Document:

Form of Management Agreement

 Exhibit 10.2 
  

 FORM OF MANAGEMENT AGREEMENT 
 by and between 
 QUADRA REALTY TRUST, INC. 
 and 
 HYPO REAL ESTATE CAPITAL
CORPORATION 
 Dated as of February [    ], 2007 
  

 MANAGEMENT AGREEMENT, dated as of February [    ], 2007, by and between Quadra
Realty Trust, Inc., a Maryland corporation (the “Company”) and Hypo Real Estate Capital Corporation, a Delaware corporation (the “Manager”). 
 W I T N E S S E T H: 
 WHEREAS, the Company is a newly formed corporation which intends to invest primarily in a diversified portfolio of commercial mortgage investments, commercial real estate and other related products and intends to qualify as a real estate
investment trust for federal income tax purposes and will elect to receive the tax benefits accorded by Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”); and 
 WHEREAS, the Company desires to retain the Manager to manage the business and investment affairs of the Company and its Subsidiaries and to perform
services for the Company in the manner and on the terms set forth herein and the Manager wishes to be retained to provide such services. 
 NOW THEREFORE, in consideration of the premises and agreements hereinafter set forth, the parties hereto hereby agree as follows: 
 Section 1. Definitions. (a) The following terms shall have the meanings set forth in this Section 1(a): 
 “Affiliate” means (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person, (ii) any executive officer or general partner of such other Person, and
(iii) any legal entity for which such Person acts as an executive officer or general partner. 
 “Agreement” means this Management Agreement, as amended, supplemented or otherwise modified from time to time. 
 “Automatic Renewal Term” has the meaning set forth in Section 10(b) hereof. 
 “Base Management Fee” means the base management fee, calculated and payable monthly in arrears, in an amount equal to one-twelfth of 1.75% of Equity. 
 “Board of Directors” means the board of directors of the Company. 
 “Business Day” means any day except a Saturday, a Sunday or a day on which banking institutions in New York, New York are
not required to be open. 
 “Change in Control of the Manager” shall be deemed to have occurred: (a) if
any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group for the purpose of acquiring, holding or disposing of securities (within the meaning of
Rule 13d-5(b)(1) under the Exchange Act), other than an Affiliate of Hypo Real Estate Holding AG, in a single transaction or in a related series of transactions, becomes the beneficial owner, 

 
directly or indirectly, of securities of the Manager representing more than 50% of the aggregate voting power of all classes of the Manager’s then
outstanding voting securities (provided, however, no change in the ownership of Hypo Real Estate Holding AG shall be deemed to be a “Change of Control” for purposes of this Agreement) or (b) upon approval by all requisite parties of
(i) a plan of merger, consolidation, share exchange, business combination or similar transaction between the Manager and an entity (other than an Affiliate of the Manager that executes this Agreement and agrees to bound by the provisions
hereof), or (ii) a proposal with respect to the sale, lease, transfer, exchange or other disposal of all, or substantially all, of the Manager’s assets to an entity (other than an Affiliate of the Manager that executes this Agreement and
agrees to be bound by the provisions hereof). 
 “Claim” has the meaning set forth in Section 8(c)
hereof. 
 “Closing Date” means the date of closing of the Initial Public Offering. 
 “Code” has the meaning set forth in the Recitals. 
 “Common Stock” means the common stock, par value $0.001, of the Company. 
 “Company Indemnified Party” has meaning set forth in Section 8(b) hereof. 
 “Conduct Policies” has the meaning set forth in Section 2(k) hereof. 
 “Confidential Information” has the meaning set forth in Section 5 hereof. 
 “Conflicts of Interest Policy” means the conflicts of interests policy for the Company and the Manager, a copy of which
is attached hereto as Exhibit A, as the same may amended, restated, modified, supplemented or waived by the Board of Directors as specified therein. 
 “Effective Termination Date” has the meaning set forth in Section 10(c) hereof. 
 “Equity” means, for purposes of calculating the Base Management Fee, the month-end value, computed in accordance with GAAP, of the Company’s stockholders’ equity (including common stock and
preferred stock), adjusted to exclude the effect of any unrealized gains, losses or other items that do not affect realized net income. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Funds From Operations” means net income (computed in accordance with GAAP), excluding gains (losses) from debt restructuring and gains (losses) from sales of property, plus depreciation and amortization on real estate
assets and non-cash equity compensation expense, and after adjustments for unconsolidated partnerships and joint ventures; provided, that, for the purposes of determining the Incentive Fee, the foregoing calculation of Funds From Operations
shall be adjusted to exclude one-time events pursuant to changes in GAAP and may be adjusted to exclude other non-cash charges after discussion between the Manager and the Independent Directors and approval by the majority of the Independent
Directors in the case of non-cash charges. 
  

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 “GAAP” means generally accepted accounting principles in effect in the
United States on the date such principles are applied. 
 “Governing Instruments” means, with regard to any
entity, the articles of incorporation or certificate of incorporation and bylaws in the case of a corporation, the partnership agreement in the case of a general or limited partnership or the certificate of formation and operating agreement in the
case of a limited liability company, the trust instrument in the case of a trust, or similar governing documents in each case as amended. 
 “Incentive Fee” means an incentive management fee calculated and payable each fiscal quarter in arrears in an amount, not less than zero, equal to the difference between (x) the product of:
(i) 25% of the dollar amount by which (a) Funds From Operations (after the Base Management Fee and before the Incentive Fee) of the Company for the previous 12-month period per share of Common Stock (based on the weighted average number of
shares outstanding for such 12-month period) exceed (b) an amount equal to (1) the weighted average of the price per share of Common Stock issued in the Initial Public Offering and the prices per share of Common Stock issued in any
subsequent offerings by the Company, multiplied by (2) the greater of (A) 9.00% or (B) 3.00% plus the Ten-Year U.S. Treasury Rate for such 12-month period, multiplied by (ii) the weighted average number of shares of Common Stock
outstanding during such 12-month period less (y) the sum of any Incentive Fees paid to the Manager with respect to the first three quarters of such 12-month period. Notwithstanding the foregoing, prior to the first anniversary of the date of
this Agreement, the incentive fee shall be calculated in the aforesaid manner except that the relevant measuring period shall be the period from date of this Agreement through the end of most recent quarter. 
 “Incentive Fee Computation Notice” has the meaning set forth in Section 6(e) hereof. 
 “Indemnified Party” has the meaning set forth in Section 8(b) hereof. 
 “Independent Director” means a member of the Board of Directors who is “independent” in accordance with the
Company’s Governing Instruments and the rules of the NYSE or such other securities exchange on which the shares of Common Stock are listed. 
 “Initial Public Offering” means the sale by the Company of up to [                    ]
shares in the initial public offering of the Company registered with the SEC. 
 “Initial Term” has the
meaning set forth in Section 10(a) hereof. 
 “Investment Company Act” means the Investment Company Act
of 1940, as amended. 
  

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 “Investment Guidelines” means the Company’s investment guidelines,
a copy of which is attached hereto as Exhibit B, as the same may amended, restated, modified, supplemented or waived by the Board of Directors as specified therein. 
 “Last Appraiser” has the meaning set forth in Section 6(h) hereof. 
 “Losses” has the meaning set forth in Section 8(a) hereof. 
 “Management Fee Payment” has the meaning set forth in Section 6(d) hereof. 
 “Manager Indemnified Party” has the meaning set forth in Section 8(a) hereof. 
 “Notice of Proposal to Negotiate” has the meaning set forth in Section 10(d) hereof. 
 “NYSE” means the New York Stock Exchange, Inc. 
 “Permitted Disclosure Parties” has the meaning set forth in Section 5 hereof. 
 “Person” means any natural person, corporation, partnership, association, limited liability company, estate, trust, joint
venture, any federal, state, county or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such capacity on behalf of the foregoing. 
 “REIT” means a “real estate investment trust” as defined under the Code. 
 “SEC” means the United States Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Subsidiary” means any subsidiary of the Company and any partnership, the general partner of which is the Company or any
subsidiary of the Company, and any limited liability company, the managing member of which is the Company or any subsidiary of the Company. 
 “Ten-Year U.S. Treasury Rate” means the arithmetic average of the weekly average yield to maturity for actively traded current coupon U.S. Treasury fixed interest rate securities (adjusted to constant
maturities of ten years) published by the Federal Reserve Board in publication H.15, or any successor publication, during a 12-month period, or, if such rate is not published by the Federal Reserve Board, any Federal Reserve Bank or agency or
department of the federal government selected by the Company. If the Company determines in good faith that the Ten Year U.S. Treasury Rate cannot be calculated as provided above, then the rate shall be the arithmetic average of the per annum average
yields to maturities, based upon closing asked prices on each Business Day during such 12-month period, for each actively traded marketable U.S. Treasury fixed interest rate security with a final maturity date not less than eight nor more than
twelve years from the date of the closing asked prices as chosen and quoted for each Business Day in each such 12-month period in New York City by at least three recognized dealers in U.S. government securities selected by the Company. 

 

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 “Termination Fee” means a termination fee equal to two (2) times
the sum of the Base Management Fee and the Incentive Fee, both as earned by the Manager during the 12-month period immediately preceding the most recently completed calendar quarter prior to the date of termination. 
 “Termination Notice” has the meaning set forth in Section 10(c) hereof. 
 “Termination Without Cause” has the meaning set forth in Section 10(c) hereof. 
 “Valuation Notice” has the meaning set forth in Section 6(h) hereof. 
 (b) As used herein, accounting terms relating to the Company and its Subsidiaries, if any, not defined in Section 1(a) and accounting terms partly
defined in Section 1(a), to the extent not defined, shall have the respective meanings given to them under United States generally accepted accounting principles. 
 (c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and Section references are to this Agreement unless otherwise specified. 
 (d) The meanings given to terms defined herein
shall be equally applicable to both the singular and plural forms of such terms. The words include, includes and including shall be deemed to be followed by the phrase “without limitation.” 
 Section 2. Appointment and Duties of the Manager. (a) The Company hereby appoints the Manager to manage the investments and day-to-day
operations of the Company and its Subsidiaries, subject at all times to the further terms and conditions set forth in this Agreement and to the supervision of, and such further limitations or parameters as may be imposed from time to time by, the
Board of Directors. The Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein, provided that funds are made available by the Company for such purposes as set forth in Section 7 hereof.
The appointment of the Manager shall be exclusive to the Manager, except to the extent that the Manager elects, in its sole and absolute discretion, in accordance with the terms of this Agreement, to cause the duties of the Manager as set forth
herein to be provided by third parties. 
 (b) The Manager, in its capacity as manager of the investments and the day-to-day operations of
the Company, at all times will be subject to the supervision and direction of the Board of Directors and will have only such functions and authority as the Board of Directors may delegate to it, including, without limitation, the functions and
authority identified herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company and will perform (or cause to be performed) such services and activities relating to the investments and
operations of the Company as may be appropriate, which may include, without limitation: 
  

