Document:

EX-10.1

MASTER REPURCHASE AGREEMENT

COLUMN FINANCIAL, INC., as buyer (the “Buyer”) and

RAIT CRE CONDUIT I, LLC, as seller (“Seller”), and

RAIT FINANCIAL TRUST, as guarantor (“Guarantor”)

Dated December 14, 2012

TABLE OF CONTENTS

Page

	 	 	 
	SCHEDULES

Schedule 1 –

Schedule 2 –

EXHIBITS

Exhibit A –

	 	

Representations and Warranties with Respect to Purchased Assets

Authorized Representatives

Form of Transaction Request and Confirmation
	Annex 1 – Purchased Asset Schedule

	Annex 2 – Form of Purchase Closing Statement

	Annex 3 – Summary Diligence Materials

	Annex 4 – Exceptions to Eligibility Criteria

	Exhibit B –

Exhibit C-1 –

Exhibit C-2 –

Exhibit D –

Exhibit E –

Exhibit F –

Exhibit G –

Exhibit H –

Exhibit I –

Exhibit J –

Exhibit K –

Exhibit L –

Exhibit M –

Exhibit N –

Exhibit O –

	 	Form of Closing Data Tape

Form of Power of Attorney (Seller)

Form of Power of Attorney (Servicer)

Form of Custodial Delivery Letter

Reserved

Reserved

Form of Servicer Notice, Pledge and Redirection Letter

Reserved

Reserved

Form of Distribution Worksheet

Form of Servicing Report

Competitors

Section 11(E) Certificate

Form of Notice to Mortgagor

Form of Request for Repurchase and Confirmation

1. Applicability

From time to time at the request of Seller the parties hereto may enter into transactions in
which Seller agrees to transfer to Buyer Purchased Assets (as hereinafter defined) against the
transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such
Purchased Assets at a date certain or on demand, against the transfer of funds by Seller. Each
such transaction shall be referred to herein as a “Transaction” and, unless otherwise
agreed in writing, shall be governed by this Agreement, including any supplemental terms or
conditions contained in any annexes identified herein, as applicable hereunder.

2. Definitions

Whenever used in this Agreement, the following words and phrases, unless the context otherwise
requires, shall have the following meanings:

“1934 Act” means the Securities Exchange Act of 1934, as amended from time to time.

“Accepted Servicing Practices” means, with respect to any Purchased Asset, those
servicing practices of prudent institutions which service assets of the same type as such Purchased
Asset in the jurisdiction where the related Mortgaged Property is located in accordance with
applicable law or as otherwise defined in the Servicing Agreement.

“Act of Insolvency” means, with respect to Guarantor or Seller, (i) the filing by such
Person or any Significant Affiliate of a petition, commencing, or authorizing the commencement of
any case or proceeding, or the voluntary joining of, or consenting to, any case or proceeding under
any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law relating to the
protection of creditors; (ii) the seeking or consenting by such Person or any Significant Affiliate
of the appointment of a receiver, trustee, custodian or similar official for such Person or a
Significant Affiliate or any substantial part of the property of either; (iii) the suffering of any
such petition or proceeding to be commenced by another which is not timely contested and results in
entry of an order for relief, or the filing of a decree or order for relief, in respect of such
Person or a Significant Affiliate in an involuntary case under any applicable bankruptcy,
insolvency, liquidation, reorganization or other similar law now or hereafter in effect, or for the
appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator, conservator or
other similar official of such Person or a Significant Affiliate, or for any substantial part of
its property, or for the winding-up or liquidation of its affairs and such decree or order shall
remain unstayed for a period of forty-five (45) days; (iv) the making or offering by such Person or
a Significant Affiliate of a composition with its creditors or a general assignment for the benefit
of creditors; (v) the admission in writing by such Person or a Significant Affiliate of such Person
of its inability to pay its debts or discharge its obligations as they become due or mature; or
(vi) that any governmental authority or agency or any person, agency or entity acting or purporting
to act under governmental authority shall have taken any action to condemn, seize or appropriate,
or to assume custody or control of, all or any substantial part of the property of such Person or
of any Significant Affiliate, or shall have taken any action to displace the management of such
Person or of any Significant Affiliate or to curtail its authority in the conduct of the business
of such Person or of any Significant Affiliate.

“Affiliate” means, with respect to any Person, any “affiliate” of such Person, as such
term is defined in the Bankruptcy Code.

“Agreement” means this Master Repurchase Agreement, as it may be amended, supplemented
or otherwise modified from time to time.

“ALTA” means the American Land Title Association or any successor in interest thereto.

“Annual Debt Service” means, for any Purchased Asset, twelve (12) times the monthly
payment with respect to the related Purchased Asset calculated as the applicable spread set forth
in the related Mortgage Note plus the greater of (a) the index set forth in the related Mortgage
Note; (b) 1.50% and (c) the index floor set forth in the related Mortgage Note.

“Appraised Value” means, with respect to any Mortgaged Property, the value set forth
in an appraisal made in connection with the origination of the related Mortgage Loan as the value
of such Mortgaged Property.

“Asset File” means the documents specified on Exhibit A to the Custodial Agreement,
together with any additional documents and information required to be delivered to Buyer or its
designee (including the Custodian) pursuant to this Agreement.

“Asset Value” has the meaning assigned to such term in the Pricing Side Letter.

“Assignment and Acceptance” has the meaning set forth in Section 22 hereof.

“Assignment of Leases” means, with respect to any Mortgage, an assignment of leases
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.

“Assignment of Mortgage” means 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 sale of the Mortgage to Buyer.

“Backup Servicer” means any servicer appointed by Buyer in its sole discretion on the
occurrence of a Backup Servicer Trigger Event.

“Backup Servicer Trigger Event” means the downgrade of the Servicer by (a) Morningstar
to (i) a forecast of “unfavorable” or “evolving”, (ii) an alert of “unfavorable” or “evolving” or
(iii) a rating below “CS3”, or (b) S&P to (i) a creditwatch of “negative” or “developing”, (ii) a
ratings outlook of “negative” or “developing” or (iii) a rating below “Average”, the occurrence of
which shall trigger the right, but not the obligation, of Buyer in its sole good faith discretion
to appoint a Backup Servicer.

“Backup Servicing Agreement” means the backup servicing agreement, if any, between the
Buyer and the Backup Servicer as the same may be amended from time to time.

“Balloon Payment” means, for any Purchased Asset for which the final principal payment
is substantially greater than periodic scheduled principal payments due thereunder, the payment due
on its maturity date.

“Bankruptcy Code” means the United States Bankruptcy Code of 1978, as amended from
time to time.

“Breakage Costs” has the meaning set forth in Section 4(e) hereof.

“Business Day” means any day other than (i) a Saturday or Sunday; (ii) a public or
bank holiday in New York City or (iii) any day on which the New York Stock Exchange is closed.

“Buyer” means Column Financial, Inc., a Delaware corporation, and any successor or
assign hereunder, and with respect to Section 11(e), any participants hereunder.

“Cap Annual Debt Service” means, for any Purchased Asset, twelve (12) times the
monthly maximum payment (based on the interest rate cap set forth in the related Mortgage Note, as
adjusted by the effects of any related Interest Rate Protection Agreement) with respect to such
Purchased Asset.

“Cap Debt Service Coverage Ratio” or “Cap DSCR” means, with respect to any
Purchased Asset, as of any date of determination, the Underwritten Net Cash Flow for the related
Mortgaged Property divided by the Cap Annual Debt Service of such Purchased Asset.

“Capital Lease Obligations” means, for any Person, all obligations of such Person to
pay rent or other amounts under a lease of (or other agreement conveying the right to use) Property
to the extent such obligations are required to be classified and accounted for as a capital lease
on a balance sheet of such Person under GAAP, and, for purposes of this Agreement, the amount of
such obligations shall be the capitalized amount thereof, determined in accordance with GAAP.

“Cash Equivalents” means, with respect to any Person, any of the following, to the
extent owned by such Person or any of its Subsidiaries free and clear of all Liens and having a
maturity of not greater than 90 days from the date of issuance thereof: (a) readily marketable
direct obligations of the government of the United States or any agency or instrumentality thereof
or obligations unconditionally guaranteed by the full faith and credit of the government of the
United States, (b) certificates of deposit of or time deposits with Buyer or a member of the
Federal Reserve System that issues (or the parent of which issues) commercial paper rated as
described in clause (c) below, is organized under the laws of the United States or any state
thereof and has combined capital and surplus of at least $1,000,000,000 or (c) commercial paper in
an aggregate amount of not more than $50,000,000 per issuer outstanding at any time, issued by any
corporation organized under the laws of any state of the United States and rated at least “Prime-1”
(or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P.

“Change in Control” means any of the following events shall have occurred without
Buyer’s prior written consent:

(a) any transaction or event as a result of which RAIT Partnership, L.P. ceases to own,
beneficially or of record, 100% of the membership interests of Seller;

(b) any transaction or event as a result of which Guarantor ceases to own, directly or
indirectly, beneficially or of record, 100% of the partnership interests of the Servicer;

(c) the sale, transfer, or other disposition of all or substantially all of Seller’s, or
Guarantor’s assets (excluding any such action taken in connection with any securitization
transaction); or

(d) the consummation of a merger or consolidation of the Guarantor with or into another
entity or any other corporate reorganization, if more than 50% of the combined voting power of the
continuing or surviving entity’s stock outstanding immediately after such merger, consolidation or
such other reorganization is owned by Persons who were not stockholders of the Guarantor
immediately prior to such merger, consolidation or other reorganization.

“Closed Asset” means an asset as to which (a) the related Mortgage Note and any
applicable security instrument have been delivered to the Seller and (b) funds have been disbursed
to the Mortgagor, in each case, prior to the related Purchase Date.

“Closing Data Tape” means, with respect to any Transaction as of any Purchase Date, a
computer tape or other electronic medium generated by Seller or any Affiliate and delivered to
Buyer and Custodian, which provides, in all material respects (but in all events consistent with
market standards), with respect to each Purchased Asset that is the subject of such Transaction,
each of the data fields set forth on Exhibit B attached hereto and the information
responsive to each such field, as well as any and all new, modified or updated information with
respect to such Purchased Asset that has been provided to Buyer prior to the applicable Purchase
Date and as to which the Purchase Price or any other information set forth in the Transaction
Request and Confirmation for such Transaction has been based, in each case in a format that has
previously been approved by Buyer (such approval not to be unreasonably withheld, conditioned or
delayed) and is otherwise reasonably acceptable to Buyer.

“CLTA” means California Land Title Association, or any successor thereto.

“Code” means the Internal Revenue Code of 1986, as amended.

“Commercial Mortgage Loan” means an adjustable rate first lien Mortgage Loan secured
by a first mortgage lien on an Office Building, a Retail property, a Multi-Family property, or an
Industrial Property.

“Competitor” means each entity set forth on Exhibit L.

“Complete Submission” means with respect to any Transaction, the Summary Diligence
Materials together with a Preliminary Data Tape.

“Control” of a Person or object means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such Person or object,
whether through the ability to exercise voting power, by contract, or otherwise, and the terms
“Controlling” and “Controlled” shall have correlative meanings.

“Control Account Agreement” means that certain Deposit Account Control Agreement,
dated as of the date hereof, among Buyer, Seller and Securities Intermediary, as amended.

“Custodial Agreement” means the custodial agreement dated as of the date hereof, among
Seller, Buyer and Custodian as the same may be amended, supplemented or otherwise modified from
time to time.

“Custodial Delivery Letter” has the meaning set forth in the Custodial Agreement.

“Custodian” means Wells Fargo Bank, National Association or such other party specified
by Buyer and agreed to by Seller, which approval shall not be unreasonably withheld.

“Debt Service Coverage Ratio” or “DSCR” means, with respect to any Purchased
Asset, as of any date of determination, the Underwritten Net Cash Flow for the related Mortgaged
Property divided by the Annual Debt Service of such Purchased Asset.

“Debt Yield” means on any date of determination with respect to a Purchased Asset, the
percentage equivalent of the quotient obtained by dividing (a) the Underwritten Net Cash Flow from
the related Mortgaged Property (or Mortgaged Properties) securing such Purchased Asset, by (b) the
current outstanding principal balance of such Purchased Asset.

“Default” means an Event of Default or an event that with notice or lapse of time or
both would become an Event of Default.

“Distribution Worksheet” means a worksheet setting forth the amounts and recipients of
remittances to be made on the next succeeding Price Differential Payment Date, substantially in the
form of Exhibit J.

“Dollars” and “$” means dollars in lawful currency of the United States of
America.

“EBIDA” means, with respect to a Person for any period and without duplication, net
income (loss) of such Person for such period determined on a consolidated basis excluding the
following (but only to the extent included in determining net income (loss) for such period):
(a) depreciation and amortization; (b) interest expense; (c) asset write-ups or impairment charges;
(d) provisions for loan losses; (e) changes in mark-to-market values (both gains and losses) of
financial instruments; and (f) extraordinary or non-recurring gains and losses. For purposes of
this definition, nonrecurring items shall be deemed to include (x) gains and losses on early
extinguishment of Indebtedness, (y) severance and other restructuring charges and (z) transaction
costs of acquisitions not permitted to be capitalized pursuant to GAAP.

“EBITDA” means, with respect to a Person for any period and without duplication, net
income (loss) of such Person for such period determined on a consolidated basis excluding the
following (but only to the extent included in determining net income (loss) for such period):
(a) depreciation and amortization; (b) interest expense; (c) income tax expense; (d) asset
write-ups or impairment charges; (e) provisions for loan losses; (f) changes in mark-to-market
values (both gains and losses) of financial instruments; and (g) extraordinary or non-recurring
gains and losses. For purposes of this definition, nonrecurring items shall be deemed to include
(x) gains and losses on early extinguishment of Indebtedness, (y) severance and other restructuring
charges and (z) transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP.

“Effective Advance Rate” means the quotient of the outstanding Purchase Price divided
by the outstanding principal balance of the Commercial Mortgage Loan.

“Effective Date” means the date upon which the conditions precedent set forth in
Section 10 shall have been satisfied.

“Eligible Asset” means (a) any Commercial Mortgage Loan that is a Closed Asset and
conforms with the applicable representations and warranties on Schedule 1 in all material
respects subject to the Schedule of Exceptions set forth in Annex 4 to the corresponding
Transaction Request and Confirmation, or (b) a senior or pari passu Participation Interest therein
(provided that Seller or Guarantor Controls all pari passu Participation Interests that are not
part of a securitization), which, in each case of clause (a) and (b), is acceptable to Buyer in its
sole good faith discretion.

“Environmental Condition” means recognized environmental conditions (as such term is
defined in ASTM E1527-05 or its successor).

“Environmental Law” means any federal, state, foreign or local statute, law, rule,
regulation, ordinance, code, guideline, written policy and rule of common law now or hereafter in
effect and in each case as amended, and any judicial or administrative interpretation thereof,
including any judicial or administrative order, consent decree or judgment, relating to the
environment, employee health and safety or hazardous materials, including, without limitation,
CERCLA; RCRA; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.;
the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq.; the Clean Air Act,
42 U.S.C. § 7401 et seq.; the Safe Drinking Water Act, 42 U.S.C. § 3803
et seq.; the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq.;
the Emergency Planning and the Community Right-to-Know Act of 1986, 42 U.S.C. § 11001
et seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801
et seq. and the Occupational Safety and Health Act, 29 U.S.C. § 651
et seq.; and any state and local or foreign counterparts or equivalents, in each
case as amended from time to time.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time and any successor thereto, and the regulations promulgated and rulings issued
thereunder.

“ERISA Affiliate” means any corporation or trade or business that, together with
Seller or Guarantor, is treated as a single employer under Section 414(b) or (c) of the Code, or,
solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

“Event of Default” has the meaning specified in Section 15 hereof.

“Event of Termination” means with respect to Seller or Guarantor (i) with respect to
any Plan, a reportable event, as defined in Section 4043 of ERISA, as to which the PBGC has not by
regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of
the occurrence of such event, or (ii) the withdrawal of Seller, Guarantor or any ERISA Affiliate
thereof from a Plan during a plan year in which it is a substantial employer, as defined in
Section 4001(a)(2) of ERISA, or (iii) the failure by Seller, Guarantor or any ERISA Affiliate
thereof to meet the minimum funding standard of Section 412 of the Code or Section 302 of ERISA
with respect to any Plan, including, without limitation, the failure to make on or before its due
date a required installment under Section 412(m) of the Code (or Section 430(j) of the Code, as
amended by the Pension Protection Act) or Section 302(e) of ERISA (or Section 303(j) of ERISA as
amended by the Pension Protection Act, or (iv) the distribution under Section 4041 of ERISA of a
notice of intent to terminate any Plan or any action taken by Seller, Guarantor or any ERISA
Affiliate thereof to terminate any Plan, or (v) the failure to meet the requirements of Section 436
of the Code resulting in the loss of qualified status under Section 401(a)(29) of the Code, or
(vi) the institution by the PBGC of proceedings under Section 4042 of ERISA for the termination of,
or the appointment of a trustee to administer, any Plan, or (vii) the receipt by Seller, Guarantor
or any ERISA Affiliate thereof of a notice from a Multiemployer Plan that action of the type
described in the previous clause (vi) has been taken by the PBGC with respect to such Multiemployer
Plan, or (viii) any event or circumstance exists which may reasonably be expected to constitute
grounds for Seller, Guarantor or any ERISA Affiliate thereof to incur liability under Title IV of
ERISA or under Sections 412(b) or 430(k) of the Code with respect to any Plan.

“Excluded Affiliate” means any Affiliate of the Guarantor or Seller that satisfies any
of the following conditions:

(a) any securitization vehicle or resecuritization vehicle owned directly or indirectly by
Taberna Realty Finance Trust or RAIT Partnership, L.P. established in connection with the issuance
of mortgage backed securities for which payment of the securities is derived solely from the
assets owned by such securitization vehicle or resecuritization vehicle and for which no owner of
securities issued therefrom has direct or indirect recourse to any Person if such assets are
inadequate or unavailable to pay the owner of such securities the full amount owed to such owner,
and no Person has any obligation to directly or indirectly to pay any such deficiency;

(b) any special purpose vehicle that is owned directly or indirectly by Taberna Realty
Finance Trust or RAIT Partnership, L.P. established solely for the purpose of owning a commercial
real estate property as to which no Person is liable for any of the obligations of such special
purpose vehicle and no Person is obligated to contribute any capital or to make any other payments
to, or on behalf of, such special purpose vehicle.

