Document:

Mortgage Loan Purchase Agreement dated July 20, 2006

 Exhibit 10.13 
 Execution Version 
 MORTGAGE LOAN PURCHASE AGREEMENT 
 This Mortgage Loan Purchase Agreement, dated as of July 20, 2006 (the “Agreement”), is entered into between CBRE Realty Finance
Holdings IV, LLC and CBRE Realty Finance TRS Warehouse Funding III, LLC (collectively, the “Seller”) and Wachovia Bank, National Association (the “Purchaser”). 
 The Seller may sell and the Purchaser may purchase, in its sole discretion, certain Whole Loans, Bridge Loans and Junior Interests (collectively, the
“Mortgage Loans”) identified on the schedule annexed hereto as Exhibit B-1 (the “Mortgage Loan Schedule”). Further assets may be acquired (each such acquisition, a “Transaction”) under this
Agreement by the written consent of the Purchaser, given or withheld in its sole and absolute discretion, by payment of the related Purchase Price (as defined below) and amendment of Exhibit B-1 (and, if applicable, Exhibit B-2)
hereto, in each case in accordance with the terms of this Agreement. As a condition to the Purchaser’s purchase of the Mortgage Loans, the Seller has agreed that the Purchaser may direct it to repurchase and the Seller may elect to repurchase
any or all of the Mortgage Loans at any time in accordance with the terms of this Agreement. 
 Capitalized terms used and not defined herein
shall have the respective meanings assigned to such terms in Exhibit A hereto. 
 Now, therefore, in consideration of the premises and
the mutual agreements set forth herein, the parties agree as follows: 
 SECTION 1. Purchase of Loans. 
 Prior to the Fixed Repurchase Date (as defined below), the Purchaser may purchase from time to time, at its sole discretion, from the Seller the Mortgage
Loans identified on the Mortgage Loan Schedule. The initial purchase and sale of the Mortgage Loans shall take place on or about July 20, 2006 (such date and each other date of a closing of a Transaction hereunder, as applicable, a
“Closing Date”). The consideration (the “Purchase Price”) for each Mortgage Loan shall be an amount equal to the product of (x) the Purchase Rate times (y) the least of (i) Seller’s book value of
such Mortgage Loan, (ii) the fair market value of such Mortgage Loan (as determined by Purchaser in its sole discretion), and (iii) the face or par value of such Mortgage Loan; provided, that in no event will the aggregate Purchase
Price for the Mortgage Loans purchased hereunder exceed at any time $175,000,000. The Purchase Price shall be paid to the Seller or its designee by wire transfer in immediately available funds on the Closing Date to the following account of the
Seller (or such other account as designated by the Seller in writing): 
 ABA number: 053000219 
 Account number: 2000032624766 
 Account name: CBRE Realty Finance Holdings IV, LLC 

 SECTION 2. Conveyance of Mortgage Loan. 
 (a) Effective as of the Closing Date, subject only to receipt of the Purchase Price and satisfaction of the other conditions to closing that are for the
benefit of the Seller, the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Purchaser, without recourse (except as set forth in this Agreement), all the right, title and interest of the Seller in and to the Mortgage
Loans identified on the Mortgage Loan Schedule as of such date that the Purchaser has agreed to purchase, together with all of the Seller’s right, title and interest in and to the proceeds of any related title, hazard, primary mortgage or other
insurance proceeds. The foregoing provisions of this subsection (a) shall not, however, be construed to limit the effect of subsection (e) of this Section 2. 
 (b) On the Closing Date, the Seller shall forward to the Purchaser a confirmation of each Transaction, substantially in the form of Exhibit C
attached hereto (a “Confirmation”). The Confirmation shall specify any additional terms or conditions of the Transaction not inconsistent with this Agreement or as otherwise agreed to by the Purchaser. In the event that the terms of
the related Confirmation are inconsistent with the terms of this Agreement, this Agreement shall supersede the Confirmation with respect to the inconsistent terms only; provided, however, that the Confirmation and this Agreement shall be
construed to be cumulative to the extent possible. Upon receipt of the Confirmation, the Purchaser shall evidence its agreement to enter into the requested Transaction by its signature thereon and return such Confirmation to the Seller. Any
Confirmation executed by the Purchaser shall be deemed to have been received by the Seller on the date such executed Confirmation is actually received by the Seller. 
 (c) No later than the Closing Date, the Seller shall deliver to the Custodian, in accordance with the Custodial Agreement, the documents and instruments specified below with respect to the Mortgage Loans (the
“Mortgage File”): 
 (i) the original executed Mortgage Note including any power of attorney related to the
execution thereof, together with any and all intervening endorsements thereon, endorsed, in blank, on its face or by allonge attached thereto (without recourse, representation or warranty, express or implied, except as provided herein); 

(ii) an original or copy of all of the other Mortgage Loan Documents, together with any and all intervening assignments thereof;

 (iii) an original assignment of all documents relating to the Mortgage Loans (to the extent not already assigned pursuant
to clause (ii) above), in blank; and 
 (iv) a title policy. 
 (d) With respect to any Mortgage Loan for which a complete Mortgage File has not been delivered to the Purchaser or its designee on or prior to the
Closing Date, but which has been approved by the Purchaser in its sole discretion for inclusion in a Transaction on a wet-funded basis (a “Wet-Funded Mortgage Loan”), the Seller shall deliver to the Custodian, in accordance with the
Custodial Agreement, the items specified below: 
  

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 (i) no later than the Closing Date, electronic copies of each of the items listed in
Section 2(c) which are required to be included in the Mortgage File with respect to such Wet-Funded Mortgage Loan; 
 (ii) no later than the Closing Date, an escrow agreement in the form annexed hereto as Exhibit F (an “Escrow Agreement”), properly completed and executed by a title company, escrow company or attorney in accordance
with local law and practice in the appropriate jurisdiction of such Wet-Funded Mortgage Loan and acceptable to the Purchaser in its sole discretion (a “Settlement Agent”) and accepted by the Seller; and 
 (iii) no later than the date that is five (5) Business Days after the Closing Date, the Mortgage File with respect to such Wet-Funded
Mortgage Loan. 
 The Purchaser shall not purchase any Wet-Funded Mortgage Loans until it has received items (i) and (ii) above. 
 (e) The Purchaser shall not transmit for recording, and shall cause its designees and assignees not to transmit for recording, any of the assignment
documents described in subsection (b) at any time before a Fixed Repurchase Date or an Event of Default. 
 (f) The Seller shall service
the Mortgage Loans, from and after the Closing Date to the Repurchase Date (as defined in Section 7), for the benefit of the Purchaser as the owner of the Mortgage Loans. In connection with such servicing, the Seller as servicer shall remit any
and all payments of principal and/or interest received on the Mortgage Loans to the Collection Account. The Seller shall act in accordance with the Servicing Standard; provided, however, that (i) in no event shall the Seller take
any material servicing action in respect of a Mortgage Loan without the approval of the Purchaser, and (ii) the Seller shall consult regularly with the Purchaser with respect to any other actions to be taken or not taken in connection with such
servicing and administration. 
 (g) Except as provided in this Subsection 2(f), prior to the Repurchase Date, the Seller will have the right
to exercise all determination and consent rights in connection with the Mortgage Loans in accordance with the terms of the Mortgage Loan Documents. In the event that the Seller fails to repurchase a Mortgage Loan on the Fixed Repurchase Date in
accordance with the terms of Section 7 hereof or upon the occurrence and continuation of an Event of Default, the Purchaser will have the right to exercise any determination and consent rights in connection with the Mortgage Loans in accordance
with the terms of the Mortgage Loan Documents until such time as the related Mortgage Loans are repurchased by the Seller. 
 (h) The Seller
shall retain custody of draft documents, attorney-client privileged communications and internal correspondence and credit and other underwriting analysis of the Seller relating to the Mortgage Loans. All other documents and records relating to the
Mortgage Loans and in the Seller’s possession (the “Additional Mortgage Loan Documents”) that are not required to be delivered as part of the Mortgage File shall be held by the Seller (but copies thereof shall be delivered to
or at the direction of the Purchaser or its designee, within five (5) Business Days following the Closing Date) on behalf of the Purchaser. The Seller shall continue, on behalf of the Purchaser as owner of the Mortgage Loans, to hold (except to
the extent that such 

  

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funds are required to be disbursed to a mortgagor or a third party under the terms of the Mortgage Loans and except as otherwise may be provided in the
servicing arrangements described in subsection (e) above), and shall not be required to deliver to Purchaser, any and all escrow and reserve funds (which escrows and reserves are in the nature and amounts (as of the applicable Closing Date) set
forth in Exhibit B-2 hereto) and additional collateral delivered by the mortgagor under the Mortgage Loans, in each case in its capacity as servicer of the Mortgage Loans (for the benefit of the Purchaser as owner) prior to the Repurchase
Date or until the occurrence and continuation of an Event of Default. 
 SECTION 3. Representations, Warranties and Covenants of
Seller. Each Seller hereby represents and warrants to and covenants with the Purchaser, as of the date hereof, that: 
 (a) The Seller is
a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and possesses all requisite authority, power, licenses, permits and franchises to carry on its business as currently conducted
by it and to execute, deliver and comply with its obligations under the terms of this Agreement; 
 (b) This Agreement has been duly and
validly authorized, executed and delivered by the Seller and, assuming due authorization, execution and delivery hereof by the Purchaser, constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance
with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law), and by public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of the provisions of
this Agreement which purport to provide indemnification from liabilities under applicable securities laws; 
 (c) The Seller is duly
qualified to do business and is in good standing as a limited liability company, and has obtained all necessary licenses, permits and approvals, in all jurisdictions in which the ownership or lease its Property or the conduct of its business
requires such qualification, licenses or approvals. 
 (d) This Agreement constitutes a legal, valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and by general principles of equity (whether considered in a suit at law or in equity) 
 (e) The execution and delivery of this Agreement by the Seller and the Seller’s performance and compliance with the terms of this Agreement will not
(A) violate the Seller’s certificate of formation or governing documents, (B) violate any law or regulation or any administrative decree or order to which it is subject or (C) constitute a material default (or an event which,
with notice or lapse of time, or both, would constitute a material default) under, or result in the breach of, any material contract, agreement or other instrument to which the Seller is a party or by which the Seller is bound; 
  

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 (f) The Seller is not in default with respect to any order or decree of any court or any order,
regulation or demand of any federal, state, municipal or other governmental agency or body, which default might have consequences that would, in the Seller’s reasonable and good faith judgment, materially and adversely affect the condition
(financial or other) or operations of the Seller or its properties or have consequences that would materially and adversely affect its performance hereunder; 
 (g) No Event of Default has occurred and is continuing hereunder; 
 (h) The Seller is not a party to or
bound by any agreement or instrument or subject to any certificate of formation or governing documents or any other corporate restriction or any judgment, order, writ, injunction, decree, law or regulation that would, in the Seller’s reasonable
and good faith judgment, materially and adversely affect the ability of the Seller to perform its obligations under this Agreement or that requires the consent of any third person to the execution of this Agreement or the performance by the Seller
of its obligations under this Agreement (except to the extent such consent has been obtained); 
 (i) No consent, approval, authorization or
order of any court or governmental agency or body is required for the execution, delivery and performance by the Seller of or compliance by the Seller with this Agreement or the consummation of the transactions contemplated by this Agreement except
as have previously been obtained, and no bulk sale law applies to such transactions; 
 (j) No litigation is pending or, to the Seller’s
knowledge, threatened against the Seller that would, in the Seller’s good faith and reasonable judgment, prohibit its entering into this Agreement or materially and adversely affect the performance by the Seller of its obligations under this
Agreement; 
 (k) The Seller will be solvent at all relevant times prior to, and the Seller will not be rendered insolvent by, the sale of
the Mortgage Loans to the Purchaser. The Seller is not selling the Mortgage Loans to the Purchaser with any intent to hinder, delay or defraud any of the creditors of the Seller; 
 (l) The Seller is not, and is not controlled by, an “investment company” within the meaning of the Investment Company Act of 1940, as amended,
or is exempt from the provisions of such act; 
 (m) The Seller represents and warrants that it is in compliance, in all material respects,
with (i) the Trading with the Enemy Act, as amended, and each of the foreign asset control regulations of the United States Treasury Department (31 C.F.R. , Subtitle B, Chapter V, as amended) and any other applicable enabling legislation or
executive order relating thereto, (ii) the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001), and (iii) any other anti money laundering laws and
regulations. The Seller has established an adequate anti money laundering compliance program as required by the above referenced laws and has conducted the requisite due diligence in connection with the origination or acquisition of each Mortgage
Loan for purposes of such laws and the acquisition of each Mortgage Loan by the Seller, its agents and/or Affiliates complies with each of 

  

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 the above references laws. No part of the proceeds of any Transaction will be used, directly or indirectly, for any
payments to any governmental official or employee, political party, official of a political party, candidate for political office or anyone else acting in an official capacity in order to obtain or retain any improper advantage, in violation of the
United States Foreign Corrupt Practices Act of 1977, as amended; 
 (n) The Seller represents and warrants that it is not a Person
(i) whose Property or interest in Property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) who engages in any dealings or transactions prohibited by Section 2 of such executive order, or, to the best of the Seller’s knowledge, is otherwise associated with any
such Person in any manner violative of Section 2 of such executive order, or (iii) on the current list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of
Treasury’s Office of Foreign Assets Control regulation or executive order; 
 (o) The Seller represents and warrants that the
information, reports, financial statements, exhibits and schedules furnished in writing by or on behalf of the Seller to the Purchaser in connection with the negotiation, preparation or delivery of this Agreement or included herein or therein or
delivered pursuant hereto, when taken as a whole, do not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under which they were made,
not misleading. All written information furnished after the date hereof by or on behalf of the Seller to the Purchaser in connection with this Agreement and the transactions contemplated hereby will be true, complete and accurate in all material
respects, or (in the case of projections) based on reasonable estimates, on the date as of which such information is stated or certified. There is no fact known to the Seller, after due inquiry, that would reasonably be expected to have a Material
Adverse Effect; 
 (p) None of the Transactions contemplated herein (including, without limitation, the use of the proceeds from the sale of
each Mortgage Loan) will not violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and X. The Seller does not own or intend to carry or
purchase, and no proceeds from the Transactions will be used to carry or purchase, any “margin stock” within the meaning of Regulation U or to extend “purpose credit” within the meaning of Regulation U; 
 (q) The Seller and each ERISA Affiliate of the Seller have made all required contributions to each Benefit Plan subject to Section 412 of the Code,
and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Benefit Plan. Neither the Seller nor any ERISA Affiliate of the Seller has incurred, or
reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan,
nor has there been a complete or partial withdrawal by the Seller or any ERISA Affiliate of the Seller from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization. The present value of all benefits vested under all
“employee pension benefit plans,” as such term is defined in Section 3(2) of ERISA, maintained by the Seller, or in which employees of the Seller are entitled to participate, as from time to time in effect (herein called the
“Pension Plans”), does not exceed the 

  

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 value of the assets of the Pension Plan allocable to such vested benefits (based on the value of such assets as of the
last annual valuation date). No prohibited transactions, accumulated funding deficiencies, withdrawals or reportable events have occurred with respect to any Pension Plans that, in the aggregate, could subject the Seller to any material tax, penalty
or other liability. No Lien in favor of the PBGC or a Pension Plan has arisen or is likely to arise on account of any Pension Plan. No notice of intent to terminate a Pension Plan under Section 4041(b) of ERISA has been filed, nor has any
Pension Plan been terminated under Section 4041(c) of ERISA, nor has the PBGC instituted proceedings to terminate or appoint a trustee to administer a Pension Plan, and no event has occurred or condition exists that might constitute grounds
under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; 
 (r) The Seller
has complied in all respects with all Applicable Laws to which it may be subject, and no Mortgage Loan contravenes any Applicable Laws (including, without limitation, laws, rules and regulations relating to licensing, truth in lending, fair credit
billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy). 
 (s) The Seller acknowledges that
all Income received by it or any Person on its behalf with respect to the Mortgage Loans sold hereunder is and shall be held in trust for the benefit of the Purchaser until deposited into the Collection Account as required herein. 
 (t) Neither the Seller nor any of its Affiliates have dealt with any broker, investment banker, agent or other Person, except for the Purchaser (or an
Affiliate of the Purchaser), who may be entitled to any commission or compensation in connection with the sale of the Mortgage Loans pursuant to this Agreement. 
 (u) The Seller will defend the Purchaser’s right, title and interest in and to the Mortgage Loans against the claims and demands of all other Persons; 
 (v) The Seller is the sole legal and beneficial owner of the Mortgage Loans, free and clear of any lien, security interest, participation interest,
option or other charge or encumbrance; 
 (w) True and complete copies of all of the documents evidencing and securing the Mortgage Loans in
effect on the date hereof (including all amendments and modifications thereto) (the “Mortgage Loan Documents”) have been delivered by the Seller to the Purchaser and the Mortgage Loan Documents comprise all of the agreements
relating to, and documents evidencing and securing, the Mortgage Loans as of the date hereof; 
 (x) The terms of the Mortgage Loan and the
Mortgage Loan Documents have not been waived, altered or modified in any material respect, except as specifically set forth in the Mortgage Loan Documents; 
 (y) The information with respect to the Mortgage Loans set forth on the Mortgage Loan Schedule is true and correct in all material respects; 
 (z) The Mortgage Loans are not cross-collateralized with any other mortgage loan, except as provided in the Mortgage Loan Documents; 
  

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 (aa) There are no defaults under the Mortgage Loans and the borrowers under the Mortgage Loans have no
counterclaims, defenses or offset rights under the Mortgage Loan Documents; 
 (bb) The Seller has no actual notice of (i) the
commencement of a proceeding for the condemnation of all or any material portion of the properties securing the Mortgage Loans or (ii) any material casualty to the properties securing the Mortgage Loans following the closing date of the
applicable Mortgage Loan; 
 (cc) The Purchaser has no responsibility for the disbursement of Mortgage Loan proceeds or any future advances
under a Mortgage Loan; 
 (dd) Each of the Mortgage Loan Documents constitutes the legal, valid and binding obligation of the parties thereto
(subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-deficiency legislation), enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization, receivership, moratorium or other laws relating to or affecting the rights of creditors generally and by general principals of equity (regardless of whether such enforcement is considered in a proceeding in equity or at
law); 
 (ee) All escrow deposits relating to the Mortgage Loans that are required to be deposited with the lender or its agent by the
borrower prior to the date hereof have been so deposited, and the Seller is not holding any escrow or reserve accounts (or sub-accounts) other than those expressly required under the Mortgage Loan Documents; 
 (ff) To the best of the Seller’s knowledge, the borrower under each Mortgage Loan presently has in effect all of the insurance policies required
under the Mortgage Loan Documents; 
 (gg) To the best of the Seller’s knowledge, there are no pending actions, suits or proceedings by
or before any court or governmental authority against or affecting any of the properties securing the Mortgage Loans, other than as disclosed in the Mortgage Loan Documents. To the best knowledge of the Seller, none of the Mortgage Loans, the
borrowers under the Mortgage Loans or the guarantors of any Mortgage Loan are currently the subject of, and no Mortgage Loan is currently subject to, any proceedings relating to any bankruptcy, insolvency, reorganization or moratorium; 

(hh) To the best of the Seller’s knowledge, (x) there are no violations of any statute, law, ordinance, or regulation pertaining to the
condition, use, or operation of the properties securing the Mortgage Loans that have been asserted by any governmental authority or agency that are likely to have a material adverse effect on the value of the such properties, and (y) no
governmental authority or agency has asserted that the borrower under any Mortgage Loan has failed to obtain any permit, license, or other governmental approval necessary for the use and operation of the properties securing the Mortgage Loans the
failure of which would be likely to have a material adverse effect on the value of the properties securing the Mortgage Loans; 
 (ii) To the
best of Seller’s knowledge, there are no circumstances or conditions with respect to the Mortgage Loans, the properties securing the Mortgage Loans, the 

  

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Mortgage Loan Documents or the borrowers under the Mortgage Loans that can reasonably be expected to cause the Mortgage Loans to become delinquent, or
adversely affect the value or marketability of the Mortgage Loans; and 
 (jj) The Mortgage Loans were underwritten strictly in accordance
with Seller’s underwriting standards. 
 SECTION 4. Representations and Warranties of the Purchaser. In order to induce the
Seller to enter into this Agreement, the Purchaser hereby represents and warrants for the benefit of the Seller as of the date hereof that: 
 (a) The Purchaser is duly organized, validly existing and in good standing as a national banking association under the laws of the United States of America. The Purchaser has the full power and authority and legal right to acquire the
Mortgage Loans from the Seller; 
 (b) This Agreement has been duly and validly authorized, executed and delivered by the Purchaser, all
requisite action by the Purchaser’s directors and officers has been taken in connection therewith, and (assuming the due authorization, execution and delivery hereof by the Seller) this Agreement constitutes the valid, legal and binding
agreement of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforcement may be limited by (A) laws relating to bankruptcy, insolvency, reorganization, conservatorship, receivership or moratorium,
(B) other laws relating to or affecting the rights of creditors generally, or (C) general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law); 
 (c) Except as may be required under federal or state securities laws (and which will be obtained on a timely basis), no consent, approval, authorization
or order of, registration or filing with, or notice to, any governmental authority or court, is required, under federal or state law, for the execution, delivery and performance by the Purchaser of or compliance by the Purchaser with this Agreement,
or the consummation by the Purchaser of any transaction described in this Agreement; 
 (d) None of the acquisition of the Mortgage Loans by
the Purchaser and the execution, delivery or performance of this Agreement by the Purchaser, results or will result in the creation or imposition of any lien on any of the Purchaser’s assets or property, or conflicts or will conflict with,
results or will result in a breach of, or constitutes or will constitute a default under (A) any term or provision of the Purchaser’s articles of association or bylaws, (B) any term or provision of any material agreement, contract,
instrument or indenture, to which the Purchaser is a party or by which the Purchaser is bound, or (C) any law, rule, regulation, order, judgment, writ, injunction or decree of any court or governmental authority having jurisdiction over the
Purchaser or its assets; 
 (e) There is no action, suit, proceeding or investigation pending or to the knowledge of the Purchaser,
threatened against the Purchaser in any court or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity of this Agreement or any action taken in connection with the obligations of the
Purchaser contemplated herein, or which would be likely to impair materially the ability of the Purchaser to enter into and/or perform under the terms of this Agreement; and 

  

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 (f) The Purchaser is not in default with respect to any order or decree of any court or any order,
regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or other) or operations of the Purchaser or its properties or
might have consequences that would materially and adversely affect its performance hereunder. 
 SECTION 5. Covenants of the Seller.
The Seller hereby covenants with the Purchaser as follows: 
 (a) Compliance with Laws and Contractual Obligations. The Seller shall
comply in all material respects with all Applicable Laws (including Environmental Laws), including those that apply to the Mortgage Loans or any part thereof, and shall comply, and perform all duties and obligations under, all Contractual
Obligations. 
 (b) Payment of Taxes. The Seller shall pay and discharge all taxes, assessments and governmental charges or levies
imposed on it or on its income or profits or on any of its Property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper
proceedings and against which adequate reserves are being maintained in accordance with GAAP. 
 (c) Corporate Existence. The Seller
shall continue to engage in business of the same general type as now conducted by it and shall preserve and maintain its company existence, rights, franchises and privileges in the jurisdiction of its formation and will qualify and remain qualified
in good standing as a corporation or other entity in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse
Effect. 
 (d) ERISA Matters. Seller shall not (i) engage or permit any ERISA Affiliate to engage in any prohibited transaction
for which an exemption is not available or has not previously been obtained from the United States Department of Labor, (ii) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a)
of the Code, or funding deficiency with respect to any Benefit Plan other than a Multiemployer Plan, (iii) fail to make any payments to a Multiemployer Plan that the Seller or any ERISA Affiliate may be required to make under the agreement
relating to such Multiemployer Plan or any law pertaining thereto, (iv) terminate any Benefit Plan so as to result in any liability, (v) permit to exist any occurrence of any Reportable Event, or (vi) otherwise violate the provisions
of ERISA or the Code with respect to any Benefit Plan. 
 (e) Payment of Obligations. The Seller shall pay, discharge or otherwise
satisfy at or before maturity or before they become delinquent, as the case may be, all its obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and
reserves in conformity with GAAP with respect thereto have been provided on the books of the Seller. 
  

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 (f) Keeping of Records and Books of Account. The Seller will maintain and implement administrative
and operating procedures (including, without limitation, an ability to recreate records evidencing the Mortgage Loans in the event of the destruction of the originals thereof) and will keep and maintain all documents, books, records and other
information reasonably necessary or advisable in which complete entries are made in accordance with GAAP and Applicable Laws. 
 (g)
Notices. The Seller will furnish written notice to the Purchaser with respect to the following: 
 (i) Promptly upon
notice or knowledge thereof, notice that any representation or warranty set forth in this Agreement was or is incorrect and the Seller shall at the same time deliver to the Purchaser a written notice setting forth in reasonable detail the nature of
such facts and circumstances; 
 (ii) Promptly upon notice or knowledge thereof, notice of any material default with respect
to any covenant, duty, obligation or agreement of the Seller under this Agreement; 
 (iii) Promptly upon notice or knowledge
thereof, notice of any other event or circumstances that, in the reasonable judgment of the Seller, is likely to have a Material Adverse Effect; 
 (iv) The Seller shall notify the Purchaser immediately upon the Seller becoming aware of any event which would constitute an Event of Default. 
 (v) With respect to any Mortgage Loan hereunder, promptly upon notice or knowledge thereof, notice that any portion of any Mortgaged
Property has been damaged by waste, fire, earthquake or earth movement, flood, tornado or other casualty, or otherwise damaged so as to affect adversely the Mortgaged Property or the Market Value of any Mortgage Loan; 
 (vi) Promptly upon notice or knowledge thereof, notice of any Lien or security interest on, or claim asserted against, any Mortgaged
Property or any Mortgage Loan; 
 (vii) Promptly upon notice or knowledge thereof, notice of (A) any material default
(beyond any applicable notice and cure period) related to any Mortgage Loan Documents, any Mortgage Loan, or (B) any default (beyond any applicable notice and cure period) under any Contractual Obligation of the Seller or any of its
Subsidiaries, which, if not cured, could reasonably be expected to have a Material Adverse Effect; 
 (viii) Promptly upon
notice or knowledge thereof, notice of any loss or expected loss in respect of any Mortgage Loan or any portion of any Mortgaged Property, or any other event or change in circumstances or expected event or change in circumstances that could be
reasonably be expected to result in a material decline in the Market Value of any Mortgage Loan, or the value or cash flow of any Mortgage Loan or any portion of any Mortgaged Property; 
  

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 (ix) Promptly upon notice or knowledge thereof, notice of the conveyance, sale, lease,
assignment, transfer or other disposition of any Property, business or assets of the Seller, whether now owned or hereafter acquired (with the exception of this Agreement), which could reasonably be expected to have a Material Adverse Effect; and

 (x) Promptly upon notice or knowledge thereof, notice of any settlement of, material judgment (including a material
judgment with respect to the liability phase of a bifurcated trial) in or commencement of any labor controversy (of a material nature), litigation, action, suit, arbitration or proceeding before any court or governmental department, commission,
board, bureau, agency, arbitrator, investigation or instrumentality, domestic or foreign, affecting (A) any of the Mortgage Loans, (B) this Agreement or the Mortgage Loan Documents, (C) the Purchaser’s interest in any of the
Mortgage Loans, or (D) the Seller and, with respect to this clause (D) only, the amount in controversy exceeds $500,000. 
 Each
notice pursuant to this Subsection 5(g) shall be accompanied by a statement of the Seller and/or the Guarantor, setting forth details of the occurrence referred to therein and stating what action the Seller or the Guarantor has taken or proposes to
take with respect thereto. 
 (h) Perfection. With respect to each Mortgage Loan acquired by the Purchaser, the Seller will
(i) take all action required by the Purchaser to grant, perfect, protect and more fully evidence the Purchaser’s ownership of and first priority perfected Lien on the Mortgage Loans, including, without limitation, (A) delivering all
original documents to Purchaser’s or its designee’s possession where perfection thereof is required or permitted by possession, (B) executing or causing to be executed such other instruments or notices as may be necessary or
appropriate and (ii) taking all additional action that the Purchaser may reasonably request to perfect, maintain, protect and more fully evidence the respective interests of the parties to this Agreement in such Mortgage Loans. 
 (i) Further Covenants. Without prior written consent of the Purchaser, the Seller shall not: (i) assign, sell, transfer, pledge or grant any
security interest in or Lien on any of the Mortgage Loans (whether now existing or hereafter arising) to anyone except the Purchaser, permit any financing statement (except any financing statements in favor of Purchaser) or assignment (except for
any assignments in favor of the Purchaser) to be on file in any public office with respect thereto, (ii) permit or suffer to exist any Lien or right of others to attach to any of the Mortgage Loans, except as contemplated by this Agreement,
(iii) sell, pledge, assign or suffer to exist any Lien on its interest, if any, hereunder, or (iv) consent to any amendment or supplement to the Mortgage Loan Documents that would materially and adversely affect the Purchaser’s
interests hereunder or with respect to the Mortgage Loans without the prior written consent of the Purchaser. Immediately upon notice to the Seller of a Lien or any circumstance which, if adversely determined would be reasonably likely to give rise
to a Lien (other than in favor of the Purchaser or created by or through Purchaser) on any Mortgage Loans, the Seller will defend the Mortgage Loans against, and will take such other action as is necessary to remove, any Lien or claim on or to the
Mortgage Loans (other than any Lien created under this Agreement), and the Seller will defend the right, title and interest of the Purchaser in and to any of the Mortgage Loans against the claims and demands of all Persons whomsoever. 
  

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 (j) Investments. The Seller shall not, and it shall not permit the Guarantor or any of their
Affiliates to, acquire or maintain any right or interest in any asset that is senior to or pari passu with the rights and interests of the Purchaser under this Agreement. 
 (k) Prohibition of Fundamental Changes. The Seller shall not enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation, winding
up or dissolution) or sell all or substantially all of its assets. 
 (l) Maintenance of Property; Insurance. The Seller shall keep
all Property useful and necessary in its business in good working order and condition, shall maintain with financially sound and reputable insurance companies insurance on all its Property in at least such amounts and against at least such risks as
are usually and customarily insured against in the same general area by companies acting prudently and engaged in the same or a similar business, and furnish to the Purchaser, upon written request, full information as to the insurance carried.

 (m) Delivery of Income. The Seller will deposit and cause all Persons acting on its behalf and all servicers, trustees or other
Persons with an obligation to make payments with respect to the Mortgage Loans to deposit all Income received in respect of the Mortgage Loans into the Collection Account within one (1) Business Day of receipt thereof. 
 (n) Performance and Compliance with Mortgage Loans. The Seller will, at its expense, timely and fully perform and comply with all provisions,
covenants, duties, obligations and other promises required to be observed by it under the Mortgage Loans and all other agreements executed in connection with or related to the Mortgage Loans. 
 (o) Change of Name or Location of Asset Files. The Seller shall not change its name, organizational number, identity, structure or jurisdiction of
formation, move the location of its principal place of business and chief executive office, or change the offices where it keeps its records (as defined in the UCC) from the location referred to in on the signature page to this Agreement, unless the
Seller has given at least thirty (30) days’ prior written notice to the Purchaser. 
 (i) Separateness. Seller shall
(a) own no assets, and will not engage in any business, other than the assets and transactions specifically contemplated by this Agreement, which assets and transactions specifically contemplated by this Agreement shall include, without
limitation, the origination, acquisition, ownership, management, servicing, administration, operation, collection, enforcement, development, improvement, leasing, exchange, participation, securitization, sale, transfer and other disposition of all
of any portion of the Mortgage Loans (including the Underlying Mortgaged Property and any business interests related thereto), personal property necessary for and used or to be used in connection with its ownership or operation of the Mortgage Loans
(including the Underlying Mortgaged Property and any business interests related thereto) or any portion thereof, cash, this Agreement, and any and all agreements, documents, insurance policies, reports and other instruments in any way relating to
the Mortgage Loans (including the Underlying Mortgaged Property and any business interests related thereto) or any portion thereof; (b) not incur any indebtedness or obligation, secured or unsecured, direct or indirect, absolute or contingent
(including guaranteeing any obligation), other than (i) pursuant to this Agreement, and under the agreements, documents, insurance 
  

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 policies, reports and other instruments evidencing, securing or in any other way related to the Mortgage Loans (including
the Underlying Mortgaged Property and any business interests related thereto), (ii) in connection with customary representations, warranties, indemnities and agreements in connection with the origination, acquisition, ownership, management,
servicing, administration, operation, collection, enforcement, financing, development, improvement, leasing, exchange, participation, securitization, sale, transfer or other disposition of the Mortgage Loans (including the Underlying Mortgaged
Property and any business interests related thereto), and (iii) under zoning and other governmental regulations, rules, prohibitions and ordinances and existing and proposed covenants, easements and other matters of public record governing,
burdening, benefiting or otherwise affecting any real property constituting or underlying any of the Mortgage Loans (including the Underlying Mortgaged Property and any business interests related thereto); (c) not make any loans or advances to
any third party, and shall not acquire obligations or securities of its affiliates; (d) pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) only from its own assets; (e) comply with the
provisions of its organizational documents; (f) do all things necessary to observe organizational formalities and to preserve its existence, and will not amend, modify or otherwise change its organizational documents, or suffer same to be
amended, modified or otherwise changed, without the prior written consent of Purchaser, not to unreasonably withheld; (g) maintain all of its books, records, financial statements and bank accounts separate from those of its Affiliates (except
that such financial statements may be consolidated to the extent consolidation is required under GAAP consistently applied as in effect from time to time or as a matter of law) and file its own tax returns (except to the extent that either
consolidation is required or permitted under applicable law or it is a tax disregarded entity not required to file tax returns under applicable law); (h) be, and at all times will hold itself out to the public as, a legal entity separate and
distinct from any other entity (including any Affiliate), shall correct any known misunderstanding regarding its status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates as a division or
part of the other and shall maintain and utilize separate invoices and checks; (i) maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business
operations; (j) not engage in or suffer any change of ownership, dissolution, winding up, liquidation, consolidation or merger in whole or in part, except as otherwise permitted in accordance herewith; (k) not commingle its funds or other
assets with those of any Affiliate or any other Person; (l) maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any Affiliate or any other Person;
(m) not and will not hold itself out to be responsible for the debts or obligations of any other Person; and (n) shall not, without the vote of 100% of the Board of Directors or Board of Managers of Seller, (i) file or consent to the
filing of any bankruptcy, insolvency or reorganization case or proceeding with respect to Seller; institute any proceedings under any applicable insolvency law or otherwise seek any relief under any laws relating to the relief from debts or the
protection of debtors generally with respect to Seller; (ii) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for Seller or a substantial portion of its properties;
or (iii) make any assignment for the benefit of Seller’s creditors. 
 (p) Information and Reports. The Seller shall
promptly deliver to the Purchaser all information, documents or reports received or generated by the Seller, the Guarantor or any Affiliate of the foregoing with respect to the Mortgage Loans, including, without limitation, information, documents
and reports under or in connection with the Mortgage Loan Documents. 
  

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 SECTION 6. Closing. Each closing of a sale of the Mortgage Loans (each, a
“Closing”) shall be held at the offices of Cadwalader, Wickersham & Taft LLP, Charlotte, North Carolina, on the related Closing Date. 
 (a) The initial Closing shall be subject to each of the following conditions: 
 (i) Delivery
by the Seller of this Agreement duly completed and executed by each of the parties hereto; 
 (ii) Delivery by the Seller of
the Custodial Agreement duly completed and executed by each of the parties hereto; 
 (iii) Delivery by the Seller of the
Guarantee Agreement duly completed and executed by each of the parties hereto; 
 (iv) The Purchaser shall be in receipt of
good standing certificates, secretary certificates (or the equivalent) and copies of the governing documents and applicable resolutions of the Seller evidencing, as applicable, the corporate or other authority for the Seller with respect to the
execution, delivery and performance of the Agreement and each of the other documents to be delivered by the Seller from time to time in connection herewith or therewith; 
 (v) Current UCC searches with respect to the Seller in the applicable jurisdiction and, if such searches reveal the existence of any
Liens, UCC termination statements shall be filed in the appropriate jurisdiction on or before the Closing Date; and 
 (vi)
The Seller shall have delivered or caused to have been delivered to the Purchaser an opinion of counsel with respect to the enforceability of the terms of this Agreement under New York law. 
 (b) Each Closing, including the initial Closing, shall be subject to each of the following conditions: 
 (i) All of the representations and warranties of the Seller set forth in or made pursuant to Section 3 and Section 4 of this
Agreement and all of the representations and warranties of the Purchaser set forth in Schedules 1(a) – 1(c) of this Agreement shall be true and correct in all material respects as of the Closing Date; 
 (ii) The Seller shall have delivered and released to the Purchaser or its custodian or other designee all funds, documents and instruments
required to be delivered by the Seller to the Purchaser or designee as set forth in Section 2 of this Agreement; 
  

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 (iii) UCC financing statements shall have been filed against the Seller with respect to
the Mortgage Loans in the appropriate filing office; 
 (iv) No Applicable Law shall prohibit or render it unlawful, and no
order, judgment or decree of Governmental Authority shall prohibit, enjoin or render it unlawful, to enter into the Transaction by the Purchaser in accordance with the provisions of this Agreement or any other transaction contemplated herein;

 (v) The Seller shall have delivered or caused to have been delivered to the Purchaser such other certificates, opinions and
documents as the Purchaser may reasonably request; 
 (vi) All other terms and conditions of this Agreement required to be
complied with on or before the Closing Date shall have been complied with in all material respects and the Seller shall have the ability to comply with all terms and conditions and perform all duties and obligations required to be complied with or
performed after the Closing Date; 
 (vii) The Closing Date is not later than the Fixed Repurchase Date; 
 (viii) The Seller shall have paid all fees and expenses payable by it to the Purchaser or otherwise pursuant to this Agreement as of the
Closing Date; 
 (ix) The Purchaser shall have completed to its satisfaction such due diligence with respect to the Mortgage
Loans as it may require in its discretion; 
 (x) No event shall have occurred or be occurring that has, or would reasonably
be expected to have, a Material Adverse Effect; and 
 (xi) No Event of Default shall have occurred and be continuing under
this Agreement and no event shall have occurred which has, or would reasonably be expected to result in a Market Disruption Event. 
 Both
parties agree to use their commercially reasonable best efforts to perform their respective obligations hereunder in a manner that will enable the Purchaser to purchase the Mortgage Loans on the Closing Date. 
 SECTION 7. Repurchase Obligation; Price Differential; Margin Deficits. 
 (a) The Seller shall have the right to repurchase any or all Mortgage Loans at any time upon at least two (2) Business Days prior written notice to
the Purchaser for an amount to be paid on the date of such repurchase (the “Repurchase Date”) equal to the sum of (A) the Purchase Price, (B) any accrued and unpaid Price Differential through the Repurchase Date, and
(C) any other amounts due and owing under this Agreement (the “Repurchase Price”). The Seller shall identify the Mortgage Loan and the Repurchase Date in the repurchase notice. The Seller shall pay the Repurchase Price (or, if
all Mortgage Loans are being repurchased, the aggregate Repurchase Price) and all other related amounts due and owing under this Agreement in immediately available funds to the Collection Account on the Repurchase Date. 
  

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 (b) No later than the earlier of (i) the closing of a master repurchase facility by the Purchaser
and the Seller and (ii) September 1, 2006 (the “Fixed Repurchase Date”), the Seller shall repurchase all of the Mortgage Loans for an amount equal to the aggregate Repurchase Price. The Seller shall pay the aggregate
Repurchase Price plus all other amounts due and owing under this Agreement in immediately available funds to the Purchaser’s Account on or before the date required by this Subsection 7(b). 
 (c) Following the occurrence and during the continuance of any default under this Agreement, including, without limitation, (i) any Insolvency
Proceeding with respect to the Seller, (ii) any breach by the Seller of any representation or warranty set forth in this Agreement or certificate delivered to the Purchaser, (iii) any failure to deliver a Mortgage File within the time
frame required under Subsection 2(b) or Subsection 2(c), (iv) any failure to comply with Subsections 7(b) or 7(i), (v) any default in the performance of any duty, agreement, obligation or covenant of the Seller under this Agreement or
certificate delivered to the Purchaser, (vi) the occurrence of a Material Adverse Effect, (vii) the Seller shall grant, or suffer to exist, any Lien on any Mortgage Loan, (viii) the Mortgage Loans shall not have been sold to the
Purchaser, or the Liens contemplated under this Agreement shall cease or fail to be first priority perfected Liens on any Mortgage Loans in favor of the Purchaser (other than as a result of the Purchaser failing to file a UCC financing statement or
continuation thereof against the Seller in the applicable jurisdiction with respect to the Mortgage Loans), (ix) the Seller or any other party shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or
enforceability of this Agreement or any Lien or security interest thereunder, (x) the Seller shall admit its inability to, or its intentions not to, perform its obligations, covenants or agreements under this Agreement, (xi) the
termination of or the occurrence of a default under the Guarantee Agreement, or (xii) either or both Guarantors or Seller shall have defaulted or failed to perform under any note, indenture, loan agreement, guaranty, swap agreement or any other
contract, agreement or transaction to which it is a party, and which default or failure to perform (A) involves the failure to pay a matured obligation equal to or in excess of $1,000,000, or (B) involving an obligation of at least
$1,000,000, is a monetary default or a material non-monetary default and results in acceleration, or permits the acceleration of the obligation by any other party to, or beneficiary of, such note, indenture, loan agreement, guaranty, swap agreement
or other contract, agreement or transaction; provided, however, that such default, failure to perform or breach shall not constitute an Event of Default if the Guarantor or Seller cures such default, failure to perform or breach, as
the case may be, within the applicable grace period, if any, provided under the applicable agreement (each an “Event of Default”), the Seller shall be required immediately upon the occurrence thereof to repurchase all Mortgage Loans
by paying the aggregate Repurchase Price to the Purchaser and all other amounts due and owing under this Agreement. The Seller shall pay the aggregate Repurchase Price for all outstanding Mortgage Loans and all other amounts due and owing under this
Agreement in immediately available funds to the Collection Account within two (2) Business Days of the occurrence of an Event of Default. 
 (d) In connection with any repurchase pursuant to this Section 7 and the payment of all amounts owed under this Agreement to the Purchaser, the Purchaser shall promptly thereafter deliver to the Seller, at the Seller’s expense,
the related Mortgage File that was delivered by the Seller to the Purchaser hereunder and, at the Seller’s expense, such instruments of reconveyance initially delivered to the Purchaser hereunder in blank. 
  