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 (i) serving as the Company’s consultant with respect to the periodic review of
investment criteria and parameters for investments, borrowings and operations (including, without limitation, the Investment Guidelines and Conflicts of Interest Policy, any modifications to which shall be approved by a majority of the Independent
Directors) and other policies and recommendations with respect thereto for approval by the Board of Directors; 
 (ii) serving
as the Company’s consultant with respect to the identification, investigation, evaluation, analysis, selection, purchase, origination, negotiation, structuring, monitoring and disposition of the Company’s investments, including the
accumulation of assets for securitization; 
 (iii) serving as the Company’s consultant with respect to decisions
regarding any financings, securitizations, hedging activities or borrowings undertaken by the Company or its Subsidiaries, including (1) assisting the Company in developing criteria for debt and equity financing that is specifically tailored to
the Company’s investment objectives, (2) advising the Company with respect to obtaining appropriate warehouse or other financings for its investments and (3) advising the Company with respect to and structuring long-term financing
vehicles for the Company’s investments, and advising the Company with respect to offering and selling securities publicly or privately in connection with any such structured financing; 
 (iv) serving as the Company’s consultant with respect to arranging for the issuance of mortgage backed securities from pools of
mortgage loans or mortgage backed securities owned by the Company; 
 (v) representing and making recommendations to the
Company in connection with the purchase and finance and commitment to purchase and finance investments; 
 (vi) with respect
to any prospective investment by the Company and any sale, exchange or other disposition of any investment by the Company, conducting negotiations on behalf of the Company with real estate brokers, sellers and purchasers and their respective agents,
representatives and investment bankers and owners of privately and publicly held real estate companies; 
 (vii) providing the
Company with portfolio management, asset servicing and loan servicing, including enforcing rights, exercising remedies, granting consents, and taking other actions on behalf of the Company in respect of the Company’s investments; 
 (viii) engaging and supervising, on behalf of the Company and at the Company’s expense, independent contractors that provide real
estate, investment banking, mortgage brokerage, securities brokerage, appraisal, engineering, environmental, seismic, insurance, legal, accounting, transfer agent, registrar, leasing, master servicing, special servicing, due diligence and such other
services as may be required relating to the Company’s operations or investments (or potential investments); 
 (ix)
coordinating and managing operations of any joint venture or co-investment interests held by the Company and conducting all matters with the joint venture or co-investment partners; 
  

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 (x) providing executive and administrative personnel, office space and office services
required in rendering services to the Company; 
 (xi) performing and supervising the performance of administrative functions
necessary in the management of the Company as may be agreed upon by the Manager and the Board of Directors, including, without limitation, the services in respect of any of the Company’s incentive plans, the collection of revenues and the
payment of the Company’s debts and obligations and maintenance of appropriate information technology services to perform such administrative functions; 
 (xii) communicating on behalf of the Company with the holders of any equity or debt securities of the Company as required to satisfy the
reporting and other requirements of any governmental bodies or agencies or trading exchanges or markets and to maintain effective relations with such holders, including website maintenance, logo design, analyst presentations, investor conferences
and annual meeting arrangements; 
 (xiii) counseling the Company in connection with policy decisions to be made by the Board
of Directors; 
 (xiv) evaluating and recommending to the Company hedging strategies and engaging in hedging activities on
behalf of the Company, consistent with such strategies, as so modified from time to time, with the Company’s qualification as a REIT and with the Investment Guidelines; 
 (xv) counseling the Company regarding the maintenance of its qualification as a REIT and monitoring compliance with the various REIT
qualification tests and other rules set out in the Code and Treasury Regulations promulgated thereunder; 
 (xvi) counseling
the Company regarding the maintenance of its exemption from status as an investment company under the Investment Company Act and monitoring compliance with the requirements for maintaining such exemption; 
 (xvii) making available to the Company the Manager’s knowledge and experience with respect to mortgage loans, real estate, real
estate securities, other real estate-related assets and non-real estate related assets and real estate operating companies; 
 (xviii) furnishing reports and statistical and economic research to the Company regarding the activities and services performed for the Company or its Subsidiaries, if any, by the Manager; 
 (xix) monitoring the operating performance of the Company’s investments and providing periodic reports with respect thereto to the
Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results; 
 (xx) investing and re-investing any monies and securities of the Company (including in short-term investments, payment of fees, costs and expenses, or payments of dividends or distributions to stockholders and
partners of the Company) and advising the Company as to its capital structure and capital-raising activities; 
  

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 (xxi) causing the Company to retain qualified accountants and legal counsel, as
applicable, to (i) assist in developing appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs and, if
applicable, taxable REIT subsidiaries and (ii) conduct quarterly compliance reviews with respect thereto; 
 (xxii)
causing the Company to qualify to do business in all jurisdictions in which such qualification is required and to obtain and maintain all appropriate licenses; 
 (xxiii) assisting the Company in complying with all regulatory requirements applicable to the Company in respect of its business
activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange Act and the Securities Act or by
the NYSE; 
 (xxiv) taking all necessary actions to enable the Company and any Subsidiaries to make required tax filings and
reports, including soliciting stockholders for required information to the extent necessary under the Code and Treasury Regulations applicable to REITs; 
 (xxv) handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company may be involved or to which the Company
may be subject arising out of the Company’s day-to-day operations; 
 (xxvi) arranging marketing materials, advertising,
industry group activities (such as conference participations and industry organization memberships) and other promotional efforts designed to promote the business of the Company; 
 (xxvii) using commercially reasonable efforts to cause expenses incurred by or on behalf of the Company to be commercially reasonable or
commercially customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 
 (xxviii) performing such other services as may be required from time to time for the management and other activities relating to the assets of the Company as the Board of Directors shall reasonably request or the Manager shall deem
appropriate under the particular circumstances; and 
 (xxix) using commercially reasonable efforts to cause the Company to
comply with all applicable laws. 
 (c) The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such
services of accountants, legal counsel, appraisers, insurers 

  

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(including title insurers), surveyors, engineering, environmental and seismic consultants, insurance consultants and brokers, public relations and marketing
consultants, information technology consultants, investment relations advisers, securities brokers, mortgage brokers, transfer agents, registrars, financial printers, developers, investment banks, financial advisors, internal audit service
providers, banks and other lenders, consultants, agents, contractors, vendors, advisors and others as the Manager deems necessary or advisable in connection with the management and operations of the Company. In performing its duties under this
Section 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional service providers) hired by the Manager at the Company’s
sole cost and expense. 
 (d) The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in
compliance with the Investment Guidelines, (ii) would adversely affect the qualification of the Company as a REIT under the Code or the Company’s status as an entity excluded from investment company status under the Investment Company Act,
or (iii) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or of any exchange on which the securities of the Company may be listed or that would otherwise not be permitted by the
Company’s Governing Instruments. If the Manager is ordered to take any action by the Board of Directors, the Manager shall promptly notify the Board of Directors if it is the Manager’s judgment that such action would adversely affect such
status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the Manager, its directors, officers, stockholders and employees shall not be liable to the Company, the Board of Directors, or the
Company’s stockholders for any act or omission by the Manager, its directors, officers, stockholders or employees except as provided in Section 8 of this Agreement. 
 (e) The Company (including the Board of Directors) agrees to take all actions reasonably required to permit and enable the Manager to carry out its
duties and obligations under this Agreement, including, without limitation, all steps reasonably necessary to allow the Manager to file any registration statement or other filing required to be made under the Securities Act, Exchange Act, NYSE, Code
or other applicable law, rule or regulation on behalf of the Company in a timely manner. The Company further agrees to use commercially reasonable efforts to make available to the Manager all resources, information and materials reasonably requested
by the Manager to enable the Manager to satisfy its obligations hereunder, including its obligations to deliver financial statements and any other information or reports with respect to the Company. If the Manager is not able to provide a service,
or in the reasonable judgment of the Manager it is not prudent to provide a service, without the approval of the Board of Directors, as applicable, then the Manager shall be excused from providing such service (and shall not be in breach of this
Agreement) until the applicable approval has been obtained. 
 (f) Reporting Requirements. (i) As frequently as
the Manager may deem reasonably necessary or advisable, or at the direction of the Board of Directors, the Manager shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, with respect to any investment, reports and
other information with respect to such investment as may be reasonably requested by the Company. 
  

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 (ii) The Manager shall prepare, or, at the sole cost and expense of the Company, cause to
be prepared, all reports, financial or otherwise, with respect to the Company reasonably required by the Board of Directors in order for the Company to comply with its Governing Instruments, or any other materials required to be filed with any
governmental body or agency, and shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of
the Company’s books of account by a nationally recognized independent accounting firm. 
 (iii) The Manager shall
prepare, or, at the sole cost and expense to the Company, cause to be prepared, regular reports for the Board of Directors to enable the Board of Directors to review the Company’s acquisitions, portfolio composition and characteristics, credit
quality, performance and compliance with the Investment Guidelines and policies approved by the Board of Directors. 
 (g) Directors,
officers, employees and agents of the Manager or Affiliates of the Manager may serve as directors, officers, agents, nominees or signatories for the Company, to the extent permitted by their Governing Instruments, as from time to time amended, or by
any resolutions duly adopted by the Board of Directors pursuant to the Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company, such Persons shall indicate in what capacity they are
executing on behalf of the Company. Without limiting the foregoing, but subject to Section 12 below, the Manager will provide the Company with a management team, including a Chief Executive Officer, Chief Financial Officer and Chief Operating
Officer or similar positions, along with appropriate support personnel to provide the management services to be provided by the Manager to the Company hereunder, who shall devote such of their time to the management of the Company as necessary and
appropriate, commensurate with the level of activity of the Company from time to time. 
 (h) The Manager shall provide personnel for
service on an investment or similar type of committee. 
 (i) The Manager shall maintain reasonable and customary “errors and
omissions” insurance coverage and other customary insurance coverage. 
 (j) The Manager shall provide such internal audit, compliance
and control services as may be required for the Company to comply with applicable law (including the Securities Act and Exchange Act), regulation (including SEC regulations) and the rules and requirements of the NYSE and as otherwise reasonably
requested by the Company or its Board of Directors from time to time. 
 (k) The Manager acknowledges receipt of the Company’s Code of
Business Conduct and Ethics, Policy on Insider Trading and Communications Policy (collectively, the “Conduct Policies”) and agrees to require its employees who provide services to the Company to comply with such Conduct Policies in
the performance of such services hereunder or such comparable policies as shall in substance hold employees of Manager to at least the standards of conduct set forth in the Conduct Policies. 
  

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 (l) The Manager has adopted compliance policies and procedures with respect to “KYC” (know
your customer), “CIP” (customer identification program), anti-money laundering, suspicious activity reporting and certain other financial institution compliance matters with respect to the lending activities, funds transfers activities,
account opening activities and accounts payable activities. In the performance of services to the Company hereunder, the Manager shall apply the same or equivalent policies and procedures to the corresponding activities of the Company. 