“Excluded Taxes” shall have the meaning specified in Section 11.

“Exit Fee” has the meaning assigned to such term in the Pricing Side Letter.

“Extension Fee” has the meaning assigned to such term in the Pricing Side Letter.

“Facility Fee” has the meaning assigned to such term in the Pricing Side Letter.

“Fannie Mae” means Fannie Mae, the government sponsored enterprise formerly known as
the Federal National Mortgage Association or any successor thereto.

“FDIA” has the meaning set forth in Section 26(c) hereof.

“FDICIA” has the meaning set forth in Section 26(d) hereof.

“Fidelity Insurance” means insurance coverage with respect to employee errors,
omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary,
property (other than money and securities) and computer fraud in an aggregate amount acceptable to
Buyer.

“Fitch” means Fitch Ratings, Inc., or any successor thereto.

“Fixed Charges” means, with respect to a Person and for a given period: (a) the
Interest Expense of such Person for such period, plus (b) the aggregate of all regularly scheduled
principal payments on Indebtedness payable by such Person during such period (excluding balloon,
bullet or similar payments of principal due upon the stated maturity of Indebtedness).

“Freddie Mac” means the Federal Home Loan Mortgage Corporation or any successor
thereto.

“GAAP” means generally accepted accounting principles in effect from time to time in
the United States of America and applied on a consistent basis.

“Governmental Authority” means any nation or government, any state or other political
subdivision thereof, or any entity exercising executive, legislative, judicial, regulatory or
administrative functions over Seller, Servicer, Guarantor or Buyer, as applicable.

“Ground Lease” means a lease for all or any portion of the real property comprising
the Mortgaged Property, the lessee’s interest in which is held by the Mortgagor of the related
Mortgage Loan.

“Ground Lessee” means the lessee under a Ground Lease.

“Guarantee” means, as to any Person, any obligation of such Person directly or
indirectly guaranteeing any Indebtedness of any other Person or in any manner providing for the
payment of any Indebtedness of any other Person or otherwise protecting the holder of such
Indebtedness against loss (whether by virtue of partnership arrangements, by agreement to
keep-well, to purchase assets, goods, securities or services, or to take-or-pay or otherwise);
provided that the term “Guarantee” shall not include (i) endorsements for collection or
deposit in the ordinary course of business, or (ii) obligations to make servicing advances for
delinquent taxes and insurance or other obligations in respect of a Mortgaged Property, to the
extent required by Buyer. The amount of any Guarantee of a Person shall be deemed to be an amount
equal to the stated or determinable amount of the primary obligation in respect of which such
Guarantee is made (or, if less, the maximum stated liability set forth in the instrument embodying
such Guarantee) or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof as determined by such Person in good faith. The terms “Guarantee” and
“Guaranteed” used as verbs shall have correlative meanings.

“Guarantor” means RAIT Financial Trust, a Maryland real estate investment trust, in
its capacity as guarantor under the Guaranty.

“Guaranty” means the guaranty of the Guarantor dated as of the date hereof as the same
may be amended, supplemented or otherwise modified from time to time.

“Income” means with respect to any Purchased Asset at any time until repurchased by
the Seller, any principal payments received thereon or in respect thereof and all interest,
dividends or other distributions thereon (less any portions thereof that are required to be
deposited into and held in escrow or reserve under the terms of such Purchased Asset).

“Income Producing Property” means a Mortgaged Property that produces positive annual
EBIDA.

“Indebtedness” means, for any Person, at any time, and only to the extent outstanding
at such time: (a) obligations created, issued or incurred by such Person for borrowed money
(whether by loan, the issuance and sale of debt securities or the sale of Property to another
Person subject to an understanding or agreement, contingent or otherwise, to repurchase such
Property from such Person); (b) obligations of such Person to pay the deferred purchase or
acquisition price of Property or services, other than trade accounts payable (other than for
borrowed money) arising, and accrued expenses incurred, in the ordinary course of business, so long
as such trade accounts payable are payable within 90 days after the date the respective goods are
delivered or the respective services are rendered; (c) Indebtedness of others secured by a Lien on
the Property of such Person, whether or not the respective Indebtedness so secured has been assumed
by such Person (provided if such recourse is limited solely to the Property subject to the Lien,
such amount shall be limited to the market value of such Property); (d) obligations (contingent or
otherwise) of such Person in respect of letters of credit or similar instruments issued or accepted
by banks and other financial institutions for the account of such Person; (e) Capital Lease
Obligations of such Person; (f) obligations of such Person under repurchase agreements,
sale/buy-back agreements or like arrangements, including, without limitation, any Indebtedness
arising hereunder; (g) Indebtedness of others Guaranteed by such Person (provided such amount shall
be limited to the maximum amount such Person has guaranteed); (h) all obligations of such Person
incurred in connection with the acquisition or carrying of fixed assets by such Person;
(i) Indebtedness of general partnerships of which such Person is a general partner; and (j) with
respect to clauses (a)-(i) above both on and off balance sheet.

“Indemnified Party” has the meaning set forth in Section 30(a) hereof.

“Industrial Property” means a property owned by the Mortgagor or for which the
Mortgagor is a Ground Lessee, which constitutes an operational property, held partially or
principally for lease to commercial tenants in connection with manufacturing.

“Insurance Rating Requirements” means, with respect to an insurer meeting the
requirements of the related Mortgage, a claims-paying or financial strength rating of at least
“A-:VIII” from A.M. Best Company or “A3” (or the equivalent) from Moody’s or “A-” from S&P.

“Interest Expense” means, with respect to a Person and for any period, without
duplication, total interest expense of such Person, including capitalized interest not funded under
a construction loan interest reserve account, determined on a consolidated basis in accordance with
GAAP for such period.

“Interest Rate Protection Agreement” means, with respect to any or all of the
Purchased Assets, any short sale of a US Treasury Security, or futures contract, or mortgage
related security, or Eurodollar futures contract, or options related contract, or interest rate
swap, cap or collar agreement, or similar arrangement providing for protection against fluctuations
in interest rates or the exchange of nominal interest obligations, either generally or under
specific contingencies, entered into by Seller and an Interest Rate Protection Agreement
Counterparty, which agreement is acceptable to Buyer in its sole good faith discretion.

“Interest Rate Protection Agreement Counterparty” means:

(a) the Buyer; or

(b) a person which has entered into an Interest Rate Protection Agreement with the Seller for
the purpose of hedging interest rate liabilities and/or currency exchange rates in relation to any
of the Purchased Assets, and which at the time it enters into such Interest Rate Protection
Agreement rated at least A-1 by S&P and Aa3 by Moody’s.

“Interest Rate Protection Agreement Transaction” means any forward contract, futures
contract, swap, option or other financial agreement or arrangement, including, without limitation,
caps, floors, collars and similar agreements, relating to, or the value of which is dependent upon,
interest rates or currency exchange rates or indices; provided that, other than as approved by the
Buyer, the Seller and Interest Rate Protection Agreement Counterparty have entered into an
intercreditor agreement in respect of the relevant Interest Rate Protection Agreement Transaction
and the Interest Rate Protection Agreement Counterparty has agreed to waive any right of set-off or
netting arrangements whether arising by contract, general terms and conditions or law that it may
have against the Seller.

“LIBOR” means, with respect to each day during the applicable LIBOR Period, the rate
per annum equal to the one month London Inter-Bank Offered Rate for United States Dollar deposits
as reported on the display designated as “BBAM” “Page 1229a” on Bloomberg (or such other display as
may replace “BBAM” “Page 1229a” on Bloomberg), as of 8:00 a.m., New York City time, on the date two
Business Days prior to the commencement of such LIBOR Period, and if such rate shall not be so
quoted, or if the related LIBOR Period shall be less than one month, the rate per annum at which
the Buyer or its Affiliate is offered dollar deposits at or about 8:00 a.m., New York City time, on
the date two Business Days prior to the commencement of the such LIBOR Period, by prime banks in
the interbank eurodollar market where the eurodollar and foreign currency exchange operations in
respect of its transactions are then being conducted for delivery on such day for a period of one
month or such other period as agreed upon in writing by Buyer and Seller and in an amount
comparable to the amount of the Transactions outstanding on such day.

“LIBOR Period” means, with respect to each Price Differential Payment Date, the period
from and including the immediately preceding Price Differential Payment Date (or, with respect to
the first LIBOR Period for the Transaction, from and including the Purchase Date) to but excluding
such Price Differential Payment Date, unless otherwise agreed to by the Buyer and the Seller in
writing.

“Lien” means any mortgage, lien, pledge, charge, security interest or similar
encumbrance.

“Loan-to-Value Ratio” means with respect to any Eligible Asset, the ratio of (i) the
lesser of (a) if the Eligible Asset was acquired by Seller or an Affiliate of Seller from an
unaffiliated holder thereof (such asset, a “Third Party Asset”), such purchase price paid
(provided, however, that Buyer shall consider purchasing such Third Party Asset in its sole
discretion) or (b) the current outstanding principal amount of the Eligible Asset to (ii) the
lesser of (y) the Appraised Value of the related Mortgaged Property at origination or (z) if the
related Mortgaged Property was purchased within 12 months of the origination of the Eligible Asset,
the purchase price of the Mortgaged Property.

“Margin Call” has the meaning specified in Section 6(a) hereof.

“Margin Deadline” has the meaning specified in Section 6(d) hereof.

“Margin Deficit” has the meaning specified in Section 6(a) hereof.

“Market Value” has the meaning assigned to such term in the Pricing Side Letter.

“Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties, or condition (financial or otherwise) of
Seller, Guarantor or any Affiliate that is a party to any Program Agreement taken as a whole; (b) a
material impairment of the ability of Seller, Guarantor or any Affiliate that is a party to any
Program Agreement to perform under any Program Agreement and to avoid any Event of Default; or
(c) a material adverse effect upon the legality, validity, binding effect or enforceability of any
Program Agreement against Seller, Guarantor or any Affiliate that is a party to any Program
Agreement.

“Maximum Aggregate Purchase Price” has the meaning assigned to such term in the
Pricing Side Letter.

“Moody’s” means Moody’s Investors Service, Inc. or any successors thereto.

“Morningstar” means Morningstar, Inc. or any successors thereto.

“Mortgage” means, with respect to each Mortgage Loan, each mortgage, assignment of
rents, security agreement and fixture filing, or deed of trust, assignment of rents, security
agreement and fixture filing, deed to secure debt, assignment of rents, security agreement and
fixture filing, or similar instrument creating and evidencing a lien on real property and other
property and rights incidental thereto.

“Mortgage Interest Rate” means the rate of interest borne on a Mortgage Loan from time
to time in accordance with the terms of the related Mortgage Note.

“Mortgage Loan” means a commercial loan secured by a Mortgage.

“Mortgage Note” means the promissory note or other evidence of the indebtedness of a
Mortgagor secured by a Mortgage.

“Mortgaged Property” means the real property securing repayment of the debt evidenced
by a Mortgage Note.

“Mortgagor” means the obligor or obligors on a Mortgage Note, including any person who
has assumed or guaranteed the obligations of the obligor thereunder.

“Multiemployer Plan” means a multiemployer plan defined as such in Section 3(37) of
ERISA to which contributions have been or are required to be made by Seller or any ERISA Affiliate
and that is covered by Title IV of ERISA.

“Multi-Family” means a five-or-more family residential property, including all land,
amenities and improvements, with individual units principally for lease to residential tenants
occupying same.

“Net Income” means, for any period and any Person, the net income of such Person for
such period as determined in accordance with GAAP.

“Net Worth” means, with respect to any Person and its consolidated Subsidiaries, an
amount equal to, on a consolidated basis, such Person’s stockholder equity (determined in
accordance with GAAP).

“Non-Excluded Taxes” has the meaning set forth in Section 11(e)(1) hereof.

“Non-Exempt Buyer” has the meaning specified in Section 11(e)(5) hereof.

“Non-Performing Asset” means (i) any Eligible Asset for which any payment of principal
or interest is (or has been in the preceding 12 months) more than thirty (30) days past due,
(ii) any Eligible Asset with respect to which the related obligor is in bankruptcy or (iii) any
Eligible Asset with respect to which the related Mortgaged Property is in foreclosure.

“Non-Recourse Debt” means liabilities for which the assets securing such
obligations are the only source of repayment.

 “Notice Date” has the meaning given to it in Section 3(b) hereof.

“Notice to Mortgagor” means a notice, substantially in the form of Exhibit N
hereto, which the Buyer may instruct the Custodian to send to each borrower of a Purchased Asset
subject to a Transaction after the occurrence and continuance of an Event of Default.

“Obligations” means (a) all of Seller’s obligations to pay the Repurchase Price on the
Repurchase Date, the Price Differential on each Price Differential Payment Date, and other
obligations and liabilities, to Buyer, its Affiliates or Custodian arising under, or in connection
with, the Program Agreements, whether now existing or hereafter arising; (b) any and all reasonable
and documented sums actually paid by Buyer or on behalf of Buyer in order to preserve any Purchased
Asset or Buyer’s interest therein; (c) during the existence of an Event of Default, in the event of
any proceeding for the collection or enforcement of any of Seller’s obligations or liabilities
referred to in clause (a), the reasonable and documented expenses of retaking, holding, collecting,
preparing for sale, selling or otherwise disposing of or realizing on any Purchased Asset, or of
any exercise by Buyer of its rights under the Program Agreements, including, without limitation,
reasonable and documented attorneys’ fees and disbursements and court costs; and (d) all of
Seller’s indemnity obligations to Buyer or Custodian or both pursuant to the Program Agreements.

“OFAC” has the meaning set forth in Section 13(a)(24) hereof.

“Office Building” means a building owned by the Mortgagor or for which the Mortgagor
is a Ground Lessee, which constitutes an operational office building, including all land, amenities
and improvements, with individual office space held principally for lease to commercial tenants and
not principally for lease to recreational or residential tenants.

“Officer’s Compliance Certificate” has the meaning assigned to such term in the
Pricing Side Letter.

“Other Taxes” has the meaning set forth in Section 11(e)(2) hereof.

“Participation Certificate” means the original participation certificate, if any, that
was executed and delivered in connection with a Participation Interest.

“Participation Interest” means a performing senior or pari passu participation
interest in a performing Commercial Mortgage Loan evidenced by a Participation Certificate.

“PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any
or all of its functions under ERISA.

“Pension Protection Act” means the Pension Protection Act of 2006.

“Permitted Amount” means three percent (3%) of the aggregate outstanding Purchase
Price.

“Permitted Investments” means any one or more of the following obligations or
securities having at the time of purchase, or at such other time as may be specified, the required
ratings, if any, provided for in this definition:

(a) direct obligations of, or guaranteed as to timely payment of principal and interest by,
the United States of America or any agency or instrumentality thereof; provided that such
obligations are backed by the full faith and credit of the United States of America;

(b) direct obligations of, or guaranteed as to timely payment of principal and interest by,
Freddie Mac, Fannie Mae or the Federal Farm Credit System, provided that any such
obligation, at the time of purchase or contractual commitment providing for the purchase thereof,
is qualified by any Rating Agency as an investment of funds backing securities rated at least “AA”
(or such comparable rating);

(c) demand and time deposits in or certificates of deposit of, or bankers’ acceptances issued
by, any bank or trust company, savings and loan association or savings bank, provided that, in the
case of obligations that are not fully FDIC-insured deposits, the commercial paper or long-term
unsecured debt obligations of such depository institution or trust company (or in the case of the
principal depository institution in a holding company system, the commercial paper or long-term
unsecured debt obligations of such holding company) have one of the two highest rating available
for such securities by any Rating Agency;

(d) general obligations of or obligations guaranteed by any state of the United States
receiving one of the two highest long-term debt rating available for such securities by any Rating
Agency; and

(e) commercial or finance company paper (including both non-interest-bearing discount
obligations and interest-bearing obligations payable on demand or on a specified date not more
than one year after the date of issuance hereof) that is rated by any Rating Agency in its highest
short-term unsecured rating category at the time of such investment, and is issued by a
corporation the outstanding senior long-term debt obligations of which are then rated by any such
Rating Agency in one of its two highest short-term unsecured rating category and its highest
long-term unsecured rating category.

provided, however, that no instrument shall be a Permitted Investment if it
represents, (1) the right to receive only interest payments with respect to the underlying debt
instrument, (2) the right to receive both principal and interest payments derived from obligations
underlying such instrument and the principal and interest payments with respect to such instrument
provide a yield to maturity greater than 120% of the yield to maturity at par of such underlying
obligations, (3) an obligation that has a remaining maturity of greater than three hundred
sixty-five (365) days from the date of acquisition thereof. If an obligation is rated by S&P, then
such obligation must be limited to those instruments that have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, and interest thereon may either be fixed or
variable and should be tied to a single interest rate index plus a single fixed spread (if any) and
move proportionately with that index.

“Permitted Trade Payables” means trade accounts payable (other than for borrowed
money) arising, and accrued expenses incurred, in the ordinary course of business, so long as such
trade accounts payable are payable within ninety (90) days after the date the respective goods are
delivered or the respective services are rendered.

“Person” means an individual, partnership, corporation (including a business trust),
limited liability company, joint stock company, trust, unincorporated association, joint venture or
other entity, or a government or any political subdivision or agency thereof.

“Plan” means an employee benefit or other plan established or maintained by any
Seller, Guarantor or any ERISA Affiliate and covered by Title IV of ERISA, other than a
Multiemployer Plan.

“PML” has the meaning set forth in paragraph (v) of Schedule 1(a).

“Post Default Rate” has the meaning assigned to such term in the Pricing Side Letter.

“Power of Attorney” means a Power of Attorney substantially in the form of Exhibit
C-1 or Exhibit C-2, as applicable, attached hereto.

“Preliminary Data Tape” means a preliminary version of the Closing Data Tape, which
shall be attached to the Summary Diligence Materials as part of the Complete Submission.