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 (e) Notwithstanding that the Seller and the Purchaser intend that any Transaction hereunder be a sale to
Purchaser of the related Mortgage Loan and for so long as the Mortgage Loans has not been repurchased from the Purchaser by the Seller pursuant to this Section 7, on each Payment Date the Seller shall pay to the Purchaser an amount equal to the
product of (x) the Purchase Price and (y) a fraction, the numerator of which is the product of (i) LIBOR plus the Pricing Spread (as contained in the related Confirmation) and (ii) the actual number of days elapsed between the
immediately prior Payment Date (or, in the case of the initial Payment Date, the date of the purchase by the Purchaser of the repurchased Mortgage Loan hereunder) and such Payment Date (or, with respect to a repurchase of a Mortgage Loan, the
Repurchase Date for such Mortgage Loan), and the denominator of which is 360 (the “Price Differential”). The Purchaser shall deliver to the Seller, via email or facsimile, written notice of the required Price Differential, and a
detailed calculation thereof, on or prior to the first (1st) Business Day preceding each such Payment Date. If the Seller fails to pay all or part of the required Price Differential by 11:00 a.m., Charlotte, North Carolina time, within two
(2) Business Days of each such Payment Date, the Seller shall be obligated to pay to Purchaser (in addition to, and together with, the Price Differential) interest on the unpaid amount of the Price Differential at a rate per annum equal to the
Default Rate until the overdue Price Differential is received in full by the Purchaser. 
 (f) The Purchaser shall be entitled to receive an
amount equal to all Income paid or distributed on or in respect of the Mortgage Loans, which amounts the Seller shall deposit or cause to be deposited into the Collection Account. The Seller hereby agrees to instruct each applicable trustee,
servicer and other Persons to transfer all Income with respect to the Mortgage Loans directly to the Collection Account within one (1) Business Day of receipt. On each Payment Date, any amounts received by the Purchaser and deposited to the
Collection Account since the immediately preceding Payment Date shall be applied as follows: first, to the payment of all fees, costs, expenses and advances then due to the Purchaser pursuant to this Agreement, other than the items covered in
the clauses below; second, to the payment of any interest owed to the Purchaser at the Default Rate; third, to the payment of accrued and unpaid Price Differential for the Transaction; fourth, without limiting the Seller’s
obligation under Subsection 7(i) to cure Margin Deficits in a timely manner, to the Purchaser for the payment of any Margin Deficit outstanding; fifth, to the extent any Income includes payments or prepayments of principal, such payments
shall be applied to reduce the Repurchase Price outstanding for the Transaction; sixth, to the payment of Costs, if any, Additional Amounts, if any, then due and owing to the Purchaser pursuant to this Agreement; and seventh, the
remainder to the Purchaser, to be held in the Collection Account as additional security for the payment of any final amounts due and owing under this Agreement upon termination; provided, however, that any amounts remaining after the
payment of any such final amounts due and owing shall be remitted to the Seller. 
 (g) Unless otherwise expressly provided herein, all
amounts to be paid or deposited by the Seller hereunder shall be paid or deposited in accordance with the terms of this Agreement no later than 3:00 p.m. on the day when due in lawful money of the United States, in immediately available funds and
without deduction, set–off or counterclaim to the Purchaser’s Account or the Collection Account, as applicable, and if not received before such time shall be deemed to be received on the next Business Day. The Seller shall, to the extent
permitted by Applicable Law, pay to the Purchaser interest on any amounts not paid within two (2) Business Days of the date when due hereunder at the Default Rate, payable on demand; provided, however, that such interest rate
shall not at any time exceed the maximum rate permitted by Applicable Law. 
  

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 Such interest shall be for the account of, and distributed to, the Purchaser. All computations of interest, Price
Differential and fees hereunder shall be made on the basis of a year consisting of 360 days for the actual number of days (including the first but excluding the last day) elapsed. The Seller acknowledges that it has no rights in or to or any rights
of withdrawal from the Purchaser’s Account or from the Collection Account; provided, however, the Seller has a right to receive payments from the Collection Account as and to the extent provided in Subsection 7(f). 
 (h) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding
Business Day, and such extension of time shall in such case be included in the computation of the payment of the Price Differential or any fee payable hereunder. 
 (i) If at any time the Purchaser determines (based on such factors as the Purchaser determines to rely on its sole and absolute discretion, including but not limited to a credit analysis of the Underlying Mortgaged
Property and the current market conditions for the Mortgage Loan) that the Asset Value of a Mortgage Loan is less than the Purchase Price for such Mortgage Loan (a “Margin Deficit”), then the Purchaser may by notice (a
“Margin Deficit Notice”) to the Seller require the Seller to (A) repurchase such Mortgage Loan at the Repurchase Price, (B) make a payment in reduction of the Repurchase Price of such Mortgage Loan, or (C) choose any
combination of the foregoing, so that, after giving effect to such transfers, repurchases and payments, the Repurchase Price for such Mortgage Loan does not exceed the Asset Value thereof. Notwithstanding anything to the contrary in this Agreement,
the Seller shall transfer such cash to the Purchaser’s Account no later than twenty-four (24) hours after the Margin Deficit Notice shall be deemed to have been received under Section 10. All cash transferred to the Purchaser pursuant
to this Subsection 7(i) shall be deposited into the Collection Account and shall be attributed to such Transactions as the Purchaser shall determine in its sole and absolute discretion. The Purchaser’s election, in its sole and absolute
discretion, not to deliver a Margin Deficit Notice at any time there is a Margin Deficit shall not in any way limit or impair its right to deliver a Margin Deficit Notice at any time a Margin Deficit exists. 
 SECTION 8. Indemnification and Expenses. (a) The Seller agrees to indemnify and hold harmless the Purchaser and each of its affiliates and
subsidiaries and their present and former respective officers, directors, employees, agents, advisors and other representatives (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities, costs,
and expenses (including, without limitation, attorneys’ fees (including in connection with the enforcement of this Agreement) and disbursements) (“Costs”) that may be incurred by or asserted or awarded against any Indemnified
Party, in each case relating to or arising out of this Agreement or any transaction contemplated hereby, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, or any transaction
contemplated hereby, except to the extent such claim, damage, loss, liability, cost, or expense is found in a final, non appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or
willful misconduct. Costs subject to this Section 8 shall include, but not be limited to, Costs incurred in connection with the violation of any environmental law, the correction of any environmental condition or the removal of any toxic mold,
any petroleum (including, without limitation, crude oil or any derivative thereof) or petroleum products (including, without limitation, gasoline) or any hazardous or toxic substances, materials or wastes, defined as such in or regulated under any
environmental law, 
  

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 including, without limitation, asbestos, polychlorinated biphenyls, and urea-formaldehyde insulation., in each case in
any way affecting the mortgaged property. Without limiting the generality of the foregoing, the Seller agrees to hold any Indemnified Party harmless from and indemnify such Indemnified Party against all Costs with respect to the mortgaged property
relating to or arising out of any violation or alleged violation of any law, rule or regulation, except to the extent such claim, damage, loss, liability, cost, or expense is found in a final, non appealable judgment by a court of competent
jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 8 applies, such indemnity shall be
effective whether or not such investigation, litigation or proceeding is brought by the Seller, its directors, shareholders or creditors or an Indemnified Party or any other Person or any Indemnified Party is otherwise a party thereto and whether or
not any transaction contemplated hereby is consummated. The Seller agrees not to assert any claim against any Indemnified Party, or any of their respective directors, officers, employees, attorneys, agents, and advisers, on any theory of liability,
for special, indirect, consequential, or punitive damages arising out of or otherwise relating to this Agreement, any of the transactions contemplated herein or the actual or proposed use of the proceeds of this Agreement. In any suit, proceeding or
action brought by an Indemnified Party in connection with the mortgaged property for any sum owing hereunder, or to enforce any provisions of the mortgaged property, the Seller will save, indemnify and hold such Indemnified Party harmless from and
against all expense, loss or damage suffered by reason of any defense, set-off, counterclaim, recoupment or reduction or liability whatsoever of the account debtor or obligor thereunder, arising out of a breach by the Seller of any obligation
thereunder or arising out of any other agreement, indebtedness or liability at any time owing to or in favor of such account debtor or obligor or its successors from the Seller. Seller also agrees to reimburse an Indemnified Party as and when billed
by such Indemnified Party for all the Indemnified Party’s costs and expenses incurred in connection with the enforcement or the preservation of the Purchaser’s rights under this Agreement or any transaction contemplated hereby, including,
without limitation, the fees and disbursements of its counsel. 
 (b) The Seller shall, whether or not any transaction contemplated hereby is
consummated: (i) pay as when billed by Purchaser, and in any event within three (3) days after demand from the Purchaser, all reasonable out-of-pocket costs and expenses (including, without limitation, all actual and reasonable fees and
disbursements of outside legal counsel, accounting, consulting, brokerage or other similar professional fees or expenses), and any reasonable fees and expenses associated with travel or other costs relating to any appraisals or examinations
conducted in connection with the proposed transaction, and the amount of such costs and expenses shall, until paid, bear interest at the Default Rate (A) of the Purchaser in connection with the development, preparation, execution and delivery
of, and any amendment, supplement or modification to, this Agreement or any other documents prepared in connection herewith and the documents and instruments referred to herein (including, without limitation, all reasonable fees, disbursements and
expenses of Cadwalader, Wickersham & Taft LLP and/or other counsel incurred as of the date of this Agreement, which amount shall, to the extent incurred prior to its payment, be deducted from the Purchase Price paid hereunder) and
(B) of the Purchaser in connection with the enforcement of this Agreement and any amendment, waiver or consent relating hereto or thereto and the documents and instruments referred to herein; (ii) pay and hold the Purchaser harmless from
and against any and all present and future stamp, documentary, issue, sales and use, value added, property and other similar taxes (other than taxes imposed on 
  

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 net income) with respect to the matters described in foregoing clause (i) and hold the Purchaser harmless from and
against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes; and (iii) indemnify each Indemnified Party from and hold each of them harmless against any and all Costs incurred by any of them as a
result of, or arising out of, or in any way related to, or by reason of, the entering into and/or performance of this Agreement or the consummation of any transactions contemplated herein, including, without limitation, (A) the reasonable out
of pocket due diligence, inspection, appraisals, testing and review costs and expenses incurred by the Purchaser with respect to the mortgaged property submitted by the Seller for purchase under this Agreement, including, but not limited to, those
actual out of pocket costs and expenses incurred by the Purchaser hereunder, (B) the reasonable fees and disbursements of counsel incurred in connection with this Agreement and (C) any environmental liabilities with respect to any real
estate or other assets held by the Seller or any of its affiliates (but excluding any such Costs to the extent incurred by reason of the gross negligence or willful misconduct of the related Indemnified Party). 
 (c) The agreements and obligations of the Seller contained in this Section 8 shall survive the repayment of all amounts owing to the Purchaser by
the Seller under the Agreement and the termination of the commitments of the Purchaser hereunder. 
 SECTION 9. Grant of a Security
Interest. (a) It is the express intent of the parties hereto that the conveyance of the Mortgage Loans by the Seller to the Purchaser as provided in Section 2 hereof be, and be construed as, a sale of the Mortgage Loans by the Seller
to the Purchaser and not as a pledge of the Mortgage Loans by the Seller to the Purchaser to secure a debt or other obligation of the Seller. However, if, notwithstanding the aforementioned intent of the parties, the Mortgage Loans are held to be
property of the Seller, then, (a) it is the express intent of the parties that such conveyance be deemed a pledge of the Mortgage Loans by the Seller to the Purchaser to secure a debt or other obligation of the Seller, and
(b) (i) this Agreement shall also be deemed to be a security agreement within the meaning of Article 9 of the Uniform Commercial Code of the applicable jurisdiction; (ii) the conveyance provided for in Section 2 hereof shall be
deemed to be a grant by the Seller to the Purchaser of a security interest in all of the Seller’s right, title and interest in and to the Mortgage Loans, and all amounts payable to the holder of the Mortgage Loans in accordance with the terms
thereof, and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property; (iii) the assignment by the Purchaser of the interest of the Purchaser as contemplated by
Section 7 hereof shall be deemed to be an assignment of any security interest created hereunder; (iv) the possession by the Purchaser or any of its agents, including, without limitation, any custodian therefor, of the Mortgage Note, and
such other items of property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be possession by the secured party for purposes of perfecting the security interest pursuant to Section 9-313 of the Uniform
Commercial Code of the applicable jurisdiction; and (v) notifications to persons (other than the Purchaser) holding such property, and acknowledgments, receipts or confirmations from persons (other than the Purchaser) holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the secured party for the purpose of perfecting such security interest under applicable law. The
Seller and the Purchaser shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Mortgage Loans, such security interest would be
deemed to be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement. 
  

 -21- 

 (b) To further secure performance by the Seller of its obligations hereunder, the Purchaser may exercise
all of the rights and remedies of a secured party under the Uniform Commercial Code. Without limiting any other provision of this Agreement, and without waiving or releasing the Seller from any obligation or default hereunder, the Purchaser shall
have the right, but not obligation, to perform any act or take any appropriate action, as it, in its reasonable judgment, may deem necessary to cure such Event of Default or cause any term, covenant, condition or obligation required under this
Agreement to be performed or observed by the Seller to be promptly performed or observed on behalf of the Seller or to protect the security of this Agreement; 
 SECTION 10. Notices. All notices, copies, requests, consents, demands and other communications required hereunder shall be in writing and telecopied or delivered to the intended recipient at the “Address
for Notices” specified beneath its name on the signature pages hereof or, as to either party, at such other address as shall be designated by such party in a notice hereunder to the other party. Except as otherwise provided in this Agreement,
all such communications shall be deemed to have been duly given when transmitted by telecopier or personally delivered or, in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid. 
 SECTION 11. Representations, Warranties and Agreements to Survive Delivery. All representations, warranties and agreements contained in this
Agreement, incorporated herein by reference or contained in the certificates of officers of the Seller submitted pursuant hereto, shall remain operative and in full force and effect and shall survive delivery of the Mortgage Loans by the Seller to
the Purchaser. 
 SECTION 12. Severability of Provisions. Any part, provision, representation, warranty or covenant of this Agreement
that is prohibited or which is held to be void or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any part, provision, representation, warranty or
covenant of this Agreement that is prohibited or unenforceable or is held to be void or unenforceable in any particular 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 particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable
law, the parties hereto waive any provision of law which prohibits or renders void or unenforceable any provision hereof. 
 SECTION 13.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but which together shall constitute one and the same agreement. 
 SECTION 14. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED IN
ACCORDANCE WITH THE INTERNAL LAWS 
  

 -22- 

 AND DECISIONS OF NEW YORK. THE PARTIES HERETO AGREE THAT THE STATE OF NEW YORK HAS SIGNIFICANT CONNECTIONS WITH THE
TRANSACTION AND THEY INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT. 
 SECTION 15. Further Assurances. The Seller and the Purchaser agree to execute and deliver such instruments and take such further actions as the other party may, from time to time, reasonably request in order to effectuate the
purposes and to carry out the terms of this Agreement. 
 SECTION 16. Successors and Assigns. The rights and obligations of the Seller
under this Agreement shall not be assigned by the Seller without the prior written consent of the Purchaser, except that any person into which the Seller may be merged or consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Seller is a party, or any person succeeding to all or substantially all of the business of the Seller, shall be the successor to the Seller hereunder. The Purchaser shall be entitled to assign its rights under this
Agreement without the consent of the Seller. Subject to the foregoing, this Agreement shall bind and inure to the benefit of and be enforceable by the Seller and the Purchaser and their permitted successors and assigns. 
 SECTION 17. Amendments. No term or provision of this Agreement may be waived or modified unless such waiver or modification is in writing and
signed by a duly authorized officer of the party, or third party beneficiary, against whom such waiver or modification is sought to be enforced. 
 SECTION 18. Taxes. 
 (a) All payments made by an borrower in respect of a Mortgage Loan and all payments made by the Seller
under this Agreement will be made free and clear of and without deduction or withholding for or on account of any Taxes. If any Taxes are required to be withheld from any amounts payable to the Purchaser, then the amount payable to such Person will
be increased (such increase, the “Additional Amount”) such that every net payment made under this Agreement after withholding for or on account of any Taxes (including, without limitation, any Taxes on such increase) is not less
than the amount that would have been paid had no such deduction or withholding been deducted or withheld. The foregoing obligation to pay Additional Amounts, however, will not apply with respect to net income or franchise taxes imposed on the
Purchaser, with respect to payments required to be made by the Seller under this Agreement by a taxing jurisdiction in which the Purchaser is organized, conducts business or is paying taxes (as the case may be). 
 (b) The Seller will indemnify the Purchaser for the full amount of Taxes payable by such Person in respect of Additional Amounts and any liability
(including penalties, interest and expenses) arising therefrom or with respect thereto. All payments in respect of this indemnification shall be made within ten (10) days from the date a written invoice therefor is delivered to the Seller.

  

 -23- 

 (c) Within thirty (30) days after the date of any payment by the Seller of any Taxes, the Seller
will furnish to the Purchaser, at its address set forth under its name on the signature pages hereof, appropriate evidence of payment thereof. Without prejudice to the survival of any other agreement of the Seller hereunder, the agreements and
obligations of the Seller contained in this Section 19 shall survive the termination of this Agreement. 
 SECTION 19. Due
Diligence. The Seller acknowledges that the Purchaser has the right to perform continuing due diligence and other reviews with respect to the Mortgage Loans and the Seller for purposes of verifying compliance with the representations,
warranties, covenants, agreements and specifications made hereunder, under the Mortgage Loan Documents or otherwise, and the Seller agrees that, upon reasonable (but no less than one (1) Business Day’s) prior notice, unless an Event of
Default shall have occurred, in which case no notice is required, to the Seller, as applicable, the Purchaser or its authorized representatives shall be permitted during normal business hours to examine, inspect, and make copies and extracts of, the
books and records of the Seller and any and all documents, records, agreements, instruments or information relating to the Mortgage Loans in the possession or under the control of the Seller and any Affiliates of the Seller. The Seller shall make
available to the Purchaser a knowledgeable financial or accounting officer for the purpose of answering questions respecting the Seller, the Mortgage Loans and the Seller’s books and records. The Seller shall also make available to the
Purchaser any accountants or auditors of the Seller to answer any questions or provide any documents as the Purchaser may require. The Seller shall also cause each servicer or trustee with respect to such Mortgage Loans to cooperate with the
Purchaser by permitting the Purchaser to conduct due diligence reviews of files of each such servicer or trustee relating to the Mortgage Loans to the extent such reviews are permitted under the terms of the Mortgage Loan Documents. The Purchaser,
at its option, has the right at any time to conduct a partial or complete due diligence review on some or all of the Mortgage Loans purchased in the Transaction, including, without limitation, ordering new credit reports and new appraisals on the
related Mortgaged Properties and otherwise re–generating the information used to originate such Mortgage Loans. The Purchaser may underwrite such Mortgage Loans itself or engage a mutually agreed upon third party underwriter to perform such
underwriting. The Seller agrees to reasonably cooperate with the Purchaser and any third party underwriter in connection with such underwriting, including, but not limited to, providing the Purchaser and any third party underwriter with access to
any and all documents, records, agreements, instruments or information relating to such Mortgage Loans in the possession, or under the control, of the Seller. The Seller shall pay all out–of–pocket costs and expenses incurred by Purchaser
in connection with the Purchaser’s activities pursuant to this Section 19. 
 SECTION 20. Intent. 
 (a) The parties recognize that each Transaction is a “Repurchase Agreement” as that term is defined in Section 101 of Title 11 of the
Bankruptcy Code (except insofar as the type of Mortgage Loans subject to each Transaction or the term of such Transaction would render such definition inapplicable) and a “Securities Contract” as that term is defined in Section 741 of
Title 11 of the United States Code (except insofar as the type of Mortgage Loans subject to such Transaction would render such definition inapplicable). It is understood that this Agreement constitutes a “Master Netting Agreement” as that
term is defined in Section 101 of Title 11 of the United State Code. 
  

 -24- 

 (b) The parties agree and acknowledge that if a party hereto is an “Insured Depository
Institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “Qualified Financial Contract,” as that term is defined in FDIA and any rules, orders or
policy statements thereunder (except insofar as the type of Mortgage Loans subject to such Transaction would render such definition inapplicable). 
 (c) It is understood that this Agreement constitutes a “Netting Contract” as defined in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement
and payment obligation under any Transaction hereunder shall constitute a “Covered Contractual Payment Entitlement” or “Covered Contractual Payment Obligation”, respectively, as defined in and subject to FDICIA (except insofar as
one or both of the parties is not a “Financial Institution” as that term is defined in FDICIA or regulations promulgated thereunder). 
 (d) It is understood that any party’s right to liquidate Mortgage Loans delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to Section 7 is a contractual right to liquidate such
Transaction as described in Sections 555 and 559 of Title 11 of the United States Code, as amended. 
 SECTION 21. Assignments.
Purchaser may, upon notice to the Seller and without consent of the Seller, sell participating interests in the Transactions, its interest in the Mortgage Loans, or any other interest of Purchaser under this Agreement. Purchaser may, at any time and
from time to time, assign to any Person all or any part of its rights and interest in the Mortgage Loans, or any other interest of Purchaser under this Agreement. The Seller agrees to cooperate with Purchaser in connection with any such assignment,
transfer or sale of participating interest and to enter into such restatements of, and amendments, supplements and other modifications to, this Agreement in order to give effect to such assignment, transfer or sale. 
  

 -25- 

 IN WITNESS WHEREOF, the Seller and the Purchaser have caused their names to be signed hereto by their
respective duly authorized officers as of the date first above written. 
  

					
	 SELLER

	
	 CBRE Realty Finance Holdings IV, LLC

			
		 	By:	 	 CBRE Realty Finance Holdings, LLC

			
		 	By:	 	  

		 		 	 Name:

		 		 	 Title:

	
	 CBRE Realty Finance TRS Warehouse Funding III, LLC

			
		 	By:	 	 CBRE Realty Finance TRS, Inc.

			
		 	By:	 	  

		 		 	 Name:

		 		 	 Title:

		
		 	 Address for Notices:

		
		 	 185 Asylum Street, 37th Floor

		 	 Hartford, Connecticut 06103

		 	 Attn: Ann Marie O’Rourke

		 	 Fax: (860) 275-6225

		
		 	 With a copy to:

		
		 	 Dechert LLP

		 	 2929 Arch Street

		 	 Philadelphia, Pennsylvania 19104

		 	 Attn: Richard D. Jones

		 	 Fax: (215) 655-2501

			
	 PURCHASER

	
	 WACHOVIA BANK, NATIONAL ASSOCIATION

		
	 By:
	 	  

		 	 Name: Joseph F. Cannon

		 	 Title: Vice President

		
		 	 Address for Notices:

		
		 	 One Wachovia Center

		 	 301 South College Street NC1066

		 	 Charlotte, North Carolina 28288-0166

		 	 Telecopier No.: (704) 715-0066

		 	 Telephone No.: (704) 383-2324

		
		 	 with a copy to:

		
		 	 Cadwalader, Wickersham & Taft LLP

		 	 227 West Trade Street, Suite 2400

		 	 Charlotte, North Carolina 28209

		 	 Attention: Stuart N. Goldstein

 Acknowledged and Agreed: 
  

			
	 CBRE REALTY FINANCE, INC., a Maryland corporation, as Guarantor

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 CBRE REALTY FINANCE HOLDINGS, LLC, a Delaware limited liability company, as Guarantor

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

 Schedule 1(a) 
 REPRESENTATIONS AND WARRANTIES 
 RE: MORTAGE LOANS THAT ARE WHOLE LOANS 
 Seller represents and warrants to Purchaser, with respect to each Mortgage Loan that is a Whole Loan, that except as specifically disclosed to and
approved by Purchaser in accordance with this Agreement, as of the Closing Date for each such Mortgage Loan by Purchaser from Seller and at all times while this Agreement or the Transaction hereunder is in full force and effect the representations
set forth on this Schedule 1(a) shall be true and correct in all material respects. For purposes of this Schedule 1(a) and the representations and warranties set forth herein, a breach of a representation or warranty shall be deemed to
have been cured with respect to a Mortgage Loan that is a Whole Loan if and when Seller has taken or caused to be taken action such that the event, circumstance or condition that gave rise to such breach no longer affects such Mortgage Loan.

 1. The Whole Loan is a performing mortgage loan secured by a first priority security interest in a commercial or multifamily property.

 2. As of the Purchase Date, such Whole Loan complies in all material respects with, or is exempt from, all requirements of federal, state
or local law relating to such Whole Loan. 
 3. Immediately prior to the sale, transfer and assignment to Purchaser thereof, Seller had good
and marketable title to, and was the sole owner and holder of, such Whole Loan, and Seller is transferring such Whole Loan free and clear of any and all liens, pledges, encumbrances, charges, security interests or any other ownership interests of
any nature encumbering such Whole Loan. Upon consummation of the purchase contemplated to occur in respect of such Whole Loan on the Purchase Date therefor, Seller will have validly and effectively conveyed to Purchaser all legal and beneficial
interest in and to such Whole Loan free and clear of any pledge, lien, encumbrance or security interest. 
 4. No fraudulent acts were
committed by Seller in connection with its acquisition or origination of such Whole Loan nor were any fraudulent acts committed by any Person in connection with the origination of such Whole Loan. 
 5. All information contained in the related Underwriting Package (or as otherwise provided to Purchaser) in respect of such Whole Loan is accurate and
complete in all material respects. 
 6. Except as included in the Underwriting Package, Seller is not a party to any document, instrument or
agreement, and there is no document, that by its terms modifies or affects the rights and obligations of any holder of such Whole Loan and Seller has not consented to any material change or waiver to any term or provision of any such document,
instrument or agreement and no such change or waiver exists. 
  

 A-1 

 7. Such Whole Loan is presently outstanding, the proceeds thereof have been fully and properly disbursed
and, except for amounts held in escrow by Seller, there is no requirement for any future advances thereunder. 
 8. Seller has full right,
power and authority to sell and assign such Whole Loan and such Whole Loan or any related Mortgage Note has not been cancelled, satisfied or rescinded in whole or part nor has any instrument been executed that would effect a cancellation,
satisfaction or rescission thereof. 
 9. Other than consents and approvals obtained as of the related Purchase Date or those already granted
in the related Mortgage and/or Mortgage Note, no consent or approval by any Person is required in connection with Seller’s sale and/or Purchaser’s acquisition of such Whole Loan, for Purchaser’s exercise of any rights or remedies in
respect of such Whole Loan or for Purchaser’s sale, pledge or other disposition of such Whole Loan. No third party holds any “right of first refusal”, “right of first negotiation”, “right of first offer”, purchase
option, or other similar rights of any kind, and no other impediment exists to any such transfer or exercise of rights or remedies. 
 10. No
consent, approval, authorization or order of, or registration or filing with, or notice to, any court or governmental agency or body having jurisdiction or regulatory authority is required for any transfer or assignment by the holder of such Whole
Loan. 
 11. Seller has not received written notice of any outstanding liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind for which the holder of such Whole Loan is or may become obligated. 
 12.
Seller has not advanced funds, or knowingly received any advance of funds from a party other than the Mortgagee relating to such Whole Loan, directly or indirectly, for the payment of any amount required by such Whole Loan. 
 13. Each related Mortgage Note, Mortgage, Assignment of Leases (if a document separate from the Mortgage) and other agreement executed by the related
Mortgagor in connection with such Whole Loan is legal, valid and binding obligation of the related Mortgagor (subject to any non-recourse provisions therein and any state anti-deficiency or market value limit deficiency legislation), enforceable in
accordance with its terms, except (i) that certain provisions contained in such Whole Loan documents are or may be unenforceable in whole or in part under applicable state or federal laws, but neither the application of any such laws to any
such provision nor the inclusion of any such provisions renders any of the Whole Loan documents invalid as a whole and such Whole Loan documents taken as a whole are enforceable to the extent necessary and customary for the practical realization of
the rights and benefits afforded thereby and (ii) as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the enforcement of
creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). The related Mortgage Note and Mortgage contain no provision limiting the right or
ability of Seller to assign, transfer and convey the related Whole Loan to any other Person, except, however, for customary intercreditor restrictions limiting assignees to “Qualified Transferees”. With respect to any Underlying Mortgaged
Property that has tenants, there exists as either part of the Mortgage or as a separate document, an assignment of leases. 

 14. As of the Purchase Date, there is no valid offset, defense, counterclaim or right to rescission with
respect to any such Mortgage Note, Mortgage or other agreements, except with respect to the enforceability of any provisions requiring the payment of default interest, late fees, additional interest, prepayment premiums or yield maintenance charges.

 15. Seller has delivered to Purchaser or its designee the original Mortgage Note(s) made in respect of such Whole Loan, together with an
original endorsement thereof executed by Seller in blank. 
 16. Each related assignment of Mortgage and assignment of Assignment of Leases
from Seller in blank constitutes the legal, valid and binding first priority assignment from Seller (assuming the insertion of the Purchaser’s name), except as such enforcement may be limited by bankruptcy, insolvency, receivership,
reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding
in equity or at law). Each Mortgage and Assignment of Leases is freely assignable. 
 17. The Whole Loan is secured by one or more Mortgages
and each such Mortgage is a valid and enforceable first lien on the related Underlying Mortgaged Property subject only to the exceptions set forth in paragraph (13) above and the following title exceptions (each such title exception, a
“Title Exception”, and collectively, the “Title Exceptions”): (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and
restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying Mortgaged Property or the security intended to be
provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the Whole Loan when they become due or materially and adversely affects the value of the Underlying Mortgaged Property, (c) the exceptions (general and
specific) and exclusions set forth in the applicable policy described in paragraph (21) below or appearing of record, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying
Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the Whole Loan when they become due or materially and adversely affects the value of the Underlying
Mortgaged Property, (d) other matters to which like properties are commonly subject, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying Mortgaged Property or the security
intended to be provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the Whole Loan when they become due or materially and adversely affects the value of the Underlying Mortgaged Property, (e) the right of
tenants (whether under ground leases, space leases or operating leases) at the Underlying Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases) and (f) if
such Whole Loan is cross-collateralized with any other Whole Loan, the lien of the Mortgage for such other Whole Loan, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying
Mortgaged Property or the security intended to be provided by such Mortgage or 

 with the Mortgagor’s ability to pay its obligations under the Whole Loan when they become due or materially and
adversely affects the value of the Underlying Mortgaged Property. Except with respect to cross-collateralized and cross-defaulted Whole Loans and as provided below, there are no mortgage loans that are senior or pari passu with respect to the
related Underlying Mortgaged Property or such Whole Loan. 
 18. UCC Financing Statements have been filed and/or recorded (or, if not filed
and/or recorded, have been submitted in proper form for filing and recording), in all public places necessary to perfect a valid security interest in all items of personal property located on the Underlying Mortgaged Property that are owned by the
Mortgagor and either (i) are reasonably necessary to operate the Underlying Mortgaged Property or (ii) are (as indicated in the appraisal obtained in connection with the origination of the related Whole Loan) material to the value of the
Underlying Mortgaged Property (other than any personal property subject to a purchase money security interest or a sale and leaseback financing arrangement permitted under the terms of such Whole Loan or any other personal property leases applicable
to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing, and the Mortgages, security agreements, chattel Mortgages or equivalent documents related to and delivered in connection with the
related Whole Loan establish and create a valid and enforceable lien and priority security interest on such items of personalty except as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium,
redemption, liquidation or other laws relating to or affecting the enforcement of creditor’s rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law).
Notwithstanding any of the foregoing, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC
Financing Statements are required in order to effect such perfection. 
 19. All real estate taxes and governmental assessments, or
installments thereof, which would be a lien on the Underlying Mortgaged Property and that prior to the Purchase Date have become delinquent in respect of the Underlying Mortgaged Property have been paid, or an escrow of funds in an amount sufficient
to cover such payments has been established. For purposes of this representation and warranty, real estate taxes and governmental assessments and installments thereof shall not be considered delinquent until the earlier of (a) the date on which
interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority. 
 20. As of the Purchase Date, the related Underlying Mortgaged Property is, to the best of Seller’s knowledge after commercially reasonable due diligence, free and clear of any material damage (other than deferred
maintenance for which escrows were established at origination) that would affect materially and adversely the value of such Underlying Mortgaged Property as security for the Whole Loan and there was no proceeding pending or, based solely upon the
delivery of written notice thereof from the appropriate condemning authority, threatened for the total or partial condemnation of such Underlying Mortgaged Property. 
 21. The lien of each related Mortgage as a first priority lien in the original principal amount of such Whole Loan after all advances of principal is insured by an ALTA lender’s title insurance policy (or a
binding commitment therefor), or its equivalent as adopted in 

 the applicable jurisdiction, insuring Seller, its successors and assigns, subject only to the Title Exceptions; the
Mortgagee or its successors or assigns is the sole named insured of such policy; such policy is assignable without consent of the insurer and will inure to the benefit of the Purchaser Mortgagee of record; such title policy is in full force and
effect upon the consummation of the transactions contemplated by this Agreement; all premiums thereon have been paid; no claims have been made under such policy and no circumstance exists which would impair or diminish the coverage of such policy.
The insurer issuing such policy is either (x) a nationally-recognized title insurance company or (y) qualified to do business in the jurisdiction in which the related Underlying Mortgaged Property is located to the extent required; such
policy contains no material exclusions for, or affirmatively insures (except for any Underlying Mortgaged Property located in a jurisdiction where such insurance is not available) (a) access to public road or (b) against any loss due to
encroachments of any material portion of the improvements thereon. 
 22. All insurance coverage required under each related Mortgage, which
insurance covered such risks as were customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Underlying Mortgaged Property in the jurisdiction in which
such Underlying Mortgaged Property is located, and with respect to a fire and extended perils insurance policy, is in an amount (subject to a customary deductible) at least equal to the lesser of (i) the replacement cost of improvements located
on such Underlying Mortgaged Property, or (ii) the outstanding principal balance of the Whole Loan, and in any event, the amount necessary to prevent operation of any co-insurance provisions; and, except if such Underlying Mortgaged Property is
operated as a mobile home park, is also covered by business interruption or rental loss insurance, in an amount at least equal to 12 months of operations of the related Underlying Mortgaged Property, all of which was in full force and effect with
respect to the related Underlying Mortgaged Property; and all insurance coverage required under each Mortgage, which insurance covers such risks and is in such amounts as are customarily acceptable to prudent commercial and multifamily mortgage
lending institutions lending on the security of property comparable to the related Underlying Mortgaged Property in the jurisdiction in which such Underlying Mortgaged Property is located, is in full force and effect with respect to the related
Underlying Mortgaged Property; all premiums due and payable through the Purchase Date have been paid; and no notice of termination or cancellation with respect to any such insurance policy has been received by Seller; and except for certain amounts
not greater than amounts which would be considered prudent by an institutional commercial and/or multifamily mortgage lender with respect to a similar Whole Loan and which are set forth in the related Mortgage, any insurance proceeds in respect of a
casualty loss, will be applied either (i) to the repair or restoration of all or part of the related Underlying Mortgaged Property or (ii) the reduction of the outstanding principal balance of the Whole Loan, subject in either case to
requirements with respect to leases at the related Underlying Mortgaged Property and to other exceptions customarily provided for by prudent institutional lenders for similar loans. The Underlying Mortgaged Property is also covered by comprehensive
general liability insurance against claims for personal and bodily injury, death or property damage occurring on, in or about the related Underlying Mortgaged Property, in an amount customarily required by prudent institutional lenders. An
architectural or engineering consultant has performed an analysis of the Underlying Mortgaged Properties located in seismic zone 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing the
probable maximum loss (“PML”) for the 

 Underlying Mortgaged Property in the event of an earthquake. In such instance, the PML was based on a 475 year lookback
with a 10% probability of exceedance in a 50 year period. If the resulting report concluded that the PML would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Underlying Mortgaged Property was
obtained by an insurer rated at least A-:V by A.M. Best Company or “BBB-” (or the equivalent) from S&P and Fitch or “Baa3” (or the equivalent) from Moody’s. If the Underlying Mortgaged Property is located in Florida or
within 25 miles of the coast of Texas, Louisiana, Mississippi, Alabama, Georgia, North Carolina or South Carolina such Underlying Mortgaged Property is insured by windstorm insurance in an amount at least equal to the lesser of (i) the
outstanding principal balance of such Whole Loan and (ii) 100% of the full insurable value, or 100% of the replacement cost, of the improvements located on the related Underlying Mortgaged Property. 
 The insurance policies contain a standard Mortgagee clause naming Seller, its successors and assigns as loss payee, in the case of a property insurance
policy, and additional insured in the case of a liability insurance policy and provide that they are not terminable without 30 days prior written notice to the Mortgagee (or, with respect to non-payment, 10 days prior written notice to the
Mortgagee) or such lesser period as prescribed by applicable law. Each Mortgage requires that the Mortgagor maintain insurance as described above or permits the Mortgagee to require insurance as described above, and permits the Mortgagee to purchase
such insurance at the Mortgagor’s expense if Mortgagor fails to do so. 
 23. (a) Other than payments due but not yet 30 days or
more delinquent, there is no material default, breach, violation or event of acceleration existing under the related Mortgage or the related Mortgage Note, and no event has occurred (other than payments due but not yet delinquent) which, with the
passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, provided, however, that this representation and warranty does not address or
otherwise cover any default, breach, violation or event of acceleration that specifically pertains to any matter otherwise covered by any other representation and warranty made by Seller in any paragraph of this Schedule 1(a) and (b) Seller has
not waived any material default, breach, violation or event of acceleration under such Mortgage or Mortgage Note and pursuant to the terms of the related Mortgage or the related Mortgage Note and other documents in the related Mortgage Loan
documents no Person or party other than the holder of such Mortgage Note may declare any event of default or accelerate the related indebtedness under either of such Mortgage or Mortgage Note. 
 24. As of the Purchase Date, such Whole Loan is not, since origination, and has not been, 30 days or more past due in respect of any scheduled payment.

 25. Each related Mortgage does not provide for or permit, without the prior written consent of the holder of the Mortgage Note, the
related Underlying Mortgaged Property to secure any other promissory note or obligation except as expressly described in such Mortgage. 
 26. Such Whole Loan constitutes a “qualified mortgage” within the meaning of Section 860G(a)(3)of the Code (without regard to Treasury Regulations Sections 1.860G-2(a)(3) or 1.860G-2(f)(2)), is directly secured by a Mortgage
on a commercial property or a 

 multifamily residential property, and either (1) substantially all of the proceeds of such Whole Loan were used to
acquire, improve or protect the portion of such commercial or multifamily residential property that consists of an interest in real property (within the meaning of Treasury Regulations Sections 1.856-3(c) and 1.856-3(d)) and such interest in real
property was the only security for such Whole Loan as of the Testing Date (as defined below), or (2) the fair market value of the interest in real property which secures such Whole Loan was at least equal to 80% of the principal amount of the
Whole Loan (a) as of the Testing Date, or (b) as of the Purchase Date. For purposes of the previous sentence, (1) the fair market value of the referenced interest in real property shall first be reduced by (a) the amount of any
lien on such interest in real property that is senior to the Whole Loan, and (b) a proportionate amount of any lien on such interest in real property that is on a parity with the Whole Loan, and (2) the “Testing Date”
shall be the date on which the referenced Whole Loan was originated unless (a) such Whole Loan was modified after the date of its origination in a manner that would cause a “significant modification” of such Whole Loan within the
meaning of Treasury Regulations Section 1.1001-3(b), and (b) such “significant modification” did not occur at a time when such Whole Loan was in default or when default with respect to such Whole Loan was reasonably foreseeable.
However, if the referenced Whole Loan has been subjected to a “significant modification” after the date of its origination and at a time when such Whole Loan was not in default or when default with respect to such Whole Loan was not
reasonably foreseeable, the Testing Date shall be the date upon which the latest such “significant modification” occurred. 
 27.
There is no material and adverse environmental condition or circumstance affecting the Underlying Mortgaged Property; there is no material violation of any applicable Environmental Law with respect to the Underlying Mortgaged Property; neither
Seller nor the Underlying Property Owner has taken any actions which would cause the Underlying Mortgaged Property not to be in compliance with all applicable Environmental Laws; the Underlying Mortgage Loan documents require the borrower to comply
with all Environmental Laws; and each Mortgagor has agreed to indemnify the Mortgagee for any losses resulting from any material, adverse environmental condition or failure of the Mortgagor to abide by such Environmental Laws or has provided
environmental insurance. 
 28. Each related Mortgage and Assignment of Leases, together with applicable state law, contains customary and
enforceable provisions for comparable mortgaged properties similarly situated such as to render the rights and remedies of the holder thereof adequate for the practical realization against the Underlying Mortgaged Property of the benefits of the
security, including realization by judicial or, if applicable, non-judicial foreclosure, subject to the effects of bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the
enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). 
 29. No Mortgagor is a debtor in any state or federal bankruptcy or insolvency proceeding. 
 30. Such Whole Loan is a whole loan and contains no equity participation by the lender or shared appreciation feature and does not provide for any
contingent or additional interest in the form of participation in the cash flow of the related Underlying Mortgaged Property or provide for negative amortization. Seller holds no preferred equity interest. 