Section 3. Additional Activities of the Manager; Non-Solicitation; Restrictions. (a) Except as provided in the last sentence of this
Section 3(a) and subject to the provisions of Section 12(iv), the Conflicts of Interest Policy and the Investment Guidelines, nothing in this Agreement shall (i) prevent the Manager or any of its Affiliates, officers, directors or
employees, from engaging in other businesses or from rendering services of any kind to any other Person or entity, whether or not the investment objectives or policies of any such other Person or entity are similar to those of the Company or
(ii) in any way bind or restrict the Manager or any of its Affiliates, officers, directors or employees from buying, selling or trading any securities or commodities for their own accounts or for the account of others for whom the Manager or
any of its Affiliates, officers, directors or employees may be acting. While information and recommendations supplied to the Company shall, in the Manager’s reasonable and good faith judgment, be appropriate under the circumstances and in light
of the investment objectives and policies of the Company, they may be different from the information and recommendations supplied by the Manager or any Affiliate of the Manager to others. The Company shall be entitled to equitable treatment under
the circumstances in receiving information, recommendations and any other services, but the Company recognizes that it is not entitled to receive preferential treatment as compared with the treatment given by the Manager or any Affiliate of the
Manager to others. The Company shall have the benefit of the Manager’s best judgment and effort in rendering services hereunder and, in furtherance of the foregoing, the Manager shall not undertake activities that, in its good faith judgment,
will adversely affect the performance of its obligations under this Agreement. 
 (b) During the term of this Agreement and for a period of
one (1) year after the expiration or termination of this Agreement, except if such termination of this Agreement is (i) by the Manager or (ii) by the Company, pursuant to Section 12, for cause not arising from the act or omission
of any person to whom the Company extends any offer of employment, the Company shall not, without the consent of the Manager, employ or otherwise retain any employee of the Manager or any Affiliate or any person who has been in the employ of the
Manager or an Affiliate at any time within the one (1) year period immediately preceding the date on which such person commences employment with or is otherwise retained by the Company. The Company acknowledges and agrees that, in addition to
any damages the Manager shall be entitled to equitable relief for any violation of this agreement by the Company, including, without limitation, injunctive relief. 
 Section 4. Bank Accounts. At the direction of the Board of Directors, the Manager may establish and maintain one or more bank accounts in the name of the Company or any Subsidiary, and may collect and deposit
into any such account or accounts, and disburse funds from any such account or accounts, under such terms and conditions as the Board of Directors may approve; and the Manager shall from time to time render appropriate accountings of such
collections and payments to the Board of Directors and, upon request, to the auditors of the Company or any Subsidiary. 
  

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 Section 5. Records; Confidentiality. (a) The Manager shall maintain appropriate books of
accounts and records relating to services performed hereunder, and such books of account and records shall be accessible for inspection by representatives of the Company or any Subsidiary at any time during normal business hours. The Manager shall
keep confidential any and all non-public information, written or oral, obtained by it in connection with the services rendered hereunder (“Confidential Information”) and shall not use Confidential Information except in furtherance
of its duties under this Agreement or disclose Confidential Information, in whole or in part, to any Person other than (i) to its Affiliates, officers, directors, employees, agents, representatives or advisors who need to know such Confidential
Information for the purpose of rendering services hereunder, (ii) to appraisers, financing sources and others in the ordinary course of the Company’s business ((i) and (ii) collectively, “Manager Permitted Disclosure
Parties”) , (iii) in connection with any governmental or regulatory filings of the Company or disclosure or presentations to Company investors, (iv) to governmental officials having jurisdiction over the Company, (v) as
requested by law or legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party, or (vi) with the consent of the Company. The Manager agrees to inform each of its Manager Permitted Disclosure Parties of
the non-public nature of the Confidential Information and to direct such Persons to treat such Confidential Information in accordance with the terms hereof. Nothing herein shall prevent the Manager from disclosing Confidential Information
(i) upon the order of any court or administrative agency, (ii) upon the request or demand of, or pursuant to any law or regulation, any regulatory agency or authority, (iii) to the extent reasonably required in connection with the
exercise of any remedy hereunder, or (iv) to its legal counsel or independent auditors; provided, however that with respect to clauses (i) and (ii), it is agreed that the Manager will provide the Company with prompt written notice of such
order, request or demand so that the Company may seek an appropriate protective order and/or waive the Manager’s compliance with the provisions of this Agreement. If, failing the entry of a protective order or the receipt of a waiver hereunder,
the Manager is, in the opinion of counsel, required to disclose Confidential Information, the Manager may disclose only that portion of such information that its counsel advises is legally required without liability hereunder; provided, that the
Manager agrees to exercise its best efforts to obtain reliable assurance that confidential treatment will be accorded such information. Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded from
provisions hereof: any Confidential Information that (A) is available to the public from a source other than the Manager, (B) is released in writing by the Company to the public or to persons who are not under similar obligation of
confidentiality to the Company, or (C) is obtained by the Manager from a third-party without breach by such third-party of an obligation of confidence with respect to the Confidential Information disclosed. The provisions of this Agreement
shall survive the expiration or earlier termination of this Agreement for a period of one year. 
 (b) The Company shall keep confidential
any and all Confidential Information and shall not use Confidential Information except in furtherance of the terms of this Agreement or disclose Confidential Information, in whole or in part, to any Person other than (i) to its Affiliates,
officers or directors who need to know such Confidential Information for the purpose of fulfilling the Company’s obligations hereunder (collectively, “Company  

  

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Permitted Disclosure Parties”), (ii) as requested by law or legal process to which the Company or any Person to whom disclosure is permitted
hereunder is a party, or (iii) with the consent of the Manager. The Company agrees to (i) inform each of its Company Permitted Disclosure Parties of the non-public nature of the Confidential Information and to direct such Persons to treat
such Confidential Information in accordance with the terms hereof and (ii) not disclose any Confidential Information to its Company Permitted Disclosure Parties upon the expiration or nonrenewal of this Agreement in accordance with
Section 10. Nothing herein shall prevent the Company from disclosing Confidential Information (i) upon the order of any court or administrative agency, (ii) upon the request or demand of, or pursuant to any law or regulation, any
regulatory agency or authority, (iii) to the extent reasonably required in connection with the exercise of any remedy hereunder, or (iv) to its legal counsel or independent auditors; provided, however that with respect to clauses
(i) and (ii), it is agreed that the Company will provide the Manager with prompt written notice of such order, request or demand so that the Manager may seek an appropriate protective order and/or waive the Company’s compliance with the
provisions of this Agreement. If, failing the entry of a protective order or the receipt of a waiver hereunder, the Company is, in the opinion of counsel, required to disclose Confidential Information, the Company may disclose only that portion of
such information that its counsel advises is legally required without liability hereunder; provided, that the Company agrees to exercise its best efforts to obtain reliable assurance that confidential treatment will be accorded such information.
Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded from provisions hereof: any Confidential Information that (A) is available to the public from a source other than the Company, (B) is
released in writing by the Manager to the public or to persons who are not under similar obligation of confidentiality to the Manager, or (C) is obtained by the Company from a third-party without breach by such third-party of an obligation of
confidence with respect to the Confidential Information disclosed. For the avoidance of doubt, information about the systems, employees, policies, procedures and investment portfolio (other than investments in which the Company and Manager have
co-invested) shall be deemed to be included within the meaning of “Confidential Information” for purposes of the Company’s obligations pursuant to this Section 5(b). 
 Section 6. Compensation. (a) For the services rendered under this Agreement, the Company shall pay to the Manager the Base Management Fee and
the Incentive Fee. 
 (b) The parties acknowledge that the Base Management Fee is intended to compensate the Manager for the costs and
expenses of its executive officers and employees (and certain related overhead not otherwise reimbursable under Section 7 below) incurred in providing to the Company the investment advisory services and certain general management services
rendered under this Agreement. 
 (c) The Manager will not receive any compensation for the period prior to the Closing Date other than
expenses incurred and reimbursed pursuant to the provisions of Section 7 hereunder. 
 (d) The Base Management Fee shall be payable in
arrears in cash, in monthly installments commencing with the month in which this Agreement was executed (with such initial payment pro-rated based on the number of days during such month that this 

  

 13 

 
Agreement was in effect), and the Manager shall calculate each installment thereof, and deliver such calculation to the Board of Directors, within fifteen
(15) days following the last day of each calendar month. The Company shall pay the Manager each installment of the Base Management Fee (each, a “Management Fee Payment”) within five (5) business days after the date of
delivery to the Board of Directors of such computations. 
 (e) The Manager shall compute each installment of the Incentive Fee within 45
days after the end of the calendar quarter with respect to which such installment is payable. A copy of the computations made by the Manager to calculate such installment (the “Incentive Fee Computation Notice”) shall thereafter
promptly be delivered to the Board of Directors and, upon such delivery, payment of such installment of the Incentive Fee shown therein shall be due and payable within ten (10) business days after the date of delivery to the Board of Directors
of such computations. 
 (f) The Manager may elect to receive up to ten percent (10%) of the Incentive Fee (subject to restrictions
under securities laws and the NYSE and to the remaining provisions of this Section 6(f) and the provisions of Sections 6(g), 6(h) and 6(i)) in shares of Common Stock in the Incentive Fee Computation Notice and the remainder thereof shall be
paid in cash. For purposes of this computation, Common Stock includes shares issued and outstanding (whether vested or unvested or forfeiture or non-forfeitable) and shares to be issued upon exercise of outstanding stock options (whether such
options are exercisable or nonexercisable). The Manager’s receipt of shares of Common Stock in accordance herewith shall be subject to all applicable securities exchange rules and securities laws (including, without limitation, prohibitions on
insider trading). All shares of Common Stock paid to the Manager as Incentive Fee will be fully vested upon issuance; provided, that the Manager agrees not to sell such shares of Common Stock for a period of one (1) year from the date
the Incentive Fee being paid in Common Stock became due and payable. Notwithstanding such restriction and subject to compliance with all applicable securities laws (including, without limitation, prohibitions on insider trading), the Manager shall
have the right to allocate such shares in its sole and absolute discretion to its officers, employees and other individuals who provide services to it at any time. In addition, the foregoing restrictions regarding the sale of such shares shall
terminate upon termination of this Agreement. 
 (g) Shares of Common Stock payable as the Incentive Fee shall be valued as follows:

 (i) if such shares are traded on a securities exchange, the value shall be deemed to be the closing price of the shares on
such exchange on the Business Day prior to the issuance of such shares; 
 (ii) if such shares are actively traded
over-the-counter, the value shall be deemed to be the average of the closing bid or sales price, as applicable, on the Business Day prior to the issuance of such shares; and 
 (iii) if there is no active public market for such shares, the value shall be the fair market value thereof, as reasonably determined in
good faith by the Board of Directors (including a majority of the Independent Directors) of the Company. 
  

