Document:

Preferred Share Paying Agency Agreement

 Exhibit 10.2 

EXECUTION VERSION 
 TPG
REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD., 
 as Issuer, 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Preferred Share Paying Agent, 

AND 
 MAPLESFS LIMITED,

 as Preferred Share Registrar and Administrator 

PREFERRED SHARE PAYING AGENCY AGREEMENT 

Dated as of February 14, 2018 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	1	 
			
	 Section 1.1.
	 	Definitions	  	 	1	 
	 Section 1.2.
	 	Rules of Construction	  	 	5	 
		
	 ARTICLE II. THE PREFERRED SHARES 
	  	 	5	 
			
	 Section 2.1.
	 	Form of Preferred Shares	  	 	5	 
	 Section 2.2.
	 	Execution; Delivery; Dating and Cancellation	  	 	5	 
	 Section 2.3.
	 	Registration	  	 	7	 
	 Section 2.4.
	 	Registration of Transfer and Exchange of Preferred Shares	  	 	8	 
	 Section 2.5.
	 	Transfer and Exchange of Preferred Shares	  	 	9	 
	 Section 2.6.
	 	[Reserved.]	  	 	12	 
	 Section 2.7.
	 	Non-Permitted Holders	  	 	12	 
	 Section 2.8.
	 	Certain Tax Matters	  	 	13	 
	 Section 2.9.
	 	Provisions of the Indenture and Servicing Agreement	  	 	13	 
		
	 ARTICLE III. DISTRIBUTIONS TO THE HOLDERS
	  	 	13	 
			
	 Section 3.1.
	 	Disbursement of Funds	  	 	13	 
	 Section 3.2.
	 	Condition to Payments	  	 	15	 
	 Section 3.3.
	 	The Preferred Share Payment Account	  	 	16	 
	 Section 3.4.
	 	Redemption	  	 	17	 
	 Section 3.5.
	 	Fees or Commissions in Connection with Disbursements	  	 	17	 
	 Section 3.6.
	 	Liability of the Preferred Share Paying Agent in Connection with Disbursements	  	 	17	 
		
	 ARTICLE IV. ACCOUNTING AND REPORTS
	  	 	17	 
			
	 Section 4.1.
	 	Reports and Notices	  	 	17	 
	 Section 4.2.
	 	Notice of Plan Assets	  	 	18	 
	 Section 4.3.
	 	Requests by Independent Accountants	  	 	18	 
	 Section 4.4.
	 	Rule 144A Information	  	 	18	 
	 Section 4.5.
	 	Tax Information	  	 	18	 
		
	 ARTICLE V. THE PREFERRED SHARE PAYING AGENT
	  	 	19	 
			
	 Section 5.1.
	 	Appointment of Preferred Share Paying Agent	  	 	19	 
	 Section 5.2.
	 	Resignation and Removal	  	 	19	 
	 Section 5.3.
	 	Fees; Expenses; Indemnification; Liability	  	 	19	 

  
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	 ARTICLE VI. [RESERVED]
	  	 	21	 
		
	 ARTICLE VII. MISCELLANEOUS PROVISIONS
	  	 	21	 
			
	 Section 7.1.
	 	Amendment	  	 	21	 
	 Section 7.2.
	 	Notices; Rule 17g-5 Procedures	  	 	21	 
	 Section 7.3.
	 	Governing Law	  	 	22	 
	 Section 7.4.
	 	Non-Petition; Limited Recourse	  	 	22	 
	 Section 7.5.
	 	No Partnership or Joint Venture	  	 	22	 
	 Section 7.6.
	 	Counterparts	  	 	23	 

							
			
	 Exhibit A
	 	Form of Preferred Share	  			
	 Exhibit B
	 	Form of Purchaser Certificate	  			

  

  
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 PREFERRED SHARE PAYING AGENCY AGREEMENT (this “Agreement”),
dated as of February 14, 2018, among TPG Real Estate Finance 2018-FL1 Issuer, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the
“Issuer”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as paying agent for the Preferred Shares (in such capacity, the “Preferred Share Paying Agent”), and MAPLESFS LIMITED, a licensed
trust company incorporated in the Cayman Islands, as administrator (in such capacity, the “Administrator”) and share registrar for the Preferred Shares (in such capacity, the “Preferred Share Registrar”). 

PRELIMINARY STATEMENT 

As authorized by the Issuer and permitted under the terms of the Issuer’s Amended and Restated Memorandum and Articles of
Association (the “Memorandum and Articles”) as may be hereafter amended and in effect from time to time, the Issuer has a duly authorized share capital consisting of 250 ordinary voting shares, par value U.S.$1.00 per share, all of
which will have been issued by the Issuer and are outstanding on the Closing Date, and 111,885.182 Preferred Shares, consisting of (i) 110,766.331 shares of Class P Preferred Shares (the “Class P Preferred
Shares”), having a par value U.S.$0.001 per share and with an aggregate liquidation preference and notional amount equal to U.S.$1,000 per share; and (ii) 1,118.851 shares of Class R Preferred Shares (the
“Class R Preferred Shares”), having a par value U.S.$0.001 per share and with an aggregate liquidation preference and notional amount equal to U.S.$1,000 per share (the Class P Preferred Shares and the
Class R Preferred Shares are collectively referred to herein as the “Preferred Shares”), all of which have been issued on the date hereof on the terms and provisions set forth herein. The distributions on each of the Preferred
Shares will be payable in accordance with the Memorandum and Articles, the Indenture (as defined below), and this Agreement. The Issuer has entered into this Agreement to provide for the payment of such distributions. 

All representations, covenants and agreements made herein by the Issuer and the Preferred Share Paying Agent are for the
benefit of the Holders. The Issuer is entering into this Agreement, and the Preferred Share Paying Agent, the Administrator and the Preferred Share Registrar are accepting their obligations hereunder, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged. 
 ARTICLE I. 

DEFINITIONS 

Section 1.1. Definitions. 

Capitalized terms used but not defined herein have the respective meanings given to such terms in the Indenture and, if not
defined therein, in the Memorandum and Articles, and are incorporated by reference herein. As used herein, the following terms have the following respective meanings and the definitions of such terms are equally applicable both in the singular and
the plural forms of such terms and in the masculine, feminine and neuter genders of such terms: 

 “Administrator”: The meaning set forth in the Preliminary
Statement to this Agreement. 
 “Affiliate” or “Affiliated”: With respect to a Person,
(i) any other Person who, directly or indirectly, is in control of, or controlled by, or is under common control with, such Person or (ii) any other Person who is a director, Officer or employee (a) of such Person, (b) of any
subsidiary or parent company of such Person or (c) of any Person described in clause (i) above. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the
securities having ordinary voting power for the election of directors of such Person, or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise; provided that neither the
Administrator nor any other company, corporation or person to which the Administrator provides directors and/or administrative services and/or acts as share trustee shall be an Affiliate of the Issuer or
Co-Issuer. 
 “Agreement”: The meaning set forth in the Preliminary
Statement to this Agreement. 
 “Authorized Denomination”: Any integral number of Preferred Shares equal to
or greater than 250 shares and integral multiples of one share in excess thereof. 
 “Available Funds”:
With respect to each Payment Date, the amount (if any) of distributions received by the Preferred Share Paying Agent from the Issuer or the Trustee under the Priority of Payments under the Indenture for payments on the Preferred Shares. 

“Bank”: Wells Fargo Bank, National Association, a national banking association. 

“Benefit Plan Investor”: (A) An “employee benefit plan” (as defined in Section 3(3) of
ERISA) that is subject to Title I of ERISA, (B) a “plan” within the meaning of Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, or (C) any entity whose underlying assets include “plan
assets” by reason of such employee benefit plan’s or plan’s investment in the entity or otherwise. 

“Business Day”: Each Business Day under the Indenture. 

“Class P Preferred Share”: The Class P Preferred Shares issued by the Issuer pursuant
to the Memorandum and Articles. 
 “Class P Preferred Share Notional Amount”:
$110,766,331. 
 “Class R Preferred Share”: The Class R Preferred Shares issued by
the Issuer pursuant to the Memorandum and Articles. 
 “Code”: The United States Internal Revenue Code of
1986, as amended. 
 “Co-Issuer”: TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, a Delaware limited liability company. 

  
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 “EHRI”: The Preferred Shares, which are retained by TPG RE
Finance Trust 2018-FL1 Retention Holder, LLC on the Closing Date. 

“FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or
successor version that is substantially comparable) and any current or future treasury regulations promulgated thereunder, and any related provisions of law, court decisions, administrative guidance or agreements with any taxing authority (or laws
thereof) in respect thereof, including any agreements entered into pursuant to Section 1471(b)(1) of the Code or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidance notes or practices
adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code or analogous provisions of non-U.S. law. 

“Holder”: With respect to any Preferred Shares, the Person in whose name such Preferred Shares are registered
in the Preferred Share Register. 
 “Indenture”: The indenture dated as of February 14, 2018 among the
Issuer, the Co-Issuer, the Bank, as note administrator, TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent and Wilmington Trust, National Association, as trustee (the “Trustee”), as
amended from time to time in accordance with the terms thereof. 
 “Institutional Accredited Investor”: An
institution that is an “accredited investor” as described in clause (1), (2), (3) or (7) of Rule 501(a) of Regulation D under the Securities Act or an entity in which all of the equity owners are such “accredited investors.”

 “Investment Company Act”: Investment Company Act of 1940, as amended. 

“Issuer Order”: A written order or request dated and signed in the name of the Issuer by an Authorized
Officer of the Issuer. 
 “Majority”: The Holders of more than 50% of the aggregate outstanding Preferred
Shares. 
 “Memorandum and Articles”: The meaning set forth in the Preliminary Statement to this Agreement.

 “Non-Permitted Holder”: (a) Any U.S. person (as
defined in Regulation S) that becomes the beneficial owner of any Preferred Shares or interest in Preferred Shares and is not a Qualified Institutional Buyer, (b) any Person for which the representations made, or deemed to be made, by such
Person for purposes of ERISA, Section 4975 of the Code or applicable Similar Law in any representation letter or Purchaser Certificate, or by virtue of deemed representations are or become untrue, or (c) any Benefit Plan Investor. 

“Ordinary Shares”: The 250 ordinary shares, U.S.$1.00 par value per share, of the Issuer which have been
issued by the Issuer and are outstanding from time to time. 
 “Payment Date”: Each Payment Date under the
Indenture (including the Stated Maturity Date and any Redemption Date). 

  
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 “Plan Asset Regulation”: U.S. Department of Labor regulations 29
C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA. 

“Preferred Share Certificate”: Any Preferred Share represented by a physical certificate in definitive, fully
registered, certificated form set forth in Exhibit A. 
 “Preferred Share Paying Agent”: The Bank,
solely in its capacity as Preferred Share Paying Agent under this Agreement, unless a successor Person shall have become the Preferred Share Paying Agent pursuant to the applicable provisions of this Agreement, and thereafter “Preferred Share
Paying Agent” shall mean such successor Person. 
 “Preferred Share Payment Account”: The meaning set
forth in Section 3.3. 
 “Preferred Share Register”: The register of members
maintained by the Preferred Share Registrar. 
 “Preferred Shares”: The meaning set forth in the
Preliminary Statement to this Agreement. 
 “Purchaser”: Each purchaser of an interest in Preferred Shares,
including any account for which it is acting. 
 “Purchaser Certificate”: A certificate substantially in
the form of Exhibit B attached hereto, duly completed as appropriate. 
 “QEF”:
The meaning assigned in Section 4.5(ii). 
 “Qualified Institutional Buyer”: Any
Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Preferred Shares, is a qualified institutional buyer within the meaning of Rule 144A. 

“Qualified Purchaser”: Any Person that, at the time of its acquisition, purported acquisition or proposed
acquisition of Preferred Shares, is a qualified purchaser within the meaning of the Investment Company Act. 

“Record Date”: With respect to any Payment Date, the date that is 15 days (whether or not a Business Day)
prior to such Payment Date. 
 “Redemption Date”: The earlier of (i) the Stated Maturity Date and
(ii) the Payment Date on which a redemption of the Preferred Shares occurs. 
 “Redemption Price”: The
Redemption Price for the Preferred Shares calculated in accordance with the procedures set forth in the Indenture. 

“Rule 144A Information”: The meaning set forth in Section 4.4. 

  
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 “Similar Law”: Any local, state, federal or non-U.S. law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code. 

“Specified Person”: The meaning set forth in Section 2.2(g). 

“Subordinated Trust Administrator”: TPG RE Finance Trust CLO
Sub-REIT, a Maryland real estate investment trust. 
 “Subordinated Trust
Administrator Fee”: A fee, in the amount of $270,000.00, payable monthly to the Subordinated Trust Administrator for certain administrative services performed by the Subordinated Trust Administrator on behalf of TPG RE Finance Trust 2018-FL1 Retention Holder, LLC. 
 “U.S. Person”: As defined in
Regulation S under the Securities Act. 
 Section 1.2. Rules of Construction. 

(a) The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 (b) References to Preferred Shares, Certificates shall, when the context requires, be construed to
mean the Preferred Share Certificate representing the same. 
 ARTICLE II. 

THE PREFERRED SHARES 

Section 2.1. Form of Preferred Shares. 

The Preferred Shares shall be duly executed by the Issuer and delivered by the Preferred Share Paying Agent as hereinafter
provided. 
 Section 2.2. Execution; Delivery; Dating and Cancellation. 

(a) Any Preferred Share Certificates shall be executed on behalf of the Issuer by one or more Authorized Officers of the
Issuer. The signature of such Authorized Officer on a Preferred Share Certificate may be manual or facsimile. 
 (b)
Preferred Share Certificates bearing the signatures of individuals who were at any time the Authorized Officers of the Issuer shall bind the Issuer, notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior
to the delivery of such Preferred Share Certificates or did not hold such offices at the date of issuance of such Preferred Shares. 

(c) At any time and from time to time after the execution of this Agreement, the Issuer may deliver Preferred Share
Certificates executed by the Issuer to the Preferred Share 

  
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Paying Agent for authentication, and the Preferred Share Paying Agent, upon Issuer Order, shall authenticate and deliver such Preferred Share Certificates as directed by the Issuer. 

(d) All Preferred Share Certificates authenticated and delivered by the Preferred Share Paying Agent upon Issuer Order on the
Closing Date shall be dated on the Closing Date. All other Preferred Share Certificates that are authenticated after the Closing Date for any other purpose under this Agreement shall be dated on the date of their execution. 

(e) No Preferred Share Certificate shall be entitled to any benefit under this Preferred Share Paying Agency Agreement or be
valid or obligatory for any purpose, unless there appears on such Preferred Share Certificate a Preferred Share Certificate of Authentication, substantially in the form provided for herein, executed by the Preferred Share Paying Agent by the manual
signature of one of their Authorized Officers, and such certificate upon any Preferred Share Certificate shall be conclusive evidence, and the only evidence, that such Preferred Share Certificate has been duly authenticated and delivered hereunder.

 (f) All Preferred Share Certificates surrendered for registration of transfer or exchange, or deemed lost or stolen,
shall, if surrendered to any Person other than the Preferred Share Paying Agent, be delivered to the Preferred Share Paying Agent, and shall promptly be canceled. No Preferred Share Certificates shall be issued in lieu of or in exchange for any
Preferred Share Certificates canceled as provided in this Section 2.2(f), except as expressly permitted by this Agreement. All canceled Preferred Share Certificates held by the Preferred Share Paying Agent shall be
destroyed or held by the Preferred Share Paying Agent in accordance with its standard retention policy. 
 (g) If
(i) any mutilated or defaced Preferred Share Certificate is surrendered to the Preferred Share Paying Agent, or if there shall be delivered to the Issuer or the Preferred Share Paying Agent (each, a “Specified Person”) evidence
to their reasonable satisfaction of the destruction, loss or theft of any Preferred Share Certificate, and (ii) there is delivered to each Specified Person such security or indemnity as may be required by each Specified Person to save each of
them and any agent of any of them harmless, then, in the absence of notice to the Specified Persons that such Preferred Share Certificate has been acquired by a bona fide purchaser, the Issuer shall execute in lieu of any such mutilated, defaced,
destroyed, lost or stolen Preferred Share Certificate, a new Preferred Share Certificate, of like tenor (including the same date of issuance) and equal principal amount, registered in the same manner, dated the date of its authentication, bearing
interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Preferred Share Certificate and bearing a number not contemporaneously outstanding. 

If, after delivery of such new Preferred Share Certificate, a bona fide purchaser of the predecessor Preferred Share
Certificate presents for payment, transfer or exchange such predecessor Preferred Share Certificate, any Specified Person shall be entitled to recover such new Preferred Share Certificate from the Person to whom it was delivered or any Person taking
therefrom, and each Specified Person shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by such Specified Person in connection therewith. 

  
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 In case any such mutilated, defaced, destroyed, lost or stolen Preferred Share
Certificate has become due and payable, the Issuer, in its discretion may, instead of issuing a new Preferred Share Certificate, pay such Preferred Share Certificate without requiring surrender thereof except that any mutilated or defaced Preferred
Share Certificate shall be surrendered. 
 Upon the issuance of any new Preferred Share Certificate under this
Section 2.2(g), the Issuer may require the payment by the registered Holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Preferred Share Paying Agent) connected therewith. 
 Every new Preferred Share Certificate
issued pursuant to this Section 2.2(g) in lieu of any mutilated, defaced, destroyed, lost or stolen Preferred Share Certificate shall constitute an original additional contractual obligation of the Issuer, and such new
Preferred Share Certificate shall be entitled, subject to this Section 2.2(g), to all the benefits of this Agreement equally and proportionately with any and all other Preferred Share Certificates duly issued hereunder.

 The provisions of this Section 2.2(g) are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Preferred Share Certificates. 

Section 2.3. Registration. 

(a) The Issuer shall keep or cause to be kept the Preferred Share Register in which, subject to such reasonable regulations as
it may prescribe, the Preferred Share Registrar shall provide for the registration of holders of, and the registration of transfers and exchanges of, Preferred Shares and Ordinary Shares. The Administrator is hereby initially appointed as agent of
the Issuer to act as the “Preferred Share Registrar” for the purpose of maintaining the Preferred Share Register and registering and recording in the Preferred Share Register the Preferred Shares and transfers of such Preferred Shares as
herein provided. Upon any resignation or removal of the Preferred Share Registrar, the Issuer shall promptly appoint a successor. The Preferred Share Paying Agent shall promptly provide the Preferred Share Registrar with all information necessary to
prepare and maintain the Preferred Share Register. The Preferred Share Registrar shall be entitled to rely on such information provided to it pursuant to the preceding sentence without any liability on its part. 

(b) The Preferred Share Paying Agent shall maintain a duplicate share register and shall be entitled to conclusively rely on
such duplicate share register for the purpose of payment on the Preferred Shares. The Preferred Share Paying Agent shall have the right to inspect the Preferred Share Register at all reasonable times and to obtain copies thereof and the Preferred
Share Paying Agent shall have the right to rely upon a certificate executed on behalf of such Preferred Share Registrar by an Authorized Officer thereof as to the names and addresses of the Holders and the numbers of such Preferred Shares. If either
party becomes aware of any discrepancies between the Preferred Share Register and the duplicate share register, it shall promptly inform the other of the same and the Preferred Share Registrar and the Preferred Share

  
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Paying Agent shall cooperatively ensure that the Preferred Share Register and the duplicate share register are reconciled in a timely manner and in any case prior to the next Record Date.
Notwithstanding anything to the contrary herein, the Preferred Share Paying Agent shall have no duty to monitor or determine whether any discrepancies exist between the two registers. 

Section 2.4. Registration of Transfer and Exchange of Preferred Shares. 

(a) Subject to this Section 2.4 and Section 2.5, upon surrender for
registration of transfer of any Preferred Share Certificates at the offices of the Issuer or the Preferred Share Paying Agent in compliance with the restrictions set forth in any legend appearing on any such Preferred Share Certificate, the Issuer
shall execute and the Preferred Share Paying Agent shall deliver, in the name of the designated transferee or transferees, one or more new Preferred Share Certificates, each in an Authorized Denomination, of like terms and of a like number. 

(b) Subject to this Section 2.4 and Section 2.5, at the option of the
Holder, Preferred Shares may be exchanged for Preferred Shares, each in an Authorized Denomination, of like terms and of like number upon surrender of the related Preferred Share Certificate at such office as the Preferred Share Paying Agent may
designate for such purposes. Whenever any Preferred Share Certificate is surrendered for exchange, the Issuer shall execute and the Preferred Share Paying Agent shall deliver the Preferred Share Certificate that the Holder making the exchange is
entitled to receive. 
 (c) Preferred Share Certificates representing Preferred Shares issued upon any registration of
transfer or exchange of Preferred Shares shall represent equity interests of the Issuer entitled to the same benefits under this Agreement and the Memorandum and Articles as the Preferred Shares represented by the Preferred Share Certificate
surrendered upon such registration of transfer or exchange. 
 (d) All Preferred Share Certificates presented or surrendered
for registration of transfer or exchange shall be accompanied by an assignment form and a written instrument of transfer each in a form satisfactory to the Issuer and the Preferred Share Paying Agent, duly executed by the Holder thereof or its
attorney duly authorized in writing. 
 (e) No service charge shall be made to a Holder for any registration of transfer or
exchange of Preferred Shares, but the Preferred Share Paying Agent may require payment of a sum sufficient to cover the expenses of delivery (if any) not made by regular mail or any tax or other governmental charge payable in connection therewith.

 (f) The Issuer, the Preferred Share Paying Agent, the Preferred Share Registrar, and any agent of the Issuer, the
Preferred Share Paying Agent or the Preferred Share Registrar shall treat the Person in whose name any Preferred Shares are registered on the Preferred Share Register as the owner of such Preferred Shares on the applicable Record Date for the
purpose of receiving payments in respect of such Preferred Shares and none of the Issuer, the Preferred Share Paying Agent, the Preferred Share Registrar or any agent of the Issuer, the Preferred Share Paying Agent or the Preferred Share Registrar
shall be affected by notice to the contrary. 

  
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 Section 2.5. Transfer and Exchange of Preferred Shares. 

(a) Restrictions on Transfer. 

(i) As long as any Note is outstanding, TPG RE Finance Trust 2018-FL1
Retention Holder, LLC must at all times own (for U.S. federal income tax purposes) 100% of both the Preferred Shares and the Ordinary Shares, and will not transfer (whether by means of actual transfer or a transfer of beneficial ownership for U.S.
federal income tax purposes), pledge or hypothecate any of the Preferred Shares or the Ordinary Shares to any other person, entity or entities, as long as the Issuer receives an opinion of Dechert LLP, Vinson & Elkins LLP or another
nationally recognized tax counsel experienced in such matters that such transfer, pledge or hypothecation will not cause the Issuer to be treated as a foreign corporation engaged in a trade or business within the United States for U.S. federal
income tax purposes or otherwise to become subject to U.S. federal income tax on a net income basis (or has previously received an opinion of Dechert LLP, Vinson & Elkins LLP or another nationally recognized tax counsel experienced in such
matters that the Issuer will be treated as a foreign corporation that is not engaged in a trade or business within the United States for U.S. federal income tax purposes, which opinion may be conditioned, in each case, on compliance with certain
restrictions on the investment or other activities of the Issuer and the Servicer on behalf of the Issuer). 

