Document:

RI Q2 2011 Exhibit 10.16

Exhibit 10.16

EXECUTION COPY

GUARANTOR PLEDGE AND SECURITY AGREEMENT
Dated as of April 28, 2011
among
KBS DEBT HOLDINGS MEZZ HOLDER, LLC
as a Grantor

and

Each Other Grantor
From Time to Time Party Hereto
and
CITIGROUP FINANCIAL PRODUCTS INC.
as Buyer

GUARANTOR PLEDGE AND SECURITY AGREEMENT, dated as of April 28, 2011, by KBS DEBT HOLDINGS MEZZ HOLDER, LLC (“Mezz Holder”) and each of the other entities listed on the signature pages hereof or that becomes a party hereto pursuant to Section 7.10 (Additional Grantors) (each a “Grantor” and, collectively, the “Grantors”), in favor of Citigroup Financial Products Inc. (the “Buyer”), as “Buyer” under the Repurchase Agreement referred to below.

WITNESSETH:
WHEREAS, pursuant to the Amended and Restated Master Repurchase Agreement, dated as of April 28, 2011 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”), between KBS GKK Participation Holdings II, LLC (“Seller”) and Buyer, Seller agreed to cause the Mezz Holder and certain other entities from time to time to become a Grantor hereunder; 
WHEREAS, the Grantors are party to the Omnibus Guaranty (as defined in the Repurchase Agreement) pursuant to which they have guaranteed the Guaranteed Obligations (as defined in the Repurchase Agreement); and
WHEREAS, Buyer would not enter into the Repurchase Agreement with Seller unless each Grantor executed this Agreement.  
NOW, THEREFORE, in consideration of the premises and to induce the Buyer to enter into the Repurchase Agreement, each Grantor hereby agrees with the Buyer as follows:
ARTICLE I    DEFINED TERMS
Sections 1.1    Definitions
(a)Unless otherwise defined herein, terms defined in the Repurchase Agreement and used herein have the meanings given to them in the Repurchase Agreement.
(b)Terms used herein without definition that are defined in the UCC have the meanings given to them in the UCC, including the following terms (which are capitalized herein):
“Account Debtor”
“Account”
“Certificated Security”
“Chattel Paper”
 “Commodity Account”
“Control Account”
“Deposit Account”
“Documents”
“Entitlement Holder”
“Entitlement Order”
“Equipment”
“Financial Asset”
“General Intangible”
“Goods”

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“Instruments”
“Inventory”
“Investment Property”
“Letter-of-Credit Right”
“Proceeds”
“Securities Account”
“Securities Intermediary”
“Security”
“Security Entitlement”
(c)The following terms shall have the following meanings:
“Additional Pledged Collateral” means any Pledged Collateral acquired by any Grantor after the date hereof and in which a security interest is granted pursuant to Section 2.2 (Grant of Security Interest in Collateral), including, to the extent a security interest is granted therein pursuant to Section 2.2 (Grant of Security Interest in Collateral), with respect to each Grantor (i) all Stock and Stock Equivalents of any Person that are acquired by such Grantor after the date hereof, together with all certificates, instruments or other documents representing any of the foregoing and all Security Entitlements of such Grantor in respect of any of the foregoing, (ii) all additional Indebtedness from time to time owed to such Grantor by any obligor on the Pledged Debt Instruments and the Instruments evidencing such Indebtedness and (iii) all interest, cash, Instruments and other property or Proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any of the foregoing.  “Additional Pledged Collateral” may be General Intangibles, Instruments or Investment Property.
“Agreement” means this Pledge and Security Agreement. 
“Collateral” has the meaning specified in Section 2.1 (Collateral).
 “Deposit Account Control Agreement” means a letter agreement, substantially in the form of Annex 1 (Form of Deposit Account Control Agreement) (with such changes as may be agreed to by Buyer), executed by the Grantor, the Buyer and the relevant financial institution.
“Domestic Person” means any “United States person” under and as defined in Section 7701(a)(30) of the Code.
“Excluded Equity” means any Voting Stock in excess of 66% of the total outstanding Voting Stock of any direct Subsidiary of any Grantor that is a Non-U.S. Person.  For the purposes of this definition, “Voting Stock” means, as to any issuer, the issued and outstanding shares of each class of capital stock or other ownership interests of such issuer entitled to vote (within the meaning of Treasury Regulations § 1.956-2(c)(2)).
“Governing Agreement” means in the case of Pledged Stock the related LLC Agreement or Partnership Agreement, as applicable, or in the case of a Pledged Debt Instrument the related Instrument and any loan agreements for the related Indebtedness, which, as applicable, include provisions governing the registered owner or holder and the sale, assignment or transfer of the respective Pledged Stock or Pledged Debt Instrument.
“Guaranteed Obligations” has the meaning specified in the Omnibus Guaranty.

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 “Intercompany Note” means any promissory note evidencing loans made by any Grantor or any of its Subsidiaries to any other Company Party.
“LLC” means each limited liability company in which a Grantor has an interest, including those set forth on Schedule 2 (Pledged Collateral).
“LLC Agreement” means each operating agreement with respect to a LLC, as each agreement has heretofore been, and may hereafter be, amended, restated, supplemented or otherwise modified from time to time.
 “Partnership” means each partnership in which a Grantor has an interest, including those set forth on Schedule 2 (Pledged Collateral).
“Partnership Agreement” means each partnership agreement governing a Partnership, as each such agreement has heretofore been, and may hereafter be, amended, restated, supplemented or otherwise modified.
 “Pledged Certificated Stock” means all Certificated Securities and any other Stock and Stock Equivalent of a Person evidenced by a certificate, Instrument or other equivalent document, in each case owned by any Grantor, including all Stock listed on Schedule 2 (Pledged Collateral).
“Pledged Collateral” means, collectively, the Pledged Stock, Pledged Debt Instruments, any other Investment Property of any Grantor, all chattel paper, certificates or other Instruments representing any of the foregoing and all Security Entitlements of any Grantor in respect of any of the foregoing.  Pledged Collateral may be General Intangibles, Instruments or Investment Property.
“Pledged Debt Instruments” means all right, title and interest of any Grantor in Instruments evidencing any Indebtedness owed to such Grantor.
“Pledged Stock” means all Pledged Certificated Stock and all Pledged Uncertificated Stock.  For purposes of this Agreement, the term “Pledged Stock” shall not include any Excluded Equity.
“Pledged Uncertificated Stock” means any Stock or Stock Equivalent of any Person that is not a Pledged Certificated Stock, including all right, title and interest of any Grantor as a limited or general partner in any Partnership or as a member of any LLC and all right, title and interest of any Grantor in, to and under any Partnership Agreement or LLC Agreement to which it is a party.
“Securities Account Control Agreement” means a letter agreement, substantially in the form of Annex 2 (Form of Securities Account Control Agreement) (with such changes as may be agreed to by the Buyer), executed by the relevant Grantor, the Buyer and the relevant securities intermediary.
“Securities Act” means the Securities Act of 1933, as amended.
 “UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York; provided, however, that, in the event that, by reason of mandatory 

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provisions of law, any of the attachment, perfection or priority of the Buyer's security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions related to such provisions.
Section 1.2    Certain Other Terms
(a)In this Agreement, in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding” and the word “through” means “to and including.”
(b)The terms “herein,” “hereof,” “hereto” and “hereunder” and similar terms refer to this Agreement as a whole and not to any particular Article, Section, subsection or clause in this Agreement.
(c)References herein to an Annex, Schedule, Article, Section, subsection or clause refer to the appropriate Annex or Schedule to, or Article, Section, subsection or clause in this Agreement.
(d)The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.
(e)Where the context requires, provisions relating to any Collateral, when used in relation to a Grantor, shall refer to such Grantor's Collateral or any relevant part thereof.
(f)Any reference in this Agreement to a Transaction Document shall include all appendices, exhibits and schedules thereto, and, unless specifically stated otherwise all amendments, restatements, supplements or other modifications thereto, and as the same may be in effect at any time such reference becomes operative.
(g)The term “including” means “including without limitation” except when used in the computation of time periods. 
(h)The term “Buyer” includes its successors.
(i)References in this Agreement to any statute shall be to such statute as amended or modified and in effect from time to time.
ARTICLE II    GRANT OF SECURITY INTEREST
Section 2.1    Collateral
For the purposes of this Agreement, all of the following property now owned or at any time hereafter acquired by a Grantor or in which a Grantor now has or at any time in the future may acquire any right, title or interests is collectively referred to as the “Collateral”:
(a)all Accounts;
(b)all Chattel Paper;

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(c)all Deposit Accounts;
(d)all Documents;
(e)all Equipment;
(f)all General Intangibles;
(g)all Instruments;
(h)all Inventory;
(i)all Investment Property; 
(j)all Letter-of-Credit Rights;
(k)all books and records pertaining to the other property described in this Section 2.1;
(l)all property of any Grantor held by the Buyer, including all property of every description, in the possession or custody of or in transit to the Buyer for any purpose, including safekeeping, collection or pledge, for the account of such Grantor or as to which such Grantor may have any right or power; 
(m)all other Goods and personal property of such Grantor, whether tangible or intangible and wherever located; and
(n)to the extent not otherwise included, all Proceeds.
Section 2.2    Grant of Security Interest in Collateral
Each Grantor, as collateral security for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Guaranteed Obligations of such Grantor, hereby mortgages, pledges and hypothecates to the Buyer, and grants to the Buyer a lien on and security interest in, all of its right, title and interest in, to and under the Collateral of such Grantor.
Section 2.3    Cash Collateral Accounts
The Buyer has established a Deposit Account at Citibank, N.A., designated as “Citigroup Financial Products Inc. - [Seller] Cash Collateral Account”.  Such Deposit Account shall be a Cash Collateral Account. 
ARTICLE III    REPRESENTATIONS AND WARRANTIES
To induce the Buyer to enter into the Repurchase Agreement and accept the Omnibus Guaranty, each Grantor hereby represents and warrants each of the following to the Buyer:

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Section 3.1    Title; No Other Liens
Except for the Lien granted to the Buyer pursuant to this Agreement and the other Liens, if any, permitted to exist on the Collateral under the Omnibus Guaranty, such Grantor (a) is the record and beneficial owner of the Pledged Collateral pledged by it hereunder constituting Instruments or Certificated Securities, (b) is the Entitlement Holder of all such Pledged Collateral constituting Investment Property held in a Securities Account and (c) has rights in or the power to transfer each other item of Collateral in which a Lien is granted by it hereunder, free and clear of any other Lien.
Section 3.2    Perfection and Priority
The security interest granted pursuant to this Agreement shall constitute a valid and continuing perfected security interest in favor of Buyer in the Collateral for which perfection is governed by the UCC upon (i) in the case of all Collateral in which a security interest may be perfected by filing a financing statement under the UCC, the completion of the filings and other actions specified on Schedule 3 (Filings) (which, in the case of all filings and other documents referred to on such schedule, have been delivered to the Buyer in completed and duly executed form), (ii) the delivery to the Buyer of all Collateral consisting of Instruments and Certificated Securities, in each case properly endorsed for transfer to the Buyer or in blank, (iii) the execution of Securities Account Control Agreements with respect to Investment Property not in certificated form, and (iv) the execution of Deposit Account Control Agreements with respect to all Deposit Accounts of a Grantor.  Such security interest shall be prior to all other Liens on the Collateral, except for a pari passu security interest being simultaneously granted to Goldman in connection with the Goldman MRA, and except for customary permitted Liens having priority over the Buyer's Lien pursuant to the applicable Governing Agreement or by operation of law or otherwise as permitted under the Omnibus Guaranty.
Section 3.3    Jurisdiction of Organization; Chief Executive Office
Such Grantor's jurisdiction of organization, legal name, organizational identification number, if any, and the location of such Grantor's chief executive office or sole place of business, in each case as of the date hereof, is specified on Schedule 1 (Jurisdiction of Organization; Principal Executive Office) to this Agreement or to the Joinder Agreement delivered by such Grantor and such Schedule 1 (Jurisdiction of Organization; Principal Executive Office) also lists all jurisdictions of incorporation, legal names and locations of such Grantor's chief executive office or sole place of business for the five years preceding the date hereof.
Section 3.4    [Intentionally Omitted].
Section 3.5    Pledged Collateral
(a)The Pledged Stock pledged hereunder by such Grantor is listed on Schedule 2 (Pledged Collateral) to this Agreement or to the Joinder Agreement delivered by such Grantor and constitutes that percentage of the issued and outstanding equity of all classes of each issuer thereof as set forth on such Schedule 2 (Pledged Collateral).
(b)All Pledged Collateral and, if applicable, any Additional Pledged Collateral, consisting of Certificated Securities or Instruments has been delivered to the Buyer in accordance with Section 4.4(a) (Pledged Collateral).