 14 

 (h) If at any time the Manager shall, in connection with a determination of fair market value made by
the Board of Directors, (i) dispute such determination in good faith by more than five percent (5%), and (ii) such dispute cannot be resolved between the Independent Directors and the Manager within ten (10) business days after the
Manager provides written notice to the Company of such dispute (the “Valuation Notice”), then the matter shall be resolved by an independent appraiser of recognized standing selected jointly by the Independent Directors and the
Manager within not more than twenty (20) days after the Valuation Notice. In the event the Independent Directors and the Manager cannot agree with respect to such selection within the aforesaid twenty (20) day time-frame, the Independent
Directors shall select one such independent appraiser and the Manager shall select one independent appraiser within five (5) business days after the expiration of the twenty (20) day period, with one additional such appraiser (the
“Last Appraiser”) to be selected by the appraisers so designated within five (5) business days after their selection. Any valuation decision made by the Last Appraiser shall be deemed final and binding upon the Board of
Directors and the Manager and shall be delivered to the Manager and the Company within not more than fifteen (15) days after the selection of the Last Appraiser. The expenses of the appraisal shall be paid by the party with the estimate which
deviated the furthest from the final valuation decision made by the appraisers. 
 Section 7. Expenses of the Company. (a) The
Manager shall be responsible for employment expenses of the Manager’s employees (including the officers of the Company who are also employees of the Manager), including, without limitation, salaries, bonus and other wages, payroll taxes and the
cost of employee benefit plans of such personnel. 
 (b) The Company shall pay all of its costs and expenses and shall reimburse the Manager
or its Affiliates for expenses of the Manager and its Affiliates incurred on behalf of the Company, excepting only those expenses that are specifically the responsibility of the Manager pursuant to Section 7(a) of this Agreement. Without
limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company or any Subsidiary shall be paid by the Company and shall not be paid by the Manager or Affiliates of the Manager: 
 (i) all costs and expenses associated with the formation and capital raising activities of the Company and its Subsidiaries, if any, including, without
limitation, the costs and expenses of the preparation of the Company’s registration statements, any and all costs and expenses of an initial public offering of the Company, any subsequent offerings and any filing fees and costs of being a
public company, including, without limitation, filings with the SEC, the National Association of Securities Dealers, Inc. and the NYSE (and any other exchange or over-the-counter market), among other such entities; 
 (ii) all costs and expenses in connection with the acquisition, disposition, development, protection, maintenance, financing, hedging, administration
and ownership of the Company’s or any Subsidiary’s investment assets, including, without limitation, costs and expenses incurred in contracting with third parties, including Affiliates of the Manager, to provide such services, such as
legal fees, accounting fees, consulting fees, trustee fees, appraisal fees, insurance premiums, commitment fees, brokerage fees, 

  

 15 

 
guaranty fees, ad valorem taxes, costs of foreclosure, maintenance, repair and improvement of property and premiums for insurance on property owned or leased
by the Company or any Subsidiary; 
 (iii) all legal, audit, accounting, consulting, underwriting, brokerage, listing, filing,
custodian, transfer agent, rating agency, registration and other fees and charges, printing, engraving and other expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and stock exchange listing of the
Company’s or any Subsidiary’s equity securities or debt securities; 
 (iv) all costs and expenses in connection
with legal, accounting, due diligence, asset management, securitization, property management, leasing tasks and other services that outside professionals or outside consultants perform; 
 (v) all expenses relating to communications to holders of equity securities or debt securities issued by the Company or any Subsidiary and
the other third party services utilized in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies (including, without limitation, the SEC),
including any costs of computer services in connection with this function, the cost of printing and mailing certificates for such securities and proxy solicitation materials and reports to holders of the Company’s or any Subsidiary’s
securities and the cost of any reports to third parties required under any indenture to which the Company or any Subsidiary is a party; 
 (vi) all costs and expenses of money borrowed by the Company or its Subsidiaries, if any, including, without limitation, principal, interest and the costs associated with the establishment and maintenance of any
credit facilities, warehouse loans, repurchase facilities and other indebtedness of the Company and its Subsidiaries, if any (including commitment fees, legal fees, closing and other costs); 
 (vii) all taxes and license fees applicable to the Company or any Subsidiary, including interest and penalties thereon; 
 (viii) all fees paid to and expenses of third-party advisors and independent contractors, consultants, managers and other agents engaged
by the Company or any Subsidiary or by the Manager for the account of the Company or any Subsidiary; 
 (ix) all insurance
costs incurred by the Company or any Subsidiary, including, without limitation, any costs to obtain liability or other insurance to indemnify the Manager and underwriters of any securities of the Company; 
 (x) all costs and expenses relating to the acquisition of, and maintenance and upgrades to, the Company’s portfolio accounting
systems; 
 (xi) all compensation and fees paid to directors of the Company or any Subsidiary (excluding those directors who
are also officers or employees of the Manager), all expenses of directors of the Company or any Subsidiary (including those directors who are also employees of the Manager), the cost of directors and officers liability 

  

 16 

 
insurance and premiums for errors and omissions insurance, and any other insurance deemed necessary or advisable by the Board of Directors for the benefit of
the Company and its directors and officers (including those directors who are also employees of the Manager); 
 (xii) all
third-party legal, accounting and auditing fees and expenses and other similar services relating to the Company’s or any Subsidiary’s operations (including, without limitation, all quarterly and annual audit or tax fees and expenses);

 (xiii) all third-party legal, expert and other fees and expenses relating to any actions, proceedings, lawsuits, demands,
causes of action and claims, whether actual or threatened, made by or against the Company, or which the Company is authorized or obligated to pay under applicable law or its Governing Instruments or by the Board of Directors; 
 (xiv) subject to Section 8 below, any judgment or settlement of pending or threatened proceedings (whether civil, criminal or
otherwise) against the Company or any Subsidiary, or against any trustee, director or officer of the Company or any Subsidiary in his capacity as such for which the Company or any Subsidiary is required to indemnify such trustee, director or officer
by any court or governmental agency, or settlement of pending or threatened proceedings; 
 (xv) all travel and related
expenses of directors, officers and employees of the Company and the Manager, incurred in connection with attending meetings of the Board of Directors or holders of securities of the Company or any Subsidiary or performing other business activities
that relate to the Company or any Subsidiary, including, without limitations, travel and expenses incurred in connection with the purchase, consideration for purchase, financing, refinancing, sale or other disposition of any investment or potential
investment of the Company; provided, however, that the Company shall only be responsible for a proportionate share of such expenses, as determined by the Manager in good faith, where such expenses were not incurred solely for the benefit of the
Company; 
 (xvi) all expenses of organizing, modifying or dissolving the Company or any Subsidiary and costs preparatory to
entering into a business or activity, or of winding up or disposing of a business activity of the Company or its Subsidiaries, if any; 
 (xvii) all expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to be made by the Board of Directors to or on account of holders of the securities of the
Company or any Subsidiary, including, without limitation, in connection with any dividend reinvestment plan; 
 (xviii) all
costs and expenses related to the design and maintenance of the Company’s web site or sites and associated with any computer software, hardware or information technology services that is used primarily for the Company; 
 (xix) costs and expenses incurred with respect to market information systems and publications, research publications and materials, and
settlement, clearing and custodial fees and expenses; provided, however, that the Company shall only be responsible for a proportionate share of such expenses, as determined by the Manager in good faith, where such expenses were not
incurred solely for the benefit of the Company; 
  

 17 

 (xx) the costs and expenses incurred with respect to administering the Company’s
incentive plans; 
 (xxi) all other expenses actually incurred by the Manager or its Affiliates or their respective officers,
employees, representatives or agents, or any Affiliates thereof, which are reasonably necessary for the performance by the Manager of its duties and functions under this Agreement (including, without limitation, any fees or expenses relating to the
Company’s compliance with all governmental and regulatory matters); 
 (xxii) rent (including disaster recovery
facilities costs and expenses), telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its Affiliates required for the Company’s operations; provided,
however, that the Company shall only be responsible for a proportionate share of such expenses, as determined by the Manager in good faith, where such expenses were not incurred solely for the benefit of the Company, which for the first
twelve (12) months from the date hereof shall not exceed $2 million; and 
 (xxiii) all other expenses of the Company or
any Subsidiary relating to the Company’s business and investment operations, including, without limitation, the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of investments that are not the
responsibility of the Manager under Section 8(a) of this Agreement. 
 (c) Costs and expenses incurred by the Manager on behalf of the
Company shall be reimbursed monthly to the Manager. The Manager shall prepare a written statement in reasonable detail documenting the costs and expenses of the Company and those incurred by the Manager on behalf of the Company during each month,
and shall deliver such written statement to the Company within thirty (30) days after the end of each month. The Company shall pay all amounts payable to the Manager pursuant to this Section 7(c) within ten (10) days after the receipt
of the written statement without demand, deduction, offset or delay. Cost and expense reimbursement to the Manager shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company. The provisions of
this Section 7 shall survive the expiration or earlier termination of this Agreement to the extent such expenses have previously been incurred or are incurred in connection with such expiration or termination. 
 Section 8. Limits of the Manager’s Responsibility. (a) The Manager assumes no responsibility under this Agreement other than to
render the services called for hereunder in good faith and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in the Conflicts of
Interest Policy and the Investment Guidelines. The Manager and its Affiliates, and the directors, officers, employees and stockholders of the Manager and its Affiliates, will not be liable to the Company, any Subsidiary of the Company, the Board of
Directors, or the Company’s stockholders for any acts or omissions by the Manager, its officers, employees or its 

  

 18 

 
Affiliates, performed in accordance with and pursuant to this Agreement, except by reason of acts constituting bad faith, willful misconduct, gross
negligence or reckless disregard of their respective duties under this Agreement. The Company shall, to the full extent lawful, reimburse, indemnify and hold harmless the Manager, its Affiliates, and the directors, officers, employees and
stockholders of the Manager and its Affiliates (each, a “Manager Indemnified Party”), of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, (including reasonable
attorneys’ fees) (collectively “Losses”) in respect of or arising from any acts or omissions of such Manager Indemnified Party performed in good faith under this Agreement and, in respect of any such Manager Indemnified Party,
not constituting bad faith, willful misconduct, gross negligence or reckless disregard of duties of such Manager Indemnified Party under this Agreement. 
 (b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold harmless the Company, and the directors, officers and stockholders of the Company and each Person, if any, controlling the Company (each,
a “Company Indemnified Party”; a Manager Indemnified Party and a Company Indemnified Party are each sometimes hereinafter referred to as an “Indemnified Party”) of and from any and all Losses in respect of or
arising from (i) any acts or omissions of the Manager constituting bad faith, willful misconduct, gross negligence or reckless disregard of duties of the Manager under this Agreement or (ii) any claims by the Manager’s employees
relating to the terms and conditions of their employment by the Manager. 
 (c) In case any such claim, suit, action or proceeding (a
“Claim”) is brought against any Indemnified Party in respect of which indemnification may be sought by such Indemnified Party pursuant hereto, the Indemnified Party shall give prompt written notice thereof to the indemnifying party,
which notice shall include all documents and information in the possession of or under the control of such Indemnified Party reasonably necessary for the evaluation and/or defense of such Claim and shall specifically state that indemnification for
such Claim is being sought under this Section; provided, however, that the failure of the Indemnified Party to so notify the indemnifying party shall not limit or affect such Indemnified Party’s rights to be indemnified pursuant
to this Section. Upon receipt of such notice of Claim (together with such documents and information from such Indemnified Party), the indemnifying party shall, at its sole cost and expense, in good faith defend any such Claim with counsel reasonably
satisfactory to such Indemnified Party, which counsel may, without limiting the rights of such Indemnified Party pursuant to the next succeeding sentence of this Section, also represent the indemnifying party in such investigation, action or
proceeding. In the alternative, such Indemnified Party may elect to conduct the defense of the Claim, if (i) such Indemnified Party reasonably determines that the conduct of its defense by the indemnifying party could be materially prejudicial
to its interests, (ii) the indemnifying party refuses to defend (or fails to give written notice to the Indemnified Party within ten (10) days of receipt of a notice of Claim that the indemnifying party assumes such defense), or
(iii) the indemnifying party shall have failed, in such Indemnified Party’s reasonable judgment, to defend the Claim in good faith. The indemnifying party may settle any Claim against such Indemnified Party without such Indemnified
Party’s consent, provided (i) such settlement is without any Losses whatsoever to such Indemnified Party, (ii) the settlement does not include or require any admission of liability or culpability by such Indemnified Party and
(iii) the indemnifying party obtains an effective written release of liability for such Indemnified Party 

  