(ii) No Preferred Shares may be sold or transferred (including, without limitation, by pledge or hypothecation)
unless such sale or transfer is exempt from the registration requirements of the Securities Act and is exempt under applicable securities laws of any state or other jurisdiction of the United States. 

(b) No Preferred Shares may be offered, sold, delivered or transferred (including, without limitation, by pledge or
hypothecation) except to (i)(A) a non-U.S. person (as defined under Regulation S) in accordance with the requirements of Regulation S or (B) both (x) a Qualified Institutional Buyer and
(y) a Qualified Purchaser and (ii) in accordance with any other applicable law. 
 (c) No Preferred Shares may be
offered, sold or delivered within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S) except in accordance with Rule 144A or an exemption from the registration requirements of the Securities Act, to Persons
purchasing for their own account or for the accounts of one or more Qualified Institutional Buyers for which the purchaser is acting as a fiduciary or agent. Preferred Shares may be sold or resold, as the case may be, in offshore transactions to non-U.S. persons (as defined in Regulation S) in reliance on Regulation S. None of the Issuer, the Preferred Share Paying Agent, the Preferred Share Registrar or any other Person may register the Preferred Shares
under the Securities Act or any state securities laws or the applicable laws of any other jurisdiction. 
 (d) No transfer of
Preferred Shares to a proposed transferee that is or will be, or is acting on behalf of or using any assets of any Person that is or will become, a Benefit Plan 

  
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Investor will be effective, and the Preferred Share Paying Agent will not process or recognize any such transfer. 

Beneficial interests in Preferred Shares may not at any time be acquired or held by or on behalf of a Benefit Plan Investor.

 No transfer of Preferred Shares will be effective, and the Issuer and the Preferred Share Paying Agent will not recognize
any such transfer, if the transferee’s acquisition, holding or disposition of such interest constitutes or will constitute or otherwise result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, in
the case of a plan subject to Similar Law, a violation of Similar Law) unless an exemption is available (all of the conditions of which have been satisfied) or any other violation of an applicable requirement of ERISA, the Code or other applicable
law. 
 Notwithstanding anything contained herein to the contrary, the Preferred Share Paying Agent and the Preferred Share
Registrar shall not be responsible for ascertaining whether any transfer complies with the registration provisions of or any exemptions from the Securities Act, applicable state securities laws or the applicable laws of any other jurisdiction,
ERISA, the Code or the Investment Company Act; provided, that if a Purchaser Certificate is specifically required by the express terms of this Section 2.5 to be delivered to the Preferred Share Paying Agent, the
Preferred Share Paying Agent shall be under a duty to receive and examine the same to determine whether or not the certificate conforms on its face to the terms of this Agreement and shall promptly notify the party delivering the same if such
Purchaser Certificate does not comply with such terms. 
 (e) Transfers and exchanges of Certificates, in whole or in part,
shall only be made in accordance with this Section 2.5(e). Any purported transfer or exchange in violation of the foregoing requirements shall be null and void ab initio, the Issuer shall not execute and the
Preferred Share Paying Agent shall not deliver Preferred Share Certificates with respect to the transfer or exchange and the Preferred Share Registrar shall not register any such purported transfer. 

(i) Transfer – Preferred Share Certificate to Preferred Share Certificate. If a Holder of a
Preferred Share Certificate wishes at any time to transfer such Preferred Share Certificate to a Person that will take delivery in the form of Certificates, such Holder may transfer or cause the transfer of such interest for an equivalent interest
in one or more Certificates (in Authorized Denominations), but only upon delivery of the documents set forth in the following sentence. Upon receipt by the Preferred Share Paying Agent of: 

(A) the Preferred Share Certificates properly endorsed for assignment to the transferee; and 

(B) a Purchaser Certificate; 

the Preferred Share Paying Agent shall cancel such Preferred Share Certificates, arrange for new Preferred Share Certificates
to be executed by the Issuer, and deliver one or more Preferred Share Certificates registered in the name and number specified in the Purchaser 

  
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Certificate (the aggregate number of such Preferred Shares being equal to the interest delivered to the Preferred Share Paying Agent) and in Authorized Denominations. The Preferred Share Paying
Agent shall record the exchange on the duplicate share register and instruct the Preferred Share Registrar to, and the Preferred Share Registrar shall upon such instruction, record the exchange in the Preferred Share Register. 

(ii) Exchange – Preferred Share Certificate to Preferred Share Certificate. If a Holder of a
Preferred Share Certificate wishes at any time to exchange such Preferred Share Certificate for one or more Certificates, such Holder may exchange or cause such exchange for an equivalent interest in one or more Certificates (in Authorized
Denominations), but only upon delivery of the documents set forth in the following sentence. Upon receipt by the Preferred Share Paying Agent of: 

(A) the Preferred Share Certificates properly endorsed for exchange; and 

(B) a Purchaser Certificate; 

the Preferred Share Paying Agent shall cancel such Preferred Share Certificates, arrange for new Preferred Share Certificates
to be executed by the Issuer, and deliver one or more such new Preferred Share Certificates, registered in the names and numbers specified in the Purchaser Certificate (the aggregate number of Preferred Shares being equal to the number of Preferred
Shares delivered to the Preferred Share Paying Agent) and in Authorized Denominations. The Preferred Share Paying Agent shall record the exchange on the duplicate share register and instruct the Preferred Share Registrar to, and the Preferred Share
Registrar shall upon such instruction, record the transfer in the Preferred Share Register. 
 (f) Preferred Share
Certificates shall bear a legend substantially in the form set forth in Exhibit A unless there is delivered to the Issuer such satisfactory evidence, which may include an Opinion of Counsel, as may be reasonably required by
the Issuer to the effect that neither such applicable legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A under, Section 4(2) of, or Regulation S under,
the Securities Act, as applicable, and to ensure that neither the Issuer nor the pool of Collateral becomes an investment company required to be registered under the Investment Company Act. Preferred Share Certificates that are delivered to the
Preferred Share Paying Agent by or on behalf of the Issuer without such legend shall be conclusive evidence that the Issuer has satisfied any conditions precedent, and the Preferred Share Paying Agent shall have no obligation to determine whether
such legend is required. The Preferred Share Paying Agent shall make no representation or warranty to the validity of any Preferred Share, except to the extent of its own signature thereon. 

(g) The Preferred Share Registrar may rely conclusively on any directions given by the Issuer or the Preferred Share Paying
Agent in accordance with this Agreement without further review, to effect the transfer of Preferred Shares by making all necessary entries in the Preferred Share Register and shall have no liability for acting in reliance on any such directions.

  
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 (h) Notwithstanding anything contained herein to the contrary, at all times, if a
transfer of all or any portion of the EHRI after the Closing Date is to be made, then the Preferred Share Registrar shall refuse to register such transfer unless it receives (and, upon receipt, may conclusively rely upon) (i) a certification
from such Holder’s prospective transferee and (ii) a certification from the Holder of the EHRI desiring to effect such transfer, each, in form and substance, acceptable to TPG RE Finance Trust CLO Loan Seller, LLC. Upon receipt of the
foregoing certifications, the Preferred Share Registrar shall, subject to this Section 2.5, reflect such EHRI in the name of the prospective transferee. 

Section 2.6. [Reserved.] 

Section 2.7. Non-Permitted Holders. 

(a) Notwithstanding any other provision in this Agreement, any transfer of a beneficial interest in Preferred Shares to a Non-Permitted Holder shall be null and void ab initio and any such purported transfer of which the Issuer or the Preferred Share Paying Agent shall have notice may be disregarded by the Issuer and the
Preferred Share Paying Agent for all purposes at any time after either of them learns that any Person is or has become a Non-Permitted Holder. 

(b) If any Non-Permitted Holder becomes the beneficial owner of Preferred Shares, the
Issuer shall, promptly after discovery of any such Non-Permitted Holder by the Issuer or the Preferred Share Paying Agent (and notice by the Preferred Share Paying Agent to the Issuer, if the Preferred Share
Paying Agent makes the discovery), send notice to such Non-Permitted Holder demanding that such Non-Permitted Holder transfer its Preferred Shares or interest to a
Person that is not a Non-Permitted Holder within 30 days of the date of such notice. If such Non-Permitted Holder fails to so transfer such Preferred Shares or interest,
the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such Preferred Shares or interest in Preferred Shares to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may choose. The Issuer may retain an investment bank to act on the Issuer’s behalf or request one or more bids from one or more brokers or other market
professionals that regularly deal in securities similar to the Preferred Shares, and the Issuer will sell such Preferred Shares or interest to the highest such bidder. However, the Issuer may select a purchaser by any other means determined by it in
its sole discretion. Each Holder of Preferred Shares, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the Non-Permitted Holder,
by its acceptance of an interest in the applicable Preferred Shares, agrees to cooperate with the Issuer and the Preferred Share Paying Agent to effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in
connection with such sale shall be remitted to the Non-Permitted Holder. The terms and conditions of any sale under this subsection shall be determined in the sole discretion of the Issuer, and none of the
Issuer, Preferred Share Registrar or the Preferred Share Paying Agent shall be liable to any Person having an interest in the Preferred Shares sold as a result of any such sale or the exercise of such discretion. 

  
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 Section 2.8. Certain Tax Matters. 

(a) The Issuer, and each Holder by acceptance of such Preferred Shares, each agree, where permitted by applicable law and
unless the Issuer is a Qualified REIT Subsidiary, to treat such Preferred Shares as an equity interest in the Issuer for U.S. federal, State and local income and franchise tax purposes. 

(b) The Issuer and the Preferred Share Paying Agent agree that they do not intend for this Agreement to represent an agreement
to enter into a partnership, a joint venture or any other business entity for U.S. federal income tax purposes. The Issuer and the Preferred Share Paying Agent shall not represent or otherwise hold themselves out to the IRS or other third parties as
partners in a partnership or members of a joint venture or other business entity for U.S. federal income tax purposes. 
 (c)
The Issuer shall not elect to be treated as a partnership and neither the Issuer, nor the Preferred Share Paying Agent shall file or cause to be filed any U.S. federal, State or local partnership tax return with respect to this Agreement. 

(d) The Issuer shall take all actions necessary or advisable to allow the Issuer to comply with FATCA, including, appointing
any agent or representative to perform due diligence, withholding or reporting obligations of the Issuer pursuant to FATCA. The Issuer shall provide any certification or documentation (including the applicable IRS Form
W-9 (or if required, the applicable IRS Form W-8) or any successor form) to any payor (as defined in FATCA) from time to time as provided by law to minimize U.S.
withholding tax under FATCA. 
 Section 2.9. Provisions of the Indenture and Servicing Agreement. 

Each Holder of the Preferred Shares, by its acceptance of the Preferred Shares issued hereunder, agrees to be bound by the
provisions of the Indenture and Servicing Agreement relating to the Preferred Shares. 
 ARTICLE III. 

DISTRIBUTIONS TO THE HOLDERS 

Section 3.1. Disbursement of Funds. 

(a) The Class P Preferred Shares outstanding will have an aggregate stated redemption price from time to time equal to the
Aggregate Outstanding Portfolio Balance minus the Aggregate Outstanding Amount of all Classes of Notes (the “Class P Preferred Shares Stated Redemption Price”). The Class P Preferred Shares will have a stated
dividend rate of (i) with respect to each Payment Date (and related Interest Accrual Period) on or prior to the Payment Date in August 2019, LIBOR index plus 19.30% and (ii) with respect to each Payment Date (and related Interest Accrual
Period) occurring after the Payment Date in August 2019, LIBOR index plus 24.30%. Such dividend rate will be applied to the outstanding Class P Preferred Share Notional Balance. 

  
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 (b) The Subordinated Trust Administrator will be entitled to receive the
Subordinated Trust Administrator Fee on a monthly basis in accordance with the priority of distribution described herein. 

(c) The Class R Preferred Shares will be entitled to any amount remaining after all distributions to the Class P
Preferred Shares (including, without limitation, any accrued and unpaid dividends and Class P Preferred Shares Stated Redemption Price) and the Subordinated Trust Administrator (including, without limitation, any accrued and unpaid Subordinated
Trust Administrator Fees) have been made in accordance with the priority of distribution described herein. 
 (d) Subject to
Section 3.2, on each Payment Date (including any Redemption Date and the Stated Maturity Date) the Preferred Share Paying Agent shall apply the Available Funds to make payment (i) of dividends and (ii) with
respect to any Redemption Date or Stated Maturity Date, the Redemption Price, to each Holder on the relevant Record Date, on a pro rata basis in accordance with the priority of distribution described herein. 

(e) Notwithstanding the foregoing, in accordance with the provisions of Section 12.1(f) of the Indenture and at any time
when TPG RE Finance Trust 2018-FL1 Retention Holder, LLC holds 100% of the Preferred Shares, TPG RE Finance Trust 2018-FL1 Retention Holder, LLC may designate all or any
portion of the Available Funds, which would otherwise be distributed to the Preferred Share Paying Agent for payment on the Preferred Shares, for deposit into the Payment Account as a contribution to the Issuer. Any such amounts paid to the Issuer
as a contribution shall be deemed for all purposes as having been paid to the Preferred Share Paying Agent pursuant to the Priority of Payments in the Indenture. 

(f) Payments will be made by wire transfer to a U.S. dollar account maintained by such Holder as notified to the Preferred
Share Paying Agent or, in the absence of such notification, by U.S. dollar check delivered by first class mail to the Holder at its address of record. The Preferred Share Registrar shall, upon request, provide the Preferred Share Paying Agent with a
certified list of the Holders and all relevant information regarding the Holders as the Preferred Share Paying Agent may require promptly and in each case no later than five Business Days after receipt of such request (or each relevant Record Date,
if sooner or if no such request is made); provided, that in no event shall the Preferred Share Registrar be expected to respond in less than two Business Days from receipt of such request. 

(g) Subject to Section 3.1(d), the Preferred Share Paying Agent shall distribute all amounts to be
paid in accordance with the Priority of Payments to the holders of the Preferred Shares as follows: 
 (i)
Interest Proceeds. On each Payment Date, Available Funds that constitute Interest Proceeds under the Indenture shall be distributed in the following order of priority: 

(A) to the Class P Preferred Shares, to the extent of accrued and unpaid dividends thereon; 

  
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 (B) to the Subordinated Trust Administrator (pursuant to written
direction from the Issuer and TPG RE Finance Trust 2018-FL1 Retention Holder, LLC), any accrued and unpaid Subordinated Trust Administrator Fees; and 

(C) to the Class R Preferred Shares, the remaining Interest Proceeds (if any) in the Preferred Share
Paying Account. 
 (ii) Principal Proceeds. On each Payment Date, Available Funds that constitute
Principal Proceeds under the Indenture shall be distributed in the following order of priority: 
 (A) to the
Class P Preferred Shares, pro rata based on the aggregate Class P Preferred Shares Notional Amount, in partial redemption thereof, until the Class P Preferred Shares Notional Amount has been reduced to zero; 

(B) to the Subordinated Trust Administrator (pursuant to written direction from the Issuer and TPG RE Finance
Trust 2018-FL1 Retention Holder, LLC), any accrued and unpaid Subordinated Trust Administrator Fees (to the extent not paid pursuant to (g)(i)(B) above); and 

(C) to the Class R Preferred Shares, the remaining Principal Proceeds (if any) in the Preferred Share
Payment Account. 
 Section 3.2. Condition to Payments. 

(a) As a condition to payment of any amount hereunder without the imposition of U.S. withholding tax, the Preferred Share
Paying Agent, on behalf of the Issuer, shall require certification acceptable to it to enable the Issuer and the Preferred Share Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be
required to deduct or withhold from payments in respect of the Preferred Shares under any present or future law or regulation of the United States or any present or future law or regulation of any political subdivision thereof or taxing authority
therein or to comply with any reporting or other requirements under such law or regulation. Without limiting the foregoing, as a condition to any payment on the Preferred Shares without U.S. federal back-up
withholding, the Issuer shall require the delivery of properly completed and signed applicable U.S. federal income tax certifications (generally, an IRS Form W-9 (or applicable successor form) in the case of a
Person that is a “United States person” as defined in the Code or an IRS Form W-8BEN or IRS Form W-8BEN-E, as
applicable (or applicable successor form), in the case of a Person that is not a “United States person” within the meaning of the Code). In addition, the Issuer or any of its agents shall require (i) complete and accurate information
and documentation that may be required to enable the Issuer or any of its agents to comply with FATCA and (ii) each Holder to agree that the Issuer and/or any of its agents may (1) provide such information and documentation and any other
information concerning its investment in the Preferred Shares to the Cayman Islands Tax Information Authority (including, without limitation, the CRS Self-Certification available at
http://tia.gov.ky/pdf/CRS/FATCA_CRS_entity_self_cert_final_April_16.doc or, in the case of an individual, http://tia.gov.ky/pdf/CRS/FATCA_CRS_individual_self_cert_final_Dec_15.doc), 

  
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the U.S. Internal Revenue Service and any other relevant tax authority and (2) take any other actions necessary for the Issuer or the Co-Issuer to
comply with FATCA or necessary to provide to the Cayman Islands Tax Information Authority pursuant to the Cayman Islands Tax Information Authority Law (2017 Revision) and the Organization for Economic
Co-operation and Development’s Standard for Automatic Exchange of Financial Account Information – Common Reporting Standard (each as amended) (including any implementing legislation, rules,
regulations and guidance notes with respect to such laws). 
 Amounts properly withheld under the Code or other applicable
law by any Person from a payment of dividends to any Holder shall be considered as having been paid by the Issuer to such Holder for all purposes of this Agreement. 

(b) [Reserved.] 

(c) Notwithstanding anything in this Agreement to the contrary, distributions of Available Funds on any Payment Date (including
any Redemption Date or the Stated Maturity Date), shall be subject to the Issuer being solvent under Cayman Islands law (defined as the Issuer being able to pay its debts as they become due in the ordinary course of business) immediately prior to,
and after giving effect to, such payment as determined by the Issuer. 
 (d) If the Issuer determines that the condition set
forth in subsection (c) above is not satisfied with respect to any portion of the Available Funds on such Payment Date, the Issuer shall instruct the Preferred Share Paying Agent in writing on or before one Business Day prior to such Payment
Date that such portion should not be paid, and the Preferred Share Paying Agent shall not pay the same until the first succeeding Payment Date or, in the case of any payments which would otherwise be payable on any Redemption Date or the Stated
Maturity Date, until the first succeeding Business Day, upon which the Issuer notifies the Preferred Share Paying Agent in writing that each condition is satisfied. Any amounts so retained will be held in the Preferred Share Payment Account until
such amounts are paid, subject to the availability of such funds under Cayman Islands law to pay any liability of the Issuer. In the absence of such notification from the Issuer, the Preferred Share Paying Agent may conclusively assume that the
condition set forth in subsection (c) has been satisfied and shall pay the amounts due under this Agreement. 

Section 3.3. The Preferred Share Payment Account. 

The Preferred Share Paying Agent shall, prior to the Closing Date, establish a single, segregated, non-interest bearing trust account, which shall be designated as the “Preferred Share Payment Account”, for the benefit of the Issuer (the “Preferred Share Payment Account”). The
Preferred Share Paying Agent shall promptly credit all Available Funds to the Preferred Share Payment Account. All sums payable by the Preferred Share Paying Agent hereunder shall be paid out of the Preferred Share Payment Account. For the avoidance
of doubt, the Preferred Share Payment Account (and interest, if any, earned on amounts on deposit therein) shall be owned by the Issuer (or the related REIT so long as the Issuer is a Qualified REIT Subsidiary) for U.S. federal income tax purposes.

  
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 Section 3.4. Redemption. 

The Preferred Shares shall be redeemed (in whole but not in part) at the Redemption Price on any Redemption Date or on the
Stated Maturity Date (if not redeemed earlier). 
 Section 3.5. Fees or Commissions in Connection with
Disbursements. 
 All payments by the Preferred Share Paying Agent hereunder shall be made without charging any
commission or fee to the Holders. 
 Section 3.6. Liability of the Preferred Share Paying Agent in Connection with
Disbursements. 
 (a) Notwithstanding anything herein, the Preferred Share Paying Agent shall not incur any personal
liability to pay amounts due to Holders and shall only be required to make payments, including the payment of dividends, if there are sufficient funds in the Preferred Share Payment Account to make such payments. 

(b) Except as otherwise required by applicable law, any funds deposited with the Preferred Share Paying Agent and held in the
Preferred Share Payment Account or otherwise held for payment on the Preferred Shares and remaining unclaimed for two years after such payment has become due and payable shall be paid to the Issuer; and the Holder of such Preferred Shares shall
thereafter look only to the Issuer for payment of such amounts and all liability of the Preferred Share Paying Agent with respect to such funds (but only to the extent of the amounts so paid to the Issuer) shall thereupon cease. The Preferred Share
Paying Agent, before being required to make any such release of payment, may, but shall not be required to, adopt and employ at the expense of the Issuer any reasonable means of notification of such release of payment, including, but not limited to,
arranging with the Preferred Share Registrar for the Preferred Share Registrar to mail notice of such release to Holders whose right to or interest in amounts due and payable but not claimed is determinable from the records of the Issuer or
Preferred Share Paying Agent, as applicable, at the last address of record of each such Holder. 
 ARTICLE IV. 

ACCOUNTING AND REPORTS 

Section 4.1. Reports and Notices. 

(a) The Preferred Share Paying Agent shall cause to be made available to the Holders the reports required to be made available
by the Note Administrator pursuant to Section 10.12 of the Indenture. 
 (b) The Preferred Share Paying Agent shall
notify the Preferred Shareholders of the occurrence of an Event of Default under the Indenture of which it receives notice from the Trustee or the Issuer. 

  
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 Section 4.2. Notice of Plan Assets. 

The Preferred Share Paying Agent has no duty to investigate whether the assets of the Issuer are reasonably likely to be deemed
“plan assets” (within the meaning of the Plan Asset Regulation); however, in the event that any officer within the corporate trust office of the Preferred Share Paying Agent (or any successor thereto) working on matters related to the
Issuer has actual knowledge that the assets of the Issuer are “plan assets,” the Preferred Share Paying Agent will promptly provide notice to the Preferred Share Registrar for forwarding to the Issuer and the Holders. 

Section 4.3. Requests by Independent Accountants. 

Upon written request by Independent accountants appointed by the Issuer, the Preferred Share Registrar shall provide to them
that information contained in the Preferred Share Register needed for them to provide tax information to the Holders. 

Section 4.4. Rule 144A Information. 