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(c)All Pledged Collateral held by a Securities Intermediary in a Securities Account is subject to a Securities Account Control Account.
(d)All Pledged Stock consisting of Pledged Uncertificated Stock is subject to a Securities Account Control Agreement.
Section 3.6    Accounts
No amount payable to such Grantor under or in connection with any Account is evidenced by any Instrument or Chattel Paper that has not been delivered to the Buyer, properly endorsed for transfer, to the extent delivery is required by Section 4.4 (Pledged Collateral).
Section 3.7    Deposit Accounts; Securities Accounts
The only Deposit Accounts or Securities Accounts maintained by any Grantor on the date hereof are those listed on Schedule 6 (Bank Accounts; Control Accounts) to this Agreement or to the Joinder Agreement delivered by such Grantor, which sets forth such information separately for each Grantor.
ARTICLE IV    COVENANTS
Each Grantor agrees with the Buyer to the following, as long as any Repurchase Obligation remains outstanding and, in each case, unless the Buyer otherwise consents in writing:
Section 4.1    Generally
Such Grantor shall (a) not use or permit any Collateral to be used unlawfully or in violation of any provision of this Agreement, any other Transaction Document, any Related Document, any Requirement of Law or any policy of insurance covering the Collateral, (b) not enter into any agreement or undertaking restricting the right or ability of such Grantor or the Buyer to sell, assign or transfer any Collateral if such restriction would have a Material Adverse Effect and (c) promptly notify the Buyer of its entry into any agreement or assumption of undertaking that restricts the ability to sell, assign or transfer any Collateral regardless of whether or not it has a Material Adverse Effect; provided that notwithstanding the preceding, in the case of Pledged Stock or Pledge Debt Instruments, the respective Governing Agreement may restrict the right or ability to sell, assign or transfer such Collateral..
Section 4.2    Maintenance of Perfected Security Interest; Further Documentation
(a)Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the priority described in Section 3.2 (Perfection and Priority) and Section 2.2 and shall defend such security interest and such priority against the claims and demands of all Persons.
(b)Such Grantor shall furnish to the Buyer from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Buyer may reasonably request, all in reasonable detail and in form and substance satisfactory to the Buyer.

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(c)At any time and from time to time, upon the written request of the Buyer, and at the sole expense of such Grantor, such Grantor shall promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further action as the Buyer may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including the filing of any financing or continuation statement under the UCC (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby and the execution and delivery of Deposit Account Control Agreements and Securities Account Control Agreements.
Section 4.3    Changes in Locations, Name, Etc.
(a)Except upon 15 days' prior written notice to the Buyer and delivery to the Buyer of  all additional financing statements and other documents reasonably requested by the Buyer to maintain the validity, perfection and priority of the security interests provided for herein, such Grantor shall not do any of the following:
(i)change its jurisdiction of organization or its location, in each case from that referred to in Section 3.3 (Jurisdiction of Organization; Chief Executive Office); or
(ii)change its legal name or any trade name used to identify it in the conduct of its business or ownership of its properties or organizational identification number, if any, or corporation, limited liability company or other organizational structure to such an extent that any financing statement filed in connection with this Agreement would become misleading.
(b)Such Grantor shall keep and maintain at its own cost and expense satisfactory and complete records of the Collateral, including a record of all payments received and all credits granted with respect to the Collateral and all other dealings with the Collateral.
Section 4.4    Pledged Collateral
(a)Such Grantor shall (i) deliver to the Buyer, all certificates and Instruments representing or evidencing any Pledged Collateral (including Additional Pledged Collateral), whether now existing or hereafter acquired, in suitable form for transfer by delivery or, as applicable, accompanied by such Grantor's endorsement, where necessary, or duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Buyer, together, in respect of any Additional Pledged Collateral, with a pledge amendment, duly executed by the Grantor, in substantially the form of Annex 3 (Form of Pledge Amendment) (a “Pledge Amendment”), an acknowledgment and agreement to a Joinder Agreement duly executed by the Grantor, in substantially the form in the form of Annex 4 (Form of Joinder Agreement), or such other documentation acceptable to the Buyer and (ii) maintain all other Pledged Collateral constituting Investment Property in a Control Account.  Such Grantor authorizes the Buyer to attach each Pledge Amendment to this Agreement.  During the continuation of an Event of Default, the Buyer shall have the right, at any time in its discretion and without notice to the Grantor, to transfer to or to register in its name or in the name of its nominees any Pledged Collateral.  The Buyer shall have the right at any time to exchange any certificate or instrument representing or evidencing any Pledged Collateral for certificates or instruments of smaller or larger denominations.

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(b)Except as provided in Article V (Remedial Provisions) or in the Repurchase Agreement, such Grantor shall be entitled to receive all cash dividends, interest, distributions and proceeds paid in respect of the Pledged Collateral (including, without limitation, liquidating or distributing dividends).  If any sum of money or property paid or distributed in respect of any Pledged Collateral shall be received by such Grantor but such Grantor shall not be entitled to retain the same pursuant to the above, then such Grantor shall, until such money or property is paid or delivered to the Buyer, hold such money or property in trust for the Buyer, segregated from other funds of such Grantor, as additional security for the Guaranteed Obligations.
(c)Except as provided in Article V (Remedial Provisions) or in the Repurchase Agreement, such Grantor shall be entitled to exercise all voting, consent and corporate, partnership, limited liability company and similar rights with respect to the Pledged Collateral; provided, however, that no vote shall be cast, consent given or right exercised or other action taken by such Grantor that would impair the Collateral, be inconsistent with or result in any violation of any provision of the Repurchase Agreement or the Omnibus Guaranty, this Agreement or any other Transaction Document or, without prior notice to the Buyer, enable or permit any issuer of Pledged Collateral to issue any Stock or other equity Securities of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any Stock or other equity Securities of any nature of any issuer of Pledged Collateral.
(d)Such Grantor shall not grant “control” (within the meaning of such term under Article 9-106 of the UCC) over any Investment Property to any Person other than the Buyer.
(e)In the case of each Grantor that is an issuer of Pledged Collateral, such Grantor agrees to be bound by the terms of this Agreement relating to the Pledged Collateral issued by it and shall comply with such terms insofar as such terms are applicable to it.  In the case of any Grantor that is a holder of any Stock or Stock Equivalent in any Person that is an issuer of Pledged Collateral, such Grantor consents to (i) the exercise of the rights granted to the Buyer hereunder (including those described in Section 5.3 (Pledged Collateral)), and (ii) the pledge by each other Grantor, pursuant to the terms hereof, of the Pledged Stock in such Person and to the transfer of such Pledged Stock to the Buyer or its nominee and to the substitution of the Buyer or its nominee as a holder of such Pledged Stock with all the rights, powers and duties of other holders of Pledged Stock of the same class, subject to the respective Governing Agreement, and, if the Grantor having pledged such Pledged Stock hereunder had any right, power or duty at the time of such pledge or at the time of such substitution beyond that of such other holders, with all such additional rights, powers and duties.  Such Grantor agrees to execute and deliver to the Buyer such certificates, agreements and other documents as may be necessary to evidence, formalize or otherwise give effect to the consents given in this clause (e).
(f)Such Grantor shall not, without the consent of the Buyer agree to any amendment of any Transaction Document or the respective Governing Agreement that in any way adversely affects the perfection of the security interest of the Buyer in the Pledged Collateral pledged by such Grantor hereunder, including any amendment electing to treat any membership interest or partnership interest that is part of the Pledged Collateral as a “security” under Section 8-103 of the UCC, or any election to turn any previously uncertificated Stock that is part of the Pledged Collateral into certificated Stock.

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Section 4.5    Accounts
(a)Such Grantor shall not, other than in the ordinary course of business consistent with its past practice, (i) grant any extension of the time of payment of any Account, (ii) compromise or settle any Account for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any Account, (iv) allow any credit or discount on any Account or (v) amend, supplement or modify any Account in any manner that could adversely affect the value thereof.
(b)The Buyer shall have the right to make test verifications of the Accounts in any manner and through any medium that it reasonably considers advisable, and such Grantor shall furnish all such assistance and information as the Buyer may reasonably require in connection therewith.  At any time and from time to time, upon the Buyer's request and at the expense of the relevant Grantor, such Grantor shall cause independent public accountants or others satisfactory to the Buyer to furnish to the Buyer reports showing reconciliations, aging and test verifications of, and trial balances for, the Accounts; provided, however, that unless a Default or Event of Default shall be continuing, the Buyer shall request no more than four such reports during any calendar year.
Section 4.6    Delivery of Instruments and Chattel Paper
If any amount payable under or in connection with any Collateral owned by such Grantor shall be or become evidenced by an Instrument or Chattel Paper, such Grantor shall immediately deliver such Instrument or Chattel Paper to the Buyer, duly indorsed in a manner satisfactory to the Buyer, or, if consented to by the Buyer, shall mark all such Instruments and Chattel Paper with the following legend:  “This writing and the obligations evidenced or secured hereby are subject to the security interest of Citigroup Financial Products Inc. and Goldman Sachs Mortgage Company”.
Section 4.7    Payment of Obligations
Such Grantor shall pay and discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all taxes, assessments and governmental charges or levies imposed upon the Collateral or in respect of income or profits therefrom, as well as all claims of any kind (including claims for labor, materials and supplies) against or with respect to the Collateral, except that no such charge need be paid if the amount or validity thereof is currently being contested in good faith by appropriate proceedings, reserves in conformity with GAAP with respect thereto have been provided on the books of such Grantor and such proceedings could not reasonably be expected to result in the sale, forfeiture or loss of any material portion of the Collateral or any interest therein.
ARTICLE V    REMEDIAL PROVISIONS
Section 5.1    Code and Other Remedies
(a)During the continuance of an Event of Default, the Buyer may exercise, in addition to all other rights and remedies granted to it in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Guaranteed Obligations, all rights and remedies of a secured party under the UCC or any other applicable law.  Without limiting the generality of the foregoing, during the continuation of an Event of Default, the Buyer, without

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demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon any Collateral, and may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver any Collateral (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker's board or office of the Buyer or any Lender or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk.  The Buyer shall have the right upon any such public sale or sales, and, to the extent permitted by the UCC and other applicable law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption of any Grantor, which right or equity is hereby waived and released.  Each Grantor further agrees, at the Buyer's request, to assemble the Collateral and make it available to the Buyer at places that the Buyer shall reasonably select, whether at such Grantor's premises or elsewhere.  The Buyer shall apply the net proceeds of any action taken by it pursuant to this Section 5.1, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any Collateral or in any way relating to the Collateral or the rights of the Buyer hereunder, including reasonable attorneys' fees and disbursements, to the payment in whole or in part of the Guaranteed Obligations, in such order as the Repurchase Agreement shall prescribe, and only after such application and after the payment by the Buyer of any other amount required by any provision of law, need the Buyer account for the surplus, if any, to any Grantor.  To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Buyer arising out of the exercise by them of any rights hereunder.  If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition.
(b)Each Grantor recognizes that the Buyer may be unable to effect a public sale of any Pledged Collateral by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise or may determine that a public sale is impracticable or not commercially reasonable and, accordingly, may resort to one or more private sales thereof to a restricted group of purchasers that shall be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof.  Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner.  The Buyer shall be under no obligation to delay a sale of any Pledged Collateral for the period of time necessary to permit the issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such issuer would agree to do so.
(c)Each Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged Collateral pursuant to this Section 5.1 valid and binding and in compliance with all other applicable Requirements of Law.  Each Grantor further agrees that a breach of any covenant contained in this Section 5.1 will cause irreparable injury to the Buyer, that the Buyer has no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 5.1 shall be specifically enforceable against such Grantor, and 

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such Grantor hereby waives and agrees not to assert any defense against an action for specific performance of such covenants except for a defense that no Event of Default has occurred under the Repurchase Agreement.
Section 5.2    Accounts and Payments in Respect of General Intangibles
(a)In addition to, and not in substitution for, any similar requirement in the Repurchase Agreement or the Omnibus Guaranty, if required by the Buyer at any time during the continuance of an Event of Default, any payment of Accounts or payment in respect of General Intangibles, when collected by any Grantor, shall be forthwith (and, in any event, within two Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Buyer, in a Deposit Account or a Cash Collateral Account, subject to withdrawal by the Buyer as provided in Section 5.4 (Proceeds to be Turned Over To Buyer).  Until so turned over or turned over, such payment shall be held by such Grantor in trust for the Buyer, segregated from other funds of such Grantor.  Each such deposit of Proceeds of Accounts and payments in respect of General Intangibles shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit.
(b)At the Buyer's request, during the continuance of an Event of Default, each Grantor shall deliver to the Buyer all original and other documents evidencing, and relating to, the agreements and transactions that gave rise to the Accounts or payments in respect of General Intangibles, including all original orders, invoices and shipping receipts.
(c)The Buyer may, without notice, at any time during the continuance of an Event of Default, limit or terminate the authority of a Grantor to collect its Accounts or amounts due under General Intangibles or any thereof.
(d)The Buyer in its own name or in the name of others may at any time during the continuance of an Event of Default communicate with Account Debtors to verify with them to the Buyer's satisfaction the existence, amount and terms of any Account or amounts due under any General Intangible.
(e)Upon the request of the Buyer at any time during the continuance of an Event of Default, each Grantor shall notify Account Debtors that the Accounts or General Intangibles have been collaterally assigned to the Buyer and that payments in respect thereof shall be made directly to the Buyer.  In addition, the Buyer may at any time during the continuance of an Event of Default enforce such Grantor's rights against such Account Debtors and obligors of General Intangibles.
(f)Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each of the Accounts and payments in respect of General Intangibles to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto.  The Buyer shall not have any obligation or liability under any agreement giving rise to an Account or a payment in respect of a General Intangible by reason of or arising out of this Agreement or the receipt by the Buyer of any payment relating thereto, nor shall the Buyer be obligated in any manner to perform any obligation of any Grantor under or pursuant to any agreement giving rise to an Account or a payment in respect of a General Intangible, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of 