 19 

 
from the party to the Claim with whom such settlement is being made, which release must be reasonably acceptable to such Indemnified Party, and a dismissal
with prejudice with respect to all claims made by the party against such Indemnified Party in connection with such Claim. The applicable Indemnified Party shall reasonably cooperate with the indemnifying party, at the indemnifying party’s sole
cost and expense, in connection with the defense or settlement of any Claim in accordance with the terms hereof. If such Indemnified Party is entitled pursuant to this Section to elect to defend such Claim by counsel of its own choosing and so
elects, then the indemnifying party shall be responsible for any good faith settlement of such Claim entered into by such Indemnified Party. Except as provided in the immediately preceding sentence, no Indemnified Party may pay or settle any Claim
and seek reimbursement therefor under this Section. 
 (d) The provisions of this Section 8 shall survive the expiration or earlier
termination of this Agreement. 
 Section 9. No Joint Venture. The Company and the Manager are not partners or joint venturers with
each other and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. 
 Section 10. Term; Renewal. 
 (a) Initial Term. This Agreement shall become effective on the Closing Date and
shall continue in operation, unless terminated in accordance with the terms hereof, until June 30, 2009 (the “Initial Term”). 
 (b) Automatic Renewal Terms. After the Initial Term, this Agreement shall be deemed renewed automatically each year for an additional one-year period (an “Automatic Renewal Term”) unless the
Company or the Manager elects not to renew this Agreement in accordance with Section 10(c) of this Agreement. 
 (c) Nonrenewal of
this Agreement Without Cause. Notwithstanding any other provision of this Agreement to the contrary, upon the expiration of the Initial Term and upon 180 days’ prior written notice to the Manager or the Company (the “Termination
Notice”), either the Company (with the consent of the majority of the Independent Directors) or the Manager may, without cause, in connection with the expiration of the Initial Term or any Automatic Renewal Term, decline to renew this
Agreement (any such nonrenewal, a “Termination Without Cause”). If the Company issues the Termination Notice, the Company shall be obligated to (i) specify the reason for nonrenewal in the Termination Notice and (ii) pay
the Manager the Termination Fee before or on the last day of the Initial Term or Automatice Renewal Term (the “Effective Termination Date”). In the event of a Termination Without Cause, nonrenewal of this Agreement shall be without
any further liability or obligation of either party to the other, except as provided in Section 14 of this Agreement. In the event of any Termination Without Cause, after delivery of the Termination Notice, the Manager shall thereafter have the
authority to invest only such capital that represents the return of capital resulting from the liquidation or repayment of Company investments existing at the time of the Termination Notice, and subject to the Investment Guidelines and all other
existing investment and other policies of the Company. The Manager shall cooperate with the 

  

 20 

 
Company in executing an orderly transition of the management of the Company’s assets to a new manager. The Company may terminate this Agreement for
cause pursuant to Section 12 of this Agreement even after a Termination Without Cause and no termination fee shall be payable. 
 (d)
Unfair Manager Compensation. Notwithstanding the provisions of subsection (c) above, if the reason for nonrenewal specified in the Company’s Termination Notice is that a majority of the Independent Directors have determined that the
Base Management Fee or the Incentive Fee payable to the Manager is unfair, the Company shall not have the foregoing nonrenewal right in the event the Manager agrees that it will continue to perform its duties hereunder during the Automatic Renewal
Term that would commence upon the expiration of the Initial Term or then current Automatic Renewal Term at a fee that the majority of the Independent Directors determine to be fair; provided, however, the Manager shall have the right to renegotiate
the Base Management Fee and/or Incentive Fee, by delivering to the Company, not less than 120 days prior to the pending Effective Termination Date, written notice (a “Notice of Proposal to Negotiate”) of its intention to renegotiate
the Base Management Fee and/or Incentive Fee. Thereupon, the Company and the Manager shall endeavor to negotiate the Base Management Fee and/or Incentive Fee in good faith. Provided that the Company and the Manager agree to a revised Base Management
Fee, Incentive Fee, or other compensation structure within sixty (60) days following the Company’s receipt of the Notice of Proposal to Negotiate, the Termination Notice from the Company shall be deemed of no force and effect, and this
Agreement shall continue in full force and effect on the terms stated herein, except that the Base Management Fee, Incentive Fee, or other compensation structure shall be the revised Base Management Fee, Incentive Fee, or other compensation
structure then agreed upon by the Company and the Manager. The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised Base Management Fee, Incentive Fee, or other compensation structure
promptly upon reaching an agreement regarding same. In the event that the Company and the Manager are unable to agree to a revised Base Management Fee, Incentive Fee, or other compensation structure during such sixty (60) day period, this
Agreement shall terminate on the Effective Termination Date and the Company shall be obligated to pay the Manager the Termination Fee upon the Effective Termination Date. 
 (e) Nonrenewal for Underperformance. In the event that, at any time from and after March 31, 2011, (i) the dollar amount by which Funds
From Operations (after the Base Management Fee and before the Incentive Fee) for the previous 24-month period per share of the Company’s Common Stock (based on the weighted average number of shares outstanding for such 24-month period) is
(ii) less than the 10-year U.S. Treasury Rate during such 24-month period multiplied by the weighted average of the price per share of Common Stock issued in the Initial Public Offering and the prices per share of Common Stock issued in any
subsequent offerings by the Company, multiplied by two, the Board of Directors may elect to propose an action for the next annual stockholders’ meeting not to renew this Agreement as a result of underperformance by the Manager. For the purpose
of the calculation set forth in this Section 10(e), the Ten-Year U.S. Treasury Rate shall be calculated using a 24-month period. In the event that the holders of a majority of the Company’s outstanding Common Stock vote to not renew this
Agreement at such annual meeting, this Agreement shall expire as of the then current expiration date and the Manager will be paid a termination fee equal to 1% of Equity on such expiration date. 
  

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 Section 11. Assignments. (a) This Agreement shall terminate automatically without
payment of the Termination Fee in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company with the consent of a majority of the Independent Directors. Any such permitted
assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall
execute and deliver to the Company a counterpart of this Agreement naming such assignee as the Manager. Notwithstanding the foregoing, the Manager may (i) assign this Agreement to an Affiliate of the Manager that is a successor to the Manager
by reason of a restructuring or other internal reorganization among the Manager and any one or more of its Affiliates without the consent of the majority of the Independent Directors and (ii) delegate to one or more of its Affiliates the
performance of any of its responsibilities hereunder so long as it remains liable for any such Affiliate’s performance. Nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the
Manager under this Agreement. 
 (b) This Agreement shall terminate automatically in the event of its assignment, in whole or in part, by
the Company, unless such assignment is consented to in writing by the Manager. Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the Company is bound. In addition, the assignee shall execute and deliver
to the Manager a counterpart of this Agreement. 
 Section 12. Termination of the Manager for Cause. At the option of the
Company and at any time during the term of this Agreement, this Agreement shall be and become terminated upon 60 days’ written notice of termination from the Board of Directors to the Manager, without payment of the Termination Fee, if any of
the following events shall occur, which shall be determined by a majority of the Board of Directors: 
 (i) the Manager shall
commit any act of fraud, misappropriation of funds, or embezzlement against the Company in its corporate capacity (as distinguished from the acts of any employees of the Manager which are taken without the complicity of the board of directors or
executive officers of the Manager) or shall be grossly negligent in the performance of its duties under this Agreement (including such action or inaction by the Manager which materially impairs the Company’s ability to conduct its business);

 (ii) the Manager shall fail to provide adequate or appropriate personnel necessary for the Manager to originate investment
opportunities for the Company and to manage and develop the Company’s portfolio; provided, that such default has continued uncured for a period of sixty (60) days after written notice thereof, which notice shall contain a request
that the same be remedied. 
 (iii) the Manager shall commit a material breach of any provision of this Agreement (including
the failure of the Manager to use reasonable efforts to comply with the Company’s Conflicts of Interest Policy and Investment Guidelines); provided, that such default has continued uncured for a period of sixty (60) days after
written notice thereof, which notice shall contain a request that the same be remedied. 
  

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 (iv) the Manager raises, sponsors, forms or advises any new investment fund, company or
vehicle, including any REIT, that invests primarily in commercial mortgage loans or other commercial real estate loans, such as mezzanine loans (but specifically excluding commercial mortgage-backed securities and other similar pass through
securities) in the United States; 
 (v)(A) the Manager shall commence any case, proceeding or other action (1) under any
existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or
insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (2) seeking appointment of a receiver, trustee, custodian, conservator or other
similar official for it or for all or any substantial part of its assets, or the Manager shall make a general assignment for the benefit of its creditors; or (B) there shall be commenced against the Manager any case, proceeding or other action
of a nature referred to in clause (A) above which (1) results in the entry of an order for relief or any such adjudication or appointment or (2) remains undismissed, undischarged or unbonded for a period of 90 days; or (C) the
Manager shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (A) or (B) above; or (D) the Manager shall generally not, or shall be unable to, or
shall admit in writing its inability to, pay its debts as they become due; 
 (vi) upon the conviction (including a plea of
nolo contendere) of the Manager of a felony or the entry of any order or consent decree by any state or federal regulatory agency or authority, or the settlement by the Manager with any such regulatory agency or authority, whether or not such
order, consent decree or settlement involves the admission or denial of liability, with respect to or arising out of any regulatory proceeding where the subject matter of the regulatory proceeding involves conduct of the Manager in the course of
conducting its business as contemplated by this Agreement; 
 (vii) upon a Change of Control in the Manager, at any point
during the six (6) months following such Change of Control; or 
 (viii) upon the dissolution of the Manager. 

If any of the events specified above shall occur, the Manager shall give prompt written notice thereof to the Board of Directors. 
  

 23 

 Section 13. Action Upon Termination. From and after the effective date of termination of
this Agreement pursuant to Sections 10, 11, or 12 of this Agreement, the Manager shall not be entitled to compensation for further services hereunder, but shall be paid all compensation accruing to the date of termination and, if terminated or not
renewed pursuant to Section 10, the Termination Fee. Upon any such termination, the Manager shall forthwith: 
 (a) after deducting any
accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; 
 (b) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by
it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company and any Subsidiaries; and 
 (c) deliver to the Board of Directors all property and documents of the Company and any Subsidiaries then in the custody of the Manager. 
 Section 14. Release of Money or Other Property Upon Written Request. 
 The Manager agrees that
any money or other property of the Company (which such term, for the purposes of this Section, shall be deemed to include any and all of its Subsidiaries, if any) held by the Manager shall be held by the Manager as custodian for the Company, and the
Manager’s records shall be appropriately and clearly marked to reflect the ownership of such money or other property by the Company. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company
requesting the Manager to release to the Company any money or other property then held by the Manager for the account of the Company under this Agreement, the Manager shall release such money or other property to the Company within a reasonable
period of time, but in no event later than 60 days following such request. Upon delivery of such money or other property to the Company, the Manager shall not be liable to the Company, the Board of Directors, or the Company’s stockholders or
partners for any acts or omissions by the Company in connection with the money or other property released to the Company in accordance with this Section. The Company shall indemnify the Manager, its directors, officers, stockholders, employees and
agents against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, which arise in connection with the Manager’s release of such money or other property to the Company in accordance with the
terms of this Section 14. Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under Section 8 of this Agreement. 
 Section 15. Representations and Warranties. (a) The Company hereby represents and warrants to the Manager as follows: 
 (i) The Company is duly organized, validly existing and in good standing under the laws of Maryland, has the corporate power and authority
and the legal right to own and operate its assets, to lease any property it may operate as lessee and to conduct the business in which it is now engaged and is duly qualified as a foreign corporation and in good standing under the laws of each
jurisdiction where its ownership or lease of 