At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting
pursuant to Rule 12g3-2(b) under the Exchange Act, upon the written request of a Holder, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information, and deliver such Rule 144A Information
to such Holder, to a prospective purchaser designated by such Holder or beneficial owner or to the Preferred Share Paying Agent for delivery to such Holder or a prospective purchaser designated by such Holder, in order to permit required or
protective compliance by any such Holder with Rule 144A in connection with the resale of any such Preferred Shares. “Rule 144A Information” shall be information that is required by subsection (d)(4) of Rule 144A. 

Section 4.5. Tax Information. 

If the Issuer is no longer a Qualified REIT Subsidiary, the Issuer shall provide to each beneficial owner of Preferred Shares
any information that the beneficial owner reasonably requests in order for the beneficial owner to (i) comply with its federal state, or local tax and information returns and reporting obligations, (ii) make and maintain a “qualified
electing fund” election (as defined in the Code) with respect to the Issuer (including a “PFIC Annual Information Statement” as described in Treasury Regulation §1.1295-1(g) (or any
successor Treasury Regulation or IRS release or notice), including all representations and statements required by such statement), or (iii) comply with filing requirements that arise as a result of the Issuer being classified as a
“controlled foreign corporation” for U.S. federal income tax purposes (such information to be provided at such beneficial owner’s expense); provided that the Issuer shall not file, or cause to be filed, any income or franchise
tax return in the United States or any state of the United States unless it shall have obtained advice from Vinson & Elkins LLP or an opinion of other nationally recognized U.S. tax counsel experienced in such matters prior to such filing
that, under the laws of such jurisdiction, the Issuer is required to file such income or franchise tax return. 
 If
required to prevent the withholding or imposition of United States income tax, (i) the Issuer and each beneficial owner shall deliver or cause to be delivered an IRS Form W-9,

  
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IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or successor
applicable form, and (ii) the Issuer, with respect to (as applicable) an item included in the Collateral, shall deliver or cause to be delivered an IRS Form W-9 or IRS Form
W-8BEN-E to each issuer, counterparty or Preferred Share Paying Agent at the time such item included in the Collateral is purchased or entered into (or if such item is
held at the time that the Issuer ceases to be a Qualified REIT Subsidiary, at that time) and thereafter prior to the expiration or obsolescence of such form. 

ARTICLE V. 
 THE
PREFERRED SHARE PAYING AGENT 
 Section 5.1. Appointment of Preferred Share Paying Agent. 

The Issuer hereby appoints the Bank to act as the Preferred Share Paying Agent, and the Bank hereby accepts such appointment.
The Issuer hereby appoints the Administrator to act as the Preferred Share Registrar, and the Administrator hereby accepts such appointment. The Issuer hereby authorizes the Preferred Share Paying Agent and the Administrator to perform their
respective obligations as provided in this Agreement. 
 Section 5.2. Resignation and Removal. 

The Preferred Share Paying Agent may at any time resign as Preferred Share Paying Agent by giving written notice to the Issuer
of its resignation, specifying the date on which its resignation shall become effective (which date shall not be less than 60 days after the date on which such notice is given unless the Issuer shall agree to a shorter period). The Issuer may remove
the Preferred Share Paying Agent at any time by giving written notice of not less than 60 days to the Preferred Share Paying Agent specifying the date on which such removal shall become effective. Such resignation or removal shall only take effect
upon the appointment by the Issuer of a successor Agent and upon the acceptance of such appointment by such successor Agent or, in the absence of such appointment, the assumption of the duties of the Preferred Share Paying Agent by the Issuer;
provided, however, that in any event, such resignation or removal shall take effect not later than one year from the date of such notice of resignation or removal. The Issuer shall provide notice to the Rating Agency of any successor
Preferred Share Paying Agent appointed pursuant to this section to the Rating Agency pursuant to this Agreement, provided that no such notice shall be required in the event that the successor Preferred Share Paying Agent is a Person succeeding to
all or substantially all of the institutional trust services business of the Preferred Share Paying Agent. If the Preferred Share Paying Agent has resigned or has been terminated under the Indenture, then it shall also be deemed to have been
resigned or terminated hereunder. 
 Section 5.3. Fees; Expenses; Indemnification; Liability. 

(a) Pursuant to, and at the times and to the extent contemplated by the Indenture, the Issuer shall pay to the Preferred Share
Paying Agent compensation at such amounts and/or rates as shall be agreed between the Issuer and the Preferred Share Paying Agent and from time to time shall reimburse the Preferred Share Paying Agent for its reasonable out-of-pocket expenses (including reasonable legal fees and expenses), disbursements, and advances 

  
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incurred or made in accordance with any provisions of this Agreement, except any such expense, disbursement, or advance that may be attributable to its gross negligence, bad faith or willful
misconduct. The obligations of the Issuer to the Preferred Share Paying Agent pursuant to the Indenture and this Section 5.3(a) shall survive the resignation or removal of the Trustee and the satisfaction or termination of
this Agreement. 
 (b) The Issuer shall indemnify and hold harmless the Preferred Share Paying Agent, the Preferred Share
Registrar and their respective directors, officers, employees, and agents from and against any and all liabilities, costs and expenses (including reasonable legal fees and expenses) relating to or arising out of or in connection with its or their
performance under this Agreement, except to the extent that they are caused by the gross negligence, bad faith, or willful misconduct of the Preferred Share Paying Agent or the Preferred Share Registrar, as the case may be, or any of their
respective directors, officers, employees and agents. The foregoing indemnity includes, but is not limited to, any action taken or omitted in good faith within the scope of this Agreement upon telephone, facsimile or other electronically transmitted
instructions, if authorized herein, received from or reasonably believed by the Preferred Share Paying Agent or the Preferred Share Registrar, as the case may be, acting in good faith, to have been given by, an Authorized Officer of the Issuer. This
indemnity shall be payable in accordance with the Priority of Payments set forth in the Indenture and shall survive the resignation or removal of the Preferred Share Paying Agent or the Preferred Share Registrar, as the case may be, and the
satisfaction or termination of this Agreement. 
 (c) The Preferred Share Paying Agent shall carry out its duties hereunder
in good faith and without gross negligence or willful misconduct. None of the Preferred Share Paying Agent, the Preferred Share Registrar or their respective directors, officers, employees or agents shall be liable for any act or omission hereunder
except in the case of gross negligence, bad faith, or willful misconduct of the Preferred Share Paying Agent or the Preferred Share Registrar, as the case may be, in violation of its duties under this Agreement. The duties and obligations of the
Preferred Share Paying Agent and the Preferred Share Registrar, as the case may be, and their respective employees or agents shall be determined solely by the express provisions of this Agreement, and they shall not be liable except for the
performance of such duties and obligations as are specifically set forth herein, and no implied covenants shall be read into this Agreement against them. The Preferred Share Paying Agent and the Preferred Share Registrar, as the case may be, may
consult with counsel and shall be protected in any action reasonably taken in good faith in accordance with the advice of such counsel. Notwithstanding anything contained herein, in no event shall the Preferred Share Paying Agent be liable for
special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Preferred Share Paying Agent has been advised of such loss or damage and regardless of the form of action. 

(d) Each of the Preferred Share Paying Agent and the Preferred Share Registrar may rely conclusively on any notice, certificate
or other document furnished to it hereunder and reasonably believed by it in good faith to be genuine. Neither the Preferred Share Paying Agent nor the Preferred Share Registrar shall be liable for any action taken by it in good faith and reasonably
believed by it to be within the discretion or powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction
required hereby for such action. 

  
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The Preferred Share Paying Agent and the Preferred Share Registrar shall in no event be liable for the application or misapplication of funds by any other Person, or for the acts or omissions of
any other Person. The Preferred Share Paying Agent and the Preferred Share Registrar shall not be bound to make any investigation into the facts or matters stated in any certificate, report or other document; provided that, if the form thereof is
prescribed by this Agreement, the Preferred Share Paying Agent and the Preferred Share Registrar shall examine the same to determine whether it conforms on its face to the requirements hereof. The Preferred Share Paying Agent and the Preferred Share
Registrar may exercise or carry out any of its duties under this Agreement either directly or indirectly through agents or attorneys, and shall not be responsible for any acts or omissions on the part of any such agent or attorney appointed with due
care. To the extent permitted by applicable law, the Preferred Share Paying Agent and the Preferred Share Registrar shall not be required to give any bond or surety in the execution of its duties. The Preferred Share Paying Agent and the Preferred
Share Registrar shall not be deemed to have knowledge or notice of any matter unless actually known to a Responsible Officer of the Preferred Share Paying Agent or unless the Preferred Share Paying Agent or the Preferred Share Registrar, as the case
may be, has received written notice thereof from the Issuer, the Collateral Manager, the Trustee or the Holder of a Preferred Share. 

ARTICLE VI. 
 [RESERVED]

 ARTICLE VII. 

MISCELLANEOUS PROVISIONS 

Section 7.1. Amendment. 

This Agreement may not be amended by any party hereto except (i) in writing executed by each party hereto and
(ii) with the prior written consent of Holders of a Majority of the Preferred Shares. 
 Section 7.2. Notices;
Rule 17g-5 Procedures. 
 (a) Except as otherwise expressly provided herein, any
notice or other document provided or permitted by this Agreement or the Indenture to be made upon, given or furnished to, or filed with any of the parties hereto shall be sufficient for every purpose hereunder if made, given, furnished or filed in
writing and mailed by certified mail, return receipt requested, hand delivered, sent by courier service guaranteeing delivery within two Business Days or transmitted by electronic mail or facsimile in legible form at the following addresses. Any
such notice shall be deemed delivered upon receipt unless otherwise provided herein. 
 (i) to the Preferred
Share Paying Agent at Wells Fargo Bank, National Association, 9062 Old Annapolis Road, Columbia, Maryland, 21045-1951 Attention: Corporate Trust Services (CMBS), TRTX 2018-FL1, or at any other address
previously furnished in writing by the Preferred Share Paying Agent; 

  
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 (ii) to the Issuer at c/o MaplesFS Limited, PO Box 1093,
Queensgate House, Grand Cayman, KY1-1102, Cayman Islands, or at any other address previously furnished in writing by the Issuer; or 

(iii) to the Preferred Share Registrar at MaplesFS Limited, PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, Cayman Islands, or at any other address previously furnished in writing by the Preferred Share Registrar. 

(b) Each of the parties hereto agrees that (i) it will not orally communicate information to the Rating Agency for
purposes of determining the initial credit rating of the Notes or undertaking surveillance of the Notes unless such oral communication is summarized in writing and the summary is promptly delivered to the
17g-5 Information Provider to be posted on the 17g-5 Website pursuant to the Indenture, and (ii) it shall cause any notice or other written communication provided
by such Person to the Rating Agency to be delivered to the 17g-5 Information Provider at 17g5informationprovider@wellsfargo.com for posting to the 17g-5 Website prior to
its delivery to the Rating Agency, and otherwise comply with the Rule 17g-5 Procedures set forth in Section 14.13 of the Indenture. 

Section 7.3. Governing Law. 

THIS AGREEMENT AND ALL DISPUTES ARISING HEREFROM OR RELATING HERETO SHALL BE GOVERNED IN ALL RESPECTS (WHETHER IN CONTRACT OR
IN TORT) BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN
THE LAW OF THE STATE OF NEW YORK. 
 Section 7.4. Non-Petition;
Limited Recourse. 
 None of the Preferred Share Paying Agent, the Preferred Share Registrar or any Holder may, prior to
the date which is one year (or if longer the applicable preference period then in effect) plus one day after the payment in full of the Notes, institute against, or join any other Person in instituting against, the Issuer, the Co-Issuer or any Permitted Subsidiary any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or other proceedings under Cayman Islands, U.S. federal or state bankruptcy or
similar laws of any jurisdiction. 
 The provisions of this Section 7.4 shall survive termination
of this Agreement for any reason whatsoever. 
 Section 7.5. No Partnership or Joint Venture. 

The Issuer, the Preferred Share Registrar and the Preferred Share Paying Agent are not partners or joint venturers with each
other and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on any of them. 

  
 -22- 

 Section 7.6. Counterparts. 

This Agreement may be signed in two or more counterparts with the same effect as if the signatures thereto and hereto were upon
the same instrument. 
 [SIGNATURE PAGES FOLLOW] 

  
 -23- 

 IN WITNESS WHEREOF, we have set our hands as of the date first written above.

  

			
	 TPG REAL ESTATE FINANCE 2018-FL1

      ISSUER, LTD.,

	       as Issuer

		
	 By:
	 	 /s/ Matthew Coleman

		 	 Name: Matthew Coleman

		 	 Title: Vice President, Transactions

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 
			
	 WELLS FARGO BANK, NATIONAL

      ASSOCIATION, as Preferred Share Paying

      Agent

		
	 By:
	 	 /s/ Michael J. Baker

		 	 Name: Michael J. Baker

		 	 Title: Vice President

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 
			
	MAPLESFS LIMITED, as Preferred Share      Registrar and Administrator
		
	 By:
	 	 /s/ Cleveland Stewart

		 	 Name: Cleveland Stewart

		 	 Title: Authorized Signatory

  

 EXHIBIT A 

PREFERRED SHARE CERTIFICATE 
 TPG
REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 
 PREFERRED SHARES, PAR VALUE US $0.001 PER SHARE AND WITH
AN 
 AGGREGATE LIQUIDATION PREFERENCE AND NOTIONAL AMOUNT EQUAL TO 

U.S.$1,000 PER SHARE 
 THE
PREFERRED SHARES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER RELEVANT
JURISDICTION, AND MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) ON THE CLOSING DATE TO TPG RE FINANCE TRUST HOLDCO, LLC, A DELAWARE LIMITED LIABILITY COMPANY, IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT PURSUANT
TO THE EXEMPTION PROVIDED BY SECTION 4(2) THEREOF, (2) PERSONS THAT ARE BOTH (X) A “QUALIFIED INSTITUTIONAL BUYER” (“QUALIFIED INSTITUTIONAL BUYER”) WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”) AND (Y) A “QUALIFIED PURCHASER” AS DEFINED IN SECTION 2(a)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”) AND THE RULES THEREUNDER, PURCHASING FOR
ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, AND NONE OF WHICH ARE (X) A DEALER OF THE TYPE DESCRIBED IN
PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS IT OWNS AND INVESTS ON A DISCRETIONARY BASIS NOT LESS THAN $25,000,000 IN SECURITIES OF CO-ISSUERS THAT ARE NOT AFFILIATED TO IT OR (Y) A PARTICIPANT-DIRECTED
EMPLOYEE PLAN, SUCH AS A 401(k) PLAN, OR ANY OTHER TYPE OF PLAN REFERRED TO IN PARAGRAPH (a)(1)(i)(D) OR (a)(1)(i)(E) OF RULE 144A, OR A TRUST FUND REFERRED TO IN PARAGRAPH (a)(1)(i)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, UNLESS
INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE SOLELY BY THE FIDUCIARY, TRUSTEE OR SPONSOR OF SUCH PLAN, TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT
REGISTRATION PROVIDED BY RULE 144A, OR (3) TO AN INSTITUTION THAT IS NOT WHO IS NOT A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”)), PURCHASING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS
WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS NEITHER A U.S. PERSON NOR A U.S. RESIDENT (WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT), IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS
APPLICABLE) OF REGULATION S, AND (B) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED 

 
STATES AND ANY OTHER RELEVANT JURISDICTION. THE ISSUER HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT. NO TRANSFER OF THE PREFERRED SHARES REPRESENTED HEREBY MAY BE MADE (AND NEITHER
THE PREFERRED SHARE PAYING AGENT NOR THE PREFERRED SHARE REGISTRAR WILL RECOGNIZE ANY SUCH TRANSFER) IF (A) SUCH TRANSFER WOULD BE MADE TO A TRANSFEREE WHO IS EITHER A U.S. PERSON (AS DEFINED IN REGULATION S) OR A U.S. RESIDENT (WITHIN THE
MEANING OF THE INVESTMENT COMPANY ACT) WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, (B) SUCH TRANSFER WOULD HAVE THE EFFECT OF REQUIRING EITHER OF THE ISSUER OR THE PLEDGED OBLIGATIONS TO REGISTER AS AN INVESTMENT
COMPANY UNDER THE INVESTMENT COMPANY ACT OR (C) SUCH TRANSFER WOULD BE MADE TO A PERSON WHO IS OTHERWISE UNABLE TO MAKE THE CERTIFICATIONS AND REPRESENTATIONS DEEMED TO BE MADE BY SUCH PERSON IN THE INDENTURE REFERRED TO HEREIN. ACCORDINGLY, AN
INVESTOR IN THE PREFERRED SHARES REPRESENTED HEREBY MUST BE PREPARED TO BEAR THE ECONOMIC RISK OF THE INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. NO TRANSFER OF THE PREFERRED SHARES REPRESENTED HEREBY MAY BE MADE (AND NONE OF THE ISSUER, THE
PREFERRED SHARE PAYING AGENT OR THE PREFERRED SHARE REGISTRAR WILL RECOGNIZE ANY SUCH TRANSFER) IF AFTER GIVING EFFECT TO SUCH TRANSFER, ANY PREFERRED SHARES WOULD BE HELD BY ANY “BENEFIT PLAN INVESTOR,” AS DEFINED IN 29 C.F.R. §2510.3-101 (INCLUDING, WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT, IF APPLICABLE) OR SUCH TRANSFER WOULD BE MADE TO A PERSON WHO IS OTHERWISE UNABLE TO MAKE THE CERTIFICATIONS AND REPRESENTATIONS
REQUIRED BY THE APPLICABLE TRANSFER CERTIFICATE ATTACHED AS AN EXHIBIT TO THE PREFERRED SHARES PAYING AGENCY AGREEMENT. 
 AS A CONDITION TO
THE PAYMENT OF ANY AMOUNT HEREUNDER WITHOUT THE IMPOSITION OF WITHHOLDING TAX, THE PREFERRED SHARE PAYING AGENT SHALL REQUIRE CERTIFICATION ACCEPTABLE TO IT TO ENABLE THE ISSUER AND THE PREFERRED SHARE PAYING AGENT TO DETERMINE THEIR DUTIES AND
LIABILITIES WITH RESPECT TO ANY TAXES OR OTHER CHARGES THAT THEY MAY BE REQUIRED TO PAY, DEDUCT OR WITHHOLD IN RESPECT OF THE PREFERRED SHARES REPRESENTED HEREBY OR THE HOLDER HEREOF UNDER ANY PRESENT OR FUTURE LAW OR REGULATION OF THE CAYMAN
ISLANDS OR THE UNITED STATES OR ANY PRESENT OR FUTURE LAW OR REGULATION OF ANY POLITICAL SUBDIVISION THEREOF OR TAXING AUTHORITY THEREIN OR TO COMPLY WITH ANY REPORTING OR OTHER REQUIREMENTS UNDER ANY SUCH LAW OR REGULATION. 

SO LONG AS ANY NOTE ISSUED BY THE ISSUER OF THE PREFERRED SHARES REPRESENTED HEREBY IS OUTSTANDING, NO TRANSFER OF THE PREFERRED SHARES
REPRESENTED HEREBY MAY BE MADE BY TPG RE FINANCE TRUST HOLDCO, LLC, A DELAWARE LIMITED LIABILITY COMPANY (AND NEITHER THE PREFERRED SHARE PAYING AGENT NOR THE PREFERRED SHARE REGISTRAR WILL RECOGNIZE ANY SUCH TRANSFER) TO ANY OTHER PERSON OR ENTITY.

  
 A- 2 - 

 THE ISSUER MAY REQUIRE ANY HOLDER OF THE PREFERRED SHARES REPRESENTED HEREBY WHO IS A U.S. PERSON
(AS DEFINED IN REGULATION S) OR A U.S. RESIDENT (WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT) WHO IS DETERMINED NOT TO HAVE BEEN A (1) QUALIFIED PURCHASER AND (2) A QUALIFIED INSTITUTIONAL BUYER (EXCEPT IN THE CASE OF TPG RE FINANCE
TRUST HOLDCO, LLC) AT THE TIME OF ACQUISITION OF THE PREFERRED SHARES REPRESENTED HEREBY TO SELL THE PREFERRED SHARES REPRESENTED HEREBY TO A TRANSFEREE THAT IS (A) BOTH (X) A QUALIFIED INSTITUTIONAL BUYER AND (Y) AN QUALIFIED PURCHASER OR
(B) NOT A U.S. PERSON (AS DEFINED IN REGULATION S) NOR A U.S. RESIDENT (WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S. 

TPG RE FINANCE TRUST HOLDCO, LLC, AND EACH TRANSFEREE OF THE PREFERRED SHARES REPRESENTED HEREBY WILL BE REQUIRED TO DELIVER A TRANSFER
CERTIFICATE IN THE FORM REQUIRED BY THE PREFERRED SHARES PAYING AGENCY AGREEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE,
NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE, THE PREFERRED SHARE PAYING AGENT OR ANY INTERMEDIARY. 

  
 A- 3 - 

 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. 

 

			
	 Number P-1
	  	CUSIP [    ]

 Incorporated under the laws of the Cayman Islands 

[111,885.182] Preferred Shares of a par value of U.S.$0.001 per share and 

with an aggregate liquidation preference and notional amount equal to U.S.$1,000 per share 

THIS IS TO CERTIFY THAT
                                         
                                         
      is the registered holder of [    ] Class P Preferred Shares and [        ] Class R Preferred Shares in the above named Company, subject to the
Memorandum and Articles of Association thereof, as may be hereafter amended and in effect from time to time. 

  
 A- 4 - 

 THIS CERTIFICATE IS ISSUED BY the said Company on this
         day of                 , 20      . 

EXECUTED AS A DEED on behalf of the said Company by: 

DIRECTOR                    
                         

 ASSIGNMENT FORM 

For value received 

                          
                                         
                                         
             
 does hereby sell, assign and transfer unto 

Please insert social security or 
 other
identifying number of assignee
                                        

 Please print or type name and address, 

including zip code, of assignee: 

                    Preferred Shares and
does hereby irrevocably constitute and appoint                            Attorney to transfer the Preferred
Shares on the books of the Issuer with full power of substitution in the premises. 
  

							
	 Date:
                                        

	 		 	 Your Signature:
	 	  

		 		 		 	 (Sign exactly as your name appears on the Preferred Share Certificate)

 EXHIBIT B 

FORM OF PURCHASER CERTIFICATE FOR PREFERRED SHARES 

  
 B-1 

 INVESTOR QUESTIONNAIRE 

 

					
	 a.
	  	 General Information
	  	
			
	 1.
	  	 Print Full Name of Investor:
	  	  

			
	 2.
	  	 Name in which Preferred Shares should be registered:
	  	  

			
	 3.
	  	 Address and Contact Person for Notices:
	  	  

		  		  	  

		  		  	  

		  		  	 Attention:
                                         
                                   

			
	 4.
	  	 Telephone Number:
	  	  

			
	 5.
	  	 Telecopier Number:
	  	  

			
	 6.
	  	 Permanent Address:
	  	  

		  	 (if different from above)
	  	  

			
	 7.
	  	 U.S. Taxpayer Identification or Social Security Number (if any):
	  	  

		  		  	
			
	 8.
	  	 Payment Instructions:
	  	  

			
	 9.
	  	 Instructions for delivery of Preferred Shares (if
	  	
		  	 not completed, Preferred Shares will be sent by
	  	  

		  	 courier to address and attention of party set forth
	  	  

		  	 in item 3 above):
	  	  

			
	 10.
	  	 Purchasing:
	  	 Restricted Preferred Shares OR Regulation S Preferred Shares (circle one)

  

	b.	 Non-U.S. Person Status 

The Investor represents and warrants that the Investor is 
  

	☐	 an institution that is a non-U.S. person (as defined in
Rule 902(k) promulgated under the Securities Act) purchasing the Preferred Shares for its own account and not for the account or benefit of a U.S. person. 

