC financing statements against the Transferor to perfect such security interest and assigned such financing statements in blank and delivered such assignments to Buyer or Custodian. 

  
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 (xxiii) Hazardous Substances. No Seller Party: (a) has received any
notice or other communication or otherwise learned of any Environmental Liability that would individually or in the aggregate reasonably be expected to have a material adverse effect arising in connection with: (i) any non-compliance with or violation of the requirements of any Environmental Law by an Underlying Obligor, or any permit issued under any Environmental Law to such Underlying Obligor; or (ii) the release or
threatened release of any Hazardous Material into the environment; and (b) to its knowledge, has threatened or actual liability in connection with the release or threatened release of any Hazardous Material into the environment that could,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. 
 (xxiv) Cash Management
Account. Seller has the legal right to pledge the Cash Management Account to Buyer. The funds held in the Cash Management Account are not held for the benefit of a third party, other than Buyer and there are no liens or encumbrances with respect
to the Cash Management Account other than the liens granted under the Transaction Documents. 
 (c) On the Purchase Date for any Transaction,
Seller shall be deemed to have made all of the representations set forth in Section 9(b) of this Agreement as of such Purchase Date. 
 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 (and with respect to subsection (o) below, shall not permit Sponsor or any Affiliate of Sponsor to) without the prior written consent of Buyer: 

(a) take any action that would directly or indirectly impair or adversely affect Buyer’s title to the Purchased Mortgage Loans; 

(b) transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of, or pledge or hypothecate, directly or
indirectly, any interest in the Purchased Mortgage Loans (or any of them) or Hedging Transactions to any Person other than Buyer, or engage in repurchase transactions or similar transactions with respect to the Purchased Mortgage Loans (or any of
them) with any Person other than Buyer; 
 (c) create, incur or permit to exist any Lien in or on the Purchased Mortgage Loans, except as
described in Section 6 of this Agreement other than Permitted Encumbrances; 
 (d) create, incur or permit to exist
any Lien in or on any of the other Collateral subject to the security interest granted by Seller pursuant to Section 6 of this Agreement other than Permitted Encumbrances; 

  
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 (e) modify or amend in any material respect, or terminate the Seller Operating Agreement or any
other organizational documents of Seller; provided that, any modification or amendment to the Special Purpose Provisions shall be deemed material; 

(f) change its name, organizational number, tax identification number, method of accounting, identity, structure or jurisdiction of
organization; 
 (g) consent or assent to any amendment, modification or supplement to, or termination of any Mortgage Note, the Mortgage
Loan Agreement, any Mortgage or guaranty relating to the Purchased Mortgage Loans or other material agreement or instrument relating to the Purchased Mortgage Loans, other than Permitted Purchased Mortgage Loan Modifications; 

(h) enter into forbearance agreements relating to any Purchased Mortgage Loan; 

(i) permit Guarantor to cease to own and control, of record and beneficially, directly or indirectly, 100% of each class of the outstanding
Capital Stock of Seller; 
 (j) after the occurrence and during the continuation of (1) any monetary or material non-monetary Default, make any Distribution except to the extent necessary in order to preserve Sponsor’s status as a real estate investment trust or (2) any Event of Default or Margin Call, make any
Distribution; 
 (k) contract, create, incur, assume or permit to exist any Investments, except to the extent arising under this Agreement or
the Transaction Documents; provided, however, that Seller shall not be in breach of this provision to the extent that Seller acquires or originates an Eligible Mortgage Loan under its good faith belief that such Eligible Mortgage Loan will become a
Purchased Mortgage Loan; 
 (l) file a financing statement in which the Seller is the debtor (as opposed to the secured party), or an
amendment or termination statement with respect to a financing statement in which the Seller is the debtor and the Buyer is the secured party; 

(m) enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind-up of
dissolve itself (or suffer any liquidation, winding-up or dissolution), or discontinue its business or engage in any other business other than the business of acquiring or originating Eligible Mortgage Loans,
or sell all or substantially all of its assets; 
 (n) Seller will not request any Transaction, and shall not use, and the Seller shall
ensure that the Seller and its respective directors, officers, employees and agents acting or benefiting in any capacity in connection with the Transactions shall not use, the proceeds or permit the use of any proceeds of the Transactions to be
used, directly or indirectly (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or (ii) in any
manner that would result in the violation of any applicable Sanctions; 

  
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 (o) (i) establish, maintain, contribute to, or incur any liability (contingent or otherwise) or
with respect to, any Pension Plan; (ii) take any action that would cause its underlying assets to constitute Plan Assets; (iii) if any Seller Party intends to qualify as an Operating Company change its Annual Valuation Period without
giving prior written notice to Buyer; and (iv) assuming that no portion of the assets used by Buyer in connection with the transactions contemplated by the Transaction Documents constitutes the assets of any “employee benefit plan”
(within the meaning of Section 3(3) of ERISA) that is subject to Title I of ERISA or a “plan” within the meaning of Section 4975 of the Code take any action, or omit to take any action, that would give rise to a “non-exempt prohibited transaction” under Section 4975(c)(1)(A), (B), (C) or (D) of the Code or Section 406(a) of ERISA and would subject Buyer to any tax, penalty,
damages or any other claim or relief under the Code or ERISA; 
 (p) except for Permitted Purchased Mortgage Loan Modifications, amend,
modify, supplement or terminate the Mortgage Loan Purchase Documents or waive any term or provision thereof; or 
 (q) enter into any
acknowledgement or agreement that gives any other Person or entity (except Buyer) control over, or any other security interest, lien or title in, the Cash Management Account. 

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 shall observe the following covenants: 

(a) Seller shall promptly notify Buyer of any event and/or condition of which it has knowledge that, in Seller’s commercially reasonable
judgment, could reasonably be expected to have a Material Adverse Change; provided, however, that nothing in this Section 11 shall relieve Seller of its obligations under this Agreement. 

(b) Seller shall provide Buyer with copies of such documents as Buyer may request evidencing the truthfulness of the representations set forth
in Section 9. 
 (c) Seller (1) shall defend the right, title and interest of Buyer in and to the Collateral
against, and take such other action as is necessary to remove, Liens, claims and demands of all Persons (other than security interests by or through Buyer) and (2) shall, at Buyer’s request, take all actions necessary to ensure that Buyer
will have a first priority security interest in the Purchased Mortgage Loans subject to any of the Transactions in the event such Transactions are recharacterized as secured financings. 

(d) Seller shall notify Buyer and the Depository of the occurrence of any Default or Event of Default with respect to Seller as soon as
possible but in no event later than the second (2nd) Business Day after obtaining actual knowledge of such event. 
 (e) With respect to each
Purchased Mortgage Loan, Seller shall provide evidence of any Hedging Transaction. Seller shall not amend, modify, grant any waiver, consent to any departure, terminate or fail to keep in full force and effect, each interest rate protection
agreement relating to a Hedging Transaction. 

  
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 (f) Seller shall promptly (and in any event not later than two (2) Business Days after
obtaining actual knowledge) deliver notice to Buyer of the occurrence of (i) any default under any material agreement, contract or other instrument to which Seller, Guarantor or Sponsor is a party; provided that with respect to Guarantor and
Sponsor the default in question is in excess of $10,000,000, and with respect to Seller, the default in question is in excess of $500,000, or any acceleration of the maturity of any material indebtedness owing by Seller, Guarantor or Sponsor,
provided that with respect to Guarantor and Sponsor the material indebtedness is in excess of $10,000,000, and with respect to Seller, the material indebtedness is in excess of $500,000, (ii) the commencement of, and any material determination in,
any litigation with any third party or any proceeding before any Governmental Authority affecting any Seller Party that, if adversely determined, could reasonably be expected to result in a Material Adverse Change to a Seller Party, (iii) any
written notice of the occurrence of a default or an event of default received or sent by Seller pursuant to the Mortgage Loan Documents, (iv) any written notice of any Environmental Complaint or any claim, demand, action, event, condition,
report or investigation indicating any potential or actual liability arising in each case with regard to a Purchased Mortgage Loan in connection with: (a) the non-compliance with or violation of the
requirements of any Environmental Law or any permit issued under any Environmental Law; or (b) the release or threatened release of any Hazardous Material into the environment; (c) the existence of any Environmental Lien on any Mortgaged
Property or assets of such Underlying Obligor; (d) any material remedial action taken by any Underlying Obligor in response to any order, consent decree or judgment of any Governmental Authority or any Environmental Liability; or (e) the
listing of any of such Mortgaged Properties on CERCLIS to the extent that such Seller obtains knowledge of such listing, (v) a Material Condemnation or Material Damage or Destruction to any Mortgaged Property; (vi) any other information
with respect to the Purchased Mortgage Loans as may be reasonably requested by Buyer from time to time, (vii) any principal prepayment (in full or partial) of any Purchased Mortgage Loan, or (viii) any event or circumstance which causes a
Purchased Mortgage Loan to become an Impaired Asset. 
 (g) Seller shall provide such information and take such actions as are reasonably
requested by Buyer in order to assist Buyer in maintaining compliance with the PATRIOT Act. In connection with the foregoing, Seller shall promptly notify Buyer of the admission of any new additional members, partners, shareholders or other holders
(other than Affiliates of Seller or Manager) of an indirect ownership interest in Seller of greater than twenty-five percent (25%) except to the extent that such interests are obtained through a public market offering (including an IPO Transaction)
or secondary market trading. Notwithstanding the foregoing to the contrary, Seller may not admit any additional members, partners, shareholders or other holders of an indirect interest in Seller if such admission would result in a Change of Control.

 (h) Seller shall permit Buyer or its designated representative to inspect Seller’s records with respect to the Collateral and the
conduct and operation of its business related thereto upon reasonable prior written notice from Buyer or its designated representative, at such reasonable times and with reasonable frequency, and to make copies of extracts of any and all thereof.

 (i) If Seller shall at any time become entitled to receive or shall receive any rights, whether in addition to, in substitution of, as a
conversion of, or in exchange for the Purchased Mortgage Loans, or otherwise in respect thereof, Seller shall accept the same as Buyer’s agent, hold the same in trust for Buyer and deliver the same forthwith to Buyer in the exact form received,
duly endorsed by Seller to Buyer, if required,. If any sums of money or property so paid or distributed in respect of the Purchased Mortgage Loans shall be received by Seller, Seller shall, until such money or property is paid or delivered to Buyer,
hold such money or property in trust for Buyer, segregated from other funds of Seller, as additional collateral security for the Transactions. 

  
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 (j) At any time from time to time upon request of Buyer, at the sole expense of Seller, Seller
will promptly and duly execute and deliver such further instruments and documents and take such further actions as Buyer may reasonably request for the purposes of obtaining or preserving the full benefits of this Agreement including the first
priority security interest granted hereunder and of the rights and powers herein granted (including, among other things, filing such UCC financing statements as Buyer may reasonably request). If any amount payable under or in connection with any of
the Collateral shall be or become evidenced by any subsequent promissory note, other instrument, negotiable document, certificated security or chattel paper, such note, instrument, document, security or chattel paper shall be immediately delivered
to Buyer, duly endorsed in a manner satisfactory to Buyer, to be held as Collateral pursuant to this Agreement, and the documents delivered in connection herewith. Seller hereby irrevocably authorizes Buyer at any time and from time to time to file
in any filing office in any jurisdiction any initial financing statements and amendments thereto that (1) indicate the Collateral (i) as all assets of Seller or words of similar effect, regardless of whether any particular asset comprised
in the Collateral falls within the scope of Article 9 of the UCC or such jurisdiction, or (ii) as being of an equal or lesser scope or with greater detail, and (2) contain any other information required by part 5 of Article 9 of the UCC
for the sufficiency or filing office acceptance of any financing statement or amendment, including (i) whether Seller is an organization, the type of organization and any organization identification number issued to Seller, and (ii) in the
case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted collateral or timber to be cut, a sufficient description of real property to which the Collateral relates.
Seller agrees to furnish any such information to Buyer promptly upon request. Seller also ratifies its authorization for Buyer to have filed in any jurisdiction any initial financing statements or amendments thereto if filed prior to the date
hereof. 
 (k) Seller shall provide, and shall cause Guarantors to provide, to Buyer the following financial and reporting information: 

(i) Within sixty (60) days after the last day of each calendar quarter, Guarantors’ unaudited consolidated statements
of income for such quarter and balance sheet as of the end of such quarter (which statements and balance sheets shall separately break out the statements of income and balance sheets of the Seller and Guarantor); 

(ii) Within ninety (90) days after the last day of its fiscal year, Guarantors’ audited consolidated statements
(which statements and balance sheets shall separately break out the statements of income and changes in cash flow for Guarantor), in each case presented fairly in accordance with GAAP, and accompanied, in all cases, by an unqualified report of a
nationally recognized independent certified public accounting firm consented to by Buyer; 

  
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 (iii) Within sixty (60) days after the last day of each calendar quarter, in
conjunction with the delivery of the financial statements required to be delivered pursuant to Section 11(k)(i) and Section 11(k)(ii), an officer’s certificate from Seller and Guarantor in the form attached hereto as Exhibit
VII, signed by the chief financial officer or authorized representative of Seller and Guarantor, as applicable, addressed to Buyer certifying that, as of such date and as of the end of such prior calendar quarter, (x) Seller and Guarantor
are in compliance with all of the terms, conditions and requirements of this Agreement, the Guaranty, and the Transaction Documents, no (1) Margin Deficit or (2) Default or Event of Default exists (except as may be specified in such
certificate) with calculations reflecting the Debt Yield and LTV of each of the Purchased Mortgage Loans as of the last day of the prior calendar quarter and (y) a list of all Purchased Mortgage Loans that are part of the Facility and the
applicable Repurchase Price therefor; 
 (iv) Upon request from Buyer, any and all property level financial information with
respect to the Purchased Mortgage Loans that is in the possession or control of Seller or an Affiliate, or such other information as may be mutually determined and agreed upon in writing by both Buyer and Seller, including, without limitation, rent
rolls, operating statements, income statements and Seller’s quarterly asset summaries; and 
 (v) such other information
regarding the financial condition, operations, business or cash flow of Seller and Guarantor as Buyer may reasonably request to determine (i) compliance with any covenant set forth in this Agreement or any Transaction Document, (ii) the
existence of a Default or Event of Default or (iii) the existence of any Margin Deficit. 
 (l) Seller shall at all times comply in all
material respects with all Requirements of Law (including, without limitation, all Environmental Laws, Anti-Corruption Laws and applicable Sanctions); shall do or cause to be done all things reasonably necessary to preserve and maintain in full
force and effect its legal existence, and all licenses material to its business. 
 (m) Seller shall at all times keep proper books of
records and accounts in which full, true and correct entries shall be made of its transactions in accordance with GAAP and set aside on its books from its earnings for each fiscal year all such proper reserves in accordance with GAAP. 