 31. Subject to certain exceptions, which are customarily acceptable to prudent commercial and multifamily
mortgage lending institutions lending on the security of property comparable to the related Underlying Mortgaged Property, each related Mortgage or loan agreement contains provisions for the acceleration of the payment of the unpaid principal
balance of such Whole Loan if, without complying with the requirements of the Mortgage or loan agreement, (a) the related Underlying Mortgaged Property, or any controlling interest in the related Mortgagor, is directly transferred or sold
(other than by reason of family and estate planning transfers, transfers by devise, descent or operation of law upon the death of a member, general partner or shareholder of the related borrower and transfers of less than a controlling interest (as
such term is defined in the related Whole Loan documents) in a mortgagor, issuance of non-controlling new equity interests, transfers among existing members, partners or shareholders in the Mortgagor or an affiliate thereof, transfers among
affiliated Mortgagors with respect to Whole Loans which are cross-collateralized or cross-defaulted with other mortgage loans or multi-property Whole Loans or transfers of a similar nature to the foregoing meeting the requirements of the Whole Loan
(such as pledges of ownership interests that do not result in a change of control) or a substitution or release of collateral within the parameters of paragraph (34) below), or (b) the related Underlying Mortgaged Property or controlling
interest in the borrower is encumbered in connection with subordinate financing by a lien or security interest against the related Underlying Mortgaged Property, other than any existing permitted additional debt. The Whole Loan documents require the
borrower to pay all reasonable costs incurred by the Mortgagor with respect to any transfer, assumption or encumbrance requiring lender’s approval. 
 32. Except as set forth in the related Mortgage Loan documents delivered to Purchaser, the terms of the related Mortgage Note(s) and Mortgage(s) have not been waived, modified, altered, satisfied, impaired, canceled,
subordinated or rescinded in any manner which materially interferes with the security intended to be provided by such Mortgage and no such waiver, modification, alteration, satisfaction, impairment, cancellation, subordination or recission has
occurred since the date upon which the due diligence file related to the applicable Whole Loan was delivered to Purchaser or its designee. 
 33. Each related Underlying Mortgaged Property was inspected by or on behalf of the related originator or an affiliate during the 12 month period prior to the related origination date. 
 34. Since origination, no material portion of the related Underlying Mortgaged Property has been released from the lien of the related Mortgage in any
manner which materially and adversely affects the value of the Whole Loan or materially interferes with the security intended to be provided by such Mortgage, and, except with respect to Whole Loans (a) which permit defeasance by means of
substituting for the Underlying Mortgaged Property (or, in the case of a Whole Loan secured by multiple Underlying Mortgaged Properties, one or more of such Underlying Mortgaged Properties) “government securities” as defined in the
Investment Company Act of 1940, as amended, sufficient to pay the Whole Loans (or portions thereof) in accordance with its terms, (b) where a release of the portion of the Underlying Mortgaged 

 Property was contemplated at origination and such portion was not considered material for purposes of underwriting the
Whole Loan, (c) where release is conditional upon the satisfaction of certain underwriting and legal requirements and the payment of a release price that represents adequate consideration for such Underlying Mortgaged Property or the portion
thereof that is being released, (d) which permit the related Mortgagor to substitute a replacement property in compliance with REMIC Provisions or (e) which permit the release(s) of unimproved out-parcels or other portions of the
Underlying Mortgaged Property that will not have a material adverse effect on the underwritten value of the security for the Whole Loan or that were not allocated to any value in the underwriting during the origination of the Whole Loan, the terms
of the related Mortgage do not provide for release of any portion of the Underlying Mortgaged Property from the lien of the Mortgage except in consideration of payment in full therefor. 
 35. There are no material violations of any applicable zoning ordinances, building codes or land laws applicable to the Underlying Mortgaged Property or
the use and occupancy thereof which (i) are not insured by an ALTA lender’s title insurance policy (or a binding commitment therefor), or its equivalent as adopted in the applicable jurisdiction, or a law and ordinance insurance policy or
(ii) would have a material adverse effect on the value, operation or net operating income of the Underlying Mortgaged Property. The Whole Loan documents require the Underlying Mortgaged Property to comply with all applicable laws and
ordinances. 
 36. None of the material improvements which were included for the purposes of determining the appraised value of the related
Underlying Mortgaged Property at the time of the origination of the Whole Loan lies outside of the boundaries and building restriction lines of such property (except Underlying Mortgaged Properties which are legal non-conforming uses), to an extent
which would have a material adverse affect on the value of the Underlying Mortgaged Property or related Mortgagor’s use and operation of such Underlying Mortgaged Property (unless affirmatively covered by title insurance) and no improvements on
adjoining properties encroached upon such Underlying Mortgaged Property to any material and adverse extent (unless affirmatively covered by title insurance). 
 37. The related Mortgagor has covenanted in its organizational documents and/or the Whole Loan documents to own no significant asset other than the related Underlying Mortgaged Properties, as applicable, and assets
incidental to its ownership and operation of such Underlying Mortgaged Properties, and to hold itself out as being a legal entity, separate and apart from any other Person. 
 38. No advance of funds has been made other than pursuant to the loan documents, directly or indirectly, by Seller to the Mortgagor and no funds have
been received from any Person other than the Mortgagor, for or on account of payments due on the Mortgage Note or the Mortgage. 
 39. As of
the Purchase Date, there was no pending action, suit or proceeding, or governmental investigation of which Seller has received notice, against the Mortgagor or the related Underlying Mortgaged Property the adverse outcome of which could reasonably
be expected to materially and adversely affect such Mortgagor’s ability to pay principal, interest or any other amounts due under such Whole Loan or the security intended to be provided by the Whole Loan documents or the current use of the
Underlying Mortgaged Property. 

 40. As of the Purchase Date, if the related Mortgage is a deed of trust, a trustee, duly qualified under
applicable law to serve as such, has either been properly designated and serving under such Mortgage or may be substituted in accordance with the Mortgage and applicable law. 
 41. The Whole Loan and the interest (exclusive of any default interest, late charges or prepayment premiums) contracted for complied as of the date of
origination with, or is exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury. 
 42. Each
Whole Loan that is cross-collateralized is cross-collateralized only with other Whole Loans sold pursuant to this Agreement. 
 43. The
improvements located on the Underlying Mortgaged Property are either not located in a federally designated special flood hazard area or, if so located, the Mortgagor is required to maintain or the Mortgagee maintains, flood insurance with respect to
such improvements and such policy is in full force and effect in an amount no less than the lesser of (i) the original principal balance of the Whole Loan, (ii) the value of such improvements on the related Underlying Mortgaged Property
located in such flood hazard area or (iii) the maximum allowed under the related federal flood insurance program. 
 44. All escrow
deposits and payments required pursuant to the Whole Loan as of the Purchase Date required to be deposited with Seller in accordance with the Whole Loan documents have been so deposited, are in the possession, or under the control, of Seller or its
agent and there are no deficiencies in connection therewith. 
 45. As of the Purchase Date, the related Mortgagor, the related lessee,
franchisor or operator was in possession of all material licenses, permits and authorizations then required for use of the related Underlying Mortgaged Property by the related Mortgagor. The Whole Loan documents require the borrower to maintain all
such licenses, permits and authorizations. 
 46. The origination (or acquisition, as the case may be), servicing and collection practices
used by Seller with respect to the Whole Loan have been in all respects legal and have met customary industry standards for servicing of commercial mortgage loans for conduit loan programs. 
 47. Except for Mortgagors under Whole Loans the Underlying Mortgaged Property with respect to which includes a Ground Lease, the related Mortgagor (or
its affiliate) has title in the fee simple interest in each related Underlying Mortgaged Property. 
 48. The Whole Loan documents for such
Whole Loan provide that such Whole Loan is non-recourse to the related Mortgagor except that the related Mortgagor and an additional guarantor accepts responsibility for any loss incured due to fraud on the part of the Mortgagor and/or other
intentional material misrepresentation. Furthermore, the Whole Loan 

 documents for each Whole Loan provide that the related Mortgagor and an additional guarantor shall be liable to the
lender for losses incurred due to the misapplication or misappropriation of rents collected in advance or received by the related Mortgagor after the occurrence of an event of default and not paid to the Mortgagee or applied to the Underlying
Mortgaged Property in the ordinary course of business, misapplication or conversion by the Mortgagor of insurance proceeds or condemnation awards or breach of the environmental covenants in the related Whole Loan documents. 
 49. Subject to the exceptions set forth in paragraph (13) and upon possession of the Underlying Mortgaged Property as required under applicable
state law, any Assignment of Leases set forth in the Mortgage or separate from the related Mortgage and related to and delivered in connection with such Whole Loan establishes and creates a valid, subsisting and enforceable lien and security
interest in the related Mortgagor’s interest in all leases, subleases, licenses or other agreements pursuant to which any Person is entitled to occupy, use or possess all or any portion of the real property. 
 50. With respect to such Whole Loan, any prepayment premium and yield maintenance charge constitutes a “customary prepayment penalty” within
the meaning of Treasury Regulations Section 1.860G-1(b)(2). 
 51. If such Whole Loan contains a provision for any defeasance of
mortgage collateral, such Whole Loan permits defeasance (1) no earlier than two years after any securitization of such Whole Loan and (2) only with substitute collateral constituting “government securities” within the meaning of
Treasury Regulations Section 1.860G-2(a)(8)(i) in an amount sufficient to make all scheduled payments under the Mortgage Note. Such Whole Loan was not originated with the intent to collateralize a REMIC offering with obligations that are not
real estate mortgages. In addition, if such Mortgage contains such a defeasance provision, it provides (or otherwise contains provisions pursuant to which the holder can require) that an opinion be provided to the effect that such holder has a first
priority perfected security interest in the defeasance collateral. The related Whole Loan documents permit the lender to charge all of its expenses associated with a defeasance to the Mortgagor (including rating agencies’ fees, accounting fees
and attorneys’ fees), and provide that the related Mortgagor must deliver (or otherwise, the Whole Loan documents contain certain provisions pursuant to which the lender can require) (a) an accountant’s certification as to the
adequacy of the defeasance collateral to make payments under the related Whole Loan for the remainder of its term, (b) an opinion of counsel that the defeasance complies with all applicable REMIC Provisions, and (c) assurances from each
applicable Rating Agency that the defeasance will not result in the withdrawal, downgrade or qualification of the ratings assigned to any certificates backed by the related Whole Loan. Notwithstanding the foregoing, some of the Whole Loan documents
may not affirmatively contain all such requirements, but such requirements are effectively present in such documents due to the general obligation to comply with the REMIC Provisions and/or deliver a REMIC opinion of counsel. 
 52. To the extent required under applicable law as of the date of origination, and necessary for the enforceability or collectability of the Whole Loan,
the originator of such Whole Loan was authorized to do business in the jurisdiction in which the related Underlying Mortgaged Property is located at all times when it originated and held the Whole Loan. 

 53. Neither Seller nor any affiliate thereof has any obligation to make any capital contributions to the
Mortgagor under the Whole Loan. 
 54. The related Underlying Mortgaged Property is not encumbered, and none of the Whole Loan documents
permits the related Underlying Mortgaged Property to be encumbered subsequent to the Purchase Date without the prior written consent of the holder of such Whole Loan, by any lien securing the payment of money junior to or of equal priority with, or
superior to, the lien of the related Mortgage (other than Title Exceptions, taxes, assessments and contested mechanics and materialmens liens that become payable after the Purchase Date of the related Whole Loan). 
 55. Each related Underlying Mortgaged Property constitutes one or more complete separate tax lots (or the related Mortgagor has covenanted to obtain
separate tax lots and a Person has indemnified the Mortgagee for any loss suffered in connection therewith or an escrow of funds in an amount sufficient to pay taxes resulting from a breach thereof has been established) or is subject to an
endorsement under the related title insurance policy. 
 56. An appraisal of the related Underlying Mortgaged Property was conducted in
connection with the origination of such Whole Loan; and such appraisal satisfied either (A) the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal
Foundation, or (B) the guidelines in Title XI of the Financial Institutions Reform, Recovery and Enforcement Act or 1989, in either case as in effect on the date such Whole Loan was originated. 
 57. The related Whole Loan documents require the Mortgagor to provide the Mortgagee with certain financial information at the times required under the
related Whole Loan documents. 
 58. The related Underlying Mortgaged Property is served by public utilities, water and sewer (or septic
facilities) and otherwise appropriate for the use in which the Underlying Mortgaged Property is currently being utilized. 
 59. With respect
to each related Underlying Mortgaged Property consisting of a Ground Lease, Seller represents and warrants the following with respect to the related Ground Lease: 
 (a) Such Ground Lease or a memorandum thereof has been or will be duly recorded no later than 30 days after the Purchase Date and such Ground Lease permits the interest of the lessee thereunder to be encumbered by the
related Mortgage or, if consent of the lessor thereunder is required, it has been obtained prior to the Purchase Date. 
 (b) Upon the
foreclosure of the Whole Loan (or acceptance of a deed in lieu thereof), the Mortgagor’s interest in such Ground Lease is assignable to the Mortgagee under the leasehold estate and its assigns without the consent of the lessor thereunder (or,
if any such consent is required, it has been obtained prior to the Purchase Date). 
 (c) Such Ground Lease may not be amended, modified,
canceled or terminated without the prior written consent of the Mortgagee and any such action without such consent is 

 
not binding on the Mortgagee, its successors or assigns, except termination or cancellation if (i) an event of default occurs under the Ground Lease,
(ii) notice thereof is provided to the Mortgagee and (iii) such default is curable by the Mortgagee as provided in the Ground Lease but remains uncured beyond the applicable cure period. 
 (d) Such Ground Lease is in full force and effect, there is no material default under such Ground Lease, and there is no event which, with the passage of
time or with notice and the expiration of any grace or cure period, would constitute a material default under such Ground Lease. 
 (e) The
Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give notice of any default by the lessee to the Mortgagee. The Ground Lease or ancillary agreement further provides that no notice given is effective
against the Mortgagee unless a copy has been given to the Mortgagee in a manner described in the Ground Lease or ancillary agreement. 
 (f)
The Ground Lease (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, subject, however, to only the Title Exceptions or (ii) is subject to a subordination, non-disturbance and attornment
agreement to which the Mortgagee on the lessor’s fee interest in the Underlying Mortgaged Property is subject. 
 (g) A Mortgagee is
permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease) to cure any curable default under such Ground Lease before the lessor thereunder may terminate
such Ground Lease. 
 (h) Such Ground Lease has an original term (together with any extension options, whether or not currently exercised,
set forth therein all of which can be exercised by the Mortgagee if the Mortgagee acquires the lessee’s rights under the Ground Lease) that extends not less than 20 years beyond the stated maturity date. 
 (i) Under the terms of such Ground Lease, any estoppel or consent letter received by the Mortgagee from the lessor, and the related Mortgage, taken
together, any related insurance proceeds or condemnation award (other than in respect of a total or substantially total loss or taking) will be applied either to the repair or restoration of all or part of the related Underlying Mortgaged Property,
with the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment or defeasance of the outstanding principal balance of the Whole Loan, together with any
accrued interest (except in cases where a different allocation would not be viewed as commercially unreasonable by any commercial mortgage lender, taking into account the relative duration of the Ground Lease and the related Mortgage and the ratio
of the market value of the related Underlying Mortgaged Property to the outstanding principal balance of such Whole Loan). 
 (j) The Ground
Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial lender. 
 (k)
The ground lessor under such Ground Lease is required to enter into a new lease upon termination of the Ground Lease for any reason, including the rejection of the Ground Lease in bankruptcy. 

 Schedule 1(b) 
 REPRESENTATIONS AND WARRANTIES 
 RE: MORTGAGE LOANS THAT ARE BRIDGE LOANS 
 Seller represents and warrants to Purchaser, with respect to each Mortgage Loan that is a Bridge Loan, that except as specifically disclosed to and approved by Purchaser
in accordance with this Agreement, as of the Closing Date for each such Mortgage Loan by Purchaser from Seller and at all times while this Agreement or the Transaction hereunder is in full force and effect the representations set forth on this
Schedule 1(b) shall be true and correct in all material respects. For purposes of this Schedule 1(b) and the representations and warranties set forth herein, a breach of a representation or warranty shall be deemed to have been cured
with respect to a Mortgage Loan that is a Bridge Loan if and when Seller has taken or caused to be taken action such that the event, circumstance or condition that gave rise to such breach no longer affects such Mortgage Loan. 
 1. The Bridge Loan is a performing mortgage loan secured by a first priority security interest in a commercial or multifamily property. 
 2. As of the Purchase Date, such Bridge Loan complies in all material respects with, or is exempt from, all requirements of federal, state or local law
relating to such Bridge Loan. 
 3. Immediately prior to the sale, transfer and assignment to the Purchasers thereof, Seller had good and
marketable title to, and was the sole owner and holder of, such Bridge Loan, and Seller is transferring such Bridge Loan free and clear of any and all liens, pledges, encumbrances, charges, security interests or any other ownership interests of any
nature encumbering such Bridge Loan. Upon consummation of the purchase contemplated to occur in respect of such Bridge Loan on the Purchase Date therefor, Seller will have validly and effectively conveyed to the Purchaser all legal and beneficial
interest in and to such Bridge Loan free and clear of any pledge, lien, encumbrance or security interest. 
 4. No fraudulent acts were
committed by Seller in connection with its acquisition or origination of such Bridge Loan nor were any fraudulent acts committed by any Person in connection with the origination of such Bridge Loan. 
 5. All information contained in the related Underwriting Package (or as otherwise provided to the Purchaser) in respect of such Bridge Loan is accurate
and complete in all material respects. 
 6. Except as included in the Underwriting Package, Seller is not a party to any document,
instrument or agreement, and there is no document, that by its terms modifies or affects the rights and obligations of any holder of such Bridge Loan and Seller has not consented to any material change or waiver to any term or provision of any such
document, instrument or agreement and no such change or waiver exists. 

 7. Such Bridge Loan is presently outstanding. Except for amounts held in escrow by Seller, the proceeds
thereof have been fully disbursed and there is no requirement for any future advances thereunder. 
 8. Seller has full right, power and
authority to sell and assign such Bridge Loan and such Bridge Loan or any related Mortgage Note has not been cancelled, satisfied or rescinded in whole or part nor has any instrument been executed that would effect a cancellation, satisfaction or
rescission thereof. 
 9. Other than consents and approvals obtained as of the related Purchase Date, no consent or approval by any Person is
required in connection with Seller’s sale and/or the Purchaser’s acquisition of such Bridge Loan, for the exercise by the Purchaser of any rights or remedies in respect of such Bridge Loan or for the Purchaser’s sale, pledge or other
disposition of such Bridge Loan. Except for purchase options upon the occurrence of a default which are set forth in an Intercreditor Agreement included in this Mortgage Loan File, no third party holds any “right of first refusal”,
“right of first negotiation”, “right of first offer”, purchase option, or other similar rights of any kind, and no other impediment exists to any such transfer or exercise of rights or remedies. 
 10. No consent, approval, authorization or order of, or registration or filing with, or notice to, any court or governmental agency or body having
jurisdiction or regulatory authority is required for any transfer or assignment by the holder of such Bridge Loan. 
 11. Seller has not
received written notice of any outstanding liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind for which the holder of such Bridge Loan is or may become obligated. 

12. Seller has not advanced funds other than pursuant to the Mortgage Loan Documents, or knowingly received any advance of funds from a party other
than the Mortgagor relating to such Bridge Loan, directly or indirectly, for the payment of any amount required by such Bridge Loan. 
 13.
Each related Mortgage Note, Mortgage, Assignment of Leases (if a document separate from the Mortgage) and other agreement executed by the related Mortgagor in connection with such Bridge Loan is legal, valid and binding obligation of the related
Mortgagor (subject to any non-recourse provisions therein and any state anti-deficiency or market value limit deficiency legislation), enforceable in accordance with its terms, except (i) that certain provisions contained in such Bridge Loan
documents are or may be unenforceable in whole or in part under applicable state or federal laws, but neither the application of any such laws to any such provision nor the inclusion of any such provisions renders any of the Bridge Loan documents
invalid as a whole and such Bridge Loan documents taken as a whole are enforceable to the extent necessary and customary for the practical realization of the rights and benefits afforded thereby and (ii) as such enforcement may be limited by
bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law). The related Mortgage Note and Mortgage contain no provision limiting the right or ability of Seller to 

 assign, transfer and convey the related Bridge Loan to any other Person. With respect to any Underlying Mortgaged
Property that has tenants, there exists as either part of the Mortgage or as a separate document, an assignment of leases. 
 14. As of the
Purchase Date, there is no valid offset, defense, counterclaim or right to rescission with respect to any such Mortgage Note, Mortgage or other agreements, except with respect to the enforceability of any provisions requiring the payment of default
interest, late fees, additional interest, prepayment premiums or yield maintenance charges. 
 15. Reserved. 
 16. Each related assignment of Mortgage and assignment of Assignment of Leases from Seller in blank constitutes the legal, valid and binding first
priority assignment from Seller (assuming the insertion of the name of the Purchasers’ designee), except as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other
laws relating to or affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). Each Mortgage and Assignment of Leases
is freely assignable. 
 17. The Bridge Loan is secured by one or more Mortgages and each such Mortgage is a valid and enforceable first lien
on the related Underlying Mortgaged Property subject only to the exceptions set forth in paragraph (13) above and the following title exceptions (each such title exception, a “Title Exception”, and collectively, the
“Title Exceptions”): (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters
of public record, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor’s
ability to pay its obligations under the Bridge Loan when they become due or materially and adversely affects the value of the Underlying Mortgaged Property, (c) the exceptions (general and specific) and exclusions set forth in the applicable
policy described in paragraph (21) below or appearing of record, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying Mortgaged Property or the security intended to be
provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the Bridge Loan when they become due or materially and adversely affects the value of the Underlying Mortgaged Property, (d) other matters to which like
properties are commonly subject, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying Mortgaged Property or the security intended to be provided by such Mortgage or with the
Mortgagor’s ability to pay its obligations under the Bridge Loan when they become due or materially and adversely affects the value of the Underlying Mortgaged Property, (e) the right of tenants (whether under ground leases, space leases
or operating leases) at the Underlying Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases) and (f) if such Bridge Loan is cross-collateralized with any
other Bridge Loan, the lien of the Mortgage for such other Bridge Loan, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying Mortgaged Property or the security intended to be
provided by such Mortgage or 

 with the Mortgagor’s ability to pay its obligations under the Bridge Loan when they become due or materially and
adversely affects the value of the Underlying Mortgaged Property. Except with respect to cross-collateralized and cross-defaulted Bridge Loans and as provided below, there are no mortgage loans that are senior or pari passu with respect to the
related Underlying Mortgaged Property or such Bridge Loan. 
 18. UCC Financing Statements have been filed and/or recorded (or, if not filed
and/or recorded, have been submitted in proper form for filing and recording), in all public places necessary to perfect a valid security interest in all items of personal property located on the Underlying Mortgaged Property that are owned by the
Mortgagor and either (i) are reasonably necessary to operate the Underlying Mortgaged Property or (ii) are (as indicated in the appraisal obtained in connection with the origination of the related Bridge Loan) material to the value of the
Underlying Mortgaged Property (other than any personal property subject to a purchase money security interest or a sale and leaseback financing arrangement permitted under the terms of such Bridge Loan or any other personal property leases
applicable to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing, and the Mortgages, security agreements, chattel mortgages or equivalent documents related to and delivered in
connection with the related Bridge Loan establish and create a valid and enforceable lien and priority security interest on such items of personalty except as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization,
moratorium, redemption, liquidation or other laws relating to or affecting the enforcement of creditor’s rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at
law). Notwithstanding any of the foregoing, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC
Financing Statements are required in order to effect such perfection. 
 19. All real estate taxes and governmental assessments, or
installments thereof, which would be a lien on the Underlying Mortgaged Property and that prior to the Purchase Date have become delinquent in respect of the Underlying Mortgaged Property have been paid, or an escrow of funds in an amount sufficient
to cover such payments has been established. For purposes of this representation and warranty, real estate taxes and governmental assessments and installments thereof shall not be considered delinquent until the earlier of (a) the date on which
interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority. 
 20. As of the Purchase Date, the related Underlying Mortgaged Property is, to the best of Seller’s knowledge, after commercially reasonable due diligence, free and clear of any material damage (other than
deferred maintenance for which escrows were established at origination) that would affect materially and adversely the value of such Underlying Mortgaged Property as security for the Bridge Loan and there was no proceeding pending or, based solely
upon the delivery of written notice thereof from the appropriate condemning authority, threatened for the total or partial condemnation of such Underlying Mortgaged Property. 
 21. The lien of each related Mortgage as a first priority lien in the original principal amount of such Bridge Loan after all advances of principal is
insured by an ALTA lender’s title insurance policy (or a binding commitment therefor), or its equivalent as adopted in 

 the applicable jurisdiction, insuring Mortgagee, its successors and assigns, subject only to the Title Exceptions; the
Mortgagee or its successors or assigns is the sole named insured of such policy; such policy is assignable without consent of the insurer and will inure to the benefit of the Purchaser as Mortgagee of record; such title policy is in full force and
effect upon the consummation of the transactions contemplated by this Agreement; all premiums thereon have been paid; no claims have been made under such policy and no circumstance exists which would impair or diminish the coverage of such policy.
The insurer issuing such policy is either (x) a nationally-recognized title insurance company or (y) qualified to do business in the jurisdiction in which the related Underlying Mortgaged Property is located to the extent required; such
policy contains no material exclusions for, or affirmatively insures (except for any Underlying Mortgaged Property located in a jurisdiction where such insurance is not available) (a) access to public road or (b) against any loss due to
encroachments of any material portion of the improvements thereon. 
 22. All insurance coverage required under each related Mortgage, which
insurance covered such risks as were customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Underlying Mortgaged Property in the jurisdiction in which
such Underlying Mortgaged Property is located, and with respect to a fire and extended perils insurance policy, is in an amount (subject to a customary deductible) at least equal to the lesser of (i) the replacement cost of improvements located
on such Underlying Mortgaged Property, or (ii) the outstanding principal balance of the Bridge Loan, and in any event, the amount necessary to prevent operation of any co-insurance provisions; and, except if such Underlying Mortgaged Property
is operated as a mobile home park, is also covered by business interruption or rental loss insurance, in an amount at least equal to 12 months of operations of the related Underlying Mortgaged Property, all of which was in full force and effect with
respect to the related Underlying Mortgaged Property; and all insurance coverage required under each Mortgage, which insurance covers such risks and is in such amounts as are customarily acceptable to prudent commercial and multifamily mortgage
lending institutions lending on the security of property comparable to the related Underlying Mortgaged Property in the jurisdiction in which such Underlying Mortgaged Property is located, is in full force and effect with respect to the related
Underlying Mortgaged Property; all premiums due and payable through the Purchase Date have been paid; and no notice of termination or cancellation with respect to any such insurance policy has been received by Seller; and except for certain amounts
not greater than amounts which would be considered prudent by an institutional commercial and/or multifamily mortgage lender with respect to a similar Bridge Loan and which are set forth in the related Mortgage, any insurance proceeds in respect of
a casualty loss, will be applied either (i) to the repair or restoration of all or part of the related Underlying Mortgaged Property or (ii) the reduction of the outstanding principal balance of the Bridge Loan, subject in either case to
requirements with respect to leases at the related Underlying Mortgaged Property and to other exceptions customarily provided for by prudent institutional lenders for similar loans. The Underlying Mortgaged Property is also covered by comprehensive
general liability insurance against claims for personal and bodily injury, death or property damage occurring on, in or about the related Underlying Mortgaged Property, in an amount customarily required by prudent institutional lenders. An
architectural or engineering consultant has performed an analysis of the Underlying Mortgaged Properties located in seismic zone 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing the
probable maximum loss (“PML”) for the 

 Underlying Mortgaged Property in the event of an earthquake. In such instance, the PML was based on a 475 year lookback
with a 10% probability of exceedance in a 50 year period. If the resulting report concluded that the PML would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Underlying Mortgaged Property was
obtained by an insurer rated at least A-:V by A.M. Best Company or “BBB-” (or the equivalent) from S&P and Fitch or “Baa3” (or the equivalent) from Moody’s. If the Underlying Mortgaged Property is located in Florida or
within 25 miles of the coast of Texas, Louisiana, Mississippi, Alabama, Georgia, North Carolina or South Carolina such Underlying Mortgaged Property is insured by windstorm insurance in an amount at least equal to the lesser of (i) the
outstanding principal balance of such Bridge Loan and (ii) 100% of the full insurable value, or 100% of the replacement cost, of the improvements located on the related Underlying Mortgaged Property. 
 The insurance policies contain a standard Mortgagee clause naming Seller, its successors and assigns as loss payee, in the case of a property insurance
policy, and additional insured in the case of a liability insurance policy and provide that they are not terminable without 30 days prior written notice to the Mortgagee (or, with respect to non-payment, 10 days prior written notice to the
Mortgagee) or such lesser period as prescribed by applicable law. Each Mortgage requires that the Mortgagor maintain insurance as described above or permits the Mortgagee to require insurance as described above, and permits the Mortgagee to purchase
such insurance at the Mortgagor’s expense if Mortgagor fails to do so. 
 23. (i) Other than payments due but not yet 30 days or
more delinquent, there is no material default, breach, violation or event of acceleration existing under the related Mortgage or the related Mortgage Note, and no event has occurred (other than payments due but not yet delinquent) which, with the
passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, provided, however, that this representation and warranty does not address or
otherwise cover any default, breach, violation or event of acceleration that specifically pertains to any matter otherwise covered by any other representation and warranty made by Seller in any paragraph of this Schedule 1(a) and (ii) Seller
has not waived any material default, breach, violation or event of acceleration under such Mortgage or Mortgage Note and pursuant to the terms of the related Mortgage or the related Mortgage Note and other documents in the related Bridge Loan
documents no Person or party other than the holder of such Mortgage Note may declare any event of default or accelerate the related indebtedness under either of such Mortgage or Mortgage Note. 
 24. As of the Purchase Date, such Bridge Loan is not, and in the prior twelve (12) months (or since the date of origination if such Bridge Loan has
been originated within the past twelve (12) months), has not been, thirty (30) days or more past due (after giving effect to all grace periods available to the related Mortgagor) in respect of any scheduled payment. 
 25. Each related Mortgage does not provide for or permit, without the prior written consent of the holder of the Mortgage Note, the related Underlying
Mortgaged Property to secure any other promissory note or obligation except as expressly described in such Mortgage. 
 26. Reserved.

 27. There is no material and adverse environmental condition or circumstance affecting the Underlying
Mortgaged Property; there is no material violation of any applicable Environmental Law with respect to the Underlying Mortgaged Property; neither Seller nor the Underlying Property Owner has taken any actions which would cause the Underlying
Mortgaged Property not to be in compliance with all applicable Environmental Laws; the Underlying Bridge Loan documents require the borrower to comply with all Environmental Laws; and each Mortgagor has agreed to indemnify the Mortgagee for any
losses resulting from any material, adverse environmental condition or failure of the Mortgagor to abide by such Environmental Laws or has provided environmental insurance. 
 28. Each related Mortgage and Assignment of Leases, together with applicable state law, contains customary and enforceable provisions for comparable
mortgaged properties similarly situated such as to render the rights and remedies of the holder thereof adequate for the practical realization against the Underlying Mortgaged Property of the benefits of the security, including realization by
judicial or, if applicable, non-judicial foreclosure, subject to the effects of bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the enforcement of creditors’
rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). 
 29. No Mortgagor is a debtor in any state or federal bankruptcy or insolvency proceeding. 
 30. Such Bridge Loan is a bridge loan
and contains no equity participation by the lender or shared appreciation feature and does not provide for any contingent or additional interest in the form of participation in the cash flow of the related Underlying Mortgaged Property or provide
for negative amortization. Seller holds no preferred equity interest. 
 31. Subject to certain exceptions, which are customarily acceptable
to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Underlying Mortgaged Property, each related Mortgage or loan agreement contains provisions for the acceleration of the
payment of the unpaid principal balance of such Bridge Loan if, without complying with the requirements of the Mortgage or loan agreement, (a) the related Underlying Mortgaged Property, or any controlling interest in the related Mortgagor, is
directly transferred or sold (other than by reason of family and estate planning transfers, transfers by devise, descent or operation of law upon the death of a member, general partner or shareholder of the related borrower and transfers of less
than a controlling interest (as such term is defined in the related Bridge Loan documents) in a mortgagor, issuance of non-controlling new equity interests, transfers among existing members, partners or shareholders in the Mortgagor or an affiliate
thereof, transfers among affiliated Mortgagors with respect to Bridge Loans which are cross-collateralized or cross-defaulted with other mortgage loans or multi-property Bridge Loans or transfers of a similar nature to the foregoing meeting the
requirements of the Bridge Loan (such as pledges of ownership interests that do not result in a change of control) or a substitution or release of collateral within the parameters of paragraph (34) below), or (b) the related Underlying
Mortgaged Property or controlling interest in the borrower is encumbered in connection with subordinate financing by a lien or security interest against the related Underlying Mortgaged Property, other than any existing permitted additional 

 debt. The Bridge Loan documents require the borrower to pay all reasonable costs incurred by the Mortgagor with respect
to any transfer, assumption or encumbrance requiring lender’s approval. 
 32. Except as set forth in the related Bridge Loan documents
delivered to the Purchaser or its designee, the terms of the related Mortgage Note(s) and Mortgage(s) have not been waived, modified, altered, satisfied, impaired, canceled, subordinated or rescinded in any manner which materially interferes with
the security intended to be provided by such Mortgage and no such waiver, modification, alteration, satisfaction, impairment, cancellation, subordination or rescission has occurred since the date upon which the due diligence file related to the
applicable Bridge Loan was delivered to the Purchaser or its designee. 
 33. Each related Underlying Mortgaged Property was inspected by or
on behalf of the related originator or an affiliate during the 12 month period prior to the related origination date. 
 34. Since
origination, no material portion of the related Underlying Mortgaged Property has been released from the lien of the related Mortgage in any manner which materially and adversely affects the value of the Bridge Loan or materially interferes with the
security intended to be provided by such Mortgage, and, except with respect to Bridge Loans (a) which permit defeasance by means of substituting for the Underlying Mortgaged Property (or, in the case of a Bridge Loan secured by multiple
Underlying Mortgaged Properties, one or more of such Underlying Mortgaged Properties) “government securities” as defined in the Investment Company Act of 1940, as amended, sufficient to pay the Bridge Loans (or portions thereof) in
accordance with its terms, (b) where a release of the portion of the Underlying Mortgaged Property was contemplated at origination and such portion was not considered material for purposes of underwriting the Bridge Loan, (c) where release
is conditional upon the satisfaction of certain underwriting and legal requirements and the payment of a release price that represents adequate consideration for such Underlying Mortgaged Property or the portion thereof that is being released,
(d) which permit the related Mortgagor to substitute a replacement property in compliance with REMIC Provisions or (e) which permit the release(s) of unimproved out-parcels or other portions of the Underlying Mortgaged Property that will
not have a material adverse effect on the underwritten value of the security for the Bridge Loan or that were not allocated to any value in the underwriting during the origination of the Bridge Loan, the terms of the related Mortgage do not provide
for release of any portion of the Underlying Mortgaged Property from the lien of the Mortgage except in consideration of payment in full therefor. 
 35. There are no material violations of any applicable zoning ordinances, building codes or land laws applicable to the Underlying Mortgaged Property or the use and occupancy thereof which (i) are not insured by an ALTA lender’s
title insurance policy (or a binding commitment therefor), or its equivalent as adopted in the applicable jurisdiction, or a law and ordinance insurance policy or (ii) would have a material adverse effect on the value, operation or net
operating income of the Underlying Mortgaged Property. The Bridge Loan documents require the Underlying Mortgaged Property to comply with all applicable laws and ordinances. 

 36. None of the material improvements which were included for the purposes of determining the appraised
value of the related Underlying Mortgaged Property at the time of the origination of the Bridge Loan lies outside of the boundaries and building restriction lines of such property (except Underlying Mortgaged Properties which are legal
non-conforming uses), to an extent which would have a material adverse affect on the value of the Underlying Mortgaged Property or related Mortgagor’s use and operation of such Underlying Mortgaged Property (unless affirmatively covered by
title insurance) and no improvements on adjoining properties encroached upon such Underlying Mortgaged Property to any material and adverse extent (unless affirmatively covered by title insurance). 
 37. The related Mortgagor has covenanted in its organizational documents and/or the Bridge Loan documents to own no significant asset other than the
related Underlying Mortgaged Properties, as applicable, and assets incidental to its ownership and operation of such Underlying Mortgaged Properties, and to hold itself out as being a legal entity, separate and apart from any other Person.

 38. No advance of funds has been made other than pursuant to the loan documents, directly or indirectly, by Seller to the Mortgagor and no
funds have been received from any Person other than the Mortgagor, for or on account of payments due on the Mortgage Note or the Mortgage. 
 39. As of the Purchase Date, there was no pending action, suit or proceeding, or governmental investigation of which it has received notice, against the Mortgagor or the related Underlying Mortgaged Property the adverse outcome of which
could reasonably be expected to materially and adversely affect such Mortgagor’s ability to pay principal, interest or any other amounts due under such Bridge Loan or the security intended to be provided by the Bridge Loan documents or the
current use of the Underlying Mortgaged Property. 
 40. As of the Purchase Date, if the related Mortgage is a deed of trust, a trustee, duly
qualified under applicable law to serve as such, has either been properly designated and serving under such Mortgage or may be substituted in accordance with the Mortgage and applicable law. 
 41. The Bridge Loan and the interest (exclusive of any default interest, late charges or prepayment premiums) contracted for complied as of the date of
origination with, or is exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury. 
 42. Each
Bridge Loan that is cross-collateralized is cross-collateralized only with other Bridge Loans sold pursuant to this Agreement. 
 43. The
improvements located on the Underlying Mortgaged Property are either not located in a federally designated special flood hazard area or, if so located, the Mortgagor is required to maintain or the Mortgagee maintains, flood insurance with respect to
such improvements and such policy is in full force and effect in an amount no less than the lesser of (i) the original principal balance of the Bridge Loan, (ii) the value of such improvements on the related Underlying Mortgaged Property
located in such flood hazard area or (iii) the maximum allowed under the related federal flood insurance program. 

 44. All escrow deposits and payments required pursuant to the Bridge Loan as of the Purchase Date
required to be deposited with Seller in accordance with the Bridge Loan documents have been so deposited, are in the possession, or under the control, of Seller or its agent and there are no deficiencies in connection therewith. 
 45. As of the Purchase Date, the related Mortgagor, the related lessee, franchisor or operator was in possession of all material licenses, permits and
authorizations then required for use of the related Underlying Mortgaged Property by the related Mortgagor. The Bridge Loan documents require the borrower to maintain all such licenses, permits and authorizations. 
 46. The origination (or acquisition, as the case may be), servicing and collection practices used by Seller with respect to the Bridge Loan have been in
all respects legal and have met customary industry standards for servicing of commercial mortgage loans for commercial or multifamily loan programs, as applicable. 
 47. Except for Mortgagors under Bridge Loans the Underlying Mortgaged Property with respect to which includes a Ground Lease, the related Mortgagor (or its affiliate) has title in the fee simple interest in each
related Underlying Mortgaged Property. 
 48. The Bridge Loan documents for such Bridge Loan provide that such Bridge Loan is non-recourse to
the related Mortgagor except that the related Mortgagor and an additional guarantor accepts responsibility for any loss incurred due to fraud on the part of the Mortgagor, other intentional material misrepresentation and other customary matters.
Furthermore, the Bridge Loan documents for each Bridge Loan provide that the related Mortgagor and an additional guarantor shall be liable to the lender for losses incurred due to the misapplication or misappropriation of rents collected in advance
or received by the related Mortgagor after the occurrence of an event of default and not paid to the Mortgagee or applied to the Underlying Mortgaged Property in the ordinary course of business, misapplication or conversion by the Mortgagor of
insurance proceeds or condemnation awards or breach of the environmental covenants in the related Bridge Loan documents. 
 49. Subject to
the exceptions set forth in paragraph (13) and upon possession of the Underlying Mortgaged Property as required under applicable state law, any Assignment of Leases set forth in the Mortgage or separate from the related Mortgage and related to
and delivered in connection with such Bridge Loan establishes and creates a valid, subsisting and enforceable lien and security interest in the related Mortgagor’s interest in all leases, subleases, licenses or other agreements pursuant to
which any Person is entitled to occupy, use or possess all or any portion of the real property. 
 50. Reserved. 
 51. If such Bridge Loan contains a provision for any defeasance of mortgage collateral, such Bridge Loan permits defeasance (1) no earlier than two
years after any securitization of such Bridge Loan and (2) only with substitute collateral constituting 

 
“government securities” within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(i) in an amount sufficient to make all scheduled
payments under the Mortgage Note. Such Bridge Loan was not originated with the intent to collateralize a REMIC offering with obligations that are not real estate mortgages. In addition, if such Mortgage contains such a defeasance provision, it
provides (or otherwise contains provisions pursuant to which the holder can require) that an opinion be provided to the effect that such holder has a first priority perfected security interest in the defeasance collateral. The related Bridge Loan
documents permit the lender to charge all of its reasonable expenses associated with a defeasance to the Mortgagor (including rating agencies’ fees, accounting fees and attorneys’ fees), and provide that the related Mortgagor must deliver
(or otherwise, the Bridge Loan documents contain certain provisions pursuant to which the lender can require) (a) an accountant’s certification as to the adequacy of the defeasance collateral to make payments under the related Bridge Loan
for the remainder of its term, (b) an opinion of counsel that the defeasance complies with all applicable REMIC Provisions, and (c) assurances from S&P, Fitch, and Moody’s that the defeasance will not result in the withdrawal,
downgrade or qualification of the ratings assigned to any certificates backed by the related Bridge Loan. Notwithstanding the foregoing, some of the Bridge Loan documents may not affirmatively contain all such requirements, but such requirements are
effectively present in such documents due to the general obligation to comply with the REMIC Provisions and/or deliver a REMIC opinion of counsel. 
 52. To the extent required under applicable law as of the date of origination, and necessary for the enforceability or collectability of the Bridge Loan, the originator of such Bridge Loan was authorized to do business in the jurisdiction
in which the related Underlying Mortgaged Property is located at all times when it originated and held the Bridge Loan. 
 53. Neither Seller
nor any affiliate thereof has any obligation to make any capital contributions to the Mortgagor under the Bridge Loan. 
 54. The related
Underlying Mortgaged Property is not encumbered, and none of the Bridge Loan documents permits the related Underlying Mortgaged Property to be encumbered subsequent to the Purchase Date without the prior written consent of the holder of such Bridge
Loan, by any lien securing the payment of money junior to or of equal priority with, or superior to, the lien of the related Mortgage (other than Title Exceptions, taxes, assessments and contested mechanics and materialmens liens that become payable
after the Purchase Date of the related Bridge Loan). 
 55. Each related Underlying Mortgaged Property constitutes one or more complete
separate tax lots (or the related Mortgagor has covenanted to obtain separate tax lots and a Person has indemnified the Mortgagee for any loss suffered in connection therewith or an escrow of funds in an amount sufficient to pay taxes resulting from
a breach thereof has been established) or is subject to an endorsement under the related title insurance policy. 
 56. An appraisal of the
related Underlying Mortgaged Property was conducted in connection with the origination of such Bridge Loan; and such appraisal satisfied either (A) the requirements of the “Uniform Standards of Professional Appraisal Practice” as
adopted by the Appraisal Standards Board of the Appraisal Foundation, or (B) the guidelines in Title XI of the Financial Institutions Reform, Recovery and Enforcement Act or 1989, in either case as in effect on the date such Bridge Loan was
originated. 

 57. The related Bridge Loan documents require the Mortgagor to provide the Mortgagee with certain
financial information at the times required under the related Bridge Loan documents. 
 58. The related Underlying Mortgaged Property is
served by public utilities, water and sewer (or septic facilities) and otherwise appropriate for the use in which the Underlying Mortgaged Property is currently being utilized. 
 59. With respect to each related Underlying Mortgaged Property consisting of a Ground Lease, Seller represents and warrants the following with respect to
the related Ground Lease: 
 (a) Such Ground Lease or a memorandum thereof has been or will be duly recorded no later than 30
days after the Purchase Date and such Ground Lease permits the interest of the lessee thereunder to be encumbered by the related Mortgage or, if consent of the lessor thereunder is required, it has been obtained prior to the Purchase Date.