OR 

  
 B-2 

	c.	 Qualified Purchaser/Qualified Institutional Buyer Status 

 

	1.	 If the Investor is a U.S. Person (as defined in Regulation S promulgated under the Securities Act), the
Investor must complete the following: 

 The Investor represents and warrants that the Investor is a
“qualified purchaser” (a “Qualified Purchaser”) within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) and has checked the box or boxes below which are next to the categories
under which the Investor qualifies as a Qualified Purchaser: 
  

					
	 ☐
	  	 (a)
	  	 It is a natural person (including any person who holds joint, community property, or other similar
shared ownership interest in an issuer that is excepted under Section 3(c)(7) of the 1940 Act with that person’s qualified purchaser spouse) who owns not less than U.S.$5,000,000 in “investments” as defined in Rule 2a51-1 promulgated under the 1940 Act (“Investments”) and as valued in accordance with such Rule 2a51-1 (including, without limitation,
deducting from the amount of such Investments the amount of any outstanding indebtedness incurred to acquire or for the purpose of acquiring such Investments) (including Investments held (1) jointly with such person’s spouse, or in which
such person shares with such person’s spouse a community property or similar shared ownership interest and (2) in an individual retirement account or similar account the Investments of which are directed by and held for the benefit of such
person).

			
	 ☐
	  	 (b)
	  	 It is a company that (1) owns not less than U.S.$5,000,000 in Investments as valued in accordance
with such Rule 2a51-1 (including, without limitation, deducting from the amount of such Investments the amount of any outstanding indebtedness incurred to acquire or for the purpose of acquiring such
Investments) that is owned directly or indirectly by or for two or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such
persons, or foundations, charitable organizations, or trusts established by or for the benefit of such persons and (2) was not formed for the specific purpose of acquiring Preferred Shares of the Issuer unless each beneficial owner of the
Investor’s securities is a Qualified Purchaser.

			
	 ☐
	  	 (c)
	  	 It is a trust that is not covered by clause (b) above and that was not formed for the specific
purpose of acquiring the securities offered, as to which the trustee or other person authorized to make decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a person described in
clause (a), (b) or (d).

			
	 ☐
	  	 (d)
	  	 It is a person, acting for its own account, who (1) in the aggregate owns and invests on a
discretionary basis, not less than U.S.$25,000,000 in Investments as valued in accordance with such Rule 2a51-1 (including,

  
 B-3 

					
		  		  	 without limitation, deducting from the amount of such Investments the amount of any outstanding
indebtedness incurred to acquire or for the purpose of acquiring such Investments) (including Investments owned by majority-owned subsidiaries of the company and Investments owned by a company (a “Parent Company”) of which the
company is a majority-owned subsidiary, or by a majority-owned subsidiary of the company and other majority-owned subsidiaries of the Parent Company) and (2) was not formed for the specific purpose of acquiring Preferred Shares unless each
beneficial owner of the Investor’s securities is a Qualified Purchaser.

			
	 ☐
	  	 (e)
	  	 It is a “qualified institutional buyer” within the meaning of Rule 144A(a) promulgated
under the Securities Act, acting for its own account; provided:

			
		  		  	 (a) that a dealer described in paragraph (a)(1)(ii) of Rule 144A shall own and invest on a
discretionary basis at least U.S.$25,000,000 in securities of Co-Issuers that are not affiliated persons of the dealer; and

			
		  		  	 (b) that a plan referred to in paragraph (a)(1)(D) or (a)(1)(E) of Rule 144A, or a trust fund
referred to in paragraph (a)(1)(F) of Rule 144A that holds the assets of such a plan, will not be deemed to be acting for its own account if investment decisions with respect to the plan are made by the beneficiaries of the plan, except
with respect to investment decisions made solely by the fiduciary, trustee or sponsor of such plan.

			
	 ☐
	  	 (f)
	  	 It is an entity in which each beneficial owner of the Investor’s securities is a Qualified
Purchaser.

  

	d.	 Suitability 

  

	1.	 The Investor understands that an investment in Preferred Shares is a leveraged investment in the underlying
Collateral. In addition, the Investor has indicated which, if any, of the following statements (paragraphs (A) through (E) below) apply to the Investor: 

 

					
	 ☐
	  	 (a)
	  	 In connection with evaluating the merits and risks of its prospective investment in the Preferred
Shares, the Investor has relied upon:

			
		  		  	
                   
                                         
                                         
                                   

		  		  	
                   
                                         
                                         
                                   

			
		  		  	 and such person or entity (the “Purchaser Representative”) has disclosed to the
Investor in writing a reasonable time prior to the Closing Date any material relationship between such Purchaser Representative or its affiliates, on the one hand, and the Issuer and its affiliates, on the other hand, that then exists, that is
mutually understood to be contemplated or that has existed at any time during the previous two years, and any compensation received or to be received as a result of such relationship.

  
 B-4 

					
	 ☐
	  	 (b)
	  	 If the Investor has retained a Purchaser Representative in connection with its proposed investment in
the Preferred Shares, the Investor has disclosed to such Purchaser Representative such information concerning the Investor’s financial status, tax status and investment and other financial objectives as is necessary for such Purchaser
Representative to have reasonable grounds for believing that the Investor’s investment in the Preferred Shares is suitable for the Investor given the Investor’s financial situation and needs.

			
	 ☐
	  	 (c)
	  	 The Investor currently employs, or has in the past employed, one or more financial consultants,
investment advisers or bank trust departments.

			
	 ☐
	  	 (d)
	  	 The Investor has specific experience with one or more investments in one or more of (i) high yield
debt securities, (ii) investment funds whose assets consist principally of high yield debt securities or (iii) other securities similar to the Preferred Shares (including experience with how market and other relevant developments affect
the value of those investments).

			
	 ☐
	  	 (e)
	  	 The Investor regularly receives and considers ideas, suggestions, market views and other information
obtained from market professionals, including market professionals whose expertise relates to investments in one or more of (i) high yield debt securities, (ii) investment funds whose assets consist principally of high yield debt
securities or (iii) other securities similar to the Preferred Shares.

  

	2.	 The Investor’s financial condition is such that it has no need for liquidity with respect to the
Preferred Shares and no need to dispose of any Preferred Shares or portion thereof to satisfy any existing or contemplated indebtedness, obligations or other undertaking, and the aggregate amount to be paid by the Investor to purchase the Preferred
Shares is not disproportionate to the Investor’s net worth, and the Investor is able to bear any loss in connection with any Preferred Shares (including loss of the Investor’s original principal investment): 

☐  Yes     ☐  No 
  

	3.	 The Investor, either alone or with the Investor’s Purchaser Representative identified above, has
determined that an investment in the Preferred Shares, based upon an appropriate characterization thereof for legal, investment, accounting, regulatory and tax purposes, is consistent with any legal investment restrictions applicable to the
Investor: 

 ☐  Yes    ☐  No 

 

	4.	 None of the Issuer, its affiliates and the respective agents of the foregoing is acting as a fiduciary for or
an investment adviser (or in any other similar role) to the Investor in connection with the offering and sale of the Preferred Shares: 

☐  Yes    ☐  No 

  
 B-5 

	e.	 Supplemental Data for Entities 

If the Investor is an entity, furnish the following supplemental data (natural persons may skip this Section E of the Investor
Questionnaire): 
  

	1.	 Legal form of entity (corporation, partnership, trust, etc.):
                                         
        

 Jurisdiction of organization:
                                         
                                         
               
  

	2.	 If the Investor is a U.S. resident (within the meaning of the 1940 Act) is the investor a Flow-Through
Investment Vehicle? 

 ☐  Yes    ☐  No 

 

	f.	 Related Parties 

 

	1.	 To the best of the Investor’s knowledge, does the Investor control, or is the Investor controlled by or
under common control with, any other investor in the Issuer? 

☐  Yes    ☐  No 
  

	2.	 Will any other person or persons have a beneficial interest in the Preferred Shares to be acquired hereunder
(other than as a shareholder, partner or other beneficial owner of equity interests in the Investor)? 

☐  Yes    ☐  No 
  

	If	 either question above was answered “Yes,” please contact the Issuer for additional information that
will be required. 

  

	g.	 Cayman Islands 

 

	1.	 Is the Investor a member of the public in the Cayman Islands? 

☐  Yes    ☐  No 
  

	h.	 Reg Y Institution 

 

	1.	 Is the Investor a Reg Y Institution? 

☐  Yes    ☐  No 

For purposes of this item, “Reg Y Institution” means any Preferred Shareholder that is, or is controlled by a
person that is, subject to the provisions of Regulation Y of the Board of Governors of the Federal Reserve System of the United States or any successor to such regulation, but excludes, in any event, (a) any “qualifying foreign
banking organization” within the meaning of Regulation Y of the Board of Governors of the Federal Reserve System (12 C.F.R. Section 211.23) that has booked its investment in the Preferred Shares outside the United States and
(b) any financial holding company or subsidiary of a 

  
 B-6 

 
financial holding company authorized to engage in merchant banking activities pursuant to Section 4(k)(4)(H) of the Bank Holding Company Act of 1956, as amended. 

 

	i.	 ERISA Status 

 

	1(a)	 Is the Investor, or is the Investor acting on behalf of or using any assets of any person that is or will
become, a Benefit Plan Investor” (as defined below)? 

☐  Yes    ☐  No 

A “Benefit Plan Investor” includes (i) an “employee benefit plan” (as defined in Section 3(3) of
ERISA) that is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) a “plan” within the meaning of Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
“Code”) that is subject to Section 4975 of the Code, or (iii) any entity whose underlying assets include “plan assets” by reason of such employee benefit plan’s or plan’s investment in such entity or
otherwise. 
 ANY INVESTOR THAT RESPONDS “YES” TO QUESTION 1(a) WILL NOT BE PERMITTED TO INVEST IN THE PREFERRED
SHARES. 
  

	(b) (1)	 Is the Investor an insurance company general account? 

☐  Yes    ☐  No 
  

	(b) (2)	 If the answer to the question in (b)(1) above is “Yes”, please provide the following information:

 The maximum percentage of the assets of such insurance company general account that constitutes or will
constitute “plan assets” within the meaning of 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA (the “Plan Asset Regulation”) at any time that the Investor
holds any interest in the Preferred Shares is:         %. 
 ANY INVESTOR THAT
(i) RESPONDS “YES” TO QUESTION 1(b)(1) AND (ii) PROVIDES A PERCENTAGE GREATER THAN ZERO IN RESPONSE TO QUESTION 1(b)(2) WILL NOT BE PERMITTED TO INVEST IN THE PREFERRED SHARES. 

 

	(c)	 Is the Investor an entity, other than an insurance company general account, that holds “plan assets”
by reason of a Benefit Plan Investor’s investment in the entity or otherwise? 

☐  Yes    ☐  No 

ANY INVESTOR THAT RESPONDS “YES” TO QUESTION 1(c) WILL NOT BE PERMITTED TO INVEST IN THE PREFERRED SHARES. 

 

	(d)	 Is the Investor a plan that is subject to any federal, state or local law that is substantially similar to
Section 406 of ERISA or Section 4975 of the Code (“Similar Law”)? 

  
 B-7 

 ☐  Yes    ☐  No 

ANY INVESTOR THAT RESPONDS “YES” TO QUESTION 1(d) WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT ITS
ACQUISITION AND HOLDING OF THE PREFERRED SHARES DO NOT AND WILL NOT CONSTITUTE OR OTHERWISE GIVE RISE TO A NON-EXEMPT VIOLATION OF SIMILAR LAW. 

 

	(e)	 The representations made in this Item i shall be deemed to be made on each day from the date the Investor
makes such representations through and including the date on which the Investor disposes of its interests in the Preferred Shares. The Investor understands and agrees that the information supplied above will be utilized to determine whether Benefit
Plan Investors own any Preferred Shares of the Issuer, both upon the original issuance of Preferred Shares and upon subsequent transfers of Preferred Shares for any reason. Accordingly, without limiting the remedies available in the event of a
breach, the Investor undertakes: 

 (i) to inform the Issuer, the Preferred Share Paying
Agent and the Preferred Share Registrar immediately of any change in the information provided in this Item i, and 

(ii) to provide to the Issuer, the Preferred Share Paying Agent and the Preferred Share Registrar such
information as the Issuer, the Preferred Share Paying Agent or the Preferred Share Registrar may reasonably request from time to time to enable the Issuer, the Preferred Share Paying Agent or the Preferred Share Registrar to make a determination
with respect to the portion, if any, of the Preferred Shares of the Issuer that may be held by or for the benefit of Benefit Plan Investors. 

The Investor understands that the foregoing information will be relied upon by the Issuer for the purpose of determining the eligibility of
the Investor to purchase Preferred Shares. The Investor agrees to provide, if requested, any additional information that may be required to substantiate the Investor’s status as an Institutional Accredited Investor or under the exception
provided pursuant to Section 3(c)(7) of the 1940 Act, to determine compliance with ERISA or Section 4975 of the Code or to otherwise determine its eligibility to purchase Preferred Shares. 

  
 B-8 

 The Investor further agrees to promptly notify the Issuer by telephone and in writing if any of
the information contained in this Investor Questionnaire becomes untrue prior to the purchase by the Investor of the Preferred Shares. 
  

			
	 Signature:

		
	 By
	 	  

		 	 (Signature)

	
	  
 (Print
Name and Title) Date:

  
 B-9 

 SCHEDULE I 

Capitalized terms used in this Schedule I that are defined in Regulation S are used as defined therein. 

1. (A) The Holder is aware that the sale of such Preferred Shares to it is being made in reliance on the
exemption from registration provided by Regulation S and understands that the Preferred Shares offered in reliance on Regulation S will bear the appropriate legend set forth herein. The Preferred Shares so represented may not at any time be held by
or on behalf of U.S. Persons or U.S. Residents. The Holder is not, and will not be, a U.S. Person or a U.S. Resident. Before any Preferred Share issued in reliance on Regulation S may be offered, resold, pledged or otherwise transferred, the
transferee will be required to provide the Trustee with a written certification substantially in the form attached to the Preferred Shares Paying Agency Agreement as to compliance with the transfer restrictions. The Holder understands that it must
inform a prospective transferee of the transfer restrictions; or 
 (B) The Holder (1) is both
(x) a Qualified Institutional Buyer and (y) a Qualified Purchaser; (2) is aware that the sale of the Preferred Shares to it is being made in reliance on the exemption from registration provided by Rule 144A or Rule 501(a) of
Regulation D and (3) is acquiring the Preferred Shares for its own account or for one or more accounts, each of which is a Qualified Institutional Buyer, and as to each of which the owner exercises sole investment discretion. 

2. The Holder understands that the Preferred Shares are being offered only in a transaction not involving any
public offering within the meaning of the Securities Act, the Preferred Shares have not been and will not be registered under the Securities Act, and, if in the future the Holder decides to offer, resell, pledge or otherwise transfer the Preferred
Shares, such Preferred Shares may only be offered, resold, pledged or otherwise transferred only in accordance with the Issuer Charter and the Preferred Shares Paying Agency Agreement and the applicable legend on such Preferred Shares set forth
herein. The Holder acknowledges that no representation is made by the Issuer or the Placement Agents as to the availability of any exemption under the Securities Act or any State securities laws for resale of the Preferred Shares. 

3. The Holder understands that the Preferred Shares have not been approved or disapproved by the United States
Securities and Exchange Commission (“SEC”) or any other governmental authority or agency or any jurisdiction and that neither the SEC nor any other governmental authority or agency has passed upon the accuracy of the final offering
memorandum relating to the Preferred Shares. The Holder further understands that any representation to the contrary is a criminal offense. 

4. The Holder is not purchasing the Preferred Shares with a view to the resale, distribution or other
disposition thereof in violation of the Securities Act. The Holder understands that an investment in the Preferred Shares involves certain risks, 

  
 Schedule I-1 

 
including the risk of loss of all or a substantial part of its investment under certain circumstances. 

5. In connection with the purchase of the Preferred Shares (A) none of the Issuer, the Placement Agents,
the Collateral Manager or the Preferred Share Paying Agent is acting as a fiduciary or financial or investment adviser for the Holder; (B) the Holder is not relying (for purposes of making any investment decision or otherwise) upon any advice,
counsel or representations (whether written or oral) of the Issuer, the Placement Agents or the Preferred Share Paying Agent other than in, if applicable, a current offering memorandum for such Preferred Shares; (C) none of the Issuer, the
Placement Agents or the Preferred Share Paying Agent has given to the Holder (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return,
performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of its purchase; (D) the Holder has consulted with its own legal, regulatory, tax, business, investment, financial,
accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of an investment in the Preferred Shares) based upon its own judgment and upon any
advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents or the Preferred Share Paying Agent; and (E) the Holder is purchasing the Preferred Shares with a full understanding of all
of the terms, conditions and risks thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) these risks. 

6. The Holder understands that the certificates representing the Preferred Shares will bear the applicable
legend set forth herein. The Preferred Shares may not at any time be held by or on behalf of any U.S. Person that is not both (x) a Qualified Institutional Buyer and (y) a Qualified Purchaser. The Holder understand that it must inform a
prospective transferee of the transfer restrictions. 
 7. The Holder understands and agrees that a legend in
substantially the following form will be placed on each certificate representing any Preferred Shares unless the Issuer determines otherwise in compliance with applicable law: 

THE PREFERRED SHARES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED AS AN INVESTMENT COMPANY UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
“INVESTMENT COMPANY ACT”). THE PREFERRED SHARES REPRESENTED HEREBY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A)(1) PERSONS THAT ARE BOTH (X) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE

  
 Schedule I-2 

 
144A UNDER THE SECURITIES ACT (A “QIB”) AND (Y) A QUALIFIED PURCHASER AS DEFINED IN SECTION 2(A)(51) OF THE INVESTMENT COMPANY ACT (A “QUALIFIED PURCHASER), AND IS EITHER
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT SO LONG AS THE PREFERRED SHARES REPRESENTED HEREBY ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE PREFERRED SHARES PAYING AGENCY AGREEMENT, OR (2) TO AN INSTITUTION THAT IS NOT A U.S. PERSON IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE PREFERRED SHARES PAYING AGENCY AGREEMENT, AND (B) IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A PREFERRED SHARE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SCHEDULE I OF THE PREFERRED
SHARES PAYING AGENCY AGREEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE
ISSUER, THE PREFERRED SHARE REGISTRAR, THE PREFERRED SHARE PAYING AGENT OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH PREFERRED SHARE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS
SET FORTH IN THE PREFERRED SHARES PAYING AGENCY AGREEMENT, THE ISSUER AND THE PREFERRED SHARE PAYING AGENT MAY CONSIDER THE ACQUISITION OF THE PREFERRED SHARES REPRESENTED HEREBY VOID AND REQUIRE THAT THE PREFERRED SHARES REPRESENTED HEREBY BE
TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. NO TRANSFER OF THE PREFERRED SHARES 

  
 Schedule I-3 

 
REPRESENTED HEREBY MAY BE MADE (AND THE ISSUER AND THE PREFERRED SHARE PAYING AGENT WILL NOT RECOGNIZE ANY SUCH TRANSFER) IF (A) SUCH TRANSFER WOULD HAVE THE EFFECT OF REQUIRING THE ISSUER
TO REGISTER AS AN INVESTMENT COMPANY UNDER THE INVESTMENT COMPANY ACT OR (B) SUCH TRANSFER WOULD BE MADE TO A PERSON WHO IS OTHERWISE UNABLE TO MAKE THE CERTIFICATIONS AND REPRESENTATIONS DEEMED TO BE MADE BY SUCH PERSON IN THE PREFERRED SHARES
PAYING AGENCY AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, AN INVESTOR IN THE PREFERRED SHARES REPRESENTED HEREBY MUST BE PREPARED TO BEAR THE ECONOMIC RISK OF THE INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. EXCEPT AS OTHERWISE PERMITTED BY THE CO-ISSUERS, NO TRANSFER OF THE PREFERRED SHARES REPRESENTED HEREBY MAY BE MADE (AND NONE OF THE CO-ISSUERS, PREFERRED SHARE PAYING AGENT OR THE PREFERRED SHARE REGISTRAR WILL
RECOGNIZE ANY SUCH TRANSFER) IF AFTER GIVING EFFECT TO SUCH TRANSFER, ANY PREFERRED SHARES WOULD BE HELD BY “BENEFIT PLAN INVESTORS,” AS DEFINED IN 29 C.F.R. §2510.3-101 (EITHER DIRECTLY OR
THROUGH AN INSURANCE COMPANY GENERAL ACCOUNT) OR SUCH TRANSFER WOULD BE MADE TO A PERSON WHO IS OTHERWISE UNABLE TO MAKE THE CERTIFICATIONS AND REPRESENTATIONS REQUIRED BY THE APPLICABLE TRANSFER CERTIFICATE ATTACHED AS AN EXHIBIT TO THE PREFERRED
SHARES PAYING AGENCY AGREEMENT. 
 AS A CONDITION TO THE PAYMENT OF ANY AMOUNT UNDER THE PREFERRED SHARES REPRESENTED HEREBY
WITHOUT THE IMPOSITION OF BACKUP WITHHOLDING TAX, THE ISSUER AND THE PREFERRED SHARE PAYING AGENT SHALL REQUIRE CERTIFICATION ACCEPTABLE TO THEM TO ENABLE THE ISSUER AND THE PREFERRED SHARE PAYING AGENT TO DETERMINE THEIR DUTIES AND LIABILITIES WITH
RESPECT TO ANY TAXES OR OTHER CHARGES THAT THEY MAY BE REQUIRED TO PAY, DEDUCT OR WITHHOLD IN RESPECT OF THE PREFERRED SHARES REPRESENTED HEREBY OR THE HOLDER THEREOF UNDER ANY PRESENT OR FUTURE LAW OR REGULATION OF THE CAYMAN ISLANDS OR THE UNITED
STATES OR ANY PRESENT OR FUTURE LAW OR REGULATION OF ANY POLITICAL 

  
 Schedule I-4 

 
SUBDIVISION THEREOF OR TAXING AUTHORITY THEREIN OR TO COMPLY WITH ANY REPORTING OR OTHER REQUIREMENTS UNDER ANY SUCH LAW OR REGULATION. 