12

PLEDGE AND SECURITY AGREEMENT

any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts that may have been assigned to it or to which it may be entitled at any time or times.
Section 5.3    Pledged Collateral
(a)During the continuance of an Event of Default, upon notice by the Buyer to the relevant Grantor or Grantors, (i) the Buyer shall have the right to receive any Proceeds of the Pledged Collateral and make application thereof to the Guaranteed Obligations in the order set forth in the Repurchase Agreement and (ii) the Buyer or its nominee may exercise (A) any voting, consent, corporate and other right pertaining to the Pledged Collateral at any meeting of shareholders, partners or members, as the case may be, of the relevant issuer or issuers of Pledged Collateral or otherwise and (B) any right of conversion, exchange and subscription and any other right, privilege or option pertaining to the Pledged Collateral as if it were the absolute owner thereof (including the right to exchange at its discretion any of the Pledged Collateral upon the merger, amalgamation, consolidation, reorganization, recapitalization or other fundamental change in the corporate or equivalent structure of any issuer of Pledged Stock, the right to deposit and deliver any Pledged Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Buyer may determine), all without liability except to account for property actually received by it; provided, however, that the Buyer shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.
(b)In order to permit the Buyer to exercise the voting and other consensual rights that it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions that it may be entitled to receive hereunder, (i) each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the Buyer all such proxies, dividend payment orders and other instruments as the Buyer may from time to time reasonably request and (ii) without limiting the effect of clause (i) above, such Grantor hereby grants to the Buyer an irrevocable proxy to vote all or any part of the Pledged Collateral and to exercise all other rights, powers, privileges and remedies to which a holder of the Pledged Collateral would be entitled (including giving or withholding written consents of shareholders, partners or members, as the case may be, calling special meetings of shareholders, partners or members, as the case may be, and voting at such meetings), which proxy shall be effective, automatically and without the necessity of any action (including any transfer of any Pledged Collateral on the record books of the issuer thereof) by any other person (including the issuer of such Pledged Collateral or any officer or agent thereof) during the continuance of an Event of Default and which proxy shall only terminate upon the payment in full of the Guaranteed Obligations.
(c)Each Grantor hereby expressly authorizes and instructs each issuer of any Pledged Collateral pledged hereunder by such Grantor to (i) comply with any instruction received by it from the Buyer in writing that (A) states that an Event of Default has occurred and is continuing and (B) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that such issuer shall be fully protected in so complying and (ii) unless otherwise expressly permitted hereby, pay any dividend or other payment with respect to the Pledged Collateral directly to the Buyer.

13

PLEDGE AND SECURITY AGREEMENT

Section 5.4    Proceeds to be Turned Over To Buyer
Unless otherwise expressly provided in the Repurchase Agreement or the Omnibus Guaranty, all Proceeds received by the Buyer hereunder in cash or Cash Equivalents shall be held by the Buyer as Collateral.  All Proceeds while held by the Buyer in a Cash Collateral Account (or by such Grantor in trust for the Buyer) shall continue to be held as collateral security for the Guaranteed Obligations and shall not constitute payment thereof until applied as provided in the Repurchase Agreement.
Section 5.5    Deficiency
Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Guaranteed Obligations and the fees and disbursements of any attorney employed by the Buyer to collect such deficiency.
ARTICLE VI    THE BUYER
Section 6.1    Buyer's Appointment as Attorney-in-Fact
(a)Each Grantor hereby irrevocably constitutes and appoints the Buyer and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any appropriate action and to execute any document or instrument that may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Buyer the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any of the following:
(i)in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any check, draft, note, acceptance or other instrument for the payment of moneys due under any Account or General Intangible or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Buyer for the purpose of collecting any such moneys due under any Account or General Intangible or with respect to any other Collateral whenever payable;
(ii)in the case of any Intellectual Property, execute and deliver, and have recorded, any agreement, instrument, document or paper as the Buyer may deem appropriate to evidence the Buyer's security interest in such Intellectual Property and the goodwill and General Intangibles of such Grantor relating thereto or represented thereby;
(iii)pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repair or pay any insurance called for by the terms of this Agreement (including all or any part of the premiums therefor and the costs thereof);
(iv)execute, in connection with any sale provided for in Section 5.1 (Code and Other Remedies), any endorsement, assignment or other instrument of conveyance or transfer with respect to the Collateral; and

14

PLEDGE AND SECURITY AGREEMENT

(v)(A) direct any party liable for any payment under any Collateral to make payment of any moneys due or to become due thereunder directly to the Buyer or as the Buyer shall direct, (B) ask or demand for, collect, and receive payment of and receipt for, any moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral, (C) sign and indorse any invoice, freight or express bill, bill of lading, storage or warehouse receipt, draft against debtors, assignment, verification, notice and other document in connection with any Collateral, (D) commence and prosecute any suit, action or proceeding at law or in equity in any court of competent jurisdiction to collect any Collateral and to enforce any other right in respect of any Collateral, (E) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral, (F) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Buyer may deem appropriate, and (G) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Collateral as fully and completely as though the Buyer were the absolute owner thereof for all purposes, and do, at the Buyer's option and such Grantor's expense, at any time, or from time to time, all acts and things that the Buyer deems necessary to protect, preserve or realize upon the Collateral and the Buyer's and the other Secured Parties' security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do.
Anything in this clause (a) to the contrary notwithstanding, the Buyer agrees that it shall not exercise any right under the power of attorney provided for in this clause (a) unless an Event of Default shall be continuing.
(b)If any Grantor fails to perform or comply with any of its agreements contained herein, the Buyer, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement.
(c)The expenses of the Buyer incurred in connection with actions undertaken as provided in this Section 6.1, together with interest thereon at a rate per annum equal to the rate per annum at which interest would then be payable on past due amounts under the Repurchase Agreement, from the date of payment by the Buyer to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Buyer on demand.
(d)Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof.  All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released.
Section 6.2    Duty of Buyer
The Buyer's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as the Buyer deals with similar property for its own account.  None of the Buyer, nor any of its respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to any Collateral.  The powers conferred on the Buyer hereunder are solely to protect the Buyer's interest in the Collateral and shall not impose any duty upon the Buyer to exercise any such powers.  The Buyer shall be accountable only for amounts 

15

PLEDGE AND SECURITY AGREEMENT

that it actually receives as a result of the exercise of such powers, and neither they nor any of its respective officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for its own gross negligence or willful misconduct.
Section 6.3    Authorization of Financing Statements
Each Grantor authorizes the Buyer and its Affiliates, counsel and other representatives, at any time and from time to time, to file or record financing statements, amendments to financing statements, and other filing or recording documents or instruments with respect to the Collateral in such form and in such offices as the Buyer reasonably determines appropriate to perfect the security interests of the Buyer under this Agreement, and such financing statements and amendments may describe the Collateral covered thereby as “all assets of the debtor”, “all personal property of the debtor” or words of similar effect.  Each Grantor hereby also authorizes the Buyer and its Affiliates, counsel and other representatives, at any time and from time to time, to file continuation statements with respect to previously filed financing statements.  A photographic or other reproduction of this Agreement shall be sufficient as a financing statement or other filing or recording document or instrument for filing or recording in any jurisdiction.
ARTICLE VII    MISCELLANEOUS
Section 7.1    Amendments in Writing
None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 17 of the Omnibus Guaranty; provided, however, that annexes to this Agreement may be supplemented (but no existing provisions may be modified and no Collateral may be released) through Pledge Amendments and Joinder Agreements, in substantially the form of Annex 3 (Form of Pledge Amendment) and Annex 4 (Form of Joinder Agreement) respectively, in each case duly executed by the Buyer and each Grantor directly affected thereby.
Section 7.2    Notices
All notices, requests and demands to or upon the Buyer or any Grantor hereunder shall be effected in the manner provided for in Section 11.8 (Notices, Etc.) of the Repurchase Agreement; provided, however, that any such notice, request or demand to or upon any Grantor shall be addressed to the Seller's notice address set forth in such Section 11.8. 
Section 7.3    No Waiver by Course of Conduct; Cumulative Remedies
Neither the Buyer nor Buyer shall by any act (except by a written instrument pursuant to Section 7.1 (Amendments in Writing)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default.  No failure to exercise, nor any delay in exercising, on the part of the Buyer, any right, power or privilege hereunder shall operate as a waiver thereof.  No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  A waiver by the Buyer of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that the Buyer would otherwise have on any future occasion.  The rights and remedies herein

16

PLEDGE AND SECURITY AGREEMENT

 provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.
Section 7.4    Successors and Assigns
This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of the Buyer and its successors and assigns; provided, however, that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Buyer.
Section 7.5    Counterparts
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Signature pages may be detached from multiple counterparts and attached to a single counterpart so that all signature pages are attached to the same document.  Delivery of an executed counterpart by telecopy or electronic transmission (in pdf format) shall be effective as delivery of a manually executed counterpart.  
Section 7.6    Severability
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Section 7.7    Section Headings
The Article and Section titles contained in this Agreement are, and shall be, without substantive meaning or content of any kind whatsoever and are not part of the agreement of the parties hereto.
Section 7.8    Entire Agreement
This Agreement together with the other Transaction Documents represents the entire agreement of the parties and supersedes all prior agreements and understandings relating to the subject matter hereof.  
Section 7.9    Governing Law
This Agreement and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 
Section 7.10    Additional Grantors
If, pursuant to the Repurchase Agreement, Parent Guarantor or Seller shall be required to cause any Subsidiary that is not a Grantor to become a Grantor hereunder, such Subsidiary shall execute and deliver to the Buyer a Joinder Agreement substantially in the form 

17

PLEDGE AND SECURITY AGREEMENT

of Annex 4 (Form of Joinder Agreement) and shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Grantor party hereto on the Closing Date.
Section 7.11    Release of Collateral
(a)At the time provided in Section 5.08 of the Repurchase Agreement, the Collateral shall be released from the Lien created hereby and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Buyer and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors.  At the request and sole expense of any Grantor following any such termination, the Buyer shall deliver to such Grantor any Collateral of such Grantor held by the Buyer hereunder and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination and release.
(b)If the Buyer shall be directed or permitted pursuant to Section 5.08 of the Repurchase Agreement to release any Lien created hereby upon any Collateral (including any Collateral sold or disposed of by any Grantor in a transaction permitted by the Omnibus Guaranty), such Collateral shall be released from the Lien created hereby to the extent provided under, and subject to the terms and conditions set forth in the Omnibus Guaranty.  In connection therewith, the Buyer, at the request and sole expense of the applicable Guarantor, shall execute and deliver to such Grantor all releases or other documents, including, without limitation, UCC termination statements, reasonably necessary or desirable for the release of the Lien created hereby on such Collateral.  At the request and sole expense of the Seller, a Grantor shall be released from its obligations hereunder in the event that all the capital stock of such Grantor shall be so sold or disposed; provided, however, that the Seller shall have delivered to the Buyer, at least ten Business Days prior to the date of the proposed release, a written request for release identifying the relevant Grantor and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Seller in form and substance satisfactory to the Buyer stating that such transaction is in compliance with the Repurchase Agreement and the other Transaction Documents.
Section 7.12    Reinstatement
Each Grantor further agrees that, if any payment made by Seller or other Person and applied to the Guaranteed Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of Collateral are required to be returned by Buyer to Seller, its estate, trustee, receiver or any other party, including any Grantor, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, any Lien or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made or, if prior thereto the Lien granted hereby or other Collateral securing such liability hereunder shall have been released or terminated by virtue of such cancellation or surrender), such Lien or other Collateral shall be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect any Lien or other Collateral securing the obligations of any Grantor in respect of the amount of such payment.
[SIGNATURE PAGES FOLLOW]

18

IN WITNESS WHEREOF, each of the undersigned has caused this Pledge 
and Security Agreement to be duly executed and delivered as of the date first above written.
KBS DEBT HOLDINGS MEZZ HOLDER, LLC,
a Delaware limited liability company
By:    KBS DEBT HOLDINGS, LLC, 
a Delaware limited liability company, 
its sole member