(n) Seller shall observe, perform and satisfy all the terms, provisions, covenants and conditions required to be observed, performed or
satisfied by it, and shall pay when due all costs, fees and expenses required to be paid by it, under the Transaction Documents. Seller shall pay and discharge all taxes, levies, liens and other charges on its assets and on the Collateral that, in
each case, in any manner would create any lien or charge upon the Collateral, except for any such taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves
have been provided in accordance with GAAP. 
 (o) Seller will maintain records with respect to the Collateral and the conduct and operation
of its business with no less a degree of prudence than if the Collateral were held by Seller for its own account and will furnish Buyer, upon request by Buyer or Buyer’s designated representative, with information reasonably obtainable by
Seller with respect to the Collateral and the conduct and operation of its business. 

  
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 (p) Intentionally Omitted. 

(q) Seller shall provide Buyer with access to operating statements, the occupancy status and other property level information, with respect to
the Mortgaged Properties, plus any such additional reports as Buyer may reasonably request. 
 (r) Within ten (10) days of an Appraisal
Trigger Event, the Seller (or, at its discretion, the Buyer) will, if requested by Buyer, retain an Appraiser to prepare an Appraisal of the related Mortgaged Property (or, with respect to an Appraisal Trigger Event caused by a Default or Event of
Default, such Mortgaged Properties requested by the Buyer). Such Appraisal shall be delivered to the Buyer within forty-five (45) days of the retention of such Appraiser; provided that if in the Buyer’s judgment such Appraiser and the
Seller are working diligently on the preparation and completion of the Appraisal, the Seller shall have an additional ten (10) days to deliver such Appraisal, unless such ten (10) day period in otherwise extended in Buyer’s sole and
absolute discretion. 
 (s) No part of the Purchase Price will be used, directly or indirectly and whether immediately, incidentally or
ultimately, for any purpose that violates or that is inconsistent with, the provisions of the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U or X. Neither the consummation of the Transactions
hereunder nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading with the Enemy Act, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or
any enabling legislation or executive order relating thereto or successor statute thereto. 
 (t) Seller shall not replace any Independent
Director except in accordance with the Seller Operating Agreement and without at least thirty (30) days prior written notice to Buyer. 

(u) If requested by Buyer, Seller shall provide Buyer information reasonably acceptable to Buyer relating to any Hedging Transactions. 

(v) Until such time as Buyer has exercised its remedies pursuant to Section 14(iii) of this Agreement during the continuance of an Event
of Default, Seller shall observe and perform the obligations imposed upon Seller under the Mortgage Loan Purchase Documents and shall enforce the terms, covenants and conditions contained in the Mortgage Loan Purchase Documents to be observed or
performed by the Underlying Obligors thereunder. 
 (w) In the event Depository is removed, replaced or resigned; Seller shall enter into an
account control agreement with respect to the Cash Management Account in form and substance reasonably acceptable to Buyer. 
 (x) Seller
shall promptly deliver to Buyer copies of (i) reservation of rights letters entered into in connection with a Purchased Mortgage Loan, (ii) forbearance agreements entered into in connection with a Purchased Mortgage Loan or (iii) any
other material notices sent to Mortgagor under any Purchased Mortgage Loan. 

  
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 12. SPECIAL-PURPOSE ENTITY 

Seller hereby represents and warrants to Buyer, and covenants with Buyer, that as of the date hereof and so long as any of the Transaction
Documents shall remain in effect that it shall be a Special-Purpose Entity and that: 
 (a) It is, as of each Purchase Date, and intends to
remain solvent and it has paid and will pay its debts and liabilities (including employment and overhead expenses) from its own assets as the same shall become due. 

(b) It has complied and will comply with the provisions of its incorporation, organizational and other governing documents, including the
Seller Operating Agreement. 
 (c) It has done or caused to be done and will do all things necessary to observe applicable entity formalities
and to preserve its existence. 
 (d) It has maintained and will maintain all of its books, records, financial statements and bank accounts
separate from those of its Affiliates, its members, partners, shareholders, owners and any other Person, (except to the extent consolidation of financial statements is required under GAAP or as a matter of law) and it will file its own tax returns
to the extent required by law. 
 (e) It has been, is and will be, and at all times will hold itself out to the public as, a legal entity
separate and distinct from any other entity (including any Affiliate), shall correct any known misunderstanding regarding its status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates as
a division or part of the other, shall maintain and utilize separate stationery, invoices and checks, and shall pay to any Affiliate that incurs costs for office space and administrative services that it uses, the amount of such costs allocable to
its use of such office space and administrative services. 
 (f) It has not owned and will not own any property or any other assets other
than Purchased Mortgage Loans, the Funding Account, the Cash Management Account, cash and its interest under any associated Hedging Transactions and the Transaction Documents; provided, however, that Seller shall not be in breach of this provision
to the extent that Seller acquires or originates an Eligible Mortgage Loan under its good faith belief that such Eligible Mortgage Loan will become a Purchased Mortgage Loan. 

(g) It has not engaged and will not engage in any business other than the acquisition, ownership, financing and disposition of the Purchased
Mortgage Loans and associated Hedging Transactions in accordance with the applicable provisions of the Transaction Documents; provided, however, that Seller shall not be in breach of this provision to the extent that Seller acquires or originates an
Eligible Mortgage Loan under its good faith belief that such Eligible Mortgage Loan will become a Purchased Mortgage Loan. 
 (h) It has not
entered into, and will not enter into, any contract or agreement with any of its Affiliates, except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an
arm’s-length basis with Persons other than such Affiliate. 

  
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 (i) It has not incurred and will not incur any indebtedness or obligation, secured or unsecured,
direct or indirect, absolute or contingent (including guaranteeing any obligation), other than (A) obligations under the Transaction Documents and the Mortgage Loan Documents and (B) unsecured trade payables, in an aggregate amount not to
exceed $100,000 at any one time outstanding, incurred in the ordinary course of acquiring, owning, financing and disposing of the Purchased Mortgage Loans; provided, however, that any such trade payables incurred by Seller shall be paid within 30
days of the date incurred. 
 (j) It has not made and will not make any loans or advances to any other Person, other than Eligible Mortgage
Loans that are part of the Purchased Mortgage Loans, and shall not acquire obligations or securities of any member or any Affiliate of any member (other than other than Eligible Mortgage Loans that are part of the Purchased Mortgage Loans) or any
other Person; provided, however, that Seller shall not be in breach of this provision to the extent that Seller acquires or originates an Eligible Mortgage Loan under its good faith belief that such Eligible Mortgage Loan will become a Purchased
Mortgage Loan. 
 (k) It will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and
character and in light of its contemplated business operations; provided, however, that this shall not require any equity party to contribute capital to Seller. 

(l) It will not commingle its funds and other assets with those of any of its Affiliates or any other Person. 

(m) It has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify
its individual assets from those of any of its Affiliates or any other Person. 
 (n) It has not held and will not hold itself out to be
responsible for the debts or obligations of any other Person. 
 (o) It shall not take, and shall not permit its members to take any of the
following actions: (i) dissolve or liquidate, in whole or in part; (ii) consolidate or merge with or into any other entity or, except as permitted by this Agreement convey or transfer all or substantially all of its properties and assets
to any entity; (iii) without the affirmative unanimous consent of all the directors of the board of directors of Seller and each Independent Director, institute any proceeding to be adjudicated as bankrupt or insolvent, or consent to the
institution of bankruptcy or insolvency proceedings against it, or file a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or consent to the filing of any such petition or to the appointment of a receiver,
rehabilitator, conservator, liquidator, assignee, trustee or sequestrator (or other similar official) or Seller or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, or make an assignment for the
benefit of creditors, or admit in writing its inability to pay its debts generally as they become due, or take any action in furtherance of any of the foregoing; or (iv) allow Guarantor to withdraw as the sole equity owner of Seller. 

(p) It has conducted and shall conduct its business consistent with the requirements of being a Special-Purpose Entity. 

  
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 (q) It shall not have any employees. 

(r) It shall at all times maintain at least one Independent Director. For so long as the Seller’s obligations under this Agreement and the
other Transaction Documents are outstanding, Seller shall not take any of the actions contemplated by Section 12(o) above (including when applicable without the affirmative vote of each Independent Director). 

(s) Upon request by Buyer, it shall promptly amend its formation, organizational and other governing documents to reflect the provisions of
this Section 12. 
 13. EVENTS OF DEFAULT 

With respect to each Transaction, each of the following clauses (i) through (xv) shall constitute an Event of Default under this
Agreement: 
 (i) Seller fails to repurchase a Purchased Mortgage Loan upon the applicable Repurchase Date; 

(ii) Seller fails to comply in all respects with Section 4 hereof (after giving effect to any cure
periods reflected therein); 
 (iii) an Act of Insolvency occurs with respect to Seller, Guarantor, or Sponsor; 

(iv) An executive officer, director or authorized signatory of Seller shall admit in writing to the Buyer its inability to, or
its intention not to, perform any of its obligations hereunder; 
 (v) either (A) the Transaction Documents shall for
any reason not cause, or shall cease to cause, Buyer to be the owner free of any Lien or adverse claim of any of the Purchased Mortgage Loans (other than as granted herein), and such condition is not cured by Seller within three (3) Business
Days after obtaining actual knowledge thereof, (B) if a Transaction is recharacterized by a court of competent jurisdiction as a secured financing, the Transaction Documents with respect to any Transaction shall for any reason cease to create a
valid first priority security interest in favor of Buyer in any of the Purchased Mortgage Loans and such condition is not cured by Seller within three (3) Business Days after obtaining actual knowledge thereof, or (C) any Transaction
Document shall for whatever reason (other than with the consent of Buyer) be terminated or cease to be in full force and effect, or the enforceability thereof shall be contested by any Seller Party or Sponsor; 

(vi) in the event that a default or breach occurs under any Hedging Transaction on the part of Seller or any of its Affiliates
that results in the early termination of such Hedging Transaction or otherwise is not cured within the cure period for such default or breach provided under the terms and conditions of such Hedging Transaction; 

  
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 (vii) failure of Buyer to receive on any Remittance Date the accreted value of
the Price Differential (less any amount of such Price Differential previously paid by Seller to Buyer) (including, without limitation, in the event the Income paid or distributed on or in respect of the Purchased Mortgage Loan into the Cash
Management Account is insufficient to make such payment and Seller does not make such payment or cause such payment to be made); provided, however, that such failure shall not be an Event of Default if sufficient Income is on deposit in the Cash
Management Account so long as Seller causes such funds to be remitted to Buyer within one (1) Business Day of such failure; 

(viii) failure of Buyer to receive the Repurchase Price (or any portion thereof) for any Purchased Mortgage Loans, the
Transaction Fee, the Extension Fee or the Due Diligence Fee, on the date the same is due under this Agreement (whether on the Repurchase Date, Early Repurchase Date or otherwise as provided herein); 

(ix) failure of Seller to make any other payment (i.e., a payment of a type not specified in any other clause of this
Section 13) owing to Buyer that has become due, whether by acceleration or otherwise under the terms of this Agreement which failure is not remedied within five (5) Business Days after written notice from Buyer to
Seller (in the case of any other such failure); 
 (x) any Governmental Authority shall have taken any action to remove,
limit, restrict, suspend or terminate the rights, privileges, or operations of Seller or Guarantor, that results or could be reasonably expected to result in a Material Adverse Change; 

(xi) Buyer shall have determined in its sole but good faith judgment that a Material Adverse Change has occurred which, with
respect to clause (b) through (e) of the definition of Material Adverse Change, remains uncured within three (3) Business Days after the earlier of (i) written notice from Buyer to Seller that a Material Adverse Change has occurred or
(ii) Seller obtaining knowledge of the occurrence of such Material Adverse Change; 
 (xii) a Change of Control shall
have occurred; 
 (xiii) [Reserved] 

(xiv) any representation, warranty or certification made or deemed made herein or, in any other Transaction Document made by a
Seller Party or in any certificate furnished to Buyer pursuant to the provisions hereof or thereof (other than the representations and warranties of Seller set forth in Exhibit VI and Section 9(b)(viii)) shall have been incorrect or untrue
(but not intentionally incorrect or untrue) in any material respect when made or repeated or deemed to have been made or repeated which incorrect or untrue representation is not cured within thirty (30) days of the earlier of (i) the
receipt of notice by such Seller Party and (ii) the obtaining of actual knowledge by such Seller Party; provided, however, that if such default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and
provided further that Seller shall have commenced to cure such default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as
is reasonably necessary for Seller, in the exercise of due diligence, to cure such default, such additional period not to exceed sixty (60) days; 

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

(xvi) a final judgment by any competent court in the United States of America for the payment of money in an amount greater
than $500,000 (in the case of Seller) or $10,000,000 (in the case of Guarantor or Sponsor) shall have been rendered against Seller, and remained undischarged or unpaid for a period of forty-five (45) days, during which period execution of such
judgment is not effectively stayed or bonded; 
 (xvii) if Seller shall breach or fail to perform any of the terms,
covenants, obligations or conditions of this Agreement, other than as specifically otherwise referred to in this definition of “Event of Default”, and such breach or failure to perform is not remedied within five (5) Business Days
after notice thereof to Seller from Buyer or its successors or assigns or, as to any breach or failure to perform which by its nature cannot be remedied with the payment of money and which is capable of being cured within thirty (30) days after
the occurrence such breach or failure but not within five (5) Business Days, such longer period of time as is reasonably necessary to effectuate a cure, not to exceed forty-five (45) days after notice of such breach or failure is given to
Seller by Buyer, so long as Seller is diligently acting to remedy such breach or failure during such period of cure; 

(xviii) Seller, Sponsor or any other Seller Party shall have defaulted or failed to perform under any other note, indenture,
loan agreement, guaranty, swap agreement or any other contract, agreement or transaction to which it is a party, which default (A) involves the failure to pay a matured obligation in excess of $500,000 in the case of Seller or $10,000,000 in
the case of Guarantor or Sponsor, or (B) permits the acceleration of the maturity of obligations in excess of $500,000, in the case of Seller, or $10,000,000, in the case of Guarantor or Sponsor, by any other party to or beneficiary of such
note, indenture, loan agreement, guaranty, swap agreement or other contract agreement or transaction; provided, however, that any such default, failure to perform or breach shall not constitute an Event of Default if Seller, Guarantor or Sponsor, as
the case may be, cures such default, failure to perform or breach, as the case may be, within the grace period, if any, provided under the applicable agreement, or Seller, Guarantor or Sponsor; admits in writing to Buyer or in any legal proceeding
its inability to pay its debts as they become due; or 
 (xix) if a receiver, liquidator or trustee shall be appointed for
Seller, Guarantor or Sponsor, or if Seller, Guarantor or Sponsor shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law,
shall be filed by or against, consented to, or acquiesced in by Seller, Guarantor or Sponsor, or if any proceeding for the dissolution or liquidation of Seller, Guarantor or Sponsor shall be instituted; provided, however, if such appointment,
adjudication, petition or proceeding was involuntary and not consented to by Seller, Guarantor or Sponsor, upon the same not being discharged, stayed or dismissed within sixty (60) days. 