“Price Differential” means with respect to any Transaction as of any date of
determination, an amount equal to the product of (A) the Pricing Rate for such Transaction and
(B) the Purchase Price for such Transaction, calculated daily on the basis of a 360-day year for
the actual number of days during the period commencing on (and including) the Purchase Date for
such Transaction and ending on (but excluding) the Repurchase Date.

“Price Differential Payment Date” means the fifteenth (15th) day of the
month following the Purchase Date and the fifteenth (15th) day of each succeeding month
thereafter; provided that the final Price Differential Payment Date shall be the related Repurchase
Date; and provided, further, that if any Price Differential Payment Date would not fall on a day
which is not a Business Day, such Price Differential Payment Date shall be the next succeeding
Business Day.

“Pricing Rate” has the meaning assigned to such term in the Pricing Side Letter.

“Pricing Side Letter” means, the letter agreement dated as of the date hereof, among
Buyer, Seller and Guarantor, as the same may be amended from time to time.

“Principal Prepayment” means, for any Purchased Asset, (i) any amount applied to
reduce the principal or other invested amount of such Purchased Asset, other than a scheduled
principal payment, including (i) principal prepayments from any source and of any nature
whatsoever, (ii) net insurance or net condemnation proceeds, to the extent applied to reduce the
principal amount or other invested amount of the related Purchased Asset, and (iii) any net
proceeds from any sale, refinancing, liquidation or other disposition of the underlying real
property or interest relating to such Purchased Asset to the extent applied to reduce the principal
amount or the invested amount of the related Purchased Asset.

“Program Agreements” means, collectively, the Servicing Agreement, the Securitization
Mandate Letter, the Custodial Agreement, this Agreement, the Pricing Side Letter, each Power of
Attorney, the Guaranty, the Servicer Notice, Pledge and Redirection Letter, the Control Account
Agreement, all executed Transaction Requests and Confirmations, the Backup Servicing Agreement, if
any, and any other agreements related to this Agreement, now or hereafter entered into.

“Prohibited Person” has the meaning set forth in Section 13(a)(24) hereof.

“Property” means any right or interest in or to property of any kind whatsoever,
whether real, personal or mixed and whether tangible or intangible.

“Purchase Date” means the date on which Purchased Assets are to be transferred by
Seller to Buyer.

“Purchase Price” means:

(a) on the Purchase Date, the price at which each Purchased Asset is transferred by Seller to
Buyer, which price shall equal the Asset Value of such Purchased Asset on such Purchase Date; and

(b) on any day after the Purchase Date, except where Buyer and the Seller agree otherwise,
the amount determined under the immediately preceding clause (a) decreased by the amount of any
cash transferred by the Seller to Buyer pursuant to Section 4(d) hereof or applied to reduce
Seller’s obligations under clause (ii) of Section 4(c) hereof or under Section 6 hereof or under
Section 7(d) hereof.

“Purchase Price Percentage” has the meaning assigned to such term in the Pricing Side
Letter.

“Purchase Price Reset” means the decrease in the Purchase Price Percentage as
contemplated by the reduction thereof over time as reflected in the definition thereof.

“Purchased Asset Schedule” means with respect to any Transaction as of any date, a
schedule substantially in the form of Annex 1 to Exhibit A attached hereto. The
Purchased Asset Schedule shall be attached to each Trust Receipt and Custodial Delivery Letter.

“Purchased Assets” means the collective reference to Mortgage Loans and Participation
Interests, together with the Repurchase Assets related to such Mortgage Loans and Participation
Interests transferred by Seller to Buyer in a Transaction hereunder, listed on the related Closing
Data Tape attached to the related Transaction Request and Confirmation.

“Rating Agency” means any of S&P, Moody’s, Morningstar, or Fitch.

“Records” means all instruments, agreements and other books, records, and reports and
data stored in other media maintained by Seller, Guarantor, Servicer or any other person or entity
with respect to a Purchased Asset. Records shall include the Mortgage Notes, any Mortgages, the
Asset Files, the credit files related to the Purchased Asset and any other instruments necessary to
document or service a Purchased Asset.

“REIT” means a real estate investment trust, as defined in Section 856 of the Code.

“REIT Distribution Requirement” means for any taxable year, an amount of dividends
sufficient to meet the requirements of Section 857(a) of the Code.

“REMIC” means a real estate mortgage investment conduit, within the meaning of
Section 860D(a) of the Code.

“REMIC Provisions” means provisions of the federal income tax law relating to real
estate mortgage investment conduits, which appear at Sections 860A through 860G of subchapter M of
Chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed
regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to
time.

“Reporting Date” means the 15th day of each month or, if such day is not a
Business Day, the next succeeding Business Day.

“Repurchase Assets” has the meaning assigned thereto in Section 8 hereof.

“Repurchase Date” means the earlier of (i) the Termination Date, (ii) the date
effectuated pursuant to Section 4(a), (iii) the date set forth in the applicable Transaction
Request and Confirmation executed by Buyer or (iv) the date determined by application of Section 16
hereof.

“Repurchase Price” means the price at which Purchased Assets are to be transferred
from Buyer to Seller upon termination of a Transaction, which will be determined in each case
(including Transactions terminable upon demand) as the sum of (i) the Purchase Price, (ii) the
accrued but unpaid Price Differential as of the date of such determination, and (iii) the Exit Fee,
if any.

“Request for Repurchase and Confirmation” means a request from Seller to Buyer, in the
form attached as Exhibit O hereto, to repurchase Purchased Assets subject to a Transaction,
which shall not be binding upon Buyer unless and until countersigned by Buyer and delivered to
Seller.

“Requirement of Law” means, with respect to any Person, any law, treaty, rule or
regulation or determination of an arbitrator, a court or other Governmental Authority, applicable
to or binding upon such Person or any of its Property or to which such Person or any of its
Property is subject.

“Responsible Officer” means as to any Person, the chief executive officer or, with
respect to financial matters, the chief financial officer of such Person, or any other officer
deemed acceptable by Seller and Buyer.

“Retail” means a property owned by the Mortgagor or for which the Mortgagor is a
Ground Lessee, which constitutes an operational retail store, held principally for lease to a
commercial retail tenant and not principally for lease to recreational or residential tenants.

“S&P” means Standard & Poor’s Ratings Services, and any successor thereto.

“Schedule of Exceptions” means the schedule attached to the Transaction Request and
Confirmation, which shall set forth any exceptions to the representations and warranties (i) made
pursuant to Section 13 of the Agreement, and (ii) set forth in Schedule 1, with respect to
each Purchased Asset covered thereby.

“SEC” means the Securities and Exchange Commission, or any successor thereto.

“Section 11(E) Certificate” has the meaning specified in Section 11(e)(5)(b) hereof.

“Securities Account” means the account established by the Servicer for the benefit of
Buyer, into which all collections and proceeds on or in respect of the Purchased Assets shall be
deposited by Servicer, and which is subject to the Control Account Agreement.

“Securities Intermediary” means Wells Fargo Bank, N.A.

“Securitization Mandate Letter” means the letter entered into among the Buyer’s
Affiliate, the Buyer and the Seller.

“Securitization Transaction” means a commercial mortgage backed securitization
transaction of the Seller or an Affiliate of the Seller with respect to any of the Purchased Assets
for which Credit Suisse Securities (USA) LLC or an Affiliate thereof acts as sole lead underwriter.

“Seller” means RAIT CRE Conduit I, LLC or its permitted successors and assigns.

“Servicer” means (i) RAIT Partnership, L.P., a Delaware limited partnership, or (ii)
an Affiliate of RAIT Partnership, L.P. that (A) has ratings from the applicable Rating Agencies
that are the equivalent or higher of those of RAIT Partnership, L.P. as of the date of this
Agreement, (B) has executed a Servicer Notice, Pledge and Redirection Letter, (C) has assumed the
existing Servicing Agreement or entered into a Servicing Agreement with Seller as approved by Buyer
in its sole discretion, and (D) is approved by Buyer, such approval not to be unreasonably
withheld, or (iii) any other servicer approved by Buyer in its sole discretion.

“Servicer Notice, Pledge and Redirection Letter” means the Seller’s notice, pledge and
redirection letter acknowledged by the Servicer with instructions to Servicer to remit payments to
the Securities Account substantially in the form of Exhibit G hereto or otherwise agreed
upon by the parties.

“Servicing Agreement” means the servicing agreement dated December 14, 2012, entered
into among Buyer, Seller and Servicer as the same may be amended from time to time.

“Servicing Report” means a report remitted by the Servicer monthly, substantially in
the form of Exhibit K hereto.

“Servicing Rights” means contractual, possessory or other rights (a) of the Seller
arising hereunder or (b) under a Servicing Agreement, or otherwise, to administer, service or
subservice, the Purchased Assets or to possess related Records.

“Significant Affiliate” means an Affiliate of Guarantor other than an Excluded
Affiliate (such Affiliate, the “Target Affiliate”) which meets any of the following
conditions:

(a) The Guarantor and its Subsidiaries’ aggregate investments in and advances to such Target
Affiliate exceed five percent (5%) of the total assets of Guarantor and its Subsidiaries,
consolidated as of the end of the most recently completed fiscal year (for a proposed business
combination to be accounted for as a pooling of interests, this condition is also met when the
number of common shares exchanged or to be exchanged by the Target Affiliate exceeds five percent
(5%) of its total common shares outstanding at the date the combination is initiated); or

(b) The Guarantor and its Subsidiaries’ proportionate share of the total assets (after
intercompany eliminations) of the Target Affiliate exceeds five percent (5%) of the total assets of
the Guarantor and its Subsidiaries, consolidated as of the end of the most recently completed
fiscal year; or

(c) The Guarantor and its Subsidiaries’ equity in the income from continuing operations before
income taxes, extraordinary items and cumulative effect of a change in accounting principles of the
Target Affiliate exceeds five percent (5%) of such income of the Guarantor and its Subsidiaries,
consolidated for the most recently completed fiscal year.

“SIPA” means the Securities Investor Protection Act of 1970, as amended from time to
time.

“Statement Date” has the meaning set forth in Section 13(a)(5) hereof.

“Subordinated Debt” of a Person means certain Indebtedness of a Person (i) which is
unsecured, (ii) no part of the principal of which Indebtedness is required to be paid (whether by
way of mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise) prior to
the date which is one year following the Termination Date and (iii) the payment of the principal of
and interest on which Indebtedness and other obligations of such Person in respect of such
Indebtedness are subordinated to the prior payment in full of the principal of and interest
(including post-petition obligations) on the Transactions and all other obligations and liabilities
of such Person to Buyer hereunder, on terms and conditions which are satisfactory in form and
substance to Buyer as approved in writing.

“Subsidiary” means, with respect to any Person, any corporation, partnership or other
entity of which at least a majority of the securities or other ownership interests having by the
terms thereof ordinary voting power to elect a majority of the board of directors or other persons
performing similar functions of such corporation, partnership or other entity (irrespective of
whether or not at the time securities or other ownership interests of any other class or classes of
such corporation, partnership or other entity shall have or might have voting power by reason of
the happening of any contingency) is at the time directly or indirectly owned or controlled by such
Person or by one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries
of such Person.

“Summary Diligence Materials” means the items described on Annex 3 to
Exhibit A hereto for each Eligible Asset proposed to be sold to Buyer in accordance with,
and subject to the terms and conditions of, this Agreement.

“Taxes” has the meaning set forth in Section 11(e)(1) hereof.

“Termination Date” means December 13, 2013; provided that Seller may request two
extensions of 364 days each, which may be approved by Buyer in its sole discretion and shall be
subject to the conditions set forth herein and the payment of the Extension Fee.

“Third Party Servicer” means any servicer of the Purchased Assets or a portion
thereof, other than the Servicer who is the primary servicer and administrator of the Purchased
Assets and approved by Buyer.

“Title Exceptions” has the meaning set forth in paragraph (q) of
Schedule 1(a).

“Transaction” has the meaning set forth in Section 1 hereof.

“Transaction Request and Confirmation” means a request from Seller to Buyer, in the
form attached as Exhibit A hereto, to enter into a Transaction, which shall not be binding
upon Buyer unless and until countersigned by Buyer and delivered to Seller.

“Trust Receipt” means a trust receipt, substantially in the form attached as an
exhibit to the Custodial Agreement, issued by Custodian to Buyer confirming the Custodian’s
possession of certain Asset Files which are held by Custodian for the benefit of Buyer (or any
other holder of such trust receipt) or a bailment arrangement with counsel or other third party
acceptable to Buyer in its sole and absolute discretion.

“Underwritten Net Cash Flow” shall mean, for a Mortgaged Property on any date of
determination, the net operating income for such Mortgaged Property, less tenant improvements,
leasing commissions, and replacement reserves for capital items, as based on Seller’s underwriting
and adjusted from time to time by Buyer in its sole good faith discretion.

“Uniform Commercial Code” means the Uniform Commercial Code as in effect on the date
hereof in the State of New York or the Uniform Commercial Code as in effect in the applicable
jurisdiction.

3. Program; Initiation of Transactions

a. From time to time, in the sole discretion of Buyer, Buyer may purchase from Seller certain
Eligible Assets that have been purchased by Seller and offered under the Program Agreements for
such purpose to Buyer. All Purchased Assets shall be serviced by Servicer subject to the Buyer’s
rights herein or in the Servicing Agreement. The aggregate Purchase Price of Purchased Assets
subject to outstanding Transactions shall not exceed the Maximum Aggregate Purchase Price.

b. With respect to each Transaction Seller shall give Buyer, Custodian and Backup Servicer, if
any, at least five (5) Business Days’ prior notice of any proposed Purchase Date (the date on which
such notice is given, the “Notice Date”). On the Notice Date, Seller shall (i) request
that Buyer enter into a Transaction by furnishing to Buyer and Backup Servicer, if any, a
Transaction Request and Confirmation (with respect to each Eligible Asset) accompanied by a
Complete Submission and (ii) deliver to Buyer, Custodian and Backup Servicer, if any, a proposed
Purchased Asset Schedule. In the event the Purchased Asset Schedule provided by Seller contains
erroneous computer data, is not formatted properly or the computer fields are otherwise improperly
aligned, Buyer shall provide written or electronic notice to Seller describing such error and
Seller shall correct the computer data, reformat the Eligible Assets or properly align the computer
fields.

c. Following receipt of a Transaction Request and Confirmation and a Complete Submission,
Buyer shall, as hereinafter provided, inform Seller of its election to purchase any Eligible Assets
proposed to be sold to Buyer by Seller hereunder. Buyer shall have the right to review all
Eligible Assets proposed to be sold to Buyer and conduct its own due diligence investigation of
such Eligible Assets as Buyer determines. Buyer shall conduct its diligence review within the
following time frame beginning on the Business Day following receipt of the Complete Submission: in
the case of a proposed Transaction of (i) up to five (5) Eligible Assets, ten (10) Business Days;
(ii) more than five (5) but no more than twenty-five (25) Eligible Assets, twenty (20) Business
Days, and (iii) more than twenty-five (25) Eligible Assets, a time frame to be mutually agreed upon
by Buyer and Seller. If, with respect to any Eligible Asset, Buyer does not respond to Seller
within the time frames specified in the preceding sentence, Buyer shall be deemed to have elected
not to purchase such Eligible Asset. Upon completion of its review, Buyer shall in its sole
discretion determine whether to purchase any or all of such Eligible Assets and consistent with
this Agreement, confirm the terms for each such proposed Transaction, including the Purchase Price,
Purchase Price Percentage, the Asset Value, the Pricing Rate, and the Repurchase Date for such
Transaction. The terms thereof shall be set forth in the Transaction Request and Confirmation
signed by the Seller, and countersigned by Buyer, to be returned to Seller on or prior to the
Purchase Date. To the extent any term in the Transaction Request and Confirmation is incomplete,
inconsistent with, or otherwise adds terms to the agreement, or to the extent Buyer chooses not to
enter into a Transaction pursuant to Section 3f below, the Buyer shall have no obligation to
execute and/or deliver the Transaction Request and Confirmation to the Seller.

d. Upon the satisfaction of the applicable conditions precedent set forth in Section 10
hereof, all of Seller’s interest in the Purchased Assets and related Repurchase Assets shall pass
to Buyer on the Purchase Date, against the transfer of the Purchase Price to Seller to the account
of Seller specified in Annex 2 to Exhibit A hereto (or, if not specified therein, in the related
Transaction Request and Confirmation or as directed by Seller). Upon transfer of the Purchased
Assets to Buyer as set forth in this Section and until termination of any related Transactions as
set forth in Sections 4 or 16 of this Agreement, ownership of each Purchased Asset, including each
document in the related Asset File and Records, is vested in Buyer; provided that, prior to the
recordation by the Custodian as provided for in the Custodial Agreement record title in the name of
Seller to each Purchased Asset shall be retained by Seller in trust, for the benefit of Buyer, for
the sole purpose of facilitating the servicing and the supervision of the servicing of the
Purchased Assets.

e. [reserved]

f. This Agreement is not a commitment by Buyer to enter into Transactions with Seller but
rather sets forth the procedures to be used in connection with periodic requests for Buyer to enter
into Transactions with Seller. Seller hereby acknowledges that Buyer is under no obligation to
agree to enter into, or to enter into, any Transaction pursuant to this Agreement.