 (b) Upon the foreclosure of the Bridge Loan (or acceptance of a deed in lieu thereof), the Mortgagor’s interest in
such Ground Lease is assignable to the Mortgagee under the leasehold estate and its assigns without the consent of the lessor thereunder (or, if any such consent is required, it has been obtained prior to the Purchase Date). 
 (c) Such Ground Lease may not be amended, modified, canceled or terminated without the prior written consent of the Mortgagee and any such
action without such consent is not binding on the Mortgagee, its successors or assigns, except termination or cancellation if (i) an event of default occurs under the Ground Lease, (ii) notice thereof is provided to the Mortgagee and
(iii) such default is curable by the Mortgagee as provided in the Ground Lease but remains uncured beyond the applicable cure period. 
 (d) Such Ground Lease is in full force and effect, there is no material default under such Ground Lease, and there is no event which, with the passage of time or with notice and the expiration of any grace or cure
period, would constitute a material default under such Ground Lease. 
 (e) The Ground Lease or ancillary agreement between
the lessor and the lessee requires the lessor to give notice of any default by the lessee to the Mortgagee. The Ground Lease or ancillary agreement further provides that no default notice given is effective against the Mortgagee unless a copy has
been given to the Mortgagee in a manner described in the Ground Lease or ancillary agreement. 
 (f) The Ground Lease
(i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, subject, however, to only the Title 

 
Exceptions or (ii) is subject to a subordination, non-disturbance and attornment agreement to which the Mortgagee on the lessor’s fee interest in
the Underlying Mortgaged Property is subject. 
 (g) A Mortgagee is permitted a reasonable opportunity (including, where
necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease) to cure any curable default under such Ground Lease before the lessor thereunder may terminate such Ground Lease. 
 (h) Such Ground Lease has an original term (together with any extension options, whether or not currently exercised, set forth therein all
of which can be exercised by the Mortgagee if the Mortgagee acquires the lessee’s rights under the Ground Lease) that extends not less than 20 years beyond the stated maturity date. 
 (i) Under the terms of such Ground Lease, any estoppel or consent letter received by the Mortgagee from the lessor, and the related
Mortgage, taken together, any related insurance proceeds or condemnation award (other than in respect of a total or substantially total loss or taking) will be applied either to the repair or restoration of all or part of the related Underlying
Mortgaged Property, with the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment or defeasance of the outstanding principal balance of the Bridge Loan,
together with any accrued interest (except in cases where a different allocation would not be viewed as commercially unreasonable by any commercial mortgage lender, taking into account the relative duration of the Ground Lease and the related
Mortgage and the ratio of the market value of the related Underlying Mortgaged Property to the outstanding principal balance of such Bridge Loan). 
 (j) The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial lender. 
 (k) The ground lessor under such Ground Lease is required to enter into a new lease upon termination of the Ground Lease for any reason,
including the rejection of the Ground Lease in bankruptcy. 

 Schedule 1(c) 
 REPRESENTATIONS AND WARRANTIES 
 RE: PURCHASED ASSETS CONSISTING OF JUNIOR INTERESTS 

Seller represents and warrants to Purchaser, with respect to each Mortgage Loan that is a Junior Interest, that except as specifically disclosed to and approved by
Purchaser in accordance with this Agreement, as of the Closing Date for each such Mortgage Loan by Purchaser from Seller and at all times while this Agreement or the Transaction hereunder is in full force and effect the representations set forth on
this Schedule 1(c) shall be true and correct in all material respects. For purposes of this Schedule 1(c) and the representations and warranties set forth herein, a breach of a representation or warranty shall be deemed to have been
cured with respect to a Mortgage Loan that is a Junior Interest if and when Seller has taken or caused to be taken action such that the event, circumstance or condition that gave rise to such breach no longer affects such Mortgage Loan. 

1. The Junior Interest is (a) a junior participation interest in a Whole Loan or (b) a “B-note” in an “A/B structure” in
a Whole Loan. 
 2. As of the Purchase Date, such Junior Interest complies in all material respects with, or is exempt from, all requirements
of federal, state or local law relating to such Junior Interest. 
 3. Immediately prior to the sale, transfer and assignment to Purchaser
thereof, Seller had good and marketable title to, and was the sole owner and holder of, such Junior Interest, and Seller is transferring such Junior Interest free and clear of any and all liens, pledges, encumbrances, charges, security interests or
any other ownership interests of any nature encumbering such Junior Interest. Upon consummation of the purchase contemplated to occur in respect of such Junior Interest on the Purchase Date therefor, Seller will have validly and effectively conveyed
to Purchaser all legal and beneficial interest in and to such Junior Interest free and clear of any pledge, lien, encumbrance or security interest. 
 4. No fraudulent acts were committed by Seller in connection with its acquisition or origination of such Junior Interest nor were any fraudulent acts committed by any Person in connection with the origination of such Junior Interest.

 5. All information contained in the related Underwriting Package (or as otherwise provided to Purchaser) in respect of such Junior
Interest is accurate and complete in all material respects. 
 6. Except as included in the Underwriting Package, Seller is not a party to
any document, instrument or agreement, and there is no document, that by its terms modifies or affects the rights and obligations of any holder of such Junior Interest and Seller has not consented to any material change or waiver to any term or
provision of any such document, instrument or agreement and no such change or waiver exists. 

 7. Seller has full right, power and authority to sell and assign such Junior Interest and such Junior
Interest or any related Mortgage Note has not been cancelled, satisfied or rescinded in whole or part nor has any instrument been executed that would effect a cancellation, satisfaction or rescission thereof. 
 8. Other than consents and approvals obtained as of the related Purchase Date or those already granted in the related Mortgage and/or Mortgage Note, no
consent or approval by any Person is required in connection with Seller’s sale and/or Purchaser’s acquisition of such Junior Interest, for Purchaser’s exercise of any rights or remedies in respect of such Junior Interest or for
Purchaser’s sale, pledge or other disposition of such Junior Interest. No third party holds any “right of first refusal”, “right of first negotiation”, “right of first offer”, purchase option, or other similar
rights of any kind, and no other impediment exists to any such transfer or exercise of rights or remedies. 
 9. No consent, approval,
authorization or order of, or registration or filing with, or notice to, any court or governmental agency or body having jurisdiction or regulatory authority is required for any transfer or assignment by the holder of such Junior Interest.

 10. Seller has delivered to Purchaser or its designee the original promissory note, certificate or other similar indicia of ownership of
such Junior Interest, however denominated, together with an original assignment thereof, executed by Seller in blank, or, with respect to a participation interest, reissued in Purchaser’s name (or such other name as designated by the
Purchaser). 
 11. No default or event of default has occurred under any agreement pertaining to any lien or other interest that ranks
pari passu with or senior to the interests of the holder of such Junior Interest in respect of the related Underlying Mortgaged Property and there is no provision in any such agreement which would provide for any increase in the principal
amount of any such lien or other interest. 
 12. No (i) monetary default, breach or violation exists with respect to any agreement or
other document governing or pertaining to such Junior Interest, the related Whole Loan or any other obligation of the Underlying Property Owner, (ii) material non-monetary default, breach or violation exists with respect to such Junior
Interest, the related Whole Loan or any other obligation of the Underlying Property Owner, or (iii) event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach,
violation or event of acceleration. 
 13. Such Junior Interest has not been and shall not be deemed to be a Security within the meaning of
the Securities Act of 1933, as amended or the Securities Exchange Act of 1934, as amended. 
 14. Each related Underlying Mortgage Loan
complies in all material respects with, or is exempt from, all requirements of federal, state or local law relating to the origination of such Underlying Mortgage Loan. 

 15. Seller has not received written notice of any outstanding liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind for which the holder of such Junior Interest is or may become obligated. 
 16. Seller has not advanced funds, or knowingly received any advance of funds from a party other than the Mortgagee relating to such Junior Interest, directly or indirectly, for the payment of any amount required by
such Junior Interest. 
 17. With respect to each related Underlying Mortgage Loan, each related Mortgage Note, Mortgage, Assignment of
Leases (if a document separate from the Mortgage) and other agreement executed by the related Mortgagor in connection with such Underlying Mortgage Loan is legal, valid and binding obligation of the related Mortgagor (subject to any non-recourse
provisions therein and any state anti-deficiency or market value limit deficiency legislation), enforceable in accordance with its terms, except (i) that certain provisions contained in such Underlying Mortgage Loan documents are or may be
unenforceable in whole or in part under applicable state or federal laws, but neither the application of any such laws to any such provision nor the inclusion of any such provisions renders any of the Underlying Mortgage Loan documents invalid as a
whole and such Underlying Mortgage Loan documents taken as a whole are enforceable to the extent necessary and customary for the practical realization of the rights and benefits afforded thereby and (ii) as such enforcement may be limited by
bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law). The related Mortgage Note and Mortgage contain no provision limiting the right or ability of any holder thereof to assign, transfer and convey all or any portion of the related Underlying Mortgage
Loan or the related Junior Interest to any other Person , except, however, for customary intercreditor restrictions limiting assignees to “Qualified Transferees”. With respect to any Underlying Mortgaged Property that has tenants, there
exists as either part of the Mortgage or as a separate document, an assignment of leases. 
 18. With respect to the Junior Interest and each
related Underlying Mortgage Loan, as of the date of its origination, there was no valid offset, defense, counterclaim, abatement or right to rescission with respect to any related Mortgage Note, Mortgage or other agreements executed in connection
therewith, and, as of the Purchase Date for the related Purchased Asset, there is no valid offset, defense, counterclaim or right to rescission with respect to any such Mortgage Note, Mortgage or other agreements, except in each case, with respect
to the enforceability of any provisions requiring the payment of default interest, late fees, additional interest, prepayment premiums or yield maintenance charges. 
 19. With respect to the Underlying Mortgage Loan, each related Assignment of Mortgage and assignment of Assignment of Leases from Seller in blank constitutes the legal, valid and binding first priority assignment from
Seller (assuming the insertion of the Purchaser’s name), except as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the
enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). Each Mortgage and Assignment of Leases is freely assignable. 

 20. The Underlying Mortgage Loan is secured by one or more Mortgages and each such Mortgage is a valid
and enforceable first lien on the related Underlying Mortgaged Property subject only to the exceptions set forth in paragraph (17) above and the following title exceptions (each such title exception, a “Title Exception”, and
collectively, the “Title Exceptions”): (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements
and other matters of public record, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying Mortgaged Property or the security intended to be provided by such Mortgage or with the
Mortgagor’s ability to pay its obligations under the Underlying Mortgage Loan when they become due or materially and adversely affects the value of the Underlying Mortgaged Property, (c) the exceptions (general and specific) and exclusions
set forth in the applicable policy described in paragraph (24) below or appearing of record, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying Mortgaged Property or the
security intended to be provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the Underlying Mortgage Loan when they become due or materially and adversely affects the value of the Underlying Mortgaged Property,
(d) other matters to which like properties are commonly subject, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying Mortgaged Property or the security intended to be
provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the Underlying Mortgage Loan when they become due or materially and adversely affects the value of the Underlying Mortgaged Property, (e) the right of
tenants (whether under ground leases, space leases or operating leases) at the Underlying Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases) and (f) if
such Underlying Mortgage Loan is cross-collateralized with any other Underlying Mortgage Loan, the lien of the Mortgage for such other Underlying Mortgage Loan, none of which, individually or in the aggregate, materially and adversely interferes
with the current use of the Underlying Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the Underlying Mortgage Loan when they become due or materially and
adversely affects the value of the Underlying Mortgaged Property. Except with respect to cross-collateralized and cross-defaulted Underlying Mortgage Loans and as provided below, there are no mortgage loans that are senior or pari passu with respect
to the related Underlying Mortgaged Property or such Underlying Mortgage Loan. 
 21. UCC Financing Statements have been filed and/or
recorded (or, if not filed and/or recorded, have been submitted in proper form for filing and recording), in all public places necessary to perfect a valid security interest in all items of personal property located on each related Underlying
Mortgaged Property that are owned by the Mortgagor and either (i) are reasonably necessary to operate such Underlying Mortgaged Property or (ii) are (as indicated in the appraisal obtained in connection with the origination of the related
Underlying Mortgage Loan) material to the value of such Underlying Mortgaged Property (other than any personal property subject to a purchase money security interest or a sale and leaseback financing arrangement permitted under the terms of such
Underlying Mortgage Loan or any other personal property leases applicable to such personal property), to the extent perfection may be effected 

 pursuant to applicable law by recording or filing, and the Mortgages, security agreements, chattel Mortgages or
equivalent documents related to and delivered in connection with the related Underlying Mortgage Loan establish and create a valid and enforceable lien and priority security interest on such items of personalty except as such enforcement may be
limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws affecting the enforcement of creditor’s rights generally, or by general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law). Notwithstanding any of the foregoing, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or
control of such items or actions other than the filing of UCC Financing Statements are required in order to effect such perfection. 
 22.
All real estate taxes and governmental assessments, or installments thereof, which would be a lien on any related Underlying Mortgaged Property and that prior to the Purchase Date for the related Purchased Asset have become delinquent in respect of
such Underlying Mortgaged Property have been paid, or an escrow of funds in an amount sufficient to cover such payments has been established. For purposes of this representation and warranty, real estate taxes and governmental assessments and
installments thereof shall not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related
taxing authority. 
 23. As of the Purchase Date for the related Purchased Asset, each related Underlying Mortgaged Property was free and
clear of any material damage (other than deferred maintenance for which escrows were established at origination) that would affect materially and adversely the value of such Underlying Mortgaged Property as security for the related Underlying
Mortgage Loan and there was no proceeding pending or, based solely upon the delivery of written notice thereof from the appropriate condemning authority, threatened for the total or partial condemnation of such Underlying Mortgaged Property.

 24. With respect to each related Underlying Mortgage Loan, the lien of each related Mortgage as a first priority lien in the original
principal amount of such Underlying Mortgage Loan after all advances of principal is insured by an ALTA lender’s title insurance policy (or a binding commitment therefor), or its equivalent as adopted in the applicable jurisdiction, insuring
the Mortgagee, its successors and assigns, subject only to the Title Exceptions; the Mortgagee or its successors or assigns is the sole named insured of such policy; such policy is assignable without consent of the insurer and will inure to the
benefit of the trustee as Mortgagee of record; such title policy is in full force and effect upon the consummation of the transactions contemplated by this Agreement; all premiums thereon have been paid; no claims have been made under such policy
and no circumstance exists which would impair or diminish the coverage of such policy. The insurer issuing such policy is either (x) a nationally-recognized title insurance company or (y) qualified to do business in the jurisdiction in
which the related Underlying Mortgaged Property is located to the extent required; such policy contains no material exclusions for, or affirmatively insures (except for any Underlying Mortgaged Property located in a jurisdiction where such insurance
is not available) (a) access to public road or (b) against any loss due to encroachments of any material portion of the improvements thereon. 

 25. With respect to each related Underlying Mortgage Loan, as of the date of its origination, all
insurance coverage required under each related Mortgage, which insurance covered such risks as were customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the
related Underlying Mortgaged Property in the jurisdiction in which such Underlying Mortgaged Property is located, and with respect to a fire and extended perils insurance policy, is in an amount (subject to a customary deductible) at least equal to
the lesser of (i) the replacement cost of improvements located on such Underlying Mortgaged Property, or (ii) the outstanding principal balance of the Underlying Mortgage Loan, and in any event, the amount necessary to prevent operation of
any co-insurance provisions; and, except if such Underlying Mortgaged Property is operated as a mobile home park, is also covered by business interruption or rental loss insurance, in an amount at least equal to 12 months of operations of the
related Underlying Mortgaged Property, all of which was in full force and effect with respect to each related Underlying Mortgaged Property; and, as of the Purchase Date for the related Purchased Asset, all insurance coverage required under each
Mortgage, which insurance covers such risks and is in such amounts as are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Underlying Mortgaged
Property in the jurisdiction in which such Underlying Mortgaged Property is located, is in full force and effect with respect to each related Underlying Mortgaged Property; all premiums due and payable through the Purchase Date for the related
Purchased Asset have been paid; and no notice of termination or cancellation with respect to any such insurance policy has been received by Seller; and except for certain amounts not greater than amounts which would be considered prudent by an
institutional commercial and/or multifamily mortgage lender with respect to a similar mortgage loan and which are set forth in the related Mortgage, any insurance proceeds in respect of a casualty loss, will be applied either (i) to the repair
or restoration of all or part of the related Underlying Mortgaged Property or (ii) the reduction of the outstanding principal balance of the Underlying Mortgage Loan, subject in either case to requirements with respect to leases at the related
Underlying Mortgaged Property and to other exceptions customarily provided for by prudent institutional lenders for similar loans. The Underlying Mortgaged Property is also covered by comprehensive general liability insurance against claims for
personal and bodily injury, death or property damage occurring on, in or about the related Underlying Mortgaged Property, in an amount customarily required by prudent institutional lenders. An architectural or engineering consultant has performed an
analysis of the Underlying Mortgaged Properties located in seismic zone 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing the probable maximum loss (“PML”) for the
Underlying Mortgaged Property in the event of an earthquake. In such instance, the PML was based on a 475 year lookback with a 10% probability of exceedance in a 50 year period. If the resulting report concluded that the PML would exceed 20% of the
amount of the replacement costs of the improvements, earthquake insurance on such Underlying Mortgaged Property was obtained by an insurer rated at least A-:V by A.M. Best Company or “BBB-” (or the equivalent) from S&P and Fitch or
“Baa3” (or the equivalent) from Moody’s. If the Underlying Mortgaged Property is located in Florida or within 25 miles of the coast of Texas, Louisiana, Mississippi, Alabama, Georgia, North Carolina or South Carolina such Underlying
Mortgaged Property is insured by windstorm insurance in an amount at least equal to the lesser of (i) the outstanding principal balance of such Underlying Mortgage Loan and (ii) 100% of the full insurable value, or 100% of the replacement
cost, of the improvements located on the related Underlying Mortgaged Property. 

 26. The insurance policies contain a standard Mortgagee clause naming the Mortgagee, its successors and
assigns as loss payee, in the case of a property insurance policy, and additional insured in the case of a liability insurance policy and provide that they are not terminable without 30 days prior written notice to the Mortgagee (or, with respect to
non-payment, 10 days prior written notice to the Mortgagee) or such lesser period as prescribed by applicable law. Each Mortgage requires that the Mortgagor maintain insurance as described above or permits the Mortgagee to require insurance as
described above, and permits the Mortgagee to purchase such insurance at the Mortgagor’s expense if Mortgagor fails to do so. 
 27.
With respect to any Underlying Mortgage Loan (a) other than payments due but not yet 30 days or more delinquent, there is no material default, breach, violation or event of acceleration existing under the related Mortgage or the related
Mortgage Note, and no event has occurred (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event
of acceleration, provided, however, that this representation and warranty does not address or otherwise cover any default, breach, violation or event of acceleration that specifically pertains to any matter otherwise covered by any other
representation and warranty made by Seller in any paragraph of this Schedule and (b) Seller has not waived any material default, breach, violation or event of acceleration under the related Mortgage or Mortgage Note and, pursuant to the terms
of such Mortgage or Mortgage Note and other Underlying Mortgage Loan documents, no Person or party other than the holder of the related Mortgage Note may declare any event of default or accelerate the related indebtedness under either of such
Mortgage or Mortgage Note. 
 28. As of the Purchase Date, the Underlying Mortgage Loan is not, since origination, and has not been, 30 days
or more past due in respect of any scheduled payment. 
 29. Each Mortgage related to the Underlying Mortgage Loan does not provide for or
permit, without the prior written consent of the holder of the Mortgage Note, the related Underlying Mortgaged Property to secure any other promissory note or obligation except as expressly described in such Mortgage. 
 30. Each related Underlying Mortgage Loan secured by commercial or multifamily residential property constitutes a “qualified mortgage” within
the meaning of Section 860G(a)(3) of the Code (without regard to Treasury Regulations Sections 1.860G-2(a)(3) or 1.860G-2(f)(2)), is directly secured by a Mortgage on such commercial property or a multifamily residential property, and either
(1) substantially all of the proceeds of such Underlying Mortgage Loan were used to acquire, improve or protect the portion of such commercial or multifamily residential property that consists of an interest in real property (within the meaning
of Treasury Regulations Sections 1.856-3(c) and 1.856-3(d)) and such interest in real property was the only security for such Underlying Mortgage Loan as of the Testing Date (as defined below), or (2) the fair market value of the interest in
real property which secures such Underlying Mortgage Loan was at least equal to 80% of the principal amount of the Underlying Mortgage Loan (a) as of the Testing Date, or (b) as of the Purchase Date for the 

 related Purchased Asset. For purposes of the previous sentence, (1) the fair market value of the referenced interest
in real property shall first be reduced by (a) the amount of any lien on such interest in real property that is senior to the Underlying Mortgage Loan, and (b) a proportionate amount of any lien on such interest in real property that is on
a parity with the Underlying Mortgage Loan, and (2) the “Testing Date” shall be the date on which the referenced Underlying Mortgage Loan was originated unless (a) such Underlying Mortgage Loan was modified after the date
of its origination in a manner that would cause a “significant modification” of such Underlying Mortgage Loan within the meaning of Treasury Regulations Section 1.1001-3(b), and (b) such “significant modification” did
not occur at a time when such Underlying Mortgage Loan was in default or when default with respect to such Underlying Mortgage Loan was reasonably foreseeable. However, if the referenced Underlying Mortgage Loan has been subjected to a
“significant modification” after the date of its origination and at a time when such Underlying Mortgage Loan was not in default or when default with respect to such Underlying Mortgage Loan was not reasonably foreseeable, the Testing Date
shall be the date upon which the latest such “significant modification” occurred. 
 31. There is no material and adverse
environmental condition or circumstance affecting the Underlying Mortgaged Property; there is no material violation of any applicable Environmental Law with respect to the Underlying Mortgaged Property; neither Seller nor the Underlying Property
Owner has taken any actions which would cause the Underlying Mortgaged Property not to be in compliance with all applicable Environmental Laws; the Underlying Mortgage Loan documents require the borrower to comply with all Environmental Laws; and
each Mortgagor has agreed to indemnify the Mortgagee for any losses resulting from any material, adverse environmental condition or failure of the Mortgagor to abide by such Environmental Laws or has provided environmental insurance. 
 32. With respect to each related Underlying Mortgage Loan, each related Mortgage and Assignment of Leases, together with applicable state law, contains
customary and enforceable provisions for comparable mortgaged properties similarly situated such as to render the rights and remedies of the holder thereof adequate for the practical realization against the Underlying Mortgaged Property of the
benefits of the security, including realization by judicial or, if applicable, non-judicial foreclosure, subject to the effects of bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or
affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). 
 33. No issuer of the Purchased Asset, no co-participant and no Mortgagor related to any Underlying Mortgage Loan, is a debtor in any state or federal
bankruptcy or insolvency proceeding. 
 34. Except for the related Purchased Asset, each related Underlying Mortgage Loan is a whole loan and
contains no equity participation by the lender or shared appreciation feature and does not provide for any contingent or additional interest in the form of participation in the cash flow of the related Underlying Mortgaged Property or provide for
negative amortization. 

 35. With respect to each related Underlying Mortgage Loan, subject to certain exceptions, which are
customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Underlying Mortgaged Property, each related Mortgage or loan agreement contains provisions for
the acceleration of the payment of the unpaid principal balance of such Underlying Mortgage Loan if, without complying with the requirements of the Mortgage or loan agreement, (a) the related Underlying Mortgaged Property, or any controlling
interest in the related Mortgagor, is directly transferred or sold (other than by reason of family and estate planning transfers, transfers by devise, descent or operation of law upon the death of a member, general partner or shareholder of the
related borrower and transfers of less than a controlling interest (as such term is defined in the related Underlying Mortgage Loan documents) in a mortgagor, issuance of non-controlling new equity interests, transfers among existing members,
partners or shareholders in the Mortgagor or an affiliate thereof, transfers among affiliated Mortgagors with respect to Underlying Mortgage Loans which are cross-collateralized or cross-defaulted with other mortgage loans or transfers of a similar
nature to the foregoing meeting the requirements of the Underlying Mortgage Loan (such as pledges of ownership interests that do not result in a change of control) or a substitution or release of collateral within the parameters of paragraph
(38) below), or (b) the related Underlying Mortgaged Property or controlling interest in the borrower is encumbered in connection with subordinate financing by a lien or security interest against the related Underlying Mortgaged Property,
other than any existing permitted additional debt. The Underlying Mortgage Loan documents require the borrower to pay all reasonable costs incurred by the Mortgagor with respect to any transfer, assumption or encumbrance requiring lender’s
approval. 
 36. With respect to each Purchased Asset and the related Underlying Mortgage Loan, except as set forth in the related Mortgage
Loan Documents delivered to Purchaser, the terms of the related documents have not been waived, modified, altered, satisfied, impaired, canceled, subordinated or rescinded in any manner which materially interferes with the security intended to be
provided by such documents and no such waiver, modification, alteration, satisfaction, impairment, cancellation, subordination or recission has occurred since the date upon which the due diligence file related to the applicable Purchased Asset was
delivered to Purchaser or its designee. 
 37. Each related Underlying Mortgaged Property was inspected by or on behalf of the related
originator or an affiliate during the 12 month period prior to the related origination date. 
 38. Since origination, no material portion of
any related Underlying Mortgaged Property has been released from the lien of the related Mortgage in any manner which materially and adversely affects the value of the Underlying Mortgage Loan or the Purchased Asset or materially interferes with the
security intended to be provided by such Mortgage, and, except with respect to Underlying Mortgage Loans (a) which permit defeasance by means of substituting for the Underlying Mortgaged Property (or, in the case of an Underlying Mortgage Loan
secured by multiple Underlying Mortgaged Properties, one or more of such Underlying Mortgaged Properties) “government securities” as defined in the Investment Company Act of 1940, as amended, sufficient to pay the Underlying Mortgage Loan
(or portions thereof) in accordance with its terms, (b) where a release of the portion of the Underlying 

 Mortgaged Property was contemplated at origination and such portion was not considered material for purposes of
underwriting the Underlying Mortgage Loan, (c) where release is conditional upon the satisfaction of certain underwriting and legal requirements and the payment of a release price that represents adequate consideration for such Underlying
Mortgaged Property or the portion thereof that is being released, (d) which permit the related Mortgagor to substitute a replacement property in compliance with REMIC Provisions or (e) which permit the release(s) of unimproved out-parcels
or other portions of the Underlying Mortgaged Property that will not have a material adverse effect on the underwritten value of the security for the Underlying Mortgage Loan or that were not allocated to any value in the underwriting during the
origination of the Underlying Mortgage Loan, the terms of the related Mortgage do not provide for release of any portion of the Underlying Mortgaged Property from the lien of the Mortgage except in consideration of payment in full therefor.

 39. With respect to each related Underlying Mortgage Loan, there are no material violations of any applicable zoning ordinances, building
codes and land laws applicable to the Underlying Mortgaged Property or the use and occupancy thereof which (i) are not insured by an ALTA lender’s title insurance policy (or a binding commitment therefor), or its equivalent as adopted in
the applicable jurisdiction, or a law and ordinance insurance policy or (ii) would have a material adverse effect on the value, operation or net operating income of the Underlying Mortgaged Property. The Underlying Mortgage Loan documents
require the Underlying Mortgaged Property to comply with all applicable laws and ordinances. 
 40. None of the material improvements which
were included for the purposes of determining the appraised value of any related Underlying Mortgaged Property at the time of the origination of the respective Underlying Mortgage Loan lies outside of the boundaries and building restriction lines of
such property (except Underlying Mortgaged Properties which are legal non-conforming uses), to an extent which would have a material adverse affect on the value of the Underlying Mortgaged Property or related Mortgagor’s use and operation of
such Underlying Mortgaged Property (unless affirmatively covered by title insurance) and no improvements on adjoining properties encroached upon such Underlying Mortgaged Property to any material and adverse extent (unless affirmatively covered by
title insurance). 
 41. The related Mortgagor has covenanted in its respective organizational documents and/or the underlying Mortgage Loan
documents to own no significant asset other than the related Underlying Mortgaged Properties, as applicable, and assets incidental to its respective ownership and operation of such Underlying Mortgaged Properties, and to hold itself out as being a
legal entity, separate and apart from any other Person. 
 42. With respect to each related Underlying Mortgage Loan, no advance of funds has
been made other than pursuant to the loan documents, directly or indirectly, by Seller to the Mortgagor and no funds have been received from any Person other than the Mortgagor, for or on account of payments due on the Mortgage Note or the Mortgage
related thereto. 
 43. With respect to each related Underlying Mortgage Loan, as of the Purchase Date for the related Purchased Asset, there
was no pending action, suit or proceeding, or governmental investigation of which it has received notice, against the Mortgagor or the related Underlying Mortgaged Property the adverse outcome of which could reasonably be 

 expected to materially and adversely affect such Mortgagor’s ability to pay principal, interest or any other amounts
due under such Underlying Mortgage Loan or the security intended to be provided by the Underlying Mortgage Loan documents or the current use of the Underlying Mortgaged Property. 
 44. With respect to each related Underlying Mortgage Loan, if the related Mortgage is a deed of trust, a trustee, duly qualified under applicable law to
serve as such, has either been properly designated and serving under such Mortgage or may be substituted in accordance with the Mortgage and applicable law. 
 45. With respect to the Purchased Asset and each related Underlying Mortgage Loan, such Underlying Mortgage Loan and the Purchased Asset and all interest thereon (exclusive of any default interest, late charges or
prepayment premiums) contracted for complied as of the date of origination with, or is exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury. 
 46. Each Underlying Mortgage Loan that is cross-collateralized is cross-collateralized only with other Underlying Mortgage Loans sold pursuant to this
Agreement. 
 47. The improvements located on the Underlying Mortgaged Property are either not located in a federally designated special
flood hazard area or, if so located, the Mortgagor is required to maintain or the Mortgagee maintains, flood insurance with respect to such improvements and such policy is in full force and effect in an amount no less than the lesser of (i) the
original principal balance of the Underlying Mortgage Loan, (ii) the value of such improvements on the related Underlying Mortgaged Property located in such flood hazard area or (iii) the maximum allowed under the related federal flood
insurance program. 
 48. All escrow deposits and payments required pursuant to the Underlying Mortgage Loan as of the Purchase Date required
to be deposited with Seller in accordance with the Underlying Mortgage Loan documents have been so deposited, are in the possession, or under the control, of Seller or its agent and there are no deficiencies in connection therewith. 
 49. With respect to each related Underlying Mortgage Loan, as of the Purchase Date, the related Mortgagor, the related lessee, franchisor or operator was
in possession of all material licenses, permits and authorizations then required for use of the related Underlying Mortgaged Property by the related Mortgagor. The Underlying Mortgage Loan documents require the borrower to maintain all such
licenses, permits and authorizations. 
 50. With respect to the Junior Interest and each related Underlying Mortgage Loan, the origination
(or acquisition, as the case may be), servicing and collection practices used by Seller with respect to such Underlying Mortgage Loan have been in all respects legal and have met customary industry standards for servicing of commercial mortgage
loans for conduit loan programs. 
 51. With respect to each related Underlying Mortgage Loan, except for Mortgagors under Underlying
Mortgage Loans the Underlying Mortgaged Property with respect to which includes a Ground Lease, the related Mortgagor (or its affiliate) has title in the fee simple interest in each related Underlying Mortgaged Property. 

 52. The documents for each related Underlying Mortgage Loan provide that each such Underlying Mortgage
Loan is non-recourse to the related Mortgagor except that the related Mortgagor and an additional guarantor accepts responsibility for any loss uncured due to fraud on the part of the Mortgagor and/or other intentional material misrepresentation.
Furthermore, the documents for each related Underlying Mortgage Loan provide that the related Mortgagor and an additional guarantor shall be liable to the lender for losses incurred due to the misapplication or misappropriation of rents collected in
advance or received by the related Mortgagor after the occurrence of an event of default and not paid to the Mortgagee or applied to the Underlying Mortgaged Property in the ordinary course of business, misapplication or conversion by the Mortgagor
of insurance proceeds or condemnation awards or breach of the environmental covenants in the related Underlying Mortgage Loan documents. 
 53. Subject to the exceptions set forth in paragraph (17) and upon possession of the Underlying Mortgaged Property as required under applicable state law, any Assignment of Leases set forth in the Mortgage or separate from the related
Mortgage and related to and delivered in connection with each Underlying Mortgage Loan establishes and creates a valid, subsisting and enforceable lien and security interest in the related Mortgagor’s interest in all leases, subleases, licenses
or other agreements pursuant to which any Person is entitled to occupy, use or possess all or any portion of the real property. 
 54. With
respect to each related Underlying Mortgage Loan, any prepayment premium and yield maintenance charge constitutes a “customary prepayment penalty” within the meaning of Treasury Regulations Section 1.860G-1(b)(2). 
 55. If any related Underlying Mortgage Loan contains a provision for any defeasance of mortgage collateral, such Underlying Mortgage Loan permits
defeasance (1) no earlier than two years after any securitization of the Underlying Mortgage Loan or the Junior Interest and (2) only with substitute collateral constituting “government securities” within the meaning of Treasury
Regulations Section 1.860G-2(a)(8)(i) in an amount sufficient to make all scheduled payments under the Mortgage Note. No related Underlying Mortgage Loan was originated with the intent to collateralize a REMIC offering with obligations that are
not real estate mortgages. In addition, if the Mortgage related to any such Underlying Mortgage Loan contains such a defeasance provision, it provides (or otherwise contains provisions pursuant to which the holder can require) that an opinion be
provided to the effect that such holder has a first priority perfected security interest in the defeasance collateral. The related Underlying Mortgage Loan documents permit the lender to charge all of its expenses associated with a defeasance to the
Mortgagor (including rating agencies’ fees, accounting fees and attorneys’ fees), and provide that the related Mortgagor must deliver (or otherwise, the Underlying Mortgage Loan documents contain certain provisions pursuant to which the
lender can require) (a) an accountant’s certification as to the adequacy of the defeasance collateral to make payments under the related Underlying Mortgage Loan for the remainder of its term, (b) an opinion of counsel that the
defeasance complies with all applicable REMIC Provisions, and (c) assurances from each applicable Rating Agency that the defeasance will not result in the withdrawal, downgrade or qualification of the ratings assigned to any certificates backed
by the related Underlying Mortgage Loan or the Junior Interest. Notwithstanding the foregoing, some of the Underlying Mortgage Loan documents may not affirmatively contain all such requirements, but such requirements are effectively present in such
documents due to the general obligation to comply with the REMIC Provisions and/or deliver a REMIC opinion of counsel. 

 56. With respect to each related Underlying Mortgage Loan, to the extent required under applicable law as
of the date of origination, and necessary for the enforceability or collectability of such Underlying Mortgage Loan, the originator of such Underlying Mortgage Loan was authorized to do business in the jurisdiction in which the related Underlying
Mortgaged Property is located at all times when it originated and held the Underlying Mortgage Loan. 
 57. Neither Seller nor any affiliate
thereof has any obligation to make any capital contributions to the Mortgagor under any related Underlying Mortgage Loan. 
 58. With respect
to each related Underlying Mortgage Loan, the related Underlying Mortgaged Property is not encumbered, and none of the Underlying Mortgage Loan documents permits the related Underlying Mortgaged Property to be encumbered subsequent to the Purchase
Date of the related Purchased Asset without the prior written consent of the holder thereof, by any lien securing the payment of money junior to or of equal priority with, or superior to, the lien of the related Mortgage (other than Title
Exceptions, taxes, assessments and contested mechanics and materialmens liens that become payable after such Purchase Date). 
 59. With
respect to each related Underlying Mortgage Loan, each related Underlying Mortgaged Property constitutes one or more complete separate tax lots (or the related Mortgagor has covenanted to obtain separate tax lots and a Person has indemnified the
Mortgagee for any loss suffered in connection therewith or an escrow of funds in an amount sufficient to pay taxes resulting from a breach thereof has been established) or is subject to an endorsement under the related title insurance policy.

 60. With respect to each related Underlying Mortgage Loan, an appraisal of the related Underlying Mortgaged Property was conducted in
connection with the origination of such Underlying Mortgage Loan; and such appraisal satisfied either (A) the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of
the Appraisal Foundation, or (B) the guidelines in Title XI of the Financial Institutions Reform, Recovery and Enforcement Act or 1989, in either case as in effect on the date such Underlying Mortgage Loan was originated. 
 61. With respect to each related Underlying Mortgage Loan, the related Underlying Mortgage Loan documents require the Mortgagor to provide the Mortgagee
with certain financial information at the times required under such Underlying Mortgage Loan documents. 
 62. With respect to each related
Underlying Mortgage Loan, the related Underlying Mortgaged Property is served by public utilities, water and sewer (or septic facilities) and otherwise appropriate for the use in which the Underlying Mortgaged Property is currently being utilized.

 63. With respect to each related Underlying Mortgaged Property consisting of a Ground Lease, Seller
represents and warrants the following with respect to the related Ground Lease: 
 (a) Such Ground Lease or a memorandum thereof has been or
will be duly recorded no later than 30 days after the Purchase Date of the related Purchased Asset and such Ground Lease permits the interest of the lessee thereunder to be encumbered by the related Mortgage or, if consent of the lessor thereunder
is required, it has been obtained prior to the Purchase Date. 
 (b) Upon the foreclosure of the Underlying Mortgage Loan (or acceptance of a
deed in lieu thereof), the Mortgagor’s interest in such Ground Lease is assignable to the Mortgagee under the leasehold estate and its assigns without the consent of the lessor thereunder (or, if any such consent is required, it has been
obtained prior to the Purchase Date). 
 (c) Such Ground Lease may not be amended, modified, canceled or terminated without the prior written
consent of the Mortgagee and any such action without such consent is not binding on the Mortgagee, its successors or assigns, except termination or cancellation if (i) an event of default occurs under the Ground Lease, (ii) notice thereof
is provided to the Mortgagee and (iii) such default is curable by the Mortgagee as provided in the Ground Lease but remains uncured beyond the applicable cure period. 
 (d) Such Ground Lease is in full force and effect, there is no material default under such Ground Lease, and there is no event which, with the passage of
time or with notice and the expiration of any grace or cure period, would constitute a material default under such Ground Lease. 
 (e) The
Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give notice of any default by the lessee to the Mortgagee. The Ground Lease or ancillary agreement further provides that no notice given is effective
against the Mortgagee unless a copy has been given to the Mortgagee in a manner described in the Ground Lease or ancillary agreement. 
 (f)
The Ground Lease (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, subject, however, to only the Title Exceptions or (ii) is subject to a subordination, non-disturbance and attornment
agreement to which the Mortgagee on the lessor’s fee interest in the Underlying Mortgaged Property is subject. 
 (g) A Mortgagee is
permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease) to cure any curable default under such Ground Lease before the lessor thereunder may terminate
such Ground Lease. 
 (h) Such Ground Lease has an original term (together with any extension options, whether or not currently exercised,
set forth therein all of which can be exercised by the Mortgagee if the Mortgagee acquires the lessee’s rights under the Ground Lease) that extends not less than 20 years beyond the stated maturity date. 

 (i) Under the terms of such Ground Lease, any estoppel or consent letter received by the Mortgagee from
the lessor, and the related Mortgage, taken together, any related insurance proceeds or condemnation award (other than in respect of a total or substantially total loss or taking) will be applied either to the repair or restoration of all or part of
the related Underlying Mortgaged Property, with the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment or defeasance of the outstanding principal balance
of the Underlying Mortgage Loan, together with any accrued interest (except in cases where a different allocation would not be viewed as commercially unreasonable by any commercial mortgage lender, taking into account the relative duration of the
Ground Lease and the related Mortgage and the ratio of the market value of the related Underlying Mortgaged Property to the outstanding principal balance of such Underlying Mortgage Loan). 
 (j) The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial lender.

 (k) The ground lessor under such Ground Lease is required to enter into a new lease upon termination of the Ground Lease for any reason,
including the rejection of the Ground Lease in bankruptcy. 

 Exhibit A 
 (Defined Terms) 
 “Allocated Underlying Debt”: With respect to an Underlying
Mortgaged Property, any senior or pari passu Indebtedness secured directly or indirectly by such Underlying Mortgaged Property, including, without limitation, any preferred equity interest or mezzanine debt that is senior to, or pari
passu with, the related Mortgage Loan in right of payment or priority. 
 “Applicable Law”: For any Person or Property
of such Person, all existing and future applicable laws, rules, regulations (including temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any
Governmental Authority (including, without limitation, usury laws, the Federal Truth in Lending Act, as amended from time to time, and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System), and applicable judgments,
decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial or quasi–judicial tribunal or agency of competent jurisdiction. 
 “Asset Value”: As of any date of determination for each Mortgage Loan, the least of (i) the product of the Book Value of such
Mortgage Loan times the Purchase Rate applicable thereto, (ii) the product of the Market Value of such Mortgage Loan times the Purchase Rate applicable thereto, and (iii) if the LTV as of any date of determination for an
Underlying Mortgaged Property (including the principal amount of a Mortgage Loan) is greater than the LTV as of the Closing Date, the product of (A) that portion of the principal amount of such Mortgage Loan, which when added to the Allocated
Underlying Debt for such Underlying Mortgaged Property, would result in an LTV for such Underlying Mortgaged Property that would equal the LTV as of the Closing Date for such Mortgaged Property times (B) the Purchase Rate applicable to such
Mortgage Loan. As of each date of determination, the Purchase Rate shall take into account all adjustments applicable thereto pursuant to the proviso set forth at the end of the definition thereof and, unless otherwise specifically agreed by
Purchaser in its sole discretion, the Asset Value shall be deemed to be zero with respect to each Mortgage Loan (i) in respect of which there is a material breach of a representation and warranty set forth in Schedule 1(a) or 1(b) (as
applicable) that has not been cured by the Seller in accordance with the terms of this Agreement (and any applicable cure period set forth in this Agreement has expired) or waived in writing by Purchaser (assuming each representation and warranty is
made as of the date the Asset Value is determined), (ii) which is a any Wet Mortgage Loan in respect of which the Mortgage File has not been delivered to Purchaser or its designee within five (5) Business Days following the Purchase Date
and (iii) upon the occurrence of any Insolvency Event with respect to any other Person having an interest in such Mortgage Loan or any related Underlying Mortgaged Property which is senior to, or pari passu with, in right of payment or
priority the rights of Purchaser in such Mortgage Loan. 
 Notwithstanding any other provision herein, the Seller agrees that to the extent
the Seller fails to deliver any reports required hereunder with respect to the Mortgage Loan and/or Underlying Mortgaged Property, such failure will adversely affect the Asset Value of such 

 
Mortgage Loan, and, to the extent that such failure to deliver reports causes Purchaser to determine in its good faith that it is unable to accurately
determine the Asset Value of such Mortgage Loan, the Asset Value shall be deemed to be zero. 
 “Book Value”: With respect
to any Mortgage Loan at any time, an amount, as certified by the Seller, equal to the lesser of (x) the face or par amount of such Mortgage Loan and (y) the price which the Seller paid for such Mortgage Loan plus any additional capital
advanced by the Seller in respect of such Mortgage Loan, less, in either case, an amount equal to the sum of all principal paydowns paid in respect of such Mortgage Loan and realized losses or other write downs recognized relating to such
Mortgage Loan. 
 “Bridge Loan”: A performing first priority commercial real estate whole loan for which the Underlying
Mortgaged Property has not stabilized or is in a period of transition, as determined by the Purchaser in its sole discretion. 
 “Business Day”: Any day other than a Saturday or a Sunday on which (a) banks are not required or authorized to be closed in Charlotte, North Carolina. 
 “Collection Account”: The collection account identified on Exhibit D attached hereto which is subject to the Account Control
Agreement. The Seller shall not have any rights of withdraw from or any rights in or to the Collection Account, except to the limited extent expressly provided in Subsection 7(f) with regard to the Seller’s right under certain circumstances to
receive payments from the Collection Account. 
 “Contractual Obligation”: With respect to any Person, any provision of any
securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its Property is bound or is subject. 
 “Custodial Agreement”: That certain Custodial Agreement, by and among the Seller, the Purchaser and the Custodian, dated July 20,
2006, as the same may be amended, restated, supplemented or otherwise modified and in effect from time to time. 
 “Custodian”: Wells Fargo Bank, N.A. and its successors in interest, as custodian under the Custodial Agreement, and any successor custodian under the Custodial Agreement. 
 “Default Rate”: An annual rate of interest equal to the lesser of (a) the highest rate allowable at law and (b) LIBOR plus
5.00%. 
 “ERISA Affiliate”: (a) Any corporation that is a member of the same controlled group of corporations (within
the meaning of Section 414(b) of the Code) as the Seller, (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Seller, or (c) a member of the same
affiliated service group (within the meaning of Section 414(m) of the Code) as the Seller, any corporation described in clause (a) above or any trade or business described in clause (b) above. 
 “Governmental Authority”: Any nation or government, any state or other political subdivision thereof, any central bank (or similar
monetary or regulatory authority) 

 thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government, any court or arbitrator having jurisdiction over such Person, any of its Subsidiaries or any of its Properties, and any accounting board or authority (whether or not a part of government) that is responsible for the
establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic. 
 “Guarantee Agreement”: A Guarantee Agreement made by the Guarantors in favor of Purchaser, as the same may be amended, restated, supplemented or otherwise modified and in effect from time to time. Recourse under the
Guarantee Agreement shall be fully recourse to the Seller and shall include a joint and several recourse carve out in favor of the Purchaser. 
 “Income”: With respect to any Mortgage Loan at any time, all collections and proceeds on or in respect of the Mortgage Loan, including, without limitation, any principal thereof then payable and all interest or other
distributions payable thereon less any related servicing fee(s) charged by the servicer. 
 “Insolvency Event”: With respect
to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its Property in an involuntary case under any applicable Insolvency Law
now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its Property, or ordering the winding–up or liquidation of such
Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or
hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its Property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its
debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 
 “Insolvency
Laws”: The United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time, and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency,
reorganization, suspension of payments or similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 
 “Insolvency Proceeding”: Any case, action or proceeding before any court or other Governmental Authority relating to any Insolvency Event. 
 “Junior Interest”: (a) A junior participation interest in a performing commercial real estate loan for which the Underlying Mortgaged Property has fully stabilized, as determined by the Purchaser
in its sole discretion, or (b) a “B-note” in an “A/B structure” in a performing commercial real estate loan for which the Underlying Mortgaged Property has fully stabilized, as determined by the Purchaser in its sole
discretion. 