  
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 14. REMEDIES 

If an Event of Default shall occur and be continuing, the following rights and remedies shall be available to Buyer: 

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

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

 

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

 

	 	(B)	to the extent permitted by applicable law, the Repurchase Price with respect to each Transaction (determined as of the Accelerated Repurchase Date) shall be increased by the aggregate amount obtained by daily
application of, on a 360 day per year basis for the actual number of days during the period from and including the Accelerated Repurchase Date to but excluding the date of payment of the Repurchase Price (as so increased), (x) the Pricing Rate for
such Transaction multiplied by (y) the Repurchase Price for such Transaction (decreased by (I) any amounts actually remitted to Buyer by the Depository or Seller from time to time pursuant to Section 5 of this
Agreement and applied to each Repurchase Price, and (II) any amounts applied to the Repurchase Price pursuant to Section 14(iii) of this Agreement); and 

 

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

 

	 	(D)	Buyer may terminate this Agreement. 

 (iii) Buyer may, in its sole discretion
(A) immediately sell, at a public or private sale at such price or prices as Buyer may deem satisfactory any or all of the Purchased Mortgage Loans or (B), in lieu of selling all or a portion of such Purchased Mortgage Loans, hold such
Purchased Mortgage Loans for its own account and elect to give credit for such Purchased Mortgage Loan in an amount equal to the Market Value of such Purchased Mortgage Loans at the time of such election against the aggregate unpaid

  
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Repurchase Price for such Purchased Mortgage Loans and any other amounts owing by Seller under the Transaction Documents. The proceeds of any disposition of Purchased Mortgage Loans afer
Buyer’s exercise of remedies pursuant to this Section 14(iii) shall be applied against the aggregate unpaid Repurchase Price for such Purchased Mortgage Loans and any other amounts owing by Seller under the Transaction Documents in
accordance with Section 5(e) hereof. 
 (iv) The parties recognize that it may not be possible to purchase or sell all
of the Purchased Mortgage Loans on a particular Business Day or in a transaction with the same purchaser, or in the same manner because the market for such Purchased Mortgage Loans may not be liquid. In view of the nature of the Purchased Mortgage
Loans, the parties agree that liquidation of a Transaction or the Purchased Mortgage Loans does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially reasonable
manner. Accordingly, Buyer may elect, in its sole discretion, the time and manner of liquidating any Purchased Mortgage Loans, and nothing contained herein shall (A) obligate Buyer to liquidate any Purchased Mortgage Loans on the occurrence and
during the continuance of an Event of Default or to liquidate all of the Purchased Mortgage Loans in the same manner or on the same Business Day or (B) constitute a waiver of any right or remedy of Buyer. 

(v) Seller shall be liable to Buyer for (A) the amount of all expenses, including reasonable legal fees and expenses,
actually incurred by Buyer in connection with or as a consequence of an Event of Default, (B) all costs incurred in connection with Hedging Transactions, and (C) any other actual, out-of-pocket loss, damage, cost or expense directly arising or resulting from the occurrence of an Event of Default with respect to Seller. 

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

(vii) Buyer may exercise any or all of the remedies available to Buyer immediately upon the occurrence of an Event of Default
and at any time during the continuance thereof. All rights and remedies arising under the Transaction Documents, as, restated, supplemented and/or otherwise modified and in effect from time to time, are cumulative and not exclusive of any other
rights or remedies that Buyer may have. 

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

(x) Buyer shall not be required to make any demand upon, or pursue or exhaust any of its rights or remedies against, Seller,
any other obligor, guarantor, pledgor or any other Person with respect to the payment of the obligations of Seller hereunder or to pursue or exhaust any of its rights or remedies with respect to any Collateral therefor or any direct or indirect
guarantee thereof. Buyer shall not be required to marshal the Collateral or any guarantee of the obligations of Seller hereunder or to resort to the Collateral or any such guarantee in any particular order, and all of its rights hereunder or under
any other document or instrument executed in connection herewith shall be cumulative. To the extent it may lawfully do so, Seller absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against
Buyer, any valuation, stay, appraisement, extension, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral
made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Agreement, or otherwise. 

(xi) Seller hereby appoints Buyer as
attorney-in-fact of Seller for the purpose, after the occurrence and during the continuance of an Event of Default, of carrying out the provisions of this Agreement and
taking any action and executing or endorsing any instruments that Buyer may deem necessary or advisable to accomplish the purposes hereof, which appointment as
attorney-in-fact is irrevocable and coupled with an interest. 

(xii) Buyer, by entering into the Transactions, shall not have, does not assume and shall have no obligation to make any
advances, “future advances” or other additional advances of loan proceeds under any of the Purchased Mortgage Loans, all of which obligations shall be retained by Seller and fully and timely performed by Seller. Notwithstanding the
foregoing or anything to the contrary contained in this Agreement, upon Buyer’s exercise of remedies pursuant to Section 14(iii) of this Agreement following an Event of Default, Buyer will be deemed to have simultaneously assumed all of
Seller’s obligations under the Purchased Mortgage Loans. 
 15. NOTICES AND OTHER COMMUNICATIONS 

All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective for all purposes
if hand delivered or sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery service, either commercial or United States Postal
Service, with proof of attempted delivery, or (d) by telecopier (with answerback acknowledged) provided that such telecopied notice must also be delivered by one of the means set forth in (a), 

  
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(b) or (c) above, to the address specified in Annex I hereto or at such other address and person as shall be designated from time to time by any party hereto, as the case may be, in a
written notice to the other parties hereto in the manner provided for in this Section 15, or (e) by email (with confirmation of receipt by the receiving party); provided that, other than email notices with
respect to communications under this Agreement related to (1) deliveries in connection with Buyer due diligence inspections of the Eligible Mortgage Loans, (2) requests for Transactions (including Subsequent Purchases), (3) notices of
partial prepayments or Margin Excess Requests (4) the delivery of Confirmations, (5) notices of early repurchases and (6) deliveries of financial statements or other reporting required under this Agreement, which will not require any
further notice upon confirmation of receipt by the receiving party, such email notice must also be delivered by one of the means set forth in this Section 15 to the address specified in Annex I hereto or at such
other address and person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section 15. A notice shall be
deemed to have been given: (a) in the case of hand delivery, at the time of delivery, (b) in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day, (c) in the case of expedited
prepaid delivery upon the first attempted delivery on a Business Day, or (d) in the case of telecopier, upon receipt of answerback confirmation, provided that such telecopied notice was also delivered as required in this
Section 15, and (e) in the case of email, upon delivery, provided that such emailed notice was also delivered as may be otherwise required in this Section 15. A party receiving a notice which
does not comply with the technical requirements for notice under this Section 15 may elect to waive any deficiencies and treat the notice as having been properly given. 

16. SINGLE AGREEMENT 
 Seller acknowledges
that Buyer has entered into this Agreement 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, 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 Buyer shall be entitled to set off claims and apply property held by it in respect of any Transaction against obligations owing to it in respect of any other Transactions hereunder and (iii) that
payments, deliveries and other transfers made by Buyer 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. 
 17. INTENTIONALLY OMITTED. 

18. ASSIGNABILITY 
 (a) The rights and
obligations of Seller under the Transaction Documents and under the Transactions shall not be assigned by Seller without the prior written consent of Buyer. Notwithstanding anything to the contrary herein, Buyer hereby acknowledges and agrees that
an IPO Transaction with respect to Sponsor and/or Guarantor shall not be construed as an assignment prohibited by this Section 18(a). 

  
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 (b) Buyer shall be entitled at Buyer’s sole cost and expense to assign all or a portion of
its rights and obligations under the Transaction Documents and/or under any Transaction to any Person. In addition, Buyer shall have the right, at Buyer’s sole cost and expense, at any time (i) to participate, syndicate or securitize all
or any portion of its interest in the Transaction Documents or under any Transaction, (ii) to cause the Transaction Documents to be split into senior and one or more participation interests in whatever proportion Buyer deems, and (iii) to
create one or more senior and subordinate obligations (i.e., an A/B or A/B/C structure) or multiple tranches of obligations, and thereafter to sell, assign, participate, syndicate or securitize all or any part of any variant of the Transaction
Documents; provided, however, that any of the foregoing shall be effectuated in a manner which shall not affect the aggregate Price Differential, Repurchase Date or other economic terms hereof and shall not materially increase or decrease the
obligations and liabilities, or rights, of Seller hereunder. Notwithstanding the foregoing to the contrary, Buyer agrees that, so long as an Event of Default has not occurred and is continuing, it shall not assign its rights and obligations under
the Transaction Documents and/or under any Transaction to a Prohibited Assignee, any Affiliate of an Underlying Obligor with respect to any Purchased Mortgage Loans or to any Person that is not a Qualified Transferee. In the event that Buyer
assigns, sells, participates, syndicates or securitizes less than all of its interests in the Transaction Documents or under any Transaction, Buyer shall (i) remain the agent for all matters involving the Facility and the administration thereof
and Seller shall only be required to deal with Buyer and (ii) shall hold no less than $25,000,000 of the Facility Amount. 
 (c) Subject
to the foregoing, the Transaction Documents and any Transactions shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. Nothing in the Transaction Documents, express or implied, shall give to
any Person, other than the parties to the Transaction Documents and their respective successors, any benefit or any legal or equitable right, power, remedy or claim under the Transaction Documents. 

(d) Buyer shall maintain a copy of each assignment and a register for the recordation of the names and addresses of assignees and the amounts
(and stated interest) owing to, each Buyer, applicable Lending Installation or assignee pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the
Buyer, Seller and any applicable Lending Installation shall treat each person whose name is recorded in the Register pursuant to the terms hereof as a Buyer or applicable Lending Installation hereunder for all purposes of this Agreement. No
assignment, sale, negotiation, pledge, hypothecation or other transfer of any part of any person’s interest hereunder shall be effective or permitted under this Agreement until such person’s name and address has been registered in the
Register. The Register shall be available for inspection by Seller and Buyer and any applicable Lending Installation or assignee, at any reasonable time and from time to time upon reasonable prior notice. 

(e) If Buyer sells a participation, it shall, acting solely for this purpose as an agent of the Seller, maintain a register on which it enters
the name and address of each participant (a “Participant”) and the principal amounts (and stated interest) of each Participant’s interest in this Agreement and other Transaction Documents (the “Participant
Register”); provided that Buyer shall not have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any
commitments, loans, letters of credit or its other obligations under any Transaction Document) to 

  
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any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations promulgated under the Code. The entries in the Participant Register shall be conclusive absent manifest error, and Buyer shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

19. 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. 
 20. GOVERNING LAW; CONSENT TO
JURISDICTION; WAIVER OF JURY TRIAL 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 (B) EACH PARTY IRREVOCABLY AND UNCONDITIONALLY (I) SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK COUNTY, 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. 

(c) THE PARTIES HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING AND IRREVOCABLY CONSENT TO THE SERVICE OF ANY SUMMONS AND COMPLAINT AND ANY OTHER PROCESS BY THE MAILING OF COPIES OF SUCH PROCESS TO THEM AT THEIR RESPECTIVE ADDRESS SPECIFIED HEREIN. THE PARTIES HEREBY
AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS SECTION 20 SHALL
AFFECT THE RIGHT OF BUYER TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF BUYER TO BRING ANY ACTION OR PROCEEDING AGAINST SELLER OR ITS PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. 

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

21. NO RELIANCE 
 Each of Buyer and Seller
hereby acknowledges, represents and warrants to the other that, in connection with the negotiation of, the entering into, and the performance under, the Transaction Documents and each Transaction thereunder: 

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

(b) it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent that it has
deemed necessary, and it has made its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and
not upon any view expressed by the other party; 
 (c) it is a sophisticated and informed Person that has a full understanding of all the
terms, conditions and risks (economic and otherwise) of the Transaction Documents and each Transaction thereunder and is capable of assuming and willing to assume (financially and otherwise) those risks; 

(d) it is entering into the Transaction Documents and each Transaction thereunder for the purposes of managing its borrowings or investments or
hedging its underlying assets or liabilities and not for purposes of speculation; and 
 (e) it is not acting as a fiduciary or financial,
investment or commodity trading advisor for the other party and has not given the other party (directly or indirectly through any other Person) any assurance, guaranty or representation whatsoever as to the merits (either legal, regulatory, tax,
business, investment, financial accounting or otherwise) of the Transaction Documents or any Transaction thereunder. 
 22. INDEMNITY 

Seller hereby agrees to indemnify Buyer, Buyer’s successors and assigns, Buyer’s designee and each of its officers, directors,
employees and agents (collectively, “Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, fees, actual out-of-pocket costs and expenses (including, without limitation reasonable attorney’s fees and disbursements of outside counsel) or disbursements (all of the foregoing, collectively “Indemnified
Amounts”) that may at any time (including, without limitation, such time as this Agreement shall no longer be in effect and the Transactions shall have been repaid in full) be imposed on or asserted against any Indemnified Party in any way

  
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whatsoever arising out of or in connection with, or relating to, this Agreement or any Transactions thereunder or any action taken or omitted to be taken by any Indemnified Party under or in
connection with any of the foregoing; provided, that Seller shall not be liable for Indemnified Amounts resulting from the gross negligence or willful misconduct of any Indemnified Party. Without limiting the generality of the foregoing,
Seller agrees to hold Indemnified Parties harmless from and indemnify the Indemnified Parties against all Indemnified Amounts with respect to all Purchased Mortgage Loans relating to or arising out of any violation or alleged violation of any
Environmental Law, rule or regulation or any consumer credit laws, including without limitation ERISA, the Truth in Lending Act and/or the Real Estate Settlement Procedures Act, that, in each case, results from anything other than Indemnified
Parties’ gross negligence or willful misconduct. In any suit, proceeding or action brought by Indemnified Parties in connection with any Purchased Mortgage Loan for any sum owing thereunder, or to enforce any provisions of any Purchased
Mortgage Loan, Seller will save, indemnify and hold Indemnified Parties harmless from and against all actual out-of-pocket expense (including, without limitation,
reasonable attorneys’ fees and expenses of outside counsel), 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 Indemnified Parties as and when billed by Buyer for all Buyer’s actual out-of-pocket costs and expenses incurred in connection with
the enforcement or the preservation of Buyer’s rights under this Agreement or any Transaction contemplated hereby, including without limitation the reasonable fees and disbursements of its outside counsel. Seller hereby acknowledges that, the
obligations of Seller hereunder are a recourse obligation of Seller. This Section 22 shall not apply with respect to Taxes other than Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 23. DUE DILIGENCE 

Seller acknowledges that Buyer has performed due diligence reviews, and has the right to perform continuing due diligence reviews with respect
to the Purchased Mortgage Loans, for purposes of verifying compliance with the representations, warranties and specifications made hereunder, or otherwise. Seller agrees that upon reasonable prior notice to Seller, Buyer or Buyer’s authorized
representatives will be permitted during normal business hours to examine, inspect, and make copies and extracts of, the Mortgage Loan Files, Servicing Records and any and all documents, records, agreements, instruments or information relating to
such Purchased Mortgage Loans in the possession or under the control of Seller, any other servicer or subservicer and/or the Custodian. Seller also shall make available to Buyer a knowledgeable financial or accounting officer for the purpose of
answering questions respecting the Mortgage Loan Files and the Purchased Mortgage Loans. Without limiting the generality of the foregoing, Seller acknowledges that Buyer may enter into Transactions with Seller based solely upon the information
provided by Seller to Buyer and the representations, warranties and covenants contained herein, and that Buyer, at its option, has the right at any time, either itself or through its authorized representative, to conduct a partial or complete due
diligence review on some or all of the Purchased Mortgage Loans. Buyer may underwrite such Purchased Mortgage Loans itself or engage a third party underwriter to perform such underwriting. Seller agrees to reasonably cooperate with Buyer and any
third party underwriter in connection with such underwriting, 

  
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including, but not limited to, providing Buyer and any third party underwriter with commercially reasonable access to any and all documents, records, agreements, instruments or information
relating to such Purchased Mortgage Loans in the possession, or under the control, of Seller. Seller further agrees that Seller shall reimburse Buyer for any and all actual
out-of-pocket costs and expenses incurred by Buyer in connection with Buyer’s due diligence reviews with respect to the Purchased Mortgage Loan incurred pursuant to
this Section 23, including, without limitation, reasonable attorneys’ fees and expenses of outside counsel subject, however, to any limitations on Due Diligence Fees as set forth in the Fee Letter. 