By:    KBS LIMITED PARTNERSHIP, 
a Delaware limited partnership,
its manager

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder        
David E. Snyder
Chief Financial Officer 

[SIGNATURE PAGE TO PLEDGE AND SECURITY AGREEMENT FOR REPURCHASE AGREEMENT] 

19

PLEDGE AND SECURITY AGREEMENT

ACCEPTED AND AGREED
as of the date first above written:
CITIGROUP FINANCIAL PRODUCTS INC.,
as Buyer
By:    /s/ Richard B. Schlenger                     
Name: Richard B. Schlenger
Title: Authorized Signatory

20

ANNEX 1
TO
PLEDGE AND SECURITY AGREEMENT
FORM OF DEPOSIT ACCOUNT CONTROL AGREEMENT

_____________ __, ____
[Financial Institution]
[Address]
Ladies and Gentlemen:
Reference is made to account no. [__________] maintained with you (the “Bank”) by [    ] (the “Company”), as guarantor, into which funds are deposited from time to time (the “Account”).  The Company has entered into a Pledge and Security Agreement, dated as of April 28, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Pledge and Security Agreement”), among the Company, certain of its subsidiaries and/or affiliates party thereto and Citigroup Financial Products Inc. (the “Buyer”).
Pursuant to the Pledge and Security Agreement and related documents, the Company has granted to the Buyer a security interest in certain property of the Company, including, among other things, accounts, inventory, equipment, instruments, general intangibles and all proceeds thereof (the “Collateral”).  Payments with respect to the Collateral are or hereafter may be made to the Account.  You, the Company and the Buyer are entering into this letter agreement to perfect the security interest of the Buyer in the Account.
The Company hereby transfers to the Buyer exclusive control of the Account and all funds and other property on deposit therein.  By your execution of this letter agreement, you (i) agree that you shall comply with instructions originated by the Buyer directing disposition of the funds in the Account without further consent of the Company and (ii) acknowledge and agree that the Buyer now has exclusive control of the Account, that all funds and other property on deposit in the Account shall be transferred to the Buyer as provided herein, that the Account is being maintained by you for the benefit of the Buyer and that all amounts and other property therein are held by you as custodian for the Buyer.
Except as provided in clauses (b)(iii) and (e) below, the Account shall not be subject to deduction, set-off, banker's lien, counterclaim, defense, recoupment or any other right in favor of any person or entity other than the Buyer.  By your execution of this letter agreement you also acknowledge that, as of the date hereof, you have received no notice of any other pledge or assignment of the Account and have not executed any agreements with third parties covering the disposition of funds in the Account.  You agree with the Buyer as follows:
(a)Notwithstanding anything to the contrary or any other agreement relating to the Account, the Account is and shall be maintained for the benefit of the Buyer, shall be entitled “Citigroup Financial Products Inc. [name of Company] Account” and shall be subject to written instructions only from an authorized officer of the Buyer.
(b)[A post office box (the “Lockbox”) has been rented in the name of the Company at the [___________] post office and the address to be used for such Lockbox is:

A1-1

[Insert address]
Your authorized representatives shall have access to the Lockbox under the authority given by the Company to the post office and shall make regular pick-ups from the Lockbox timed to gain maximum benefit of early presentation and availability of funds.  You shall endorse process all checks received in the Lockbox and deposit such checks (to the extent eligible) in the Account in accordance with the procedures set forth below.
(i)You shall follow your usual operating procedures for the handling of any [checks received from the Lockbox or other] remittance received in the Account that contains restrictive endorsements, irregularities (such as a variance between the written and numerical amounts), undated or postdated items, missing signatures, incorrect payees and the like.
(ii)You shall endorse and process all eligible checks and other remittance items not covered by clause (iii) below and deposit such checks and remittance items in the Account.
(iii)You shall mail all checks returned unpaid because of uncollected or insufficient funds under appropriate advice to the Company (with a copy of the notification of return to the Buyer).  You may charge the Account for the amounts of any returned check that has been previously credited to the Account.  To the extent insufficient funds remain in the Account to cover any such returned check, the Company shall indemnify you for the uncollected amount of such returned check upon your demand.
(iv)You shall maintain a record of all checks and other remittance items received in the Account and, in addition to providing the Company with photostatic copies thereof, vouchers, enclosures and the like of such checks and remittance items on a daily basis, furnish to the Buyer a monthly statement of the Account to Citigroup Financial Products Inc., as Buyer at the following address: 388 Greenwich Street, New York, New York 10013, Attention:  Michael Schadt, with a copy to the Company.
(c)    Prior to the delivery to you of a written notice from the Buyer in the form of Exhibit A hereto (a “Blockage Notice”), you are authorized to transfer to the Company, in same day funds, on each business day, the entire balance in the Account to the following account:

ABA Number:                  
[name and address of Company's bank] 
Account Name:              
Concentration Account
Account Number:              
Reference:                  
Attn:                     
or to such other account as the Company may from time to time designate in writing.

A1-2

(d)[From and after the delivery to you of a Blockage Notice, you] [You] shall transfer (by wire transfer or other method of transfer mutually acceptable to you and the Buyer) to the Buyer, in same day funds, on each business day, the entire balance in the Account to the following account:

ABA Number:                  
Citibank, N.A.
388 Greenwich Street
New York, New York 10013

Account Name:              
Concentration Account
Account Number:             
Reference:                  
Attn:                      

or to such other account as the Buyer may from time to time designate in writing (the “Buyer Concentration Account”).
(e)All customary service charges and fees with respect to the Account shall be debited to the Account.  In the event insufficient funds remain in the Account to cover such customary service charges and fees, the Company shall pay and indemnify you for the amounts of such customary service charges and fees.

This letter agreement shall be binding upon and shall inure to the benefit of you, the Company, the Buyer referred to in the Pledge and Security Agreement and the respective successors, transferees and assigns of any of the foregoing.  You may terminate the letter agreement only upon 30 days' prior written notice to the Company and the Buyer.  The Buyer may terminate this letter agreement upon 10 days' prior written notice to you and the Company.  Upon such termination you shall close the Account and transfer all funds in the Account to the Buyer Concentration Account or as otherwise directed by the Buyer.  After any such termination, you shall nonetheless remain obligated promptly to transfer to the Buyer Concentration Account or as the Buyer may otherwise direct all funds and other property received in respect of the Account.
This letter agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this letter agreement by telecopier shall be effective as delivery of a manually executed counterpart of this letter agreement.
This letter agreement supersedes all prior agreements, oral or written, with respect to the subject matter hereof and may not be amended, modified or supplemented except by a writing signed by the Buyer, the Company and you.  You have not, and, without the prior consent of the Buyer and the Company, you shall not, agree with any third party to comply with instructions or other directions concerning the Account or the disposition of funds in the Account originated by such third party.

A1-3

The Company hereby agrees to indemnify and hold you, your directors, officers, agents and employees harmless against all claims, causes of action, liabilities, lawsuits, demands and damages, including, without limitation, all court costs and reasonable attorney fees, in each case in any way related to or arising out of or in connection with this letter agreement or any action taken or not taken pursuant hereto, except to the extent caused by your gross negligence or willful misconduct.
This letter agreement shall be governed by, and construed in accordance with, the law of the State of New York.

A1-4

Upon acceptance of this letter agreement it shall be the valid and binding obligation of the Company, the Buyer, and you, in accordance with its terms.
Very truly yours,
[NAME OF COMPANY]
By:                     
Name:
Title:
CITIGROUP FINANCIAL PRODUCTS INC.,
as Buyer
By:                      
Name:
Title:
ACKNOWLEDGED AND AGREED
as of the date first above written:
[FINANCIAL INSTUTION]
By:                              
Name:
Title:

A1-5

EXHIBIT A
TO
DEPOSIT ACCOUNT CONTROL AGREEMENT
Form of  Blockage Notice
[Financial Institution]
[Address]
Re:    Account No. ____________________ (the “Account”)
Ladies and Gentlemen:
Reference is made to the Account and that certain Deposit Account Control Agreement dated April [  ], 2011 among you, Citigroup Financial Products Inc., as Buyer (the “Buyer”), and [_____________] (the “Deposit Account Control Agreement”).  Capitalized terms used herein shall have the meanings given to them in the Deposit Account Control Agreement.
The Buyer hereby notifies you that, from and after the date of this notice, you are hereby directed to transfer (by wire transfer or other method of transfer mutually acceptable to you and the Buyer) to the Buyer, in same day funds, on each business day, the entire balance in the Account to the Buyer Concentration Account specified in clause (d) of the Deposit Account Control Agreement or to such other account as the Buyer may from time to time designate in writing.
Very truly yours,
CITIGROUP FINANCIAL PRODUCTS INC,
as Buyer
By:  ______________________________        
Name:
Title:

A1-6

ANNEX 2
TO
PLEDGE AND SECURITY AGREEMENT
FORM OF SECURITIES ACCOUNT CONTROL AGREEMENT
[Name and Address
of Securities
Intermediary]
_____________ __, 20__
Ladies and Gentlemen:
The undersigned ___________________ (the “Pledgor”) together with certain of its affiliates are party to a Pledge and Security Agreement dated April 28, 2011 in favor of Citigroup Financial Products Inc. (the “Pledgee” and such agreement the “Pledge and Security Agreement”) pursuant to which a security interest is granted by the Pledgor in all present and future Assets (hereinafter defined) in Account No. _______ of the Pledgor (the “Pledge”).
In connection therewith, the Pledgor hereby instructs you (the “Approved Securities Intermediary”) to do all of the following:
		
	1.
	maintain the Account, as “                - Citigroup Financial Products Inc. Control Account”;

		
	2.
	hold in the Account the assets, including, without limitation, all financial assets, securities, security entitlements and all other property and rights now or hereafter received in such Account (collectively the “Assets”), including, without limitation, those assets listed on Schedule A (List of Assets) attached hereto and made a part hereof; 

		
	3.
	provide to the Pledgee, with a duplicate copy to the Pledgor, a monthly statement of Assets and a confirmation statement of each transaction effected in the Account after such transaction is effected; and

		
	4.
	honor only the instructions or entitlement orders (within the meaning of Section 8-102 of the UCC (as defined below) (the “Entitlement Orders”) in regard to or in connection with the Account given by an Authorized Officer of the Pledgee, except as provided in the following sentence.  Until such time as the Pledgee gives a written notice in the form of Exhibit A hereto to the Approved Securities Intermediary that the Pledgor's rights under this sentence have been terminated (on which notice the Approved Securities Intermediary may rely exclusively), the Pledgor acting through an Authorized Officer may (a) exercise any voting right that it may have with respect to any Asset, (b) give Entitlement Orders and otherwise give instructions to enter into purchase or sale transactions in the Account and (c) withdraw and receive for its own use all regularly scheduled interest [and dividends] paid with respect to the Assets [and all cash proceeds of any sale of Assets] (“Permitted Withdrawals”); provided, however, that, unless the Pledgee has consented to the specific transaction, the Pledgor 

A2-1

shall not instruct the Approved Securities Intermediary to deliver and, except as may be required by law or by court order, the Approved Securities Intermediary shall not deliver, cash, securities, or proceeds from the sale of, or distributions on, such securities out of the Account to the Pledgor or to any other person or entity other than Permitted Withdrawals.
By its signature below, the Approved Securities Intermediary agrees to comply with the Entitlement Orders and instructions of an Authorized Officer of the Pledgee (including, without limitation, any instruction with respect to sales, trades, transfers and withdrawals of cash or other of the Assets) without the further consent of the Pledgor or any other person (it being understood and agreed by the Pledgor that the Approved Securities Intermediary shall have no duty or obligation whatsoever to have knowledge of the terms of the Pledge and Security Agreement or to determine whether or not an event of default exists thereunder).  The Pledgor hereby agrees to indemnify and hold harmless the Approved Securities Intermediary, its affiliates, officers and employees from and against all claims, causes of action, liabilities, lawsuits, demands and damages, including, without limitation, all court costs and reasonable attorney's fees, that may result by reason of the Securities Intermediary complying with such instructions of the Pledgee.  
The Authorized Officer of the Pledgee who shall give oral instructions hereunder shall confirm the same in writing to the Approved Securities Intermediary within five days after such oral instructions are given.
For the purpose of this Agreement, the term “Authorized Officer of the Pledgor” shall refer in the singular to ___________________ or ___________________ (each of whom is, on the date hereof, an officer or director of the Pledgor) and “Authorized Officer of the Pledgee” shall refer in the singular to any person who is a vice president or managing director of the Pledgee.  In the event that the Pledgor shall find it advisable to designate a replacement for any of its Authorized Officers, written notice of any such replacement shall be given to the Approved Securities Intermediary and the Pledgee.
Except with respect to the obligations and duties as set forth herein, this Agreement shall not impose or create any obligation or duty upon the Approved Securities Intermediary greater than or in addition to the customary and usual obligations and duties of the Approved Securities Intermediary to the Pledgor.
As long as the Assets are pledged to the Pledgee, (i) the Approved Securities Intermediary shall not invade the Assets to cover margin debits or calls in any other account of the Pledgor and (ii) the Approved Securities Intermediary agrees that, except for liens resulting from customary commissions, fees, or charges based upon transactions in the Account, it subordinates in favor of the Pledgee any security interest, lien or right of setoff the Approved Securities Intermediary may have.  The Approved Securities Intermediary acknowledges that it has not received notice of any other security interest in the Account or the Assets.  In the event any such notice is received, the Approved Securities Intermediary shall promptly notify the Pledgee.  The Pledgor herein represents that the Assets are free and clear of any lien or encumbrance and agrees that, with the exception of the security interest granted to the Pledgee, no lien or encumbrance shall be placed by it on the Assets without the express written consent of both the Pledgee and the Approved Securities Intermediary.