  

 24 

 
property or the conduct of its business requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the
aggregate have a material adverse effect on the business operations, assets or financial condition of the Company and its Subsidiaries, if any, taken as a whole. 
 (ii) The Company has the corporate power and authority and the legal right to make, deliver and perform this Agreement and all obligations
required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations required hereunder. No consent of any
other Person, including stockholders and creditors of the Company, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required by the
Company in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement and all obligations required hereunder. This Agreement has been, and each instrument or document required hereunder will
be, executed and delivered by a duly authorized officer of the Company, and this Agreement constitutes, and each instrument or document required hereunder when executed and delivered hereunder will constitute, the legally valid and binding
obligation of the Company enforceable against the Company in accordance with its terms. 
 (iii) The execution, delivery and
performance of this Agreement and the documents or instruments required hereunder will not violate any provision of any existing law or regulation binding on the Company, or any order, judgment, award or decree of any court, arbitrator or
governmental authority binding on the Company, or the Governing Instruments of, or any securities issued by the Company or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Company is a party or
by which the Company or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations, assets or financial condition of the Company and its Subsidiaries, if any, taken as a whole, and will not
result in, or require, the creation or imposition of any lien or any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. 
 (b) The Manager hereby represents and warrants to the Company as follows: 
 (i) The Manager is duly organized, validly existing and in good standing under the laws of Delaware, has the corporate power and authority
and the legal right to own and operate its assets, to lease the property it operates as lessee and to conduct the business in which it is now engaged and is duly qualified as a foreign corporation and in good standing under the laws of each
jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect on the
business operations, assets or financial condition of the Manager. 
  

 25 

 (ii) The Manager has the corporate power and authority and the legal right to make,
deliver and perform this Agreement and all obligations required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions hereof and the execution, delivery and performance of this Agreement and
all obligations required hereunder. No consent of any other Person, including members and creditors of the Manager, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with,
any governmental authority is required by the Manager in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement and all obligations required hereunder. This Agreement has been, and each
instrument or document required hereunder will be, executed and delivered by a duly authorized officer of the Manager, and this Agreement constitutes, and each instrument or document required hereunder when executed and delivered hereunder will
constitute, the legally valid and binding obligation of the Manager enforceable against the Manager in accordance with its terms. 
 (iii) The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate any provision of any existing law or regulation binding on the Manager, or any order, judgment, award or
decree of any court, arbitrator or governmental authority binding on the Manager, or the Governing Instruments of, or any securities issued by the Manager or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking
to which the Manager is a party or by which the Manager or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations, assets or financial condition of the Manager, and will not result in,
or require, the creation or imposition of any lien or any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. 
 Section 16. Miscellaneous. (a) Notices. All notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered against receipt or upon actual receipt of (i) personal delivery,
(ii) delivery by reputable overnight courier, (iii) delivery by facsimile transmission with telephonic confirmation or (iv) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth
below (or to such other address as may be hereafter notified by the respective parties hereto in accordance with this Section 16): 
  

			
	The Company:	  	 Quadra Realty Trust, Inc.
 c/o Hypo Real Estate
Capital Corporation
 622 Third Avenue
 New York, New York
10017
 Attention: Chief Financial Officer
 Fax:

		
	with a copy to:	  	 Skadden, Arps, Slate, Meagher & Flom LLP
 4 Times
Square
 New York, New York 10036
 Attention: David J.
Goldschmidt, Esq.
 Fax: (212) 735-2000

  

 26 

			
	The Manager:	  	 Hypo Real Estate Capital Corporation
 622 Third
Avenue
 New York, New York 10017
 Attention: Chief Executive
Officer
 Fax:

		
	with a copy to:	  	 Hypo Real Estate Capital Corporation
 622 Third
Avenue
 New York, New York 10017
 Attention: Chief Legal
Officer
 Fax: (212) 671-6368

 (b) Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns as provided herein. 
 (c) Integration. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements,
understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof. 
 (d) Amendments. This Agreement, nor any terms hereof, may not be amended, supplemented
or modified except in an instrument in writing executed by the parties hereto. 
 (E) GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR ANY DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY ACTION OR JUDGMENT RELATING TO OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREBY AND TO THE LAYING OF VENUE IN SUCH COURT. 
 (f) WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND
AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT 

  

 27 

 
PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
 (g) Survival of Representations and
Warranties. All representations and warranties made hereunder, and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement. 
 (h) No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party hereto, any right, remedy, power or
privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 (i) Costs and Expenses. Each party hereto shall bear its own costs and expenses (including the fees and disbursements of counsel and accountants) incurred in connection with the negotiations and preparation of
and the closing under this Agreement, and all matter incident thereto. 
 (j) Section Headings. The section and subsection headings
in this Agreement are for convenience in reference only and shall not be deemed to alter or affect the interpretation of any provisions hereof. 
 (k) Counterparts. This Agreement may be executed by the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the
same instrument. 
 (l) Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 28 

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

			
	QUADRA REALTY TRUST, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HYPO REAL ESTATE CAPITAL CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 29 

 Exhibit A 
 Conflicts of Interest Policy 
 Capitalized terms used but not defined herein shall have the meanings
ascribed thereto in that certain Management Agreement, dated as of February [    ], 2007, as may be amended from time to time (the “Management Agreement”), by and between Quadra Realty Trust, Inc. (the
“Company”) and Hypo Real Estate Capital Corporation (the “Manager”). 
 Special Provisions Relating to
Allocation of Opportunities, Co-Investments and Certain Shared Services: 
 1. The Manager and the Company agree that Company shall have a
right of first offer with respect to all assets originated by or presented to the Manager with one or more of the following characteristics, regardless of how such asset is originated or otherwise identified by the Manager, unless otherwise
specified below: 
 (a) any commercial mortgage whole loan with a total principal amount of $20 million or less, except for fixed rate loans
originated for securitization; 
 (b) any investment opportunity which constitutes equity or preferred equity; 
 (c) any below-investment grade real estate securities, including collateralized debt obligations; 
 (d) any (1) B Notes or other subordinated loan tranches created by the Manager in whole loans originated by the Manager and (2) mezzanine loans
originated by the Manager in connection with any mortgage loan originated by the Manager, to the extent the Manager does not elect to retain such subordinated portion or mezzanine loan; 
 (e) 25% of any other B Note, subordinated loan tranche or mezzanine loan not originated by the Manager which, when aggregated with more senior debt
secured (directly or indirectly) by the applicable underlying real estate asset, exceeds 75% of the value of such underlying real estate asset at origination; 
 (f) a pari passu portion of any senior mortgage loan originated or sourced by the Manager, equal to 50% of the portion of the principal amount of the mortgage loan in excess of 75% of the value of the
underlying real estate asset that secures the mortgage loan; 
 (g) 50% of any discounted notes or sub-performing or distressed assets
purchased or sourced by the Manager; and 
 (h) the first $25 million (or such lesser amount as the Manager elects to syndicate) of any
pari passu portion of any commercial mortgage loan, B Note or mezzanine loan that the Manager originates and elects to syndicate. 

 2. The Manager and the Company additionally agree that the Company shall have the right to invest in any
commercial real estate mortgage or real estate related asset which the Manager elects not to invest in for any reason, including failure to satisfy the Manager’s investment criteria or concentration issues. 
 3. The Manager and Company additionally agree that, unless otherwise approved by the Investment Oversight Committee, all investments of the Company shall
be in accordance with the Investment Guidelines and the following terms and conditions: 
 (a) The Company shall not purchase from, or
co-invest (i.e., co-originate or co-purchase from an unaffiliated third party) with, the Manager or any of its Affiliates unless (A) if the co-investment is made on a pari passu basis, the economic terms (exclusive of any administrative
fees payable to the Manager as agent) shall be at least as favorable to the Company as to the Manager or such Affiliate and (B) if the co-investment results in the Manager and the Company holding Debt Tranches (defined below) of different
priorities, the terms of the Company’s Debt Tranche (defined below), (1) if purchased in the secondary market from an unaffiliated third party, shall be upon such terms as are offered by such third party and (2) if purchased or part
of a co-origination with the Manager, (y) shall, if there is one or more third party participants in the Company’s Debt Tranche, be upon terms no less favorable than the most favored third party participant in the Company’s Debt
Tranche and (z) shall, if there are no other participants in the Company’s Debt Tranche, be upon then current market terms for similar investments purchased in arms length transactions as reasonably determined by the Manager based upon
third party bids received or published market data; provided, however, in the event that third party bids or published market data is not available to the Manager, any investment pursuant to this Section 3(a) shall require the
consent of the Company’s investment oversight committee (the “Investments OversightCommittee”); and 
 (b) All
investments the Company purchased from the Manager or any of its Affiliates more than one (1) year after the date of origination or purchase by the Manager or any of its Affiliates shall require the consent of the Investment Oversight
Committee. 
 4. In the event that the (i) Company shall invest in a loan (or portion of a loan) that is secured (directly or
indirectly) by the same underlying real estate asset that secures a loan (or tranche or other portion of a loan) of a different priority held by the Manager or (ii) the Manager or the Company holds a preferred equity interest in a real estate
asset that (directly or indirectly) secures a loan in which the other party hereto has an interest (each such loan, loan tranche or other loan portion, or preferred equity interest being a “Debt Tranche”), then, if each of the
Manager and the Company holds a majority of its respective Debt Tranche, the Investment Oversight Committee may, upon the occurrence of (1) a material default in respect of the Debt Tranche in which the Company holds an interest (the
“Company’s Debt Tranche”) or (2) any request to amend, modify or waive any material term of the Company’s Debt Tranche in order to avoid a pending material default, retain a reputable independent third party special
servicer or adviser to advise the Board of Directors with respect to all material rights, remedies, enforcement actions, amendments and requests for waivers or consents in respect of the Company’s Debt Tranche, and the cost of such servicer or
adviser shall be deducted from any Base Management Fee payable to the Manager in respect of the Company’s Debt Tranche, provided, however, that such costs shall not exceed the lesser of the special servicer fee and the Base
Management Fee allocable to the Equity allocable to such loan. 

 5. The Manager shall not cause the Company to invest (i) in any loan secured (directly or
indirectly) by a real estate asset in which the Manager has an equity interest (other than preferred equity) or (ii) in any equity interest (other than preferred equity) in any real estate asset which secures (directly or indirectly) any loan
held by the Manager. 
 6. The legal department of the Manager shall provide legal services to the Company such as advice as to corporate
governance matters, regulatory requirements, tax matters, litigation matters and such other matters as the Company or the Board of Directors may from time to time reasonably request, and in the provision of such legal services the Company, its
officers and directors shall, to the extent permitted by applicable law, be entitled to all attorney-client privileges available under applicable law and all fiduciary obligations owed by attorneys to their clients under applicable law.
Notwithstanding the foregoing, in order to mitigate possible conflicts of interest, the Company shall retain separate external counsel (i) with respect to (1) any disputes between the Manager and Company arising under this Agreement or any
other agreement between the Manager and Company, (2) any transaction of the kind described in Section 3(a)(B) and (3) any investment for which the Investment Oversight Committee has retained a special servicer or adviser in accordance
with Section 4; and (ii) at the option of the Manager, Company or any Independent Director, with respect to any other matter. 