24. SERVICING 
 (a) Notwithstanding the
purchase and sale of the Purchased Mortgage Loans hereby, unless an Event of Default shall have occurred and is continuing, Seller and Buyer shall cause the Purchased Mortgage Loans to be serviced for the benefit of Buyer pursuant to the Servicing
Agreement and, if Buyer shall exercise its rights to pledge or hypothecate the Purchased Mortgage Loans prior to the Repurchase Date pursuant to Article 8, Buyer’s assigns. Notwithstanding the use of expressions such as “Repurchase
Date”, “Repurchase Price”, “margin” and “substitution”, which are used to reflect terminology used in the market for transactions of the kind provided for in this Agreement, it is hereby expressly acknowledged that
the Servicing Rights relating to each Mortgage Loan purchased by Buyer hereunder are sold, assigned, and transferred by Seller to Buyer along with such Mortgage Loan. Notwithstanding the foregoing and anything to the contrary herein, Buyer hereby
grants to Seller a revocable option (a “Revocable Option”) to direct Buyer with respect to the exercise of all voting and corporate rights with respect to each Purchased Mortgage Loan and to vote, take corporate actions, service and
exercise any rights in connection with each Purchased Mortgage Loan including the effectuation of Permitted Purchased Mortgage Loan Modifications, if applicable. Seller agrees and acknowledges that Buyer may, at any time during the continuance of an
Event of Default, terminate the aforementioned grant to Seller and grant, transfer, assign or sell the right to service each Purchased Mortgage Loan to another Person at such time and on such date as Buyer may determine in its sole discretion. Upon
the occurrence and during the continuation of an Event of Default, Buyer shall be entitled to exercise all voting and corporate rights with respect to the Purchased Mortgage Loans without regard to Seller’s instructions (including, but not
limited to, if an Act of Insolvency shall occur with respect to Seller, to the extent Seller controls or is entitled to control selection of the special servicer, Buyer may transfer such special servicing to an entity satisfactory to Buyer). Seller
shall provide Buyer with prompt notice of Seller’s effectuation of any Permitted Purchased Mortgage Loan Modification. The grant to Seller of the right to service the Purchased Mortgage Loans as aforesaid is at will and Buyer may terminate the
grant at any time, with or without cause. The Revocable Option is deemed terminated at the end of each calendar month; provided, however, that so long as no Event of Default exists, it will be automatically extended for an additional calendar month
unless Seller and Servicer receive written notice from Buyer to the contrary. In the event Servicer is Seller or an Affiliate of Seller, all servicing accounts relating to the Purchased Mortgage Loans shall be held at U.S. Bank National Association.
Pursuant to the Revocable Option and provided no Default or Event of Default exists, Seller shall, through the Servicing Agreement participate in all dealings with (i) the holder of the senior portion related to any Purchased Mortgage Loan,
(ii) loan administration and routine lender approval requests and (iii) the Underlying Obligors with respect to any Purchased Mortgage Loan. Notwithstanding anything contained in this 

  
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Agreement to the contrary, Seller shall not without the express written consent of Buyer: (i) take any action that would constitute a Material Purchased Mortgage Loan Modification other than
Permitted Purchased Mortgage Loan Modifications or; (ii) take any action to foreclose on or take title (or cause Buyer to take title) to any Mortgaged Property securing a Purchased Mortgage Loan and/or enforce any remedies with respect to any
Purchased Mortgage Loan provided that the foregoing shall not restrict Seller from issuing “reservation of rights” letters or “pre-negotiation letters” with respect to any Purchased
Mortgage Loan, provided such “pre-negotiation letters” do not contain any (i) forbearance provisions or (ii) any provision that would otherwise constitute a Material Purchased Mortgage Loan
Modification. 
 (b) Seller agrees that Buyer is the owner of all servicing records, including but not limited to any and all Servicing
Agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating to or
evidencing the servicing of Purchased Mortgage Loans (the “Servicing Records”) so long as the Purchased Mortgage Loans are subject to this Agreement. Seller grants Buyer a security interest in all servicing fees and rights relating
to the Purchased Mortgage Loans and all Servicing Records to secure the obligation of Seller or its designee to service in conformity with this Section 24 and any other obligation of Seller to Buyer subject to the Servicing
Agreement. Seller covenants to safeguard such Servicing Records and to deliver them promptly to Buyer or its designee (including the Custodian) at Buyer’s request. 

(c) Upon the occurrence and during the continuance of an Event of Default, Buyer may, in its sole discretion, (i) sell its right to the
Purchased Mortgage Loans on a servicing released basis or (ii) terminate each Servicer or any sub-servicer of the Purchased Mortgage Loans with or without cause, in each case without payment of any
termination fee. Notwithstanding any provision of this Agreement to the contrary, upon the occurrence of an Event of Default, Buyer shall have sole control over all decisions, approvals or determinations made with respect to the servicing and
administration of the Purchased Mortgage Loans and the exercise of all rights and remedies with respect to the Purchased Mortgage Loans and the related loan and securitization documents evidencing and securing the Purchased Mortgage Loans. 

(d) Seller shall not employ sub-servicers to service the Purchased Mortgage Loans other than as set
forth in the Servicing Agreement without the prior written approval of Buyer. 
 (e) The payment of servicing fees to Seller or any Affiliate
of Seller shall be subordinate to payment of the Facility Obligations. 
 (f) Upon the failure of any Mortgagor or other Underlying Obligor
under any Purchased Mortgage Loan to make any required payment of principal, interest or other amounts due under such Purchased Mortgage Loan, or otherwise to perform fully any material covenants or other obligations under any of the related loan
documents, in either case within any applicable grace period, Seller shall promptly notify Buyer. Except as otherwise provided in written instructions delivered to Seller by Buyer, Seller shall not obtain or cause Buyer to obtain title to any
Mortgaged Property or other collateral securing such Purchased Mortgage Loan as a result or in lieu of foreclosure or otherwise, and shall not otherwise acquire possession of, or take other action with respect to, any Mortgaged Property or other
collateral directly or indirectly securing 

  
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such Purchased Mortgage Loan, if, as a result of any such action, Buyer would be considered to hold title to, to be a “mortgagee in possession” of, or to be an “owner” or
“operator” of, such Mortgaged Property or other collateral directly or indirectly securing such Purchased Mortgage Loan within the meaning of any federal, state or local law, rule, regulation or statute (including, without limitation, any
Environmental Laws) or a “discharger or responsible party” thereunder. In the event that title to any of the Mortgaged Properties or other collateral securing such Purchased Mortgage Loan is acquired by Buyer or Persons designated by Buyer
or by a third party at a foreclosure or trustee’s sale, the servicing rights of Seller with respect to such Purchased Mortgage Loan granted by Buyer hereunder shall terminate, unless Buyer shall have agreed or directed in writing that Seller
shall continue to perform servicing with respect to any such Mortgaged Property or other collateral. 
 25. MISCELLANEOUS 

(a) Time is of the essence under the Transaction Documents and all Transactions thereunder and all references to a time shall mean New York
time in effect on the date of the action unless otherwise expressly stated in the Transaction Documents. 
 (b) All rights, remedies and
powers of Buyer 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 Buyer whether under law, equity or agreement. In addition to
the rights and remedies granted to it in this Agreement, Buyer shall have all rights and remedies of a secured party under the UCC. 
 (c)
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 

(d) The headings in the Transaction Documents are for convenience of reference only and shall not affect the interpretation or construction of
the Transaction Documents. 
 (e) Without limiting the rights and remedies of Buyer under the Transaction Documents, Seller shall pay
Buyer’s reasonable out-of-pocket costs and expenses, including appraisal fees, reasonable fees and expenses of accountants, attorneys and advisors, incurred in
connection with the preparation, negotiation, syndication, participation, execution and consummation of, and any amendment, supplement or modification to, the Transaction Documents and the Transactions thereunder. Seller agrees to pay Buyer on
demand all costs and expenses (including reasonable expenses for legal services of every kind) of any subsequent enforcement of any of the provisions hereof, or of the performance by Buyer of any obligations of Seller in respect of the Purchased
Mortgage Loans, or any actual or attempted sale, or any exchange, enforcement, collection; compromise or settlement in respect of any of the Collateral and for the custody, care or preservation of the Collateral (including insurance costs) and
defending or asserting rights and claims of Buyer in respect thereof, by litigation or otherwise. In addition, Seller agrees to pay Buyer on demand all reasonable costs and expenses (including reasonable expenses for legal services) incurred in
connection with the maintenance of the Cash Management Account and registering the Collateral in the name of Buyer or its nominee. Furthermore, Buyer shall have the right to require Seller to order or shall itself have the right to

  
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order (in its discretion) an Appraisal of any Mortgaged Property securing a Purchased Mortgage Loan (i) no more than once in any twelve (12) month period at Seller’s expense, to
determine whether such Purchased Mortgage Loan is an Impaired Asset, (ii) if Buyer determines that a Material Adverse Change has occurred, (iii) if Seller or Guarantor have ordered an appraisal of such Mortgaged Property that does not meet
the defined term “Appraisal”, (iv) if an event of default has occurred under the terms of the Mortgage Loan Documents for such Mortgaged Property, (v) an Event of Default hereunder has occurred, (vi) when the terms of the
Mortgage Loan Documents for such Purchased Mortgage Loan requires an appraisal to be ordered and (vii) for any Purchased Mortgage Loan remaining on the Facility during the First Extension Period and Second Extension Period, as applicable, but
(1) only if the most recent Appraisal thereby is dated more than six (6) months prior to the commencement of the First Extension Period or Second Extension Period, as applicable or (2) the material assumptions contained in the most
recent Appraisal have changed (each of the foregoing, an “Appraisal Trigger Event”) and, in all cases, Seller agrees to pay Buyer’s out-of-pocket
costs and expenses for such Appraisal promptly upon demand; provided, however, that notwithstanding anything to the contrary, so long as no Event of Default has occurred and is continuing, Seller shall not be required to obtain or to
pay Buyer’s costs or expenses for more than two (2) Appraisals in any twelve (12) month period with respect to any Purchased Mortgage Loan, and any Appraisals in excess thereof shall be obtained at Buyer’s sole cost and expense.
All such expenses of Seller shall be recourse obligations of Seller to Buyer under this Agreement. 
 (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) Intentionally
Omitted. 
 (h) 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. 

(i) 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. 

(j) 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. 

  
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 (k) Any notice, acknowledgment, statement or certificate (including, without limitation, any
Confirmation) given by Buyer to Seller shall be effective as, and shall be deemed to be, a notice, acknowledgment, statement or certificate given to Seller. Buyer may, without necessity of any inquiry, rely solely upon any notice, acknowledgment,
statement or certificate of any of (1) Seller or (2) any authorized representative of Seller set forth on Exhibit II or otherwise designated by Seller from time to time. Any disbursements of funds to Seller provided for in
Article 5 of this Agreement or otherwise in this Agreement or the Transaction Documents shall be deemed properly made to Seller if disbursed to Seller or its designee. 

26. INTENT 
 (a) Buyer and Seller intend
(a) for each Transaction to qualify for the safe harbor treatment provided by the Bankruptcy Code and for Buyer to be entitled to all of the rights, benefits and protections afforded to Persons under the Bankruptcy Code with respect to a
“securities contract” as defined in Section 741(7) of the Bankruptcy Code and that payments under this Agreement are deemed “margin payments” or “settlement payments,” as defined in Section 101 of the
Bankruptcy Code, (b) for the grant of a security interest set forth in Section 6 to also be a “securities contract” as defined in Section 741(7)(A)(xi) of the Bankruptcy Code, and (c) that Buyer (for so
long as Buyer is a “financial institution,” “financial participant” or other entity listed in Section 555, 559 or 362(b)(6) of the Bankruptcy Code) shall be entitled to the “safe harbor” benefits and protections
afforded under the Bankruptcy Code with respect to a “securities contract,” including (x) the rights, set forth in Article 14 and in Section 555, 559 and 561 of the Bankruptcy Code, to liquidate, terminate and accelerate the
Purchased Mortgage Loans and terminate this Agreement, and (y) the right to offset or net out as set forth in herein and in Section 362(b)(6) of the Bankruptcy Code. 

(b) Buyer and Seller acknowledge and agree that Buyer’s right to liquidate, terminate and accelerate Purchased Mortgage Loans delivered to
it in connection with Transactions hereunder or to exercise any other remedies pursuant to Article 14 and as otherwise provided in the Transaction Documents is a contractual right to liquidate such Transactions as described in
Section 555, 559 and 561 of the Bankruptcy Code. 
 (c) Buyer and Seller acknowledge and agree that if either Buyer or Seller is an
“insured depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term is defined in
FDIA and any rules, orders or policy statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 

(d) Buyer and Seller acknowledge and agree 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, as amended (“FDICIA”), and each payment entitlement and payment obligation under any Transaction 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).
Buyer and Seller expressly represent, warrant, acknowledge and agree that this Agreement constitutes a “master netting agreement,” as defined in Section 101(38A) of the Bankruptcy Code. 

  
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 (e) The parties intend and acknowledge that this Agreement is (i) a “repurchase
agreement” as that term is defined in Section 101(47) of the Bankruptcy Code, (ii) a “securities contract” as that term is defined in Section 741(7) of the Banktrupcty Code, and and (iii) indebtedness for U.S.
federal income tax purposes. 
 27. CHANGE IN CIRCUMSTANCES 

(a) Taxes. 