8. The Holder will not, at any time, offer to buy or offer to sell the Preferred Shares by any form of general
solicitation or advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose
attendees have been invited by general solicitations or advertising. 
 9. The Holder is not a member of the
public in the Cayman Islands, within the meaning of Section 175 of the Cayman Islands Companies Law (2017 Revision). 

10. The Holder understands that each of the Issuer, the Trustee or the Preferred Share Paying Agent shall
require certification acceptable to it (A) as a condition to the payment of distributions in respect of any Preferred Shares without, or at a reduced rate of, U.S. withholding or backup withholding tax, and (B) to enable the Issuer, the
Trustee and the Preferred Share Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such Preferred Shares or the Holder of
such Preferred Shares under any present or future law or regulation of the Cayman Islands or the United States or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any
reporting or other requirements under any such law or regulation. Such certification may include U.S. federal income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for
United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and
Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim That Income Is Effectively Connected with
Conduct of a Trade or Business in the United States) or any successors to such IRS forms). In addition, the Issuer or the Preferred Share Paying Agent may require certification acceptable to it to enable the Issuer to qualify for a reduced rate of
withholding in any jurisdiction from or through which the Issuer receives payments on its assets. Each owner agrees to provide any certification requested pursuant to this paragraph and to update or replace such form or certification in accordance
with its terms or its subsequent amendments. 
 11. The Holder hereby agrees that, for purposes of U.S.
federal, state and local income and franchise tax and any other income taxes, if the Issuer is no longer a Qualified REIT Subsidiary (A) the Issuer will be treated as a foreign corporation and (B) the Notes will be treated as equity in the
Issuer; the Holder agrees to such treatment and agrees to take no action inconsistent with such treatment, unless required by law. 

  
 Schedule I-5 

 12. The Holder, if not a “United States person” (as
defined in Section 7701(a)(30) of the Code), either: (A) is not a bank (within the meaning of Section 881(c)(3)(A) of the Code); (B) is a bank (within the meaning of Section 881(c)(3)(A) of the Code) and after giving effect to
its purchase of the Preferred Shares, the Holder (x) shall not own more than 50% of the Preferred Shares (by number) or 50% by value of the aggregate of the Preferred Shares and all Classes of Notes that are treated as equity for U.S. federal
income tax purposes either directly or indirectly, and will not otherwise be related to the Issuer (within the meaning of section 267(b) of the Code) and (y) has not purchased the Preferred Shares in whole or in part to avoid any U.S. federal
income tax liability (including, without limitation, any U.S. withholding tax that would be imposed on the Preferred Shares with respect to the Collateral if held directly by the Holder); (C) is a bank (within the meaning of
Section 881(c)(3)(A) of the Code) has provided an IRS Form W-8ECI representing that all payments received or to be received by it from the Issuer are effectively connected with the conduct of a trade or
business in the United States; or (D) is a bank (within the meaning of Section 881(c)(3)(A) of the Code) is eligible for benefits under an income tax treaty with the United States that eliminates U.S. federal income taxation of U.S. source
interest not attributable to a permanent establishment in the United States and the Issuer is treated as a fiscally transparent entity (as defined in Treasury regulations section 1.894-1(d)(3)(iii)) under the
laws of Holder’s jurisdiction with respect to payments made on the Collateral held by the Issuer. 
 13.
The Holder will, prior to any sale, pledge or other transfer by such owner of any Preferred Share, obtain from the prospective transferee, and deliver to the Preferred Share Paying Agent, a duly executed transferee certificate addressed to each of
the Preferred Share Paying Agent and the Issuer in the form of the relevant exhibit attached to the Preferred Shares Paying Agency Agreement, and such other certificates and other information as the Issuer or the Preferred Share Paying Agent may
reasonably require to confirm that the proposed transfer complies with the transfer restrictions contained in the Issuer Charter and the Preferred Shares Paying Agency Agreement. 

14. The Holder agrees that no Preferred Share may be purchased, sold, pledged or otherwise transferred in a
number less than the minimum number set forth in the Preferred Shares Paying Agency Agreement. In addition, the Holder understands that the Preferred Shares will be transferable only upon registration of the transferee in the Preferred Share
Register of the Issuer following delivery to the Preferred Share Registrar of a duly executed share transfer certificate, the Preferred Share to be transferred (if applicable) and any other certificates and other information required by the Issuer
Charter and the Preferred Shares Paying Agency Agreement. 
 15. The Holder is aware and agrees that no
Preferred Share (or beneficial interest therein) may be offered or sold, pledged or otherwise transferred (i) to a transferee taking delivery of such Preferred Shares represented by a certificate representing a Preferred Share except to both
(x) a transferee that the Holder reasonably believes is a Qualified Institutional Buyer, purchasing for its account, to which notice is given that the resale, pledge or other transfer is being made in reliance on the exemption from the
registration requirements of the Securities Act provided by Rule 144A or another person the sale to which is exempt under the Securities Act and (y) a Qualified 

  
 Schedule I-6 

 
Purchaser, and if such transfer is made in accordance with any applicable securities laws of any state of the United States and any other relevant jurisdiction, (ii) to a transferee taking
delivery of such Preferred Share represented by a certificate representing a Preferred Share issued in reliance on Regulation S except (A) to a transferee that is acquiring such interest in an offshore transaction in accordance with Rule 904 of
Regulation S, (B) to a transferee that is not a U.S. resident (within the meaning of the Investment Company Act) unless such transferee is a Qualified Purchaser, (C) such transfer is made in compliance with the other requirements set forth
in the Preferred Shares Paying Agency Agreement and (D) if such transfer is made in accordance with any applicable securities laws of any state of the United States and any other jurisdiction or (iii) if such transfer would have the effect
of requiring the Issuer to register as an “investment company” under the Investment Company Act. 

16. The Holder understands that, although the Placement Agents may from time to time make a market in the
Preferred Shares, the Placement Agents are not under any obligation to do so and, following the commencement of any market-making, may discontinue the same at any time. Accordingly, the Holder must be prepared to hold the Preferred Shares until the
scheduled Redemption Date for the Preferred Shares. 
 17. The Holder also understands that the Preferred
Shares are equity interests in the Issuer and are not secured by the Collateral securing the Notes. As such, the Holder and any other Holders of the Preferred Shares will, on a winding up of the Issuer, rank behind all of the creditors, whether
secured or unsecured and known or unknown, of the Issuer, including, without limitation, the Holders of the Notes, the Hedge Counterparties and any judgment creditors. Payments in respect of the Preferred Shares are subject to certain requirements
imposed by Cayman Islands law. Any amounts paid by the Preferred Share Paying Agent as distributions by way of dividend on the Preferred Shares will be payable only if the Issuer has sufficient distributable profits and/or share premium. In
addition, such distributions and any redemption payments will be payable only to the extent that the Issuer is and remains solvent after such distributions or redemption payments are paid. Under Cayman Islands law, a company generally is deemed
solvent if it is able to pay its debts as they come due in the ordinary course of business. To the extent the requirements under Cayman Islands law described above are not met, amounts otherwise payable to the Holders of the Preferred Shares will be
retained in the Preferred Shares Distribution Account until the next succeeding Payment Date, or (in the case of any payment that would otherwise be payable on a redemption of the Preferred Shares) the next succeeding Business Day, on which the
Issuer notifies the Preferred Share Paying Agent that such requirements are met. Amounts on deposit in the Preferred Shares Distribution Account (unless deposited in error) will not be available to pay amounts due to the Holders of the Notes, the
Note Administrator, the Trustee or any other creditor of the Issuer the claim of which is limited in recourse to the Collateral. However, amounts on deposit in the Preferred Shares Distribution Account may be subject to the claims of creditors of
the Issuer that have not contractually limited their recourse to the Collateral. 
 18. The Holder agrees
that (i) any sale, pledge or other transfer of a Preferred Share made in violation of the transfer restrictions contained in the Preferred Shares 

  
 Schedule I-7 

 
Paying Agency Agreement, or made based upon any false or inaccurate representation made by the Holder or a transferee to the Issuer, the Preferred Share Paying Agent or the Preferred Share
Registrar, will be void and of no force or effect and (ii) none of the Issuer, the Preferred Share Paying Agent and the Preferred Share Registrar has any obligation to recognize any sale, pledge or other transfer of a Preferred Share (or any
beneficial interest therein) made in violation of any such transfer restriction or made based upon any such false or inaccurate representation. 

19. The Holder acknowledges that the Issuer, the Trustee, the Preferred Share Paying Agent, the Preferred Share
Registrar, the Placement Agents and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements and agrees that, if any of the acknowledgments, representations or warranties made or deemed to have
been made by it in connection with its purchase of the Preferred Shares are no longer accurate, the Holder will promptly notify the Issuer, the Trustee, the Note Administrator, the Preferred Share Paying Agent, the Preferred Share Registrar and the
Placement Agents. 

  
 Schedule I-8Mortgage Asset Purchase Agreement

 Exhibit 10.3 

EXECUTION VERSION 

MORTGAGE ASSET PURCHASE AGREEMENT 

This MORTGAGE ASSET PURCHASE AGREEMENT (this “Agreement”) is made as of February 14, 2017 by and among
TPG RE Finance Trust CLO Loan Seller, LLC, a Delaware limited liability company (the “Seller”), TPG Real Estate Finance 2018-FL1 Issuer, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the
“Issuer”), TPG RE Finance Trust Holdco, LLC, a Delaware limited liability company (“Holdco” and, together with the Seller, the “Seller Parties”), and, solely as to Section 4(k), TPG RE Finance
Trust, Inc., a Maryland corporation (“TRTX”). 
 W I T N E S S E T H: 

WHEREAS, the Issuer desires to purchase from the Seller and the Seller desires to sell to the Issuer an initial portfolio of
Whole Loans and Pari Passu Participations (each as defined in the Indenture), each as identified on Exhibit A attached hereto (the “Closing Date Mortgage Assets”); 

WHEREAS, the Seller may sell to the Issuer, from time to time, Companion Participations (as defined in the Indenture) or
portions thereof (the “Related Funded Companion Participations” and, together with the Closing Date Mortgage Assets, the “Mortgage Assets”) and the Issuer may purchase such Companion Participations or portions
thereof, and all payments and collections thereon after the related Subsequent Seller Transfer Date (as defined herein); 

WHEREAS, in connection with the sale of any Mortgage Assets to the Issuer, the Seller desires to release any interest it may
have in such Mortgage Assets and desires to make certain representations and warranties regarding such Mortgage Assets; 

WHEREAS, the Issuer and TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, a Delaware limited liability company (the
“Co-Issuer”), intend to issue (a) the U.S.$491,831,000 Class A Senior Secured Floating Rate Notes Due 2035 (the “Class A Notes”), (b) the U.S.$72,259,000 Class A-S Second Priority Secured
Floating Rate Notes Due 2035 (the “Class A-S Notes”), (c) the U.S.$55,943,000 Class B Third Priority Floating Rate Notes Due 2035 (the “Class B Notes”), (d) the U.S.$52,446,000 Class C
Fourth Priority Floating Rate Notes Due 2035 (the “Class C Notes”), (e) the U.S.$73,425,000 Class D Fifth Priority Floating Rate Notes Due 2035 (the “Class D Notes” and, together with the
Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes, the “Notes”) and the Issuer intends to issue the U.S.$37,295,000 Class E Sixth Priority Secured Floating Rate Notes Due 2035 (the “Class
E Notes”) and the U.S.$37,296,000 Class F Seventh Priority Secured Floating Rate Notes Due 2035 (the “Class F Notes” and, together with the Class E Notes and the Notes, the “Notes”) pursuant to an
indenture, dated as of February 14, 2018 (the “Indenture”), by and among the Issuer, the Co-Issuer, Seller, as advancing agent, Wilmington Trust, National Association, as trustee (the “Trustee”) and Wells Fargo
Bank, National Association, as note administrator (in such capacity, the “Note Administrator”); 

 WHEREAS, pursuant to its Governing Documents, certain resolutions of its Board of
Directors and a preferred share paying agency agreement, the Issuer also intends to issue the U.S.$111,885,182 aggregate notional amount preferred shares (the “Preferred Shares” and, together with the Notes, the
“Securities”); and 
 WHEREAS, the Issuer intends to pledge the Mortgage Assets purchased hereunder by the
Issuer to the Trustee as security for the Notes. 
 NOW, THEREFORE, the parties hereto agree as follows: 

1. Defined Terms. 

Capitalized terms used and not otherwise defined herein shall have the same meanings ascribed to such terms in the Indenture.

 “Asset Documents”: The loan agreement, note, mortgage, intercreditor agreement, participation agreement,
co-lender agreement or other agreement pursuant to which a Mortgage Asset or Mortgage Loan has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Mortgage Asset or Mortgage Loan
or of which holders of such Mortgage Asset or Mortgage Loan are the beneficiaries. 
 “Assignment of Leases, Rents
and Profits”: With respect to any Mortgage, an assignment of leases, rents and profits thereunder, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the Mortgaged Property
is located to reflect the assignment of leases to the Mortgagee. 
 “Assignment of Mortgage”: With respect
to any Mortgage, an assignment of the Mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the assignment of the Mortgage
to the Mortgagee. 
 “Borrower”: With respect to any Mortgage Loan, the related borrower or other obligor
thereunder. 
 “Companion Participation Holder”: The holder of any Companion Participation. 

“Cut-Off Date”: With respect to each Mortgage Asset , the later of (i) the monthly payment date in
January 2018 and (ii) the origination date of such Mortgage Asset . 
 “Document Defect”: Any document
or documents constituting a part of a Mortgage Asset File that has not been properly executed, has not been delivered within the time periods provided for herein, has not been properly executed, is missing, does not appear to be regular on its face
or contains information that does not conform in any material respect with the corresponding information set forth in the Mortgage Asset Schedule attached hereto as Exhibit A or as set forth on an exhibit to a Subsequent Transfer Instrument.

  
 -2- 

 “Exception Schedule”: The schedule identifying any exceptions to
the representations and warranties made with respect to the Mortgage Assets to be conveyed hereunder, which is attached hereto as Schedule 1(a) to Exhibit B or as attached to any Subsequent Transfer Instrument. 

“Future Funding Amount”: As defined in the Indenture. 

“Material Breach”: As defined in Section 4(e). 

“Material Document Defect”: A Document Defect that materially and adversely affects the value of a Mortgage
Asset , the interest of the Noteholders or the ownership interests of the Issuer or any assignee thereof in such Mortgage Asset . 

“Mortgage”: With respect to each Mortgage Loan, the mortgage, deed of trust, deed to secure debt or similar
instrument that secures the Mortgage Note and creates a lien on the fee or leasehold interest in the related Mortgaged Property. 

“Mortgage Asset File”: As defined in the Indenture. 

“Mortgage Loan”: A commercial or multi-family real estate mortgage loan secured by a first-lien mortgage or
deed-of-trust on commercial and/or multi-family properties. 
 “Mortgage Note or Note”: With respect to
each Mortgage Loan, the promissory note evidencing the indebtedness of the related Borrower, together with any rider, addendum or amendment thereto, or any renewal, substitution or replacement of such note. 

“Mortgage Rate”: The stated rate of interest on a Mortgage Loan. 

“Mortgaged Property”: With respect to any Mortgage Loan, the property or properties directly securing such
Mortgage Loan. 
 “Mortgagee”: With respect to each Mortgage Asset, the party secured by the related
Mortgage. 
 “Pari Passu Participation”: A fully funded pari passu participation interest in a
Participated Mortgage Loan. 
 “Participated Mortgage Loan”: Any Mortgage Loan, in which a Pari Passu
Participation represents an interest. 
 “Participation”: Any Pari Passu Participation and/or the related
Companion Participation, as applicable and as the context may require. 
 “Participation Agreement”: With
respect to each Participated Mortgage Loan , the participation agreement that governs the rights and obligations of the holders of the related Pari Passu Participation and the related Companion Participation. 

  
 -3- 

 “Participation Custodial Agreement”: With respect to any
Participated Mortgage Loan, that certain Custodial Agreement entered into in accordance with the related Participation Agreement and pursuant to which the Participation Custodian holds the loan file with respect to such Participated Mortgage Loan .

 “Participation Custodian”: With respect to any Participated Mortgage Loan, the document custodian or
similar party under the related Participation Custodial Agreement. 
 “Repurchase Price”: The sum of the
following (in each case, without duplication) as of the date of such repurchase: (i) the then-Stated Principal Balance of such Mortgage Asset , plus (ii) accrued and unpaid interest on such Mortgage Asset, plus (iii) any unreimbursed
advances made under the Indenture or the Servicing Agreement, plus (iv) accrued and unpaid interest on advances made under the Indenture or the Servicing Agreement on the Mortgage Asset , plus (v) any reasonable costs and expenses
(including, but not limited to, the cost of any enforcement action incurred by the Issuer or the Trustee in connection with any such repurchase). 

“Retained Interest”: Any origination fees paid on the Mortgage Assets and any interest in respect of any
Mortgage Asset that accrued prior to the Closing Date and has not been paid to Seller. 
 “Servicing File”:
The file maintained by the servicer with respect to each Mortgage Asset . 
 “Stated Principal Balance”:
With respect to each Mortgage Asset , the principal balance as of the Cut-off Date as reduced (to not less than zero) on each Payment Date by (i) all payments or other collections of principal of such Mortgage Asset received or deemed received
thereon during the related Collection Period and (ii) any principal forgiven by the Special Servicer and other principal losses realized in respect of such Mortgage Asset during the related Collection Period. 

“Subsequent Seller Transfer Date”: As defined in Section 2(b). 

“Subsequent Transfer Instrument”: As defined in Section 2(b). 

2. Purchase and Sale of the Mortgage Assets. 

(a) Set forth in Exhibit A hereto is a list of the Closing Date Mortgage Assets sold to the Issuer on the Closing Date
and certain other information with respect to each of the Closing Date Mortgage Assets. The Seller agrees to sell to the Issuer, and the Issuer agrees to purchase from the Seller, all of the Closing Date Mortgage Assets at an aggregate purchase
price of U.S.$932,380,183 (the “Purchase Price”). Immediately prior to such sale, the Seller hereby conveys and assigns all right, title and interest it may have in such Closing Date Mortgage Assets to the Issuer. The sale and
transfer of the Closing Date Mortgage Assets to the Issuer is inclusive of all rights and obligations from the Closing Date forward, with respect to such Closing Date Mortgage Assets, provided, that the sale and transfer of Closing Date
Mortgage Assets that are Pari Passu Participations are made subject to the rights and obligations of the Companion Participation Holder under the related Participation Agreement, and provided however, it

  
 -4- 

 
expressly excludes any conveyance of any Retained Interest which shall remain the property of the Seller and shall not be conveyed to the Issuer. The Issuer shall cause any Retained Interest to
be paid to the Seller (or the Seller’s designee) promptly upon receipt in accordance with the terms and conditions hereof, the Servicing Agreement and the Indenture. For the avoidance of doubt, the Seller is not transferring any obligation to
fund any Future Funding Amounts under the Participated Mortgage Loans, all of which will remain the obligation of the party specified under the related Participation Agreement. Delivery or transfer of the Closing Date Mortgage Assets shall be made
on February 14, 2018 (the “Closing Date”), at the time and in the manner agreed upon by the parties. Upon receipt of evidence of the delivery or transfer of the Closing Date Mortgage Assets to the Issuer or its designee, the
Issuer shall pay or cause to be paid to the Seller the Purchase Price in the manner agreed upon by the Seller and the Issuer. 

(b) From time to time, the Seller may present all or a portion of one or more Companion Participations to the Issuer for
purchase hereunder. If the conditions set forth in Section 3 below are satisfied with respect to each such Companion Participation or portion thereof, the Issuer may purchase and the Seller shall sell and assign without recourse, except
as expressly provided in this Agreement, to the Issuer, but subject to the other terms and provisions of this Agreement, all of the right, title and interest of the Seller in and to (i) each such Companion Participation or portion thereof
identified on the schedule attached to the related subsequent transfer instrument (a “Subsequent Transfer Instrument”), which Subsequent Transfer Instrument shall be in the form of Exhibit K to the Indenture and delivered by
the Seller on the date of such sale (each, a “Subsequent Seller Transfer Date”), and (ii) all amounts received or receivable on each such Companion Participation or portion thereof, whether now existing or hereafter acquired,
after the related Subsequent Seller Transfer Date (other than amounts due prior to the related Subsequent Seller Transfer Date). Such sale and assignment of each Companion Participation or portion thereof to the Issuer is inclusive of all rights and
obligations from the Subsequent Seller Transfer Date forward, with respect to each such Companion Participation or portion thereof, provided however, it expressly excludes any conveyance of any Retained Interest which shall remain the
property of the Seller and shall not be conveyed to the Issuer hereunder. The purchase price with respect to each Companion Participation or portion thereof shall be at a price no greater than the outstanding principal balance of such Companion
Participation or portion thereof, as set forth in the related Subsequent Transfer Instrument. 
 The sale to the Issuer of
each Companion Participation or portion thereof identified on the schedule attached to the related Subsequent Transfer Instrument shall be absolute and is intended by the Seller and the Issuer to constitute and to be treated as an absolute sale of
each such Companion Participation or portion thereof by the Seller to the Issuer, conveying good title free and clear of any liens, claims, encumbrances or rights of others from the Seller to the Issuer and each such Companion Participation or
portion thereof shall not be part of the Seller’s estate in the event of the insolvency or bankruptcy of the Seller. Each schedule of a Companion Participation or portion thereof pursuant to a Subsequent Transfer Instrument is hereby
incorporated and made a part of this Agreement. 
 (c) Within 45 days after the Closing Date, each UCC financing statement in
favor of the Issuer or the Participation Agent that is required to be filed in accordance with the definition of “Mortgage Asset File” in the Indenture or “Participated Loan File” in the

  
 -5- 

 
Participation Custodial Agreement, as applicable, shall be submitted for filing. In the event that any such UCC financing statement is lost or returned unrecorded or unfiled, as the case may be,
because of a defect therein, the Seller shall promptly prepare or cause the preparation of a substitute therefor or cure or cause the curing of such defect, as the case may be, and shall thereafter deliver the substitute or corrected document for
recording or filing, as appropriate, at the Seller’s expense. In the event that the Seller receives the original filed copy, the Seller shall, or shall cause a third party vendor or any other party under its control to, promptly upon receipt of
the original recorded or filed copy (and in no event later than 5 Business Days following such receipt) deliver such original to the Custodian, with evidence of filing thereon. 