 Exhibit B 
 Investment Guidelines 
 Capitalized terms used but not defined herein shall have the meanings
ascribed thereto in that certain Management Agreement, dated as of February [    ], 2007, as may be amended from time to time (the “Management Agreement”), by and between Quadra Realty Trust, Inc. (the
“Company”) and Hypo Real Estate Capital Corporation (the “Manager”). 
 1. No investment shall be made that would cause
the Company to fail to qualify as a REIT under the Code; 
 2. No investment shall be made that would cause the Company to be regulated as an
investment company under the Investment Company Act; 
 3. The Company shall not invest more than 10% of its Equity, determined as of the
date of such investment, in any single project (except with respect to the initial assets contributed by the Manager to the Company in connection with the Initial Public Offering) and the Company shall not invest more than 20% of its Equity,
determined as of the date of such investment, in projects controlled by a single borrower or group of affiliated borrowers that would form a consolidated group under GAAP; 
 4. The Company shall invest no more than 10% of its Equity, determined as of the date of such investment, in assets outside of the United States or in
non-U.S. dollar denominated securities; 
 5. The Company shall invest no more than 10% of its Equity, determined as of the date of such
investment, in equity positions (other than preferred equity) in commercial real estate; 
 6. The Company shall generally maintain leverage
not exceeding 80% of the total value of its investments; 
 7. The Company shall maintain a portfolio of assets that are diverse in terms of
geography and property-type assets; and 
 8. No investment shall be made in that falls outside of the Conflicts of Interest Policy.

 9. The Manager must seek the approval of a majority of the Independent Directors on the Investment Oversight Committee before engaging in
any transaction that is in contravention of these Investment Guidelines. 
 These Investment Guidelines may be amended, restated, modified,
supplemented or waived by the Board of Directors (which must include a majority of the Independent Directors) without the approval of the Company’s stockholders.Form of Contribution Agreement

 Exhibit 10.3 
 FORM OF CONTRIBUTION AGREEMENT 
 This CONTRIBUTION AGREEMENT (this “Agreement”),
dated as of February [__], 2007, is by and between Hypo Real Estate Capital Corporation, a Delaware corporation (“Hypo”) and Quadra Realty Trust, Inc., a Maryland corporation (“Quadra Realty”). 
 W I T N E S S E T H: 
 WHEREAS, Hypo
owns the assets set forth on Schedule 1 hereto, including construction loans, bridge loans and mezzanine loans (collectively, the “Initial Assets”); 
 WHEREAS, Hypo desires to contribute all of its rights, title and interest to the Initial Assets to Quadra Realty in exchange for the issuance of 8,330,000 shares of common stock, par value $0.001 per share, of
Quadra Realty (the “Common Stock”) and a cash payment of $             (the “Cash Payment”) from the net proceeds of the initial public offering of
shares of common stock of Quadra Realty (the “IPO”); 
 WHEREAS, Quadra Realty desires to issue the Common Stock and to
deliver the Cash Payment to Hypo in exchange for Hypo’s contribution of the Initial Assets. 
 NOW, THEREFORE, in consideration for the
foregoing and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Contribution of the Initial Assets. On the terms and subject to the conditions of this Agreement, Hypo shall transfer, assign, convey and deliver to Quadra Realty all right, title and interest in and to the Initial
Assets. 
 Section 2. Payment for the Initial Assets. In consideration for the contribution of the Initial Assets, Quadra Realty
shall (i) issue 8,330,000 shares of Common Stock to Hypo and (ii) make the Cash Payment to Hypo. The Cash Payment shall be proportionately adjusted downward to reflect any payments received made to or by Hypo pursuant to Section
4(a)(i) and (ii). 
 Section 3. Closing. The closing (the “Closing”) of the contribution of the Initial Assets
and the payment therefore, including the issuance of the Common Stock and the delivery of the Cash Payment, shall be held at the offices of [Clifford Chance US LLP] on the date of the closing of the IPO. 
 Section 4. Closing Allocations.  
 (a) Payments Belonging to Hypo. Hypo is entitled to (i) all payments of principal on the Initial Assets, as well as any prepayment penalty or premium associated therewith, that are due on or before the Closing Date and that are
collected on or before that date, (ii) all payments of principal on the Initial Assets, as well as any prepayment penalty or premium associated therewith, that are due on or before the Closing Date and that are collected after that 

 

 date, and (iii) all payments of interest that represent interest accruing on the Initial Assets through and
including the day prior to the Closing Date. If and to the extent any such payments are received by Quadra Realty, Quadra Realty will remit such payments to Hypo promptly upon receipt thereof. Notwithstanding its status as owner of the Initial
Assets after the Closing, Quadra Realty will not waive or forgive (or otherwise forbear from the enforcement and collection of) such payments. 
 (b) Payments Belonging to Quadra Realty. Quadra Realty is entitled to (i) all payments of principal on the Initial Assets, as well as any prepayment penalty or premium associated therewith, that are collected by Hypo on or prior
to the Closing Date and due after the Closing Date, (ii) all payments of principal on the Initial Assets, as well as any prepayment penalty or premium associated therewith, that are collected after the Closing Date and due after the Closing
Date, and (iii) all payments of interest that represent interest accruing on the Initial Assets on and after the Closing Date and that are collected after the Closing Date. If and to the extent any such payments are received by Hypo, Hypo will
remit such payments to Quadra Realty promptly upon receipt thereof. 
 Section 5. Deliveries at Closing. 
 (a) Hypo shall deliver to Quadra Realty at the Closing: 
 (i) with respect to each of the Initial Assets identified on Schedule I, such endorsements, assignment and assumption agreements, participation agreements and other instruments of transfer, all in the form
satisfactory to Quadra Realty, as may be required to vest good title in and to the Initial Assets in Quadra Realty (“Transfer Instruments”), executed by Hypo and each other required party other than Quadra Realty; and 
 (ii) copies of any approvals or consents required under the underlying loan documents more particularly described on Schedule 1
hereto in order to consummate the transfers herein contemplated. Schedule I identifies each Initial Asset that requires a consent in connection with the transaction herein contemplated. 
 (b) Quadra Realty shall deliver to Hypo at the Closing: 
 (i) a certificate evidencing 8,330,000 shares of its Common Stock; 
 (ii) the Cash
Payment by wire transfer of immediately available funds to an account designated by Hypo in accordance with written wire instructions delivered by Hypo to Quadra Realty; and 
 (iii) to the extent applicable, counterparts of the Transfer Instruments executed by Quadra Realty. 
  

 2 

 Section 6. Conditions to Closing. 
 (a) The obligation of Hypo to contribute the Initial Assets to Quadra Realty in exchange for the Common Stock and the Cash Payment is subject to the
following conditions (which conditions may be waived by Hypo in Hypo’s sole discretion): 
 (i) that at the time of the
Closing, each of the representations and warranties of Quadra Realty made in this Agreement shall be true and correct; and 
 (ii) all required approvals and consents to the transactions contemplated by this Agreement shall have been obtained from all necessary third parties; and 
 (iii) the IPO shall have been consummated. 
 (b) The obligation of Quadra Realty to issue the Common Stock and make the Cash Payment to Hypo in exchange for the Initial Assets is subject to the following conditions (which conditions may be waived by Quadra
Realty in Quadra Realty’s sole discretion): 
 (i) that at the time of the Closing, each of the representations and
warranties of Hypo made in this Agreement shall be true and correct; 
 (ii) Hypo shall have executed and delivered to Quadra
Realty the Transfer Instruments, executed by Hypo and all other required parties other than Quadra Realty; 
 (iii) all
required approvals and consents to the transactions contemplated by this Agreement shall have been obtained from all necessary third parties; 
 (iv) to the best of Hypo’s knowledge, there shall be no material pending or threatened litigation regarding the Initial Assets; and 
 (v) the IPO shall have been consummated and the net proceeds therefrom shall have been delivered to Quadra Realty. 
 Section 7. Representations and Warranties of Hypo. Hypo hereby represents and warrants to Quadra Realty, as follows: 
 (a) Hypo is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. 
  

 3 

 (b) Hypo has the full power and authority to enter into and consummate all transactions contemplated by
this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement. 
 (c) This Agreement, assuming due authorization, execution and delivery by Quadra Realty, constitutes a valid, legal and binding obligation of Hypo, enforceable against Hypo in accordance with the terms hereof, subject to (A) applicable
bankruptcy insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or
at law and (C) public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of the provisions of this Agreement that purport to provide indemnification for securities
laws liabilities. 
 (d) The execution and delivery by Hypo of this Agreement and its performance of, and compliance with, the terms of this
Agreement will not conflict with or constitute a breach, violation, or default under (A) its certificate of incorporation or bylaws, (B) any law, any order or decree of any court or arbiter, or any order, regulation or demand of any
federal, state or local government or regulatory authority, which violation is likely to affect materially and adversely either the ability of Hypo to perform its obligations under this Agreement or the financial condition of Hypo or (C) any
indenture, loan or credit agreement, or any other agreement, contract, instrument, mortgage, lien, lease, permit, authorization, order, writ, judgment, injunction or decree to which Hypo is a party or by which any Initial Asset is bound or affected;
the consummation of the transactions contemplated by this Agreement will not result in the cancellation, modification or termination of, or the acceleration of, or the creation of any charges, claims, conditions, options, assignments, preemptive
rights, rights of first refusal, security interests, hypothecations, encumbrances, mortgages, liens or pledges (collectively, “Liens”) on the Initial Assets pursuant to any agreement, license, lease, understanding, contract,
indenture, mortgage, instrument, promise, undertaking or other commitment or obligation (“Contracts”) under which Hypo or any Initial Asset is subject to or bound. 
 (e) Hypo has not dealt with any person that may be entitled to any commission or compensation in connection with the transfer of the Initial Assets.
Hypo or the obligor on the promissory note or notes related to each Initial Asset (the “Obligor”) has paid any and all amounts due to any such person, and Quadra Realty shall have no responsibility for any payments due any such
person. 
 (f) As of the date of this Agreement, all of the Initial Assets as described on Schedule I are owned by Hypo and Hypo has good
title to all of the Initial Assets, free and clear of all Liens. 
 (g) There are no Contracts, and Hypo will not enter into Contracts, with
any other person or entity to sell, transfer, assign or in any manner create a Lien on, the Initial Assets, or to not sell, transfer or assign the Initial Assets to Quadra Realty. 
  

 4 

 (h) No consents or approval, other than those that have been obtained or will be obtained on or before
the Closing, are required for the transfer of the Initial Assets in accordance with the terms of this Agreement. 
 (i) The Transfer
Instruments are sufficient to convey to Quadra Realty all right, title and interest in the Initial Assets in all relevant jurisdictions, except to the extent that a recording or other filing is required to transfer such Initial Asset. 
 (j) To the best of Hypo’s knowledge, there is no material default, breach, violation or event of acceleration existing under any Initial Asset and
no event that, 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 thereunder. 
 (k) To Hypo’s knowledge, each property related to an Initial Asset is in all material respects in compliance with and lawfully used, operated and
occupied under applicable zoning and building laws or regulations, and Hypo has not received notification from any governmental authority that any such property fails to comply with such laws or regulations, is being used, operated or occupied
unlawfully or has failed to obtain or maintain any inspection, license or certificates material to the operation of such property. 
 (l) To
the best of Hypo’s knowledge, there are no actions, suits or proceedings pending, or known to be threatened, before any court, administrative agency or arbitrator concerning an Initial Asset or the applicable collateral securing the Initial
Asset (the “Collateral”) that might materially and adversely affect (1) title to such Initial Asset, (2) the validity or enforceability thereof, (3) the value of the Collateral as security for the Initial Asset or
(4) the marketability of such Collateral. 
 (m) The information set forth on Schedule I hereto is true and accurate in all
material respects. 
 Section 8. Representations and Warranties of Quadra Realty. Quadra Realty hereby represents and warrants to
Hypo as follows: 
 (a) Quadra Realty is duly organized, validly existing and in good standing under the laws of the State of Maryland.