 “LIBOR”: LIBOR will be determined on the basis of the offered rate for deposits of not
less than U.S. $1,000,000 for a period of one month (as determined every 30 days thereafter) commencing on the Closing Date, which appears on Dow Jones Market Service (formerly Telerate) Page 3750 as of 11:00 a.m., London time (or such other page as
may replace the Dow Jones Market Service (formerly Telerate) Page on that service for the purposes of displaying London interbank offered rates of major banks). If no such offered rate appears, LIBOR with respect to the relevant period will be
determined by the Seller and the Purchaser in good faith. 
 “Lien”: Any mortgage, lien, pledge, charge, right, claim,
security interest or encumbrance of any kind of or on any Person’s assets or properties in favor of any other Person (including any UCC financing statement or any similar instrument filed against such Person’s assets or properties).

 “LTV”: With respect to any Mortgage Loan, at the time of determination, the ratio of (a) the outstanding principal
amount of such Mortgage Loan at such time plus the amount of any Allocated Underlying Debt for such Mortgage Loan at such time to (b) the lesser of (i) the appraised value of the related Underlying Mortgaged Property, as determined by
reference to the third-party appraisal, meeting the standards required by FIRREA, of such Underlying Mortgaged Property, with such appraised value being subject to adjustment by Purchaser in its sole discretion, and (ii) the purchase price of
such Underlying Mortgaged Property. 
 “Market Disruption Event”: Any event or events which, in the good faith determination
of the Purchaser, shall have resulted in (i) the effective absence of a “repo market” or related “lending market” for purchasing (subject to repurchase) or financing debt obligations secured by commercial mortgage loans or
securities, (ii) the Purchaser not being able to finance Mortgage Loans through the “repo market” or “lending market” with traditional counterparties at rates which would have been reasonable prior to the occurrence of such
event or events, (iii) the effective absence of a “securities market” for securities backed by Mortgage Loans or (iv) the Purchaser not being able to sell securities backed by Mortgage Loans at prices which would have been
reasonable prior to the occurrence of such event or events. 
 “Market Value”: As of any date in respect of any Mortgage
Loan, the price at which such Mortgage Loan could readily be sold (which price shall in no event be greater than the outstanding principal amount (or equivalent term for “par” for Mortgage Loans with no principal amount) of such Mortgage
Loan, as determined by Purchaser in its sole discretion exercised in good faith by (i) reference to the market value of the Underlying Mortgaged Property, which shall be determined by a third-party appraisal of the Underlying Mortgaged
Property, if any, (which appraisal may, at the election of Purchaser, be the appraisal in place at the time such Mortgage Loan is sold to the Purchaser hereunder), as such determination of the market value of the Underlying Mortgaged Property may be
adjusted by Purchaser in its sole discretion exercised in good faith, and (ii) taking into account such other criteria as Purchaser deems appropriate in its good faith, including, without limitation, current market conditions (including,
without limitation, current interest rates and spreads), credit quality, liquidity of position, eligibility for securitization, subordination, and delinquency status and aging, which price, in each case, may be determined by Purchaser in its sole
discretion to be zero. 

 “Material Adverse Effect”: A material adverse effect on (a) the Property, business,
operations, financial condition or prospects of Seller, (b) the ability of Seller to perform its obligations under this Agreement, (c) the validity or enforceability of this Agreement, (d) the rights and remedies of Purchaser under
this Agreement, (e) the timely payment of any amounts payable under this Agreement, or (f) the liquidity of any or all of the Mortgage Loans. 
 “Mortgage Note”: The original executed promissory note or other evidence of the indebtedness of a mortgagor with respect to a Mortgage Loan. 
 “Mortgaged Property”: The real property (including all improvements, buildings, fixtures, building equipment and personal property
thereon and all additions, alterations and replacements made at any time with respect to the foregoing) and all other collateral securing repayment of the debt evidenced by a Mortgage Note. 
 “Payment Date”: The 1st day of each month, or, if such day is not a Business Day, the next Business Day. 
 “PBGC”: The Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. 
 “Person”: Any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof. 
 “Property”: Any right or
interest in or to property of any kind whatsoever, whether real, personal or mixed, and whether tangible or intangible. 
 “Purchase
Rate”: With respect to each Mortgage Loan, the Purchase Rate identified in the Confirmation. 
 “Purchaser’s
Account”: The account of the Purchaser identified on Exhibit D attached hereto. The Seller shall not have any rights or interests in or rights of withdrawal from the Purchaser’s Account. 
 “Servicing Standard”: The servicer shall service and administer the Mortgage Loans for which it is responsible hereunder (a) in the
same manner in which, and with the same care, skill, prudence and diligence with which, the servicer, as the case may be, generally services and administers similar mortgage loans with similar borrowers (i) for other third-parties, giving due
consideration to customary and usual standards of practice of prudent institutional commercial mortgage lenders servicing their own loans or (ii) held in its own portfolio, whichever standard is higher, (b) with a view to the maximization
of the recovery on such Mortgage Loan on a net present value basis, and (c) without regard to (i) any relationship that the servicer, as the case may be, or any affiliate thereof may have with the related mortgagor, the Depositor, the
Seller or any other party to the transaction or any affiliate thereof; (ii) the right of the servicer, as the case may be, to receive compensation or other fees for its services rendered pursuant to this Agreement; (iv) the ownership,
servicing or management by the servicer or any affiliate thereof for others of any other mortgage loans or mortgaged property; (v) any obligation of the servicer or any affiliate to repurchase or substitute a Mortgage Loan; (vi) any
obligation of 

 the servicer or any affiliate to cure a breach of a representation and warranty with respect to a Mortgage Loan; and
(vii) any debt the servicer or any affiliate has extended to any mortgagor or any affiliate of such mortgagor. 
 “Subsidiary”: With respect to any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof
ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions of such corporation, partnership, limited liability company or other entity (irrespective of whether or not at the time securities or
other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled
by such Person or one or more Subsidiaries of such Person. 
 “Underlying Mortgaged Property”: The Mortgaged Property
securing a Whole Loan or Bridge Loan, or with respect to a Junior Interest, the Mortgaged Property securing such Junior Interest (if the Junior Interest is of the type described in clause (a) of the definition thereof), or the Mortgaged
Property securing the Mortgage Loan in which such Junior Interest represents a junior participation (if the Junior Interest is of the type described in clause (b) of the definition thereof). 
 “Whole Loan”: A performing first priority commercial real estate whole loan for which the Underlying Mortgaged Property has fully
stabilized, as determined by the Purchaser in its sole discretion. 

 Exhibit B-1 
 (Mortgage Loan Schedule) 
 [Attach Excel File] 
  

 B-1-1 

 Exhibit B-2 
 (Reserves and Escrows) 
  

				
	 Tax Escrow at             :
	  	$	                    
	 Insurance Escrow at             :
	  	$	                    
	 Replacement Reserve at             :
	  	$	                    
	 Prepaid Interest at             :
	  	$	                    
	 Reserve for Tenant Improvements/Leasing Commissions at
            :
	  	$	                    

  

 B-2-1 

 Exhibit C 
 FORM OF CONFIRMATION 
 [DATE] 
 Wachovia Bank, National Association 
 301 South College Street 
 Charlotte, North Carolina 28288 
 Attention: 
 Confirmation No.:                      
 Ladies/Gentlemen: 
 Reference is made to that certain Transaction, dated as of
[        ], made by Seller pursuant to the Mortgage Loan Purchase Agreement, dated as of July 20, 2006 (as amended, restated, supplemented, or otherwise modified and in effect from time to time,
the “MLPA”; capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in the MLPA) by and among Wachovia Bank, National Association (“Purchaser”) and CBRE Realty Finance
Holdings IV, LLC and CBRE Realty Finance TRS Warehouse Funding III, LLC (collectively, “Seller”). 
 Seller and Purchaser
hereby confirm and agree that as of the Purchase Date and upon the other terms specified below, Seller shall sell and assign to Purchaser, and Purchaser shall purchase and assume from Seller, all of Seller’s right, title and interest in, to and
under the Mortgage Loans listed in Appendix I hereto. 
 Purchase Date: 
 Mortgage Loans requested to be purchased: See Appendix I hereto. 
 Transitional Asset: [Yes / No] 
 Special Purpose Transaction: [Yes / No] 
 If yes: [Wet Funding or Future Funding Obligation] 
 Aggregate principal amount of Eligible Assets requested to be purchased: 
 Pricing Rate: 
 Purchase Price: 
 Repurchase Date: [unless
otherwise specified in the final Confirmation, the Repurchase Date shall be the Facility Termination Date] 
 Repurchase Price: 

Additional Terms and Conditions: 
  

 C-1 

					
	 CBRE Realty Finance Holdings IV, LLC, as Seller

			
		 	By:	 	 CBRE Realty Finance Holdings, LLC

			
		 	By:	 	  
  

		 		 	 Name:

		 		 	 Title:

	
	 CBRE Realty Finance TRS Warehouse Funding III, LLC, as Seller

			
		 	By:	 	 CBRE Realty Finance TRS, Inc.

			
		 	By:	 	  
  

		 		 	 Name:

		 		 	 Title:

 Acknowledged and Agreed: 
  

			
	 Wachovia Bank, National Association, as Purchaser

		
	 By:
	 	  
  

		 	 Name:

		 	 Title:

  

 F-2 

									
	Exhibit D
	
	Collection Account
				
		  	 ABA number: 053000219
	  		  	
		  	 Account number: 2000032624766
	  		  	
		  	 Account name: CBRE Realty Finance Holdings IV, LLC
	  		  	

  

 D-1 

 Exhibit E 
 [Reserved] 
  

 E-1 

 Exhibit F 
 FORM OF ESCROW AGREEMENT 
             , 200_ 
 VIA FAX 
 [Settlement Agent Address] 
  

	 	Re:	Sale of $                    Loan (the “Mortgage Loan”) to Wachovia
Bank, National Association (“Purchaser”) from CBRE Realty Finance Holdings IV, LLC and CBRE Realty Finance TRS Warehouse Funding III, LLC (“Seller”) 

 Dear Ladies and Gentlemen: 
 This letter
shall constitute the escrow instructions to be followed by                      (the “Settlement Agent”) for the purchase by
Purchaser of Mortgage Loans from Seller. 
 SECTION 1. By executing a copy of this letter and returning it to the undersigned, the Settlement
Agent acknowledges receipt of the following documents: 
 (a) the original executed Mortgage Note including any power of attorney related to
the execution thereof, together with any and all intervening endorsements thereon, endorsed in blank, on its face or by allonge attached thereto (without recourse, representation or warranty, express or implied, except as provided herein);

 (b) an original or copy of all of the other Mortgage Loan documents, together with any and all intervening assignments thereof; and

 (c) an original assignment of all documents relating to the Mortgage Loans (to the extent not already assigned pursuant to clause
(b) above), in blank. 
 SECTION 2. Following the acceptance by the Settlement Agent of these escrow instructions, the Purchaser will
wire or cause to be wired the amount of $[                    ] net of certain amounts as set forth on the settlement statement attached
hereto as Exhibit A (the “Proceeds”) on                     , 200_ to the account of the Settlement Agent (the
“Escrow Account”) in accordance with the following instructions: 
 Credit Account: 
 Account No. 
 ABA NO. 
 Bank Information: 
  

 F-1 

 SECTION 3. To the extent applicable to the related Mortgage Loan, the following requirements must be
satisfied before the Proceeds may be disbursed by the Settlement Agent: 
 (a) The Settlement Agent shall acknowledge that all requirements
have been satisfied and that the Settlement Agent is prepared to issue the title policy described in paragraph 3(d) below. In addition, it is understood that the Settlement Agent has confirmed that all documents delivered with these escrow
instructions have been properly executed, acknowledged and/or witnessed, that all documents are in proper recordable form, to the extent applicable, and that all exhibits (including correct property descriptions) have been appended. 
 (b) To the extent applicable to the purchased Mortgage Loan, the Settlement Agent shall be in a position to record the Mortgage and the Assignment in the
Official Records of              County,              (the “Records”). 
 (c) The Settlement Agent shall be in a position to record and file one of the UCC-l’s in the Records, and/or in the appropriate office of the
Secretary of State of the State of             . 
 (d) The Settlement
Agent shall be in a position to issue, and by the execution of these escrow instructions the Settlement Agent hereby irrevocably commits to issue, and upon disbursement of Proceeds the Settlement Agent shall be deemed to have issued, a title
insurance policy or Eagle 9 policy to Purchaser, its successors and assigns to be dated as of the time of the recording of the Mortgage, to the extent applicable, containing recording information with respect to the above referenced documents being
recorded, and otherwise in form identical to the marked-up title or Eagle 9 commitment no.                      attached hereto as Exhibit
B, including all of the endorsements attached thereto (the “Title Commitment”). 
 (e) The Settlement Agent shall be
unconditionally obligated and prepared to comply with all other requirements of this letter. 
 SECTION 4. Upon the satisfaction of all of
the above requirements, as applicable, and upon written instructions from the undersigned that all other requirements have been satisfied, the Settlement Agent shall do the following to the extent applicable to the related Mortgage Loan: 

(a) Disburse the Proceeds in accordance with the settlement statement attached hereto as Exhibit A. 
 (b) Record the following documents in the Records in the following order: 
 (i) the Mortgage; and 
 (ii) the Assignment. 
  

 F-2 

 (c) Record one of the UCC-l’s in the Records and file the other one in the appropriate office of the
Secretary of State of the State of             . 
 (d) Upon recordation
and filing of the above, send to the undersigned by overnight courier a duplicate original (or copy certified by the Settlement Agent as true and correct) of the title insurance or Eagle 9 policy issued in accordance with the instructions contained
in paragraph 3(d) above. 
 (e) Upon disbursement of the Proceeds, send to [Bank],
                    , Attention:
                        , by overnight courier a duplicate original (or copy certified by the Settlement Agent as true and
correct) of the Mortgage, the Assignment, and each of the UCC-1’s. 
 SECTION 5. By acceptance of these escrow instructions, the
Settlement Agent acknowledges and agrees that upon disbursement of the funds in accordance with these instructions, the title insurance premiums will have been paid and the Title Commitment referred to in paragraph 3(d) above shall constitute
Lender’s title insurance or Eagle 9 policy effective as of the date of such disbursement until receipt of the original title or Eagle 9 policy containing all the appropriate recording information. 
 All costs and expenses incurred in carrying out these instructions shall be borne by Seller, and the Settlement Agent shall not look to Purchaser for
reimbursement of, or liability for, such costs and expenses. In this connection, the Settlement Agent shall have obtained whatever assurances it deems necessary from the appropriate parties to firmly bind itself to fully and completely carry out
these escrow instructions 
 SECTION 6. By acceptance of these escrow instructions, the Settlement Agent agrees that Purchaser shall be
entitled to rely on the terms and provisions of this letter in wiring the Proceeds and shall be third party beneficiaries of this letter. 
 SECTION 7. If for any reason the Proceeds are funded by Purchaser to the Settlement Agent and the funds have not been disbursed by the Settlement Agent pursuant to these instructions on or before [4:00 P.M. (Eastern Time) on
                    , 200_,] the Settlement Agent shall notify the undersigned immediately for further instructions. In the event the
Settlement Agent is advised to return the Proceeds to Purchaser, the Settlement Agent agrees to do so on demand in accordance with the instructions provided by Purchaser, without regard to any contrary instructions from Seller. If the closing of the
Mortgage Loan is delayed, the Settlement Agent will promptly return the documents described in Paragraph 1 above to the undersigned if so instructed by Purchaser or the undersigned. If the closing of the Asset is delayed, it is understood by the
Seller that interest shall accrue on the principal amount wired to the Escrow, at the interest rate specified in the Mortgage Loan Purchase Agreement, from the time such amount is received in the Escrow Account, and Seller shall be liable for all
such accrued interest. Any further instructions from the Purchaser to the Settlement Agent under this Escrow Agreement shall be in writing. 
  

 F-3 

 Sincerely, 
  

					
	 CBRE REALTY FINANCE HOLDINGS IV, LLC, as Seller

		
	     By:
	 	 CBRE Realty Finance Holdings, LLC

		
	     By:
	 	  

		 	 Name:

		 	 Title:

	
	 CBRE REALTY FINANCE TRS WAREHOUSE FUNDING III, LLC, as Seller

		
	     By:
	 	 CBRE Realty Finance TRS, Inc.

		
	     By:
	 	  

		 	 Name:

		 	 Title:

	
	 ACCEPTED AND AGREED TO:

	
	 [SETTLEMENT AGENT]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

 F-1Amended and Restated Trust Agreement dated July 26, 2006

 Exhibit 10.14 
 Execution Copy 
  

 AMENDED AND RESTATED TRUST AGREEMENT 
 among 
 CBRE REALTY FINANCE, INC., 
 as
Depositor 
 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 
 as Property Trustee 
 CHASE BANK USA, NATIONAL ASSOCIATION, 
 as Delaware Trustee 
 and 
 THE ADMINISTRATIVE TRUSTEES NAMED HEREIN, 
 as Administrative Trustees 
 Dated as of July 26, 2006 
 CBRE REALTY FINANCE TRUST I 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I            DEFINED TERMS
	  	1
			
	 SECTION 1.1.
	  	Definitions	  	1
		
	 ARTICLE II            THE TRUST
	  	11
			
	 SECTION 2.1.
	  	Name	  	11
			
	 SECTION 2.2.
	  	Office of the Delaware Trustee; Office of the Trust	  	11
			
	 SECTION 2.3.
	  	Initial Contribution of Trust Property; Fees, Costs and Expenses	  	11
			
	 SECTION 2.4.
	  	Purposes of Trust	  	11
			
	 SECTION 2.5.
	  	Authorization to Enter into Certain Transactions	  	12
			
	 SECTION 2.6.
	  	Assets of Trust	  	14
			
	 SECTION 2.7.
	  	Title to Trust Property	  	14
		
	 ARTICLE III            PAYMENT ACCOUNT; PAYING AGENTS
	  	15
			
	 SECTION 3.1.
	  	Payment Account	  	15
			
	 SECTION 3.2.
	  	Appointment of Paying Agents	  	15
		
	 ARTICLE IV            DISTRIBUTIONS; REDEMPTION
	  	16
			
	 SECTION 4.1.
	  	Distributions	  	16
			
	 SECTION 4.2.
	  	Redemption	  	17
			
	 SECTION 4.3.
	  	Subordination of Common Securities	  	20
			
	 SECTION 4.4.
	  	Payment Procedures	  	20
			
	 SECTION 4.5.
	  	Withholding Tax	  	21
			
	 SECTION 4.6.
	  	Tax Returns and Other Reports	  	21
			
	 SECTION 4.7.
	  	Payment of Taxes, Duties, Etc. of the Trust	  	21
			
	 SECTION 4.8.
	  	Payments under Indenture or Pursuant to Direct Actions	  	21
			
	 SECTION 4.9.
	  	Exchanges	  	22
			
	 SECTION 4.10.
	  	Calculation Agent	  	22
			
	 SECTION 4.11.
	  	Certain Accounting Matters	  	23
		
	 ARTICLE V            SECURITIES
	  	24
			
	 SECTION 5.1.
	  	Initial Ownership	  	24
			
	 SECTION 5.2.
	  	Authorized Trust Securities	  	24
			
	 SECTION 5.3.
	  	Issuance of the Common Securities; Subscription and Purchase of Notes	  	24

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 SECTION 5.4.
	  	The Securities Certificates	  	25
			
	 SECTION 5.5.
	  	Rights of Holders	  	25
			
	 SECTION 5.6.
	  	Book-Entry Preferred Securities	  	26
			
	 SECTION 5.7.
	  	Registration of Transfer and Exchange of Preferred Securities Certificates	  	27
			
	 SECTION 5.8.
	  	Mutilated, Destroyed, Lost or Stolen Securities Certificates	  	29
			
	 SECTION 5.9.
	  	Persons Deemed Holders	  	30
			
	 SECTION 5.10.
	  	Cancellation	  	30
			
	 SECTION 5.11.
	  	Ownership of Common Securities by Depositor	  	30
			
	 SECTION 5.12.
	  	Restricted Legends	  	31
			
	 SECTION 5.13.
	  	Form of Certificate of Authentication	  	33
		
	 ARTICLE VI            MEETINGS; VOTING; ACTS OF
HOLDERS
	  	33
			
	 SECTION 6.1.
	  	Notice of Meetings	  	33
			
	 SECTION 6.2.
	  	Meetings of Holders of the Preferred Securities	  	33
			
	 SECTION 6.3.
	  	Voting Rights	  	34
			
	 SECTION 6.4.
	  	Proxies, Etc	  	34
			
	 SECTION 6.5.
	  	Holder Action by Written Consent	  	34
			
	 SECTION 6.6.
	  	Record Date for Voting and Other Purposes	  	35
			
	 SECTION 6.7.
	  	Acts of Holders	  	35
			
	 SECTION 6.8.
	  	Inspection of Records	  	36
			
	 SECTION 6.9.
	  	Limitations on Voting Rights	  	36
			
	 SECTION 6.10.
	  	Acceleration of Maturity; Rescission of Annulment; Waivers of Past Defaults	  	37
		
	 ARTICLE VII            REPRESENTATIONS AND WARRANTIES
	  	39
			
	 SECTION 7.1.
	  	Representations and Warranties of the Property Trustee and the Delaware Trustee	  	39
			
	 SECTION 7.2.
	  	Representations and Warranties of Depositor	  	40
		
	 ARTICLE VIII             THE TRUSTEES
	  	41
			
	 SECTION 8.1.
	  	Number of Trustees	  	41
			
	 SECTION 8.2.
	  	Property Trustee Required	  	41
			
	 SECTION 8.3.
	  	Delaware Trustee Required	  	42

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 SECTION 8.4.
	  	Appointment of Administrative Trustees	  	42
			
	 SECTION 8.5.
	  	Duties and Responsibilities of the Trustees	  	43
			
	 SECTION 8.6.
	  	Notices of Defaults and Extensions	  	44
			
	 SECTION 8.7.
	  	Certain Rights of Property Trustee	  	44
			
	 SECTION 8.8.
	  	Delegation of Power	  	47
			
	 SECTION 8.9.
	  	May Hold Securities	  	47
			
	 SECTION 8.10.
	  	Compensation; Reimbursement; Indemnity	  	47
			
	 SECTION 8.11.
	  	Resignation and Removal; Appointment of Successor	  	48
			
	 SECTION 8.12.
	  	Acceptance of Appointment by Successor	  	49
			
	 SECTION 8.13.
	  	Merger, Conversion, Consolidation or Succession to Business	  	50
			
	 SECTION 8.14.
	  	Not Responsible for Recitals Issuance of Securities and Representations	  	50
			
	 SECTION 8.15.
	  	Property Trustee May File Proofs of Claim	  	51
			
	 SECTION 8.16.
	  	Reports to the Property Trustee	  	51
		
	 ARTICLE IX            TERMINATION, LIQUIDATION AND
MERGER
	  	52
			
	 SECTION 9.1.
	  	Dissolution Upon Expiration Date	  	52
			
	 SECTION 9.2.
	  	Early Termination	  	52
			
	 SECTION 9.3.
	  	Termination	  	52
			
	 SECTION 9.4.
	  	Liquidation	  	53
			
	 SECTION 9.5.
	  	Mergers, Consolidations, Amalgamations or Replacements of Trust	  	54
		
	 ARTICLE X            MISCELLANEOUS PROVISIONS
	  	55
			
	 SECTION 10.1.
	  	Limitation of Rights of Holders	  	55
			
	 SECTION 10.2.
	  	Agreed Tax Treatment of Trust and Trust Securities	  	56
			
	 SECTION 10.3.
	  	Amendment	  	56
			
	 SECTION 10.4.
	  	Separability	  	57
			
	 SECTION 10.5.
	  	Governing Law	  	58
			
	 SECTION 10.6.
	  	Successors	  	58
			
	 SECTION 10.7.
	  	Headings	  	58
			
	 SECTION 10.8.
	  	Reports, Notices and Demands	  	58

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 SECTION 10.9.
	  	Agreement Not to Petition	  	59
			
	 SECTION 10.10.
	  	Counterparts.	  	59
		
	 Exhibit A            Certificate of Trust of CBRE Realty
Finance Trust I
	  	A-1
	 Exhibit B            Form of Common Securities
Certificate
	  	B-1
	 Exhibit C            Form of Preferred Securities
Certificate
	  	C-1
	 Exhibit D            Junior Subordinated
Indenture
	  	D-1
	 Exhibit E            Form of Transferee Certificate to be
Executed for Transferees
	  	E-1
	 Exhibit F            Form of Officer’s Financial
Certificate of the Depositor
	  	F-1

 THIS AMENDED AND RESTATED
TRUST AGREEMENT, dated as of July 26, 2006, among (i) CBRE Realty Finance, Inc., a Maryland corporation (including any successors or permitted assigns, the “Depositor”),
(ii) JPMorgan Chase Bank, National Association, a national banking association, as property trustee (in such capacity, the “Property Trustee”), (iii) Chase Bank USA, National Association, a national banking
association, as Delaware trustee (in such capacity, the “Delaware Trustee”), (iv) Keith Gollenberg, an individual, Michael Angerthal, an individual and James Evans, an individual, each of whose address is c/o CBRE Realty
Finance, Inc., City Place I, 187 Asylum Street, 37th Floor, Hartford, Connecticut 06103, as administrative trustees
(in such capacities, each an “Administrative Trustee” and, collectively, the “Administrative Trustees” and, together with the Property Trustee and the Delaware Trustee, the
“Trustees”) and (v) the several Holders, as hereinafter defined. 
 WITNESSETH 
 WHEREAS, the Depositor and the Delaware Trustee have heretofore created a Delaware statutory trust pursuant to the Delaware Statutory
Trust Act by entering into a Trust Agreement, dated as of July 21, 2006 (the “Original Trust Agreement”), and by executing and filing with the Secretary of State of the State of Delaware the Certificate of Trust,
substantially in the form attached as Exhibit A; and 
 WHEREAS, the Depositor and the Trustees desire to amend and
restate the Original Trust Agreement in its entirety as set forth herein to provide for, among other things, (i) the issuance of the Common Securities by the Trust to the Depositor, (ii) the issuance and sale of the Preferred Securities by
the Trust pursuant to the Purchase Agreement and (iii) the acquisition by the Trust from the Depositor of all of the right, title and interest in and to the Notes (as hereinafter defined); 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each party, for the benefit of the other parties and for the benefit of the Holders, hereby amends and restates the Original Trust Agreement in its entirety and agrees as
follows: 
 ARTICLE I 
 DEFINED
TERMS 
 SECTION 1.1. Definitions. 
 For all purposes of this Trust Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) the terms defined in this Article I have the meanings assigned to them in this Article I; 
 (b) the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation;” 
  

 1 

 (c) all accounting terms used but not defined herein have the meanings assigned to them
in accordance with United States generally accepted accounting principles; 
 (d) unless the context otherwise requires, any
reference to an “Article,” a “Section,” a “Schedule” or an “Exhibit” refers to an Article, a Section, a Schedule or an Exhibit, as the case may be, of or to this Trust Agreement; 
 (e) the words “hereby,” “herein,” “hereof” and “hereunder” and other words of similar import refer
to this Trust Agreement as a whole and not to any particular Article, Section or other subdivision; 
 (f) a reference to the
singular includes the plural and vice versa; and 
 (g) the masculine, feminine or neuter genders used herein shall include
the masculine, feminine and neuter genders. 
 “Act” has the meaning specified in Section 6.7. 
 “Additional Interest” has the meaning specified in Section 1.1 of the Indenture. 
 “Additional Interest Amount” means, with respect to Trust Securities of a given Liquidation Amount and/or a given period, the amount of
Additional Interest paid by the Depositor on a Like Amount of Notes for such period. 
 “Additional Taxes” has the meaning
specified in Section 1.1 of the Indenture. 
 “Additional Tax Sums” has the meaning specified in Section 10.5 of
the Indenture. 
 “Administrative Trustee” means each of the Persons identified as an “Administrative
Trustee” in the preamble to this Trust Agreement, solely in each such Person’s capacity as Administrative Trustee of the Trust and not in such Person’s individual capacity, or any successor Administrative Trustee appointed as
herein provided. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Applicable Depositary Procedures” means, with respect to any transfer or transaction involving a Book-Entry Preferred Security, the
rules and procedures of the Depositary for such Book-Entry Preferred Security, in each case to the extent applicable to such transaction and as in effect from time to time. 
  

 2 

 “Bankruptcy Event” means, with respect to any Person: 
 (a) the entry of a decree or order by a court having jurisdiction in the premises (i) judging such Person a bankrupt or insolvent,
(ii) approving as properly filed a petition seeking reorganization, arrangement, adjudication or composition of or in respect of such Person under any applicable Federal or state bankruptcy, insolvency, reorganization or other similar law,
(iii) appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of such Person or of any substantial part of its property or (iv) ordering the winding up or liquidation of its affairs, and the
continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days; or 
 (b) the institution by
such Person of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief
under any applicable Federal or state bankruptcy, insolvency, reorganization or other similar law, or the consent by it to the filing of any such petition or to the appointment of a custodian, receiver, liquidator, assignee, trustee, sequestrator or
similar official of such Person or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due and its
willingness to be adjudicated a bankrupt or insolvent, or the taking of corporate action by such Person in furtherance of any such action. 
 “Bankruptcy Laws” means all Federal and state bankruptcy, insolvency, reorganization and other similar laws, including the United States Bankruptcy Code. 
 “Book-Entry Preferred Security” means a Preferred Security, the ownership and transfers of which shall be made through book entries by a
Depositary. 
 “Business Day” means a day other than (a) a Saturday or Sunday, (b) a day on which banking
institutions in The City of New York are authorized or required by law or executive order to remain closed or (c) a day on which the Corporate Trust Office is closed for business. 
 “Calculation Agent” has the meaning specified in Section 4.10. 
 “Closing Date” has the meaning specified in the Purchase Agreement. 
 “Code” means the United States Internal Revenue Code of 1986, as amended. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at
any time after the execution of this Trust Agreement such Commission is not existing and performing the duties assigned to it, then the body performing such duties at such time. 
  

 3 

 “Common Securities Certificate” means a certificate evidencing ownership of Common
Securities, substantially in the form attached as Exhibit B. 
 “Common Security” means an undivided beneficial
interest in the assets of the Trust, having a Liquidation Amount of $1,000 and having the rights provided therefor in this Trust Agreement. 
 “Corporate Trust Office” means the principal office of the Property Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of this Trust Agreement is located at
600 Travis, 50th Floor, Houston, Texas 77019, Attn: Worldwide Securities Services—CBRE Realty Finance Trust I. Initially, all notices and correspondence shall be addressed to Mudassir Mohamed, telephone (713) 216-2826. 
 “Definitive Preferred Securities Certificates” means Preferred Securities issued in certificated, fully registered form that are not
Global Preferred Securities. 
 “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
Code § 3801 et seq., or any successor statute thereto, in each case as amended from time to time. 
 “Delaware Trustee”
means the Person identified as the “Delaware Trustee” in the preamble to this Trust Agreement, solely in its capacity as Delaware Trustee of the Trust and not in its individual capacity, or its successor in interest in such
capacity, or any successor Delaware Trustee appointed as herein provided. 
 “Depositary” means an organization registered
as a clearing agency under the Exchange Act that is designated as Depositary by the Depositor or any successor thereto. DTC will be the initial Depositary. 
 “Depositary Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time the Depositary effects book-entry transfers and pledges of securities
deposited with the Depositary. 
 “Depositor” has the meaning specified in the preamble to this Trust Agreement and any
successors and permitted assigns. 
 “Depositor Affiliate” has the meaning specified in Section 4.9. 

“Distribution Date” has the meaning specified in Section 4.1(a)(i). 
 “Distributions” means amounts payable in respect of the Trust Securities as provided in Section 4.1. 
 “DTC” means The Depository Trust Company, a New York corporation, or any successor thereto. 
 “Early Termination Event” has the meaning specified in Section 9.2. 
  

 4 

 “EDGAR” has the meaning specified in Section 4.11(c). 
 “Event of Default” means any one of the following events (whatever the reason for such event and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) the occurrence of a Note Event of Default; or 
 (b) default by the Trust in the payment of any Distribution when it becomes due and payable, and continuation of such default for a period of thirty (30) days; or 
 (c) default by the Trust in the payment of any Redemption Price of any Trust Security when it becomes due and payable; or 
 (d) default in the performance, or breach, in any material respect of any covenant or warranty of the Trustees in this Trust Agreement (other than those
specified in clause (b) or (c) above) and continuation of such default or breach for a period of thirty (30) days after there has been given, by registered or certified mail, to the Trustees and to the Depositor by the Holders of at
least twenty five percent (25%) in aggregate Liquidation Amount of the Outstanding Preferred Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or 
 (e) the occurrence of a Bankruptcy Event with respect to the Property Trustee if a successor Property Trustee
has not been appointed within ninety (90) days thereof. 
 “Exchange Act” means the Securities Exchange Act of 1934,
and any successor statute thereto, in each case as amended from time to time. 
 “Expiration Date” has the meaning specified
in Section 9.1. 
 “Fiscal Year” shall be the fiscal year of the Trust, which shall be the calendar year, or
such other period as is required by the Code. 
 “Fixed Rate Period” shall mean the period through the interest payment date
in July 2016. 
 “Global Preferred Security” means a Preferred Securities Certificate evidencing ownership of Book-Entry
Preferred Securities. 
 “Holder” means a Person in whose name a Trust Security or Trust Securities are registered in the
Securities Register; any such Person shall be deemed to be a beneficial owner within the meaning of the Delaware Statutory Trust Act. 
  

 5 

 “Indemnified Person” has the meaning specified in Section 8.10(c).

 “Indenture” means the Junior Subordinated Indenture executed and delivered by the Depositor and the Note Trustee
contemporaneously with the execution and delivery of this Trust Agreement, for the benefit of the holders of the Notes, a copy of which is attached hereto as Exhibit D, as amended or supplemented from time to time. 
 “Interest Payment Date” has the meaning specified in Section 1.1 of the Indenture. 
 “Investment Company Act” means the Investment Company Act of 1940, or any successor statute thereto, in each case as amended from time
to time. 
 “Investment Company Event” has the meaning specified in Section 1.1 of the Indenture. 
 “LIBOR” has the meaning specified in Schedule A. 
 “LIBOR Business Day” has the meaning specified in Schedule A. 
 “LIBOR
Determination Date” has the meaning specified in Schedule A. 
 “Lien” means any lien, pledge, charge,
encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation, assignment, security interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever. 
 “Like Amount” means (a) with respect to a redemption of any Trust Securities, Trust Securities having a Liquidation Amount equal to
the principal amount of Notes to be contemporaneously redeemed or paid at maturity in accordance with the Indenture, the proceeds of which will be used to pay the Redemption Price of such Trust Securities, (b) with respect to a distribution of
Notes to Holders of Trust Securities in connection with a dissolution of the Trust, Notes having a principal amount equal to the Liquidation Amount of the Trust Securities of the Holder to whom such Notes are distributed and (c) with respect to
any distribution of Additional Interest Amounts to Holders of Trust Securities, Notes having a principal amount equal to the Liquidation Amount of the Trust Securities in respect of which such distribution is made. 
 “Liquidation Amount” means the stated amount of $1,000 per Trust Security. 
 “Liquidation Date” means the date on which assets are to be distributed to Holders in accordance with Section 9.4(a)
hereunder following dissolution of the Trust. 
 “Liquidation Distribution” has the meaning specified in
Section 9.4(d). 
 “Majority in Liquidation Amount” means Common or Preferred Securities, as the case may be,
representing more than fifty percent (50%) of the aggregate Liquidation Amount of all (or a specified group of) then Outstanding Common or Preferred Securities, as the case may be. 
 “Note Event of Default” means any “Event of Default” specified in Section 5.1 of the Indenture. 

 

 6 

 “Note Redemption Date” means, with respect to any Notes to be redeemed under the
Indenture, the date fixed for redemption of such Notes under the Indenture. 
 “Note Trustee” means the Person identified as
the “Trustee” in the Indenture, solely in its capacity as Trustee pursuant to the Indenture and not in its individual capacity, or its successor in interest in such capacity, or any successor Trustee appointed as provided in the
Indenture. 
 “Notes” means the Depositor’s Floating Rate Junior Subordinated Notes issued pursuant to the Indenture.

 “Officers’ Certificate” means a certificate signed by the Chief Executive Officer, the President or an Executive
Vice President, and by the Chief Financial Officer, Treasurer of the Depositor, and delivered to the Trustees. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Trust Agreement
(other than the certificate provided pursuant to Section 8.16 which is not an Officers’ Certificate) shall include: 
 (a) a
statement by each officer signing the Officers’ Certificate that such officer has read the covenant or condition and the definitions relating thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by such officer in rendering the Officers’ Certificate; 
 (c) a statement that such officer has made such examination or investigation as, in such officer’s opinion, is necessary to enable such officer to
express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in
the opinion of such officer, such condition or covenant has been complied with. 
 “Operative Documents” means the Purchase
Agreement, the Indenture, the Trust Agreement, the Notes and the Trust Securities. 
 “Opinion of Counsel” means a written
opinion of counsel, who may be counsel for, or an employee of, the Depositor or any Affiliate of the Depositor. 
 “Optional Note
Redemption Price” means, with respect to any Note to be redeemed on any Redemption Date under the Indenture, an amount equal to one hundred percent (100%) of the outstanding principal amount of such Note, together with accrued
interest, including any Additional Interest (to the extent legally enforceable), thereon through but not including the date fixed as such Redemption Date. 
 “Optional Redemption Price” means, with respect to any Trust Security, an amount equal to one hundred percent (100%) of the Liquidation Amount of such Trust Security on the Redemption Date, plus
accumulated and unpaid Distributions to the Redemption Date, plus the related amount of the premium, if any, and/or accrued interest, including Additional Interest, if any, thereon paid by the Depositor upon the concurrent redemption or payment at
maturity of a Like Amount of Notes. 
  

 7 

 “Original Trust Agreement” has the meaning specified in the recitals to this Trust
Agreement. 
 “Outstanding,” when used with respect to any Trust Securities, means, as of the date of determination, all
Trust Securities theretofore executed and delivered under this Trust Agreement, except: 
 (a) Trust Securities theretofore canceled by the
Property Trustee or delivered to the Property Trustee for cancellation; 
 (b) Trust Securities for which payment or redemption money in the
necessary amount has been theretofore deposited with the Property Trustee or any Paying Agent in trust for the Holders of such Trust Securities; provided, that if such Trust Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Trust Agreement; and 
 (c) Trust Securities that have been paid or in exchange for or in lieu of which other
Trust Securities have been executed and delivered pursuant to the provisions of this Trust Agreement, unless proof satisfactory to the Property Trustee is presented that any such Trust Securities are held by Holders in whose hands such Trust
Securities are valid, legal and binding obligations of the Trust; 
 provided, that in determining whether the Holders of the requisite Liquidation
Amount of the Outstanding Preferred Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Preferred Securities owned by the Depositor, any Trustee or any Affiliate of the Depositor or of any
Trustee shall be disregarded and deemed not to be Outstanding, except that (i) in determining whether any Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Preferred
Securities that such Trustee knows to be so owned shall be so disregarded and (ii) the foregoing shall not apply at any time when all of the Outstanding Preferred Securities are owned by the Depositor, one or more of the Trustees and/or any
such Affiliate. Preferred Securities so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Administrative Trustees the pledgee’s right so to act with respect to such
Preferred Securities and that the pledgee is not the Depositor, any Trustee or any Affiliate of the Depositor or of any Trustee. 
 “Owner” means each Person who is the beneficial owner of Book-Entry Preferred Securities as reflected in the records of the Depositary or, if a Depositary Participant is not the beneficial owner, then the beneficial owner
as reflected in the records of the Depositary Participant. 
  

 8 

 “Paying Agent” means any Person authorized by the Administrative Trustees to pay
Distributions or other amounts in respect of any Trust Securities on behalf of the Trust. 
 “Payment Account” means a
segregated non-interest-bearing corporate trust account maintained by the Property Trustee for the benefit of the Holders in which all amounts paid in respect of the Notes will be held and from which the Property Trustee, through the Paying Agent,
shall make payments to the Holders in accordance with Section 3.1, Section 4.1 and Section 4.2. 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, company, limited liability company, trust, unincorporated association or
government, or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “Preferred Security”
means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $1,000 and having the rights provided therefor in this Trust Agreement. 
 “Preferred Securities Certificate” means a certificate evidencing ownership of Preferred Securities, substantially in the form attached as Exhibit C. 
 “Property Trustee” means the Person identified as the “Property Trustee” in the preamble to this Trust Agreement,
solely in its capacity as Property Trustee of the Trust and not in its individual capacity, or its successor in interest in such capacity, or any successor Property Trustee appointed as herein provided. 
 “Purchase Agreement” means the Purchase Agreement, executed and delivered by the Trust, the Depositor and the Purchaser named therein,
as purchasers, contemporaneously with the execution and delivery of this Trust Agreement, as amended from time to time. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A under the Securities Act of 1933, as amended. 
 “QP” means a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended. 
 “QIB/QP” means a QIB that is also a QP. 
 “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for such redemption by or pursuant to this Trust Agreement; provided, that each Note Redemption Date
and the stated maturity (or any date of principal repayment upon early maturity) of the Notes shall be a Redemption Date for a Like Amount of Trust Securities. 
 “Redemption Price” means the Special Redemption Price or Optional Redemption Price, as applicable. If the Depositor has redeemed the Notes at the Special Note Redemption Price, the Trust shall redeem
the Trust Securities at the Special Redemption Price. If the Depositor has redeemed the Notes at the Optional Note Redemption Price, the Trust shall redeem the Trust Securities at the Optional Redemption Price. 
  