4. Repurchase; Extension of Termination Date

a. Seller shall repurchase the related Purchased Assets from Buyer on each related Repurchase
Date. Such obligation to repurchase exists without regard to any prior or intervening liquidation
or foreclosure with respect to any Purchased Asset (but liquidation or foreclosure proceeds
received by Buyer shall be applied to reduce the Repurchase Price for such Purchased Asset on each
Price Differential Payment Date except as otherwise provided herein). Seller is obligated to
repurchase and take physical possession of the Purchased Assets from Buyer or its designee
(including the Custodian) at Seller’s expense on the related Repurchase Date.

b. Provided that no Margin Call shall have occurred and remain unsatisfied and no Event of
Default shall have occurred and be continuing, and Buyer has received the related Repurchase Price
upon repurchase of the Purchased Assets, Buyer agrees to release its ownership interest hereunder
in the Purchased Assets (including, the Repurchase Assets related thereto) and shall promptly
authorize the Custodian, in accordance with the terms of the Custodial Agreement, to release to
Seller such Purchased Assets, including each document in the related Asset File and Records.

c. With respect to Principal Prepayments in full or part by the related Mortgagor or obligor
of a Purchased Asset, Seller agrees to (i) provide Buyer with a copy of a report from the related
Servicer indicating that such Purchased Asset has been paid in full or part, (ii) cause to be paid
to Buyer or the Securities Account such portion of the Purchase Price as shall be payable on the
date of receipt of such prepayment and (iii) provide Buyer a notice specifying each Purchased Asset
that has been so prepaid. With respect to Purchased Assets being serviced by Third Party
Servicers, the Seller, the Backup Servicer, if any, and Servicer shall forward to the Securities
Account all payments of principal to the extent received from the underlying obligor and Third
Party Servicer. Buyer agrees to release its ownership interest in Purchased Assets which have been
prepaid in full after receipt of evidence of compliance with clauses (i) through (iii) of the
immediately preceding sentence, Buyer shall promptly authorize the Custodian, in accordance with
the terms of the Custodial Agreement, to release to Seller such Purchased Assets, including each
document in the related Asset File and Records.

d. The Seller may voluntarily repurchase Purchased Assets without penalty or premium, but
subject to payment of an Exit Fee under certain circumstances as set forth in the Program
Agreements, on any Business Day by delivering to Buyer a Request for Repurchase and Confirmation no
more than once per week unless consented to in writing by Buyer in its sole discretion. If the
Seller intends to make such a repurchase, the Seller shall give at least two (2) Business Days’
prior written notice thereof to the Buyer, designating the Purchased Assets to be repurchased,
which notice is irrevocable if not revoked prior to the date one (1) Business Day prior to the
proposed Repurchase Date. If such notice is given and is not timely revoked, the amount specified
in such notice shall be due and payable on the date specified therein, and, on receipt, such amount
shall be applied to the Purchase Price for the designated Purchased Assets.

e. If the Seller repurchases, in whole or in part, Purchased Assets on any day which is not
the Repurchase Date or a Price Differential Payment Date for such Purchased Assets, the Seller
shall indemnify the Buyer and hold the Buyer harmless from any actual, out-of-pocket losses, costs
and/or expenses which the Buyer sustains or incurs arising from the reemployment of funds obtained
by the Buyer hereunder or from fees payable to terminate the deposits from which such funds were
obtained, in each case for the remainder of the applicable 30-day period (“Breakage
Costs”). The Buyer shall deliver to the Seller a statement setting forth the amount and basis
of determination of any Breakage Costs in such detail as determined in good faith by the Buyer to
be adequate, it being agreed that such statement and the method of its calculation shall be
adequate and shall be conclusive and binding upon the Seller, absent manifest error.

f. In the event that a Purchased Asset is repurchased on or before the Termination Date and is
not directly placed in a Securitization Transaction, Seller shall pay to the Buyer the applicable
Exit Fee on such Repurchase Date to the account set forth in Section 9. Seller shall pay to the
Buyer the applicable Exit Fee with respect to any Purchased Asset that remains subject to a
Transaction on the Termination Date, unless such Purchased Asset is included in a Securitization
Transaction, in which case the applicable Exit Fee shall, without duplication, be waived or
credited.

g. Upon the written request of Seller in its sole discretion, which request may be made no
later than ninety (90) days prior to the then current Termination Date, and within forty-five (45)
calendar days following receipt of Seller’s request for such extension, Buyer, in its sole
discretion, may extend the Termination Date for a period of 364 additional days by giving written
notice of such extension to the Seller. Without limiting the generality of the foregoing, and in
addition to any other requests the Buyer may have in connection with its consideration of any
extension, the Buyer may request delivery of an additional safe harbor opinion in form and
substance acceptable to the Buyer, for which the Buyer agrees to pay legal fees not to exceed
$20,000. Any failure by the Buyer to deliver such timely notice of extension shall be deemed to be
the Buyer’s determination not to extend the then current Termination Date. Seller may request no
more than two (2) extensions of the Termination Date hereunder. If Buyer extends the Termination
Date, the Seller shall pay to the Buyer the applicable Extension Fee to the account set forth in
Section 9 within two (2) Business Days prior to, and as a condition to the effective date of, such
extension.

5. Price Differential

a. On the beginning of each LIBOR Period that a Transaction is outstanding, the Pricing Rate
shall be reset and, unless otherwise agreed between Buyer and Seller, the accrued and unpaid Price
Differential shall be settled in cash on each related Price Differential Payment Date. Two (2)
Business Days prior to the Price Differential Payment Date, Buyer shall give Seller written or
electronic notice of the amount of the Price Differential due on such Price Differential Payment
Date. On the Price Differential Payment Date, Seller shall pay to Buyer (to the extent not paid on
such date through the payments required pursuant to Sections 7(d) or 7(e) hereof) the accrued but
unpaid Price Differential for such Price Differential Payment Date (along with any other amounts to
be paid pursuant to Section 7 and Section 34), by wire transfer in immediately available funds.

b. If Seller fails to pay all or part of the Price Differential by 3:00 p.m. (New York City
time) on the related Price Differential Payment Date, with respect to any Purchased Asset, Seller
shall be obligated to pay to Buyer (in addition to, and together with, the amount of such Price
Differential) interest on the unpaid Repurchase Price at a rate per annum equal to the Post Default
Rate calculated from and after such Price Differential Payment Date and until the Price
Differential is received in full by Buyer.

6. Margin Maintenance

a. If at any time the Asset Value of the Purchased Assets subject to Transactions is less than
the Purchase Price for then outstanding Transactions (a “Margin Deficit”), then, if such
Margin Deficit is greater than the Permitted Amount, Buyer may by notice to Seller require Seller
to transfer to Buyer cash in an amount at least equal to the Margin Deficit (such requirement, a
“Margin Call”).

b. [reserved]

c. [reserved]

d. Notice delivered pursuant to Section 6(a) may be given by any written means. Any notice
given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin
Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given
after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call
satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the
foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin
Deadlines”). The failure of Buyer, on any one or more occasions, to exercise its rights
hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or
limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or
delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this
Agreement or otherwise existing by law or in any way create additional rights for Seller.

e. In the event that a Margin Deficit exists with respect to any Purchased Asset, Buyer may
retain any funds received by it to which the Seller would otherwise be entitled hereunder, which
funds (i) shall be held by Buyer against the related Margin Deficit and (ii) may be applied by
Buyer against the Purchase Price of any Purchased Asset for which the related Margin Deficit
remains otherwise unsatisfied. Notwithstanding the foregoing, the Buyer retains the right, in its
sole discretion, to make a Margin Call in accordance with the provisions of this Section 6.

f. Upon the occurrence of any Purchase Price Reset, Seller shall, unless waived in writing by
Buyer, on the following Business Day, remit to Buyer an amount, if any (the “Reset
Payment”) such that the then current Asset Value (calculated with the newly applicable Purchase
Price Percentage) shall be greater than the Purchase Price then outstanding after application of
such payment. Any such amount shall be applied by Buyer to the Repurchase Price of each Purchased
Asset pro-rata or as otherwise agreed by Buyer and Seller. Such Reset Payment shall be deemed a
margin payment or settlement payment hereunder.

7. Income Payments

a. The Securities Account shall be established by the Servicer in accordance with the terms
and conditions of the Control Account Agreement concurrently with the execution and delivery of
this Agreement by Seller and Buyer. Buyer shall have sole dominion and control over the Securities
Account. All Income (other than amounts payable to Buyer pursuant to Section 4(c) or 7(d) hereof
or deposited in escrow accounts pursuant to the Servicing Agreement) in respect of the Purchased
Assets and any payments in respect of associated Interest Rate Protection Agreements, as well as
any interest received from the reinvestment of such Income, shall be deposited into the Securities
Account within two (2) Business Days of receipt by Servicer and shall be remitted from the
Securities Account in accordance with this Agreement and the Control Account Agreement. All such
Income shall be held in trust for Buyer, shall constitute the property of Buyer and once deposited
into the Securities Account shall not be commingled with other property of Seller, any Affiliate of
Seller, or Servicer. Servicer shall have the right at all times, subject to the provisions of the
Control Account Agreement, to access and remove funds in the Securities Account to the extent
permitted by this Agreement or the Servicing Agreement. Such amounts may be remitted to Seller
under certain circumstances set forth in this Agreement and may be invested in Permitted
Investments that mature on the succeeding Price Differential Payment Date.

b. Except in relation to amounts payable to Buyer pursuant to Section 4(c) or 7(d) hereof,
Seller shall cause the Servicer to deposit all Income (other than amounts deposited in escrow
accounts), derived from the Purchased Assets, whether constituting collections thereon or proceeds
of sale thereof, into the Securities Account within two (2) Business Days of receipt by Servicer.

c. In addition, with respect to each Purchased Asset, Seller and Servicer shall deliver to the
Custodian of such Purchased Asset an instruction letter in the form of Exhibit N. Upon the
occurrence of an Event of Default, Buyer may deliver such instruction letter to the borrower of
such Purchased Asset.

d. All Balloon Payments and Principal Prepayments received on account of a Purchased Asset
deposited into the Securities Account shall be held therein until the earlier of (i) the Price
Differential Payment Date or (ii) the next Business Day after Seller or Servicer provides notice to
Securities Intermediary and Buyer directing Securities Intermediary how to distribute such deposits
in accordance with a Distribution Worksheet. Subject to the terms of the Control Account
Agreement, unless an Event of Default shall have occurred and be continuing hereunder, Seller or
Servicer shall instruct Securities Intermediary to withdraw or reserve such deposits as follows:

(1) first, to Buyer to reduce the Purchase Price of the related Purchased Asset by an
amount equal to such deposit multiplied by the Effective Advance Rate;

(2) second, to Buyer in the amount of any unpaid Margin Deficit;

(3) third, to the payment of all other costs and fees payable to Buyer pursuant to this
Agreement; and

(4) fourth, any remainder shall be paid to Seller.

If an Event of Default shall have occurred and be continuing, such deposits held under this
Section 7(d) shall be disbursed in accordance with Section 7(f), below.

e. Funds deposited in the Securities Account during any LIBOR Period (except as provided in
Section 4(c), Section 7(d) and with respect to funds used to purchase Permitted Investments) shall
be held therein until the next Price Differential Payment Date. On or before 4:00 p.m. (New York
time) on the Business Day prior to the Price Differential Payment Date, Seller or Servicer shall
deliver to Buyer and the Securities Intermediary a Distribution Worksheet. Subject to the terms of
the Control Account Agreement, Seller or Servicer shall instruct the Securities Intermediary to
withdraw any funds on deposit in the Securities Account and distribute such funds as follows:

(1) first, to Buyer in payment of any accrued and unpaid Price Differential to the
extent not paid by Seller to Buyer pursuant to Section 5;

(2) second, without limiting the rights of Buyer under Section 6 of this Agreement, to
Buyer, in the amount of any unpaid Margin Deficit;

(3) third, to Buyer in reduction of the Purchase Price of each Purchased Asset, the
full amount of any payments of principal or other invested amount received on or with
respect to such Purchased Asset multiplied by the Effective Advance Rate, in each case only
to the extent not previously paid pursuant to Sections 4(c), 4(d), 6(a), 6(e), 6(f) or 7(d)
hereof;

(4) fourth, to the payment of all other costs and fees payable to Buyer pursuant to
this Agreement; and

(5) fifth, any remainder shall be paid to Seller.

f. Notwithstanding the preceding provisions, if an Event of Default shall have occurred and be
continuing hereunder, all funds in the Securities Account shall be withdrawn and applied:

(1) first, in the same order of priority as Sections (e)(1), (2), (3) and (4) above;

(2) second, to reduction of the Repurchase Price until reduced to zero; and

(3) third, any remainder shall be paid to Seller.

g. Buyer shall offset against the accrued and outstanding Price Differential all Price
Differential payments actually received by Buyer pursuant to Section 5.

8. Security Interest

On each Purchase Date, in exchange for receipt of the Purchase Price, Seller hereby sells,
assigns and conveys to Buyer all rights and interests in the Purchased Assets on a servicing
released basis identified on the related Purchased Asset Schedule and the related Repurchase
Assets. Although the parties intend that all Transactions hereunder be sales and purchases and not
loans (other than for accounting and tax purposes), in the event any such Transactions are deemed
to be loans, and in any event, Seller hereby pledges to Buyer as security for the performance by
Seller of its Obligations and hereby grants, assigns and pledges to Buyer a fully perfected first
priority security interest in Seller’s rights, title and interests in the Purchased Assets, the
Records, all related Servicing Rights, the Program Agreements (to the extent such Program
Agreements and Seller’s right thereunder relate to the Purchased Assets), any Property relating to
the Purchased Assets, all insurance policies and insurance proceeds relating to any Purchased Asset
or the related Mortgaged Property, including, but not limited to, any payments or proceeds under
any related primary insurance and hazard insurance, Income, the Securities Account, Interest Rate
Protection Agreements, accounts (including any interest of Seller in escrow accounts and reserve
accounts) relating to the Purchased Assets and any other contract rights, instruments, accounts,
payments, rights to payment (including payments of interest or finance charges) general intangibles
and other assets relating to the Purchased Assets (including, without limitation, any other
accounts) or any other interest in the Purchased Assets, and any proceeds (including the related
securitization proceeds) and distributions with respect to any of the foregoing and any other
property, rights, title or interests as are specified on a Transaction Request and Confirmation
and/or Trust Receipt with respect to the Purchased Assets, in all instances, whether now owned or
hereafter acquired, now existing or hereafter created (collectively, the “Repurchase
Assets”). At the request of Buyer, Seller agrees to execute, deliver and/or file such
documents and perform such acts as may be reasonably necessary to fully perfect Buyer’s security
interest created hereby. Furthermore, the Seller hereby authorizes the Buyer to file financing
statements relating to the Repurchase Assets, as the Buyer, at its option, may reasonably deem
appropriate and in accordance with the terms of this Agreement. The Seller shall pay the filing
costs for any financing statement or statements prepared pursuant to this Section.

The Seller acknowledges that it does not have rights to service the Purchased Assets other
than its rights as a party to the current Servicing Agreement. Without limiting the generality of
the foregoing and in the event that Seller is deemed to retain any residual Servicing Rights, and
for the avoidance of doubt, Seller grants, assigns and pledges to Buyer a security interest in the
Servicing Rights, as indicated in the paragraph above. The foregoing provision is intended to
constitute a security agreement or other arrangement or other credit enhancement related to the
Agreement and transactions hereunder as defined under Sections 101(47)(A)(v) and 741(7)(A)(xi) of
the Bankruptcy Code.

9. Payment and Transfer

Unless otherwise mutually agreed in writing, all transfers of funds to be made to Buyer by
Seller hereunder shall be made in Dollars, in immediately available funds, without deduction,
set-off or counterclaim, to Buyer at the following account maintained by Buyer: Account No.
890-1140-821, ABA No. 021000018, Name of Bank: Bank of New York, Bank City and State: New York, NY,
Acct Name: Column Financial, Inc., Attention: Credit Suisse CMBS Operations or such other account
as Buyer shall specify to Seller in writing pursuant to Section 20 hereof. Seller acknowledges
that it has no rights of withdrawal from the foregoing account. All Purchased Assets transferred
by one party hereto to the other party shall be in suitable form for transfer or shall be
accompanied by duly executed instruments of transfer or assignment in blank and such other
documentation as transferee may reasonably request. All Purchased Assets shall be evidenced by a
Trust Receipt. Any Repurchase Price received by Buyer after 2:00 p.m. (New York City time) shall
be deemed received on the next succeeding Business Day.

10. Conditions Precedent

a. Initial Transaction. As conditions precedent to the initial Transaction, Buyer
shall have received on or before the day of such initial Transaction the following, in form and
substance satisfactory to Buyer and duly executed by Seller, Guarantor and each other party
thereto, as applicable:

(1) Program Agreements. The Program Agreements (including without limitation
the Guaranty and a Custodial Agreement in a form acceptable to Buyer) duly executed and
delivered by the parties thereto and being in full force and effect, free of any
modification, breach or waiver.

(2) Security Interest. Evidence that all other actions necessary or, in the
reasonable opinion of Buyer, desirable to perfect and protect Buyer’s interest in the
Purchased Assets and other Repurchase Assets have been taken, including, without limitation,
duly authorized and filed Uniform Commercial Code financing statements on Form UCC-1.

(3) Organizational Documents. A certificate of an officer of each of Seller
and Guarantor (or any person duly authorized on behalf of either of the foregoing),
attaching certified copies of Seller’s and Guarantor’s certificate of formation, certificate
of limited partnership, limited liability company agreement, limited partnership agreement,
charter, bylaws and authorizing resolutions approving the Program Agreements and
transactions thereunder (either specifically or by general resolution).

(4) Good Standing Certificate. A certified copy of a good standing certificate
from the jurisdiction of organization of Seller and Guarantor, dated as of no earlier than
the date ten (10) Business Days prior to the Purchase Date with respect to the initial
Transaction hereunder.

(5) Incumbency Certificate. An incumbency certificate of an officer of each of
Seller and Guarantor (or any person duly authorized on behalf of either of the foregoing),
certifying the names, true signatures and titles of the representatives duly authorized to
request transactions hereunder and to execute the Program Agreements.

(6) Opinions of Counsel. An opinion of Seller’s and Guarantor’s counsel,
setting forth corporate, enforceability, perfection, safe harbor and Investment Company Act
opinions, which shall be acceptable to Buyer and its counsel in their sole discretion.

(7) Fees. Payment of any fees due to Buyer hereunder, including the Facility
Fee.

(8) Insurance. Evidence that Seller or Guarantor has added Buyer as an
additional loss payee under the Seller’s Fidelity Insurance.

b. All Transactions. The obligation of Buyer to enter into each Transaction pursuant
to this Agreement is subject to the following conditions precedent:

(1) Due Diligence Review. Without limiting the generality of Sections 3(c) and
34 hereof, Buyer shall have completed, to its satisfaction, its due diligence review of the
related Eligible Assets, Seller, Guarantor and the Servicer.