(i) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(A) Any and all payments by or on account of any Facility Obligation of Seller or Guarantor hereunder or under any other
Transaction Document shall be made free and clear of and without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of Buyer) require the deduction or
withholding of any Tax from any such payment by Buyer, Seller; or Guarantor, then Buyer, Seller, or Guarantor shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to
subsection (v) below. 
 (B) If Seller, Guarantor or Buyer shall be required by the Code to withhold or deduct any
Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then: (1) Buyer shall withhold or make such deductions as are determined Buyer to be required based on any applicable Laws; (2) Buyer
shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code; and (3) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by Seller
or Guarantor shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section) the applicable Recipient receives an amount
equal to the sum it would have received had no such withholding or deduction been made. 
 (C) If Seller, Guarantor or Buyer
shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then: (1) Seller, Guarantor or Buyer, as required by such Laws, shall withhold or make such deductions as are determined by it to be
required based upon any applicable Laws; (2) Seller, Guarantor or Buyer, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws; and
(3) to the extent that the withholding or 

  
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deduction is made on account of Indemnified Taxes, the sum payable by the Seller or Guarantor shall be increased as necessary so that after any required withholding or the making of all required
deductions (including deductions applicable to additional sums payable under this Section (a)) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(ii) Payment of Other Taxes by Seller or Guarantor. Without limiting or duplicating the provisions of
subsection (i) above, Seller or Guarantor shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of Buyer, timely reimburse it for the payment of, any Other Taxes. 

(iii) Tax Indemnifications. 

Seller and Guarantor shall, and each does hereby, indemnify each Recipient, and shall make payment in respect thereof within ten (10) days
after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted
from a payment to such Recipient and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of any such payment or liability delivered to Seller and Guarantor by Buyer, shall be conclusive absent manifest error. 

(iv) Evidence of Payments. Upon request by Seller, Guarantor or Buyer, as the case may be, after any payment of Taxes by
Seller, Guarantor or Buyer to a Governmental Authority as provided in this Section, Seller or Guarantor shall deliver to Buyer or Buyer shall deliver to Seller or Guarantor, as the case may be, the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to Seller, Guarantor or Buyer, as the case may be. 

(v) Status of Buyer; Tax Documentation. 

(a) If Buyer, any Recipient or any Person that acquires the rights and obligations of Buyer under this Agreement is entitled to
an exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document, the Buyer or such Person shall deliver to Seller, Guarantor or Buyer, at the time or times reasonably requested by Seller, Guarantor or
Buyer, such properly completed and executed documentation reasonably requested by Seller, Guarantor or Buyer as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, Buyer or any Person that
acquires the rights and obligations of Buyer under this Agreement, if reasonably requested by Seller, Guarantor or Buyer, shall deliver such other documentation prescribed by applicable law or reasonably requested by Seller, Guarantor or Buyer as
will enable Seller, Guarantor or Buyer to 

  
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determine whether or not such Person is subject to backup withholding or other withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than any such documentation set forth in subsection (b) hereof) shall not be required if in the Buyer or such Person’s reasonable judgment such completion,
execution or submission would subject Buyer or such Person to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of Buyer or such Person. 

(b) Without limiting the generality of the foregoing, if Seller or Guarantor is a U.S. Person: 

(A) any Person that acquires the rights and obligations of Buyer under this Agreement that is a U.S. Person shall deliver to
Seller, Guarantor and Buyer on or prior to the date on which such Person becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of Seller, Guarantor or Buyer), executed originals of IRS Form W-9 certifying that Buyer is exempt from U.S. federal backup withholding tax; 
 (B) any
Foreign Buyer shall, to the extent it is legally entitled to do so, deliver to Seller, Guarantor and Buyer (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Buyer becomes a party under
this Agreement (and from time to time thereafter upon the reasonable request of Seller, Guarantor and Buyer), whichever of the following is applicable: 

(a) in the case of a Foreign Buyer claiming the benefits of an income tax treaty to which the United States is a party:
(x) with respect to payments of interest under any Transaction Document, executed originals of IRS Form W-8BEN or W-8BEN-E
(as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty; and (y) with respect to any other applicable payments under any Transaction Document,
IRS Form W-8BEN or W-8BEN-E (as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “business profits” or “other income” article of such tax treaty; 
 (b) executed
originals of IRS Form W-8ECI; 

  
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 (c) in the case of a Foreign Buyer claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code; (x) a certificate substantially in the form of Exhibit XI to the effect that such Foreign Buyer is not a “bank” within the meaning of Section 881(c)(3)(A) of
the Code, a “10 percent shareholder” of Seller or Guarantor within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a
“U.S. Tax Compliance Certificate”); and (y) executed originals of IRS Form W-8BEN or W-8BEN-E (as
applicable); or 
 (d) to the extent a Foreign Buyer is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form
W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit XI-A or Exhibit XI-B, IRS Form W-9, or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Buyer is a partnership and one or more direct
or indirect partners of such Foreign Buyer are claiming the portfolio interest exemption, such Foreign Buyer may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit XI-C on
behalf of each such direct and indirect partner; 
 (C) any Buyer shall, to the extent it is legally entitled to do so,
deliver to Seller, Guarantor and Buyer (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Buyer becomes a party under this Agreement (and from time to time thereafter upon the reasonable request
of Seller, Guarantor and Buyer), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation
as may be prescribed by applicable law to permit Seller, Guarantor and Buyer to determine the withholding or deduction required to be made; and 

(D) if a payment made to any Person that acquires the rights and obligations of Buyer under this Agreement would be subject to
U.S. federal withholding Tax imposed by FATCA if such Person were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Person
shall deliver to Seller, Guarantor and Buyer at the time or times prescribed by law and at such time or times reasonably requested by Seller, Guarantor or Buyer such documentation prescribed by applicable law (including as prescribed by Section
1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably 

  
 86 

 
requested by Seller, Guarantor or Buyer as may be necessary for Seller, Guarantor and Buyer to comply with their obligations under FATCA and to determine that such Person has complied with such
Person’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this
Credit Agreement. 
 (c) Each Recipient agrees that if any form or certification it previously delivered expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification, provide such successor form, or promptly notify the Buyer and Seller in writing of its legal inability to do so. 

(vi) Treatment of Certain Refunds. If any Recipient determines, in its sole discretion, exercised in good faith, that it
has received a refund of any Taxes as to which it has been indemnified by Seller or Guarantor, or with respect to which Seller or Guarantor has paid additional amounts pursuant to this Section, it shall promptly notify Seller of such refund and
promptly pay to Seller or Guarantor, as applicable, an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by Seller or Guarantor under this Section with respect to the Taxes giving rise
to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that Seller or Guarantor, upon the request of such Recipient, agree to repay the amount paid over to any such Seller or Guarantor (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to such Recipient in the event such Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the
applicable Recipient be required to pay any amount to Seller or Guarantor pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such
Recipient would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This subsection shall not be construed to require the Recipient to make available its tax returns (or any other
information relating to its taxes that it deems confidential) to Seller, Guarantor or any other Person. 
 (vii)
Survival. Each party’s obligations under this Section shall survive the assignment of rights by Buyer, the termination of the Facility and the repayment, satisfaction or discharge of all other Facility Obligations. 

(b) Illegality. If Buyer determines that any Change in Law, or in the interpretation or application thereof shall make it unlawful for
Buyer to effect Transactions as contemplated by the Transaction Documents, (a) the commitment of Buyer hereunder to enter into new Transactions and to continue Transactions as such, or to make any Subsequent Purchase or pay the Supplemental
Purchase Price, shall forthwith be canceled, and (b) the outstanding Transactions shall, at Buyer’s discretion, be converted automatically to Alternative Rate Transactions, for which the Pricing Rate shall be the Alternative Rate, on the
last day of the then current Pricing Rate Period or within such earlier period as may be required by law. If any such 

  
 87 

 
conversion of a Transaction occurs on a day which is not the last day of the then current Pricing Rate Period with respect to such Transaction, Seller shall pay to Buyer such amounts, if any, as
may be required pursuant to this Section 27(b) of this Agreement. Seller shall indemnify Buyer and hold Buyer harmless from any loss or expense (not to include any lost profit or opportunity) (including, without limitation, reasonable
attorneys’ fees and disbursements) which Buyer may sustain or incur as a consequence of (i) default by Seller in terminating any Transaction after Seller has given a notice in accordance with Section 3(h) of a termination of a
Transaction or (ii) default by Seller in selling Eligible Mortgage Loans after Seller has notified Buyer of a proposed Transaction and Buyer has agreed to purchase such Eligible Mortgage Loans in accordance with the provisions of this
Agreement. A certificate as to such costs, losses, damages and expenses, setting forth the calculations therefor shall be submitted promptly by Buyer to Seller and shall be conclusive and binding on Seller in the absence of manifest error, and
Seller shall pay all such amounts to Buyer upon demand thereof; provided, however, that Buyer shall exercise its rights and remedies pursuant to this Section 27(b) in a manner similar to the manner in which Buyer exercises such remedies in
similar agreements with similarly situated counterparties. 
 (c) Inability to Determine Rates. If, prior to the first day of any
Pricing Rate Period with respect to any Transaction, Buyer determines that for any reason that: (a) Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount for the Pricing Rate Period;
(b) adequate and reasonable means do not exist for determining the one-month LIBOR rate for such Pricing Rate Period; or (c) the one-month LIBOR rate for does
not adequately and fairly reflect the cost to Buyer of making or maintaining Transactions or such Pricing Rate Period. Thereafter, the Pricing Rate with respect to such Transaction for such Pricing Rate Period, and for any subsequent Pricing Rate
Period until notice from Buyer has been withdrawn, shall be determined based upon an alternate index selected by Buyer (the “Alternative Rate”), in its sole and absolute discretion, reasonably comparable to that of the one-month LIBOR rate, intended to generate a return substantially the same as that generated by one-month LIBOR rate. 

(d) Increased Costs Generally. If there shall occur any adoption or implementation of, or change to, any Regulation, or
interpretation or administration thereof, which shall have the effect of imposing on Buyer (or Buyer’s holding company) any increase or expansion of or any new: Tax (other than (A) Indemnified Taxes, (B) Taxes in clauses
(b) through (d) of the definition of “Excluded Taxes”, and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto, or reserve, capital adequacy, special deposits or similar requirements against credit extended by, assets of, or deposits with or for the account of Buyer or other conditions affecting the extensions of credit under this
Agreement; then Seller or Guarantor shall pay to Buyer such additional amount as Buyer deems necessary to compensate Buyer for any increased cost to Buyer attributable to the extension(s) of credit under this Agreement and/or for any reduction in
the rate of return on Buyer’s capital and/or Buyer’s revenue attributable to such extension(s) of credit. As used above, the term “Regulation” shall include any federal, state or international law, governmental or
quasi-governmental rule, regulation, policy, guideline or directive (including but not limited to the Dodd Frank Wall Street Reform and Consumer Protection Act and enactments, issuances or similar pronouncements by Buyer for International
Settlements, the Basel Committee on Banking Regulations and Supervisory Practices or any 

  
 88 

 
similar authority and any successor thereto) that applies to Buyer. Buyer determination of the additional amount(s) due under this paragraph shall be binding in the absence of manifest error, and
such amount(s) shall be payable within 15 days of demand and, if recurring, as otherwise billed by Buyer; provided, however, that Buyer shall exercise its rights and remedies pursuant to this Section 27(d) in a manner similar to the manner in
which Buyer exercises such remedies in similar agreements with similarly situated counterparties. 
 (e) Delay in Requests. Failure or
delay on the part of Buyer to demand compensation pursuant to the foregoing provisions of this Section 27 shall not constitute a waiver of Buyer’s right to demand such compensation; except that Seller shall not be
required to pay any amount for which a demand was not made within one year of the date such amount was known to Buyer to be payable hereunder (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the one(1) year period referred to above shall be extended to include the period of retroactive effect thereof).. 
 [Signatures follow on
next page] 

  
 89 

 IN WITNESS WHEREOF, the parties have executed this Master Repurchase and
Securities Contract as of the 31st day of March, 2017. 
  

			
	 BUYER:

	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Thomas R. Salmen

		 	Name: Thomas R. Salmen
		 	Title: Authorized Signatory

 [Signatures continue on the following page.] 

  
 S-1 

			
	 SELLER:

	
	TPG RE FINANCE 14, LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands
		
	By:	 	 /s/ Matthew Coleman

		 	Name: Matthew Coleman
		 	Title: Vice President, Transactions

  
 S-2 

 ANNEX I 

Names and Addresses for Communications between Parties 

Buyer: 
 U.S Bank National Association 

Galleria North Tower I 
 13737 Noel Road, Suite 800 

Dallas, Texas 75240 

			
	Attention:	  	Huvishka Ali and Thomas Salmen
	Telephone No.:	  	(972) ###-####/(612) ###-####
	Facsimile No.:	  	(972) ###-####/(612) ###-####
	Email:	  	huvishka.ali@usbank.com/thomas.salmen@usbank.com

 With copies to: 
 U.S Bank
National Association 
 13737 Noel Road, Suite 800 
 Dallas,
Texas 75240 

			
	Attention:	  	Loan Administration -
		  	Alison Connell/Carolyn Mason
	Telephone No.:	  	(972) ###-####/(972) ###-####
	Facsimile No.:	  	(972) ###-####
	Email:	  	Alison.connell@usbank.com/Carolyn.mason@usbank.com

 With copies to: 
 Haynes
and Boone, LLP 
 30 Rockefeller Plaza, 26th Floor 

New York, New York 10112 

			
	Attention:	  	Michael J. McCarthy, Esq.
	Telephone No.:	  	(212) ###-####
	Facsimile No.:	  	(212) ###-####
	Email:	  	################@haynesboone.com

 Seller: 
 TPG RE Finance
14, Ltd. 
 c/o TPG RE Finance Trust Management, L.P. 
 888
Seventh Avenue, 35th Floor 
 New York, NY 10106 
 Attention:
TRT Asset Management 
 Telephone: (212) ###-#### 

 Email: [*] 
 And

 TPG RE Finance 14, Ltd. 
 c/o TPG RE Finance Trust
Management, L.P. 
 888 Seventh Avenue, 35th Floor 
 New York,
NY 10106 
 Attention: Deborah Ginsberg 
 Telephone: 212-###-#### 
 Email: #########@tpg.com 

And 
 TPG RE Finance 14, Ltd. 

c/o TPG RE Finance Trust Management, L.P. 
 888 Seventh Avenue,
35th Floor 
 New York, NY 10106 
 Attention: Jason Ruckman 

Telephone: (212) ###-#### 

Email: ########@tpg.com 
 With copies to: 

Ropes & Gray LLP 
 1211 Avenue of the Americas 

New York, New York 10036-8704 

			
	Attention:	  	David C. Djaha, Esq.
	Telephone No.:	  	(212) ###-####
	Email:	  	###########@ropesgray.com