A2-2

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns and it and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in accordance with, and the law of the Approved Securities Intermediary's jurisdiction for the purposes of Section 8-110 of the Uniform Commercial Code in effect in the State of New York (the “UCC”) shall be, the law of the State of New York.
The Approved Securities Intermediary shall treat all property at any time held by the Approved Securities Intermediary in the Account as Financial Assets within the meaning of the UCC.  The Approved Securities Intermediary acknowledges that this Agreement constitutes written notification to the Approved Securities Intermediary, pursuant to the UCC and any applicable federal regulations for the Federal Reserve Book Entry System, of the Pledgee's security interest in the Assets.  The Pledgor, Pledgee and Approved Securities Intermediary are entering into this Agreement to provide for the Pledgee's control of the Assets and to confirm the first priority of the Pledgee's security interest in the Assets.  
If any term or provision of this Agreement is determined to be invalid or unenforceable, the remainder of this Agreement shall be construed in all respects as if the invalid or unenforceable term or provision were omitted.  This Agreement may not be altered or amended in any manner without the express written consent of the Pledgor, the Pledgee and the Approved Securities Intermediary.  This Agreement may be executed in any number of counterparts, all of which shall constitute one original agreement.
The Pledgor hereby agrees to indemnify and hold you, your directors, officers, agents and employees harmless against all claims, causes of action, liabilities, lawsuits, demands and damages, including, without limitation, all court costs and reasonable attorney fees, in each case in any way related to or arising out of or in connection with this letter agreement or any action taken or not taken pursuant hereto, except to the extent caused by your gross negligence or willful misconduct.
This Agreement may be terminated by the Approved Securities Intermediary upon 30 day's prior written notice to the Pledgor and the Pledgee.  Upon expiration of such 30-day period, the Approved Securities Intermediary shall be under no further obligation except to hold the Assets in accordance with the terms of this Agreement, pending receipt of written instructions from the Pledgor and the Pledgee, jointly, regarding the further disposition of the pledged Assets.
The Pledgor acknowledges that this Agreement supplements any existing agreement of the Pledgor with the Approved Securities Intermediary and, except as expressly provided herein, is in no way intended to abridge any right that the Approved Securities Intermediary might otherwise have.

A2-3

IN WITNESS WHEREOF, the Pledgor and the Pledgee have caused this Agreement to be executed by their duly authorized officers all as of the date first above written.
[NAME OF PLEDGOR]
By:                     
Name:
Title:

CITIGROUP FINANCIAL PRODUCTS INC.,
as Buyer
By:                      
Name:
Title:
ACCEPTED AND AGREED
as of the date first above written:
[FINANCIAL INTERMEDIARY]
By:                              
Name:
Title:

A2-4

SHEDULE A
TO
SECURITIES ACCOUNT CONTROL AGREEMENT
PLEDGED COLLATERAL ACCOUNT NUMBER: _______________

A2-5

EXHIBIT A
TO
SECURITIES ACCOUNT CONTROL AGREEMENT
Form of Buyer Notice of Control
[Securities Intermediary]
[Address]
Re:    Account No. ____________________ (the “Account”)
Ladies and Gentlemen:
Reference is made to the Account and that certain Securities Account Control Agreement dated April [  ], 2011 among you, Citigroup Financial Products Inc., as Buyer (the “Buyer”), and [_____________ (the “Pledgor”)] (such agreement, the “Securities Account Control Agreement”).  Capitalized terms used herein shall have the meanings given to them in the Securities Account Control Agreement.
The Buyer hereby notifies you that, from and after the date of this notice, the Pledgor's rights to give Entitlement Orders with respect to the Account and the other rights afforded to the Pledgor under paragraph 4 of the Securities Account Control Agreement are terminated.  From and after the delivery of this notice to you, you shall honor only the Entitlement Orders in regard to or in connection with the Account and/or the financial assets contained therein given by an Authorized Officer of the Buyer.  
Very truly yours,
CITIGROUP FINANCIAL PRODUCTS INC,
as Buyer
By:  ______________________________        
Name:
Title:

A2-6

ANNEX 3
TO
PLEDGE AND SECURITY AGREEMENT
FORM OF PLEDGE AMENDMENT
This PLEDGE AMENDMENT, dated as of April [  ], 2011, is delivered pursuant to Section 4.4(a) (Pledged Collateral) of the Pledge and Security Agreement, dated as of April [  ], 2011, by KBS GKK PARTICIPATION HOLDINGS II, LLC (“Seller”), the undersigned Grantor and the other Subsidiaries of the Seller from time to time party thereto as Grantors in favor of Citigroup Financial Products Inc. (the “Pledge and Security Agreement”) and the undersigned hereby agrees that this Pledge Amendment may be attached to the Pledge and Security Agreement and that the Pledged Collateral listed on this Pledge Amendment shall be and become part of the Collateral referred to in the Pledge and Security Agreement and shall secure all Guaranteed Obligations of the undersigned.  Capitalized terms used herein but not defined herein are used herein with the meaning given them in the Pledge and Security Agreement. 
[GRANTOR]
By: ______________________            
Name:
Title:
	
					
	Pledged Stock

	Issuer
	Class
	Certificate No(s).
	Par Value
	Number of Shares, Units or Interests

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	
						
	Pledged Debt Instruments
	 

	Issuer
	Description of Debt
	Certificate No(s).
	Final Maturity
	Principal Amount

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

A3-1

ACKNOWLEDGED AND AGREED
as of the date first above written:
CITIGROUP FINANCIAL PRODUCTS INC.,
as Buyer
By: ______________________        
Name:
Title:

A3-2

ANNEX 4
TO
PLEDGE AND SECURITY AGREEMENT
FORM OF JOINDER AGREEMENT
This JOINDER AGREEMENT, dated as of _________ __, 20__, is delivered pursuant to Section 7.10 (Additional Grantors) of the Pledge and Security Agreement, dated as of April 28, 2011 by KBS GKK Participation Holdings ii, LLC (the “Seller”) and the Subsidiaries of the Seller listed on the signature pages thereof in favor of the Citigroup Financial Products Inc. (the “Pledge and Security Agreement”).  Capitalized terms used herein but not defined herein are used with the meanings given them in the Pledge and Security Agreement.
By executing and delivering this Joinder Agreement, the undersigned, as provided in Section 7.10 (Additional Grantors) of the Pledge and Security Agreement, hereby becomes a party to the Pledge and Security Agreement as a Grantor thereunder with the same force and effect as if originally named as a Grantor therein and, without limiting the generality of the foregoing, hereby grants to the Buyer, as collateral security for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Guaranteed Obligations of the undersigned, a Lien on and security interest in, all of its right, title and interest in, to and under the Collateral of the undersigned and expressly assumes all obligations and liabilities of a Grantor thereunder.
The information set forth in Annex 1‐A is hereby added to the information set forth in Schedules 1 through 6 to the Pledge and Security Agreement. By acknowledging and agreeing to this Joinder Agreement, the undersigned hereby agree that this Joinder Agreement may be attached to the Pledge and Security Agreement and that the Pledged Collateral listed on Annex 1‐A to this Pledge Amendment shall be and become part of the Collateral referred to in the Pledge and Security Agreement and shall secure all Guaranteed Obligations of the undersigned.
The undersigned hereby represents and warrants that each of the representations and warranties contained in Article III (Representations and Warranties) of the Pledge and Security Agreement applicable to it is true and correct on and as the date hereof as if made on and as of such date.
IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered as of the date first above written.
[ADDITIONAL GRANTOR]
By:  ______________________________        
Name:
Title:

A4-1

ACKNOWLEDGE AND AGREED
as of the date first above written:
[EACH GRANTOR PLEDGING
ADDITIONAL COLLATERAL]
By:    __________________    
Name:
Title:
CITIGROUP FINANCIAL PRODUCTS INC.,
as Buyer
By:    __________________    
Name:
Title:

A4-2

TABLE OF CONTENTS

    
	
						
	 
	 
	 
	Page
	 

	ARTICLE I
	DEFINED TERMS
	1
	

	 
	 
	 
	 
	 

	 
	Section 1.1
	Definitions
	1
	

	 
	Section 1.2
	Certain Other Terms
	6
	

	 
	 
	 
	 
	 

	ARTICLE II
	GRANT OF SECURITY INTEREST
	7
	

	 
	 
	 
	 
	 

	 
	Section 2.1
	Collateral
	7
	

	 
	Section 2.2
	Grant of Security Interest in Collateral
	8
	

	 
	Section 2.3
	Cash Collateral Accounts
	8
	

	 
	 
	 
	 
	 

	ARTICLE III
	REPRESENTATIONS AND WARRANTIES
	8
	

	 
	 
	 
	 
	 

	 
	Section 3.1
	Title; No Other Liens
	8
	

	 
	Section 3.2
	Perfection and Priority
	8
	

	 
	Section 3.3
	Jurisdiction of Organization; Chief Executive Office
	9
	

	 
	Section 3.4
	[Intentionally Omitted]
	9
	

	 
	Section 3.5
	Pledged Collateral
	9
	

	 
	Section 3.6
	Accounts
	10
	

	 
	Section 3.8
	Deposit Accounts; Securities Accounts
	11
	

	 
	 
	 
	 
	 

	ARTICLE IV
	COVENANTS
	11
	

	 
	 
	 
	 
	 

	 
	Section 4.1
	Generally
	11
	

	 
	Section 4.2
	Maintenance of Perfected Security Interest; Further Documentation
	11
	

	 
	Section 4.3
	Changes in Locations, Name, Etc
	12
	

	 
	Section 4.4
	Pledged Collateral
	12
	

	 
	Section 4.5
	Accounts
	14
	

	 
	Section 4.6
	Delivery of Instruments and Chattel Paper
	14
	

	 
	Section 4.9
	Payment of Obligations
	17
	

	 
	 
	 
	 
	 

	ARTICLE V
	REMEDIAL PROVISIONS
	18
	

	 
	 
	 
	 
	 

	 
	Section 5.1
	Code and Other Remedies
	18
	

	 
	Section 5.2
	Accounts and Payments in Respect of General Intangibles
	18
	

	 
	Section 5.3
	Pledged Collateral
	19
	

	 
	Section 5.4
	Proceeds to be Turned Over To Buyer
	20
	

	 
	Section 5.5
	Deficiency
	22
	

	 
	 
	 
	 
	 

	ARTICLE VI
	THE BUYER
	22
	

	 
	 
	 
	 
	 

	 
	Section 6.1
	Buyer's Appointment as Attorney-in-Fact
	22
	

	 
	Section 6.2
	Duty of Buyer
	23
	

	 
	Section 6.3
	Authorization of Financing Statements
	24
	

	 
	 
	 
	 

	ARTICLE VII
	MISCELLANEOUS
	24
	

	 
	 
	 
	 

	 
	Section 7.1
	Amendments in Writing
	24
	

	 
	Section 7.2
	Notices
	25
	

	 
	Section 7.3
	No Waiver by Course of Conduct; Cumulative Remedies
	25
	

	 
	Section 7.4
	Successors and Assigns
	25
	

	 
	Section 7.5
	Counterparts
	25
	

	 
	Section 7.6
	Severability
	25
	

	 
	Section 7.7
	Section Headings
	26
	

i

TABLE OF CONTENTS
(continued)

    
	
						
	 
	 
	 
	Page
	 

	 
	Section 7.8
	Entire Agreement
	26
	

	 
	Section 7.9
	Governing Law
	26
	

	 
	Section 7.10
	Additional Grantors
	26
	

	 
	Section 7.11
	Release of Collateral
	26
	

	 
	Section 7.12
	Reinstatement
	27
	

ii

TABLE OF CONTENTS
(continued)

    

ANNEXES AND SCHEDULES

Annex 1    Form of Deposit Account Control Agreement 
Annex 2    Form of Securities Account Control Agreement 
Annex 3    Form of Pledge Amendment
Annex 4    Form of Joinder Agreement