(2) [reserved]

(3) Transaction Documents. Buyer or its designee shall have received on or
before the day of such Transaction (unless otherwise specified in this Agreement) the
following, in form and substance satisfactory to Buyer and (if applicable) duly executed:

(a) A Transaction Request and Confirmation delivered pursuant to Section 3(c)
hereof;

(b) The Trust Receipt;

(c) The Closing Data Tape;

(d) [reserved;]

(e) Such certificates, opinions of counsel or other documents as Buyer may
reasonably request.

(4) Asset File. On or before each Purchase Date with respect to each Purchased
Asset, Seller shall deliver or cause to be delivered to Buyer or its designee (initially,
the Custodian) the Custodial Delivery Letter in the form attached hereto as
Exhibit D. In connection with each sale, transfer, conveyance and assignment of a
Purchased Asset, on or prior to each Purchase Date with respect to such Purchased Asset,
Seller shall deliver or cause to be delivered and released to the Custodian the documents
set forth in the Asset File, pertaining to each of the Purchased Assets identified in the
Custodial Delivery Letter delivered therewith.

(5) No Default. No Default or Event of Default shall have occurred and be
continuing;

(6) Requirements of Law. No introduction of or a change in any Requirement of
Law or in the interpretation or administration of any Requirement of Law applicable to Buyer
has made it unlawful, and no Governmental Authority shall have asserted that it is unlawful,
for Buyer to enter into Transactions with a Pricing Rate based on LIBOR.

(7) Representations and Warranties. Both immediately prior to the related
Transaction and also after giving effect thereto and to the intended use thereof, the
representations and warranties made by Seller in each Program Agreement shall be true,
correct and complete in all material respects with the same force and effect as if made on
and as of such Purchase Date (or, if any such representation or warranty is expressly stated
to have been made as of a specific date, as of such specific date).

(8) [Reserved.]

(9) [Reserved.]

(10) Material Adverse Change. None of the following shall have occurred and/or
be continuing:

(a) Credit Suisse AG, New York Branch’s corporate bond rating as calculated
by S&P or Moody’s has been lowered or downgraded to a rating below investment grade by S&P
or Moody’s;

(b) an event or events shall have occurred in the good faith determination of
Buyer resulting in the effective absence of a “repo market” or comparable “lending market”
for financing debt obligations secured by mortgage loans or securities or an event or events
shall have occurred resulting in Buyer not being able to finance Purchased Assets through
the “repo market” or “lending market” with traditional counterparties at rates which would
have been reasonable prior to the occurrence of such event or events; or

(c) an event or events shall have occurred resulting in the effective absence
of a “securities market” for securities backed by mortgage loans or an event or events shall
have occurred resulting in Buyer not being able to sell securities backed by mortgage loans
at prices which would have been reasonable prior to such event or events; or

(d) there shall have occurred a material adverse change in the financial
condition of Buyer which affects (or can reasonably be expected to affect) materially and
adversely the ability of Buyer to fund its obligations under this Agreement.

(11) [Reserved.]

(12) [Reserved.]

(13) Notice to Mortgagors. The Seller shall deliver to the Custodian a
completed and signed Notice to Mortgagor, substantially in the form of Exhibit N
hereto, with respect to each Purchased Asset subject to a Transaction.

c. Transaction Request and Confirmation. Each Transaction Request and Confirmation
(after being executed by Buyer), together with this Agreement, shall be evidence of the terms of
the Transaction(s) covered thereby.

11. Program; Costs; Taxes

a. Seller shall reimburse Buyer for any of Buyer’s reasonable out of pocket costs, including
due diligence review costs and reasonable attorney’s fees, incurred by Buyer in determining the
acceptability to Buyer of any Eligible Assets; provided that such amounts shall not exceed $5,000
for each Eligible Asset reviewed; provided further that Seller and Buyer agree that additional
expenses may be incurred for complex transactions, Buyer shall use good faith efforts to advise
Seller within a reasonable time following obtaining actual knowledge that such expenses will be
incurred, and such expenses shall be paid by Seller upon demand. Seller shall also pay, or
reimburse Buyer if Buyer shall pay, any termination fee, which may be due any servicer. Seller
shall pay the fees and expenses of Buyer’s counsel in connection with the preparation, negotiation
and execution of the Program Agreements. Legal fees for any subsequent amendments to this
Agreement or related documents shall be borne by Seller. Seller shall pay ongoing custodial and
bank fees and expenses and any other ongoing fees and expenses under any other Program Agreement.

b. If Buyer determines that, due to the introduction of, any change in, or the compliance by
Buyer with (i) any eurocurrency reserve requirement or (ii) the interpretation of any law,
regulation or any guideline or request from any central bank or other Governmental Authority
(whether or not having the force of law), there shall be an increase in the cost (including Taxes)
to Buyer in engaging in the present or any future Transactions, then Seller must (A) repay all
Obligations and will be entitled to a pro rata refund of the Facility Fee and (B) agree to pay to
Buyer, from time to time, upon demand by Buyer (with a copy to Custodian) the actual cost of
additional amounts as specified by Buyer and as calculated by Buyer in its good faith discretion to
compensate Buyer for such increased costs; notwithstanding anything contained herein, Seller shall
not be obligated to compensate Buyer for any increased costs that Buyer becomes entitled to claim
hereunder for any period prior to the date that is one hundred and eighty (180) days prior to a
notice of such claim if Buyer had actual knowledge of the circumstances giving rise to such
increased costs and of the fact that such circumstances could be expected to result in a claim for
increased costs. Buyer shall use good faith efforts to advise Seller within a reasonable time
following obtaining actual knowledge that such increased costs will be incurred, and such increased
costs shall be paid by Seller upon demand.

c. With respect to any Transaction, Buyer may conclusively rely upon, and shall incur no
liability to Seller in acting upon, any request or other communication that Buyer reasonably
believes to have been given or made by a person authorized to enter into a Transaction on Seller’s
behalf, whether or not such person is listed on the certificate delivered pursuant to
Section 10(a)(5) hereof.

d. Notwithstanding the assignment of the Program Agreements with respect to each Purchased
Asset to Buyer, Seller agrees and covenants with Buyer to enforce diligently Seller’s rights and
remedies set forth in the Program Agreements.

e. Taxes.

(1) Any and all payments by Seller under or in respect of this Agreement or any other
Program Agreements to which the Seller is a party shall be made free and clear of, and
without deduction or withholding for or on account of, any and all present or future taxes,
levies, imposts, deductions, charges or withholdings (including backup withholding)
assessments, fees, other charges and all liabilities (including penalties, interest and
additions to tax) with respect thereto, whether now or hereafter imposed, levied, collected,
withheld or assessed by any taxation authority or other Governmental Authority
(collectively, “Taxes”), unless required by law. If Seller shall be required under
any applicable Requirement of Law to deduct or withhold any Taxes from or in respect of any
sum payable under or in respect of this Agreement or any of the other Program Agreements to
the Buyer (including for purposes of Section 11(b) and this Section 11(e), any assignee,
successor or participant), (i) Seller shall make all such deductions and withholdings in
respect of Taxes, (ii) Seller shall pay the full amount deducted or withheld in respect of
Taxes to the relevant taxation authority or other Governmental Authority in accordance with
any applicable Requirement of Law, and (iii) the sum payable by Seller shall be increased as
may be necessary so that after Seller has made all required deductions and withholdings
(including deductions and withholdings applicable to additional amounts payable under this
Section 11(e)) Buyer receives an amount equal to the sum it would have received had no such
deductions or withholdings been made in respect of Non-Excluded Taxes. For purposes of this
Agreement the term “Non-Excluded Taxes” are Taxes other than, in the case of Buyer, Taxes
that are imposed on its overall net income (and franchise taxes imposed in lieu thereof) by
the jurisdiction under the laws of which such Buyer is organized or of its applicable
lending office, or any political subdivision thereof, unless such Taxes are imposed as a
result of Buyer having executed, delivered or performed its obligations or received payments
under, or enforced, this Agreement or any of the other Program Agreements (in which case
such Taxes will be treated as Non-Excluded Taxes).

(2) In addition, Seller hereby agrees to pay any present or future stamp, recording,
court or documentary, filing, intangible, excise, property or value-added taxes, or similar
taxes, charges or levies that arise from any payment made under or in respect of this
Agreement or any other Program Agreement or from the execution, delivery or registration of,
any performance under, or otherwise with respect to, this Agreement or any other Program
Agreement (collectively, “Other Taxes”).

(3) Seller hereby agrees to indemnify Buyer for, and to hold it harmless against, the
full amount of Non-Excluded Taxes and Other Taxes, and the full amount of Taxes of any kind
imposed by any jurisdiction on amounts payable by Seller under this Section 11(e) imposed on
or paid by such Buyer and any liability (including penalties, additions to tax, interest and
expenses) arising therefrom or with respect thereto. The indemnity by Seller provided for
in this Section 11(e)(3) shall apply and be made whether or not the Non-Excluded Taxes or
Other Taxes for which indemnification hereunder is sought have been correctly or legally
asserted. Amounts payable by Seller under the indemnity set forth in this Section 11(e)(3)
shall be paid within ten (10) days from the date on which Buyer makes demand therefor and,
if applicable, provides to Seller evidence, reasonably satisfactory to Seller, of Buyer’s
payment of such amounts.

(4) Within thirty (30) days after the date of any payment of Taxes, Seller (or any
Person making such payment on behalf of Seller) shall furnish to Buyer for its own account a
certified copy of the original official receipt evidencing payment thereof.

(5) For purposes of this Section 11(e), the terms “United States” and “United States
person” shall have the meanings specified in Section 7701 of the Code. Any Buyer (including
for avoidance of doubt any assignee, successor or participant) that either (i) is not
incorporated under the laws of the United States, any State thereof, or the District of
Columbia or (ii) whose name does not include “Incorporated,” “Inc.,” “Corporation,” “Corp.,”
“P.C.,” “N.A.” “National Association, “insurance company,” or “assurance company” (a
“Non-Exempt Buyer”) shall deliver or cause to be delivered to Seller the following
properly completed and duly executed documents:

(a) in the case of a Non-Exempt Buyer that is not a United States person or
is a foreign disregarded entity for U.S. federal income tax purposes that is entitled to
provide such form, a complete and executed (x) U.S. Internal Revenue Form W-8BEN with Part
II completed in which Buyer claims the benefits of a tax treaty with the United States
providing for a zero or reduced rate of withholding (or any successor forms thereto),
including all appropriate attachments or (y) a U.S. Internal Revenue Service Form W-8ECI (or
any successor forms thereto); or

(b) in the case of an individual, (x) a complete and executed U.S. Internal
Revenue Service Form W-8BEN (or any successor forms thereto) and a certificate substantially
in the form of Exhibit M (a “Section 11(E) Certificate”) or (y) a complete and
executed U.S. Internal Revenue Service Form W-9 (or any successor forms thereto); or

(c) in the case of a Non-Exempt Buyer that is organized under the laws of the
United States, any State thereof, or the District of Columbia, a complete and executed U.S.
Internal Revenue Service Form W-9 (or any successor forms thereto), including all
appropriate attachments; or

(d) in the case of a Non-Exempt Buyer that (x) is not organized under the
laws of the United States, any State thereof, or the District of Columbia and (y) is treated
as a corporation for U.S. federal income tax purposes, a complete and executed U.S. Internal
Revenue Service Form W-8BEN (or any successor forms thereto) and a Section 11(E)
Certificate; or

(e) in the case of a Non-Exempt Buyer that (A) is treated as a partnership or
other non-corporate entity, and (B) is not organized under the laws of the United States,
any State thereof, or the District of Columbia, (x)(i) a complete and executed U.S. Internal
Revenue Service Form W-8IMY (or any successor forms thereto) (including all required
documents and attachments) and (ii) a Section 11(E) Certificate, and (y) without
duplication, with respect to each of its beneficial owners and the beneficial owners of such
beneficial owners looking through chains of owners to individuals or entities that are
treated as corporations for U.S. federal income tax purposes (all such owners, “beneficial
owners”), the documents that would be provided by each such beneficial owner pursuant to
this Section 11(E)(e) if each such beneficial owner were a Buyer, provided, however, that no
such documents will be required with respect to a beneficial owner to the extent that the
actual Buyer is determined to be in compliance with the requirements for certification on
behalf of its beneficial owner as may be provided in applicable U.S. Treasury regulations,
or the requirements of this clause (e) are otherwise determined to be unnecessary, as
determined by the Seller in its sole reasonable discretion, provided, however, that Buyer
shall be provided an opportunity to establish such compliance as reasonable; or

(f) in the case of a Non-Exempt Buyer that is disregarded for U.S. federal
income tax purposes, the document that would be provided by its beneficial owner pursuant to
this Section 11(e)(5) if such beneficial owner were the Buyer; or

(g) in the case of a Non-Exempt Buyer that (A) is not a United States person
and (B) is acting in the capacity as an “intermediary” (as defined in U.S. Treasury
Regulations), (x)(i) a U.S. Internal Revenue Service Form W-8IMY (or any successor form
thereto) (including all required documents and attachments) and (ii) a Section 11(E)
Certificate, and (y) if the intermediary is a “non-qualified intermediary” (as defined in
U.S. Treasury Regulations), from each person upon whose behalf the “non-qualified
intermediary” is acting the documents that would be provided by each such person pursuant to
this Section 11(e)(5) if each such person were a Buyer.

If the Buyer provides a form pursuant to clause (e)(5) and the form provided by the Buyer at
the time such Buyer first becomes a party to this Agreement or, with respect to a grant of a
participation, the effective date thereof, indicate a United States interest withholding tax rate
in excess of zero, withholding tax at such rate shall be treated as Taxes other than “Non-Excluded
Taxes” (“Excluded Taxes”) and shall not qualify as Non-Excluded Taxes unless and until such
Buyer provides the appropriate form certifying that a lesser rate applies, whereupon withholding
tax at such lesser rate shall be considered Excluded Taxes solely for the periods governed by such
form. If, however, on the date a Person becomes an assignee, successor or participant to this
Agreement, Buyer transferor was entitled to indemnification or additional amounts under this
Section 11(e), then the Buyer assignee, successor or participant shall be entitled to
indemnification or additional amounts to the extent (and only to the extent), that the Buyer
transferor was entitled to such indemnification or additional amounts for Non-Excluded Taxes, and
the Buyer assignee, successor or participant shall be entitled to additional indemnification or
additional amounts for any other or additional Non-Excluded Taxes.

For any period with respect to which Buyer has failed to provide Seller with the appropriate
form, certificate or other document described in subsection (e) of this Section 11(e), if required,
(other than (i) if such failure is due to a change in any Requirement of Law, or in the
interpretation or application thereof, occurring after the date on which a form, certificate or
other document originally was required to be provided by such Buyer or, (ii) if it is legally
inadvisable or otherwise commercially disadvantageous for such Buyer to deliver such form,
certificate or other document), Buyer shall not be entitled to indemnification or additional
amounts under subsection (a) or (c) of this Section 11(e) with respect to Non-Excluded Taxes
imposed by the United States by reason of such failure; provided, however, that should a Buyer
become subject to Non-Excluded Taxes because of its failure to deliver a form, certificate or other
document required hereunder, Seller shall take such steps as such Buyer shall reasonably request,
to assist such Buyer in recovering such Non-Excluded Taxes.

Without prejudice to the survival of any other agreement of the Seller hereunder, the
agreements and obligations of the Seller contained in this Section 11(e) shall survive the
termination of this Agreement. Nothing contained in this Section 11(e) shall require the Buyer to
make available any of its tax returns or any other information that it deems to be confidential or
proprietary.

Each party to this Agreement acknowledges that it is its intent for purposes of U.S. federal,
state and local income and franchise taxes, to treat the Transaction as indebtedness of Seller that
is secured by the Purchased Assets and the Purchased Assets as owned by Seller for federal income
tax purposes in the absence of a Default by Seller. All parties to this Agreement agree to such
treatment and agree to take no action inconsistent with this treatment, unless required by law.

12. Servicing

a. Seller, on Buyer’s behalf, shall contract with Servicer to, or if Seller is the Servicer,
Seller shall, service the Purchased Assets pursuant to the Servicing Agreement, consistent with the
degree of skill and care that Servicer customarily requires with respect to similar Purchased
Assets owned or managed by it and in accordance with Accepted Servicing Practices. The Servicing
Agreement shall require, inter alia, that: Servicer (i) comply with all applicable federal, state
and local laws and regulations, (ii) maintain all state and federal licenses necessary for it to
perform its servicing responsibilities hereunder and (iii) not impair the rights of Buyer in any
Purchased Assets or any payment thereunder. In addition, the Servicing Agreement shall require
that the Servicer deposit all collections of Income (other than amounts deposited in escrow
accounts pursuant to the Servicing Agreement) received by Servicer on account of the Purchased
Assets in the Securities Account no later than two (2) Business Days following receipt.

b. Upon (i) the occurrence and during the continuation of any Event of Default hereunder,
(ii) the occurrence and during the continuation (provided that no Servicer Termination Event may be
waived by Seller without the written consent of Buyer) of an event of default under the Servicing
Agreement (beyond any and all applicable periods of notice and cure), or (iii) a downgrade of
Servicer by Morningstar to a rating below “CS3” or by S&P to a rating below “Average” (any of
clauses (i), (ii), or (iii) a “Servicer Termination Event”), Buyer shall have the right to
immediately terminate the Servicer’s right to service the Purchased Assets without payment of any
penalty or termination fee. Seller shall cooperate and shall use its best efforts to cause
Servicer to cooperate in transferring the servicing of the Purchased Assets to a successor Servicer
appointed by Buyer in its sole good faith discretion.

c. Upon the occurrence of a Backup Servicer Trigger Event, Buyer shall have the right, but not
the obligation, in its sole discretion to appoint a Backup Servicer. Seller shall cooperate and
shall use its best efforts to cause Servicer to cooperate in (i) immediately providing Backup
Servicer with copies of all Asset Files and Records in the possession of Servicer, and (ii)
complying with all document and information requests of Buyer and Backup Servicer.

d. If Seller should discover that, for any reason whatsoever, Servicer or any entity
responsible for managing or servicing any Purchased Assets has failed to perform in all material
respects any of the obligations of such entities with respect to the Purchased Assets, or that an
event of default under the Servicing Agreement (beyond any and all applicable periods of notice and
cure) has occurred, Seller shall promptly notify Buyer. The Seller shall cause the Servicer to
execute a Power of Attorney, in the form of Exhibit C-2 hereto, to be delivered on the date
hereof, which Power of Attorney shall only be exercised during the occurrence and continuance of
any Servicer Termination Event.

e. In the event that the Servicer is a master servicer of a Purchased Asset which is serviced
by a Third Party Servicer, the Seller shall provide promptly to Buyer a Servicer Notice, Pledge and
Redirection Letter addressed to and agreed to by the Third Party Servicer of the related Purchased
Assets, advising such Third Party Servicer of such matters as Buyer may reasonably request,
including, without limitation, recognition by the master servicer of Buyer’s interest in such
Purchased Assets and the Third Party Servicer’s agreement that upon receipt of notice of an Event
of Default from Buyer, it will follow the instructions of Buyer with respect to the Purchased
Assets and any related Income with respect thereto.

f. Seller shall not employ sub-servicers (other than the Servicer or Affiliates thereof or
Third Party Servicers) to service the Purchased Assets without the prior written approval of Buyer,
which approval shall not be unreasonably withheld. If the Purchased Assets are serviced, in whole
or in part, by a sub-servicer (i) Servicer shall nevertheless remain primarily liable to Buyer for
the servicing of the Purchased Assets under the Servicing Agreement; and (ii) any agreement with a
subservicer shall entitle Buyer to terminate such subservicer without fee or penalty in the event
that Servicer is replaced.

g. Seller shall cause Servicer to provide to Buyer, electronically, in a format mutually
acceptable to Buyer and Seller, by no later than the Reporting Date, the Servicing Report.

h. For the avoidance of doubt, Seller retains no rights to the servicing other than Seller’s
rights under the Servicing Agreement. As such, Seller expressly acknowledges that the Purchased
Assets are sold to Buyer on a “servicing released” basis with such servicing retained by the
Servicer.