3. Conditions. 

The obligations of the parties under this Agreement are subject to satisfaction of the following conditions: 

(a) the representations and warranties contained herein shall be accurate and complete (i) as of the Closing Date, except
as set forth in the Exception Schedule, with respect to the Closing Date Mortgage Assets and (ii) as of each Subsequent Seller Transfer Date, except as set forth in the Subsequent Transfer Instrument, with respect to any Companion
Participations or portions thereof sold hereunder on such Subsequent Seller Transfer Date; 
 (b) on the Closing Date and on
each Subsequent Seller Transfer Date, as applicable, counsel for the Issuer shall have been furnished with all such documents, certificates and opinions as such counsel may reasonably request in order to evidence the accuracy and completeness of any
of the representations, warranties or statements of the Seller Parties, the performance of any of the Mortgage Assets of the Seller hereunder or the fulfillment of any of the conditions herein contained; 

(c) with respect to the Closing Date Mortgage Assets, the issuance of the Securities and receipt by the Issuer of full payment
therefor; and 
 (d) with respect to the Companion Participations and portions thereof sold on a Subsequent Seller Transfer
Date, such Companion Participations shall, collectively and individually (as applicable, after giving effect to the Grant of such Companion Participations to the Issuer) satisfy or are deemed to satisfy the Replenishment Criteria in accordance with
the terms of the Indenture. 
 4. Covenants, Representations and Warranties. 

(a) Each party to this Agreement hereby represents and warrants to the other party that (i) it is duly organized or
incorporated, as the case may be, and validly existing as an entity under the laws of the jurisdiction in which it is incorporated, chartered or organized, (ii) it has the requisite power and authority to enter into and perform this Agreement,
and (iii) this Agreement has been duly authorized by all necessary action, has been duly executed by one or more duly authorized officers and is the valid and binding agreement of such party enforceable against such party in accordance with its
terms. 

  
 -6- 

 (b) The Seller further represents and warrants to the Issuer (i) with
respect to the Closing Date Mortgage Assets, as of the Closing Date, and (ii) with respect to the Companion Participations and portions thereof sold hereunder on any Subsequent Seller Transfer Date, as of such Subsequent Seller Transfer Date,
that: 
 (i) immediately prior to the sale of the Mortgage Assets to the Issuer, the Seller shall own the
Mortgage Assets, shall have good and marketable title thereto, free and clear of any pledge, lien, security interest, charge, claim, equity, or encumbrance of any kind, and upon the delivery or transfer of the Mortgage Assets to the Issuer as
contemplated herein, the Issuer shall receive good and marketable title to the Mortgage Assets, free and clear of any pledge, lien, security interest, charge, claim, equity or encumbrance of any kind; 

(ii) the Seller acquired its ownership in the Mortgage Assets in good faith without notice of any adverse
claim, and upon the delivery or transfer of the Mortgage Assets to the Issuer as contemplated herein, the Issuer shall acquire ownership in the Mortgage Assets in good faith without notice of any adverse claim; 

(iii) the Seller has not assigned, pledged or otherwise encumbered any interest in the Mortgage Assets (or, if
any such interest has been assigned, pledged or otherwise encumbered, it has been released); 
 (iv) none of
the execution, delivery or performance by the Seller of this Agreement shall (x) conflict with, result in any breach of or constitute a default (or an event which, with the giving of notice or passage of time, or both, would constitute a
default) under, any term or provision of the organizational documents of the Seller, or any material indenture, agreement, order, decree or other material instrument to which the Seller is party or by which the Seller is bound which materially
adversely affects the Seller’s ability to perform its obligations hereunder or (y) violate any provision of any law, rule or regulation applicable to the Seller of any regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Seller or its properties which has a material adverse effect; 

(v) no consent, license, approval or authorization from, or registration or qualification with, any
governmental body, agency or authority, nor any consent, approval, waiver or notification of any creditor or lessor is required in connection with the execution, delivery and performance by the Seller of this Agreement the failure of which to obtain
would have a material adverse effect except such as have been obtained and are in full force and effect; 

(vi) it has adequate capital for the normal obligations reasonably foreseeable in a business of its size and
character and in light of its contemplated business operations. It is generally able to pay, and as of the date hereof is paying, its debts as they come due. It has not become or is not presently, financially insolvent nor will it be made insolvent
by virtue of its execution of or performance under any of the provisions of this Agreement within the meaning of the bankruptcy laws or the insolvency laws of any jurisdiction. It 

  
 -7- 

 
has not entered into this Agreement or the transactions effectuated hereby in contemplation of insolvency or with intent to hinder, delay or defraud any creditor; 

(vii) no proceedings are pending or, to its knowledge, threatened against it before any federal, state or other
governmental agency, authority, administrative or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which, singularly or in the aggregate, could materially and adversely affect the ability of the Seller to perform any of its
obligations under this Agreement; and 
 (viii) the consideration received by it upon the sale of the
Mortgage Assets owned by it constitutes fair consideration and reasonably equivalent value for such Mortgage Assets. 
 (c)
The Seller further represents and warrants to the Issuer (i) with respect to the Closing Date Mortgage Assets, as of the Closing Date and (ii) with respect to the Companion Participations or portions thereof sold hereunder on any
Subsequent Seller Transfer Date, as of such Subsequent Seller Transfer Date, that: 
 (i) the Asset Documents
with respect to each Mortgage Asset do not prohibit the Issuer from granting a security interest in and assigning and pledging such Mortgage Asset to the Trustee; 

(ii) none of the Mortgage Assets will cause the Issuer to have payments subject to foreign or United States
withholding tax; 
 (iii) (A) with respect to each Closing Date Mortgage Asset , except as set forth in the
Exception Schedule and (B) with respect to each Companion Participation, except as set forth in the Subsequent Transfer Instrument, the representations and warranties set forth in Exhibit B are true and correct in all material respects; 

(iv) the Seller has delivered to the Issuer or its designee the documents required to be delivered with respect
to each Mortgage Asset set forth in the definition of “Mortgage Asset File” in the Indenture; and 

(v) if applicable, the Participation Custodian has received, or will receive, in accordance with the timing
required under the Participation Custodial Agreement, the documents required to be delivered with respect to each Participated Mortgage Loan set forth in the definition of “Participated Loan File” in the Participation Custodial Agreement.

 (d) For purposes of the representations and warranties set forth in Exhibit B, the phrases “to the knowledge
of the Seller” or “to the Seller’s knowledge” shall mean, except where otherwise expressly set forth in a particular representation and warranty, the actual state of knowledge of the Seller or any servicer acting on its behalf
regarding the matters referred to, in each case: (i) at the time of the Seller’s origination or acquisition of the particular Mortgage Asset , after the Seller having conducted such inquiry and due diligence into such matters as would be
customarily performed by a prudent institutional commercial or multifamily, as applicable, mortgage lender; and (ii) subsequent to such origination, the Seller having utilized 

  
 -8- 

 
monitoring practices that would be utilized by a prudent commercial or multifamily, as applicable, mortgage lender and having made prudent inquiry as to the knowledge of the servicer servicing
such Mortgage Asset on its behalf. Also, for purposes of such representations and warranties, the phrases “to the actual knowledge of the Seller” or “to the Seller’s actual knowledge” shall mean, except where otherwise
expressly set forth below, the actual state of knowledge of the Seller or any servicer acting on its behalf without any express or implied obligation to make inquiry. All information contained in documents which are part of or required to be part of
a Mortgage Asset File shall be deemed to be within the knowledge and the actual knowledge of the Seller. Wherever there is a reference to receipt by, or possession of, the Seller of any information or documents, or to any action taken by the Seller
or not taken by the Seller, such reference shall include the receipt or possession of such information or documents by, or the taking of such action or the failure to take such action by, the Seller or any servicer acting on its behalf. 

(e) The Seller shall, not later than ninety (90) days from discovery by the Seller or receipt of written notice from any
party to the Indenture of (i) its breach of a representation or a warranty pursuant to this Agreement that materially and adversely affects the ownership interests of the Issuer (or the Trustee as its assignee) in a Mortgage Asset or the value
of a Mortgage Asset or the interests of the Noteholders therein (a “Material Breach”), or (ii) any Material Document Defect relating to any Mortgage Asset, (1) cure such Material Breach or Material Document Defect,
provided, that, if such Material Breach or Material Document Defect cannot be cured within such 90-day period (any such 90-day period, the “Initial Resolution Period”), the Seller shall repurchase the affected Mortgage
Asset not later than the end of such Initial Resolution Period at the Repurchase Price; provided, however, that if the Seller certifies to the Issuer and the Trustee in writing that (x) any such Material Breach or Material
Document Defect, as the case may be, is capable of being cured in all material respects but not within the Initial Resolution Period and (y) the Seller has commenced and is diligently proceeding with the cure of such Material Breach or Material
Document Defect, as the case may be, then the Seller shall have an additional 90-day period to complete such cure or, failing such, to repurchase the affected Mortgage Asset (or the related Mortgaged Property); provided, further, that,
if any such Material Document Defect is still not cured in all material respects after the Initial Resolution Period and any such additional 90-day period solely due to the failure of the Seller to have received the recorded or filed document, then
the Seller shall be entitled to continue to defer its cure and repurchase obligations in respect of such Material Document Defect so long as the Seller certifies to the Trustee every 30 days thereafter that such Material Document Defect is still in
effect solely because of its failure to have received the recorded or filed document and that the Seller is diligently pursuing the cure of such Material Document Defect (specifying the actions being taken); and provided, further,
notwithstanding anything to the contrary, the Seller shall not be entitled to continue to defer its cure and repurchase obligations in respect of any Material Document Defect for more than 18 month after beginning of the Initial Resolution Period
with respect to such Material Document Defect, or (2) subject to the consent of a Majority of the Holders of each Class of Notes (excluding any Note held by the Seller or any of its affiliates), the Seller shall make a cash payment to the
Issuer in an amount that the Special Servicer on behalf of the Issuer determines is sufficient to compensate the Issuer for such breach of representation or warranty or defect (such payment, a “Loss Value Payment”), which Loss Value
Payment will be deemed to cure such Material Breach or Material Document Defect. Such repurchase, cure or Loss Value Payment obligation by the Seller and Holdco’s guarantee of such obligations 

  
 -9- 

 
pursuant to Section 13 shall be the Issuer’s sole remedy for any Material Breach or Material Document Defect pursuant to this Agreement with respect to any Mortgage Asset sold to
the Issuer by the Seller. 
 (f) Each Seller Party hereby acknowledges and consents to the collateral assignment by the
Issuer of this Agreement and all right, title and interest thereto to the Trustee, for the benefit of the Secured Parties, as required in Sections 15.1(f)(i) and (ii) of the Indenture. 

(g) The Seller hereby covenants and agrees that it shall perform any provisions of the Indenture made expressly applicable to
the Seller by the Indenture, as required by Section 15.1(f)(i) of the Indenture. 
 (h) Each Seller Party hereby
covenants and agrees that all of the representations, covenants and agreements made by or otherwise entered into by it in this Agreement shall also be for the benefit of the Secured Parties, as required by Section 15.1(f)(ii) of the Indenture
and agrees that enforcement of any rights hereunder by the Trustee, the Note Administrator, the Servicer, or the Special Servicer, as the case may be, shall have the same force and effect as if the right or remedy had been enforced or executed by
the Issuer but that such rights and remedies shall not be any greater than the rights and remedies of the Issuer under Section 4(e) above. 

(i) On or prior to the Closing Date or each Subsequent Seller Transfer Date, as applicable, the Seller shall deliver the Asset
Documents to the Issuer or, at the direction of the Issuer, to the Custodian, with respect to each Mortgage Asset sold to the Issuer hereunder. The Seller hereby covenants and agrees, as required by Section 15.1(f)(iii) of the Indenture, that
it shall deliver to the Trustee duplicate original copies of all notices, statements, communications and instruments delivered or required to be delivered to the Issuer by each party pursuant to this Agreement. 

(j) Each Seller Party hereby covenants and agrees, as required by Section 15.1(f)(iv) of the Indenture, that it shall not
enter into any agreement amending, modifying or terminating this Agreement (other than in respect of an amendment or modification to cure any inconsistency, ambiguity or manifest error, in each case, so long as such amendment or modification does
not affect in any material respects the interests of any Secured Party), without notifying the Rating Agency through the 17g-5 Website as set forth in the Indenture. 

(k) TRTX and the Issuer hereby covenant, that at all times (1) TRTX will qualify as a REIT for federal income tax purposes
and the Issuer will qualify as a Qualified REIT Subsidiary or other disregarded entity of TRTX for federal income tax purposes, or (2) based on an Opinion of Counsel, the Issuer will be treated as a Qualified REIT Subsidiary or other
disregarded entity of a REIT other than TRTX, or (3) based on an Opinion of Counsel, the Issuer will be treated as a foreign corporation that is not engaged in a trade or business within the United States for U.S. federal income tax purposes
(which Opinion may be conditioned on compliance with certain restrictions on the investment or other activities of the Issuer and/or the Servicer on behalf of the Issuer). 

  
 -10- 

 (l) Except for the agreed-upon procedures report obtained from the accounting
firm engaged to provide procedures involving a comparison of information in loan files for the Mortgage Assets to information on a data tape relating to the Mortgage Assets (the “Accountants’ Due Diligence Report”), the Seller
Parties have not obtained (and, through and including the Closing Date, will not obtain) any “third party due diligence report” (as defined in Rule 15Ga-2 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) in connection with the transactions contemplated herein and the Offering Memorandum and, except for the accountants with respect to the Accountants’ Due Diligence Report, the Seller Parties have not employed (and, through and
including the Closing Date, will not employ) any third party to engage in any activity that constitutes “due diligence services” within the meaning of Rule 17g-10 under the Exchange Act in connection with the transactions contemplated
herein and in the Offering Memorandum. The Placement Agents are third-party beneficiaries of the provisions set forth in this Section 4(l). 

(m) The Issuer (A) prepared or caused to be prepared one or more reports on Form ABS-15G (each, a “Form
15G”) containing the findings and conclusions of the Accountants’ Due Diligence Report and meeting all other requirements of that Form 15G, Rule 15Ga-2 under the Exchange Act, any other rules and regulations of the Securities and
Exchange Commission and the Exchange Act; (B) provided a copy of the final draft of the Form 15G to the Placement Agents at least six business days before the first sale of any certificates; and (C) furnished each such Form 15G to the
Securities and Exchange Commission on EDGAR at least five business days before the first sale of any certificates as required by Rule 15Ga-2 under the Exchange Act. 

5. Sale. 

It is the intention of the parties hereto that the transfer and assignment contemplated by this Agreement shall constitute a
sale of the Mortgage Assets from the Seller to the Issuer and the beneficial interest in and title to the Mortgage Assets shall not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller
under any bankruptcy law. In the event that, notwithstanding the intent of the parties hereto, the transfer and assignment contemplated hereby is held not to be a sale (for non-tax purposes), this Agreement shall constitute a security agreement
under applicable law, and, in such event, the Seller shall be deemed to have granted, and the Seller hereby grants, to the Issuer a security interest in the Mortgage Assets for the benefit of the Secured Parties and its assignees as security for the
Seller’s obligations hereunder and the Seller consents to the pledge of the Mortgage Assets to the Trustee. 
 6.
Non-Petition. 
 Each Seller Party agrees not to institute against, or join any other Person in instituting against
the Issuer any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings or other proceedings under U.S. federal or state bankruptcy or similar laws in any jurisdiction until at least one year and one day or, if
longer, the applicable preference period then in effect after the payment in full of all Notes issued under the Indenture. This Section 6 shall survive the termination of this Agreement for any reason whatsoever. 

  
 -11- 

 7. Amendments. 

This Agreement may not be modified, amended, altered or supplemented, except upon the execution and delivery of a written
agreement by the parties hereto and satisfaction of the Rating Agency Condition. 
 8. Communications. 

Except as may be otherwise agreed between the parties, all communications hereunder shall be made in writing to the relevant
party by personal delivery or by courier or first-class registered mail, or the closest local equivalent thereto, or by facsimile transmission confirmed by personal delivery or by courier or first-class registered mail as follows: 

 

			
	 To the Seller:
	  	 TPG RE Finance Trust CLO Loan Seller, LLC

		  	 888 Seventh Avenue, 35th Floor

		  	 New York, New York 10106

		  	 Attention: Deborah Ginsberg

		  	 Email: dginsberg@tpg.com

		
		  	 with a copy to:

		
		  	 TPG RE Finance Trust CLO Loan Seller, LLC

		  	 888 Seventh Avenue, 35th Floor

		  	 New York, New York 10106

		  	 Attention: Jason Ruckman

		  	 Email: jruckman@tpg.com

		
	 To the Issuer:
	  	 TPG Real Estate Finance 2018-FL1 Issuer, Ltd.

		  	 888 Seventh Avenue, 35th Floor

		  	 New York, New York 10106

		  	 Attention: Deborah Ginsberg

		  	 Email: dginsberg@tpg.com

		
		  	 with a copy to:

		
		  	 TPG Real Estate Finance 2018-FL1 Issuer, Ltd.

		  	 888 Seventh Avenue, 35th Floor

		  	 New York, New York 10106

		  	 Attention: Jason Ruckman

		  	 Email: jruckman@tpg.com

		
	 To Holdco:
	  	 TPG RE Finance Trust Holdco, LLC

		  	 888 Seventh Avenue, 35th Floor

		  	 New York, New York 10106

		  	 Attention: Deborah Ginsberg

		  	 Email: dginsberg@tpg.com

		
		  	 with a copy to:

  
 -12- 

			
		  	 TPG RE Finance Trust Holdco, LLC

		  	 888 Seventh Avenue, 35th Floor

		  	 New York, New York 10106

		  	 Attention: Jason Ruckman

		  	 Email: jruckman@tpg.com

 or to such other address, telephone number or facsimile number as either party may notify to the other
in accordance with the terms hereof from time to time. Any communications hereunder shall be effective upon receipt. 
 9.
Governing Law and Consent to Jurisdiction. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF (OTHER THAN TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

(b) The parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of the United States District Court for the
Southern District of New York and any court in the State of New York located in the City and County of New York, and any appellate court hearing appeals from the Courts mentioned above, in any action, suit or proceeding brought against it and to or
in connection with this Agreement or the transaction contemplated hereunder or for recognition or enforcement of any judgment, and the parties hereto hereby irrevocably and unconditionally agree that all claims in respect of any such action or
proceeding may be heard or determined in such New York State court or, to the extent permitted by law, in such federal court. The parties hereto agree that a final judgment in any such action, suit or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. To the extent permitted by applicable law, the parties hereto hereby waive and agree not to assert by way of motion, as a defense or otherwise in any
such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such courts, that the suit, action or proceeding is brought in any inconvenient forum, that the venue of the suit, action or proceeding is improper
or that the subject matter thereof may not be litigated in or by such courts. 
 (c) To the extent permitted by applicable
law, the parties hereto shall not seek and hereby waive the right to any review of the judgment of any such court by any court of any other nation or jurisdiction which may be called upon to grant an enforcement of such judgment. 

(d) The Issuer irrevocably appoints Corporation Service Company, as its agent for service of process in New York in respect of
any such suit, action or proceeding. The Issuer agrees that service of such process upon such agent shall constitute personal service of such process upon it. 

(e) Each Seller Party irrevocably consents to the service of any and all process in any action or proceeding by the mailing by
certified mail, return receipt requested, or delivery 

  
 -13- 

 
requiring proof of delivery of copies of such process to it at the address set forth in Section 8 hereof. 

10. Counterparts. 

This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together
shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original
counterpart to this Agreement. 
 11. Limited Recourse Agreement. 

All obligations of the Issuer arising hereunder or in connection herewith are limited in recourse to the Collateral and to the
extent the proceeds of the Collateral, when applied in accordance with the Priority of Payments, are insufficient to meet the obligations of the Issuer hereunder in full, the Issuer shall have no further liability in respect of any such outstanding
obligations and any obligations of, and claims against, the Issuer, arising hereunder or in connection herewith, shall be extinguished and shall not thereafter revive. The obligations of the Issuer hereunder or in connection herewith will be solely
the corporate obligations of the Issuer and the Seller Parties will not have recourse to any of the directors, officers, employees, shareholders or affiliates of the Issuer with respect to any claims, losses, damages, liabilities, indemnities or
other obligations in connection with any transactions contemplated hereby or in connection herewith. This Section 11 shall survive the termination of this Agreement for any reason whatsoever. 

12. Assignment and Assumption. 

With respect to the Mortgage Assets that are subject to a Participation Agreement, the parties hereto intend that the
provisions of this Section 12 serve as an assignment and assumption agreement between the Seller, as the assignor, and the Issuer, as the assignee. Accordingly, the Seller hereby (and in accordance with and subject to all other
applicable provisions of this Agreement) assigns, grants, sells, transfers, delivers, sets over, and conveys to the Issuer all right, title and interest of the Seller in, to and arising out of the related Participation Agreement and the Issuer
hereby accepts (subject to applicable provisions of this Agreement) the foregoing assignment and assumes all of the rights and obligations of the Seller with respect to related Participation Agreement from and after the Closing Date. In addition,
the Issuer acknowledges that each of such Mortgage Assets will be serviced by, and agrees to be bound by, the terms of the applicable Servicing Agreement (as defined in the related Participation Agreement). 

13. Guarantee by Holdco. 

(a) Holdco hereby unconditionally and irrevocably guarantees to the Issuer the due and punctual payment of all sums due by, and
the performance of all obligations of, the Seller under Section 4(e) of this Agreement, as and when the same shall become due and payable (after giving effect to any applicable grace period) according to the terms hereof. In the case of
the failure of the Seller to make any such payment or perform such obligation as and when due, 

  
 -14- 

 
Holdco hereby agrees to make such payment or cause such payment or perform such obligation to be made or such obligation to be performed, promptly upon written demand by the Issuer to Holdco, but
any delay in providing such notice shall not under any circumstances reduce the liability of Holdco or operate as a waiver of Issuer’s right to demand payment or performance. 

(b) This guarantee shall be a guaranty of payment and performance, and the obligations of Holdco under this guarantee shall be
continuing, absolute and unconditional. Holdco waives any and all defenses it may have arising out of: (a) the validity or enforceability of this Agreement; (b) the absence of any action to enforce the same; (c) the rendering of any
judgment against the Seller or any action to enforce the same; (d) any waiver or consent by the Issuer or any amendment or other modification to this Agreement; (e) any defense to payment hereunder based upon suretyship defenses;
(f) the bankruptcy or insolvency of the Seller, (g) any defense based on (1) the entity status of the Seller, (2) the power and authority of the Seller to enter into this Agreement and to perform its obligations hereunder or
(3) the legality, validity and enforceability of Seller’s obligation under this Agreement, or (h) any other defense, circumstances or limitation of any nature whatsoever that would constitute a legal or equitable discharge of a
guarantor or other third party obligor. This guarantee shall continue to remain in full force and effect in accordance with its terms notwithstanding the renewal, extension, modification, or waiver, in whole or in part, of any of Seller’s
obligations under this Agreement or the Indenture that are subject to this guarantee. 
 (c) Holdco waives
(a) diligence, presentment, demand for payment, protest and notice of nonpayment or dishonor and all other notices and demands relating to this Agreement and (b) any requirement that the Issuer proceed first against the Seller under this
Agreement or otherwise exhaust any right, power or remedy under this Agreement before proceeding hereunder. 
 [SIGNATURE PAGES FOLLOW] 

  
 -15- 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Mortgage
Asset Purchase Agreement as of the day and year first above written. 
  