Schedule 1    Jurisdiction of Organization; Principal Executive Office
Schedule 2    Pledged Collateral
Schedule 3    Filings
Schedule 4    Location [Intentionally Omitted]
Schedule 5    [Intentionally Omitted]
Schedule 6    Bank Accounts; Control Accounts

iiiRI Q2 2011 Exhibit 10.17

Exhibit 10.17

EXECUTION COPY

OMNIBUS GUARANTY AND INDEMNITY
This OMNIBUS GUARANTY AND INDEMNITY, dated as of April 28, 2011 (this “Guaranty”), is made and entered into by each of the entities listed on the signature pages hereof or that becomes a party hereto pursuant to Section 27 hereof (each a “Guarantor” and, collectively, the “Guarantors”), for the benefit of GOLDMAN SACHS MORTGAGE COMPANY, a New York Limited Partnership (“Buyer”), whose address is 200 West Street, New York, New York 10282.
RECITALS:
A.    Buyer previously entered into a repurchase transaction (the “Repurchase Transaction”) with KBS GKK Participation Holdings I, LLC, a Delaware limited liability company (“Seller”), the outstanding principal amount of which immediately upon effectiveness of the Repurchase Agreement (as defined below) is $82,452,215.15.
B.    In connection with the Repurchase Transaction, Seller and Buyer entered into that certain Master Repurchase Agreement between Seller and Buyer dated as of August 22, 2008 (as amended prior to the Restatement Date, the “Existing Repurchase Agreement”) and KBS Real Estate Investment Trust, Inc., a Maryland corporation that has elected to be taxed as a real estate investment trust (“Parent Guarantor”), delivered its guaranty (the “Original Guaranty”), dated as of August 22, 2008, to induce Buyer to enter into the Existing Repurchase Agreement with Seller.
C.    Buyer now is considering amending and restating the original repurchase transaction (such amended and restated transaction, the “Repurchase Transaction”) with Seller;
D.    In connection with the Repurchase Transaction, Seller and Buyer are entering into that certain Amended and Restated Master Repurchase Agreement between Seller and Buyer dated as of the date hereof (the “Repurchase Agreement”; and together with this Guaranty and any other documents evidencing, securing, or otherwise relating to the Repurchase Transaction or this Guaranty, the “Repurchase Documents,” which term is more fully defined below).
C.    Buyer has examined, among other things, both Seller's and each Guarantor's creditworthiness and ability to pay and perform Seller's obligations under the Repurchase Documents.
D.    Buyer has requested, as a condition of entering into the Repurchase Agreement, that the obligations of Seller under the Repurchase Agreement be guaranteed by each Guarantor.

E.    Parent Guarantor is the indirect owner of 100% of the beneficial interests of Seller and each other Guarantor, and Parent Guarantor and each other Guarantor expects to benefit if Buyer enters into the Repurchase Agreement with Seller, and desires that Buyer enter into the Repurchase Agreement with Seller.
F.    Buyer would not enter into the Repurchase Agreement with Seller unless each Guarantor executed this Guaranty.  This Guaranty is therefore delivered to Buyer to induce Buyer to enter into the Repurchase Agreement.
NOW, THEREFORE, in exchange for good, adequate, and valuable consideration, the receipt of which each Guarantor acknowledges, and to induce Buyer to enter into the Repurchase Agreement and accept the Repurchase Documents, each Guarantor agrees as follows:
1.Definitions.  For purposes of this Guaranty, the following terms shall be defined as set forth below.  In addition, any capitalized term defined in the Repurchase Agreement and used but not defined in this Guaranty shall have the same meaning in this Guaranty as in the Repurchase Agreement.
(a)“Buyer Entity” means, as designated by Buyer from time to time, Buyer or Buyer's permitted assignee, designee, nominee, servicer, or wholly owned subsidiary.
(b)“Guaranteed Obligations” means Seller's obligation to pay to Buyer under the Repurchase Documents the Repurchase Price with respect to the Transaction Assets (whether any such Transaction Asset is purchased by Buyer before, on or after the date of this Guaranty) as and when due, including without limitation on the Repurchase Date, and all amounts in respect of all other obligations (including, without limitation, Legal Costs) and indemnities of Seller under and as provided for in the Repurchase Documents but excluding this Guaranty.
(c)“Guarantor Litigation” means any litigation, arbitration, investigation, or administrative proceeding of or before any court, arbitrator, or governmental authority, bureau or agency that relates to or affects any asset(s) or property(ies) of any Guarantor.
(d)“Insolvency Proceeding” means any case under Title 11 of the United States Code or any successor statute or any other insolvency, bankruptcy, reorganization, liquidation, or like proceeding, or other statute or body of law relating to creditors' rights, whether brought under state, federal, or foreign law.
(e)“Legal Costs” means all reasonable costs and expenses incurred by Buyer in any Proceeding or in obtaining legal advice and assistance in connection with any Proceeding, any Guarantor Litigation (except a Guarantor Litigation arising from any failure of Buyer to comply with its obligations under the Repurchase Documents or from any gross negligence or willful misconduct of Buyer), or any default 

2

by Seller under the Repurchase Documents or by any Guarantor under this Guaranty (including any breach of a representation or warranty, or failure to comply with any covenant, contained in this Guaranty), including reasonable attorneys' fees, disbursements, and other charges incurred by Buyer's attorneys, court costs and reasonable expenses, and charges for the services of paralegals, law clerks, and all other personnel whose services are charged to Buyer in connection with Buyer's receipt of legal services.
(f)“Proceeding” means any action, suit, arbitration, or other proceeding arising out of, or relating to the interpretation or enforcement of, this Guaranty or the Repurchase Documents, including, without limitation, (a) an Insolvency Proceeding; (b) any proceeding in which Buyer endeavors to realize upon any Security or to enforce any Repurchase Document(s) (including this Guaranty) against Seller or any Guarantor, whether or not Buyer prevails; and (c) any proceeding commenced by Seller or any Guarantor against Buyer.
(g)“Repurchase Documents” means: (a) the Repurchase Documents, as defined in the recitals; (b) any other documents or instruments relating to any such documents executed by Seller and/or any Guarantor; and (c) any modifications, extensions, renewals, restatements, or replacements of any of the foregoing, whether or not consented to by the Guarantors.  If the Repurchase Documents, as so defined, are modified pursuant to any Insolvency Proceeding, then (whether or not such modification was made with Buyer's consent or agreement) Buyer may, at Buyer's option, deem the definition of Repurchase Documents either (1) to have been modified to reflect any such modification, or (2) to continue as it was, without regard to any such modification.
(h)“Security” means any security or collateral held by or for Buyer for the Repurchase Transaction or the Guaranteed Obligations, whether real or personal property, including any mortgage, deed of trust, financing statement, security agreement, and other security document or instrument of any kind securing the Repurchase Transaction in whole or in part.  “Security” shall include all assets and property of any kind whatsoever pledged or mortgaged to Buyer pursuant to the Repurchase Documents.
(i)“Seller” means: (a) Seller as defined above, acting on its own behalf; (b) any estate created by the commencement of an Insolvency Proceeding (whether voluntary or involuntary) affecting Seller; (c) any trustee, liquidator, sequestrator, or receiver of Seller or Seller's property; and (d) any similar Person duly appointed pursuant to any law governing any Insolvency Proceeding of Seller.
2.Absolute Guaranty of all Guaranteed Obligations.  Each Guarantor unconditionally and irrevocably guarantees, jointly with the other Guarantors and severally, Seller's prompt and complete payment, observance, fulfillment, and performance of all Guaranteed Obligations.  Each Guarantor shall be personally liable for, and personally obligated to pay and perform, all Guaranteed Obligations.  If any Guarantor fails to pay and perform any Guaranteed Obligation(s) when and as required to 

3

be paid and performed pursuant to the Repurchase Documents, all assets and property of any such Guarantor shall be subject to recourse in accordance with applicable laws to the extent a judgment is obtained against such Guarantor.
3.Nature and Scope of Liability; Security.  (a)  Each Guarantor's liability under this Guaranty is primary and not secondary. Each Guarantor's liability under this Guaranty shall be in the full amount of all Guaranteed Obligations, including any interest, default interest, costs, and reasonable fees (including Legal Costs) payable by Seller under the Repurchase Documents, including any of the foregoing that would have accrued under the Repurchase Documents but for any Insolvency Proceeding.
(b)    The obligations of each Guarantor that is a party to the Guarantor Security Agreement are secured pursuant to, and to the extent provided in, the Guarantor Security Agreement.
4.Changes in Repurchase Documents.  Without notice to, or consent by, any Guarantor, and in Buyer's sole and absolute discretion and without prejudice to Buyer or in any way limiting or reducing each Guarantor's liability under this Guaranty, Buyer may: (a) grant extensions of time, renewals or other indulgences or modifications to Seller or any other party under any of the Repurchase Document(s), (b) change, amend, or modify any Repurchase Document(s), (c) authorize the sale, exchange, release or subordination of any Security, (d) accept or reject additional Security, (e) discharge or release any party or parties liable under the Repurchase Documents, (f) foreclose or otherwise realize on any Security, or attempt to foreclose or otherwise realize on any Security, whether such attempt is successful or unsuccessful, (g) accept or make compositions or other arrangements or file or refrain from filing a claim in any Insolvency Proceeding, (h) make loans to Seller in such amount(s) and at such time(s) as Buyer may determine, (i) credit payments in such manner and order of priority as Buyer may determine in its discretion, and (j) otherwise deal with Seller and any other party related to the Repurchase Transaction or any Security as Buyer may determine in its sole and absolute discretion.  Without limiting the generality of the foregoing, each Guarantor's liability under this Guaranty shall continue even if Buyer alters any obligations under the Repurchase Documents in any respect or Buyer's or any Guarantor's remedies or rights against Seller are in any way impaired or suspended without such Guarantor's consent.  If Buyer performs any of the actions described in this paragraph, then each Guarantor's liability shall continue in full force and effect even if Buyer's actions impair, diminish or eliminate any such Guarantor's subrogation, contribution, or reimbursement rights (if any) against Seller or otherwise adversely affect such Guarantor or expand such Guarantor's liability hereunder.
5.Covenants.  Each Guarantor shall comply with all covenants and agreements set forth in Section 9 of the Repurchase Agreement that are applicable to Seller or any Company Party.
6.Nature of Guaranty.  Each Guarantor's liability under this Guaranty is a guaranty of payment and performance of the Guaranteed Obligations, and 

4

is not a guaranty of collection or collectibility.  Each Guarantor's liability under this Guaranty is not conditioned or contingent upon the genuineness, validity, regularity or enforceability of any of the Repurchase Documents.  Each Guarantor's liability under this Guaranty is a continuing, absolute, and unconditional obligation under any and all circumstances whatsoever (except as expressly stated, if at all, in this Guaranty), without regard to the validity, regularity or enforceability of any of the Guaranteed Obligations.  Each Guarantor acknowledges that such Guarantor is fully obligated under this Guaranty even if Seller had no liability at the time of execution of the Repurchase Documents or later ceases to be liable under any Repurchase Document, whether pursuant to Insolvency Proceedings or otherwise.  Each Guarantor shall not be entitled to claim, and irrevocably covenant not to raise or assert, any defense, counterclaim, set-off or deduction against the Guaranteed Obligations that would or might be available to Seller, other than actual payment and performance of all Guaranteed Obligations in full in accordance with their terms.  Each Guarantor waives any right to compel Buyer to proceed first against Seller or any Security before proceeding against such Guarantor.  Each Guarantor agrees that if any of the Guaranteed Obligations are or become void or unenforceable (because of inadequate consideration, lack of capacity, Insolvency Proceedings, or for any other reason), then such Guarantor's liability under this Guaranty shall continue in full force with respect to all Guaranteed Obligations as if they were and continued to be legally enforceable, all in accordance with their terms before giving effect to the Insolvency Proceedings.  Each Guarantor also recognizes and acknowledges that its liability under this Guaranty may be more extensive in amount and more burdensome than that of Seller.  Each Guarantor waives any defense that might otherwise be available to such Guarantor based on the proposition that such Guarantor's liability cannot exceed the liability of the principal.  Each Guarantor intends to be fully liable under the Guaranteed Obligations regardless of the scope of Seller's liability thereunder.  Without limiting the generality of the foregoing, if the Guaranteed Obligations are “nonrecourse” as to Seller or Seller's liability for the Guaranteed Obligations is otherwise limited in some way, each Guarantor nevertheless intends to be fully liable, to the full extent of such Guarantor's assets with respect to all the Guaranteed Obligations, even though Seller's liability for the Guaranteed Obligations may be less limited in scope or less burdensome.  Each Guarantor waives any defenses to this Guaranty arising or purportedly arising from the manner in which Buyer disburses the Repurchase Transaction to Seller or otherwise, or any waiver of the terms of any Repurchase Document by Buyer or other failure of Buyer to require full compliance with the Repurchase Documents.  Each Guarantor's liability under this Guaranty shall continue until all sums due under the Repurchase Documents have been paid in full and all other performance required under the Repurchase Documents has been rendered in full, except as expressly provided otherwise (if at all) in this Guaranty.  Each Guarantor's liability under this Guaranty shall not be limited or affected in any way by any impairment or any diminution or loss of value of any Security whether caused by (a) hazardous substances, (b) Buyer's failure to perfect a security interest in any Security, (c) any disability or other defense(s) of Seller, (d) any acts or omissions of Buyer, or (e) any breach by Seller of any representation or warranty contained in any Repurchase Document.