 EXHIBIT I 

FORM OF CONFIRMATION 

CONFIRMATION STATEMENT 
 U.S. BANK
NATIONAL ASSOCIATION 
 Ladies and Gentlemen: 

U.S. Bank National Association, is pleased to deliver our written CONFIRMATION of our agreement to enter into the Transaction pursuant
to which U.S. Bank National Association shall purchase from you the Eligible Mortgage Loans identified in this Confirmation, pursuant to the Master Repurchase and Securities Contract between U.S. Bank National Association (the
“Buyer”) and TPG RE Finance 14, Ltd. (“Seller”), dated as of [                    ]     , 2017
(the “Agreement”: capitalized terms used herein without definition have the meanings given in the Agreement), as follows below and on the attached Appendix 1: 

 

			
	Purchase Date:	  	_______________
		
	Repurchase Date:	  	
		
	Purchased Mortgage Loan:	  	As identified on attached Appendix 1
		
	Current Outstanding Principal Balance:	  	
		
	Purchase Price:	  	As identified on attached Appendix 1
		
	 Purchase Price Percentage:
  

Subsequent Advances Remaining:
	  	%
		
	Pricing Rate:	  	One month LIBOR plus [          ]%
		
	Maximum Purchase Price Percentage:	  	
		
	Maximum Advance Amount:	  	
		
	 Maximum Repurchase Price:
  

Increased Facility Amount Under Accordion Feature:
  

Transaction Fee For Increased Facility Amount:
  

Market Value:
  

Debt Yield Threshold:
  

LTV Threshold:
  

Other Covenants (financial or otherwise):
	  	

					
	First Covenant Determination Quarterly Period:1	  	
		  		  	
	Name and address for communications:	  	Buyer:	  	 U.S Bank National Association
 13737 Noel Road,
Suite 800
 Dallas, Texas 75240
 Attention: Huvishka Ali/Thomas
Salmen
 Telephone: (972) ###-####/(612) ###-####

Facsimile No.: (972) ###-####/(612) ###-####

 
 U.S Bank National Association

13737 Noel Road, Suite 800
 Dallas, Texas 75240

Attention: Loan Administration -

                 Alison Connell/Carolyn Mason

Telephone No.: (972) ###-####/

                          
(972) ###-####
 Facsimile No.: (972) ###-####

			
		  	Seller:	  	 TPG RE Finance 14, Ltd.
 c/o TPG RE Finance
Trust Management, L.P.
 888 Seventh Avenue, 35th Floor
 New
York, NY 10106
 Attention: Jason Ruckman
 Telephone: (212) ###-####
 Email: ########@tpg.com
  

And
  

TPG RE Finance 14, Ltd.

c/o TPG RE Finance Trust Management, L.P.

888 Seventh Avenue, 35th Floor

New York, NY 10106

Attention: Ryan Roberto

Telephone: (212) ###-####

Email: ########@tpg.com
  

And

 

  

	1 	Date to be inserted will be twelve (12) months from the Initial Purchase Date for the Purchased Mortgage Loan that is the subject of this Confirmation. 

					
			
		  		  	 TPG RE Finance 14, Ltd.

c/o TPG RE Finance Trust Management, L.P.

888 Seventh Avenue, 35th Floor

New York, NY 10106

Attention: Robert R. Foley

Telephone: 212-###-####

Email: ######@tpg.com
  

And
  

TPG RE Finance 14, Ltd.

c/o TPG RE Finance Trust Management, L.P.

888 Seventh Avenue, 35th Floor

New York, NY 10106

Attention: Deborah J. Ginsberg

Telephone: (212) ###-####

Email: #########@tpg.com
  

with a copy to:
  

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036-8704

Attention: David C. Djaha, Esq.

Telephone: (212) ###-####

Email: ###########@ropesgray.com

 All of the Transaction Conditions Precedent have been satisfied or, to the extent reflected on Exhibit A to this Confirmation,
waived by Buyer. Any conditions to any such waivers shall be set forth on such Exhibit A. 
 The Mortgage Loan described in Appendix I to this Confirmation
is an Eligible Mortgage Loan and all of the representations and warranties contained in the Repurchase Agreement (excluding those set forth in Exhibit VI to the Repurchase Agreement except with respect to the Purchased Mortgage Loan referenced
herein) are true and correct, subject to any exceptions identified on Appendix I. 
 No Default or Event of Default exists on the date hereof nor will exist
as a result of the Transaction contemplated hereby. 
 After giving effect to such Transaction, the aggregate Maximum Repurchase Price for all Purchased
Mortgage Loans subject to Transactions outstanding does not exceed the Facility Amount. 

 [INSERT INTO CONFIRMATION STATEMENT FOR SUBSEQUENT PURCHASES: In connection with the Subsequent Purchase being
made pursuant to this Confirmation, the undersigned, as a Responsible Officer of Seller and in such capacity and not in any individual capacity, hereby certifies that (a) the related Subsequent Advance [is/was] made in accordance with the terms
of the related Mortgage Loan Documents, (b) Seller has made or will, upon receipt of the Subsequent Purchase Price, contemporaneously make a Subsequent Advance to, at the direction or for the benefit of, the related Mortgagor, (c) the
amount of such Subsequent Advance made or to be made is [$                ], and (d) all conditions precedent to the making of such Subsequent Advance as set forth
in the related Mortgage Loan Documents have been satisfied (without giving effect to any Material Purchased Mortgage Loan Modification made by Seller without Buyer’s consent).] 

			
	U.S. BANK NATIONAL ASSOCIATION

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

			
	
	AGREED AND ACKNOWLEDGED:
	
	TPG RE FINANCE 14, LTD.

			
		
	By:    	 	  

	Its:	 	  

 Appendix 1 to Confirmation 

For each Eligible Mortgage Loan, describe, as applicable: 
  

			
	 (a)    Transaction Name
	 	
		
	 (b)    Borrower Name
	 	
		
	 (c)    Property Type
	 	
		
	 (d)    City, State
	 	
		
	 (e)    Appraised Value
	 	
		
	 (f)     Appraisal Date
	 	
		
	 (g)    Reserved
	 	
		
	 (h)    Current Balance
	 	
		
	 (i)     Current Interest Rate
	 	
		
	 (j)     Note Date
	 	
		
	 (k)    Initial Maturity Date
	 	
		
	 (l)     Extended Maturity Date (if applicable)
	 	
		
	 (m)   Detailed description of any Representation Exceptions (if any) –
describe on separate page and cross-reference the related paragraph numbers in Exhibit VI to the Repurchase Agreement
	 	
		
	 (p)    Purchase Price
	 	
		
	 (q)    Maximum Purchase Price
	 	

 EXHIBIT II 

AUTHORIZED REPRESENTATIVES OF SELLER 
  

			
	 Name
	  	 Specimen Signature

	 Martin Davidson
	  	______________________
		
	 Steven A. Willmann
	  	______________________
		
	 Joann Harris
	  	______________________
		
	 Ken Murphy
	  	______________________
		
	 Matthew Coleman
	  	______________________
		
	 Michael LaGatta
	  	______________________

 EXHIBIT III 

FORM OF CUSTODIAL DELIVERY 

On this          of           ,
20    , TPG RE Finance 14, Ltd. (“Seller”), as Seller under that certain Master Repurchase and Securities Contract, dated as of
[                    ]     , 2017 (the “Repurchase Agreement”) between Seller and U.S. Bank National Association
(“Buyer”), does hereby deliver to U.S. Bank National Association (“Custodian”), as custodian under that certain Custodial Agreement, dated as of
[                    ], 2017 (the “Custodial Agreement”) among Buyer, Seller and Custodian, the Mortgage Loan Files with respect to the
Purchased Mortgage Loans to be purchased by Buyer pursuant to the Repurchase Agreement and identified on Schedule I hereto, which shall be subject to the terms of the Custodial Agreement on the date hereof. 

With respect to the Mortgage Loan Files delivered hereby, for the purposes of issuing the Trust Receipt, the Custodian shall review the
Mortgage Loan Files to ascertain delivery of the documents listed in Section 7(c) to the Repurchase Agreement. 
 Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Custodial Agreement. 
 IN WITNESS WHEREOF, Seller has caused its
name to be signed hereto by its officer thereunto duly authorized as of the day and year first above written. 
  

			
	__________________, a ______________

			
		
	By:	 	  

	Its:	 	  

 EXHIBIT IV 

DUE DILIGENCE CHECKLIST 
 General
Information 
 Asset Summary Report 
 Site Inspection Report

 Maps and Photos 
 Credit Committee Approval (with signatures)

 Borrower/Guarantor/Sponsor Information 
 Credit
Reports 
 Financial Statements & Tax Returns 

Borrower Structure or Org Chart 
 Bankruptcy and Foreclosure
History 
 Property Information 
 Historical Operating
Statements 
 Rent Rolls 
 Budget 

Insurance Review 
 Retail Sales Figures 

Market Survey 
 Evidence of current tax payments 

Statement of Income and Expenses 
 Internal investment committee
memorandum 
 Leasing Information 
 Stacking Plan 

Major Leases 
 Tenant Estoppels 

SNDA’s 
 Third Party Reports 

Appraisals 
 Environmental Site Assessments 

Engineering and Property Condition Reports 
 Seismic Reports 

Title Survey 
 Search Reports 

Other Information 
 Hotel Franchise Compliance Reports

 Hotel Franchise Agreement 
 Hotel Franchise Comfort Letters

 Ground Lease 
 Condominium Documents 

 Evidence of payment of Condominium Association dues 

Management Contract 
 Documentation 

Purchase and Sale Agreement 
 Closing Statement 

Legal Binder 
 Financial Information 

Debt Service Coverage Ratio 
 Debt Yield 

Market Value 
 Net Operating Income 

Net Cash Flow 

 EXHIBIT V 

FORM OF POWER OF ATTORNEY 

“Know All Men by These Presents, that TPG RE Finance 14, Ltd. (“Seller”), does hereby appoint U.S. Bank National
Association (“Buyer”), its attorney-in-fact during the continued existence of an Event of Default under the Master Repurchase Agreement (hereafter
defined) to act in Seller’s name, place and stead in any way which Seller could do with respect to (i) the completion of the endorsements of the Mortgage Notes, the Purchased Mortgage Loans and the Assignments of Mortgages, (ii) the
recordation of the Assignments of Mortgages and other recordable Mortgage Loan Documents and (iii) the enforcement of Seller’s rights under the Purchased Mortgage Loans purchased by Buyer pursuant to the Master Repurchase and Securities
Contract dated as of [                    ]     , 2017 (the “Master Repurchase Agreement”) between Seller and Buyer,
and to take such other steps as may be necessary or desirable to enforce Buyer’s rights against the Purchased Mortgage Loans, the related Mortgage Loan Files and the Servicing Records to the extent that Seller is permitted by law to act through
an agent. Capitalized terms used above that are not defined herein have the meaning assigned them in the Master 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. 

IN WITNESS WHEREOF Seller has caused this Power of Attorney to be executed and Seller’s seal to be affixed this     
day of                    , 2017. 
  

			
	__________________, a ______________

			
		
	By:	 	  

	Its:	 	  

 EXHIBIT VI 

REPRESENTATIONS AND WARRANTIES 

REGARDING EACH INDIVIDUAL PURCHASED MORTGAGE LOAN 
  

	1.	Whole Loan; Ownership of Purchased Mortgage Loans. Each Purchased Mortgage Loan is a whole loan and not a participation interest in a Purchased Mortgage Loan. At the time of the sale, transfer and assignment to
Buyer, 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 Purchased Mortgage Loan free and clear of any and
all liens, charges, pledges, encumbrances, participations, any other ownership interests on, in or to such Purchased Mortgage Loan other than any servicing rights appointment or similar agreement. Seller has full right and authority to sell, assign
and transfer each Purchased Mortgage Loan, and subject to the Seller’s rights pursuant to this Agreement, the assignment to Buyer constitutes a legal, valid and binding assignment of such Purchased Mortgage Loan free and clear of any and all
liens, pledges, charges or security interests of any nature encumbering such Purchased Mortgage Loan. 

  

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

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

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

  

	4.	Mortgage Status; Waivers and Modifications. Since origination and except prior to the Purchase Date by written instruments set forth in the related Mortgage Loan File or as otherwise permitted by this Agreement
(a) the material terms of such Mortgage, Mortgage Note, Purchased Mortgage Loan guaranty, and related Mortgage Loan 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 Mortgaged Property or any portion thereof has been released from the lien of the related Mortgage in any manner which materially interferes with
the security intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and (c) neither the related Mortgagor nor the related guarantor has been released from its material obligations
under the Purchased Mortgage Loan. 

  

	5.	Lien; Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment of Leases and Rents from the Seller constitutes a legal, valid and binding assignment from
the Seller. Each related Mortgage and Assignment of Leases and Rents is freely assignable without the consent of the related Mortgagor. Each related Mortgage is a legal, valid and enforceable first lien on the related Mortgagor’s fee or
leasehold interest in the Mortgaged Property in the principal amount of such Purchased Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined below) and the exceptions set forth in paragraph (6) (each such
exception, a “Title Exception”)), except as the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions) as of origination
was, and as of the Purchase Date, to the 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 (as described below), and, to the Seller’s knowledge and subject to the rights of tenants (as tenants only) (subject to and
excepting Permitted Encumbrances and the Title Exceptions), 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 Uniform Commercial Code (“UCC”) financing statements is required in order to effect such perfection. 

	6.	Permitted Liens; Title Insurance. Each Mortgaged Property securing a Purchased 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 Purchased Mortgage Loan (or with respect to a Purchased 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 Mortgaged Property and condominium declarations; and (f) if the related Purchased Mortgage Loan is cross-collateralized and cross-defaulted with another Purchased Mortgage Loan (each
a “Crossed Purchased Mortgage Loan”), the lien of the Mortgage for another Purchased Mortgage Loan that is cross-collateralized and cross-defaulted with such Crossed Purchased Mortgage Loan, provided that none of which items
(a) through (f), individually or in the aggregate, materially and adversely interferes with the value or current use of the 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 by the Seller thereunder and no claims have been paid thereunder. Neither the Seller, nor to the Seller’s knowledge, any other holder of the Purchased Mortgage Loan, has done, by act or omission, anything
that would materially impair the coverage under such Title Policy. 

  

	7.	Junior Liens. It being understood that B notes secured by the same Mortgage as a Purchased Mortgage Loan are not subordinate mortgages or junior liens, except for any Crossed Purchased Mortgage Loan, there are,
as of origination, and to the Seller’s knowledge, as of the Purchase Date, no subordinate mortgages or junior liens securing the payment of money encumbering the related 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 (5) above), and equipment and other personal property financing). The Seller has no knowledge of any mezzanine debt
secured directly by interests in the related Mortgagor. 

  

	8.	 Assignment of Leases, Rents and Profits. There exists as part of the related Purchased Mortgage Loan File
an Assignment of Leases and Rents(either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions, each related Assignment of Leases and Rents creates a valid first-priority
collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the

	 	
related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the
enforcement thereof may be limited by the Standard Qualifications. The related Mortgage or related Assignment of Leases, Rents and Profits, subject to applicable law, provides that, upon an event of default under the Purchased 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. 