 9 

 “Reference Banks” has the meaning specified in Schedule A. 
 “Responsible Officer” means, with respect to the Property Trustee, the officer in the Worldwide Securities Services department of the
Property Trustee having direct responsibility for the administration of this Trust Agreement. 
 “Securities Act” means the
Securities Act of 1933, and any successor statute thereto, in each case as amended from time to time. 
 “Securities
Certificate” means any one of the Common Securities Certificates or the Preferred Securities Certificates. 
 “Securities
Register” and “Securities Registrar” have the respective meanings specified in Section 5.7. 
 “Special Note Redemption Price” means, with respect to any Note to be redeemed on any Redemption Date under the Indenture, an amount equal to one hundred seven and one half percent (107.5%) of the outstanding principal
amount of such Note, together with accrued interest, including Additional Interest, thereon through but not including the date fixed as such Redemption Date. 
 “Special Redemption Price” means, with respect to any Trust Security, an amount equal to one hundred seven and one half percent (107.5%) of the Liquidation Amount of such Trust Security on the
Redemption Date, plus accumulated and unpaid Distributions to the Redemption Date, and/or accrued interest, including Additional Interest, if any, thereon paid by the Depositor upon the concurrent redemption or payment at maturity of a Like Amount
of Notes. 
 “Successor Securities” has the meaning specified in Section 9.5(a). 
 “Tax Event” has the meaning specified in Section 1.1 of the Indenture. 
 “Trust” means the Delaware statutory trust known as “CBRE Realty Finance Trust I,” which was created on July 21,
2006 under the Delaware Statutory Trust Act pursuant to the Original Trust Agreement and the filing of the Certificate of Trust, and continued pursuant to this Trust Agreement. 
 “Trust Agreement” means this Amended and Restated Trust Agreement, as the same may be modified, amended or supplemented from time to
time in accordance with the applicable provisions hereof, including all Schedules and Exhibits. 
 “Trustees” means the
Administrative Trustees, the Property Trustee and the Delaware Trustee, each as defined in this Article I. 
 “Trust
Property” means (a) the Notes, (b) any cash on deposit in, or owing to, the Payment Account and (c) all proceeds and rights in respect of the foregoing and any other property and assets for the time being held or deemed to be
held by the Property Trustee pursuant to the trusts of this Trust Agreement. 
  

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 “Trust Security” means any one of the Common Securities or the Preferred Securities.

 ARTICLE II 
 THE TRUST

 SECTION 2.1. Name. 
 The trust continued hereby shall be known as “CBRE Realty Finance Trust I”, as such name may be modified from time to time by the Administrative Trustees following written notice to the Holders of Trust Securities and the
other Trustees, in which name the Trustees may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
 SECTION 2.2. Office of the Delaware Trustee; Office of the Trust. 
 The address of the Delaware Trustee in the State of Delaware is Chase Bank USA, National Association, 500 Stanton Christiana Road, Building 4 (3rd Floor), Newark, DE 19713, Attention: Worldwide Securities Services, or such other address in the State of Delaware as the Delaware Trustee may designate by
written notice to the Holders, the Depositor, the Property Trustee and the Administrative Trustees. The principal executive office of the Trust is City Place I, 187 Asylum Street, 37th Floor, Hartford, Connecticut 06103, Attention: Michael Angerthal, Chief Financial Officer, as such address may be changed from time to time by the
Administrative Trustees following written notice to the Holders and the other Trustees. 
 SECTION 2.3. Initial Contribution of Trust
Property; Fees, Costs and Expenses. 
 The Property Trustee acknowledges receipt from the Depositor in connection with the Original Trust
Agreement of the sum of ten dollars ($10), which constituted the initial Trust Property. The Depositor shall pay all fees, costs and expenses of the Trust (except with respect to the Trust Securities) as they arise or shall, upon request of any
Trustee, promptly reimburse such Trustee for any such fees, costs and expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such fees, costs or expenses. 
 SECTION 2.4. Purposes of Trust. 
 (a)
The exclusive purposes and functions of the Trust are to (i) issue and sell Trust Securities and use the proceeds from such sale to acquire the Notes and (ii) engage in only those activities necessary or incidental thereto. The Delaware
Trustee, the Property Trustee and the Administrative Trustees are trustees of the Trust, and have all the rights, powers and duties to the extent set forth herein. The Trustees hereby acknowledge that they are trustees of the Trust. 
 (b) So long as this Trust Agreement remains in effect, the Trust (or the Trustees acting on behalf of the Trust) shall not undertake any business,
activities or transaction except as expressly provided herein or contemplated hereby. In particular, the Trust (or the Trustees acting on behalf of the Trust) shall not (i) acquire any investments or engage in any activities not authorized by
this Trust Agreement, (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests therein, including to Holders, 

  

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except as expressly provided herein, (iii) incur any indebtedness for borrowed money or issue any other debt, (iv) take or consent to any action
that would result in the placement of a Lien on any of the Trust Property, (v) take or consent to any action that would reasonably be expected to cause the Trust to become taxable as a corporation or classified as other than a grantor trust for
United States federal income tax purposes, (vi) take or consent to any action that would cause the Notes to be treated as other than indebtedness of the Depositor for United States federal income tax purposes or (vii) take or consent to
any action that would cause the Trust to be deemed to be an “investment company” required to be registered under the Investment Company Act. 
 SECTION 2.5. Authorization to Enter into Certain Transactions. 
 (a) The Trustees shall conduct the
affairs of the Trust in accordance with and subject to the terms of this Trust Agreement. In accordance with the following provisions (i) and (ii), the Trustees shall have the authority to enter into all transactions and agreements determined
by the Trustees to be appropriate in exercising the authority, express or implied, otherwise granted to the Trustees, under this Trust Agreement, and to perform all acts in furtherance thereof, including the following: 
 (i) As among the Trustees, each Administrative Trustee shall severally have the power and authority to act on behalf of the Trust with
respect to the following matters: 
 (A) the issuance and sale of the Trust Securities; 
 (B) to cause the Trust to enter into, and to execute, deliver and perform on behalf of the Trust, such agreements as may be necessary or
desirable in connection with the purposes and function of the Trust, including, without limitation, a common securities subscription agreement and a junior subordinated note purchase agreement; 
 (C) assisting in the sale of the Preferred Securities in one or more transactions exempt from registration under the Securities Act, and
in compliance with applicable state securities or blue sky laws; 
 (D) assisting in the sending of notices (other than
notices of default) and other information regarding the Trust Securities and the Notes to the Holders in accordance with this Trust Agreement; 
 (E) the appointment of a Paying Agent and Securities Registrar in accordance with this Trust Agreement; 
 (F) execution of the Trust Securities on behalf of the Trust in accordance with this Trust Agreement; 
 (G) execution and delivery of closing certificates, if any, pursuant to the Purchase Agreement and application for a taxpayer identification number for the Trust; 
  

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 (H) preparation and filing of all applicable tax returns and tax information reports that
are required to be filed on behalf of the Trust; 
 (I) establishing a record date with respect to all actions to be taken
hereunder that require a record date to be established, except as provided in Section 6.10(a); 
 (J) unless
otherwise required by the Delaware Statutory Trust Act to execute on behalf of the Trust (either acting alone or together with the other Administrative Trustees) any documents that such Administrative Trustee has the power to execute pursuant to
this Trust Agreement; and 
 (K) the taking of any action incidental to the foregoing as such Administrative Trustee may from
time to time determine is necessary or advisable to give effect to the terms of this Trust Agreement. 
 (ii) As among the
Trustees, the Property Trustee shall have the power, duty and authority to act on behalf of the Trust with respect to the following matters: 
 (A) the receipt and holding of legal title of the Notes; 
 (B) the establishment of the
Payment Account; 
 (C) the collection of interest, principal and any other payments made in respect of the Notes and the
holding of such amounts in the Payment Account; 
 (D) the distribution through the Paying Agent of amounts distributable to
the Holders in respect of the Trust Securities; 
 (E) the exercise of all of the rights, powers and privileges of a holder of
the Notes in accordance with the terms of this Trust Agreement; 
 (F) the sending of notices of default and other information
regarding the Trust Securities and the Notes to the Holders in accordance with this Trust Agreement; 
 (G) the distribution
of the Trust Property in accordance with the terms of this Trust Agreement; 
 (H) to the extent provided in this Trust
Agreement, the winding up of the affairs of and liquidation of the Trust, provided, that the Administrative Trustees shall have the power, duty and authority to act on behalf of the Trust with respect to the preparation, execution and filing
of the certificate of cancellation of the Trust with the Secretary of State of the State of Delaware; and 
 (I) the taking of
any action incidental to the foregoing as the Property Trustee may from time to time determine is necessary or advisable to give effect to the terms of this Trust Agreement and protect and conserve the Trust Property for the benefit of the Holders
(without consideration of the effect of any such action on any particular Holder). 
  

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 (b) In connection with the issue and sale of the Preferred Securities, the Depositor shall have the right
and responsibility to assist the Trust with respect to, or effect on behalf of the Trust, the following (and any actions taken by the Depositor in furtherance of the following prior to the date of this Trust Agreement are hereby ratified and
confirmed in all respects): 
 (i) the negotiation of the terms of, and the execution and delivery of, the Purchase Agreement
providing for the sale of the Preferred Securities in one or more transactions exempt from registration under the Securities Act, and in compliance with applicable state securities or blue sky laws; and 
 (ii) the taking of any other actions necessary or desirable to carry out any of the foregoing activities. 
 (c) Notwithstanding anything herein to the contrary, the Administrative Trustees are authorized and directed to conduct the affairs of the Trust and
authorized to operate the Trust so that the Trust will not be taxable as a corporation or classified as other than a grantor trust for U.S. federal income tax purposes, so that the Notes will be treated as indebtedness of the Depositor for U.S.
federal income tax purposes and so that the Trust will not be deemed to be an “investment company” required to be registered under the Investment Company Act. In respect thereof, each Administrative Trustee is authorized to take any
action, not inconsistent with applicable law, the Certificate of Trust or this Trust Agreement, that such Administrative Trustee determines in his or her discretion to be necessary or desirable for such purposes, as long as such action does not
adversely affect in any material respect the interests of the Holders of the Outstanding Preferred Securities. In no event shall the Administrative Trustees be liable to the Trust or the Holders for any failure to comply with this
Section 2.5 to the extent that such failure results solely from a change in law or regulation or in the interpretation thereof. 
 (d) Any action taken by a Trustee in accordance with its powers shall constitute the act of and serve to bind the Trust. In dealing with any Trustee acting on behalf of the Trust, no Person shall be required to inquire into the authority of
such Trustee to bind the Trust. Persons dealing with the Trust are entitled to rely conclusively on the power and authority of any Trustee as set forth in this Trust Agreement. 
 SECTION 2.6. Assets of Trust. 
 The
assets of the Trust shall consist of the Trust Property. 
 SECTION 2.7. Title to Trust Property. 
 (a) Legal title to all Trust Property shall be vested at all times in the Property Trustee and shall be held and administered by the Property Trustee in
trust for the benefit of the Trust and the Holders in accordance with this Trust Agreement. 
 (b) The Holders shall not have any right or
title to the Trust Property other than the undivided beneficial interest in the assets of the Trust conferred by their Trust Securities and 

  

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they shall have no right to call for any partition or division of property, profits or rights of the Trust except as described below. The Trust Securities
shall be personal property giving only the rights specifically set forth therein and in this Trust Agreement. 
 ARTICLE III 
 PAYMENT ACCOUNT; PAYING AGENTS 
 SECTION 3.1.
Payment Account. 
 (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee
and the Paying Agent shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and
other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Holders and for Distribution as herein provided. 
 (b) The Property Trustee shall deposit in the Payment Account, promptly upon receipt, all payments of principal of or interest on, and any other payments
with respect to, the Notes. Amounts held in the Payment Account shall not be invested by the Property Trustee pending distribution thereof. 
 SECTION 3.2. Appointment of Paying Agents. 
 The Paying Agent shall initially be the Property Trustee. The Paying Agent shall
make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment
Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as
Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be
revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an
instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled
thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property
Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed
hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  

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 ARTICLE IV 
 DISTRIBUTIONS; REDEMPTION 
 SECTION 4.1. Distributions. 
 (a) The Trust Securities represent undivided beneficial interests in the Trust Property, and Distributions (including any Additional Interest Amounts)
will be made on the Trust Securities at the rate and on the dates that payments of interest (including any Additional Interest) are made on the Notes. Accordingly: 
 (i) Distributions on the Trust Securities shall be cumulative, and shall accumulate whether or not there are funds of the Trust available
for the payment of Distributions. Distributions shall accumulate from July 26, 2006, and shall be payable quarterly in arrears on January 30, April 30, July 30 and October 30 of each year, commencing on
July 30, 2006. If any date on which a Distribution is otherwise payable on the Trust Securities is not a Business Day, then the payment of such Distribution shall be made on the next succeeding Business Day (and no interest shall accrue in
respect of the amounts whose payment is so delayed for the period from and after each such date until the next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case, with the same force and effect as if made on such date (each date on which Distributions are payable in accordance with this Section 4.1(a)(i), a “Distribution Date”);

 (ii) Distributions shall accumulate in respect of the Trust Securities at a fixed rate equal to 8.1025% per annum
through the interest payment date in July 2016 and thereafter at a variable rate equal to LIBOR plus 2.49% per annum of the Liquidation Amount of the Trust Securities, such rate being the rate of interest payable on the Notes. LIBOR shall be
determined by the Calculation Agent in accordance with Schedule A. During the Fixed Rate Period, the amount of Distributions payable for any period less than a full Distribution period shall be computed on the basis of a 360-day year of
twelve 30-day months and the amount payable for any partial period shall be computed on the basis of the number of days elapsed in a 360-day year of twelve 30-day months. Upon expiration of the Fixed Rate Period, the amount of interest payable for
any Distribution period will be computed on the basis of a 360-day year and the actual number of days elapsed in the relevant Distribution period. The amount of Distributions payable for any period shall include any Additional Interest Amounts in
respect of such period; and 
 (iii) Distributions on the Trust Securities shall be made by the Paying Agent from the Payment
Account and shall be payable on each Distribution Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Distributions. 
 (b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable to the Holders thereof as they appear on the Securities
Register for the Trust Securities at the close of business on the relevant record date, which shall be at the close of business on the 

  

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fifteenth day (whether or not a Business Day) preceding the relevant Distribution Date, except that Distributions and any Additional Interest Amounts payable
on the stated maturity (or any date of principal repayment upon early maturity) of the principal of a Trust Security or on a Redemption Date shall be paid to the Person to whom principal is paid. Distributions payable on any Trust Securities that
are not punctually paid on any Distribution Date as a result of the Depositor having failed to make an interest payment under the Notes will cease to be payable to the Person in whose name such Trust Securities are registered on the relevant record
date, and such defaulted Distributions and any Additional Interest Amounts will instead be payable to the Person in whose name such Trust Securities are registered on the special record date, or other specified date for determining Holders entitled
to such defaulted Distribution and Additional Interest Amount, established in the same manner, and on the same date, as such is established with respect to the Notes under the Indenture. 
 (c) As a condition to the payment of any principal of or interest on the Trust Securities without the imposition of withholding tax, the Administrative
Trustees shall require the previous delivery of properly completed and signed applicable U.S. federal income tax certifications (generally, an Internal Revenue Service Form W-9 (or applicable successor form) in the case of a person that is a
“United States person” within the meaning of Section 7701(a)(30) of the Code or an Internal Revenue Service Form W-8 (or applicable successor form) in the case of a person that is not a “United States person” within the
meaning of Section 7701(a)(30) of the Code) and any other certification acceptable to it to enable the Property Trustee or any Paying Agent to determine their respective duties and liabilities with respect to any taxes or other charges that
they may be required to pay, deduct or withhold in respect of such Trust Securities. 
 SECTION 4.2. Redemption. 
 (a) On each Note Redemption Date and on the stated maturity (or any date of principal repayment upon early maturity) of the Notes and on each other date
on (or in respect of) which any principal on the Notes is repaid, the Trust will be required to redeem a Like Amount of Trust Securities at the Redemption Price. 
 (b) Notice of redemption shall be given by the Property Trustee by first-class mail, postage prepaid, mailed not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date to each
Holder of Trust Securities to be redeemed, at such Holder’s address appearing in the Securities Register. All notices of redemption shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price or, if the Redemption Price cannot be
calculated prior to the time the notice is required to be sent, the estimate of the Redemption Price provided pursuant to the Indenture, as calculated by the Depositor, together with a statement that it is an estimate and that the actual Redemption
Price will be calculated by the Calculation Agent on the fifth Business Day prior to the Redemption Date (and if an estimate is provided, a further notice shall be sent of the actual Redemption Price on the date that such Redemption Price is
calculated); 
  

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 (iii) if less than all the Outstanding Trust Securities are to be redeemed, the
identification (and, in the case of partial redemption, the respective amounts) and Liquidation Amounts of the particular Trust Securities to be redeemed; 
 (iv) that on the Redemption Date, the Redemption Price will become due and payable upon each such Trust Security, or portion thereof, to be redeemed and that Distributions thereon will cease to accumulate on such
Trust Security or such portion, as the case may be, on and after said date, except as provided in Section 4.2(d); 
 (v) the place or places where the Trust Securities are to be surrendered for the payment of the Redemption Price; and 
 (vi) such other provisions as the Property Trustee deems relevant. 
 (c) The Trust Securities (or portion thereof) redeemed on each
Redemption Date shall be redeemed at the Redemption Price with the proceeds from the contemporaneous redemption or payment at maturity of Notes. Redemptions of the Trust Securities (or portion thereof) shall be made and the Redemption Price shall be
payable on each Redemption Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Redemption Price. Under the Indenture, the Notes may be redeemed by the Depositor on any Interest
Payment Date, at the Depositor’s option, on or after July 30, 2011, in whole or in part, from time to time at the Optional Note Redemption Price. The Notes may also be redeemed by the Depositor, at its option pursuant to the terms of the
Indenture, in whole but not in part, upon the occurrence and during the continuation of an Investment Company Event or a Tax Event, at the Special Note Redemption Price. 
 (d) If the Property Trustee gives a notice of redemption in respect of any Preferred Securities, then by 10:00 A.M., New York City time, on the Redemption Date, the Depositor shall deposit sufficient funds with the
Property Trustee to pay the Redemption Price. If such deposit has been made by such time, then by 12:00 noon, New York City time, on the Redemption Date, the Property Trustee will, with respect to Book-Entry Preferred Securities, irrevocably deposit
with the Depositary for such Book-Entry Preferred Securities, to the extent available therefor, funds sufficient to pay the applicable Redemption Price and will give such Depositary irrevocable instructions and authority to pay the Redemption Price
to the Holders of the Preferred Securities. With respect to Preferred Securities that are not Book-Entry Preferred Securities, the Property Trustee will irrevocably deposit with the Paying Agent, to the extent available therefor, funds sufficient to
pay the applicable Redemption Price and will give the Paying Agent irrevocable instructions and authority to pay the Redemption Price to the Holders of the Preferred Securities upon surrender of their Preferred Securities Certificates.
Notwithstanding the foregoing, Distributions payable on or prior to the Redemption Date for any Trust Securities (or portion thereof) called for redemption shall be payable to the Holders of such Trust Securities as they appear on the Securities
Register on the relevant record dates for the related Distribution Dates. If notice of redemption shall have been given and funds deposited as required, then upon the date of such deposit, all rights of Holders holding Trust Securities (or portion
thereof) so called for redemption will cease, except the right of such Holders to receive the Redemption Price and any Distribution payable in respect of the Trust Securities on or prior to the Redemption Date, but without interest, and, in the case
of a partial redemption, the right of 

  

 18 

 
such Holders to receive a new Trust Security or Securities of authorized denominations, in aggregate Liquidation Amount equal to the unredeemed portion of
such Trust Security or Securities, and such Securities (or portion thereof) called for redemption will cease to be Outstanding. In the event that any date on which any Redemption Price is payable is not a Business Day, then payment of the Redemption
Price payable on such date will be made on the next succeeding Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after each such date until the next succeeding Business Day),
except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on such date. In the event that payment of
the Redemption Price in respect of any Trust Securities (or portion thereof) called for redemption is improperly withheld or refused and not paid either by the Trust, Distributions on such Trust Securities (or portion thereof) will continue to
accumulate, as set forth in Section 4.1, from the Redemption Date originally established by the Trust for such Trust Securities (or portion thereof) to the date such Redemption Price is actually paid, in which case the actual payment
date will be the date fixed for redemption for purposes of calculating the Redemption Price. 
 (e) Subject to Section 4.3(a), if
less than all the Outstanding Trust Securities are to be redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities to be redeemed shall be allocated pro rata to the Common Securities and the Preferred Securities
based upon the relative aggregate Liquidation Amounts of the Common Securities and the Preferred Securities. The Preferred Securities to be redeemed shall be selected on a pro rata basis based upon their respective Liquidation Amounts not
more than sixty (60) days prior to the Redemption Date by the Property Trustee from the Outstanding Preferred Securities not previously called for redemption; provided, that with respect to Holders that would be required to hold less
than one hundred (100) but more than zero (0) Trust Securities as a result of such redemption, the Trust shall redeem Trust Securities of each such Holder so that after such redemption such Holder shall hold either one hundred
(100) Trust Securities or such Holder no longer holds any Trust Securities, and shall use such method (including, without limitation, by lot) as the Trust shall deem fair and appropriate; and provided,, further, that so long as
the Preferred Securities are Book-Entry Preferred Securities, such selection shall be made in accordance with the Applicable Depositary Procedures for the Preferred Securities by such Depositary. The Property Trustee shall promptly notify the
Securities Registrar in writing of the Preferred Securities (or portion thereof) selected for redemption and, in the case of any Preferred Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all purposes of
this Trust Agreement, unless the context otherwise requires, all provisions relating to the redemption of Preferred Securities shall relate, in the case of any Preferred Securities redeemed or to be redeemed only in part, to the portion of the
aggregate Liquidation Amount of Preferred Securities that has been or is to be redeemed. 
 (f) The Trust in issuing the Trust Securities may
use “CUSIP” numbers (if then generally in use), and, if so, the Property Trustee shall indicate the “CUSIP” numbers of the Trust Securities in notices of redemption and related materials as a convenience to Holders;
provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Trust Securities or as contained in any notice of redemption and related materials. 
  

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 SECTION 4.3. Subordination of Common Securities. 
 (a) Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the
Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective Trust Securities; provided, that if on any Distribution Date,
Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common
Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Interest Amounts)
on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities then called for
redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall have been made or provided for, and all funds immediately available to the Property
Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and
payable. 
 (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with
respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement
with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and
only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf. 
 SECTION 4.4.
Payment Procedures. 
 Payments of Distributions (including any Additional Interest Amounts), the Redemption Price, Liquidation Amount
or any other amounts in respect of the Preferred Securities shall be made by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing at least ten (10) Business Days prior to
the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such
address shall appear in the Securities Register. If any Preferred Securities are held by a Depositary, such Distributions thereon shall be made to the Depositary in immediately available funds. Payments in respect of the Common Securities shall be
made in such manner as shall be mutually agreed between the Property Trustee and the Holder of all the Common Securities. 
  

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 SECTION 4.5. Withholding Tax. 
 (a) The Trust and the Administrative Trustees shall comply with all withholding and backup withholding tax requirements under United States federal, state
and local law. The Administrative Trustees on behalf of the Trust shall request, and the Holders shall provide to the Trust, such forms or certificates as are necessary to establish an exemption from withholding and backup withholding tax with
respect to each Holder and any representations and forms as shall reasonably be requested by the Administrative Trustees on behalf of the Trust to assist it in determining the extent of, and in fulfilling, its withholding and backup withholding tax
obligations. The Administrative Trustees shall file required forms with applicable jurisdictions and, unless an exemption from withholding and backup withholding tax is properly established by a Holder, shall remit amounts withheld with respect to
the Holder to applicable jurisdictions. To the extent that the Trust is required to withhold and pay over any amounts to any jurisdiction with respect to Distributions or allocations to any Holder, the amount withheld shall be deemed to be a
Distribution in the amount of the withholding to the Holder. In the event of any claimed overwithholding, Holders shall be limited to an action against the applicable jurisdiction. If the amount required to be withheld was not withheld from actual
Distributions made, the Administrative Trustees on behalf of the Trust may reduce subsequent Distributions by the amount of such required withholding. 
 SECTION 4.6. Tax Returns and Other Reports. 
 The Administrative Trustees shall prepare (or cause to
be prepared) at the principal office of the Trust in the United States, as defined for purposes of Treasury regulations section 301.7701-7, at the Depositor’s expense, and file, all U.S. federal, state and local tax and information returns and
reports required to be filed by or in respect of the Trust. The Administrative Trustees shall prepare at the principal office of the Trust in the United States, as defined for purposes of Treasury regulations section 301.7701-7, and furnish (or
cause to be prepared and furnished), by January 31 in each taxable year of the Trust to each Holder all Internal Revenue Service forms and returns required to be provided by the Trust. The Administrative Trustees shall provide the Depositor,
Taberna Capital Management, LLC, and the Property Trustee with a copy of all such returns and reports promptly after such filing or furnishing. 
 SECTION 4.7. Payment of Taxes, Duties, Etc. of the Trust. 
 Upon receipt under the Notes of Additional Tax Sums and upon the
written direction of the Administrative Trustees, the Property Trustee shall promptly pay, solely out of monies on deposit pursuant to this Trust Agreement, any Additional Taxes imposed on the Trust by the United States or any other taxing
authority. 
 SECTION 4.8. Payments under Indenture or Pursuant to Direct Actions. 
 Any amount payable hereunder to any Holder of Preferred Securities shall be reduced by the amount of any corresponding payment such Holder (or any Owner
with respect thereto) has directly received pursuant to Section 5.8 of the Indenture or Section 6.10(b) of this Trust Agreement. 
  

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 SECTION 4.9. Exchanges. 
 (a) If at any time the Depositor or any of its Affiliates (in either case, a “Depositor Affiliate”) is the Owner or Holder of any Preferred
Securities, such Depositor Affiliate shall have the right to deliver to the Property Trustee all or such portion of its Preferred Securities as it elects and, subject to compliance with Section 2.2 and Section 3.5 of the Indenture,
receive, in exchange therefor, a Like Amount of Notes. Such election shall be exercisable effective on any Distribution Date by such Depositor Affiliate delivering to the Property Trustee (i) at least ten (10) Business Days prior to the
Distribution Date on which such exchange is to occur, the registration instructions and the documentation, if any, required pursuant to Section 2.2 and Section 3.5 of the Indenture to enable the Indenture Trustee to issue the requested
Like Amount of Notes, (ii) a written notice of such election specifying the Liquidation Amount of Preferred Securities with respect to which such election is being made and the Distribution Date on which such exchange shall occur, which
Distribution Date shall be not less than ten (10) Business Days after the date of receipt by the Property Trustee of such election notice and (iii) shall be conditioned upon such Depositor Affiliate having delivered or caused to be
delivered to the Property Trustee or its designee the Preferred Securities that are the subject of such election by 10:00 A.M. New York time, on the Distribution Date on which such exchange is to occur. After the exchange, such Preferred Securities
will be canceled and will no longer be deemed to be Outstanding and all rights of the Depositor Affiliate with respect to such Preferred Securities will cease. 
 (b) In the case of an exchange described in Section 4.9(a), the Property Trustee on behalf of the Trust will, on the date of such exchange, exchange Notes having a principal amount equal to a proportional
amount of the aggregate Liquidation Amount of the Outstanding Common Securities, based on the ratio of the aggregate Liquidation Amount of the Preferred Securities exchanged pursuant to Section 4.9(a) divided by the aggregate Liquidation
Amount of the Preferred Securities Outstanding immediately prior to such exchange, for such proportional amount of Common Securities held by the Depositor (which contemporaneously shall be canceled and no longer be deemed to be Outstanding);
provided, that the Depositor delivers or causes to be delivered to the Property Trustee or its designee the required amount of Common Securities to be exchanged by 10:00 A.M. New York time, on the Distribution Date on which such exchange is
to occur. 
 SECTION 4.10. Calculation Agent. 
 (a) The Calculation Agent may be removed by the Administrative Trustees at any time. Notwithstanding the foregoing, the Property Trustee shall initially, and, subject to the immediately following sentence, for so long
as it holds any of the Notes, be the Calculation Agent for purposes of determining LIBOR for each Distribution Date. If the Calculation Agent is unable or unwilling to act as such or is removed by the Administrative Trustees, the Administrative
Trustees will promptly appoint as a replacement Calculation Agent the London office of a leading bank which is engaged in transactions in three-month Eurodollar deposits in the international Eurodollar market and which does not control or is not
controlled by or under common control with the Administrative Trustee or its Affiliates. The Calculation Agent may not resign its duties without a successor having been duly appointed. 
  

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 (b) The Calculation Agent shall be required to agree that, as soon as possible after 11:00 a.m. (London
time) on each LIBOR Determination Date, but in no event later than 11:00 a.m. (London time) on the Business Day immediately following each LIBOR Determination Date, the Calculation Agent will calculate the interest rate (rounded to the nearest cent,
with half a cent being rounded upwards) for the related Distribution Date, and will communicate such rate and amount to the Depositor, the Administrative Trustees, the Note Trustee, each Paying Agent and the Depositary. The Calculation Agent will
also specify to the Administrative Trustee the quotations upon which the foregoing rates and amounts are based and, in any event, the Calculation Agent shall notify the Administrative Trustees before 5:00 p.m. (London time) on each LIBOR
Determination Date that either: (i) it has determined or is in the process of determining the foregoing rates and amounts or (ii) it has not determined and is not in the process of determining the foregoing rates and amounts, together with
its reasons therefor. The Calculation Agent’s determination of the foregoing rates and amounts for any Distribution Date will (in the absence of manifest error) be final and binding upon all parties. For the sole purpose of calculating the
interest rate for the Trust Securities, “Business Day” shall be defined as any day on which dealings in deposits in Dollars are transacted in the London interbank market. 
 SECTION 4.11. Certain Accounting Matters. 
 (a) At all times during the existence of the Trust, the Administrative Trustees shall keep, or cause to be kept at the principal office of the Trust in the United States, as defined for purposes of Treasury Regulations section 301.7701-7,
full books of account, records and supporting documents, which shall reflect in reasonable detail each transaction of the Trust. The books of account shall be maintained on the accrual method of accounting, in accordance with generally accepted
accounting principles, consistently applied. 
 (b) The Administrative Trustees shall either (i) if the Depositor is then subject to
such reporting requirements, cause each Form 10-K and Form 10-Q prepared by the Depositor and filed with the Commission in accordance with the Exchange Act to be delivered to each Holder, with a copy to the Property Trustee, within thirty
(30) days after the filing thereof or (ii) cause to be prepared at the principal office of the Trust in the United States, as defined for purposes of Treasury Regulations section 301.7701-7, and delivered to each of the Holders, with a
copy to the Property Trustee, within ninety (90) days after the end of each Fiscal Year, annual financial statements of the Trust, including a balance sheet of the Trust as of the end of such Fiscal Year, and the related statements of income or
loss. 
 (c) If the Depositor intends to file its annual and quarterly information with the Commission in electronic form pursuant to
Regulation S-T of the Commission using the Commission’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system, the Administrative Trustees shall notify the Property Trustee in the manner prescribed herein of each such
annual and quarterly filing. The Property Trustee is hereby authorized and directed to access the EDGAR system for purposes of retrieving the financial information so filed. Compliance with the foregoing shall constitute delivery by the
Administrative Trustees of its financial statements to the Property Trustee in compliance with the provisions of section 314(a) of the Trust Indenture Act, if applicable. The Property Trustee shall have no duty to search for or obtain any electronic
or other filings that the Depositor makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of reports, 

  

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information and documents to the Property Trustee pursuant to this Section 4.11(c) shall be solely for purposes of compliance with this
Section 4.11 and, if applicable, with Section 314(a) of the Trust Indenture Act. The Property Trustee’s receipt of such reports, information and documents shall not constitute notice to it of the content thereof or any matter
determinable from the content thereof, including the Depositor’s compliance with any of its covenants hereunder, as to which the Property Trustee is entitled to rely upon Officers’ Certificates. 
 (d) The Trust shall maintain one or more bank accounts in the United States, as defined for purposes of Treasury Regulations section 301.7701-7, in the
name and for the sole benefit of the Trust; provided,, however, that all payments of funds in respect of the Notes held by the Property Trustee shall be made directly to the Payment Account and no other funds of the Trust shall be
deposited in the Payment Account. The sole signatories for such accounts (including the Payment Account) shall be designated by the Property Trustee. 
 ARTICLE V 
 SECURITIES 
 SECTION 5.1. Initial Ownership. 
 Upon the creation of the Trust and the contribution by the Depositor
referred to in Section 2.3 and until the issuance of the Trust Securities, and at any time during which no Trust Securities are Outstanding, the Depositor shall be the sole beneficial owner of the Trust. 
 SECTION 5.2. Authorized Trust Securities. 
 The Trust shall be authorized to issue one series of Preferred Securities having an aggregate Liquidation Amount of $50,000,000 and one series of Common Securities having an aggregate Liquidation Amount of $1,550,000. 
 SECTION 5.3. Issuance of the Common Securities; Subscription and Purchase of Notes. 
 On the Closing Date, an Administrative Trustee, on behalf of the Trust, shall execute and deliver to the Depositor Common Securities Certificates,
registered in the name of the Depositor, evidencing an aggregate of One Thousand Five Hundred Fifty (1,550) Common Securities having an aggregate Liquidation Amount of One Million Five Hundred Fifty Thousand Dollars ($1,550,000), against
receipt by the Trust of the aggregate purchase price of such Common Securities of One Million Five Hundred Fifty Thousand Dollars ($1,550,000). Contemporaneously therewith and with the sale by the Trust to the Holders of an aggregate of Fifty
Thousand (50,000) Preferred Securities having an aggregate Liquidation Amount of Fifty Million Dollars ($50,000,000), an Administrative Trustee, on behalf of the Trust, shall purchase from the Depositor Notes, to be registered in the name of
the Property Trustee on behalf of the Trust and having an aggregate principal amount equal to Fifty One Million Five Hundred Fifty Thousand Dollars ($51,550,000), and, in satisfaction of the purchase price for such Notes, the Property Trustee, on
behalf of the Trust, shall deliver to the Depositor the sum of Fifty One Million Five Hundred Fifty Thousand Dollars ($51,550,000) (being the aggregate amount paid by the Holders for the Preferred Securities, and the amount paid by the Depositor for
the Common Securities). 
  

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 SECTION 5.4. The Securities Certificates. 
 (a) The Preferred Securities Certificates shall be issued in minimum denominations of $100,000 Liquidation Amount and integral multiples of $1,000 in
excess thereof, and the Common Securities Certificates shall be issued in minimum denominations of $10,000 Liquidation Amount and integral multiples of $1,000 in excess thereof. The Securities Certificates shall be executed on behalf of the Trust by
manual or facsimile signature of at least one Administrative Trustee. Securities Certificates bearing the signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign such Securities Certificates
on behalf of the Trust shall be validly issued and entitled to the benefits of this Trust Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the delivery of such Securities Certificates or
did not have such authority at the date of delivery of such Securities Certificates. 
 (b) On the Closing Date, upon the written order of an
authorized officer of the Depositor, the Administrative Trustees shall cause Securities Certificates to be executed on behalf of the Trust and delivered, without further corporate action by the Depositor, in authorized denominations. 
 (c) The Preferred Securities issued to QIBs/QPs shall be, except as provided in Section 5.6, Book-Entry Preferred Securities issued in the
form of one or more Global Preferred Securities registered in the name of the Depositary, or its nominee and deposited with the Depositary or a custodian for the Depositary for credit by the Depositary to the respective accounts of the Depositary
Participants thereof (or such other accounts as they may direct). The Preferred Securities issued to a Person other than a QIB/QP shall be issued in the form of Definitive Preferred Securities Certificates. 
 (d) A Preferred Security shall not be valid until authenticated by the manual signature of an authorized signatory of the Property Trustee. Such
signature shall be conclusive evidence that the Preferred Security has been authenticated under this Trust Agreement. Upon written order of the Trust signed by one Administrative Trustee, the Property Trustee shall authenticate the Preferred
Securities for original issue. The Property Trustee may appoint an authenticating agent that is a U.S. Person acceptable to the Trust to authenticate the Preferred Securities. A Common Security need not be so authenticated and shall be valid upon
execution by one or more Administrative Trustees. The form of this certificate of authentication can be found in Section 5.13. 
 SECTION 5.5. Rights of Holders. 
 The Trust Securities shall have no preemptive or similar rights and when issued and
delivered to Holders against payment of the purchase price therefor will be fully paid and non-assessable by the Trust. Except as provided in Section 5.11(b), the Holders of the Trust Securities, in their capacities as such, shall be
entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
  

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 SECTION 5.6. Book-Entry Preferred Securities. 
 (a) A Global Preferred Security may be exchanged, in whole or in part, for Definitive Preferred Securities Certificates registered in the names of the
Owners only if such exchange complies with Section 5.7 and (i) the Depositary advises the Administrative Trustees and the Property Trustee in writing that the Depositary is no longer willing or able properly to discharge its
responsibilities with respect to the Global Preferred Security, and no qualified successor is appointed by the Administrative Trustees within ninety (90) days of receipt of such notice, (ii) the Depositary ceases to be a clearing agency
registered under the Exchange Act and the Administrative Trustees fail to appoint a qualified successor within ninety (90) days of obtaining knowledge of such event, (iii) the Administrative Trustees at their option advise the Property
Trustee in writing that the Trust elects to terminate the book-entry system through the Depositary or (iv) a Note Event of Default has occurred and is continuing. Upon the occurrence of any event specified in clause (i), (ii), (iii) or
(iv) above, the Administrative Trustees shall notify the Depositary and instruct the Depositary to notify all Owners of Book-Entry Preferred Securities, the Delaware Trustee and the Property Trustee of the occurrence of such event and of the
availability of the Definitive Preferred Securities Certificates to Owners of the Preferred Securities requesting the same. Upon the issuance of Definitive Preferred Securities Certificates, the Trustees shall recognize the Holders of the Definitive
Preferred Securities Certificates as Holders. Notwithstanding the foregoing, if an Owner of a beneficial interest in a Global Preferred Security wishes at any time to transfer an interest in such Global Preferred Security to a Person other than a
QIB/QP, such transfer shall be effected, subject to the Applicable Depositary Procedures, in accordance with the provisions of this Section 5.6 and Section 5.7, and the transferee shall receive a Definitive Preferred
Securities Certificate in connection with such transfer. A holder of a Definitive Preferred Securities Certificate that is a QIB/QP may, upon request and in accordance with the provisions of this Section 5.6 and Section 5.7,
exchange such Definitive Preferred Securities Certificate for a beneficial interest in a Global Preferred Security. 
 (b) If any Global
Preferred Security is to be exchanged for Definitive Preferred Securities Certificates or canceled in part, or if any Definitive Preferred Securities Certificate is to be exchanged in whole or in part for any Global Preferred Security, then either
(i) such Global Preferred Security shall be so surrendered for exchange or cancellation as provided in this Article V or (ii) the aggregate Liquidation Amount represented by such Global Preferred Security shall be reduced, subject
to Section 5.4, or increased by an amount equal to the Liquidation Amount represented by that portion of the Global Preferred Security to be so exchanged or canceled, or equal to the Liquidation Amount represented by such Definitive
Preferred Securities Certificates to be so exchanged for any Global Preferred Security, as the case may be, by means of an appropriate adjustment made on the records of the Securities Registrar, whereupon the Property Trustee, in accordance with the
Applicable Depositary Procedures, shall instruct the Depositary or its authorized representative to make a corresponding adjustment to its records. Upon any such surrender to the Administrative Trustees or the Securities Registrar of any Global
Preferred Security or Securities by the Depositary, accompanied by registration instructions, the Administrative Trustees, or any one of them, shall execute the Definitive Preferred Securities Certificates in accordance with the instructions of the
Depositary. None of the Securities Registrar or the Trustees shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. 
  

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 (c) Every Definitive Preferred Securities Certificate executed and delivered upon registration or
transfer of, or in exchange for or in lieu of, a Global Preferred Security or any portion thereof shall be executed and delivered in the form of, and shall be, a Global Preferred Security, unless such Definitive Preferred Securities Certificate is
registered in the name of a Person other than the Depositary for such Global Preferred Security or a nominee thereof. 
 (d) The Depositary
or its nominee, as registered owner of a Global Preferred Security, shall be the Holder of such Global Preferred Security for all purposes under this Trust Agreement and the Global Preferred Security, and Owners with respect to a Global Preferred
Security shall hold such interests pursuant to the Applicable Depositary Procedures. The Securities Registrar and the Trustees shall be entitled to deal with the Depositary for all purposes of this Trust Agreement relating to the Global Preferred
Securities (including the payment of the Liquidation Amount of and Distributions on the Book-Entry Preferred Securities represented thereby and the giving of instructions or directions by Owners of Book-Entry Preferred Securities represented thereby
and the giving of notices) as the sole Holder of the Book-Entry Preferred Securities represented thereby and shall have no obligations to the Owners thereof. None of the Trustees nor the Securities Registrar shall have any liability in respect of
any transfers effected by the Depositary. 
 (e) The rights of the Owners of the Book-Entry Preferred Securities shall be exercised only
through the Depositary and shall be limited to those established by law, the Applicable Depositary Procedures and agreements between such Owners and the Depositary and/or the Depositary Participants; provided, that solely for the purpose of
determining whether the Holders of the requisite amount of Preferred Securities have voted on any matter provided for in this Trust Agreement, to the extent that Preferred Securities are represented by a Global Preferred Security, the Trustees may
conclusively rely on, and shall be fully protected in relying on, any written instrument (including a proxy) delivered to the Property Trustee by the Depositary setting forth the Owners’ votes or assigning the right to vote on any matter to any
other Persons either in whole or in part. To the extent that Preferred Securities are represented by a Global Preferred Security, the initial Depositary will make book-entry transfers among the Depositary Participants and receive and transmit
payments on the Preferred Securities that are represented by a Global Preferred Security to such Depositary Participants, and none of the Depositor or the Trustees shall have any responsibility or obligation with respect thereto. 
 (f) To the extent that a notice or other communication to the Holders is required under this Trust Agreement, for so long as Preferred Securities are
represented by a Global Preferred Security, the Trustees shall give all such notices and communications to the Depositary, and shall have no obligations to the Owners. 
 SECTION 5.7. Registration of Transfer and Exchange of Preferred Securities Certificates. 
 (a) The
Property Trustee shall keep or cause to be kept, at the Corporate Trust Office, a register or registers (the “Securities Register”) in which the registrar and transfer agent with respect to the Trust Securities (the “Securities
Registrar”), subject to such reasonable regulations as it may prescribe, shall provide for the registration of Preferred Securities Certificates and Common Securities Certificates and registration of transfers and exchanges of Preferred 

  

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Securities Certificates as herein provided. The Person acting as the Property Trustee shall at all times also be the Securities Registrar. The provisions of
Article VIII shall apply to the Property Trustee in its role as Securities Registrar. 
 (b) Subject to Section 5.7(d), upon
surrender for registration of transfer of any Preferred Securities Certificate at the office or agency maintained pursuant to Section 5.7(f), the Administrative Trustees or any one of them shall execute by manual or facsimile signature
and deliver to the Property Trustee, and the Property Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Preferred Securities Certificates in authorized denominations of a like aggregate
Liquidation Amount as may be required by this Trust Agreement dated the date of execution by such Administrative Trustee or Trustees. At the option of a Holder, Preferred Securities Certificates may be exchanged for other Preferred Securities
Certificates in authorized denominations and of a like aggregate Liquidation Amount upon surrender of the Preferred Securities Certificate to be exchanged at the office or agency maintained pursuant to Section 5.7(f). Whenever any
Preferred Securities Certificates are so surrendered for exchange, the Administrative Trustees or any one of them shall execute by manual or facsimile signature and deliver to the Property Trustee, and the Property Trustee shall authenticate and
deliver, the Preferred Securities Certificates that the Holder making the exchange is entitled to receive. 
 (c) The Securities Registrar
shall not be required, (i) to issue, register the transfer of or exchange any Preferred Security during a period beginning at the opening of business fifteen (15) days before the day of selection for redemption of such Preferred Securities
pursuant to Article IV and ending at the close of business on the day of mailing of the notice of redemption or (ii) to register the transfer of or exchange any Preferred Security so selected for redemption in whole or in part, except,
in the case of any such Preferred Security to be redeemed in part, any portion thereof not to be redeemed. 
 (d) Every Preferred Securities
Certificate presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Securities Registrar duly executed by the Holder or such
Holder’s attorney duly authorized in writing and accompanied by a certificate of the transferee substantially in the form set forth as Exhibit E hereto. 
 (e) No service charge shall be made for any registration of transfer or exchange of Preferred Securities Certificates, but the Property Trustee on behalf of the Trust may require payment of a sum sufficient to cover
any tax or governmental charge that may be imposed in connection with any transfer or exchange of Preferred Securities Certificates. 
 (f)
The Administrative Trustees shall designate an office or offices or agency or agencies where Preferred Securities Certificates may be surrendered for registration of transfer or exchange and initially designate the Corporate Trust Office as its
office and agency for such purposes. The Administrative Trustees shall give prompt written notice to the Depositor, the Property Trustee and to the Holders of any change in the location of any such office or agency. 
 (g) The Preferred Securities may only be transferred to a “Qualified Purchaser” as such term is defined in Section 2(a)(51) of the
Investment Company Act. 
  