 (b) Quadra Realty has the full power and authority to enter into and consummate all transactions contemplated by this Agreement, has duly
authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement. 
 (c) This
Agreement, assuming due authorization, execution and delivery by Hypo, constitutes a valid, legal and binding obligation of Quadra Realty, enforceable against Quadra Realty in accordance with the terms hereof, subject to (A) applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity, regardless of whether such enforcement is 
  

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 considered in a proceeding in equity or at law and (C) public policy considerations underlying the securities laws,
to the extent that such public policy considerations limit the enforceability of the provisions of this Agreement that purport to provide indemnification for securities laws liabilities. 
 (d) Quadra Realty is not in violation of, and its execution and delivery of this Agreement and its performance of, and compliance with, the terms of
this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in Quadra Realty’s
good faith and reasonable judgment, is likely to affect materially and adversely either the ability of Quadra Realty to perform its obligations under this Agreement or the financial condition of Quadra Realty. 
 Section 9. Investment Representations and Warranties. Hypo hereby represents and warrants to Quadra Realty as follows: 
 (a) The Common Stock to be acquired by Hypo is being acquired for Hypo’s own account with the present intention of holding such interests for
purposes of investment, and Hypo presently has no intention of selling such interests in a public distribution, and the Common Stock will not be disposed of in contravention of the Securities Act of 1933, as amended (the “Act”), or
any applicable state securities laws. 
 (b) Hypo understands that the shares of Common Stock have not been registered under the Act or any
state securities laws by reason of specific exemptions under the provisions thereof, the availability of which depend in part upon the bona fide nature of Hypo’s investment intent and upon the accuracy of Hypo’s representations made in
this Section 9. 
 (c) Hypo understands that the shares of Common Stock are “restricted securities” under the applicable
federal securities laws and that the Securities Act and the rules of the Securities and Exchange Commission provide in substance that Hypo may dispose of the Common Stock only pursuant to an effective registration statement under the Securities Act
or an exemption therefrom. 
 (d) Hypo is a “qualified institutional buyer” as that term is defined in Rule 144A under the Act and
an “accredited investor” as that term is defined in Rule 501(a) under the Act. Hypo acknowledges that: (i) it has adequate means of providing for its current needs and has no need for liquidity in this investment; (ii) it is able
to bear the economic risk of this investment; (iii) it is able to hold the Common Stock indefinitely; and (iv) it is able to afford a complete loss of this investment. 
  

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 Section 10. Survival of Representations, Warranties and Covenants. All representations,
warranties and covenants contained in this Agreement shall survive the Closing. Upon discovery by either party hereto of a breach of any of the representations and warranties set forth in Sections 7, 8 and 9 that materially and adversely affects the
interests of the other party hereto, the party discovering such breach shall give prompt written notice to the other party hereto. 
 Section 11. Remedies After Closing Upon Breach of Representations and Warranties Made by Hypo. 
 (a) Opportunity to
Cure; Repurchase. If, within 12 months after the Closing, there is a breach of any of the representations and warranties in Section 7 made by Hypo regarding the characteristics of any Initial Asset, and such breach materially and adversely
affects the value of such Initial Asset (a “Material Breach”), Quadra Realty will promptly notify Hypo in writing of the Material Breach. Such notice must be given not more than 10 days after Quadra Realty first gains knowledge of
such Material Breach, but in any event, no later than 12 months after the Closing, and must describe the asserted Material Breach in reasonable detail, and must also indicate the amount Quadra Realty in good faith estimates the value of the affected
Initial Asset has been diminished as a result of such asserted Material Breach (the “Diminution in Value”). Hypo may then elect in its sole and absolute discretion to either pay to Quadra Realty the Diminution in Value, or
(ii) attempt to cure or correct such asserted Material Breach in all material respects within the applicable Permitted Cure Period (as defined below). 
 For purposes of the foregoing, and subject to the following paragraph, the “Permitted Cure Period” applicable to any Material Breach in respect of an Initial Asset will be the 90-day period
immediately following receipt by Hypo of written notice of such Material Breach. If such Material Breach cannot be corrected or cured in all material respects within such 90-day period, but it is reasonably likely that such Material Breach can be
corrected or cured and Hypo is diligently attempting to effect such correction or cure, then the applicable Permitted Cure Period will be extended for an additional 90 days. 
 Section 12. Indemnity. 
 (a)
Indemnification by Hypo. Hypo hereby agrees to indemnify and hold Quadra Realty harmless from and against any and all damage, expense, loss, cost, claim or liability (each a “Claim”) suffered or incurred by Quadra Realty as a
result of any of the following: 
 (i) any untruth or inaccuracy in, or any breach of, any of the representations or
warranties made by Hypo in Sections 7 and 9 of this Agreement; or 
 (ii) any breach of, or failure to perform, any agreement
of Hypo contained in this Agreement. 
  

 7 

 (b) Scope of Indemnity. Notwithstanding anything to the contrary otherwise provided in this
Agreement: 
 (i) except in the case of fraud, the indemnification set forth in Section 12(a) shall be limited to an
amount equal to the value of the Common Stock and the Cash Payment received by Hypo on the date hereof; 
 (ii) except in the
case of fraud, the indemnification set forth in Section 12(b) shall be limited to an amount equal to the value of the Initial Assets received by Quadra Realty on the date hereof; and 
 (iii) the indemnification set forth in Section 12(a) shall only extend to any Claim which arises within twelve months following the
Closing. 
 (c) Notice. To the extent that a Claim is asserted by a third party, the party hereto seeking indemnification pursuant to
Section 12(a) or 12(b) (“Indemnitee”) shall give prompt written notice to the party hereto from whom indemnification is sought (“Indemnitor”) as to the assertion of any Claim, or the commencement of any Claim.
Subject to Section 12(c)(iii), the omission of Indemnitee to notify Indemnitor of any such Claim shall not relieve Indemnitor from any liability in respect of such Claim that it may have to Indemnitee on account of this Agreement nor shall it
relieve Indemnitor from any other liability that it may have to Indemnitee, provided, however, that Indemnitor shall be relieved of liability to the extent that the failure so to notify (a) shall have caused prejudice to the
defense of such Claim, or (b) shall have materially increased the costs or liability of Indemnitor by reason of the inability or failure of Indemnitor (because of the lack of prompt notice from Indemnitee) to be involved in any investigations
or negotiations regarding any such Claim. In case any such Claim shall be asserted or commenced against Indemnitee and it shall notify Indemnitor thereof, Indemnitor shall be entitled to participate in the negotiation or administration thereof and,
to the extent it may wish, to assume the defense thereof with counsel reasonably satisfactory to Indemnitee, and, after notice from Indemnitor to Indemnitee of its election so to assume the defense thereof, which notice shall be given within 15 days
of its receipt of such notice from Indemnitee, Indemnitor will not be liable to Indemnitee hereunder for any legal or other expenses subsequently incurred by Indemnitee in connection with the defense thereof other than reasonable costs of
investigation. Indemnitor shall not settle any Claim in any manner that does not completely relieve Indemnitee of liability for such Claim, without the written consent of Indemnitee, which consent shall not be unreasonably withheld or delayed.

 Section 13. Expenses. Whether or not the Closing occurs, all reasonable costs and expenses incurred in connection with this
Agreement and the transactions contemplated hereby (including reasonable attorneys fees and expenses) shall be paid by each of the respective parties with respect to their own costs and expenses. 
 Section 14. Notices. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile or
similar writing) and shall be given, 
  

 8 

 If to Quadra Realty: 
                     Quadra Realty
Trust, Inc. 
                     c/o Hypo Real Estate Capital Corporation 
                     622 Third Avenue

                     New York, New York 10017 
                     Attention: Chief Executive Officer 
                     Facsimile No.:
(212) 671-6402 
 If to Hypo: 
                     Hypo Real Estate Capital Corporation 
                     622 Third Avenue

                     New York, New York 10017 
                     Attention: Chief Legal Officer 
                     Facsimile No.:
(212) 671-6368 
 Section 15. Further Assurances. From time to time following the Closing, Hypo shall execute and deliver,
or cause to be executed and delivered, to Quadra Realty such other documents or instruments of conveyance and transfer as Quadra Realty may reasonably request or as may be otherwise necessary to more effectively convey and transfer to, and vest in
Quadra Realty the Initial Assets, or in order to fully effectuate and to implement the purposes, terms and provisions of this Agreement. 
 Section 16. Entire Agreement: No Other Representations. Except as expressly agreed in a separate writing signed by the parties hereto on or after the date of this Agreement, this Agreement constitutes the entire agreement, and
supersedes all other prior agreements and understandings, both written and oral, between the parties, with respect to the subject matter hereof. 
 Section 17. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any
provision of this Agreement, or the application thereof to any person or entity or any circumstance, is invalid or unenforceable (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid
and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other persons or entities or circumstances shall not be affected by such
invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 
 Section 18. Interpretation. The section references and headings herein are for convenience of reference only, do not constitute part of this
Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof. 
  

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 Section 19. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their successors and assigns. Quadra Realty shall have the right to assign its rights under this agreement with respect to any Initial Asset to any purchaser of such Initial Asset. Nothing in this Agreement,
expressed or implied, is intended or shall be construed to confer upon any person or entity other than the parties and their successors and assigns any right, remedy or claim under or by reason of this Agreement. 
 Section 20. Counterparts; Facsimile Signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which shall constitute one instrument. The parties may also execute this Agreement by the facsimile exchange of executed signature pages. 
 Section 21. Enforcement; No Joint Venture or Partnership; No Third Party Beneficiaries 
 (a) If
any suit, action or other legal proceeding is brought to enforce any provision of this Agreement, the party ultimately prevailing in such action or proceeding shall be entitled to recover the reasonable costs (including legal fees and expenses) of
bringing or defending such action or proceeding. 
 (b) Hypo and Quadra Realty intend that the relationships created hereunder be solely that
of purchaser and seller. Nothing herein or therein is intended to create a joint venture, partnership, tenancy in common, or joint tenancy relationship between Quadra Realty, on the one hand, and Hypo, on the other hand. 
 (c) This Agreement is solely for the benefit of Hypo and Quadra Realty and nothing contained in this Agreement shall be deemed to confer upon anyone
other than the Hypo and Quadra Realty any right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. 
  

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 SECTION 22. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE
UNITED STATES DISTRICT COURT FOR ANY DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY ACTION OR JUDGMENT RELATING TO OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND TO THE LAYING OF VENUE IN SUCH COURT.

 Section 23. Waiver of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

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

			
	QUADRA REALTY TRUST, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 HYPO REAL ESTATE CAPITAL
 CORPORATION

		
	By:	 	  

	Name:	 	
	Title:

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