13. Representations and Warranties

a. Each of Seller and Guarantor represents and warrants to Buyer as of the date hereof and as
of each Purchase Date for any Transaction that:

(1) Seller and Guarantor Existence. Seller has been duly formed and is validly
existing as a limited liability company in good standing under the laws of the State of
Delaware. Guarantor has been duly organized and is validly existing as a real estate
investment trust in good standing under the laws of the State of Maryland.

(2) Licenses. Each of Seller and Guarantor is duly licensed or is otherwise
qualified in each jurisdiction in which it transacts business for the business which it
conducts and is not in default of any applicable federal, state or local laws, rules and
regulations unless, in each instance, such failure to be licensed or qualified is not
reasonably likely (either individually or in the aggregate) to cause a Material Adverse
Effect and is not in default of such state’s applicable laws, rules and regulations. Seller
has the requisite power and authority and legal right to originate and purchase Eligible
Assets (as applicable) and to own, sell and grant a lien on all of its right, title and
interest in and to the Eligible Assets.

(3) Power. Each of Seller and Guarantor has all requisite corporate or other
power, and has all governmental licenses, authorizations, consents and approvals necessary
to own its assets and carry on its business as now being or as proposed to be conducted,
except where the lack of such licenses, authorizations, consents and approvals would not be
reasonably likely to have a Material Adverse Effect.

(4) Due Authorization. Each of Seller and Guarantor has all necessary
corporate or other power, authority and legal right to execute, deliver and perform its
obligations under each of the Program Agreements, as applicable. This Agreement, any
Transaction Request and Confirmation and the Program Agreements have been (or, in the case
of Program Agreements and any Transaction Request and Confirmation not yet executed, will
be) duly authorized, executed and delivered by Seller and Guarantor, all requisite or other
corporate action having been taken, and each, as applicable, is valid, binding and
enforceable against Seller and Guarantor in accordance with its terms except as such
enforcement may be affected by bankruptcy, by other insolvency laws, or by general
principles of equity.

(5) Financial Statements. The Guarantor has heretofore furnished to Buyer a
copy of (a) its consolidated balance sheet and the consolidated balance sheets of its
consolidated Subsidiaries for the fiscal year of the Guarantor ended December 31, 2011 and
the related consolidated statements of income and retained earnings and of cash flows for
the Guarantor and its consolidated Subsidiaries for such fiscal year, setting forth in each
case in comparative form the figures for the previous year, with the opinion thereon of
Grant Thornton, LLP and (b) its consolidated balance sheet and the consolidated balance
sheets of its consolidated Subsidiaries for the quarterly fiscal periods of the Guarantor
ended March 31, 2012, June 30, 2012 and September 30, 2012 and the related consolidated
statements of income and retained earnings and of cash flows for the Guarantor and its
consolidated Subsidiaries for such quarterly fiscal periods, setting forth in each case in
comparative form the figures for the previous year. All such financial statements are
complete and correct and fairly present, in all material respects, the consolidated
financial condition of the Guarantor and its Subsidiaries and the consolidated results of
their operations as at such dates and for such fiscal periods, all in accordance with GAAP
applied on a consistent basis. Since December 31, 2011, there has been no material adverse
change in the consolidated business, operations or financial condition of the Guarantor and
its consolidated Subsidiaries taken as a whole from that set forth in said financial
statements nor is Seller aware of any state of facts which (with notice or the lapse of
time) would or could result in any such material adverse change. The Guarantor has, on the
date of the statements delivered pursuant to this Section (the “Statement Date”) no
liabilities, direct or indirect, fixed or contingent, matured or unmatured, known or
unknown, or liabilities for taxes, long-term leases or unusual forward or long-term
commitments not disclosed by, or reserved against in, said balance sheet and related
statements, and at the present time there are no material unrealized or anticipated losses
from any loans, advances or other commitments of Seller except as heretofore disclosed to
Buyer in writing.

(6) Event of Default. There exists no Event of Default under Section 15(b)
hereof, which default gives rise to a right to accelerate indebtedness as referenced in
Section 15(b) hereof, under any mortgage, borrowing agreement or other instrument or
agreement pertaining to indebtedness for borrowed money or to the repurchase of mortgage
loans or securities.

(7) Solvency. Each of Seller and Guarantor is solvent and will not be rendered
insolvent by any Transaction and, after giving effect to such Transaction, will not be left
with an unreasonably small amount of capital with which to engage in its business. Neither
Seller nor Guarantor intends to incur, nor believes that it has incurred, debts beyond its
ability to pay such debts as they mature and is not contemplating the commencement of
insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a
receiver, liquidator, conservator, trustee or similar official in respect of such entity or
any of its assets. The amount of consideration being received by Seller upon the sale of
the Purchased Assets to Buyer constitutes reasonably equivalent value and fair consideration
for such Purchased Assets. Seller is not transferring any Purchased Assets with any intent
to hinder, delay or defraud any of its creditors.

(8) No Conflicts. The execution, delivery and performance by each of Seller
and Guarantor of this Agreement, any Transaction Request and Confirmation hereunder and the
Program Agreements do not conflict with any term or provision of the formation documents of
Seller or Guarantor or any law, rule, regulation, order, judgment, writ, injunction or
decree applicable to Seller or Guarantor of any court, regulatory body, administrative
agency or governmental body having jurisdiction over Seller or Guarantor, which conflict
would have a Material Adverse Effect and will not result in any violation of any such
mortgage, instrument, agreement or obligation to which Seller or Guarantor is a party.

(9) True and Complete Disclosure. All information, reports, exhibits,
schedules, financial statements or certificates of Seller, Guarantor, or any Affiliate
thereof or any of their officers furnished or to be furnished to Buyer in connection with
the initial or any ongoing due diligence of Seller, Guarantor, or any Affiliate or officer
thereof, or the negotiation, preparation, or delivery of the Program Agreements are true and
complete and do not omit to disclose any material facts necessary to make the statements
herein or therein, in light of the circumstances in which they are made, not misleading.
All financial statements have been prepared in accordance with GAAP.

(10) Approvals. No consent, approval, authorization or order of, registration
or filing with, or notice to any governmental authority or court is required under
applicable law in connection with the execution, delivery and performance by Seller or
Guarantor of this Agreement, any Transaction Request and Confirmation and the Program
Agreements.

(11) Litigation. There is no action, proceeding or investigation pending with
respect to which either Seller or Guarantor has received service of process or, to the best
of Seller’s or Guarantor’s knowledge threatened against it before any court, administrative
agency or other tribunal (A) asserting the invalidity of this Agreement, any Transaction,
Transaction Request and Confirmation or any Program Agreement, (B) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement, any Transaction
Request and Confirmation or any Program Agreement, (C) makes a claim individually in an
amount greater than $100,000 with respect to Seller and $2,500,000 with respect to Guarantor
or in an aggregate amount greater than $100,000 with respect to Seller and $2,500,000 with
respect to Guarantor, (D) which requires filing with the Securities and Exchange Commission
in accordance with the 1934 Act or any rules thereunder or (E) which might materially and
adversely affect the validity of the Mortgage Loans or the performance by it of its
obligations under, or the validity or enforceability of, this Agreement, any Transaction
Request and Confirmation or any Program Agreement.

(12) Material Adverse Change. There has been no material adverse change in the
business, operations, financial condition, or properties of Seller, Guarantor or any
Significant Affiliate since the date set forth in the most recent financial statements
supplied to Buyer as determined by Buyer in its sole good faith discretion.

(13) Ownership. Upon payment of the Purchase Price and the filing of the
financing statement and delivery of the Asset Files to the Custodian and the Custodian’s
receipt of the related Purchased Asset Schedule, Buyer shall become the sole owner of the
Purchased Assets and related Repurchase Assets, free and clear of all liens and
encumbrances.

(14) Taxes.

(a) Seller, Guarantor and its Subsidiaries have timely filed all tax returns
that are required to be filed by them and have timely paid all Taxes, except for any such
Taxes as are being appropriately contested in good faith by appropriate proceedings
diligently conducted and with respect to which adequate reserves have been provided. The
charges, accruals and reserves on the books of Seller, Guarantor and its Subsidiaries in
respect of Taxes and other governmental charges are adequate.

(b) RAIT Financial Trust is and has always been treated as a real estate
investment trust for U.S. federal income tax purposes, and Seller will be treated as a
disregarded entity for tax purposes or as a corporation that will be a qualified REIT
subsidiary (“QRS”) of RAIT Financial Trust.

(15) Investment Company. Neither Seller nor Guarantor is an “investment
company”, or a company “controlled” by an “investment company,” within the meaning of the
Investment Company Act of 1940, as amended.

(16) Chief Executive Office; Jurisdiction of Organization. On the Effective
Date, Seller’s chief executive office, is, and has been, located at Cira Centre, 2929 Arch
Street, 17th Floor, Philadelphia, Pennsylvania 19104-2870. On the Effective
Date, Seller’s jurisdiction of organization is Delaware. Seller shall provide Buyer with
thirty (30) days advance notice of any change in Seller’s principal office or place of
business or jurisdiction. Seller has no trade name. During the preceding five (5) years,
Seller has not been known by or done business under any other name, corporate or fictitious,
and has not filed or had filed against it any bankruptcy receivership or similar petitions
nor has it made any assignments for the benefit of creditors.

(17) Location of Books and Records. The location where Seller keeps its books
and records, including all computer tapes and records relating to the Purchased Assets and
the related Repurchase Assets is its chief executive office.

(18) ERISA. Each Plan to which Seller, Guarantor or its Subsidiaries make
direct contributions, and, to the knowledge of Seller, Guarantor, each other Plan and each
Multiemployer Plan, is in compliance in all material respects with, and has been
administered in all material respects in compliance with, the applicable provisions of
ERISA, the Code and any other Federal or State law.

(19) Adverse Selection. Seller has not selected the Purchased Assets in a
manner so as to adversely affect Buyer’s interests.

(20) Agreements. Neither Seller nor any Subsidiary of Seller is a party to any
agreement, instrument, or indenture or subject to any restriction materially and adversely
affecting its business, operations, assets or financial condition, except as disclosed in
the financial statements described in Section 13(a)(5) hereof. Neither Seller nor any
Subsidiary of Seller is in default (beyond any and all applicable notice and cure periods)
in the performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in any agreement, instrument, or indenture which default could have a
material adverse effect on the business, operations, properties, or financial condition of
Seller as a whole.

(21) Other Indebtedness. Seller has no Indebtedness other than Indebtedness
evidenced by this Agreement.

(22) No Reliance. Each of Seller and Guarantor has made its own independent
decisions to enter into the Program Agreements and each Transaction and as to whether such
Transaction is appropriate and proper for it based upon its own judgment and upon advice
from such advisors (including without limitation, legal counsel and accountants) as it has
deemed necessary. Neither Seller nor Guarantor is relying upon any advice from Buyer as to
any aspect of the Transactions, including without limitation, the legal, accounting or tax
treatment of such Transactions.

(23) Plan Assets. Neither Seller nor Guarantor is an employee benefit plan as
defined in Section 3 of Title I of ERISA, or a plan described in Section 4975(e)(1) of the
Code, the Purchased Assets are not “plan assets” within the meaning of 29 CFR §2510.3-101 as
amended by Section 3(42) of ERISA in the Seller’s hands, and transactions by or with Seller
or Guarantor are not subject to any state or local statute regulating investments, or
fiduciary obligations with respect to governmental plans within the meaning of Section 3(32)
of ERISA.

(24) No Prohibited Persons. Neither the Seller, the Guarantor nor any of their
respective Affiliates, officers, directors, partners or members, is an entity or person (or
to the Seller’s knowledge, owned or controlled by an entity or person): (i) that is listed
in the annex to, or is otherwise subject to the provisions of Executive Order 13224 issued
on September 24, 2001 (“EO13224”); (ii) whose name appears on the United States
Treasury Department’s Office of Foreign Assets Control (“OFAC”) most current list of
“Specifically Designated National and Blocked Persons” (which list may be published from
time to time in various mediums including, but not limited to, the OFAC website,
http:www.treas.gov/ofac/t11sdn.pdf); (iii) who commits, threatens to commit or supports
“terrorism”, as that term is defined in EO13224; or (iv) who is otherwise affiliated with
any entity or person listed above (any and all parties or persons described in clauses (i)
through (iv) above are herein referred to as a “Prohibited Person”).

(25) Asset File. Each Asset File delivered by Seller represents a true and
correct copy of the documents contained therein and each Purchased Asset Schedule and
Closing Data Tape, together with all other information contained therein prepared by Seller
or its Affiliates and delivered by Seller to Buyer immediately prior to the Purchase Date,
is true and correct and conforms in all material respects to the Summary Diligence Materials
and Preliminary Data Tape previously provided to Buyer and pursuant to which Buyer has
elected to enter into the Transaction.

(26) Real Estate Investment Trust. Guarantor has not engaged in any material
“prohibited transactions” as defined in Section 857(b)(6)(B)(iii) and (C) of the Code.
Guarantor for its current “tax year” (as defined in the Code) is entitled to a dividends
paid deduction under the requirements of Section 857 of the Code with respect to any
dividends paid by it with respect to each such year for which it claims a deduction in its
Form 1120-REIT filed with the United States Internal Revenue Service for such year.

b. With respect to every Purchased Asset, each of Seller and Guarantor represents and warrants
to Buyer as of the applicable Purchase Date for any Transaction and each date thereafter that,
except as may be set forth in the related Schedule of Exceptions as accepted by Buyer in its sole
discretion, each representation and warranty set forth on Schedule 1 is true and correct.

c. The representations and warranties set forth in this Agreement shall survive transfer of
the Purchased Assets to Buyer and shall continue for so long as the Purchased Assets are subject to
this Agreement. Upon discovery by Seller, Guarantor, Servicer or Buyer of any breach of any of the
representations or warranties set forth in this Agreement, the party discovering such breach shall
promptly give notice of such discovery to the others. Buyer has the right to require, in its
unreviewable discretion, Seller to repurchase within one (1) Business Day after receipt of notice
from Buyer any Purchased Asset for which a breach of one or more of the representations and
warranties referenced in Section 13(b) exists and which breach (i) has a material adverse effect on
the value of such Purchased Asset or the interests of Buyer or (ii)  as determined by Buyer, in its
good faith discretion, causes such Purchased Asset to be unacceptable for inclusion in a
securitization.

14. Covenants

Each of Seller and Guarantor covenants with Buyer that, during the term of this facility:

a. Litigation. Seller and Guarantor, as applicable, will promptly, and in any event
within ten (10) days after service of process on any of the following, give to Buyer notice of all
litigation, actions, suits, arbitrations, investigations (including, without limitation, any of the
foregoing which are threatened or pending) or other legal or arbitrable proceedings affecting
Seller or Guarantor or affecting any of their Property before any Governmental Authority that
(i) questions or challenges the validity or enforceability of any of the Program Agreements or any
action to be taken in connection with the transactions contemplated hereby, (ii) makes a claim
individually in an amount greater than $100,000 with respect to Seller and $2,500,000 with respect
to Guarantor or in an aggregate amount greater than $100,000 with respect to Seller and $2,500,000
with respect to Guarantor, or (iii) which, individually or in the aggregate, if adversely
determined, could be reasonably likely to have a Material Adverse Effect. Seller and Guarantor, as
applicable, will promptly provide notice of any judgment, which with the passage of time, could
cause an Event of Default hereunder.

b. Prohibition of Fundamental Changes. Neither Seller nor Guarantor shall enter into
any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve
itself (or suffer any liquidation, winding up or dissolution) or sell all or substantially all of
its assets; provided, that Seller and Guarantor may merge or consolidate with (a) any wholly owned
direct or indirect subsidiary of Seller or Guarantor, or (b) any other Person if Seller or
Guarantor is the surviving entity; and provided further, that if after giving effect thereto, no
Event of Default would exist hereunder.

c. Servicer. Seller shall cause Servicer to provide to Buyer, electronically, in a
format mutually acceptable to Buyer and Seller, by no later than the Reporting Date, the Servicing
Report. Seller shall not cause the Purchased Assets to be serviced by any servicer other than a
servicer expressly approved in writing by Buyer, which approval shall be deemed granted by Buyer
with respect to Seller and RAIT Partnership, L.P., a Delaware limited partnership, with the
execution of this Agreement.

d. Insurance. The Seller or Guarantor shall continue to maintain, for Seller,
Fidelity Insurance in an amount at least equal to $2,500,000 for a single loss and in an amount at
least equal to $5,000,000 for aggregate losses. The Seller or Guarantor shall maintain, for
Seller, Fidelity Insurance in respect of its officers, employees and agents, with respect to any
claims made in connection with all or any portion of the Repurchase Assets. The Seller or
Guarantor shall notify the Buyer of any material change in the terms of any such Fidelity
Insurance.

e. No Adverse Claims. Seller warrants and will defend, and shall use best efforts to
cause any Servicer to defend, the right, title and interest of Buyer in and to all Purchased Assets
and the related Repurchase Assets against all adverse claims and demands.

f. Assignment. Except as permitted herein, neither Seller nor any Servicer shall
sell, assign, transfer or otherwise dispose of, or grant any option with respect to, or pledge,
hypothecate or grant a security interest in or lien on or otherwise encumber (except pursuant to
the Program Agreements), any of the Purchased Assets or any interest therein, provided that this
Section shall not prevent any transfer of Purchased Assets in accordance with the Program
Agreements.

g. Security Interest. Seller shall do all things necessary to preserve the Purchased
Assets and the related Repurchase Assets so that they remain subject to a first priority perfected
security interest hereunder. Without limiting the foregoing, Seller will comply with all rules,
regulations and other laws of any Governmental Authority and cause the Purchased Assets or the
related Repurchase Assets to comply with all applicable rules, regulations and other laws.

h. Records.