			
	 TPG RE FINANCE TRUST CLO LOAN SELLER, LLC

		
	By:	 	 /s/ Matthew Coleman

		 	 Name: Matthew Coleman

		 	 Title: Vice President, Transactions

	
	
TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.

		
	By:	 	 /s/ Matthew Coleman

		 	 Name: Matthew Coleman

		 	 Title: Vice President, Transactions

	
	 TPG RE FINANCE TRUST HOLDCO, LLC

		
	By:	 	 /s/ Matthew Coleman

		 	 Name: Matthew Coleman

		 	 Title: Vice President, Transactions

  

			
	 Agreed and Acknowledged, solely as to Section 4(k), by:

	
	 TPG RE FINANCE TRUST, INC.

		
	By:	 	 /s/ Matthew Coleman

		 	 Name: Matthew Coleman

		 	 Title: Vice President, Transactions

 Exhibit A 

LIST OF CLOSING DATE MORTGAGE ASSETS 
  

			
	 Mortgage Asset
	  	 Mortgage Asset
Type

	 Cliffside Park
	  	Participation
	 Park Central 789
	  	Participation
	 Brookview Village
	  	Participation
	 Del Amo Crossing
	  	Participation
	 Aertson
	  	Participation
	 Presidential Tower
	  	Participation
	 Jersey City Portfolio
	  	Participation
	 The Curtis
	  	Participation
	 1825 Park
	  	Participation
	 Fresh Direct
	  	Whole Loan
	 High Street
	  	Participation
	 180 Livingston
	  	Participation
	 Presidents Park
	  	Participation
	 300 Capitol Mall
	  	Participation
	 LPM Apartments
	  	Participation
	 Walnut Creek Executive Center
	  	Participation
	 Sirata Beach Resort
	  	Participation
	 Doubletree New York
	  	Participation
	 Solage Calistoga
	  	Participation
	 The Star
	  	Participation
	 Freehand
	  	Participation
	 Colton Corporate Center
	  	Participation
	 Westin Charlotte
	  	Participation
	 Woodland Hills Village
	  	Participation
	 SE Hotels
	  	Participation
	 Goodland Hotel
	  	Participation

  
 Exhibit A-1 

 Exhibit B 

MORTGAGE ASSETS REPRESENTATIONS AND WARRANTIES 
  

	(1)	 Whole Loan; Ownership of Mortgage Loans. Each Mortgage Loan is a whole loan and not a participation
interest in a Mortgage Loan. Each Participation is a fully funded pari passu participation interest (with no existing more-senior participation interest) in a Mortgage Loan. At the time of the sale, transfer and assignment to the Issuer, no
Mortgage Note, Mortgage or Participation was subject to any assignment (other than assignments to the Seller), participation (other than with respect to a Participation) or pledge, and the Seller had good title to, and was the sole owner of, each
Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations (other than with respect to a Participation), any other ownership interests on, in or to such Mortgage Loan other than any servicing rights appointment
or similar agreement. Seller has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment to the Issuer constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens,
pledges, charges or security interests of any nature encumbering such Mortgage Loan. 

  

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

 Except as set
forth in the immediately preceding sentences, there is no valid offset, defense, counterclaim or right of rescission available to the related Borrower with respect to any of the related Mortgage Notes, Mortgages or other Asset Documents, including,
without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by Seller in connection with the origination of the Mortgage Loan, that 

  
 Exhibit B-1 

 
would deny the mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Asset Documents. 

 

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

  

	(4)	 Mortgage Status; Waivers and Modifications. Since origination and except by written instruments set
forth in the related Mortgage Asset File or as otherwise provided in the related Asset Documents (a) the material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty, Participation Agreement, if applicable, and related Asset Documents
have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect that could be reasonably expected to have a material adverse effect on such Mortgage Loan; (b) no related Mortgaged Property or any
portion thereof has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property;
and (c) neither the related Borrower nor the related guarantor nor the related participating institution has been released from its material obligations under the Mortgage Loan or Participation, if applicable. With respect to each Mortgage
Loan, except as contained in a written document included in the Mortgage Asset File, there have been no modifications, amendments or waivers, that could be reasonably expected to have a material adverse effect on such Mortgage Loan consented to by
Seller on or after the Cut-off Date. 

  

	(5)	 Lien; Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage and
assignment of Assignment of Leases, Rents and Profits to the Issuer constitutes a legal, valid and binding assignment to the Issuer. Each related Mortgage and Assignment of Leases, Rents and Profits is freely assignable without the consent of the
related Borrower. Each related Mortgage is a legal, valid and enforceable first lien on the related Borrower’s fee or leasehold interest in the Mortgaged Property in the principal amount of such Mortgage Loan or allocated loan amount (subject
only to Permitted Encumbrances (as defined below) and the exceptions to paragraph (6) set forth in Schedule 1(a) to this Exhibit B (each such exception, a “Title Exception”)), except as the enforcement thereof may
be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions) as of origination was, and as of the Cut-off Date, to the Seller’s knowledge, is free and clear of any
recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances which are prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a
lender’s title insurance policy (as described below), and, to the Seller’s knowledge and subject to the rights of tenants (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), no rights exist which
under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as
described below). Notwithstanding anything herein to the contrary, no 

  
 Exhibit B-2 

	 	 
representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of
Uniform Commercial Code (“UCC”) financing statements is required in order to effect such perfection. 

  

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

  

	(7)	 Junior Liens. It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not
subordinate mortgages or junior liens, except for any Crossed Mortgage Loan, there are, as of origination, and to the Seller’s knowledge, as of the Cut-off Date, no subordinate mortgages or junior liens securing the payment of money encumbering
the related Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics and materialmen’s liens (which are the subject of the representation in paragraph (5) above), and equipment and
other personal property financing). The Seller has no knowledge of any mezzanine debt secured directly by interests in the related Borrower, except as set forth in Schedule 1(b). 

  
 Exhibit B-3 

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

  

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

  

	(10)	 Condition of Property. Seller or the originator of the Mortgage Loan inspected or caused to be
inspected each related Mortgaged Property within six months of origination of the Mortgage Loan and within twelve months of the Cut-off Date. 

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

  
 Exhibit B-4 

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

 

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

  

	(13)	 Actions Concerning Mortgage Loan. To the Seller’s knowledge, based on evaluation of the Title
Policy (as defined in paragraph 6), an engineering report or property condition assessment as described in paragraph 10, applicable local law compliance materials as described in paragraph 24, reasonable and customary bankruptcy, civil records,
UCC-1, and judgment searches of the Borrowers and guarantors, and the ESA (as defined in paragraph 40), on and as of the date of origination and as of the Cut-off Date, there was no pending or filed action, suit or proceeding, involving any
Borrower, guarantor, or Borrower’s interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such Borrower’s title to the Mortgaged Property, (b) the
validity or enforceability of the Mortgage, (c) such Borrower’s ability to perform under the related Mortgage Loan, (d) such guarantor’s ability to perform under the related guaranty, (e) the principal benefit of the
security intended to be provided by the Asset Documents or (f) the current principal use of the Mortgaged Property. 

  

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

  

	(15)	 No Holdbacks. The Stated Principal Balance as of the Cut-off Date of the Mortgage Asset attached as
Exhibit A to this Agreement has been fully disbursed as of the Cut-off Date and there is no requirement for future advances thereunder except in those cases where the full amount of the Mortgage Loan has been disbursed but a portion
thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the related Mortgaged

  
 Exhibit B-5 

	 	 
Property, the Borrower or other considerations determined by Seller to merit such holdback. 

  

	(16)	 Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be,
insured by a property insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting
the requirements of the related Asset Documents and having a claims-paying or financial strength rating of any one of the following: (i) at least “A-:VII” from A.M. Best Company, (ii) at
least “A3” (or the equivalent) from Moody’s or (iii) at least “A-” from Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
Business (“S&P”) (collectively the “Insurance Rating Requirements”), in an amount (subject to a customary deductible) not less than the lesser of (1) the original Principal Balance of the Mortgage Loan and
(2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the Borrower and included in the Mortgaged Property (with no deduction for physical depreciation), but, in any
event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged Property. 

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

 If any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area
identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, the related Borrower is required to maintain insurance in an amount that is at least equal to the lesser of (1) the outstanding
Principal Balance of the Mortgage Loan and (2) the maximum amount of such insurance available under the National Flood Insurance Program. 

If the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida,
Georgia, South Carolina or North Carolina, the related Borrower is required to maintain coverage for windstorm and/or windstorm related perils and/or “named storms” issued by an insurer meeting the Insurance Rating Requirements or
endorsement covering damage from windstorm and/or windstorm related perils and/or named storms. 
 The Mortgaged Property is
covered, and required to be covered pursuant to the related Asset Documents, by a commercial general liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage
and personal injury (including bodily injury and death) in amounts as are generally required by the Seller for loans originated for securitization, and in any event not less than $1 million per occurrence and $2 million in the aggregate. 

  
 Exhibit B-6 

 An architectural or engineering consultant has performed an analysis of each of
the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing either the scenario expected limit (“SEL”) or the probable
maximum loss (“PML”) for the Mortgaged Property in the event of an earthquake. In such instance, the SEL or PML, as applicable, was based on a 475-year return period, an exposure period of 50 years and a 10% probability of
exceedance. If the resulting report concluded that the SEL or PML, as applicable, would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer rated at least
“A:VII” by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by Standard & Poor’s Ratings Services, in an amount not
less than 100% of the SEL or PML, as applicable. 
 The Asset Documents require insurance proceeds in respect of a property
loss to be applied either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Mortgage Loan, the lender
(or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the reduction of the outstanding Principal Balance of such Mortgage Loan together with any accrued interest
thereon. 
 All premiums on all insurance policies referred to in this section required to be paid as of the Cut-off Date
have been paid, and such insurance policies name the lender under the Mortgage Loan and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or
additional insured. Such insurance policies will inure to the benefit of the Trustee. Each related Mortgage Loan obligates the related Borrower to maintain all such insurance and, at such Borrower’s failure to do so, authorizes the lender to
maintain such insurance at the Borrower’s cost and expense and to charge such Borrower for related premiums. All such insurance policies (other than commercial liability policies) require at least 10 days’ prior notice to the lender
of termination or cancellation arising because of nonpayment of a premium and at least 30 days prior notice to the lender of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable law)
arising for any reason other than non-payment of a premium and no such notice has been received by Seller. 
  

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

  
 Exhibit B-7 

	 	 
parcel of which the Mortgaged Property is a part until the separate tax lots are created or the non-recourse carveout guarantor under the Mortgage Loan has indemnified the mortgagee for any loss
suffered in connection therewith. 

  

	(18)	 No Encroachments. To Seller’s knowledge based solely on surveys obtained in connection with
origination (which may have been a previously existing “as built” survey) and the lender’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title policy with escrow instructions or a
“marked up” commitment) obtained in connection with the origination of each Mortgage Loan, all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged Property at the time of the
origination of such Mortgage Loan are within the boundaries of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or
endorsements were obtained under the Title Policy. No improvements on adjoining parcels encroach onto the related Mortgaged Property except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged
Property or for which insurance or endorsements were obtained under the Title Policy. No material improvements encroach upon any easements except for encroachments the removal of which would not materially and adversely affect the value or current
use of such Mortgaged Property or for which insurance or endorsements have been obtained under the Title Policy. 

  

	(19)	 No Contingent Interest or Equity Participation. No Mortgage Loan has a shared appreciation feature, any
other contingent interest feature or a negative amortization feature or an equity participation by Seller. 

  

	(20)	 [Intentionally left blank.] 

 

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

  

	(22)	 Authorized to do Business. To the extent required under applicable law, as of the Cut-off Date and as
of each date that Seller held the Mortgage Note, Seller was authorized to transact and do business in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect
the enforceability of such Mortgage Loan by the Issuer. 

  

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

  
 Exhibit B-8 

	(24)	 Local Law Compliance. To the Seller’s knowledge, based upon any of a letter from any governmental
authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement to the related Title Policy, or other affirmative investigation of local law compliance consistent with the investigation conducted by the
Seller for similar commercial, multi-family and manufactured housing community mortgage loans intended for securitization, with respect to the improvements located on or forming part of each Mortgaged Property securing a Mortgage Loan as of the date
of origination of such Mortgage Loan and as of the Cut-off Date, there are no material violations of applicable zoning ordinances, building codes and land laws (collectively “Zoning Regulations”) other than those which
(i) constitute a legal non-conforming use or structure, as to which the Mortgaged Property may be restored or repaired to the full extent necessary to maintain the use of the structure immediately prior to a casualty or the inability to restore
or repair to the full extent necessary to maintain the use or structure immediately prior to the casualty would not materially and adversely affect the use or operation of the Mortgaged Property, (ii) are insured by the Title Policy or other
insurance policy, (iii) are insured by law and ordinance insurance coverage in amounts customarily required by the Seller for loans originated for securitization that provides coverage for additional costs to rebuild and/or repair the property
to current Zoning Regulations or (iv) would not have a material adverse effect on the Mortgage Loan. The terms of the Asset Documents require the Borrower to comply in all material respects with all applicable governmental regulations, zoning
and building laws. 

  

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

 

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

  
 Exhibit B-9 

	(27)	 Mortgage Releases. The terms of the related Mortgage or related Asset Documents do not provide for
release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment of not less than a specified percentage at least equal to the lesser of (i) 110% of
the related allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding Principal Balance of the Mortgage Loan, (b) upon payment in full of such Mortgage Loan, (c) releases of out-parcels that are
unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination of
the Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (d) as required pursuant to an order of condemnation. 

 

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

  

	(29)	 Acts of Terrorism Exclusion. With respect to each Mortgage Loan over $20 million, the related
special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as
amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (collectively referred to as “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect
to each other Mortgage Loan, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, to
Seller’s knowledge, do not, as of the Cut-off Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each
Mortgage Loan, the related Asset Documents generally only require that the related Borrower take commercially reasonable efforts to obtain insurance against damage resulting from acts of terrorism and other acts of sabotage unless lack of such
insurance will result in a downgrade of the ratings of the related Mortgage Loan. 

  

	(30)	 Due on Sale or Encumbrance. Subject to specific exceptions set forth below, each Mortgage Loan contains
a “due on sale” or other such provision for the acceleration of the payment of the Principal Balance of such Mortgage Loan if, without the consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably
withheld) and/or complying with the requirements of the related Asset Documents (which provide for transfers without the consent of the lender which are customarily acceptable 

  
 Exhibit B-10 

	 	 
to the Seller lending on the security of property comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or
equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Asset Documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% in the
related Borrower, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the
related Asset Documents, (iii) transfers that do not result in a change of Control of the related Borrower or transfers of passive interests so long as the guarantor retains Control, (iv) transfers to another holder of direct or indirect
equity in the Borrower, a specific Person designated in the related Asset Documents or a Person satisfying specific criteria identified in the related Asset Documents, such as a qualified equityholder, (v) transfers of stock or similar equity
units in publicly traded companies or (vi) a substitution or release of collateral within the parameters of paragraph (27) herein, or (vii) by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan,
or future permitted mezzanine debt in each case as set forth in Schedule 1(b) or Schedule 1(c), respectively, to this Exhibit B or (b) the related Mortgaged Property is encumbered with a subordinate lien or security
interest against the related Mortgaged Property, other than (i) any Companion Loan or any subordinate debt that existed at origination and is permitted under the related Asset Documents, (ii) purchase money security
interests, (iii) any Crossed Mortgage Loan as set forth in Schedule 1(d) to this Exhibit B or (iv) Permitted Encumbrances. For purposes of the foregoing representation, “Control” means the power to
direct the management and policies of an entity, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by contract or otherwise. 

 

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

  
 Exhibit B-11 

	(32)	 [Intentionally left blank.] 

 

	(33)	 Floating Interest Rates. Each Mortgage Loan bears interest at a floating rate of interest that is based
on LIBOR plus a margin (which interest rate may be subject to a minimum or “floor” rate). 

  

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

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

 

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

 

	 	(b)	 The lessor under such Ground Lease has agreed in a writing included in the related Mortgage Asset File (or in
such Ground Lease) that the Ground Lease may not be amended or modified, or canceled or terminated by agreement of lessor and lessee, without the prior written consent of the lender (except termination or cancellation if (i) notice of a default
under the Ground Lease is provided to lender and (ii) such default is curable by lender as provided in the Ground Lease but remains uncured beyond the applicable cure period), and no such consent has been granted by the Seller since the
origination of the Mortgage Loan except as reflected in any written instruments which are included in the related Mortgage Asset File; 

  

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

  
 Exhibit B-12 

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

  

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

  

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

  

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

 

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

  

	 	(i)	 The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially
unreasonable by the Seller in connection with loans originated for securitization; 

  

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

  
 Exhibit B-13 

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

 

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

 

	(35)	 Servicing. The servicing and collection practices used by the Seller with respect to the Mortgage Loan
have been, in all material respects, legal and have met customary industry standards for servicing of similar commercial loans. 

  

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

  

	(37)	 No Material Default; Payment Record. No Mortgage Loan has been more than 30 days delinquent,
without giving effect to any grace or cure period, in making required payments since origination, and as of the date hereof, no Mortgage Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in making required
payments as of the Closing Date. To the Seller’s knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the related Mortgage Loan or (b) no event (other than payments due but not yet
delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in
the case of either clause (a) or clause (b), materially and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property, provided, however, that this representation
and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Seller in Schedule 1(a) to this
Exhibit B. No person other than the holder of such Mortgage Loan (subject to any related Participation Agreement) may declare any event of default under the Mortgage Loan or accelerate any indebtedness under the Asset Documents.

  

	(38)	 Bankruptcy. As of the date of origination of the related Mortgage Loan and to the Seller’s
knowledge as of the Cut-off Date, no Borrower, guarantor or tenant occupying a 

  
 Exhibit B-14 

	 	 
single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding. 

  

	(39)	 Organization of Borrower. With respect to each Mortgage Loan, in reliance on certified copies of the
organizational documents of the Borrower delivered by the Borrower in connection with the origination of such Mortgage Loan, the Borrower is an entity organized under the laws of a state of the United States of America, the District of Columbia or
the Commonwealth of Puerto Rico. Except with respect to any Crossed Mortgage Loan, no Mortgage Loan has a Borrower that is an Affiliate of another Borrower. (An “Affiliate” for purposes of this paragraph (39) means, a Borrower
that is under direct or indirect common ownership and control with another Borrower.) 

  

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

  
 Exhibit B-15 

	(41)	 Appraisal. The Servicing File contains an appraisal of the related Mortgaged Property with an appraisal
date within 6 months of the Mortgage Loan origination date, and within 12 months of the Closing Date. The appraisal is signed by an appraiser who is either a Member of the Appraisal Institute (“MAI”) and/or has been licensed and
certified to prepare appraisals in the state where the Mortgaged Property is located. Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of
Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation and has certified that such appraiser had no interest, direct or indirect, in the Mortgaged Property or the Borrower or in any loan made on
the security thereof, and its compensation is not affected by the approval or disapproval of the Mortgage Loan. The appraisal (or a separate letter) contains a statement by the appraiser to the effect that the appraisal guidelines of Title XI of the
Financial Institutions Reform, Recovery and Enforcement Act of 1989 were followed in preparing the appraisal. 

  

	(42)	 Mortgage Asset Schedule. The information pertaining to each Mortgage Asset which is set forth in
Exhibit A to this Agreement is true and correct in all material respects as of the Cut-off Date and contains all information required by this Agreement to be contained therein. 

 

	(43)	 Cross-Collateralization. No Mortgage Loan is cross-collateralized or cross-defaulted with any mortgage
loan that is not held by the Issuer. 

  

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

 

	(45)	 Compliance with Anti-Money Laundering Laws. Seller has complied in all material respects with all
applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the Mortgage Loan, the failure to comply with which would have a material adverse effect on the
Mortgage Loan. 

  

	(46)	 Participations. With respect to each Participation (the “CLO Participation”):

  

	 	(a)	 A custodian (the “Participation Custodian”) on behalf of the holder of the CLO Participation
and each holder (each, a “Third Party Participant”) of any related participation (the “Other Participation Interests”) is the record mortgagee of the related Mortgage Loan pursuant to a custodial agreement and a
Participation Agreement that is legal, valid and enforceable as between its parties, and which provides that the Seller as 

  
 Exhibit B-16 

	 	 
holder of the CLO Participation has full power, authority and discretion to appoint the Servicer to service the Mortgage Loan, subject to the consent or approval rights of the Third Party
Participants; 

  

	 	(b)	 The holder of each Other Participation Interest is required to pay its pro rata share of any expenses, costs
and fees associated with servicing and enforcing rights and remedies under the related Mortgage Loan upon request therefor by the holder of the CLO Participation; 

 

	 	(c)	 Each Participation Agreement is effective to convey the CLO Participation to the Seller and the related Other
Participation Interests to the related Third Party Participants and is not intended to be or effective as a loan or other financing secured by the Mortgage Loan. The holder of the CLO Participation owes no fiduciary duty or obligation to any Third
Party Participant pursuant to the Participation Agreement; 

  

	 	(d)	 All amounts due and owing to any Third Party Participant pursuant to each Participation Agreement have been
duly and timely paid. There is no default by the holder of the CLO Participation, or to the Seller’s knowledge, by any Third Party Participant under any Participation Agreement; 

 

	 	(e)	 To the Seller’s knowledge, no Third Party Participant is a debtor in any outstanding proceeding pursuant
to the federal bankruptcy code; 

  

	 	(f)	 The Seller has not received written notice of any outstanding liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind for which the holder of the CLO Participation is or may become obligated; 

  

	 	(g)	 The role, rights and responsibilities of the holder of the CLO Participation are assignable by the Seller
without consent or approval other than those that have been obtained; 

  

	 	(h)	 The terms of the Participation Agreement do not require or obligate the holder of the CLO Participation or its
successor or assigns to repurchase any Other Participation Interest under any circumstances; 

  

	 	(i)	 The Seller, in selling any Other Participation Interest to a Third Party Participant made no
misrepresentation, fraud or omission of information necessary for such Third Party Participant to make an informed decision to purchase the Other Participation Interest; and 

 

	 	(j)	 Either (A) the CLO Participation is treated as a real estate asset for purposes of Section 856(c) of
the Code, and the interest payable pursuant to such Participation is treated as interest on an obligation secured by a mortgage on real property for purposes of Section 856(c) of the Code, or (B) the CLO Participation qualifies as a
security that would not otherwise cause TRTX to fail to qualify as a REIT under the Code (including after the sale, transfer and assignment to the Issuer of such Participation). 

For purposes of these representations and warranties, the phrases “the Seller’s knowledge” or “the Seller’s
belief” and other words and phrases of like import shall mean, except where otherwise expressly set forth herein, the actual state of knowledge or belief of the Seller, its 

  
 Exhibit B-17 

 
officers and employees directly responsible for the underwriting, origination, servicing or sale of the Mortgage Loans regarding the matters expressly set forth herein. 