 

	9.	UCC Filings. If the related Mortgaged Property is operated as a hospitality property, the Seller has filed and/or recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, have been
submitted in proper form for filing and/or recording), UCC financing statements in the appropriate public filing and/or recording offices necessary at the time of the origination of the Purchased Mortgage Loan to perfect a valid security interest in
all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal
property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Purchased Mortgage Loan documents or any other personal property leases applicable
to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing, as the case may be. Subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and
enforceable lien and security interest on the items of personalty described above. No representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or
actions other than the filing of UCC financing statements are required in order to effect such perfection. 

  

	10.	Condition of Property. Seller or the originator of the Purchased Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six months of origination of the Purchased Mortgage Loan
and within twelve months of the Purchase Date. 

 An engineering report or property condition assessment was prepared in
connection with the origination of each Purchased Mortgage Loan no more than twelve months prior to the Purchase Date. To the Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of
comparable mortgage loans, as of the Purchase Date, each related Mortgaged Property was free and clear of any material damage (other than (i) any damage or deficiency that is estimated to cost less than $50,000 to repair, (ii) any deferred
maintenance for which escrows were established at origination and (iii) any damage fully covered by insurance) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Purchased Mortgage Loan.

  

	11.	 Taxes and Assessments. All real estate taxes, governmental assessments and other outstanding governmental
charges (including, without limitation, water and sewage charges), or installments thereof, that could be a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the

	 	
Purchase Date have become delinquent in respect of each related 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.

  

	12.	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 Mortgaged Property that would have a material adverse effect on the value, use or operation of the Mortgaged Property. 

 

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

 

	14.	Escrow Deposits. All escrow deposits and payments required to be escrowed with lender pursuant to each Purchased 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 Mortgage Loan Documents
are being conveyed by the Seller to Buyer or its servicer. 

  

	15.	No Holdbacks. The principal balance as of the Initial Purchase Date of the Purchased Mortgage Loan set forth on the Purchased Mortgage Loan Schedule has been fully disbursed as of the Initial Purchase Date and
there is no requirement for future advances thereunder (except (i) in those cases where the full amount of the Purchased 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 Mortgaged Property, the Mortgagor or other considerations determined by Seller to merit such holdback and (ii) as is reflected on the Confirmation
(as reflected in the difference between the Outstanding Principal Balance as of the Initial Purchase Date and the Maximum Advance Amount). 

  

	16.	 Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be,
insured by a property insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting
the requirements of 

	 	
the related Mortgage Loan Documents and having a claims-paying or financial strength rating of any one of the following: (i) at least
“A-:VIII” from A.M. Best Company, (ii) at least “A3” (or the equivalent) from Moody’s Investors Service, Inc. or (iii) at least
“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 (1) the original principal balance of the Purchased Mortgage Loan and (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and
included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with
respect to the related Mortgaged Property. 

 Each related Mortgaged Property is also covered, and required to be covered
pursuant to the related Mortgage Loan Documents, by business interruption or rental loss insurance which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each Purchased Mortgage Loan on a single
asset with a principal balance of $50 million or more, 18 months). 
 If any material part of the improvements, exclusive of a parking
lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, the related Mortgagor is required to maintain insurance in the maximum amount available
under the National Flood Insurance Program. 
 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 Mortgaged
Property is covered, and required to be covered pursuant to the related Mortgage Loan 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 the Seller for loans originated by the Seller lending on the security of property comparable to the related Mortgaged
Property, and in any event not less than $1 million per occurrence and $2 million in the aggregate. 
 An architectural or
engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing either the scenario
expected limit (“SEL”) or the probable maximum loss (“PML”) for the Mortgaged Property in the event of an earthquake. In such instance, the SEL or PML, as applicable, was based on a
475-year return period, an exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL or PML, as applicable, would exceed 20% of the amount of the
replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer rated at least “A:VIII” by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc.
or “A-” by Standard & Poor’s Ratings Service in an amount not less than 100% of the SEL or PML, as applicable. 

 The Mortgage Loan Documents require insurance proceeds in respect of a property loss to be
applied either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Purchased 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 Purchased 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 Purchase Date have been
paid, and such insurance policies name the lender under the Purchased 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. Each related Purchased 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 related premiums. All such insurance policies (other than commercial liability policies) require at least 10 days’ prior notice to the lender of termination or cancellation arising because of nonpayment of a
premium and at least 30 days prior notice to the lender of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable law) arising for any reason other than
non-payment of a premium and no such notice has been received by Seller. 
  

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

  

	18.	 No Encroachments. To Seller’s knowledge 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 Purchased Mortgage Loan, all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged Property at the time of the origination of such Purchased Mortgage Loan are within the boundaries
of the related Mortgaged Property, except encroachments that do not materially and adversely affect 

	 	
the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. No improvements on adjoining parcels encroach onto the related
Mortgaged Property except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. No improvements encroach upon
any easements except for encroachments the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements obtained with respect to the Title Policy.

  

	19.	No Contingent Interest or Equity Participation. No Purchased 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. 

  

	20.	Intentionally Omitted. 

  

	21.	Compliance with Usury Laws. The interest rate (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) of such Purchased 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. 

  

	22.	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 Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect the enforceability of such Purchased Mortgage Loan by the Buyer.

  

	23.	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 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. 

  

	24.	Local Law Compliance. To the Seller’s knowledge, based upon any of a letter from any governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement
to the related Title Policy, or other affirmative investigation of local law compliance consistent with the investigation conducted by the Seller for similar commercial and multifamily mortgage loans intended for securitization, with respect to the
improvements located on or forming part of each Mortgaged Property securing a Purchased Mortgage Loan as of the date of origination of such Purchased 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) constitute a legal non-conforming use or structure, (ii) are insured by the
Title Policy or a law and ordinance or other insurance policy or (iii) would not have a material adverse effect on the Purchased Mortgage Loan. The terms of the Purchased Mortgage Loan Documents require the Mortgagor to comply in all material
respects with all applicable governmental regulations, zoning and building laws. 

	25.	Licenses and Permits. Each Mortgagor covenants in the Mortgage Loan Documents that it shall keep all material licenses, permits and applicable governmental authorizations necessary for its operation of the
Mortgaged Property in full force and effect, and to the Seller’s knowledge based upon 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 Purchased Mortgage Loan requires the related Mortgagor to be
qualified to do business in the jurisdiction in which the related Mortgaged Property is located. 

  

	26.	Recourse Obligations. The Mortgage Loan Documents for each Purchased Mortgage Loan provide that such Purchased Mortgage Loan is non-recourse to the related parties thereto
except that (a) the related Mortgagor and at least one individual or entity shall be fully liable for actual losses, liabilities, costs and damages arising from certain acts of the related Mortgagor and/or its principals specified in the
related Mortgage Loan Documents, which acts generally include the following: (i) acts of fraud or intentional material misrepresentation, (ii) misapplication or misappropriation of rents, insurance proceeds or condemnation awards,
(iii) intentional material physical waste of the Mortgaged Property, and (iv) any breach of the environmental covenants contained in the related Mortgage Loan Documents, and (b) the Purchased Mortgage Loan shall become full recourse
to the related Mortgagor and at least one individual or entity, if the related Mortgagor files a voluntary petition under federal or state bankruptcy or insolvency law. 

 

	27.	Intentionally Omitted. 

  

	28.	Financial Reporting and Rent Rolls. The Mortgage Loan Documents require the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating
statements, and quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements, which annual
financial statements with respect to each Purchased 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. 

  

	29.	 Acts of Terrorism Exclusion. With respect to each Purchased 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 Purchased 

	 	
Mortgage Loan, the related special-form 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 Purchased 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 Purchased Mortgage Loan, the related Mortgage Loan Documents do not expressly waive or prohibit the mortgagee from requiring coverage for Acts of Terrorism, as
defined in TRIA, or damages related thereto except to the extent that any right to require such coverage may be limited by commercial availability on commercially reasonable terms; provided, however, that if TRIA or a similar or
subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor under each Purchased 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 in respect of the property and business interruption/rental loss insurance required under the related Mortgage Loan Documents (without
giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance) at the time of the origination of the Purchased Mortgage Loan, 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. 

  

	30.	 Due on Sale or Encumbrance. Subject to specific exceptions set forth below, each Purchased Mortgage Loan
contains a “due on sale” or other such provision for the acceleration of the payment of the unpaid principal balance of such Purchased 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 Mortgage Loan Documents (which provide for transfers without the consent of the lender which are customarily acceptable to the Seller lending on the security of
property comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly replaced with property of equivalent value
and functionality and transfers by leases entered into in accordance with the Mortgage Loan Documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% in the related Mortgagor, is directly or indirectly pledged,
transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the related Mortgage Loan 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 Mortgage Loan
Documents or a Person satisfying specific criteria identified in the related Mortgage Loan Documents, such as a qualified equityholder, (v) transfers of stock or similar equity units in publicly traded companies or (vi) a substitution or
release of collateral within the parameters set forth in the Mortgage Loan Documents, or (vii) by reason of any mezzanine debt that existed at the origination of the related Purchased Mortgage Loan, or future permitted mezzanine debt or
(b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion Loan or any subordinate debt that existed at origination and is

	 	
permitted under the related Mortgage Loan Documents, (ii) purchase money security interests, (iii) any Crossed Purchased Mortgage Loan or (iv) Permitted Encumbrances. The Mortgage
or other Mortgage Loan 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. 

  

	31.	Special-Purpose Entity. Each Purchased Mortgage Loan requires the Mortgagor to be a Special-Purpose Entity for at least as long as the Purchased Mortgage Loan is outstanding. Both the Mortgage Loan Documents and
the organizational documents of the Mortgagor with respect to each Purchased Mortgage Loan with a Purchase Date Principal balance in excess of $5 million provide that the Mortgagor is a Special-Purpose Entity, and each Purchased 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 “Special-Purpose Entity” shall
mean an entity, other than an individual, whose organizational documents (or if the Purchased Mortgage Loan has a Purchase Date Principal balance equal to $5 million or less, its organizational documents or the related Mortgage Loan 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 Purchased Mortgage Loans and prohibit it from engaging in any business unrelated
to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity represented in the related Mortgage Loan Documents, substantially to the effect that it does not have any assets other than those related
to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Mortgage Loan 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 Crossed Purchased Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity. 

 

	32.	Intentionally Omitted. 

  

	33.	Intentionally Omitted. 

  

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

With respect to any Purchased Mortgage Loan where the Purchased Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or
in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of
Seller, 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 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 Mortgage Loan File (or in such Ground Lease) that the Ground Lease may not be amended or modified, or canceled or terminated by
agreement of lessor and lessee, without the prior written consent of the lender, and no such consent has been granted by the Seller since the origination of the Purchased Mortgage Loan except as reflected in any written instruments which are
included in the related Mortgage Loan File; 

  

	 	(c)	The Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances, may be exercised, and will be enforceable, by either Mortgagor or the mortgagee) that
extends not less than 20 years beyond the stated maturity of the related Purchased Mortgage Loan, or 10 years past the stated maturity if such Purchased Mortgage Loan fully amortizes by the stated maturity (or with respect to a Purchased 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 Mortgaged Property is subject; 

 

	 	(e)	The Ground Lease does not place commercially unreasonable restrictions on the identity of the Mortgagee and the Ground Lease is assignable to the holder of the Purchased Mortgage Loan and its successors and assigns
without the consent of the lessor thereunder, and in the event it is so assigned, it is further assignable by the holder of the Purchased Mortgage Loan and its successors and assigns without the consent of the lessor; 

 

	 	(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 material default under such Ground Lease and no
condition that, but for the passage of time or giving of notice, would result in a material default under the terms of such Ground Lease and to 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 the lender unless such notice is given to the lender; 

  

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

  

	 	(i)	The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by the Seller in connection with loans originated by the Seller lending on the security of property
comparable to the related Mortgaged Property; 

  

	 	(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 clause (k) below) will be applied either to the
repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Mortgage Loan 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 Purchased 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 Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the
outstanding principal balance of the Purchased 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. 

  

	35.	Servicing. The servicing and collection practices used by or on behalf of the Seller with respect to the Purchased Mortgage Loan have been, in all respects in compliance with Accepted Servicing Practices.

	36.	Origination and Underwriting. The origination practices of the Seller (or the related originator if the Seller was not the originator) with respect to each Purchased Mortgage Loan have been, in all material
respects, legal and as of the date of its origination, such Purchased 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 Purchased 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 Annex of Representations and Warranties.

  

	37.	No Material Default; Payment Record. No Purchased Mortgage Loan has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required payments since origination, and as of
the date hereof, no Purchased Mortgage Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Purchase Date. To the Seller’s knowledge, there is (a) no material default,
breach, violation or event of acceleration existing under the related Purchased 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 clause (a) or clause (b), materially and adversely affects the value
of the Purchased Mortgage Loan or the value, use or operation of the related 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 Annex of Representations and Warranties. No person other than the holder of such Purchased Mortgage Loan may declare any event of
default under the Purchased Mortgage Loan or accelerate any indebtedness under the Mortgage Loan Documents. 

  

	38.	Bankruptcy. As of the date of origination of the related Purchased Mortgage Loan and to the Seller’s knowledge as of the Purchase Date, no Mortgagor, guarantor or tenant occupying a single-tenant property is
a debtor in state or federal bankruptcy, insolvency or similar proceeding. 

  

	39.	Organization of Mortgagor. With respect to each Purchased 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 Purchased 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. 

 

	40.	 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 Purchased Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”) meeting ASTM requirements conducted by a reputable environmental consultant in
connection with such Purchased Mortgage Loan within 12 months prior to its origination date (or an update of a previous ESA was prepared), and such ESA either (i) did not identify the existence of recognized environmental conditions (as such
term is defined in ASTM E1527-05 or its successor, hereinafter “Environmental Condition”) at the related Mortgaged Property or the need for further investigation with respect to any
Environmental Condition that was identified, or (ii) if the existence of an Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an amount
reasonably estimated by a 

	 	
reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable environmental laws or the Environmental Condition has been
escrowed by the related Mortgagor and is held or controlled by the related lender; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking
water, and the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that can reasonably be expected to mitigate the identified risk;
(C) the Environmental Condition identified in the related environmental report was remediated or abated in all material respects prior to the date hereof, and, if and as appropriate, a no further action or closure letter was obtained from the
applicable governmental regulatory authority (or the Environmental Condition affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable environmental consultant has concluded
that no further action is required); (D) a secured creditor environmental policy or a pollution legal liability insurance policy that covers liability for the Environmental Condition was obtained from an insurer rated no less than A- (or the equivalent) by Moody’s, S&P and/or Fitch; (E) a party not related to the Mortgagor was identified as the responsible party for such Environmental Condition and such responsible party has
financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action. To
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 Mortgaged Property. 