(1) Seller shall collect and maintain or cause to be collected and maintained all
Records relating to the Purchased Assets in accordance with industry custom and practice for
assets similar to the Purchased Assets, and shall transmit all such Records to Custodian’s
possession unless Buyer otherwise approves. Seller will not request removal of any such
papers, records or files that are an original or an only copy from Custodian’s possession,
except for individual items removed in connection with servicing a specific Purchased Asset,
in which event Seller will obtain or cause to be obtained a receipt from a financially
responsible person for any such paper, record or file. Seller or the Servicer of the
Purchased Assets will maintain all such Records not in the possession of Custodian in good
and complete condition in accordance with industry practices for assets similar to the
Purchased Assets and preserve them against loss.

(2) For so long as Buyer has an interest in or lien on any Purchased Asset, Seller will
hold or cause to be held all related Records in trust for Buyer. Seller shall notify, or
cause to be notified, every other party holding any such Records of the interests and liens
in favor of Buyer granted hereby.

(3) Upon reasonable advance notice from Custodian or Buyer, Seller shall (x) make any
and all such Records available to Custodian, Backup Servicer, if any, or Buyer to examine
any such Records, either by its own officers or employees, or by agents or contractors, or
both, and make copies of all or any portion thereof, and (y) permit Buyer or its authorized
agents, on a confidential basis (unless disclosure is required by applicable law, regulatory
body or in order for Buyer to enforce its rights and remedies under the Program Agreements),
to discuss the affairs, finances and accounts of Seller with its chief operating officer and
chief financial officer and to discuss the affairs, finances and accounts of Seller with its
independent certified public accountants.

i. Books. Seller shall keep or cause to be kept in reasonable detail books and
records of account of its assets and business and shall clearly reflect therein the transfer of
Purchased Assets to Buyer.

j. Approvals. Seller shall maintain all licenses, permits or other approvals
necessary for Seller to conduct its business and to perform its obligations under the Program
Agreements, and Seller shall conduct its business strictly in accordance with applicable law.

k. Material Change in Business. Neither Seller nor Guarantor shall make any material
change in the nature of its business, which is principally the owning, lending and managing of
commercial real estate and the management of commercial real estate funds.

l. Distributions. Seller shall not pay any dividends greater than Net Income in any
given calendar year. If an Event of Default has occurred and is continuing, neither Seller nor
Guarantor shall pay any dividends with respect to any capital stock or other equity interests in
such entity, whether now or hereafter outstanding, or make any other distribution in respect
thereof, either directly or indirectly, whether in cash or property or in obligations of Seller or
Guarantor; provided that Guarantor shall be permitted to pay any such dividends solely in order to
meet its REIT Distribution Requirement.

m. Applicable Law. Seller and Guarantor shall comply in all material respects with
the requirements of all applicable laws, rules, regulations and orders of any Governmental
Authority.

n. Existence. Seller and the Guarantor shall preserve and maintain their legal
existence and all of their rights, privileges, licenses and franchises the loss of which could have
a material adverse effect on their ability to comply with the terms of this Agreement and the other
Program Agreements or their ability to own or enforce any of the Purchased Assets.

o. Chief Executive Office; Jurisdiction of Organization. Seller shall not move its
chief executive office from the address referred to in Section 13(a)(16) or change its jurisdiction
of organization from the jurisdiction referred to in Section 13(a)(16) unless it shall have
provided Buyer thirty (30) days’ prior written notice of such change.

p. Taxes.

i. Seller and Guarantor shall timely file all tax returns that are required to be filed
by them and shall timely pay and discharge all Taxes, assessments and governmental charges
or levies imposed on it or on its income or profits or on any of its property, except for
any such Tax, assessment, charge or levy the payment of which is being contested in good
faith by proper proceedings diligently conducted and with respect to which adequate reserves
are being maintained.

ii. RAIT Financial Trust will be treated as a real estate investment trust for U.S.
federal income tax purposes, and Seller will be treated as a disregarded entity for tax
purposes or as a corporation that will be a QRS of RAIT Financial Trust.

q. Transactions with Affiliates. Seller will not enter into any transaction,
including, without limitation, any purchase, sale, lease or exchange of property or the rendering
of any service, with any Affiliate unless such transaction is (a) not prohibited under the Program
Agreements, (b) in the ordinary course of Seller’s business and (c) upon fair and reasonable terms
no less favorable to Seller than it would obtain in a comparable arm’s length transaction with a
Person which is not an Affiliate.

r. Guarantees. Seller shall not create, incur, assume or suffer to exist any
Guarantees, except (i) to the extent reflected in Seller’s financial statements or notes thereto
and (ii) to the extent the aggregate Guarantees of Seller do not exceed $1,000,000.

s. Indebtedness. Seller shall not incur any additional Indebtedness not otherwise
expressly contemplated herein without the prior written consent of Buyer.

t. True and Correct Information. All information, reports, exhibits, schedules,
financial statements or certificates provided by or on behalf of Seller, Guarantor, or any of their
officers furnished to Buyer hereunder and during Buyer’s diligence of Seller and Guarantor are and
will be true and complete and do not omit to disclose any material facts necessary to make the
statements herein or therein, in light of the circumstances in which they are made, not misleading;
provided that, solely with respect to information delivered regarding the Purchased Assets, any
breach of the foregoing shall only result in a reduction of the Asset Value of such Purchased
Assets and shall not result in an Event of Default to the extent set forth in Section 15(g) hereof.
All required financial statements, information and reports delivered by Seller to Buyer pursuant
to this Agreement shall be prepared in accordance with GAAP, or, if applicable, to SEC filings, the
appropriate SEC accounting regulations.

u. Plan Assets. Seller and Guarantor shall not be an employee benefit plan as defined
in Section 3 of Title I of ERISA, or a plan described in Section 4975(e)(1) of the Code and the
Seller and Guarantor shall not use “plan assets” within the meaning of 29 CFR §2510.3-101 as
amended by Section 3(42) of ERISA to engage in this Agreement or any Transaction hereunder, and
transactions by or with Seller, Guarantor shall not be subject to any state or local statute
regulating investments of, or fiduciary obligations with respect to governmental plans within the
meaning of Section 3(32) of ERISA.

v. [reserved]

w. Hedging. Seller shall maintain Interest Rate Protection Agreements in an amount
and in accordance with Seller’s written policy unless otherwise approved by Buyer in writing.
Seller shall not amend such written policy without the prior written consent of Buyer, which
consent shall not be unreasonably withheld, conditioned or delayed.

x. Financial Covenants. Guarantor shall at all times comply with all financial
covenants and/or financial ratios set forth in Section 2 of the Pricing Side Letter.

y. Seller Separateness Covenant. Seller shall (a) own no assets, and will not engage
in any business, other than the assets and transactions consistent with those specifically
contemplated by this Agreement; (b) not incur any Indebtedness, Non-Recourse Debt or obligation
(other than Permitted Trade Payables), secured or unsecured, direct or indirect, absolute or
contingent (including guaranteeing any obligation), other than pursuant hereto; (c) not make any
loans or advances to any third party other than in connection with the acquisition or holding of
any Purchased Assets or the other Eligible Assets acquired after the date hereof, and shall not
acquire obligations or securities of its affiliates; (d) pay its debts and liabilities (including,
as applicable, shared personnel and overhead expenses) only from its own assets (with no obligation
to make capital contributions); (e) comply with the provisions of its organizational documents; (f)
do all things necessary to observe organizational formalities and to preserve its existence, and
will not amend, modify or otherwise change its organizational documents, or suffer same to be
amended, modified or otherwise changed, without the prior written consent of Buyer; (g) maintain
all of its books, records, financial statements and bank accounts separate from those of its
Affiliates (except that such financial statements may be consolidated to the extent consolidation
is required under GAAP or as a matter of law); (h) be, and at all times will hold itself out to the
public as, a legal entity separate and distinct from any other entity (including any Affiliate),
shall correct any known misunderstanding regarding its status as a separate entity, shall conduct
business in its own name, shall not identify itself or any of its affiliates as a division or part
of the other and, where necessary, shall maintain separate stationery, invoices and checks; (i)
maintain adequate capital for the normal obligations reasonably foreseeable in a business of its
size and character and in light of its contemplated business operations (with no obligation to make
capital contributions); (j) not engage in or suffer any Change in Control, dissolution, winding up,
liquidation, consolidation or merger in whole or in part unless permitted under this Agreement or a
Program Agreement; (k) not commingle its funds or other assets with those of any Affiliate or any
other Person, except as contemplated by this Agreement; (l) maintain its assets in such a manner
that it will not be costly or difficult to segregate, ascertain or identify its individual assets
from those of any affiliate or any other person; (m) not and will not hold itself out to be
responsible for the debts or obligations of any other Person (other than as contemplated
hereunder); (n) cause each of its direct and indirect owners to agree not to (i) file or consent to
the filing of any bankruptcy, insolvency or reorganization case or proceeding with respect to
Seller; institute any proceedings under any applicable insolvency law or otherwise seek any relief
under any laws relating to the relief from debts or the protection of debtors generally with
respect to Seller; (ii) seek or consent to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator, custodian or any similar official for Seller or a substantial portion of its
properties; or (iii) make any assignment for the benefit of Seller’s creditors.

z. Amendments. Seller shall not materially amend, modify or waive any documents
relating to the Mortgage Loan without the prior written consent of Buyer, which consent shall not
be unreasonably withheld, conditioned or delayed. Without limiting the foregoing, Seller shall
provide prompt written notice to Buyer of any amendments, modifications or waivers relating to the
Mortgage Loan, together with a copy thereof. For the avoidance of doubt and without limiting the
generality of Section 6 hereof or the definitions of “Market Value” or “Asset Value” hereof,
Buyer’s approval of any amendment, modification or waiver shall not preclude Buyer’s ability to
re-determine Market Value of any Purchased Asset as a result of such amendment, modification or
waiver; provided that Buyer shall advise Seller in writing of any such re-determination of Market
Value at the time the related consent is provided; and provided further that any such approval and
re-determination of Market Value shall in no way limit the Buyer’s right to determine Market Value
in the manner and at the times otherwise permitted under the Program Agreements.  

15. Events of Default

Each of the following shall constitute an “Event of Default” hereunder:

a. Payment Failure. Failure of Seller to (i) make any payment of Price Differential,
Repurchase Price, the Facility Fee or any other sum which has become due, on a Price Differential
Payment Date or a Repurchase Date or otherwise, whether by acceleration or otherwise, under the
terms of this Agreement, or any other document evidencing or securing Indebtedness of Seller to
Buyer or to any Affiliate of Buyer, or (ii) cure any Margin Deficit or pay any Reset Payment when
due pursuant to Section 6 hereof.

b. Cross Default. (i) Seller, Guarantor or any of their Significant Affiliates shall
be in default under (i) any Indebtedness, in the aggregate, in excess of $100,000 of Seller and
$2,500,000 of Guarantor or any of their Significant Affiliates, which default (1) involves the
failure to pay a matured obligation, or (2) permits the acceleration of the maturity of obligations
by any other party to or beneficiary with respect to such Indebtedness if the aggregate amount of
the Indebtedness in respect of which defaults shall have occurred is at least $100,000 with respect
to Seller or $2,500,000 with respect to Guarantor, or (ii) any other contract or contracts, in the
aggregate in excess of $100,000 to which Seller is a party and $2,500,000 to which Guarantor or any
of their Significant Affiliates is a party, which default (1) involves the failure to pay a matured
obligation by Seller or Guarantor, or (2) permits the acceleration of the maturity of obligations
of Seller or Guarantor by any other party to or beneficiary of such contract.

c. Assignment. Assignment or attempted assignment by Seller or Guarantor of this
Agreement or any rights hereunder without first obtaining the specific written consent of Buyer, or
the granting by Seller of any security interest, lien or other encumbrances on any Purchased Assets
to any person other than Buyer.

d. Insolvency. An Act of Insolvency shall have occurred with respect to Seller or
Guarantor.

e. Material Adverse Change. Any material adverse change in the Property, business,
financial condition or operations of Seller, Guarantor or any of their respective Significant
Affiliates shall occur, in each case as determined by Buyer in its sole good faith discretion, or
any other condition shall exist which, in Buyer’s sole good faith discretion, constitutes a
material impairment of Seller’s or Guarantor’s ability to perform its obligations under this
Agreement or any other Program Agreement.

f. Breach of Identified Representation or Covenant or Obligation. A material breach
by Seller or Guarantor of any of the representations, warranties or covenants or obligations set
forth in Sections 13(a)(1), 13(a)(7), 13(a)(15), 13(a)(19), 13(a)(23), 13(a)(26), 14(b), 14(n),
14(p)(ii), 14(r), 14(s), 14(t), 14(u), 14(x) and 14(y) of this Agreement.

g. Breach of Non-Identified Representation or Covenant. A breach by Seller or
Guarantor of any other material representation, warranty or covenant set forth in this Agreement
(and not otherwise specified in Section 15(f) above) or any other Program Agreement, if such breach
is not cured within five (5) Business Days after notice or knowledge thereof of Seller or Guarantor
(other than the representations and warranties set forth in Schedule 1, which shall be
considered solely for the purpose of determining the Asset Value, the existence of a Margin Deficit
and the obligation to repurchase such Purchased Asset) unless (i) such party shall have made any
such representations and warranties with knowledge that they were materially false or misleading at
the time made, (ii) any such representations and warranties have been determined by Buyer in its
sole good faith discretion to be materially false or misleading on a regular basis, or (iii) Buyer,
in its sole good faith discretion, determines that such breach of a material representation,
warranty or covenant materially and adversely affects (A) the condition (financial or otherwise) of
such party; or (B) Buyer’s determination to enter into this Agreement or Transactions with such
party, in which event such breach shall constitute an immediate Event of Default and Seller shall
have no cure right hereunder).

h. Guarantor Breach. A breach by Guarantor of any material representation, warranty
or covenant set forth in the Guaranty or any other Program Agreement, any “event of default” by
Guarantor (beyond any and all applicable periods of notice and cure, if any) under the Guaranty,
any repudiation of the Guaranty by Guarantor, or if the Guaranty is not enforceable against
Guarantor.

i. Change of Control. The occurrence of a Change in Control.

j. Failure to Transfer. Seller fails to transfer the Purchased Assets to Buyer on the
applicable Purchase Date (provided Buyer has tendered the related Purchase Price).

k. Judgment. A final judgment or judgments (i) for the payment of money in excess of
$100,000 individually or in the aggregate shall be rendered against Seller and $2,500,000
individually or in the aggregate shall be rendered against Guarantor, in each case, by one or more
courts, administrative tribunals or other bodies having jurisdiction and the same shall not be
satisfied, discharged (or provision shall not be made for such discharge) or bonded, or a stay of
execution thereof shall not be procured, within thirty (30) days from the date of entry thereof.

l. Government Action. Any Governmental Authority or any person, agency or entity
acting or purporting to act under governmental authority shall have taken any action to condemn,
seize or appropriate, or to assume custody or control of, all or any substantial part of the
Property of Seller, Guarantor or any Significant Affiliate thereof, or shall have taken any action
to displace the management of Seller, Guarantor or any Significant Affiliate thereof or to curtail
its authority in the conduct of the business of Seller, Guarantor or any Significant Affiliate
thereof, or takes any action in the nature of enforcement to remove, limit or restrict the approval
of Seller, Guarantor or Significant Affiliate as an issuer, buyer or a seller/servicer of mortgage
loans or securities backed thereby, and such action provided for in this subparagraph shall not
have been discontinued or stayed within thirty (30) days.

m. Inability to Perform. An officer of Seller or Guarantor shall admit in writing or
in any legal proceeding its inability to, or its intention not to, perform any of Seller’s
Obligations or Guarantor’s Obligations hereunder or under the Guaranty.

n. Security Interest. This Agreement shall for any reason cease to create a valid,
first priority security interest in any material portion of the Purchased Assets or other
Repurchase Assets purported to be covered hereby and Seller fails to repurchase such Purchased
Assets and other Repurchase Assets within one (1) Business Day.

o. Financial Statements. Seller’s or Guarantor’s audited annual financial statements
or the notes thereto or other opinions or conclusions stated therein shall be qualified or limited
by reference to the status of Seller or Guarantor as a “going concern” or a reference of similar
import.

p. REIT Qualification. RAIT Financial Trust shall fail to maintain its status as a
real estate investment trust under Section 856 of the Internal Revenue Code of 1986, as amended or
fails to be entitled to claim dividend paid deductions pursuant to Section 857 of the Internal
Revenue Code of 1986, as amended.

An Event of Default shall be deemed to be continuing unless expressly waived by Buyer in
writing.