5

7.Waivers of Rights and Defenses.  Each Guarantor waives any right to require Buyer to (a) proceed against Seller, (b) proceed against or exhaust any Security, or (c) pursue any other right or remedy for such Guarantor's benefit.  Each Guarantor agrees that Buyer may proceed against such Guarantor with respect to the Guaranteed Obligations without taking any actions against Seller and without proceeding against or exhausting any Security.  Each Guarantor agrees that Buyer may unqualifiedly exercise in its sole discretion (or may waive or release, intentionally or unintentionally) any or all rights and remedies available to it against Seller without impairing Buyer's rights and remedies in enforcing this Guaranty, under which such Guarantor's liabilities shall remain independent and unconditional.  Each Guarantor agrees and acknowledges that Buyer's exercise (or waiver or release) of certain of such rights or remedies may affect or eliminate such Guarantor's right of subrogation or recovery against Seller (if any) and that such Guarantor may incur a partially or totally nonreimbursible liability in performing under this Guaranty. Each Guarantor has assumed the risk of any such loss of subrogation rights, even if caused by Buyer's acts or omissions.  If Buyer's enforcement of rights and remedies, or the manner thereof, limits or precludes any Guarantor from exercising any right of subrogation that might otherwise exist, then the foregoing shall not in any way limit Buyer's rights to enforce this Guaranty.  Without limiting the generality of any other waivers in this Guaranty, each Guarantor expressly waives any statutory or other right that such Guarantor might otherwise have to: (i) limit such Guarantor's liability after a nonjudicial foreclosure sale to the difference between the Guaranteed Obligations and the fair market value of the property or interests sold at such nonjudicial foreclosure sale or to any other extent, (ii) otherwise limit Buyer's right to recover a deficiency judgment after any foreclosure sale, or (iii) require Buyer to exhaust its Security before Buyer may obtain a personal judgment for any deficiency.  Any proceeds of a foreclosure or similar sale may be applied first to any obligations of Seller that do not also constitute Guaranteed Obligations within the meaning of this Guaranty.  Each Guarantor acknowledges and agrees that any nonrecourse or exculpation provided for in any Repurchase Document, or any other provision of a Repurchase Document limiting Buyer's recourse to specific Security or limiting Buyer's right to enforce a deficiency judgment against Seller or any other Person, shall have absolutely no application to such Guarantor's liability under this Guaranty.  To the extent that Buyer collects or receives any sums or payments from Seller, Buyer shall have the right, but not the obligation, to apply such amounts first to that portion of Seller's indebtedness and obligations to Buyer (if any) that is not covered by this Guaranty, regardless of the manner in which any such payments and/or amounts are characterized by the Person making payment.
8.Additional Waivers.  Each Guarantor waives diligence and all demands, protests, presentments and notices of every kind or nature, including notices of protest, dishonor, nonpayment, acceptance of this Guaranty and the creation, renewal, extension, modification or accrual of any of the Guaranteed Obligations.  Each Guarantor further waives the right to plead any and all statutes of limitations as a defense to any such Guarantor's liability under this Guaranty or the enforcement of this Guaranty.  No 

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failure or delay on Buyer's part in exercising any power, right or privilege under this Guaranty shall impair or waive any such power, right or privilege.
9.No Duty to Prove Loss.  To the extent that any Guarantor at any time incurs any liability under this Guaranty, any such Guarantor shall immediately pay Buyer (to be applied on account of the Guaranteed Obligations) the amount provided for in this Guaranty, without any requirement that Buyer demonstrate that Buyer has currently suffered any loss or that Buyer has otherwise exercised (to any degree) or exhausted any of Buyer's rights or remedies with respect to Seller or any Security.
10.Full Knowledge.  Each Guarantor acknowledges, represents, and warrants that it has had a full and adequate opportunity to review the Repurchase Documents, the transaction contemplated by the Repurchase Documents, and all underlying facts relating to such transaction.  Each Guarantor represents and warrants that it fully understands: (a) the remedies Buyer may pursue against Seller and/or such Guarantor in the event of a default under the Repurchase Documents, (b) the value (if any) and character of any Security, and (c) Seller's financial condition and ability to perform under the Repurchase Documents.  Each Guarantor agrees to keep itself fully informed regarding all aspects of the foregoing and the performance of Seller's obligations to Buyer.  Buyer has no duty, whether now or in the future, to disclose to any Guarantor any information pertaining to Seller, the Repurchase Transaction or any Security.  If at any time provided for in the Repurchase Documents, then each Guarantor agrees and acknowledges that an Insolvency Proceeding affecting such Guarantor, or other actions or events relating to such Guarantor (including such Guarantor's change in financial position), as set forth in the Repurchase Documents, may be event(s) of default under the Repurchase Documents.
11.Representations and Warranties. Each Guarantor acknowledges, represents, and warrants as follows, and acknowledges that Buyer is relying upon the following acknowledgments, representations, and warranties by each such Guarantor in making the Repurchase Transaction:
(a)Repurchase Documents.  This Guaranty has been duly authorized, executed, and delivered by Guarantor, and is fully valid, binding, and enforceable against such Guarantor, in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws now and hereafter in effect relating to or affecting the rights and remedies of creditors and the effect of general principles of equity, whether enforcement is considered in a proceeding or equity or at law.
(b)No Conflict.  The execution, delivery, and performance of this Guaranty will not violate any provision of any law, regulation, judgment, order, decree, determination, or award of any court, arbitrator or governmental authority, or of any mortgage, indenture, loan, or security agreement, lease, contract or other agreement, instrument or undertaking to which Guarantor is a party, in any material respect, or that purports to bind Guarantor or any of Guarantor's property or assets.

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(c)No Third Party Consent Required.  No consent of any Person (including creditors or partners, members, stockholders, or other owners of such Guarantor) is required in connection with any Guarantor's execution of this Guaranty or performance of any Guarantor's obligations under this Guaranty.  Each Guarantor's execution of, and obligations under, this Guaranty are not contingent upon any consent, license, permit, approval, or authorization of, exemption by, notice or report to, or registration, filing, or declaration with, any governmental authority, bureau, or agency, whether local, state, federal, or foreign.
(d)Authority and Execution.  Each Guarantor is a corporation or limited liability company duly organized and validly existing under the laws of its formation.  Each Guarantor is qualified to do business, validly existing and is, to the extent determinable, in good standing, in all other jurisdictions in which the nature of the business conducted by it makes such qualification necessary, except where failure so to qualify would not have a material effect on its property, business or financial condition or prospects.  Each Guarantor has full power, authority, and legal right to execute, deliver and perform its obligations under this Guaranty.  Each Guarantor has taken all necessary corporate and legal action to authorize this Guaranty, which has been duly executed and delivered and is a legal, valid, and binding obligation of such Guarantor, enforceable in accordance with its terms.
(e)No Representations by Buyer.  Each Guarantor delivers this Guaranty based solely upon its own independent investigation and based in no part upon any representation, statement, or assurance by Buyer.
(f)Repurchase Agreement.  Each Guarantor hereby represents and warrants that the representation and warranties as to it made by Seller in Section 7 of the Repurchase Agreement are true and correct on each date as required thereunder.
12.Reimbursement and Subrogation Rights.  Except to the extent that Buyer notifies each Guarantor to the contrary in writing from time to time:
(a)General Deferral of Reimbursement.  Each Guarantor waives any right to be reimbursed by Seller for any payment(s) made by such Guarantor on account of the Guaranteed Obligations, unless and until all amounts under the Repurchase Documents have been paid in full and all periods within which such payments may be set aside or invalidated have expired.  Each Guarantor acknowledges that it has received adequate consideration for execution of this Guaranty by virtue of Buyer's entering into the Repurchase Transaction (which benefits such Guarantor, as an indirect beneficial owner of Seller) and such Guarantor does not require or expect, and is not entitled to, any other right of reimbursement against Seller as consideration for this Guaranty.
(b)Deferral of Subrogation and Contribution.  Each Guarantor agrees it shall not assert any right of subrogation against Seller or Buyer, or right of subrogation against any Security unless and until in Buyer's reasonable determination 

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(a) all amounts due under the Repurchase Documents have been paid in full and all other performance required under the Repurchase Documents has been rendered in full to Buyer; and (b) all periods within which such payment and performance may be set aside or invalidated have expired (such deferral of such Guarantor's subrogation and contribution rights, the “Subrogation Deferral”).  If any amounts shall be paid to any Guarantor in violation of subsections (a) or (b) of this Section 12, such amount shall be held in trust for the benefit of Buyer and shall forthwith be paid to Buyer to be credited and applied to the payment of the Guaranteed Obligations, whether matured or unmatured; provided, however, nothing contained herein shall prohibit Seller from making a dividend to Parent Guarantor at any time.  Immediately upon the occurrence of such payment by any Guarantor to Buyer, any and all duties owed by any such Guarantor to Buyer with respect to such Guarantor's holding of such amounts for Buyer shall be satisfied and discharged.
(c)Effect of Invalidation.  To the extent that a court of competent jurisdiction determines that any Guarantor's Subrogation Deferral is void or voidable for any reason, each such Guarantor agrees, notwithstanding any acts or omissions by Buyer, that such Guarantor's rights of subrogation against Seller or Buyer and such Guarantor's right of subrogation against any Security shall at all times be junior and subordinate to Buyer's rights against Seller and to Buyer's right, title, and interest in such Security.
13.Claims in Insolvency Proceeding.  Each Guarantor shall not file any claim in any insolvency Proceeding affecting Seller unless such Guarantor simultaneously assigns and transfers such claim to Buyer, without consideration, pursuant to documentation fully satisfactory to Buyer.  Each Guarantor shall automatically be deemed to have assigned and transferred such claim to Buyer whether or not such Guarantor executes documentation to such effect.  By executing this Guaranty, each Guarantor hereby authorizes Buyer (and grants Buyer a power of attorney coupled with an interest, and hence irrevocable) to execute and file such assignment and transfer documentation on such Guarantor's behalf, which power of attorney may only be exercised by Buyer following the occurrence and continuance of an Event of Default.  Buyer shall have the sole right to vote, receive distributions, and exercise all other rights with respect to any such claim, provided, however, that if and when the Guaranteed Obligations have been paid in full Buyer shall, subject to Section 14 below, relinquish all such rights, reassign such claim to such Guarantor and release to such Guarantor any further payments received on account of any such claim.
14.Buyer's Disgorgement of Payments.  Upon payment of all or any portion of the Guaranteed Obligations, each Guarantor's obligations under this Guaranty shall continue and remain in full force and effect if all or any part of such payment is, pursuant to any Insolvency Proceeding or otherwise, avoided or recovered directly or indirectly from Buyer as a preference, fraudulent transfer, or otherwise irrespective of (a) any notice of revocation given by such Guarantor prior to such avoidance or recovery, or (b) payment in full of the Repurchase Transaction.  Each Guarantor's liability under this Guaranty shall continue until all periods have expired within which Buyer could (on 

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account of Insolvency Proceedings, whether or not then pending, affecting Seller, or any other Person) be required to return, repay, or disgorge any amount paid at any time on account of the Guaranteed Obligations.
15.[Intentionally Omitted]:
16.Servicing.  Each Guarantor acknowledges that neither it nor Seller has any rights to service the Transaction Assets but only has rights, if any, as a party to the Servicing Agreement.  Without limiting the generality of the foregoing and in the event that Seller or any Guarantor is deemed to retain any residual rights under the Servicing Agreement, and for the avoidance of doubt, any such Guarantor grants, assigns and pledges hereby to Buyer a security interest in its respective rights under the Servicing Agreement and proceeds related thereto and in all instances, whether now owned or hereafter acquired, now existing or hereafter created.  The foregoing provision is intended to constitute a “security agreement or arrangement or other credit enhancement” (as defined under Sections 101(47)(v) and 741(7)(xi) of the Bankruptcy Code) related to the Repurchase Agreement and the Transactions thereunder.
17.Merger; No Conditions; Amendments.  This Guaranty and documents referred to herein contain the entire agreement among the parties with respect to the matters set forth in this Guaranty.  This Guaranty supersedes all prior agreements among the parties with respect to the matters set forth in this Guaranty.  No course of prior dealings among the parties, no usage of trade, and no parol or extrinsic evidence of any nature shall be used to supplement, modify, or vary any terms of this Guaranty.  This Guaranty is unconditional.  There are no unsatisfied conditions to the full effectiveness of this Guaranty.  No terms or provisions of this Guaranty may be changed, waived, revoked, or amended without each Guarantor's and Buyer's prior written consent.  If any provision of this Guaranty is determined to be unenforceable, then all other provisions of this Guaranty shall remain fully effective.
18.Governing Law; Enforcement.  This Guaranty shall be governed solely by New York State internal law (disregarding such state's law on conflict of laws) notwithstanding the location of any Security.  Each Guarantor acknowledges that any restrictions, limitations, and prohibitions set forth in New York Real Property Actions and Proceedings Law Sections 1301 and 1371 that would or might otherwise limit or establish conditions to Buyer's recovery of a judgment against such Guarantor if the Security were located in New York State shall have absolutely no application to Buyer's enforcement of this Guaranty as against such Guarantor, except to the extent that real property Security is located within the State of New York.  Each Guarantor acknowledges that this Guaranty is an “instrument for the payment of money only,” within the meaning of New York Civil Practice Law and Rules Section 3213.  In the event of any Proceeding between Seller or any Guarantor and Buyer, including any Proceeding in which Buyer enforces or attempts to enforce this Guaranty or the Repurchase Transaction against Seller or any Guarantor, or in the event of Guarantor Litigation, such Guarantor shall reimburse Buyer for all Legal Costs of such Proceeding.