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 (h) Neither the Trustee nor the Securities Registrar shall be responsible for ascertaining whether any
transfer hereunder complies with the registration provisions of or any exemptions from the Securities Act, applicable state securities laws or the applicable laws of any other jurisdiction, ERISA, the Code or the Investment Company Act;
provided, that if a certificate is specifically required by the express terms of this Section 5.7 to be delivered to the Trustee or the Securities Registrar by a Holder or transferee of a Security, the Trustee and the Securities
Registrar shall be under a duty to receive and examine the same to determine whether or not the certificate substantially conforms on its face to the requirements of this Indenture and shall promptly notify the party delivering the same if such
certificate does not comply with such terms. 
 SECTION 5.8. Mutilated, Destroyed, Lost or Stolen Securities Certificates. 

(a) If any mutilated Securities Certificate shall be surrendered to the Securities Registrar together with such security or indemnity as may be
required by the Securities Registrar to save each of the Trustees harmless, the Administrative Trustees, or any one of them, on behalf of the Trust, shall execute and make available for delivery in exchange therefor a new Securities Certificate of
like class, tenor and denomination. 
 (b) If the Securities Registrar shall receive evidence to its satisfaction of the destruction, loss or
theft of any Securities Certificate and there shall be delivered to the Securities Registrar such security or indemnity as may be required by it to save each of the Trustees harmless, then in the absence of notice that such Securities Certificate
shall have been acquired by a protected purchaser, the Administrative Trustees, or any one of them, on behalf of the Trust, shall execute and make available for delivery, and, with respect to Preferred Securities, the Property Trustee shall
authenticate, in exchange for or in lieu of any such destroyed, lost or stolen Securities Certificate, a new Securities Certificate of like class, tenor and denomination. 
 (c) In connection with the issuance of any new Securities Certificate under this Section 5.8, the Administrative Trustees or the Securities Registrar may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection therewith. 
 (d) Any duplicate Securities Certificate issued pursuant
to this Section 5.8 shall constitute conclusive evidence of an undivided beneficial interest in the assets of the Trust corresponding to that evidenced by the mutilated, lost, stolen or destroyed Securities Certificate, as if originally
issued, whether or not the lost, stolen or destroyed Securities Certificate shall be found at any time. 
 (e) If any such mutilated,
destroyed, lost or stolen Securities Certificate has become or is about to become due and payable, the Depositor in its discretion may provide the Administrative Trustee with the funds to pay such Trust Security and upon receipt of such funds, the
Administrative Trustee shall pay such Trust Security instead of issuing a new Securities Certificate. 
  

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 (f) The provisions of this Section 5.8 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement of mutilated, destroyed, lost or stolen Securities Certificates. 
 SECTION 5.9. Persons Deemed Holders. 
 The Trustees and the Securities Registrar shall each treat the Person in whose name
any Securities Certificate shall be registered in the Securities Register as the owner of such Securities Certificate for the purpose of receiving Distributions and for all other purposes whatsoever, and none of the Trustees and the Securities
Registrar shall be bound by any notice to the contrary. 
 SECTION 5.10. Cancellation. 
 All Preferred Securities Certificates surrendered for registration of transfer or exchange or for payment shall, if surrendered to any Person other than
the Property Trustee, be delivered to the Property Trustee, and any such Preferred Securities Certificates and Preferred Securities Certificates surrendered directly to the Property Trustee for any such purpose shall be promptly canceled by it. The
Administrative Trustees may at any time deliver to the Property Trustee for cancellation any Preferred Securities Certificates previously delivered hereunder that the Administrative Trustees may have acquired in any manner whatsoever, and all
Preferred Securities Certificates so delivered shall be promptly canceled by the Property Trustee. No Preferred Securities Certificates shall be executed and delivered in lieu of or in exchange for any Preferred Securities Certificates canceled as
provided in this Section 5.10, except as expressly permitted by this Trust Agreement. All canceled Preferred Securities Certificates shall be retained by the Property Trustee in accordance with its customary practices. 
 SECTION 5.11. Ownership of Common Securities by Depositor. 
 (a) On the Closing Date, the Depositor shall acquire, and thereafter shall retain, beneficial and record ownership of the Common Securities. Neither the Depositor nor any successor Holder of the Common Securities may
transfer less than all the Common Securities, and the Depositor or any such successor Holder may transfer the Common Securities only (i) in connection with a consolidation or merger of the Depositor into another Person, or any conveyance,
transfer or lease by the Depositor of its properties and assets substantially as an entirety to any Person (in which event such Common Securities will be transferred to such surviving entity, transferee or lessee, as the case may be), pursuant to
Section 8.1 of the Indenture or (ii) to the Depositor or an Affiliate of the Depositor, in each such case in compliance with applicable law (including the Securities Act, and applicable state securities and blue sky laws). To the fullest
extent permitted by law, any attempted transfer of the Common Securities other than as set forth in the immediately preceding sentence shall be void. The Administrative Trustees shall cause each Common Securities Certificate issued to the Depositor
to contain a legend stating substantially “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE TRUST AGREEMENT.” 
 (b) Any Holder of the Common Securities shall be liable for the debts and obligations of the Trust in the manner and to the extent set forth with respect
to the Depositor and agrees that 

  

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it shall be subject to all liabilities to which the Depositor may be subject and, prior to becoming such a Holder, shall deliver to the Administrative
Trustees an instrument of assumption satisfactory to such Trustees. 
 SECTION 5.12. Restricted Legends. 
 (a) Each Preferred Security Certificate shall bear a legend in substantially the following form: 
 “[IF THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF
DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
TO CBRE REALTY FINANCE TRUST I OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE
ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT. 
  

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 THE HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE
TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A OF THE SECURITIES ACT) AND A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED), (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
REGULATION S UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (V) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, AND (B) THE HOLDER WILL NOTIFY ANY
PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
 THE PREFERRED SECURITIES WILL BE
ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST THEREIN, IN A BLOCK HAVING AN
AGGREGATE LIQUIDATION AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO
BE THE HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO
INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES. 
 THE HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF
ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON
INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND
HOLDING THEREOF THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 

  

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OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF
ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE.” 
 (b) The above legend shall not be removed from any of the Preferred
Securities Certificates unless there is delivered to the Property Trustee and the Depositor satisfactory evidence, which may include an opinion of counsel, as may be reasonably required to ensure that any future transfers thereof may be made without
restriction under the provisions of the Securities Act and other applicable law. Upon provision of such satisfactory evidence, one or more of the Administrative Trustees on behalf of the Trust shall execute and deliver to the Property Trustee, and
the Property Trustee shall deliver, at the written direction of the Administrative Trustees and the Depositor, Preferred Securities Certificates that do not bear the legend. 
 SECTION 5.13. Form of Certificate of Authentication. 
 The Property Trustee’s certificate of authentication shall be in substantially the following form: 
 This is one of the Preferred Securities referred to in the within-mentioned Trust Agreement. 
  

			
	 Dated:
	  	 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

		  	 not in its individual capacity, but solely as Property Trustee

		  	 By:                                      
                                        
                               

		  	           Authorized signatory

 ARTICLE VI 
 MEETINGS; VOTING; ACTS OF HOLDERS 
 SECTION 6.1. Notice of Meetings. 
 Notice of all meetings of the Holders of the Preferred Securities, stating the time, place and purpose of the meeting, shall be given by the Property
Trustee pursuant to Section 10.8 to each Holder of Preferred Securities, at such Holder’s registered address, at least fifteen (15) days and not more than ninety (90) days before the meeting. At any such meeting, any
business properly before the meeting may be so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be held as adjourned without further notice. 
 SECTION 6.2. Meetings of Holders of the Preferred Securities. 
 (a) No annual meeting of Holders is required to be held. The Property Trustee, however, shall call a meeting of the Holders of the Preferred Securities to vote on any matter upon the written request of the Holders of
at least twenty five percent (25%) in aggregate Liquidation Amount of the Outstanding Preferred Securities and the Administrative Trustees or 

  

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the Property Trustee may, at any time in their discretion, call a meeting of the Holders of the Preferred Securities to vote on any matters as to which such
Holders are entitled to vote. 
 (b) The Holders of at least a Majority in Liquidation Amount of the Preferred Securities, present in person
or by proxy, shall constitute a quorum at any meeting of the Holders of the Preferred Securities. 
 (c) If a quorum is present at a meeting,
an affirmative vote by the Holders present, in person or by proxy, holding Preferred Securities representing at least a Majority in Liquidation Amount of the Preferred Securities held by the Holders present, either in person or by proxy, at such
meeting shall constitute the action of the Holders of the Preferred Securities, unless this Trust Agreement requires a lesser or greater number of affirmative votes. 
 SECTION 6.3. Voting Rights. 
 Holders shall be entitled to one vote for each $10,000 of Liquidation
Amount represented by their Outstanding Trust Securities in respect of any matter as to which such Holders are entitled to vote. 
 SECTION
6.4. Proxies, Etc. 
 At any meeting of Holders, any Holder entitled to vote thereat may vote by proxy, provided, that no proxy
shall be voted at any meeting unless it shall have been placed on file with the Administrative Trustees, or with such other officer or agent of the Trust as the Administrative Trustees may direct, for verification prior to the time at which such
vote shall be taken. Pursuant to a resolution of the Property Trustee, proxies may be solicited in the name of the Property Trustee or one or more officers of the Property Trustee. Only Holders of record shall be entitled to vote. When Trust
Securities are held jointly by several Persons, any one of them may vote at any meeting in person or by proxy in respect of such Trust Securities, but if more than one of them shall be present at such meeting in person or by proxy, and such joint
owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Trust Securities. A proxy purporting to be executed by or on behalf of a Holder shall be deemed valid unless challenged at or
prior to its exercise, and the burden of proving invalidity shall rest on the challenger. No proxy shall be valid more than three years after its date of execution. 
 SECTION 6.5. Holder Action by Written Consent. 
 Any action that may be taken by Holders at a meeting
may be taken without a meeting and without prior notice if Holders holding at least a Majority in Liquidation Amount of all Preferred Securities entitled to vote in respect of such action (or such lesser or greater proportion thereof as shall be
required by any other provision of this Trust Agreement) shall consent to the action in writing; provided, that notice of such action is promptly provided to the Holders of Preferred Securities that did not consent to such action. Any action
that may be taken by the Holders of all the Common Securities may be taken without a meeting and without prior notice if such Holders shall consent to the action in writing. 
  

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 SECTION 6.6. Record Date for Voting and Other Purposes. 
 Except as provided in Section 6.10(a), for the purposes of determining the Holders who are entitled to notice of, and to vote, at any meeting
or to act by written consent, or to participate in any distribution on the Trust Securities in respect of which a record date is not otherwise provided for in this Trust Agreement, or for the purpose of any other action, the Administrative Trustees
may from time to time fix a date, not more than ninety (90) days prior to the date of any meeting of Holders or the payment of a Distribution or other action, as the case may be, as a record date for the determination of the identity of the
Holders of record for such purposes. 
 SECTION 6.7. Acts of Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Trust Agreement to be given, made
or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent thereof duly appointed in writing; and, except as otherwise expressly provided herein,
such action shall become effective when such instrument or instruments are delivered to an Administrative Trustee. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Trust Agreement and conclusive in favor of
the Trustees, if made in the manner provided in this Section 6.7. 
 (b) The fact and date of the execution by any Person of any
such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such
instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such
signer’s authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that any Trustee receiving the same deems sufficient.

 (c) The ownership of Trust Securities shall be proved by the Securities Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Trust Security shall bind every future
Holder of the same Trust Security and the Holder of every Trust Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustees, the
Administrative Trustees or the Trust in reliance thereon, whether or not notation of such action is made upon such Trust Security. 
 (e)
Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Trust Security may do so with regard to all or any part of the Liquidation Amount of such Trust Security or by one or more duly
appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such Liquidation Amount. 
  

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 (f) If any dispute shall arise among the Holders or the Trustees with respect to the authenticity,
validity or binding nature of any request, demand, authorization, direction, notice, consent, waiver or other Act of such Holder or Trustee under this Article VI, then the determination of such matter by the Property Trustee shall be
conclusive with respect to such matter. 
 SECTION 6.8. Inspection of Records. 
 Upon reasonable written notice to the Administrative Trustees and the Property Trustee, the records of the Trust shall be open to inspection by any Holder
during normal business hours for any purpose reasonably related to such Holder’s interest as a Holder. 
 SECTION 6.9. Limitations on
Voting Rights. 
 (a) Except as expressly provided in this Trust Agreement and in the Indenture and as otherwise required by law, no
Holder of Preferred Securities shall have any right to vote or in any manner otherwise control the administration, operation and management of the Trust or the obligations of the parties hereto, nor shall anything herein set forth, or contained in
the terms of the Securities Certificates, be construed so as to constitute the Holders from time to time as partners or members of an association. 
 (b) So long as any Notes are held by the Property Trustee on behalf of the Trust, the Property Trustee shall not (i) direct the time, method and place of conducting any proceeding for any remedy available to the Note Trustee, or
exercise any trust or power conferred on the Property Trustee with respect to the Notes, (ii) waive any past default that may be waived under Section 5.13 of the Indenture or waive compliance with any covenant or condition under
Section 10.7 of the Indenture, (iii) exercise any right to rescind or annul a declaration that the principal of all the Notes shall be due and payable or (iv) consent to any amendment, modification or termination of the Indenture or
the Notes, where such consent shall be required, without, in each case, obtaining the prior approval of the Holders of at least a Majority in Liquidation Amount of the Preferred Securities; provided, that where a consent under the Indenture
would require the consent of each holder of Notes (or each Holder of Preferred Securities) affected thereby, no such consent shall be given by the Property Trustee without the prior written consent of each Holder of Preferred Securities. The
Property Trustee shall not revoke any action previously authorized or approved by a vote of the Holders of the Preferred Securities, except by a subsequent vote of the Holders of the Preferred Securities. In addition to obtaining the foregoing
approvals of the Holders of the Preferred Securities, prior to taking any of the foregoing actions, the Property Trustee shall, at the expense of the Depositor, obtain an Opinion of Counsel experienced in such matters to the effect that such action
shall not cause the Trust to be taxable as a corporation or classified as other than a grantor trust for U.S. federal income tax purposes. 
 (c) If any proposed amendment to the Trust Agreement provides for, or the Trustees otherwise propose to effect, (i) any action that would adversely affect in any material respect the powers, preferences or special rights of the
Preferred Securities, whether by way of amendment 

  

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to the Trust Agreement or otherwise or (ii) the dissolution, winding-up or termination of the Trust, other than pursuant to the terms of this Trust
Agreement, then the Holders of Outstanding Preferred Securities as a class will be entitled to vote on such amendment or proposal and such amendment or proposal shall not be effective except with the approval of the Holders of at least a Majority in
Liquidation Amount of the Preferred Securities. Notwithstanding any other provision of this Trust Agreement, no amendment to this Trust Agreement may be made if, as a result of such amendment, it would cause the Trust to be taxable as a corporation
or classified as other than a grantor trust for U.S. federal income tax purposes. 
 SECTION 6.10. Acceleration of Maturity; Rescission of
Annulment; Waivers of Past Defaults. 
 (a) For so long as any Preferred Securities remain Outstanding, if, upon a Note Event of Default,
the Note Trustee fails or the holders of not less than twenty five percent (25%) in principal amount of the outstanding Notes fail to declare the principal of all of the Notes to be immediately due and payable, the Holders of at least twenty
five percent (25%) in Liquidation Amount of the Preferred Securities then Outstanding shall have the right to make such declaration by a notice in writing to the Property Trustee, the Depositor and the Note Trustee. At any time after a
declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Note Trustee as provided in the Indenture, the Holders of at least a Majority in Liquidation
Amount of the Preferred Securities, by written notice to the Property Trustee, the Depositor and the Note Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Depositor has paid or deposited with the Note Trustee a sum sufficient to pay: 
 (A) all overdue installments of interest on all of the Notes; 
 (B) any accrued Additional Interest on all of the Notes; 
 (C) the principal of and premium, if any, on any Notes that have become due otherwise than by such declaration of acceleration and
interest and Additional Interest thereon at the rate borne by the Notes; and 
 (D) all sums paid or advanced by the Note
Trustee under the Indenture and the reasonable compensation, expenses, disbursements and advances of the Note Trustee, the Property Trustee and their agents and counsel; and 
 (ii) all Note Events of Default, other than the non-payment of the principal of the Notes that has become due solely by such acceleration,
have been cured or waived as provided in Section 5.13 of the Indenture. 
 Upon receipt by the Property Trustee of written notice
requesting such an acceleration, or rescission and annulment thereof, by Holders of any part of the Preferred Securities, a record date shall be established for determining Holders of Outstanding Preferred Securities entitled to join in such notice,
which record date shall be at the close of business on the day the Property Trustee receives such notice. The Holders on such record date, or their duly designated proxies, 

  

 37 

 
and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders after such record date; provided, that,
unless such declaration of acceleration, or rescission and annulment, as the case may be, shall have become effective by virtue of the requisite percentage having joined in such notice prior to the day that is ninety (90) days after such record
date, such notice of declaration of acceleration, or rescission and annulment, as the case may be, shall automatically and without further action by any Holder be canceled and of no further effect. Nothing in this paragraph shall prevent a Holder,
or a proxy of a Holder, from giving, after expiration of such ninety (90)-day period, a new written notice of declaration of acceleration, or rescission and annulment thereof, as the case may be, that is identical to a written notice that has been
canceled pursuant to the proviso to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this Section 6.10(a). 
 (b) For so long as any Preferred Securities remain Outstanding, to the fullest extent permitted by law and subject to the terms of this Trust Agreement
and the Indenture, upon a Note Event of Default specified in paragraph (a) or (b) of Section 5.1 of the Indenture, any Holder of Preferred Securities shall have the right to institute a proceeding directly against the Depositor,
pursuant to Section 5.8 of the Indenture, for enforcement of payment to such Holder of any amounts payable in respect of Notes having an aggregate principal amount equal to the aggregate Liquidation Amount of the Preferred Securities of such
Holder. Except as set forth in Section 6.10(a) and this Section 6.10(b), the Holders of Preferred Securities shall have no right to exercise directly any right or remedy available to the holders of, or in respect of, the
Notes. 
 (c) Notwithstanding paragraphs (a) and (b) of this Section 6.10, the Holders of at least a Majority in
Liquidation Amount of the Preferred Securities may, on behalf of the Holders of all the Preferred Securities, waive any Note Event of Default, except any Note Event of Default arising from the failure to pay any principal of or premium, if any, or
interest (including any Additional Interest) on the Notes (unless such Note Event of Default has been cured and a sum sufficient to pay all matured installments of interest and all principal and premium, if any, on all Notes due otherwise than by
acceleration has been deposited with the Note Trustee) or a Note Event of Default in respect of a covenant or provision that under the Indenture cannot be modified or amended without the consent of the holder of each outstanding Note. Upon any such
waiver, such Note Event of Default shall cease to exist and any Note Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Indenture; but no such waiver shall affect any subsequent Note Event of Default or
impair any right consequent thereon. 
 (d) Notwithstanding paragraphs (a) and (b) of this Section 6.10, the Holders of
at least a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the Holders of all the Preferred Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon.

 (e) The Holders of a Majority in Liquidation Amount of the Preferred Securities shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Property Trustee in respect of this Trust Agreement or the Notes or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement; provided,  

  

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that, subject to Section 8.5 and Section 8.7, the Property Trustee shall have the right to decline to follow any such direction if
the Property Trustee being advised by counsel determines that the action so directed may not lawfully be taken, or if the Property Trustee in good faith shall, by an officer or officers of the Property Trustee, determine that the proceedings so
directed would be illegal or involve it in personal liability or be unduly prejudicial to the rights of Holders not party to such direction, and provided,, further, that nothing in this Trust Agreement shall impair the right of the
Property Trustee to take any action deemed proper by the Property Trustee and which is not inconsistent with such direction. 
 ARTICLE VII

 REPRESENTATIONS AND WARRANTIES 
 SECTION 7.1. Representations and Warranties of the Property Trustee and the Delaware Trustee. 
 The Property Trustee and the
Delaware Trustee, each severally on behalf of and as to itself, hereby represents and warrants for the benefit of the Depositor and the Holders that: 
 (a) the Property Trustee is a national banking association, duly organized and validly existing under the laws of the United States; 
 (b) the Property Trustee has full corporate power, authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution,
delivery and performance by it of this Trust Agreement; 
 (c) the Delaware Trustee is a national banking association, duly formed and
validly existing under the laws of the United States; 
 (d) the Delaware Trustee has full corporate power, authority and legal right to
execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
 (e) this Trust Agreement has been duly authorized, executed and delivered by the Property Trustee and the Delaware Trustee and constitutes the legal,
valid and binding agreement of each of the Property Trustee and the Delaware Trustee enforceable against each of them in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws affecting creditors’ rights generally and to general principles of equity; 
 (f) the execution, delivery and performance
of this Trust Agreement have been duly authorized by all necessary corporate or other action on the part of the Property Trustee and the Delaware Trustee and do not require any approval of stockholders of the Property Trustee and the Delaware
Trustee and such execution, delivery and performance will not (i) violate the Restated Organization Certificate or Articles of Association, as applicable, or By-laws of the Property Trustee or the Delaware Trustee, (ii) violate any
provision of, or constitute, with or without notice or lapse of time, a default under, or result in the imposition of any lien on any 

  

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properties included in the Trust Property pursuant to the provisions of any indenture, mortgage, credit agreement, license or other agreement or instrument
to which the Property Trustee or the Delaware Trustee is a party or by which it is bound, or (iii) violate any applicable law, governmental rule or regulation of the United States or the State of Delaware, as the case may be, governing the
banking, trust or general powers of the Property Trustee or the Delaware Trustee or any order, judgment or decree applicable to the Property Trustee or the Delaware Trustee; 
 (g) neither the authorization, execution or delivery by the Property Trustee or the Delaware Trustee of this Trust Agreement nor the consummation of any
of the transactions by the Property Trustee or the Delaware Trustee contemplated herein requires the consent or approval of, the giving of notice to, the registration with or the taking of any other action with respect to any governmental authority
or agency under any existing law of the United States or the State of Delaware governing the banking, trust or general powers of the Property Trustee or the Delaware Trustee, as the case may be; and 
 (h) to the best of each of the Property Trustee’s and the Delaware Trustee’s knowledge, there are no proceedings pending or threatened against
or affecting the Property Trustee or the Delaware Trustee in any court or before any governmental authority, agency or arbitration board or tribunal that, individually or in the aggregate, would materially and adversely affect the Trust or would
question the right, power and authority of the Property Trustee or the Delaware Trustee, as the case may be, to enter into or perform its obligations as one of the Trustees under this Trust Agreement. 
 SECTION 7.2. Representations and Warranties of Depositor. 
 The Depositor hereby represents and warrants for the benefit of the Holders and the Trustees that: 
 (a) the
Depositor is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation; 
 (b) the
Depositor has full corporate power, authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust
Agreement; 
 (c) this Trust Agreement has been duly authorized, executed and delivered by the Depositor and constitutes the legal, valid and
binding agreement of the Depositor enforceable against the Depositor in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity;

 (d) the Securities Certificates issued at the Closing Date on behalf of the Trust have been duly authorized and will have been duly and
validly executed, issued and delivered by the applicable Trustees pursuant to the terms and provisions of, and in accordance with the requirements of, this Trust Agreement and the Holders will be, as of such date, entitled to the benefits of this
Trust Agreement; 
  

 40 

 (e) the execution, delivery and performance of this Trust Agreement has been duly authorized by all
necessary corporate or other action on the part of the Depositor and does not require any approval of stockholders of the Depositor and such execution, delivery and performance will not (i) violate the articles or certificate of incorporation
or by-laws (or other organizational documents) of the Depositor or violate any applicable law, governmental rule or regulation governing the Depositor or any material portion of its property or any order, judgment or decree applicable to the
Depositor or any material portion of its property; 
 (f) neither the authorization, execution or delivery by the Depositor of this Trust
Agreement nor the consummation of any of the transactions by the Depositor contemplated herein requires the consent or approval of, the giving of notice to, the registration with or the taking of any other action with respect to any governmental
authority or agency under any existing law governing the Depositor or any material portion of its property; and 
 (g) there are no
proceedings pending or, to the best of the Depositor’s knowledge, threatened against or affecting the Depositor or any material portion of its property in any court or before any governmental authority, agency or arbitration board or tribunal
that, individually or in the aggregate, would materially and adversely affect the Trust or would question the right, power and authority of the Depositor, as the case may be, to enter into or perform its obligations under this Trust Agreement.

 ARTICLE VIII 
 THE TRUSTEES

 SECTION 8.1. Number of Trustees. 
 The number of Trustees shall be five (5); provided, that the Property Trustee and the Delaware Trustee may be the same Person, in which case the number of Trustees shall be four (4). The number of Trustees may
be increased or decreased by Act of the Holder of the Common Securities subject to Section 8.2, Section 8.3, and Section 8.4. The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to
perform the duties of a Trustee shall not operate to annul, dissolve or terminate the Trust. 
 SECTION 8.2. Property Trustee
Required. 
 There shall at all times be a Property Trustee hereunder with respect to the Trust Securities. The Property Trustee shall be
a corporation organized and doing business under the laws of the United States or of any state thereof, authorized to exercise corporate trust powers, having a combined capital and surplus of at least fifty million dollars ($50,000,000), subject to
supervision or examination by federal or state authority and having an office within the United States. If any such Person publishes reports of condition at least annually pursuant to law or to the requirements of its supervising or examining
authority, then for the purposes of this Section 8.2, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time
the Property Trustee shall cease to be eligible in accordance with the provisions of this Section 8.2, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VIII. 
  

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 SECTION 8.3. Delaware Trustee Required. 
 (a) If required by the Delaware Statutory Trust Act, there shall at all times be a Delaware Trustee with respect to the Trust Securities. The Delaware
Trustee shall either be (i) a natural person who is at least 21 years of age and a resident of the State of Delaware or (ii) a legal entity that has its principal place of business in the State of Delaware, otherwise meets the requirements
of applicable Delaware law and shall act through one or more persons authorized to bind such entity. If at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of this Section 8.3, it shall resign
immediately in the manner and with the effect hereinafter specified in this Article VIII. The Delaware Trustee shall have the same rights, privileges and immunities as the Property Trustee. 
 (b) The Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities, of the
Property Trustee or the Administrative Trustees set forth herein. The Delaware Trustee shall be one of the trustees of the Trust for the sole and limited purpose of fulfilling the requirements of Section 3807 of the Delaware Statutory Trust Act
and for taking such actions as are required to be taken by a Delaware trustee under the Delaware Statutory Trust Act. The duties (including fiduciary duties), liabilities and obligations of the Delaware Trustee shall be limited to (a) accepting
legal process served on the Trust in the State of Delaware and (b) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware that the Delaware Trustee is required to execute under
Section 3811 of the Delaware Statutory Trust Act and there shall be no other duties (including fiduciary duties) or obligations, express or implied, at law or in equity, of the Delaware Trustee. 
 SECTION 8.4. Appointment of Administrative Trustees. 
 (a) There shall at all times be one or more Administrative Trustees hereunder with respect to the Trust Securities. Each Administrative Trustee shall be either a natural person who is at least 21 years of age or a
legal entity that shall act through one or more persons authorized to bind that entity. Each of the individuals identified as an “Administrative Trustee” in the preamble of this Trust Agreement hereby accepts his or her appointment as
such. 
 (b) Except where a requirement for action by a specific number of Administrative Trustees is expressly set forth in this Trust
Agreement, any act required or permitted to be taken by, and any power of the Administrative Trustees may be exercised by, or with the consent of, any one such Administrative Trustee. Whenever a vacancy in the number of Administrative Trustees shall
occur, until such vacancy is filled by the appointment of an Administrative Trustee in accordance with Section 8.11, the Administrative Trustees in office, regardless of their number (and notwithstanding any other provision of this Trust
Agreement), shall have all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this Trust Agreement. 
  

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 SECTION 8.5. Duties and Responsibilities of the Trustees. 
 (a) The rights, immunities, duties and responsibilities of the Trustees shall be as provided by this Trust Agreement and there shall be no other duties
(including fiduciary duties) or obligations, express or implied, at law or in equity, of the Trustees; provided,, however, that if an Event of Default known to the Property Trustee has occurred and is continuing, the Property Trustee
shall, prior to the receipt of directions, if any, from the Holders of at least a Majority in Liquidation Amount of the Preferred Securities, exercise such of the rights and powers vested in it by this Trust Agreement, and use the same degree of
care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. Notwithstanding the foregoing, no provision of this Trust Agreement shall require any of the Trustees
to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its or their rights or powers, if it or they shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not herein expressly so provided, every provision of this Trust Agreement relating to the conduct or affecting the liability of
or affording protection to the Trustees shall be subject to the provisions of this Section 8.5. Nothing in this Trust Agreement shall be construed to release any Administrative Trustee from liability for his or her own negligent action,
negligent failure to act; or his or her own willful misconduct. To the extent that, at law or in equity, a Trustee has duties and liabilities relating to the Trust or to the Holders, such Trustee shall not be liable to the Trust or to any Holder for
such Trustee’s good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Trustees otherwise existing at law or in equity, are agreed
by the Depositor and the Holders to replace such other duties and liabilities of the Trustees. 
 (b) All payments made by the Property
Trustee or a Paying Agent in respect of the Trust Securities shall be made only from the revenue and proceeds from the Trust Property and only to the extent that there shall be sufficient revenue or proceeds from the Trust Property to enable the
Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each Holder, by its acceptance of a Trust Security, agrees that it will look solely to the revenue and proceeds from the Trust Property to the extent legally
available for distribution to it as herein provided and that the Trustees are not personally liable to it for any amount distributable in respect of any Trust Security or for any other liability in respect of any Trust Security. This
Section 8.5(b) does not limit the liability of the Trustees expressly set forth elsewhere in this Trust Agreement. 
 (c) No
provisions of this Trust Agreement shall be construed to relieve the Property Trustee from liability with respect to matters that are within the authority of the Property Trustee under this Trust Agreement for its own negligent action, negligent
failure to act or willful misconduct, except that: 
 (i) the Property Trustee shall not be liable for any error or judgment
made in good faith by an authorized officer of the Property Trustee, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent facts; 
  

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 (ii) the Property Trustee shall not be liable with respect to any action taken or omitted
to be taken by it in good faith in accordance with the direction of the Holders of at least a Majority in Liquidation Amount of the Preferred Securities relating to the time, method and place of conducting any proceeding for any remedy available to
the Property Trustee hereunder or under the Indenture, or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement; 
 (iii) the Property Trustee’s sole duty with respect to the custody, safe keeping and physical preservation of the Notes and the Payment Account shall be to deal with such Property in a similar manner as the
Property Trustee deals with similar property for its own account, subject to the protections and limitations on liability afforded to the Property Trustee under this Trust Agreement; 
 (iv) the Property Trustee shall not be liable for any interest on any money received by it except as it may otherwise agree in writing
with the Depositor; and money held by the Property Trustee need not be segregated from other funds held by it except in relation to the Payment Account maintained by the Property Trustee pursuant to Section 3.1 and except to the extent
otherwise required by law; and 
 (v) the Property Trustee shall not be responsible for monitoring the compliance by the
Administrative Trustees or the Depositor with their respective duties under this Trust Agreement, nor shall the Property Trustee be liable for the default or misconduct of any other Trustee or the Depositor. 
 SECTION 8.6. Notices of Defaults and Extensions. 
 (a) Within ninety (90) days after the occurrence of a default actually known to the Property Trustee, the Property Trustee shall transmit notice of such default to the Holders, the Administrative Trustees and the
Depositor, unless such default shall have been cured or waived. For the purpose of this Section 8.6, the term “default” means any event that is, or after notice or lapse of time or both would become, an Event of Default.

 (b) The Property Trustee shall not be charged with knowledge of any Event of Default unless either (i) a Responsible Officer of the
Property Trustee shall have actual knowledge or (ii) the Property Trustee shall have received written notice thereof from the Depositor, an Administrative Trustee or a Holder. 
 (c) The Property Trustee shall notify all Holders of the Preferred Securities of any notice of default received with respect to the Notes. 
 SECTION 8.7. Certain Rights of Property Trustee. 
 Subject to the provisions of Section 8.5: 
 (a) the Property Trustee may
conclusively rely and shall be protected in acting or refraining from acting in good faith and in accordance with the terms hereof upon any resolution, Opinion of Counsel, certificate, written representation of a Holder or transferee, certificate of
auditors or any other resolution, certificate, statement, 

  

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instrument, opinion, report, notice, request, direction, consent, order, appraisal, bond, debenture, note, other evidence of indebtedness or other paper or
document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) if
(i) in performing its duties under this Trust Agreement the Property Trustee is required to decide between alternative courses of action, (ii) in construing any of the provisions of this Trust Agreement the Property Trustee finds a
provision ambiguous or inconsistent with any other provisions contained herein or (iii) the Property Trustee is unsure of the application of any provision of this Trust Agreement, then, except as to any matter as to which the Holders of the
Preferred Securities are entitled to vote under the terms of this Trust Agreement, the Property Trustee shall deliver a notice to the Depositor requesting the Depositor’s written instruction as to the course of action to be taken and the
Property Trustee shall take such action, or refrain from taking such action, as the Property Trustee shall be instructed in writing to take, or to refrain from taking, by the Depositor; provided,, that if the Property Trustee does not receive
such instructions of the Depositor within ten (10) Business Days after it has delivered such notice or such reasonably shorter period of time set forth in such notice, the Property Trustee may, but shall be under no duty to, take such action,
or refrain from taking such action, as the Property Trustee shall deem advisable and in the best interests of the Holders, in which event the Property Trustee shall have no liability except for its own negligence, bad faith or willful misconduct;

 (c) any direction or act of the Depositor contemplated by this Trust Agreement shall be sufficiently evidenced by an
Officers’ Certificate unless otherwise expressly provided herein; 
 (d) any direction or act of an Administrative
Trustee contemplated by this Trust Agreement shall be sufficiently evidenced by a certificate executed by such Administrative Trustee and setting forth such direction or act; 
 (e) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing or
continuation statement or any filing under tax or securities laws) or any re-recording, re-filing or re-registration thereof; 
 (f) the Property Trustee may consult with counsel (which counsel may be counsel to the Property Trustee, the Depositor or any of its Affiliates, and may include any of its employees) and the advice of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon and in accordance with such advice; the Property Trustee shall have the right at any time to seek instructions
concerning the administration of this Trust Agreement from any court of competent jurisdiction; 
 (g) the Property Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement at the request or direction of any of the Holders pursuant to this Trust Agreement, unless such Holders shall have offered to the Property
Trustee reasonable security or indemnity against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred 

  

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by it in compliance with such request or direction, including reasonable advances as may be requested by the Property Trustee; provided,,
however, that nothing contained in this Section 8.7(g) shall be construed to relieve the Property Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this Trust
Agreement; provided, further, that nothing contained in this Section 8.7(g) shall prevent the Property Trustee from exercising its rights under Section 8.11 hereof; 
 (h) the Property Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, approval, bond, debenture, note or other evidence of indebtedness or other paper or document, unless requested in writing to do so by one or more Holders, but the
Property Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Property Trustee shall determine to make such inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Depositor, personally or by agent or attorney; 
 (i) the Property Trustee may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or by or through its agents, attorneys, custodians or nominees and the Property Trustee shall not be responsible for any negligence or misconduct on the part of any such agent,
attorney, custodian or nominee appointed with due care by it hereunder; 
 (j) whenever in the administration of this Trust
Agreement the Property Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right hereunder, the Property Trustee (i) may request instructions from the Holders (which instructions may only be given by
the Holders of the same proportion in Liquidation Amount of the Trust Securities as would be entitled to direct the Property Trustee under this Trust Agreement in respect of such remedy, right or action), (ii) may refrain from enforcing such
remedy or right or taking such other action until such instructions are received and (iii) shall be protected in acting in accordance with such instructions; 
 (k) except as otherwise expressly provided by this Trust Agreement, the Property Trustee shall not be under any obligation to take any
action that is discretionary under the provisions of this Trust Agreement; 
 (l) without prejudice to any other rights
available to the Property Trustee under applicable law, when the Property Trustee incurs expenses or renders services in connection with a Bankruptcy Event, such expenses (including legal fees and expenses of its agents and counsel) and the
compensation for such services are intended to constitute expenses of administration under any bankruptcy law or law relating to creditors rights generally; and 
 (m) whenever in the administration of this Trust Agreement the Property Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Property Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, request and rely on an Officers’ Certificate
which, upon receipt of such request, shall be promptly delivered by the Depositor. 
  

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 No provision of this Trust Agreement shall be deemed to impose any duty or obligation on any Trustee to
perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which such Person shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or obligation. 
 SECTION 8.8. Delegation of Power.