  
 Exhibit B-18 

 Schedule 1(a) to Exhibit B 

EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES 

Representation numbers referred to below relate to the corresponding Mortgage Asset representations and warranties set forth
in this Schedule 1(a) to Exhibit B. 
  

					
	 Rep. No. on

Exhibit B
	  	 Mortgage Asset
	  	 Description of Exception

	 (5) (Liens; Valid Assignment)
	  	Cliffside Park	  	 The related borrower is under contract to sell certain commercial/retail and office/commercial components of the Mortgaged
Property pursuant to that certain Agreement by and between borrower, as seller, and Mostafa Al Shair and Shairco N.J., LLC, as buyer, dated as of August 22, 2012.

			
	 (5) (Liens; Valid Assignment)
	  	 Park Central 789

Del Amo Crossing
 1825 Park

Fresh Direct
 180 Livingston

Colton Corporate Center Woodland Hills Village
	  	 The full right to assign the related Mortgage Loan is limited by the Asset Documents, which provide that, except during
continuance of an event on default on the related Mortgage Loan, such Mortgage Loan cannot be transferred to certain lenders, which prohibited lenders are defined in the related Asset Documents. The sales of the related Mortgage Asset to the
Depositor and the Issuer, or by the Trustee or Special Servicer pursuant to the Indenture or Servicing Agreement, are permitted under the related Mortgage Loan.

			
	 (5) (Liens; Valid Assignment)
	  	Solage Calistoga	  	 The Hotel Management Agreement is subordinate to the Mortgage Loan pursuant to a Subordination and Non-Disturbance
Agreement, under which any foreclosing entity covenants to not be in violation of OFAC laws. In addition, if the foreclosing entity is a competitor, the hotel manager has the right to terminate the Hotel Management Agreement.

			
	 (6) (Permitted Liens; Title Insurance)
	  	Cliffside Park	  	 Title insurance policy is in the amount of $116,605,000.00 rather than the original principal amount of the Mortgage Loan.
Upon the related borrower exercising the right to acquire the fee interest in the Mortgaged Property, such borrower is required to purchase a new lender’s title insurance policy insuring the mortgage on the fee interest in the maximum principal
amount of the entire Mortgage Loan (i.e., taking into account the ground lease advance amount of $9,255,000.00).

  
 Schedule (1)(a)-1 

					
	 Rep. No. on

Exhibit B
	  	 Mortgage Asset
	  	 Description of Exception

	 (6) (Permitted Liens; Title Insurance)
	  	180 Livingston	  	 The related Mortgage Loan has two title insurance policies: (i) one title insurance policy insuring the first-lien mortgage
securing the initial advance (advanced at closing), and (ii) one title insurance policy insuring the second-lien mortgage securing the additional advances through a “pending disbursements” endorsement.

			
	 (6) (Permitted Liens; Title Insurance)
	  	Presidents Park	  	 The “Approved Declaration Documents” (i.e., any reciprocal easements or similar agreements entered into in
connection with a release of one of the properties) are permitted encumbrances under the related Asset Documents.

			
	 (6) (Permitted Liens; Title Insurance)
	  	Sirata Beach Resort	  	 The related Mortgaged Property consists of a hotel owned in fee simple and a space lease in a parking lot used by the hotel
for employee parking. The space lease is not contiguous to the hotel.

			
	 (6) (Permitted Liens; Title Insurance)
	  	Solage Calistoga	  	 Lender has not been provided the related borrower’s title insurance policy, though such related borrower represents in
the Asset Documents that it owns a fee interest in the Mortgaged Property subject only to permitted liens. The Lender is not relying on this representation as Lender is covered under the Lender’s title insurance policy, which is in place with
no material exceptions.

			
	 (7) Junior Liens
	  	Aertson	  	 This representation is qualified by the existence of outstanding mezzanine debt in the amount of $46,000,000, which is
secured by the “Series B Member” interests in VU2013 RRHG, LLC.

			
	 (7) Junior Liens
	  	LPM Apartments	  	 This representation is qualified by the existence of outstanding mezzanine debt in the maximum principal amount of up to
$23,346,000, which is secured by the interests in the related Mortgage Loan borrowers.

			
	 (7) Junior Liens
	  	SE Hotels	  	 This representation is qualified by the currently outstanding $10,000,000 mezzanine loan, which is secured by the ownership
interests in the related Mortgage Loan borrower.

			
	 (7) Junior Liens
	  	300 Capitol Mall	  	 This representation is qualified by the existence of two levels of outstanding mezzanine financing: (i) a senior mezzanine
loan in the amount of $20,000,000 and (ii) a junior mezzanine loan in the amount of $15,000,000.

  
 Schedule (1)(a)-2 

					
	 Rep. No. on

Exhibit B
	  	 Mortgage Asset
	  	 Description of Exception

	 (7) Junior Liens
	  	180 Livingston	  	 The related Mortgage Loan is secured by a legal, valid and enforceable first lien on the related borrower’s fee
interest in the related Mortgaged Property and a legal, valid and enforceable second lien on the related borrower’s fee interest in the related Mortgaged Property. The second lien loan secures only the future advances made under the
Mortgage Loan.

			
	 (7) Junior Liens
	  	The Star	  	 This representation is qualified by two outstanding mezzanine/junior loans: (i) a loan from the Houston Housing Finance
Corporation secured by the related borrower’s right to receive reimbursements from the city of Houston (in connection with a program that provides property tax reimbursements to developers that invest in targeted reinvestment zones), and (ii)
an EB-5 mezzanine loan secured by a pledge of the partnership interest of the related Mortgage Loan borrower.
 With regard to (i) above, a
standstill agreement is in place with Houston Housing Finance Corporation, and with regard to (ii) above, an intercreditor agreement is in place with the mezzanine lender.

			
	 (7) Junior Liens
	  	Doubletree New York	  	 This representation is qualified by the currently outstanding $24,000,000.00 mezzanine loan secured by a pledge of 100% of
the membership interest in the related Mortgage Loan borrower.

			
	 (8) (Assignment of Leases, Rents and Profits)
	  	Cliffside Park	  	 The Borough of Cliffside Park (the “Borough”) has a
subordinate assignment of leases that is triggered upon a default under the ground lease and failure to cure within the periods set forth in the ground lease. For so long as such default has not been cured, the Borough has a right to direct that
rents from tenants be paid to the Borough in an amount up to unpaid rent then due under the ground lease.

			
	 (8) (Assignment of Leases, Rents and Profits)
	  	Freehand	  	 The Mortgaged Property is leased to a master tenant (“Freehand Master Tenant”), which
is an affiliate of the borrower. Freehand Master Tenant is the landlord under each of the property leases and owns a direct interest in payments due under leases at the Mortgaged Property; however, the master tenant has assigned such interest to the
related borrower pursuant to the related Assignment of Leases, Rents and Profits.    

  
 Schedule (1)(a)-3 

					
	 Rep. No. on

Exhibit B
	  	 Mortgage Asset
	  	 Description of Exception

	 (8) (Assignment of Leases,

Rents and Profits)
	  	The Star	  	 The Mortgaged Property (other than the parking garage located thereon) is triple net leased by to Rusk at San Jacinto
Building Investors LP, a Texas limited partnership (“Star Master Tenant”). Star Master Tenant is the landlord under each of the property leases and has granted a security interest in such leases and the rents thereunder to
the related borrower pursuant to a recorded Assignment and Security Agreement. Pursuant to the Assignment of Leases and Rents the related borrower has a first-priority collateral assignment of all rights and interests under such leases and the rents
thereunder. In addition, the related borrower received a pledge of all of the partnership interest in the Star Master Tenant owned by the Star Master Tenant’s general partner.

			
	 (10) (Condition of Property)
	  	Westin Charlotte	  	 Certain deficiencies with respect to the Mortgaged Property were identified in the Property Condition Report dated as of
September 18, 2017, which relate to the curtainwall system of the main portion of the Mortgaged Property. Although the estimated cost of such work has not been escrowed, such cost is included as a line item in the project budget and will be
paid for with future funding advances.

			
	 (10) (Condition of Property)
	  	Cliffside Park	  	 The related construction consultant is delivering periodic project status reports and has provided a cost to complete
budget opinion in lieu of preparing a property condition assessment.

			
	 (10) (Condition of Property)
	  	Colton Corporate Center	  	 The Seller is not escrowing funds required to cover the immediate repairs identified in the property condition
report.

			
	 (10) (Condition of Property)
	  	Aertson	  	 The related Mortgaged Property is under construction and not yet open for business, and as a result, not all of the
representations regarding the property condition are true to the extent that there is remaining work yet to be completed.

			
	 (15) (No Holdbacks)
	  	All Mortgage Assets other than Fresh Direct	  	 The related Mortgage Loan consists of a fully funded pari passu participation interest, which will be included in the Asset
Pool, and a partially funded pari passu participation interest, which will not be included in the Asset Pool.

			
	 (16) (Insurance)
	  	Cliffside Park	  	 The related Asset Documents do not require insurance be issued by an insurance company with the claims paying ability or
financial strength ratings outlined in the Insurance Rating Requirements.

  
 Schedule (1)(a)-4 

					
	 Rep. No. on

Exhibit B
	  	 Mortgage Asset
	  	 Description of Exception

	(16) (Insurance)	  	 LPM Apartments

Freehand
	  	 Regarding proceeds received in respect of a property loss, the net proceeds threshold for the Mortgage Loan is
$1,000,000.

			
	(16) (Insurance)	  	180 Livingston	  	 The related Mortgaged Property is a commercial condominium currently consisting of three units. The two upper units are one
tax lot, and the lower unit is a separate tax lot. The existing condominium documents will be amended and restated and may create additional tax lots.

			
	(18) (No Encroachments)	  	Aertson	  	 A decorative portion of the façade encroaches onto a neighboring property. This feature was constructed in order to
avoid having a potential gap between the two buildings.

			
	 (19) (No Contingent Interest or

Equity Participation.)
	  	LPM Apartments	  	 There is an indirect preferred equity interest in the related borrower.

			
	(19) (No Contingent Interest or Equity Participation.)	  	Woodland Hills Village	  	 The interest rate spread increases under certain conditions during the extension periods.

			
	 (21) (Compliance with Usury
 Laws)
	  	Aertson	  	 The related Asset Documents are governed by New York Law. In the event that, notwithstanding the choice of law, a court
were to apply Tennessee law, the aggregate interest rate charged on the “Tier 2” earnout advances (as defined in the Asset Documents) would exceed Tennessee’s usury limit, which is 8%. The related borrower received a legal opinion
that a Tennessee court would honor the New York choice of law.

  
 Schedule (1)(a)-5 

					
	 Rep. No. on

Exhibit B
	  	 Mortgage Asset
	  	 Description of Exception

	 (26) (Recourse Obligations)
	  	Westin Charlotte	  	 The Asset Documents do not include a specific recourse-carve-out for the commission of material physical waste at the
Mortgaged Property. However, carve-outs are included for removal or disposal by the related borrower or guarantor (or any controlled affiliate thereof) of any portion of the Mortgaged Property after the occurrence and during the continuance of an
event of default, unless replaced with property of the same utility and of the same or greater value, (ii) damage or destruction to the Mortgaged Property caused by the gross negligence or willful misconduct of borrower, its agents, employees, or
contractors, and (iii) provided there is sufficient cash flow generated from the Mortgaged Property, (a) failure to maintain insurance, or (b) failure to pay charges for labor or materials that can create liens on any portion of the Mortgaged
Property.

			
	 (26) (Recourse Obligations)
	  	Del Amo Crossing	  	 The Asset Documents provide that the related Mortgage Loan is recourse for losses in the event of intentional physical
waste of the Mortgaged Property, provided that deterioration of the Mortgaged Property due to insufficient cash flow will not be deemed to be intentional physical waste.

			
	 (26) (Recourse Obligations)
	  	180 Livingston	  	 The Asset Documents provide recourse for certain specified environmental covenant and representation breaches, as more
particularly set forth in the environmental indemnity agreement.

			
	 (26) (Recourse Obligations)
	  	High Street	  	 The Asset Documents acts do not require a material misrepresentation or international material physical waste before the
loan may become recourse, but rather may become recourse in the event of merely a “misrepresentation” or “material physical waste” by the borrower and/or its principals specified in the Asset Documents

			
	 (26) (Recourse Obligations)
	  	Park Central 789	  	 The Asset Documents provide that the related Mortgage Loan is recourse for losses (i) in the event of intentional
misrepresentation under the Asset Documents or in supplying to the related borrower written information or documentation during the term of the Mortgage Loan, and (ii) in the event of material physical waste of the Mortgaged Property or any portion
thereof, except to the extent there is not sufficient cash flow generated by the Mortgaged Property to prevent such waste.

  
 Schedule (1)(a)-6 

					
	 Rep. No. on

Exhibit B
	  	 Mortgage Asset
	  	 Description of Exception

	 (26) (Recourse Obligations)
	  	300 Capitol Mall	  	 The Asset Documents provide that the related Mortgage Loan is recourse for losses on (i) “physical waste of a material
portion of the Mortgaged Property provided sufficient Net Operating Income was generated during the twelve (12) month period preceding the date in question to pay costs and expenses in order to prevent such physical waste and access to such funds
was not impeded by Lender and not “intentional material physical waste of the Mortgaged Property”; and (ii) clause (a)(v) is qualified by the fact that the Asset Documents provide recourse for certain specified environmental covenant and
representation breaches, as more particularly set forth in the environmental indemnity agreement.
  

In addition the guaranteed obligations of the guarantor (i) do not include any liability arising under the related environmental indemnity or
the recourse carveout in the Asset Documents related to environmental matters and (ii) include a cap on liability with respect to losses arising from a capped carveout (all of borrower’s recourse liabilities other than (i) with respect to
fraud, willful misconduct, etc. and clause (vi)(A) and (B) with respect to misappropriation or conversion of Insurance Proceeds or condemnation awards) of 25% of the outstanding principal balance of the Loan and in no event greater than $16,250,000.
Full springing recourse events are not subject to the cap.

			
	 (26) (Recourse Obligations)
	  	 Fresh Direct

Doubletree New York Woodland Hills Village
	  	 The Asset Documents provide recourse for certain specified environmental covenant and representation breaches, as more
particularly set forth in the environmental indemnity agreement.

			
	 (27) (Mortgage Release)
	  	Cliffside Park	  	 The related borrower may release the retail parcel for a price equal to the greater of (x) $10,000,000.00 and (y) 90% of
the net sales proceeds realized from the sale of the retail parcel.

			
	 (27) (Mortgage Release)
	  	Aertson	  	 The hotel parcel may be released subject to a principal repayment in an amount equal to $56,400,000

			
	 (27) (Mortgage Release)
	  	Del Amo Crossing	  	 A portion of the Mortgaged Property is permitted to be released (i.e., the 24-Hour Fitness Parcel) subject to a
principal repayment in an amount equal to the payment of the release price (which price is defined in the Asset Documents, and which is not defined as the lesser of (i) 110% of the related allocated loan amount of such portion of the Mortgaged
Property and (ii) the outstanding principal balance of the Mortgage Loan).

  
 Schedule (1)(a)-7 

					
	 Rep. No. on

Exhibit B
	  	 Mortgage Asset
	  	 Description of Exception

	 (27) (Mortgage Release)
	  	Jersey City Portfolio	  	 The related borrower may request a release of certain Mortgaged Property if such borrower fails to substantially complete
the remediation of any such Mortgaged Property required pursuant to the related Asset Documents after diligent and continued good faith efforts to effect such remediation not later than twelve (12) months after the origination date. Such release
shall be subject to standard release conditions, and the “release price” in connection with any such release will be the “as-is fair market value” of such Mortgaged Property as determined by an appraisal.

			
	 (30) (Due on Sale or Encumbrance)
	  	Sirata Beach Resort	  	 The related borrower has a one-time right within 9 months of the closing date to syndicate the limited partnership
interests in GPIF Sirata Owner, LP subject to customary conditions (e.g., no Change in Control, notice, delivery of non-con, searches, etc.).

			
	 (30) (Due on Sale or Encumbrance)
	  	 Fresh Direct

Woodland Hills Village

Del Amo Crossing

Colton Corporate Center
	  	 Clause (a)(iii) of this representation is qualified by the fact that the Asset Documents provide for the related borrower
to be controlled by either the guarantor or another approved entity (as identified in the related Asset Documents).

			
	 (30) (Due on Sale or Encumbrance)
	  	Walnut Creek Executive Center	  	 The Asset Documents permit a transfer, in a single transaction, of all of (i) all of the stock of Lennar Corporation, (ii)
all of the assets of Lennar Corporation, (iii) all of the interests of Lennar Corporation in Rialto Holdings, LLC, a Delaware limited liability company or (iv) substantially all of the assets of the related guarantor in connection with a transfer
described in clauses (i), (ii) or (iii) above, to a “Qualified Transferee” (as defined in the Asset Documents).

			
	 (30) (Due on Sale or Encumbrance)
	  	LPM Apartments	  	 The Asset Documents allow for a “Permitted Sponsor Change”, whereby, subject to customary conditions, a specified
entity becomes guarantor under the related Mortgage Loan and the related mezzanine loan, assumes control of the respective borrowers and manages the day-to-day operations of the Mortgaged Property.

			
	 (31) (Single-Purpose Entity)
	  	Westin Charlotte	  	 The borrower is a recycled special purpose entity. Standard representations and warranties are included as to
borrower’s compliance with special purpose and bankruptcy remote entity requirements prior to the date of origination, and standard covenants are included as to compliance with such requirements at all times following the closing
date.

  
 Schedule (1)(a)-8 

					
	 Rep. No. on

Exhibit B
	  	 Mortgage Asset
	  	 Description of Exception

	 (31) (Single-Purpose Entity)
	  	 Brookview Village

LPM Apartments

Solage Calistoga
 Goodland
Hotel
	  	 No non-consolidation opinion was delivered in connection with the closing.

			
	 (33) (Floating Interest Rates)
	  	All	  	 Interest on the Whole Loan accrues at a variable rate based on an index (LIBOR) plus a fixed spread, however, if LIBOR is
no longer available, the LIBOR rate component of the interest rate may be converted, in some cases, to the Prime Rate, in other cases, to a substitute index rate, and in some cases to either the Prime Rate or a substitute index rate, each in
accordance with the related Asset Documents.

			
	 (34) (Ground Leases)
	  	Westin Charlotte	  	 As further provided the related ground lease, if the estimated costs of restoration exceed 50% (or, during the last five
years of the lease term, 30%) of fair market value of the ground leased property, then then the related borrower (as tenant under the ground lease) may elect to either restore the premises, or to purchase the ground leased property for a nominal
amount. If Tenant exercises such purchase option, then the related landlord (the city of Charlotte, NC) shall be entitled to retain insurance proceeds of a specified amount.

			
	 (34) (Ground Leases)
	  	Cliffside Park	  	 Pursuant to the ground lease, the related borrower is required to purchase the fee interest in the property secured by such
ground lease by December 31, 2021. The Asset Documents actually require the related borrower to purchase such fee interest on or prior to October 31, 2021. The ground lease itself contains (i) non-disturbance language and (ii) notice and
cure provisions in favor of the related borrower.

			
	 (34) (Ground Leases)
	  	SE Hotels	  	 There are multiple borrowers under the Mortgage Loan that are Affiliates.

			
	 (40) (Environmental Conditions)
	  	Woodland Hills Village	  	 This representation is qualified by the following: (a) there is a deductible under the Environmental Insurance Policy held
by Rockpoint Group, LLC consisting of a self-insured retention on an each incident basis, (b) Seller will not be a named insured under the Environmental Insurance Policy until the borrower delivers an endorsement naming Seller as a mortgagee
additional insured, which the borrower is required to deliver within 10 business days of the closing of the Mortgage Loan, and (c) the fact that the term of the Environmental Insurance Policy is for 5 years from the closing of the Mortgage
Asset.

  
 Schedule (1)(a)-9 

					
	 Rep. No. on

Exhibit B
	  	 Mortgage Asset
	  	 Description of Exception

	 (40) (Environmental Conditions)
	  	300 Capitol Mall	  	 The Zurich Lender Environmental Insurance Policy extends a market standard two years beyond the whole loan maturity date
not five years beyond the maturity date, and (b) the deductible is $50,000, in lieu of no deductible.

  
 Schedule (1)(a)-10 

 Schedule 1(b) to Exhibit B 

Existing Mezzanine Debt 
  

																																			
	 Mortgage Asset
	  	Mortgage
Asset Cut-off
Date Balance	 	  	Mortgage Loan
Commitment
Cut-off Date
Amount	 	  	% of
Aggregate
Mortgage
Asset Cut-off
Date Balance	 	 	Mezzanine
Debt
Cut-off
Date
Balance	 	  	Mezzanine
Debt Interest
Rate	 	Inter-
creditor
Agreement	 	  	Total Debt
Cut-off
Date As-Is
LTV	 	 	Total Debt
U/W NCF
DSCR	 	  	Total Debt
Cut-off
Date U/W
NOI Debt
Yield	 
	 “Aertson”
	  	$	45,000,000	 	  	$	142,000,000	 	  	 	4.8	% 	 	$	46,000,000	 	  	6.000%	 	 	Y	 	  	 	80.3	% 	 	 	1.16x	 	  	 	7.1	% 
	 “300 Capitol Mall”
	  	$	35,900,000	 	  	$	65,000,000	 	  	 	3.9	% 	 	$	35,000,000	 	  	7.000% Sr /
9.250% Jr	 	 	Y	 	  	 	80.7	% 	 	 	1.41x	 	  	 	8.6	% 
	 “LPM Apartments”
	  	$	35,900,000	 	  	$	52,374,000	 	  	 	3.9	% 	 	$	22,446,000	 	  	LIBOR + 7.750%	 	 	Y	 	  	 	58.4	% 	 	 	0.85x	 	  	 	5.1	% 
	 “Doubletree New York”
	  	$	32,400,000	 	  	$	67,000,000	 	  	 	3.5	% 	 	$	24,000,000	 	  	LIBOR + 12.000%	 	 	Y	 	  	 	79.1	% 	 	 	0.95x	 	  	 	8.4	% 
	 “The Star”
	  	$	30,000,000	 	  	$	99,495,027	 	  	 	3.2	% 	 	$	21,500,000	 	  	7.250%	 	 	Y	 	  	 	79.2	% 	 	 	0.44x	 	  	 	2.8	% 
	 “SE Hotels”
	  	$	16,100,000	 	  	$	49,000,000	 	  	 	1.7	% 	 	$	10,000,000	 	  	LIBOR + 9.750%	 	 	Y	 	  	 	63.2	% 	 	 	2.33x	 	  	 	14.8	% 

  
 Schedule 1(b)-1 

 Schedule 1(c) to Exhibit B 

Future Mezzanine Debt 

None. 

  
 Schedule 1(c)-1 

 Schedule 1(d) to Exhibit B 

Crossed Mortgage Loans 

None. 

  
 Schedule 1(d)-1

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