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19.Fundamental Changes.  Each Guarantor shall not wind up, liquidate, or dissolve its affairs or enter into any transaction of merger or consolidation, or sell, lease, or otherwise dispose of (or agree to do any of the foregoing) all or substantially all of its property or assets, or change its state of formation or entity status unless such Guarantor consummates any such fundamental change in accordance with the Repurchase Documents.
20.Further Assurances.  Each Guarantor shall execute and deliver such further documents, and perform such further acts, as Buyer may reasonably request to achieve the intent of the parties as expressed in this Guaranty, provided in each case that any such documentation is consistent with this Guaranty and with the Repurchase Documents.
21.Supplemental Provisions.
(a)Other Guaranties.  This Guaranty is in addition to and independent of any other guaranty(ies) of Seller's obligations executed by any Guarantor in favor of Buyer.  This Guaranty shall in no way limit or lessen any other liability, arising in any way, that any such Guarantor may have for the payment of any indebtedness of Seller to Buyer.
(b)Certain Entities.  If Seller or any Guarantor is a partnership, limited liability company, or other unincorporated association, then: (a) such Guarantor's liability shall not be impaired by changes in the name or composition of Seller or such Guarantor; and (b) the withdrawal or removal of any partner(s) or member(s) of Seller or such Guarantor shall not diminish such Guarantor's liability or (if Guarantor is a partnership) the liability of any withdrawing general partner of such Guarantor.
(c)Status of Seller.  If this Guaranty defines more than one Person as Seller, then any reference to Seller means any one or all of them, whether their liability is joint or several.
(d)Counterparts.  This Guaranty may be executed in counterparts.  Delivery of an executed counterpart of a signature page of this Guaranty by facsimile transmission or electronic transmission (in pdf format) shall be as effective as delivery of a manually executed counterpart of this Guaranty.
22.WAIVER OF TRIAL BY JURY, ETC.  EACH GUARANTOR AND BUYER WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING FROM OR RELATING TO THIS GUARANTY OR THE REPURCHASE DOCUMENTS OR ANY OBLIGATION(S) OF ANY SUCH GUARANTOR AND BUYER HEREUNDER OR UNDER THE REPURCHASE DOCUMENTS.  FURTHER, EACH GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY:

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(1)SUBMITS FOR ITSELF AND ITS PROPERTY SOLELY FOR PURPOSES OF ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF (AND NOT AS A GENERAL SUBMISSION TO NEW YORK JURISDICTION), TO THE EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;
(2)CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS, AND TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;
(3)AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH UNDER ITS SIGNATURE BELOW OR AT SUCH OTHER ADDRESS OF WHICH THE BUYER SHALL HAVE BEEN NOTIFIED; AND
(4)AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION.
23.Miscellaneous.
(a)Assignability.  Buyer may assign this Guaranty (in whole or in part) together with any one or more of the Repurchase Documents in accordance with the provisions of the Repurchase Agreement, without in any way affecting any Guarantor's or Seller's liability.  Upon request in connection with any such assignment, each Guarantor shall deliver such documentation as Buyer shall reasonably request.  Buyer may from time to time designate any Buyer Entity, subject to the terms and provisions of the Repurchase Documents, to hold and exercise any or all of Buyer's rights and remedies under this Guaranty.  This Guaranty shall benefit Buyer and its permitted successors and assigns (including any Buyer Entity) and shall bind each Guarantor and its heirs, executors, administrators, successors, and assigns.
(b)Notices.  All notices, requests, and demands to be made under this Guaranty shall be given in writing at the address set forth in the opening 

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paragraph of this Guaranty together with a copies to (x) in the case of any Guarantor, KBS Real Estate Investment Trust, Inc. c/o KBS Capital Advisors, LLC, 620 Newport Center Drive, Suite 1300, Newport Beach, CA 92660, Attention: David E. Snyder, Chief Financial Officer, Telephone: 949-417-6563, Fax: 949-417-6518; with copies to: Greenberg Traurig, LLP, 3161 Michelson Drive, Suite 1000, Irvine, CA 92612, Attention:  Bruce Fischer, Esq., Telephone:  949-732-6670, Facsimile:  949-732-6501 and (y) in the case of Buyer, Cleary Gottlieb Steen & Hamilton LLP, One Liberty Plaza New York, NY 10006, Attention: John Harrison, Esq., Telephone: (212) 225-2842, Fax: (212) 428-9097, by any of the following means: (i) hand delivery, with proof of attempted delivery, (ii) registered or certified, United States mail, postage prepaid or (iii) expedited or prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (iv) by telecopier (with answerback acknowledged) provided that such telecopied notice must also be delivered by one of the means set forth in (i), (ii) or (iii) above.  A party's address may be changed by notice to the other parties given in the same manner as provided above.  A notice shall be deemed to have been given: (a) in the case of hand delivery, at the time of delivery, (b) in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day, (c) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day, or (d) in the case telecopier, upon receipt of answerback confirmation, provided that such telecopied notice was also delivered as required in this Section.  A party receiving a notice which does not comply with the technical requirements for notice under this Section may elect to waive any deficiencies and treat the notice as having been properly given.
(c)Interpretation.  The word “include” and its variants shall be interpreted in each case as if followed by the words “without limitation.”
(d)Confidentiality.  Buyer shall not disclose or otherwise put financial and reporting information relating to any Guarantor in the public domain and Buyer shall not disclose confidential or nonpublic information regarding any Guarantor, provided, however, that (A) if Buyer is compelled as a matter of law to disclose any such information, Buyer may disclose such information as is required by law, and (B) this subsection shall not apply to any information which is or becomes generally available to the public through no action by Buyer or which is or becomes available to Buyer on a nonconfidential basis from a source other than any Guarantor.  Notwithstanding the foregoing, Buyer may, subject to compliance with applicable securities laws, disclose without limitation of any kind, any information with respect to the “tax treatment” and “tax structure” (in each case, within the meaning of Treasury Regulation Section 1.6011-4(b)(3)(iii)) of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure.
24.Business Purposes.  Each Guarantor acknowledges that this Guaranty is executed and delivered for business and commercial purposes, and not for personal, family, household, consumer, or agricultural purposes.  Each Guarantor acknowledges that such Guarantor is not entitled to, and does not require the benefits of, 

13

any rights, protections, or disclosures that would or may be required if this Guaranty were given for personal, family, household, consumer, or agricultural purposes.  Each Guarantor acknowledges that none of such Guarantor's obligation(s) under this Guaranty constitute(s) a “debt” within the meaning of the United States Fair Debt Collection Practices Act, 15 U.S.C. § 1692a(5), and accordingly compliance with the requirements of such Act is not required if Buyer (directly or acting through its counsel) makes any demand or commences any action to enforce this Guaranty.
25.No Third-Party Beneficiaries.  This Guaranty is executed and delivered for the benefit of Buyer and its heirs, successors, and assigns, and is not intended to benefit any third party.
26.CERTAIN ACKNOWLEDGMENTS BY EACH GUARANTOR.  EACH GUARANTOR ACKNOWLEDGES THAT BEFORE EXECUTING THIS GUARANTY: (A) SUCH GUARANTOR HAS HAD THE OPPORTUNITY TO REVIEW IT WITH AN ATTORNEY OF SUCH GUARANTOR'S CHOICE; (B) BUYER HAS RECOMMENDED TO SUCH GUARANTOR THAT SUCH GUARANTOR OBTAIN SEPARATE COUNSEL, INDEPENDENT OF SELLER'S COUNSEL, REGARDING THIS GUARANTY; AND (C) SUCH GUARANTOR HAS CAREFULLY READ THIS GUARANTY AND UNDERSTOOD THE MEANING AND EFFECT OF ITS TERMS, INCLUDING ALL WAIVERS AND ACKNOWLEDGMENTS CONTAINED IN THIS GUARANTY AND THE FULL EFFECT OF SUCH WAIVERS AND THE SCOPE OF SUCH GUARANTOR'S OBLIGATIONS UNDER THIS GUARANTY.
27.Additional Guarantors.  Each Guarantor agrees that, if, Parent Guarantor or Seller shall be required to cause any Subsidiary thereof that is not a Guarantor to become a Guarantor hereunder, or if for any reason Parent Guarantor or Seller desires any such Subsidiary to become a Guarantor hereunder, such Subsidiary shall execute and deliver to Buyer a Guaranty Supplement in substantially the form of Exhibit A (Guaranty Supplement) attached hereto and deliver to Buyer the legal opinion of counsel to such Guarantor as to (among other things) enforceability of the Guaranty Supplement and all documents executed and delivered thereunder, required authorizations and consents, no violations of law or regulation, no conflicts, securities law matters, such other matters as Buyer may reasonably request and if such Guarantor is required by Buyer to pledge any assets to Buyer as security for its Guaranty, the validity and perfection of the related security interests created under the Guarantor Security Agreement, reasonably satisfactory in scope and form (and from counsel reasonably satisfactory) to Buyer and its counsel, and shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Guarantor party hereto on the Restatement Date

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IN WITNESS WHEREOF, each Guarantor has duly executed and 
delivered this Guaranty as of the day and year first above written:
    
KBS DEBT HOLDINGS MEZZ HOLDER, LLC, 
a Delaware limited liability company

By:    KBS DEBT HOLDINGS, LLC, 
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP, 
a Delaware limited partnership,
its manager

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation, 
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer
 

[SIGNATURE PAGE TO GUARANTY]

KBS DEBT HOLDINGS, LLC,
a Delaware limited liability company

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its manager

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS SE RETAIL, LLC,
a Delaware limited liability company

By:    KBS REIT ACQUISITION VIII, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS PARK CENTRAL, LLC,
a Delaware limited liability company

By: KBS REIT ACQUISITION VII, LLC,
a Delaware limited liability company, 
its sole member

By: KBS LIMITED PARTNERSHIP, 
a Delaware limited partnership, 
its sole member

By: KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:     /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXI, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXII, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XX, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

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KBS REIT ACQUISITION XXVIII, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXXV, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XIX, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

19

KBS REIT ACQUISITION XXXI, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXXII, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXIX, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

20

KBS REIT ACQUISITION XXX, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXIV, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XVI, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

21

KBS REIT ACQUISITION XVII, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXV, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXVI, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

22

KBS REIT ACQUISITION XXXVI, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXXIII, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXXX, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David S. Snyder
David E. Snyder
Chief Financial Officer

23

KBS REIT ACQUISITION XXXVIII, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXXIX, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS REIT ACQUISITION XXXVII, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

24

KBS REIT ACQUISITION XXXIV, LLC,
a Delaware limited liability company

By:    KBS REIT PROPERTIES, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST, INC.,
a Maryland corporation,
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

25

EXHIBIT A
GUARANTY SUPPLEMENT

The undersigned hereby agrees to be bound as a Guarantor under the Omnibus Guaranty, dated as of April 28, 2011 (the “Omnibus Guaranty”), by certain guarantors listed on the signature pages thereof or having agreed to be bound thereby, and the undersigned hereby acknowledges receipt of a copy of the Omnibus Guaranty.  The undersigned hereby represents and warrants that each of the representations and warranties contained in Section 11 of the Omnibus Guaranty applicable to it is true and correct on and as the date hereof as if made on and as of such date.  Capitalized terms used herein but not defined herein are used with the meanings given them in the Omnibus Guaranty.
IN WITNESS WHEREOF, the undersigned has caused this Guaranty Supplement to be duly executed and delivered as of _________ __, ____.

[Name of Guarantor]
By:                    ______
Name:
Title:

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