 Any Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 its, his or
her power for the purpose of executing any documents contemplated in Section 2.5. The Trustees shall have power to delegate from time to time to the Depositor the doing of such things and the execution of such instruments either in the
name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or contrary to the provisions of this Trust Agreement. 
 SECTION 8.9. May Hold Securities. 
 Any Trustee or any other agent of any Trustee or the Trust, in its individual or any other capacity, may become the owner or pledgee of Trust Securities and except as provided in the definition of the term “Outstanding” in
Article I, may otherwise deal with the Trust with the same rights it would have if it were not a Trustee or such other agent. 
 SECTION 8.10. Compensation; Reimbursement; Indemnity. 
 The Depositor agrees: 
 (a) to pay to the Trustees from time to time such reasonable compensation for all services rendered by them hereunder as may be agreed by
the Depositor and the Trustees from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (b) to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances incurred or made by the Trustees in
accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of their agents and counsel), except any such expense, disbursement or advance as may be attributable to their gross
negligence, bad faith or willful misconduct; and 
 (c) to the fullest extent permitted by applicable law, to indemnify and
hold harmless (i) each Trustee, (ii) any Affiliate of any Trustee, (iii) any officer, director, shareholder, employee, representative or agent of any Trustee or any Affiliate of any Trustee and (iv) any employee or agent of the
Trust (referred to herein as an “Indemnified Person”) from and against any loss, damage, liability, tax (other than income, franchise or other taxes imposed on amounts paid pursuant to Section 8.10(a) or 

  

 47 

 
(b) hereof), penalty, expense or claim of any kind or nature whatsoever incurred without negligence, bad faith or willful misconduct on its part,
arising out of or in connection with the acceptance or administration of the Trust hereunder, including the advancement of funds to cover the costs and expenses of defending itself against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder. 
 The Trust shall have no payment, reimbursement or indemnity obligations to the
Trustees under this Section 8.10. The provisions of this Section 8.10 shall survive the termination of this Trust Agreement and the earlier removal or resignation of any Trustee. 
 No Trustee may claim any Lien on any Trust Property whether before or after termination of the Trust as a result of any amount due pursuant to this
Section 8.10. 
 To the fullest extent permitted by law, in no event shall the Property Trustee and the Delaware Trustee be
liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form
of action. 
 In no event shall the Property Trustee and the Delaware Trustee be liable for any failure or delay in the performance of its
obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances,
regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Trust Agreement. 
 SECTION 8.11. Resignation and Removal; Appointment of Successor. 
 (a) No resignation or removal of any Trustee and no
appointment of a successor Trustee pursuant to this Article VIII shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 8.12. 
 (b) A Trustee may resign at any time by giving written notice thereof to the Depositor and, in the case of the Property Trustee and the Delaware Trustee,
to the Holders. 
 (c) Unless an Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or
both of them, may be removed (with or without cause) at any time by Act of the Holder of Common Securities. If an Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed
(with or without cause) at such time by Act of the Holders of at least a Majority in Liquidation Amount of the Preferred Securities, delivered to the removed Trustee (in its individual capacity and on behalf of the Trust). An Administrative Trustee
may be removed (with or without cause) only by Act of the Holder of the Common Securities at any time. 
 (d) If any Trustee shall resign, be
removed or become incapable of acting as Trustee, or if a vacancy shall occur in the office of any Trustee for any reason, at a time when no Event of Default shall have occurred and be continuing, the Holder of the Common Securities, by Act of the
Holder of the Common Securities, shall promptly appoint a successor Trustee or Trustees, and such successor Trustee and the retiring Trustee shall comply with the applicable 

  

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requirements of Section 8.12. If the Property Trustee or the Delaware Trustee shall resign, be removed or become incapable of continuing to act
as the Property Trustee or the Delaware Trustee, as the case may be, at a time when an Event of Default shall have occurred and be continuing, the Holders of the Preferred Securities, by Act of the Holders of a Majority in Liquidation Amount of the
Preferred Securities, shall promptly appoint a successor Property Trustee or Delaware Trustee, and such successor Property Trustee or Delaware Trustee and the retiring Property Trustee or Delaware Trustee shall comply with the applicable
requirements of Section 8.12. If an Administrative Trustee shall resign, be removed or become incapable of acting as Administrative Trustee, at a time when an Event of Default shall have occurred and be continuing, the Holder of the
Common Securities by Act of the Holder of Common Securities shall promptly appoint a successor Administrative Trustee and such successor Administrative Trustee and the retiring Administrative Trustee shall comply with the applicable requirements of
Section 8.12. If no successor Trustee shall have been so appointed by the Holder of the Common Securities or Holders of the Preferred Securities, as the case may be, and accepted appointment in the manner required by
Section 8.12 within thirty (30) days after the giving of a notice of resignation by a Trustee, the removal of a Trustee, or a Trustee becoming incapable of acting as such Trustee, any Holder who has been a Holder of Preferred
Securities for at least six (6) months may, on behalf of himself and all others similarly situated, and any resigning Trustee may, in each case, at the expense of the Depositor, petition any court of competent jurisdiction for the appointment
of a successor Trustee. 
 (e) The Depositor shall give notice of each resignation and each removal of the Property Trustee or the Delaware
Trustee and each appointment of a successor Property Trustee or Delaware Trustee to all Holders in the manner provided in Section 10.8. Each notice shall include the name of the successor Property Trustee or Delaware Trustee and the
address of its Corporate Trust Office if it is the Property Trustee. 
 (f) Notwithstanding the foregoing or any other provision of this
Trust Agreement, in the event any Administrative Trustee or a Delaware Trustee who is a natural person dies or becomes, in the opinion of the Holder of Common Securities, incompetent or incapacitated, the vacancy created by such death, incompetence
or incapacity may be filled by (i) the unanimous act of the remaining Administrative Trustees if there are at least two of them or (ii) otherwise by the Holder of the Common Securities (with the successor in each case being a Person who
satisfies the eligibility requirement for Administrative Trustees or Delaware Trustee, as the case may be, set forth in Section 8.3 and Section 8.4). 
 (g) Upon the appointment of a successor Delaware Trustee, such successor Delaware Trustee shall file a Certificate of Amendment to the Certificate of
Trust in accordance with Section 3810 of the Delaware Statutory Trust Act. 
 SECTION 8.12. Acceptance of Appointment by
Successor. 
 (a) In case of the appointment hereunder of a successor Trustee, each successor Trustee shall execute and deliver to the
Depositor and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and each such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring 

  

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Trustee; but, on request of the Trust or any successor Trustee such retiring Trustee shall, upon payment of its charges, duly assign, transfer and deliver to
such successor Trustee all Trust Property, all proceeds thereof and money held by such retiring Trustee hereunder with respect to the Trust Securities and the Trust. 
 (b) Upon request of any such successor Trustee, the Trust (or the retiring Trustee if requested by the Depositor) shall execute any and all instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in the preceding paragraph. 
 (c) No successor Trustee shall accept its
appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article VIII. 
 SECTION 8.13. Merger, Conversion, Consolidation or Succession to Business. 
 Any Person into which the Property Trustee or
the Delaware Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Trustee shall be a party, or any Person succeeding to all or substantially all
the corporate trust business of such Trustee, shall be the successor of such Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided,, that such Person shall be
otherwise qualified and eligible under this Article VIII. 
 SECTION 8.14. Not Responsible for Recitals Issuance of Securities and
Representations. 
 The recitals contained herein and in the Securities Certificates shall be taken as the statements of the Trust and the
Depositor, and the Trustees do not assume any responsibility for their correctness. The Trustees make no representations as to the title to, or value or condition of, the property of the Trust or any part thereof, nor as to the validity or
sufficiency of this Trust Agreement, the Notes or the Trust Securities. The Trustees shall not be accountable for the use or application by the Depositor of the proceeds of the Notes. It is expressly understood and agreed by the parties hereto that
insofar as any document, agreement or certificate is executed on behalf of the Trust by any Trustee (i) such document, agreement or certificate is executed and delivered by such Trustee, not in its individual capacity but solely as Trustee
under this Trust Agreement in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements made on the part of the Trust is made and intended not as representations,
warranties, covenants, undertakings and agreements by any Trustee in its individual capacity but is made and intended for the purpose of binding only the Trust and (iii) under no circumstances shall any Trustee in its individual capacity be
personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Trust Agreement or any other
document, agreement or certificate. 
  

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 SECTION 8.15. Property Trustee May File Proofs of Claim. 
 (a) In case of any Bankruptcy Event (or event that with the passage of time would become a Bankruptcy Event) relative to the Trust or any other obligor
upon the Trust Securities or the property of the Trust or of such other obligor or their creditors, the Property Trustee (irrespective of whether any Distributions on the Trust Securities shall then be due and payable and irrespective of whether the
Property Trustee shall have made any demand on the Trust for the payment of any past due Distributions) shall be entitled and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise: 
 (i) to file and prove a claim for the whole amount of any Distributions owing and unpaid in respect of the Trust Securities and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Property Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and
counsel) and of the Holders allowed in such judicial proceeding; and 
 (ii) to collect and receive any monies or other
property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such proceeding is hereby authorized by each Holder to make such payments to the Property Trustee and, in the event the Property Trustee shall consent to the making of such payments directly to the Holders, to pay to
the Property Trustee first any amount due it for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel, and any other amounts due the Property Trustee. 
 (b) Nothing herein contained shall be deemed to authorize the Property Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or compensation affecting the Trust Securities or the rights of any Holder thereof or to authorize the Property Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 8.16. Reports to the Property Trustee. 
 (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later
than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof
the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the
Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. 
 (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC; and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may
be made either by such Owner or by Taberna 

  

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Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including
the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal
year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. 
 The Property Trustee
shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents. 
 ARTICLE IX

 TERMINATION, LIQUIDATION AND MERGER 
 SECTION 9.1. Dissolution Upon Expiration Date. 
 Unless earlier dissolved, the Trust shall automatically dissolve on
July 30, 2041 (the “Expiration Date”), and the Trust Property shall be liquidated in accordance with Section 9.4. 
 SECTION 9.2. Early Termination. 
 The first to occur of any of the following events is an “Early Termination
Event,” upon the occurrence of which the Trust shall be dissolved: 
 (a) the occurrence of a Bankruptcy Event in
respect of, or the dissolution or liquidation of, the Depositor, in its capacity as the Holder of the Common Securities, unless the Depositor shall have transferred the Common Securities as provided by Section 5.11, in which case this
provision shall refer instead to any such successor Holder of the Common Securities; 
 (b) the written direction to the
Property Trustee from the Holder of the Common Securities at any time to dissolve the Trust and, after satisfaction of any liabilities of the Trust as required by applicable law, to distribute the Notes to Holders in exchange for the Preferred
Securities (which direction is optional and wholly within the discretion of the Holder of the Common Securities); 
 (c) the
redemption of all of the Preferred Securities in connection with the payment at maturity or redemption of all the Notes; and 
 (d) the entry of an order for dissolution of the Trust by a court of competent jurisdiction. 
 SECTION 9.3. Termination.

 (a) The respective obligations and responsibilities of the Trustees and the Trust shall terminate upon the latest to occur
of the following: (a) the distribution by the Property Trustee to Holders of all amounts required to be distributed hereunder upon the liquidation of the Trust pursuant to Section 9.4, or upon the redemption of all of the Trust

  

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Securities pursuant to Section 4.2; (b) the satisfaction of any expenses owed by the Trust; and (c) the discharge of all administrative
duties of the Administrative Trustees, including the performance of any tax reporting obligations with respect to the Trust or the Holders. 
 (b) As soon as possible thereafter, and after satisfaction of liabilities to creditors of the Trust as required by applicable law, including Section 3808 of the Delaware Statutory Trust Act, the Delaware Trustee,
when notified in writing of the completion of the winding up of the Trust in accordance with the Delaware Statutory Trust Act, shall terminate the Trust by filing, at the expense of the Depositor, a certificate of cancellation with the Secretary of
State of the State of Delaware. 
 SECTION 9.4. Liquidation. 
 (a) If an Early Termination Event specified in Section 9.2(a), (b) or (d) occurs or upon the Expiration Date, the
Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee shall determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Holder a
Like Amount of Notes, subject to Section 9.4(d). Notice of liquidation shall be given by the Property Trustee not less than thirty (30) nor more than sixty (60) days prior to the Liquidation Date to each Holder of Trust
Securities at such Holder’s address appearing in the Securities Register. All such notices of liquidation shall: 
 (i)
state the Liquidation Date; 
 (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be
deemed to be Outstanding and (subject to Section 9.4(d)) any Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Notes; and 
 (iii) provide such information with respect to the mechanics by which Holders may exchange Securities Certificates for Notes, or if
Section 9.4(d) applies, receive a Liquidation Distribution, as the Property Trustee shall deem appropriate. 
 (b) Except where
Section 9.2(c) or Section 9.4(d) applies, in order to effect the liquidation of the Trust and distribution of the Notes to Holders, the Property Trustee, either itself acting as exchange agent or through the appointment of a
separate exchange agent, shall establish a record date for such distribution (which shall not be more than forty five (45) days prior to the Liquidation Date nor prior to the date on which notice of such liquidation is given to the Holders) and
establish such procedures as it shall deem appropriate to effect the distribution of Notes in exchange for the Outstanding Securities Certificates. 
 (c) Except where Section 9.2(c) or Section 9.4(d) applies, after the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of
Notes will be issued to Holders of Securities Certificates, upon surrender of such Certificates to the exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Notes listed on the New York Stock Exchange or on
such other exchange, interdealer quotation system or self-regulatory organization on which the Preferred Securities are then listed, 

  

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if any, (iv) Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Notes bearing accrued and unpaid
interest in an amount equal to the accumulated and unpaid Distributions on such Securities Certificates until such certificates are so surrendered (and until such certificates are so surrendered, no payments of interest or principal will be made to
Holders of Securities Certificates with respect to such Notes) and (v) all rights of Holders holding Trust Securities will cease, except the right of such Holders to receive Notes upon surrender of Securities Certificates. 
 (d) Notwithstanding the other provisions of this Section 9.4, if distribution of the Notes in the manner provided herein is determined by the
Property Trustee not to be permitted or practical, the Trust Property shall be liquidated, and the Trust shall be wound up by the Property Trustee in such manner as the Property Trustee determines. In such event, Holders will be entitled to receive
out of the assets of the Trust available for distribution to Holders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid
Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”). If, upon any such winding up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available
to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the
Common Securities will be entitled to receive Liquidation Distributions upon any such winding up pro rata (based upon Liquidation Amounts) with Holders of all Trust Securities, except that, if an Event of Default has occurred and is continuing, the
Preferred Securities shall have a priority over the Common Securities as provided in Section 4.3. 
 SECTION 9.5. Mergers,
Consolidations, Amalgamations or Replacements of Trust. 
 The Trust may not merge with or into, consolidate, amalgamate, or be replaced
by, or convey, transfer or lease its properties and assets substantially as an entirety to, any Person except pursuant to this Article IX. At the request of the Holders of the Common Securities, without the consent of the Holders of the
Preferred Securities, the Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to a trust organized as such under the laws of any State;
provided, that: 
 (a) such successor entity either (i) expressly assumes all of the obligations of the Trust
under this Trust Agreement with respect to the Preferred Securities or (ii) substitutes for the Preferred Securities other securities having substantially the same terms as the Preferred Securities (such other Securities, the “Successor
Securities”) so long as the Successor Securities have the same priority as the Preferred Securities with respect to distributions and payments upon liquidation, redemption and otherwise; 
 (b) a trustee of such successor entity possessing substantially the same powers and duties as the Property Trustee is appointed to hold
the Notes; 
  

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 (c) the Preferred Securities are listed, or any Successor Securities will be listed upon
notice of issuance, on any national securities exchange or interdealer quotation system on which the Preferred Securities are then listed, if any; 
 (d) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Preferred Securities (including any
Successor Securities) in any material respect; 
 (e) such successor entity has a purpose substantially identical to that of
the Trust; 
 (f) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Depositor
has received an Opinion of Counsel to the effect that (i) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Preferred
Securities (including any Successor Securities) in any material respect; (ii) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, neither the Trust nor such successor entity will be required to
register as an “investment company” under the Investment Company Act and (iii) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Trust (or the successor entity) will continue to be
classified as a grantor trust for U.S. federal income tax purposes; and 
 (g) the Depositor or its permitted transferee owns
all of the common securities of such successor entity. 
 Notwithstanding the foregoing, the Trust shall not, except with the consent of Holders of all of
the Preferred Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to any other Person or permit any other entity to consolidate, amalgamate,
merge with or into, or replace, the Trust if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause the Trust or the successor entity to be taxable as a corporation or classified as other than a grantor
trust for U.S. federal income tax purposes or cause the Notes to be treated as other than indebtedness of the Depositor for U.S. federal income tax purposes. 
 ARTICLE X 
 MISCELLANEOUS PROVISIONS 
 SECTION 10.1. Limitation of Rights of Holders. 
 Except as set forth in Section 9.2, the death, bankruptcy, termination, dissolution or incapacity of any Person having an interest, beneficial or otherwise, in Trust Securities shall not operate to
terminate this Trust Agreement, nor annul, dissolve or terminate the Trust nor entitle the legal representatives or heirs of such Person or any Holder for such Person, to claim an accounting, take any action or bring any proceeding in any court for
a partition or winding up of the arrangements contemplated hereby, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
  

 55 

 SECTION 10.2. Agreed Tax Treatment of Trust and Trust Securities. 
 The parties hereto and, by its acceptance or acquisition of a Trust Security or a beneficial interest therein, the Holder of, and any Person that acquires
a beneficial interest in, such Trust Security intend and agree to treat the Trust as a grantor trust for United States federal, state and local tax purposes, and to treat the Trust Securities (including all payments and proceeds with respect to such
Trust Securities) as undivided beneficial ownership interests in the Trust Property (and payments and proceeds therefrom, respectively) for United States federal, state and local tax purposes and to treat the Notes as indebtedness of the Depositor
for United States federal, state and local tax purposes. The provisions of this Trust Agreement shall be interpreted to further this intention and agreement of the parties. 
 SECTION 10.3. Amendment. 
 (a) This
Trust Agreement may be amended from time to time by the Property Trustee, the Administrative Trustees and the Holder of all the Common Securities, without the consent of any Holder of the Preferred Securities, (i) to cure any ambiguity, correct
or supplement any provision herein that may be defective or inconsistent with any other provision herein, or to make or amend any other provisions with respect to matters or questions arising under this Trust Agreement, which shall not be
inconsistent with the other provisions of this Trust Agreement, (ii) to modify, eliminate or add to any provisions of this Trust Agreement to such extent as shall be necessary to ensure that the Trust will neither be taxable as a corporation
nor be classified as other than a grantor trust for United States federal income tax purposes at all times that any Trust Securities are Outstanding or to ensure that the Notes are treated as indebtedness of the Depositor for United States federal
income tax purposes, or to ensure that the Trust will not be required to register as an “investment company” under the Investment Company Act or (iii) to add to the covenants, restrictions or obligations of the Depositor;
provided, that in the case of clauses (i), (ii) or (iii), such action shall not adversely affect in any material respect the interests of any Holder. 
 (b) Except as provided in Section 10.3(c), any provision of this Trust Agreement may be amended by the Property Trustee, the Administrative Trustees and the Holder of all of the Common Securities and with
(i) the consent of Holders of at least a Majority in Liquidation Amount of the Preferred Securities and (ii) receipt by the Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to the
Trustees in accordance with such amendment will not cause the Trust to be taxable as a corporation or classified as other than a grantor trust for United States federal income tax purposes or affect the treatment of the Notes as indebtedness of the
Depositor for United States federal income tax purposes or affect the Trust’s exemption from status (or from any requirement to register) as an “investment company” under the Investment Company Act. In addition to the foregoing, the
Distribution Dates, Redemption Date and Stated Maturity (as defined in the Indenture) with respect to the Preferred Securities or a portion of the Preferred Securities shall be modified in connection with any modification of the Interest Payment
Date, Redemption Date or Stated Maturity of the Junior Subordinated Notes made by the Company and the Trust at the direction of any holder of the Preferred Securities or a portion of the Preferred Securities as set forth in Section 6 of the
Purchase Agreement. 
  

 56 

 (c) Notwithstanding any other provision of this Trust Agreement, without the consent of each Holder, this
Trust Agreement may not be amended to (i) change the accrual rate, amount, currency or timing of any Distribution on or the redemption price of the Trust Securities or otherwise adversely affect the amount of any Distribution or other payment
required to be made in respect of the Trust Securities as of a specified date, except as set forth in the last sentence of Section 10.3(b) above, (ii) restrict or impair the right of a Holder to institute suit for the enforcement of any
such payment on or after such date, (iii) reduce the percentage of aggregate Liquidation Amount of Outstanding Preferred Securities, the consent of whose Holders is required for any such amendment, or the consent of whose Holders is required
for any waiver of compliance with any provision of this Trust Agreement or of defaults hereunder and their consequences provided for in this Trust Agreement; (iv) impair or adversely affect the rights and interests of the Holders in the Trust
Property, or permit the creation of any Lien on any portion of the Trust Property; or (v) modify the definition of “Outstanding,” this Section 10.3(c), Section 4.1, Section 4.2,
Section 4.3, Section 6.10(e) or Article IX. 
 (d) Notwithstanding any other provision of this Trust
Agreement, no Trustee shall enter into or consent to any amendment to this Trust Agreement that would cause the Trust to be taxable as a corporation or to be classified as other than a grantor trust for United States federal income tax purposes or
that would cause the Notes to fail or cease to be treated as indebtedness of the Depositor for United States federal income tax purposes or that would cause the Trust to fail or cease to qualify for the exemption from status (or from any requirement
to register) as an “investment company” under the Investment Company Act. 
 (e) If any amendment to this Trust Agreement is made,
the Administrative Trustees or the Property Trustee shall promptly provide to the Depositor and the Note Trustee a copy of such amendment. 
 (f) No Trustee shall be required to enter into any amendment to this Trust Agreement that affects its own rights, duties or immunities under this Trust Agreement. The Trustees shall be entitled to receive an Opinion of Counsel and an
Officers’ Certificate stating that any amendment to this Trust Agreement is in compliance with this Trust Agreement and all conditions precedent herein provided for relating to such action have been met. 
 (g) No amendment or modification to this Trust Agreement that adversely affects in any material respect the rights, duties, liabilities, indemnities or
immunities of the Delaware Trustee hereunder shall be permitted without the prior written consent of the Delaware Trustee. 
 SECTION 10.4.
Separability. 
 If any provision in this Trust Agreement or in the Securities Certificates shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and there shall be deemed substituted for the provision at issue a valid, legal and enforceable provision as similar as
possible to the provision at issue. 
  

 57 

 SECTION 10.5. Governing Law. 
 THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE TRUST, THE DEPOSITOR AND THE TRUSTEES WITH RESPECT TO THIS TRUST
AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICTS OF LAWS PROVISIONS. 
 SECTION 10.6. Successors. 
 This Trust
Agreement shall be binding upon and shall inure to the benefit of any successor to the Depositor, the Trust and any Trustee, including any successor by operation of law. Except in connection with a transaction involving the Depositor that is
permitted under Article VIII of the Indenture and pursuant to which the assignee agrees in writing to perform the Depositor’s obligations hereunder, the Depositor shall not assign its obligations hereunder. 
 SECTION 10.7. Headings. 
 The Article
and Section headings are for convenience only and shall not affect the construction of this Trust Agreement 
 SECTION 10.8. Reports,
Notices and Demands. 
 (a) Any report, notice, demand or other communication that by any provision of this Trust Agreement is required or
permitted to be given or served to or upon any Holder or the Depositor may be given or served in writing delivered in person, or by reputable, overnight courier, by telecopy or by deposit thereof, first-class postage prepaid, in the United States
mail, addressed, (a) in the case of a Holder of Preferred Securities, to such Holder as such Holder’s name and address may appear on the Securities Register; and (b) in the case of the Holder of all the Common Securities or the
Depositor, to CBRE Realty Finance, Inc., City Place I, 187 Asylum Street, 37th Floor, Hartford, Connecticut 06103,
Attention: Michael Angerthal, Chief Financial Officer, with a copy to Clifford Chance US LLP, 31 West 52nd Street,
New York, NY 10019, Attention: Larry P. Medvinsky, or to such other address as may be specified in a written notice by the Holder of all the Common Securities or the Depositor, as the case may be, to the Property Trustee. Such report, notice, demand
or other communication to or upon a Holder or the Depositor shall be deemed to have been given when received in person, within one (1) Business Day following delivery by overnight courier, when telecopied with receipt confirmed, or within three
(3) Business Days following delivery by mail, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have
been delivered on the date of such refusal or inability to deliver. 
 (b) Any notice, demand or other communication that by any provision of
this Trust Agreement is required or permitted to be given or served to or upon the Property Trustee, the Delaware Trustee, the Administrative Trustees or the Trust shall be given in writing by deposit thereof, first-class postage prepaid, in the
U.S. mail, personal delivery or facsimile transmission, addressed to such Person as follows: (i) with respect to the Property Trustee to JPMorgan Chase 

  

 58 

 
Bank, National Association, 600 Travis, 50th Floor, Houston, Texas 77002, Attention: Worldwide Securities Services—CBRE Realty Finance Trust I, facsimile no. (713) 216-2101, (ii) with respect to the Delaware Trustee, to Chase Bank USA, National
Association, c/o JPMorgan Chase Bank, National Association, 500 Stanton Christiana Road, Building 4 (3rd Floor),
Newark, Delaware 19713, Attention: Worldwide Securities Services—CBRE Realty Finance Trust I, facsimile no. (302) 552-6280; (iii) with respect to the Administrative Trustees, to them at the address above for notices to the Depositor,
marked “Attention: Administrative Trustees of CBRE Realty Finance Trust I”, and (iv) with respect to the Trust, to its principal executive office specified in Section 2.2, with a copy to the Property Trustee. Such notice,
demand or other communication to or upon the Trust, the Property Trustee or the Administrative Trustees shall be deemed to have been sufficiently given or made only upon actual receipt of the writing by the Trust, the Property Trustee or the
Administrative Trustees. 
 SECTION 10.9. Agreement Not to Petition. 
 Each of the Trustees and the Depositor agree for the benefit of the Holders that, until at least one year and one day after the Trust has been terminated
in accordance with Article IX, they shall not file, or join in the filing of, a petition against the Trust under any Bankruptcy Law or otherwise join in the commencement of any proceeding against the Trust under any Bankruptcy Law. If the
Depositor takes action in violation of this Section 10.9, the Property Trustee agrees, for the benefit of Holders, that at the expense of the Depositor, it shall file an answer with the applicable bankruptcy court or otherwise properly
contest the filing of such petition by the Depositor against the Trust or the commencement of such action and raise the defense that the Depositor has agreed in writing not to take such action and should be estopped and precluded therefrom and such
other defenses, if any, as counsel for the Property Trustee or the Trust may assert. 
 SECTION 10.10. Counterparts. This instrument
may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 59 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Trust Agreement as of the
day and year first above written. 
  

			
	CBRE REALTY FINANCE, INC., as Depositor
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

			
	 JPMORGAN CHASE BANK, NATIONAL
	 	 CHASE BANK USA, NATIONAL ASSOCIATION, as

	 ASSOCIATION, as Property Trustee
	 	 Delaware Trustee

  

							
	 By:
	 	  
	 	 By:
	 	  

		 	 Name:
	 		 	 Name:

		 	 Title:
	 		 	 Title:

  

			
	  
	 	  

	 Administrative Trustee
	 	 Administrative Trustee

	 Name:
	 	 Name:

  

	
	  

	 Administrative Trustee

	 Name:

 Exhibit A 
 CERTIFICATE OF TRUST 
 OF 
 CBRE REALTY FINANCE TRUST I 
 This Certificate of Trust of CBRE Realty Finance
Trust I (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801 et
seq.) (the “Act”). 
 1 Name. The name of the statutory trust formed by this Certificate of Trust is:
CBRE Realty Finance Trust I. 
 2 Delaware Trustee. The name and business address of the trustee of the Trust with its principal place
of business in the State of Delaware are Chase Bank USA, National Association c/o JPMorgan Chase Bank, National Association, 500 Stanton Christiana Road, Building 4 (3rd Floor), Newark, Delaware 19713, Attention: Worldwide Securities Services. 
 3 Effective Date. This Certificate of Trust shall be effective upon its filing with the Secretary of State of the State of Delaware. 
 IN WITNESS WHEREOF, the undersigned trustee has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

  

			
	CHASE BANK USA, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Delaware Trustee
		
	By:	 	  
		 	Name:
		 	Title:

  

 A-1 

 Exhibit B 
 [FORM OF COMMON SECURITIES CERTIFICATE] 
 THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION. THIS CERTIFICATE IS NOT
TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE TRUST AGREEMENT 
  

			
	 Certificate Number
	  	Number of Common Securities
	             C-1
	  	1,550

 Certificate Evidencing Common Securities 
 of 
 CBRE REALTY FINANCE TRUST I

 Floating Rate Common Securities 
 (liquidation amount $1,000 per Common Security) 
 CBRE Realty Finance Trust I, a statutory trust created under the
laws of the State of Delaware (the “Trust”), hereby certifies that CBRE Realty Finance, Inc., a Maryland corporation (the “Holder”) is the registered owner of 1,550 common securities of the Trust representing
undivided common beneficial interests in the assets of the Trust and designated the CBRE Realty Finance Trust I Floating Rate Common Securities (liquidation amount $1,000 per Common Security) (the “Common Securities”). Except
in accordance with Section 5.11 of the Trust Agreement (as defined below), the Common Securities are not transferable and, to the fullest extent permitted by law, any attempted transfer hereof other than in accordance therewith shall be
void. The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Common Securities are set forth in, and this certificate and the Common Securities represented hereby are issued and shall in all respects be
subject to the terms and provisions of, the Amended and Restated Trust Agreement of the Trust, dated as of July 26, 2006 as the same may be amended from time to time (the “Trust Agreement”), among CBRE Realty Finance,
Inc., as Depositor, JPMorgan Chase Bank, National Association, as Property Trustee, Chase Bank USA, National Association, as Delaware Trustee, the Administrative Trustees named therein and the Holders, from time to time, of Trust Securities. The
Trust will furnish a copy of the Trust Agreement to the Holder without charge upon written request to the Trust at its principal place of business or registered office. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. 
  

 B-1 

 This Common Securities Certificate shall be governed by and construed in accordance with the laws of the State of
Delaware. 
 Terms used but not defined herein have the meanings set forth in the Trust Agreement. 
 IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed on behalf of the Trust this certificate this      day of
                    , 200    . 
  

			
	CBRE REALTY FINANCE TRUST I
		
	By:	 	  
		 	 Name:
  
 Administrative Trustee

  

 B-2 

 Exhibit C 
 FORM OF FIXED RATE PREFERRED SECURITY CERTIFICATE 
 THIS PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN THE NAME OF A
PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A
NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC TO CBRE REALTY FINANCE TRUST I OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PREFERRED SECURITIES REPRESENTED BY THIS
CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT. 
 THE HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS
CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A OF THE SECURITIES ACT) AND A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED), (III) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 

  

 C-1 

 
SECURITIES ACT, OR (V) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF
ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
 THE PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED
ONLY IN BLOCKS HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF
LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED
SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED
SECURITIES. 
 THE HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT
AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN
ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT
IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY
USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE. 
  

 C-2 

			
	 Certificate Number
	  	Aggregate Liquidation Amount
	             1
	  	Preferred Securities

 [CUSIP NUMBER] 
  

 Certificate Evidencing Preferred
Securities 
 of 
 CBRE REALTY FINANCE TRUST I 
 Fixed Rate Preferred Securities 

(liquidation amount $1,000 per Preferred Security) 
 CBRE Realty Finance Trust I, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that Cede & Co. (the “Holder”) is the registered owner of Fifty
Thousand (50,000) Preferred Securities or such other number of Preferred Securities represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Trust Agreement (as defined
below) of the Trust representing an undivided preferred beneficial interest in the assets of the Trust and designated the CBRE Realty Finance Trust I Fixed Rate Preferred Securities, (liquidation amount $1,000 per Preferred Security) (the
“Preferred Securities”). Subject to the terms of the Trust Agreement (as defined below), the Preferred Securities are transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of
this certificate duly endorsed and in proper form for transfer as provided in Section 5.7 of the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and other terms and provisions of the
Preferred Securities are set forth in, and this certificate and the Preferred Securities represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Amended and Restated Trust Agreement of the Trust, dated
as of July 26, 2006, as the same may be amended from time to time (the “Trust Agreement”), among CBRE Realty Finance, Inc., as Depositor, JPMorgan Chase Bank, National Association, as Property Trustee, Chase Bank USA, National
Association, as Delaware Trustee, the Administrative Trustees named therein and the Holders, from time to time, of Trust Securities. The Trust will furnish a copy of the Trust Agreement to the Holder without charge upon written request to the
Property Trustee at its Corporate Trust Office. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the
benefits thereunder. 
  

 C-3 

 This Preferred Securities Certificate shall be governed by and construed in accordance with the laws of the State of
Delaware. 
 All capitalized terms used but not defined in this Preferred Securities Certificate are used with the meanings specified in the Trust Agreement,
including the Schedules and Exhibits thereto. 
  

 C-4 

 IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed on behalf of the Trust
this certificate this      day of                     , 2006. 
  

			
	 CBRE REALTY FINANCE TRUST I

		
	 By:
	 	  

		 	 Name:

		 	 Administrative Trustee

 This is one of the Preferred Securities referred to in the within-mentioned Trust Agreement.

 Dated: 

			
	 JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION,
 not in its individual capacity, but solely as Property Trustee

		
	 By:
	 	  
		 	 Authorized signatory

  

 C-5 

 FORM OF REVERSE OF SECURITY 
 The Trust promises to pay Distributions from July 26, 2006, or from the most recent Distribution Date to which Distributions have been paid or duly
provided for, quarterly in arrears on January 30, April 30, July 30 and October 30 of each year, commencing on July 30, 2006, at a fixed rate equal to 8.1025% per annum through the interest payment date in
July 2016 and thereafter at a variable rate equal to LIBOR plus 2.49% per annum of the Liquidation Amount of the Preferred Securities represented by this Preferred Securities Certificate, together with any Additional Interest Amounts, in
respect to such period. 
 Distributions on the Trust Securities shall be made by the Paying Agent from the Payment Account and shall be
payable on each Distribution Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Distributions. 
 Distributions on the Securities must be paid on the dates payable to the extent that the Trust has funds available for the payment of such Distributions in the Payment Account of the Trust. The Trust’s funds
available for Distribution to the Holders of the Preferred Securities will be limited to payments received from the Depositor. 
 During any
Event of Default, the Depositor shall not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Depositor’s capital stock, (ii) vote in favor of or
permit or otherwise allow any of its Subsidiaries to declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to or otherwise retire, any shares of such Subsidiaries’ preferred
stock or other capital stock entitling the holders thereof to a stated rate of return (for the avoidance of doubt, whether such preferred stock or other capital stock is perpetual or otherwise), or (iii) make any payment of principal of or any
interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Depositor that rank pari passu in all respects with or junior in interest to the Notes (other than (a) repurchases, redemptions or other
acquisitions of capital stock of the Depositor in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants, (2) a
dividend reinvestment or stockholder stock purchase plan or (3) the issuance of capital stock of the Depositor (or securities convertible into or exercisable for shares of capital stock) as consideration in an acquisition transaction entered
into prior to the applicable Event of Default, (b) as a result of an exchange or conversion of any class or series of the Depositor’s capital stock (or any capital stock of a Subsidiary (as defined in the Indenture) of the Depositor) for
any class or series of the Depositor’s capital stock or of any class or series of the Depositor’s indebtedness for any class or series of the Depositor’s capital stock, (c) the purchase of fractional interests in shares of the
Depositor’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any Rights Plan (as defined in the
Indenture), the issuance of rights, stock or other property under any Rights Plan, or the redemption or repurchase of rights pursuant thereto or (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock
or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock). 
  

 C-6 

 On each Note Redemption Date, on the stated maturity (or any date of principal repayment upon early
maturity) of the Notes and on each other date on (or in respect of) which any principal on the Notes is repaid, the Trust will be required to redeem a Like Amount of Trust Securities at the Redemption Price. Under the Indenture, the Notes may be
redeemed by the Depositor on any Interest Payment Date, at the Depositor’s option, on or after July 30, 2016 in whole or in part from time to time at the Optional Note Redemption Price of the principal amount thereof or the redeemed
portion thereof, as applicable, together, in the case of any such redemption, with accrued interest, including any Additional Interest, to but excluding the date fixed for redemption. The Notes may also be redeemed by the Depositor, at its option,
at any time, in whole but not in part, upon the occurrence of an Investment Company Event or a Tax Event at the Special Note Redemption Price; provided, that such Investment Company Event or a Tax Event is continuing on the Redemption Date.

 The Trust Securities redeemed on each Redemption Date shall be redeemed at the Redemption Price with the proceeds from the contemporaneous
redemption or payment at maturity of Notes. Redemptions of the Trust Securities (or portion thereof) shall be made and the Redemption Price shall be payable on each Redemption Date only to the extent that the Trust has funds then on hand and
available in the Payment Account for the payment of such Redemption Price. 
 Payments of Distributions (including any Additional Interest
Amounts), the Redemption Price, Liquidation Amount or any other amounts in respect of the Preferred Securities shall be made by wire transfer at such place and to such account at a banking institution in the United States as may be designated in
writing at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by
check mailed to the address of such Person as such address shall appear in the Security Register. If any Preferred Securities are held by a Depositary, such Distributions shall be made to the Depositary in immediately available funds. 
 The indebtedness evidenced by the Notes is, to the extent provided in the Indenture, subordinate and junior in right of payment to the prior payment in
full of all Senior Debt (as defined in the Indenture), and this Security is issued subject to the provisions of the Indenture with respect thereto. 
  

 C-7 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred Securities Certificate to: 
 (Insert assignee’s social
security or tax identification number) 
 (Insert address and zip code of 
 assignee) and irrevocably appoints 
 agent to transfer this Preferred Securities Certificate on the books of the Trust. The
agent may substitute another to act for him or her. 
 Date:
                             
 Signature:
                                        
                                        
                                        
                                        
                                        
                                     
 (Sign exactly as your name appears on the other side of this Preferred Securities Certificate) 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an
approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
  

 C-8 

 Exhibit D 
 Junior Subordinated Indenture 
  

 D-1 

 Exhibit E 
 Form of Transferee Certificate 
 to be Executed by Transferees 
                             , [        ] 

JPMorgan Chase Bank, National Association 
 600 Travis, 50th Floor 
 Houston, Texas 77002

 Attention: Worldwide Securities Services 
 CBRE Realty
Finance, Inc. 
 CBRE Realty Finance Trust I 
 187 Asylum Avenue

 Hartford, CT 06103 
  

	 	Re:	Purchase of $                     stated liquidation amount of Floating
Rate Preferred Securities (the “Preferred Securities”) of CBRE Realty Finance Trust I 

 Ladies and Gentlemen: 
 In connection with our purchase of the Preferred Securities we confirm that: 
 1    We understand that the Floating Rate Preferred Securities (the “Preferred Securities”) of CBRE Realty Finance
Trust I (the “Trust”) of CBRE Realty Finance, Inc. (the “Company”) executed in connection therewith) and the Floating Rate Junior Subordinated Notes due 2036 of the Company (the “Subordinated
Notes,” the entire amount of the Trust’s outstanding Preferred Securities and the Subordinated Notes together being referred to herein as the “Offered Securities”), have not been registered under the Securities Act of
1933, as amended (the “Securities Act”), and may not be offered or sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing the Offered
Securities that, if we decide to offer, sell or otherwise transfer any such Offered Securities, (i) such offer, sale or transfer will be made only (a) to the Trust, (b) to a person we reasonably believe is a “qualified
purchaser” (a “QP”) (as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended). We understand that the certificates for any Offered Security that we receive will bear a legend substantially to the
effect of the foregoing. 
 2    We are a “qualified purchaser” within the meaning of section 2(a)(51) of the
Investment Company Act of 1940, as amended, and are purchasing for our own account or for the account of such a “qualified purchaser,” and we have such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of our investment in the Offered Securities, and we and any account for which we are acting are each able to bear the economic risks of our or its investment. 
  

 E-1 

 3    We are acquiring the Offered Securities purchased by us for our own account (or
for one or more accounts as to each of which we exercise sole investment discretion and have authority to make, and do make, the statements contained in this letter) and not with a view to any distribution of the Offered Securities, subject,
nevertheless, to the understanding that the disposition of our property will at all times be and remain within our control. 
 4    In the event that we purchase any Preferred Securities or any Subordinated Notes, we will acquire such Preferred Securities having an aggregate stated liquidation amount of not less than $100,000 or such
Subordinated Notes having an aggregate principal amount not less than $100,000, for our own account and for each separate account for which we are acting. 
 5    We acknowledge that we are not a fiduciary of (i) an employee benefit, individual retirement account or other plan or arrangement subject to Title I of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), or section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) (each a “Plan”); or (ii) an entity whose underlying assets include “plan
assets” by reason of any Plan’s investment in the entity, and are not purchasing any of the Offered Securities on behalf of or with “plan assets” by reason of any Plan’s investment in the entity. 
 6    We acknowledge that the Trust and the Company and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations, warranties and agreements and agree that if any of the acknowledgments, representations, warranties and agreements deemed to have been made by our purchase of any of the Offered Securities are no longer accurate, we shall promptly
notify the Company. If we are acquiring any Offered Securities as a fiduciary or agent for one or more investor accounts, we represent that we have sole discretion with respect to each such investor account and that we have full power to make the
foregoing acknowledgments, representations and agreement on behalf of each such investor account. 
 (Name of
Purchaser)                                     
 By:                                      
                           
 Date:                                     
                         
 Upon transfer, the Preferred Securities (having a stated liquidation amount of $                    ) would be registered in the name
of the new beneficial owner as follows. 
 Name: 
  

	Address:                                     
                               	

  

	Taxpayer	ID
Number:                                    

  

 E-2 

 Exhibit F 
 Officer’s Financial Certificate 
 The undersigned, the [Chairman/Vice Chairman/Chief Executive
Officer/President/Vice President/Chief Financial Officer/Treasurer/Assistant Treasurer], hereby certifies pursuant to Section 8.16(b) of the Amended and Restated Trust Agreement, dated as of July 26, 2006 (the “Trust
Agreement”), among CBRE Realty Finance, Inc. (the “Company”), JPMorgan Chase Bank, National Association, as property trustee, Chase Bank USA, National Association, as Delaware trustee, and the administrative trustees named
therein, that, as of [date], [20    ], the Company had the following ratios and balances: 
 As of [Quarterly/Annual Financial
Date], 20     
  

					
	 Senior secured indebtedness for borrowed money (“Debt”)
	  	$	            	 
	 Senior unsecured Debt
	  	$	            	 
	 Subordinated Debt
	  	$	            	 
	 Total Debt
	  	$	            	 
	 Ratio of (x) senior secured and unsecured Debt to (y) total Debt
	  	 	            	%

 [FOR FISCAL YEAR END: Attached hereto are the audited consolidated financial statements (including the balance
sheet, income statement and statement of cash flows, and notes thereto, together with the report of the independent accountants thereon) of the Company and its consolidated subsidiaries for the three years ended
                , 20    ].] 
 [FOR FISCAL
QUARTER END: Attached hereto are the unaudited consolidated and consolidating financial statements (including the balance sheet and income statement) of the Company and its consolidated subsidiaries for the fiscal quarter ended [date],
20    .] 
 The financial statements fairly present in all material respects, in accordance with U.S. generally accepted
accounting principles (“GAAP”), the financial position of the Company and its consolidated subsidiaries, and the results of operations and changes in financial condition as of the date, and for the [quarter] [annual] period ended
[date], 20    , and such financial statements have been prepared in accordance with GAAP consistently applied throughout the period involved (expect as otherwise noted therein). 
  

 F-1 

 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Financial Certificate as of this
             day of                     ,
20    . 
  

			
	CBRE REALTY FINANCE, INC.
		
	 By:   
	 	  

		 	 Name:

		 	 Title:

  

 F-2 

 Schedule A 
 DETERMINATION OF LIBOR 
 With respect to the Trust Securities, the London interbank offered rate
(“LIBOR”) shall be determined by the Calculation Agent in accordance with the following provisions (in each case rounded to the nearest .000001%): 
 (1) On the second LIBOR Business Day (as defined below) prior to a Distribution Date after the expiration of the Fixed Rate Period and during the Floating Rate Period (each such day, a “LIBOR Determination
Date”), LIBOR for any given security shall for the following interest payment period equal the rate (expressed as a percentage per annum) for U.S. dollar deposits in Europe, for a three (3) month period, that appears on Dow Jones
Telerate (as defined in the International Swaps and Derivatives Association, Inc. 2000 Interest Rate and Currency Exchange Definitions) Page 3750, or such other page as may replace such Page 3750, as of 11:00 a.m. (London time) on such LIBOR
Determination Date, as reported by Bloomberg Financial Market Commodities News or any successor service. If such rate is superseded on Telerate Page 3750 by a corrected rate before 12:00 noon (London time) on such LIBOR Determination Date, the
corrected rate as so substituted will be LIBOR for such LIBOR Determination Date. 
 (2) If on any LIBOR Determination Date such rate does
not appear on Dow Jones Telerate Page 3750 or such other page as may replace such Page 3750, the Calculation Agent shall determine the arithmetic mean of the offered quotations (expressed as a percentage per annum) of the Reference Banks (as defined
below) to leading banks in the London interbank market for U.S. dollar deposits in Europe, for a three (3) month period, for an amount determined by the Calculation Agent (but not less than U.S. $1,000,000) by reference to requests for
quotations as of approximately 11:00 A.M. (London time) on the LIBOR Determination Date made by the Calculation Agent to the Reference Banks. If on any LIBOR Determination Date at least two of the Reference Banks provide such quotations, LIBOR shall
equal such arithmetic mean of such quotations. If on any LIBOR Determination Date only one or none of the Reference Banks provide such quotations, LIBOR shall be deemed to be the arithmetic mean of the offered quotations (expressed as a percentage
per annum) that two (2) leading banks in The City of New York selected by the Calculation Agent are quoting on the relevant LIBOR Determination Date for U.S. dollar deposits in Europe, for a three (3) month period, for an amount determined
by the Calculation Agent (but not less than U.S. $1,000,000); provided,, that if the Calculation Agent is required but is unable to determine a rate in accordance with at least one of the procedures provided above, LIBOR shall be LIBOR as
determined on the previous LIBOR Determination Date. 
 (3) As used herein: “Reference Banks” means four major banks
in the London interbank market selected by the Calculation Agent; and “LIBOR Business Day” means a day (a) on which commercial banks are open for business (including dealings in foreign exchange and foreign currency
deposits) in London and (b) is not a Saturday, Sunday or other day on which commercial banking institutions in New York, New York or Wilmington, Delaware are authorized or obligated by law or executive order to be closed. 
  

 Schedule A

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