 

	41.	Appraisal. The Mortgage Loan File contains an appraisal of the related Mortgaged Property with an appraisal date within 6 months of the Purchased Mortgage Loan origination date, and within 12 months of the
Purchase Date. The appraisal is signed by an appraiser who is either a Member of the Appraisal Institute (“MAI”) and/or has been licensed and certified to prepare appraisals in the state where the Mortgaged Property is located. Each
appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the
Appraisal Foundation and has certified that such appraiser had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and its compensation is not affected by the approval or
disapproval of the Purchased Mortgage Loan. 

  

	42.	Purchased Mortgage Loan Schedule. The information pertaining to each Purchased Mortgage Loan which is set forth in the Purchased Mortgage Loan Schedule to this Agreement is true and correct in all material
respects as of the Purchase Date and contains all information required by this Agreement to be contained therein. 

  

	43.	Cross-Collateralization. No Purchased Mortgage Loan is cross-collateralized or cross-defaulted with any other Purchased Mortgage Loan or other mortgage loan. 

	44.	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 Mortgage Loan Documents, and, to Seller’s knowledge,
no funds have been received from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Purchased Mortgage Loan (other than as contemplated by the Mortgage Loan Documents, such as, by way of example
and not in limitation of the foregoing, amounts paid by the tenant(s) into a lender-controlled lockbox if required or contemplated under the related lease or Mortgage Loan Documents). Neither Seller nor any affiliate thereof has any obligation to
make any capital contribution to any Mortgagor under a Purchased Mortgage Loan, other than contributions made on or prior to the date hereof. For the avoidance of doubt, advances of loan proceeds shall not constitute capital contributions for
purposes of this paragraph. 

  

	45.	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 Purchased Mortgage Loan, the failure to comply with which would have a material adverse effect on the Purchased Mortgage Loan. 

 EXHIBIT VII 

FORM OF OFFICER’S CERTIFICATE 
 U.S.
Bank National Association 
 13737 Noel Road, Suite 800 

Dallas, Texas 75250 
 Attention: Loan Administration –
Alison Connell 
  

	 	Re:	Master Repurchase and Securities Contract, dated as of [                    ]     , 2017 (such
agreement, as amended, restated, supplemented and/or otherwise modified and in effect from time to time, the “Repurchase Agreement”), by and between TPG RE Finance 14, Ltd., as seller (together with its successors and permitted
assigns, “Seller”), and U.S. Bank National Association, as buyer (together with its successors and permitted assigns, “Buyer”) 

This Officer’s Certificate is furnished pursuant to the above Repurchase Agreement. Unless otherwise defined herein, capitalized terms
used in this Officer’s Certificate have the respective meanings ascribed thereto in the Repurchase Agreement. 
 THE UNDERSIGNED HEREBY
CERTIFIES THAT: 
 The Person executing this Officer’s Certificate on behalf of Seller and Guarantor is a Responsible Officer of Seller
or Guarantor, as applicable, and such Responsible Officer conducted or assisted in conducting the examinations necessary to verify the information contained in this Officer’s Certificate and provides this Officer’s Certificate solely in
such Person’s capacity as a Responsible Officer of Seller or Guarantor, as applicable, and not in such Person’s individual capacity. 

All of the financial statements, calculations and other information set forth in this Officer’s Certificate, including in any exhibit or
other attachment hereto, are true, complete and correct in all material respects as of the date hereof. 
 The Seller and Guarantor have
reviewed the terms of the Transaction Documents and have made, or have caused to be made under the supervision of a Responsible Officer, a detailed review of the transactions and financial condition of Seller and Guarantor during the
accounting period covered by the financial statements attached hereto (or most recently delivered to Buyer if none are attached). 
 Each of
Seller and Guarantor has, during the period since the delivery of the immediately preceding officer’s certificate, observed or performed all of its covenants, duties and agreements in all material respects, and satisfied in all material
respects every condition, contained in the Repurchase Agreement and the other Transaction Documents to be observed, performed or satisfied by it, and Seller and Guarantor 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. 

Attached as Exhibit 1 hereto are the calculations demonstrating the LTV and Debt Yield of each Purchased Asset. 

Attached as Exhibit 2 hereto is a list of all Purchased Assets that are part of the Facility. 

 Except as otherwise set forth herein, all representations and warranties made by Seller and
Guarantor in, pursuant to or in connection with the Transaction Documents or any other document, agreement, statement, affirmation, certificate, notice, report or financial or other statement delivered in connection herewith or therewith, are true
and correct in all material respects on and as of the date of this Officer’s Certificate as though made on and as of such day and shall be deemed to be made on such day. 

Described below are the exceptions, if any, to the above paragraphs, setting forth in detail the nature of the condition or event, the period
during which it has existed and the action which Seller and Guarantor has taken, is taking, or proposes to take with respect to 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 Officer’s Certificate, are made and delivered as of [                    ]
    , 20     on behalf of each of the entities described herein. 

	
	  

	Name:
	Title:

 [Exhibit 1: Financial covenant calculations] 

[Exhibit 2: List of Purchased Assets] 

 EXHIBIT VIII 

FORM OF TRANSACTION REQUEST 
 Ladies and
Gentlemen: 
 Pursuant to Section 3(a) of that certain Master Repurchase Agreement, dated as of
                         , 2017 (the “Agreement”), between U.S. Bank National Association.
(“Buyer”) and TPG RE Finance 14, Ltd. (“Seller”), Seller hereby requests that Buyer enter into a Transaction with respect to the Eligible Mortgage Loans set forth on Schedule 1 attached hereto, upon the proposed
terms set forth below. Capitalized terms used herein without definition have the meanings given in the Agreement. 
  

			
	Proposed Eligible Mortgage Loans:	  	[_________________]
	 Purchase Price Percentage
 Proposed by
Seller:
	  	     

[_________________]

		
	Proposed Initial Purchase Price:	  	[_________________]
	Proposed Maximum Repurchase Price	  	[_________________]
		
	 Name and address for
 communications:
	  	 Buyer:
  

U.S Bank National Association
 13737 Noel Road, Suite 800

Dallas, Texas 75240
 Attention: Huvishka Ali and Thomas Salmen

Telephone: (972) ###-####/(612) ###-####

Facsimile No.: (972) ###-####/(612) ###-####

 
 with a copy to:
  

Haynes and Boone, LLP
 30 Rockefeller Plaza, 26th Floor
 New York, New York 10112

Attention:            Michael J. McCarthy, Esq.

Telephone No.:   (212) ###-####

Facsimile No.:    (212) ###-####

 
 Seller:
  

TPG RE Finance 14, Ltd.
 c/o TPG RE Finance Trust Management,
L.P.
 888 Seventh Avenue, 35th Floor
 New York, NY 10106

Attention: Jason Ruckman
 Telephone: (212) ###-####
 Email: ########@tpg.com

			
		  	  
 And

 
 TPG RE Finance 14, Ltd.

c/o TPG RE Finance Trust Management, L.P.

888 Seventh Avenue, 35th Floor

New York, NY 10106

Attention: Ryan Roberto

Telephone: 212-###-####

Email: ########@tpg.com
  

And
  

TPG RE Finance 14, Ltd.

c/o TPG RE Finance Trust Management, L.P.

888 Seventh Avenue, 35th Floor

New York, NY 10106

Attention: Robert R. Foley

Telephone: 212-###-####

Email: ######@tpg.com
  

And
  

TPG RE Finance 14, Ltd.

c/o TPG RE Finance Trust Management, L.P.

888 Seventh Avenue, 35th Floor

New York, NY 10106

Attention: Deborah J. Ginsberg

Telephone: (212) ###-####

Email: #########@tpg.com
  

with a copy to:
  

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036-8704

Attention: David C. Djaha, Esq.

Telephone: (212) ###-####

Email: ###########@ropesgray.com

 
			
	SELLER:
	
	TPG RE FINANCE 14, LTD.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Schedule 1 to Transaction Request 

 
  
  

	
	Eligible Mortgage Loan:
	
	Current Principal Amount of Eligible Mortgage Loan: $[_________________] 
	
	Maximum Principal Amount of Eligible Mortgage Loan: $[_______________]

 EXHIBIT XII 

OWNERSHIP CHART 
 (attached
hereto) 

 EXHIBIT X 

SERVICING DIRECTION LETTER 

U.S. Bank 

                    
    , 20[    ] 
  

					
	  
	 	
	  
	 	
	  
	 	
	Attention:
                                         
    

  

	Re:	$                 loan (the “Loan”) pursuant to Loan Agreement dated as of
                    , 20[    ] (the “Loan Agreement”), from
                             (“Payee”) to
                     (“Borrower”). 

Ladies and Gentlemen: 

[            ], a
[                    ] (“Servicer”) is currently servicing the Loan for Payee. Servicer is obligated to pay over to Payee the
proceeds of the Loan, or the payments, dividends or distributions with respect thereto (collectively, the “Proceeds”). On the date hereof, Payee has assigned its interest in the Loan
[                    ] (“Assignee”). Accordingly, you hereby (i) acknowledge and agree that, from and after the date hereof,
the Loan shall be serviced by Servicer under and in accordance with the terms and conditions of the [Servicing Agreement] dated as of             , 20[    ] (the
“Servicing Agreement”), between Servicer and [                    ] Assignee and (ii) are directed to deposit and disburse all
future payments received by you which are due under the Loan in accordance with the Servicing Agreement, into the Servicer Account at
[                    ], account number
[                    ]. 
 No provision
of this redirection letter may be revoked, amended or otherwise modified without the prior written consent of U.S. Bank National Association (“Buyer”). 

Please acknowledge receipt of this redirection letter by signing in the signature block below and forwarding an executed copy to Buyer,
Assignee and Payee promptly upon receipt. 

 
			
	[Signatures follow]
	
	Very truly yours,
		
	[______________________]	 	
	
	By:
                                         
                             
	Name:                                   
                               
	Title:                                   
                                 
		
	[_____________________]	 	
	
	By:
                                         
                                   
	Name:
                                         
                               
	Title:
                                         
                                 

  

			
	ACKNOWLEDGED AND AGREED:
	
	[______________________]
	
	By:
                                         
                               
	Name:
                                         
                           
	Title:
                                        
                ]            

 EXHIBIT XI 

FORM OF U.S. TAX COMPLIANCE CERTIFICATES 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Master Repurchase and Securities Contract dated as of
[                    ]     , 2017 (as amended, supplemented or otherwise modified from time to time, the “Repurchase
Agreement”), by and among TPG RE Finance 14, Ltd., as seller, and U.S. Bank National Association, as buyer. 
 Pursuant to the
provisions of Section 27(a) of the Repurchase Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the obligations in respect of which it is providing this certificate,
(ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of Seller within the meaning of Section 871(h)(3)(B) of the Code
and (iv) it is not a controlled foreign corporation related to Seller as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished Buyer and Seller with a certificate of its non-U.S. Person status on IRS
Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform Seller and Buyer, and
(2) the undersigned shall have at all times furnished Seller and Buyer with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Repurchase Agreement and used herein shall
have the meanings given to them in the Repurchase Agreement. 
  

			
	[NAME OF BUYER]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:
                         , 20[    ] 

 EXHIBIT XI-A 

FORM OF U.S. TAX COMPLIANCE CERTIFICATES 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Master Repurchase and Securities Contract dated as of
[                    ]     , 20[    ] (as amended, supplemented or otherwise modified from time to time, the
“Repurchase Agreement”), by and among TPG RE Finance 14, Ltd., as seller, and U.S. Bank National Association, as buyer. 

Pursuant to the provisions of Section 27(a) of the Repurchase Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it
is not a ten percent shareholder of Seller within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to Seller as described in
Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Buyer with a certificate of
its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Buyer in writing, and (2) the undersigned shall have at all times furnished such Buyer with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Repurchase Agreement and used herein shall have the meanings given to them in the Repurchase Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:
                         , 20[    ] 

 EXHIBIT XI-B 

FORM OF U.S. TAX COMPLIANCE CERTIFICATES 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Master Repurchase and Securities Contract dated as of
[                    ]     , 20[    ] (as amended, supplemented or otherwise modified from time to time, the
“Repurchase Agreement”), by and among TPG RE Finance 14, Ltd., as seller, and U.S. Bank National Association, as buyer. 

Pursuant to the provisions of Section 27(a) of the Repurchase Agreement, the undersigned hereby certifies that
(i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such
participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of Seller within the meaning of Section 871(h)(3)(B) of the Code and
(v) none of its direct or indirect partners/members is a controlled foreign corporation related to Seller as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Buyer with IRS Form W-8IMY accompanied by one of the
following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Buyer and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

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

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:
                         , 20[    ] 

 EXHIBIT XI-C 

FORM OF U.S. TAX COMPLIANCE CERTIFICATES 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Master Repurchase and Securities Contract dated as of
[                    ]     , 20[    ] (as amended, supplemented or otherwise modified from time to time, the
“Repurchase Agreement”), by and among TPG RE Finance 14, Ltd., as seller, and U.S. Bank National Association, as buyer. 

Pursuant to the provisions of Section 27(a) of the Repurchase Agreement, the undersigned hereby certifies that
(i) it is the sole record owner of the obligations in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such obligations, (iii) with respect to the
extension of credit pursuant to this Repurchase Agreement or any other Transaction Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of Seller within the meaning of
Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to Seller as described in Section 881(c)(3)(C) of the Code.

 The undersigned has furnished Buyer and Seller with IRS Form W-8IMY accompanied by one of the
following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform Seller and Buyer, and (2) the undersigned shall have at all times furnished Seller and Buyer with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

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

			
	[NAME OF BUYER]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:
                         , 20[    ] 

 EXHIBIT XII 

RESERVED 

 EXHIBIT XIII 

FORM OF SUBSEQUENT PURCHASE REQUEST 

Pursuant to Section 3(j) of that certain Master Repurchase and Securities Contract, dated as of
[                    ]     , 2017 (as amended, supplemented or otherwise modified from time to time, the “Master
Repurchase Agreement”), between U.S. Bank National Association (“Buyer”) and TPG RE Finance 14, Ltd. (“Seller”), Seller hereby requests that Buyer make a Subsequent Advance to Seller in an amount equal to
the Subsequent Purchase Request set forth below with respect to the following Purchased Asset: 
 Request Date: 

Purchased Asset Name: 
 Seller’s funded balance under
Purchased Asset: $ 
 USB’s Current Purchase Price: $ 

Approved Purchase Price Percentage:             % 

Subsequent Advance Amount of Seller, if applicable: $ 

Subsequent Purchase Price Amount of Buyer: $ 
 Funding
Date: 
 Capitalized terms used herein without definition have the meanings given in the Master Repurchase Agreement. 

 

	
	
[                  
                      ],

a
[                            ]

	
By:    [              
          ], a
[                            ]

	
	           By:
                                         
                       

	           Name:

	           Title:

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Buyer

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT XV 

INITIAL PURCHASED MORTGAGE LOANS

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