16. Remedies Upon Default

In the event that an Event of Default shall have occurred and be continuing:

a. Buyer may, at its option (which option shall be deemed to have been exercised immediately
upon the occurrence of an Act of Insolvency of Seller or Guarantor), declare an Event of Default to
have occurred hereunder and, upon the exercise or deemed exercise of such option, the Repurchase
Date for each Transaction hereunder shall, if it has not already occurred, be deemed immediately to
occur (except that, in the event that the Purchase Date for any Transaction has not yet occurred as
of the date of such exercise or deemed exercise, such Transaction shall be deemed immediately
canceled). Buyer shall (except upon the occurrence of an Act of Insolvency of Seller or Guarantor)
give notice to Seller and Guarantor of the exercise of such option as promptly as practicable.

b. If Buyer exercises or is deemed to have exercised the option referred to in
subparagraph (a) of this Section, (i) Seller’s obligations in such Transactions to repurchase all
Purchased Assets, at the Repurchase Price therefor on the Repurchase Date determined in accordance
with subparagraph (a) of this Section, shall thereupon become immediately due and payable, (ii) all
Income paid after such exercise or deemed exercise shall be retained by Buyer and applied, in
Buyer’s sole good faith discretion, to the aggregate unpaid Repurchase Prices for all outstanding
Transactions and any other amounts owing by Seller hereunder in accordance with Section 7(f)
hereof, and (iii) Seller shall immediately deliver to Buyer the Asset Files relating to any
Purchased Assets subject to such Transactions then in Seller’s possession or control.

c. Buyer also shall have the right to obtain physical possession, and to commence an action to
obtain physical possession, of all Records and files of Seller relating to the Purchased Assets and
all documents relating to the Purchased Assets (including, without limitation, any legal, credit or
servicing files with respect to the Purchased Assets) which are then or may thereafter come in to
the possession of Seller or any third party acting for Seller. To obtain physical possession of
any Purchased Assets held by Custodian, Buyer shall present to Custodian a Trust Receipt. Without
limiting the rights of Buyer hereto to pursue all other legal and equitable rights available to
Buyer for Seller’s or Guarantor’s failure to perform its obligations under this Agreement, Seller
and Guarantor acknowledge and agree that the remedy at law for any failure to perform obligations
hereunder would be inadequate and Buyer shall be entitled to specific performance, injunctive
relief, or other equitable remedies in the event of any such failure. The availability of these
remedies shall not prohibit Buyer from pursuing any other remedies for such breach, including the
recovery of monetary damages.

d. Buyer shall have the right to direct all servicers then servicing any Purchased Assets to
remit all collections thereon to Buyer, and if any such payments are received by Seller, Seller
shall not commingle the amounts received with other funds of Seller and shall promptly pay them
over to Buyer. Buyer shall also have the right to terminate any one or all of the servicers then
servicing any Purchased Assets with or without cause. In addition, Buyer shall have the right to
immediately sell the Purchased Assets and liquidate all Repurchase Assets. Such disposition of
Purchased Assets may be, at Buyer’s option, on either a servicing-released or a servicing-retained
basis. Buyer shall not be required to give any warranties as to the Purchased Assets with respect
to any such disposition thereof. Buyer may specifically disclaim or modify any warranties of title
or the like relating to the Purchased Assets. The foregoing procedure for disposition of the
Purchased Assets and liquidation of the Repurchase Assets shall not be considered to adversely
affect the commercial reasonableness of any sale thereof. Seller agrees that it would not be
commercially unreasonable for Buyer to dispose of the Purchased Assets or the Repurchase Assets or
any portion thereof by using Internet sites that provide for the auction of assets similar to the
Purchased Assets or the Repurchase Assets, or that have the reasonable capability of doing so, or
that match buyers and sellers of assets. Buyer shall be entitled to place the Purchased Assets in
a pool for issuance of mortgage-backed securities at the then-prevailing price for such securities
and to sell such securities for such prevailing price in the open market. Buyer shall also be
entitled to sell any or all of such Purchased Assets individually for the prevailing price. Buyer
shall also be entitled, in its sole good faith discretion to elect, in lieu of selling all or a
portion of such Purchased Assets, to give the Seller credit for such Purchased Assets and the
Repurchase Assets in an amount equal to the Market Value of the Purchased Assets against the
aggregate unpaid Repurchase Price and any other amounts owing by the Seller hereunder.

e. Upon the happening of one or more Events of Default, Buyer may apply any proceeds from the
liquidation of the Purchased Assets and Repurchase Assets to the Repurchase Prices hereunder and
all other Obligations in the manner Buyer deems appropriate in its sole good faith discretion.

f. Seller shall be liable to Buyer for (i) the amount of all reasonable legal or other
expenses (including, without limitation, all costs and expenses of Buyer in connection with the
enforcement of this Agreement or any other agreement evidencing a Transaction, whether in action,
suit or litigation or bankruptcy, insolvency or other similar proceeding affecting creditors’
rights generally, further including, without limitation, the reasonable fees and expenses of
counsel (including the costs of internal counsel of Buyer) incurred in connection with or as a
result of an Event of Default, (ii) damages in an amount equal to the cost (including all fees,
expenses and commissions) of entering into replacement transactions and entering into or
terminating hedge transactions in connection with or as a result of an Event of Default, and
(iii) any other loss, damage, cost or expense directly arising or resulting from the occurrence of
an Event of Default in respect of a Transaction.

g. To the extent permitted by applicable law, Seller shall be liable to Buyer for interest on
any amounts owing by Seller hereunder, from the date Seller becomes liable for such amounts
hereunder until such amounts are (i) paid in full by Seller or (ii) satisfied in full by the
exercise of Buyer’s rights hereunder. Interest on any sum payable by Seller under this
Section 16(g) shall be calculated from and after such Event of Default at a rate equal to the Post
Default Rate.

h. Buyer shall have, in addition to its rights hereunder, any rights otherwise available to it
under any other agreement or applicable law.

i. Buyer may exercise one or more of the remedies available to Buyer immediately upon the
occurrence of an Event of Default and, except to the extent provided in subsections (a) and (d) of
this Section, at any time thereafter without notice to Seller. All rights and remedies arising
under this Agreement as amended from time to time hereunder are cumulative and not exclusive of any
other rights or remedies which Buyer may have.

j. Buyer may enforce its rights and remedies hereunder without prior judicial process or
hearing, and Seller hereby expressly waives any defenses Seller might otherwise have to require
Buyer to enforce its rights by judicial process. Seller also waives any defense (other than a
defense of payment or performance) Seller might otherwise have arising from the use of nonjudicial
process, enforcement and sale of all or any portion of the Repurchase Assets, or from any other
election of remedies. Seller recognizes that nonjudicial remedies are consistent with the usages
of the trade, are responsive to commercial necessity and are the result of a bargain at arm’s
length.

k. Buyer shall have the right to perform reasonable due diligence with respect to Seller and
the Purchased Assets, which review shall be at the expense of Seller.

l. The Seller recognizes the Buyer may be unable to effect a public sale of any or all of the
Purchased Assets. The Seller acknowledges and agrees that any such private sale may result in
prices and other terms less favorable to the Buyer than if such sale were a public sale and,
notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been
made in a commercially reasonable manner.

m. Nothing contained in the Agreement shall obligate Buyer to segregate any Purchased Assets
delivered to Buyer by Seller. Notwithstanding anything to the contrary set forth in the Agreement,
in no event shall Purchased Assets remain in the custody of Seller or any Affiliate of Seller.

17. Reports

a. Notices. Seller or Guarantor shall furnish to Buyer (x) promptly, copies of any
material and adverse notices (including, without limitation, notices of defaults, breaches,
potential defaults or potential breaches) and any material financial information that is not
otherwise required to be provided by Seller hereunder which is given to Seller’s lenders,
(y) immediately, notice of the occurrence of any Event of Default hereunder or default or breach by
Seller or Servicer or Guarantor of any obligation under any Program Agreement or any material
contract or agreement of Seller or Servicer or Guarantor or the occurrence of any event or
circumstance that such party reasonably expects has resulted in, or will, with the passage of time,
result in, a Material Adverse Effect or an Event of Default or such a default or breach by such
party and (z) the following:

(1) as soon as available and in any event within forty (40) calendar days after the end
of each calendar quarter, the unaudited consolidated balance sheets of Guarantor and its
consolidated Subsidiaries as at the end of such period and the related unaudited
consolidated statements of income and retained earnings and of cash flows for the Guarantor
and its consolidated Subsidiaries for such period and the portion of the fiscal year through
the end of such period, which may be delivered in the form of a 10-Q, accompanied by a
certificate of a Responsible Officer of Guarantor, which certificate shall state that said
consolidated financial statements fairly present in all material respects the consolidated
financial condition and results of operations of Guarantor and its consolidated Subsidiaries
in accordance with GAAP, consistently applied, as at the end of, and for, such period
(subject to normal year-end adjustments);

(2) as soon as available and in any event within ninety (90) days after the end of each
fiscal year of Guarantor, the consolidated balance sheets of Guarantor and its consolidated
Subsidiaries as at the end of such fiscal year and the related consolidated statements of
income and retained earnings and of cash flows for the Guarantor and its consolidated
Subsidiaries for such year, setting forth in each case in comparative form the figures for
the previous year, which may be delivered in the form of a 10-K, accompanied by an opinion
thereon of independent certified public accountants of recognized national standing, which
opinion and the scope of audit shall be acceptable to Buyer in its sole good faith
discretion, shall have no “going concern” qualification and shall state that said
consolidated financial statements fairly present the consolidated financial condition and
results of operations of Guarantor and its respective consolidated Subsidiaries as at the
end of, and for, such fiscal year in accordance with GAAP;

(3) such other prepared statements that Buyer may reasonably request;

(4) if applicable, copies of any 10-Ks, 10-Qs, registration statements and other
“corporate finance” SEC filings (other than 8-Ks) by Seller or Guarantor, within
five (5) Business Days of their filing with the SEC; provided, that, Seller, Guarantor or
any Significant Affiliate will provide Buyer and Credit Suisse Securities (USA) LLC with a
copy of the annual 10-K filed with the SEC by Seller, Guarantor or any of its Significant
Affiliates, no later than ninety (90) days after the end of the year; provided, further,
that the public posting of the Guarantor’s SEC filings, including year-end financial
statements, on the official web site of the Guarantor shall be deemed sufficient delivery
thereof to Buyer, so long as Seller or Guarantor delivers prompt notice to Buyer of such
posting;

(5) as soon as available, and in any event within thirty (30) days of receipt, copies
of relevant portions of all final written Governmental Authority and investor audits,
examinations, evaluations, monitoring reviews and reports of its operations (including those
prepared on a contract basis) which provide for or relate to (i) material corrective action
required, (ii) material sanctions proposed, imposed or required, including without
limitation notices of defaults, notices of termination of approved status, notices of
imposition of supervisory agreements or interim servicing agreements, and notices of
probation, suspension, or non-renewal, or (iii) “report cards,” “grades” or other
classifications of the quality of Seller’s operations;

(6) as soon as available, but in any event once per calendar quarter, financial
statements with respect to the underlying property related to the Purchased Assets;

(7) from time to time such other information regarding the financial condition,
operations, or business of the Guarantor or Seller as Buyer may reasonably request;

(8) as soon as reasonably possible, and in any event within thirty (30) days after a
Responsible Officer of the Guarantor or Seller has knowledge of the occurrence of any Event
of Termination, stating the particulars of such Event of Termination in reasonable detail;

(9) As soon as reasonably possible, notice of any of the following events:

(a) change in the insurance coverage required of Seller, Guarantor, Servicer
or any other Person pursuant to any Program Agreement, with a copy of evidence of same
attached;

(b) any material dispute, litigation, investigation, proceeding or suspension
between Seller, Guarantor or Servicer, on the one hand, and any Governmental Authority or
any Person, including, without limitation, any licensing issues;

(c) any material change in accounting policies or financial reporting
practices of Seller, Guarantor or Servicer;

(d) with respect to any Purchased Asset, immediately upon receipt of notice
or knowledge thereof, that the Mortgaged Property has been damaged by waste, fire,
earthquake or earth movement, windstorm, flood, tornado or other casualty, or otherwise
damaged, so as to affect materially and adversely the value of such Purchased Asset;

(e) any material issues raised upon examination of Seller or Seller’s
facilities by any Governmental Authority;

(f) any material change in the Indebtedness of the Seller, including, without
limitation, any default, renewal, non-renewal, termination, increase in available amount or
decrease in available amount related thereto;

(g) [reserved;]

(h) promptly upon receipt of notice or knowledge of (i) any default related
to any Repurchase Asset, (ii) any lien or security interest (other than security interests
created hereby or by the other Program Agreements) on, or claim asserted against, any of the
Purchased Assets; and

(i) any other event, circumstance or condition that has resulted, or has a
possibility of resulting, in a Material Adverse Effect with respect to Seller or Servicer.

b. Officer’s Certificates. Seller will furnish to Buyer, at the time the Seller
furnishes each set of financial statements pursuant to Section 17(a)(1) or (2) above, a certificate
of a Responsible Officer of Seller in the form of Exhibit A to the Pricing Side Letter.

c. Servicing Reports. Seller will furnish to Buyer a Servicing Report by no later
than the Reporting Date.

d. Distribution Worksheet. Seller shall provide to Buyer, electronically, in a format
mutually acceptable to Buyer and Seller, a Distribution Worksheet by no later than the Reporting
Date.

e. Other. Seller shall deliver to Buyer any other reports or information reasonably
requested by Buyer or as otherwise required pursuant to this Agreement.

18. Repurchase Transactions

Buyer may, in its sole election, engage in repurchase transactions with the Purchased Assets
or otherwise pledge, hypothecate, assign, transfer or otherwise convey the Purchased Assets with a
counterparty of Buyer’s choice. Unless an Event of Default shall have occurred and be continuing,
no such transaction shall relieve Buyer of its obligations to transfer Purchased Assets to Seller
pursuant to Section 4 hereof, or of Buyer’s obligation to credit or pay Income to, or apply Income
to the obligations of, Seller pursuant to Section 7 hereof. In the event Buyer engages in a
repurchase transaction with any of the Purchased Assets or otherwise pledges or hypothecates any of
the Purchased Assets, Buyer shall have the right to assign to Buyer’s counterparty any of the
applicable representations or warranties herein and the remedies for breach thereof, as they relate
to the Purchased Assets that are subject to such repurchase transaction.

19. Single Agreement

Buyer and Seller acknowledge that, and have entered hereunto, and will enter into each
Transaction hereunder, in consideration of and in reliance upon the fact that, all Transactions
hereunder constitute a single business and contractual relationship and have been made in
consideration of each other. Accordingly, each of Buyer and Seller agrees (i) to perform all of
its obligations in respect of each Transaction hereunder, and that a default in the performance of
any such obligations shall constitute a default by it in respect of all Transactions hereunder,
(ii) that each of them shall be entitled to set-off claims and apply property held by them in
respect of any Transaction against obligations owing to them in respect of any other Transactions
hereunder and (iii) that payments, deliveries and other transfers made by either of them in respect
of any Transaction shall be deemed to have been made in consideration of payments, deliveries and
other transfers in respect of any other Transactions hereunder, and the obligations to make any
such payments, deliveries and other transfers may be applied against each other and netted.

20. Notices and Other Communications

Any and all notices (with the exception of Margin Calls, which shall be given in accordance
with Section 6 and Transaction Request and Confirmations, which shall be delivered via electronic
mail or other electronic medium agreed to by the Buyer and the Seller), statements, demands or
other communications hereunder may be given by a party to the other by mail, facsimile, messenger
or otherwise (including without limitation by electronic transmission) to the address specified
below, or so sent to such party at any other place specified in a notice of change of address
hereafter received by the other. All notices, demands and requests hereunder may be made orally,
to be confirmed promptly in writing, or by other communication as specified in the preceding
sentence. In all cases, to the extent that the related individual set forth in the respective
“Attention” line is no longer employed by the respective Person, such notice may be given to the
attention of a Responsible Officer of the respective Person or to the attention of such individual
or individuals as subsequently notified in writing by a Responsible Officer of the respective
Person. Except as otherwise provided in this Agreement and except for notices given under Section
3 (which shall be effective only on receipt), all such communications shall be deemed to have been
duly given when transmitted electronically or personally delivered or, in the case of a mailed
notice, upon receipt, in each case given or addressed as aforesaid.

	 	 	 	If to Seller:

RAIT CRE Conduit I, LLC

c/o RAIT Financial Trust

Cira Centre

2929 Arch Street, 17th Floor

Philadelphia, Pennsylvania 19104-2870

Attention: Scott Davidson

Phone Number: 215-243-9000

Fax Number: 215-405-2945

Email: sdavidson@raitft.com

	 	 	 	with a copy to:

RAIT Financial Trust

Cira Centre

2929 Arch Street, 17th Floor

Philadelphia, Pennsylvania 19104-2870

Attention: Jamie Reyle, Esq.

Phone Number: 215-243-9000

Fax Number: 215-405-2945

Email: jreyle@raitft.com

	 	 	 	with a copy to:

Ledgewood, a Professional Corporation

1900 Market Street, Suite 750

Philadelphia, Pennsylvania 19103

Attention: Brian Murland, Esq.

Phone Number: 215-731-9450

Fax Number: 215-735-2513

Email: bmurland@ledgewood.com

	 	 	 	If to the Guarantor:

RAIT Financial Trust

Cira Centre

2929 Arch Street, 17th Floor

Philadelphia, Pennsylvania 19104-2870

Attention: Scott Davidson

Phone Number: 215-243-9000

Fax Number: 215-405-2945

Email: sdavidson@raitft.com

	 	 	 	with a copy to:

RAIT Financial Trust

Cira Centre

2929 Arch Street, 17th Floor

Philadelphia, Pennsylvania 19104-2870

Attention: Jamie Reyle, Esq.

Phone Number: 215-243-9000

Fax Number: 215-405-2945

Email: jreyle@raitft.com

	 	 	 	with a copy to:

Ledgewood, a Professional Corporation

1900 Market Street, Suite 750

Philadelphia, Pennsylvania 19103

Attention: Brian Murland, Esq.

Phone Number: 215-731-9450

Fax Number: 215-735-2513

Email: bmurland@ledgewood.com

	 	 	 	If to Buyer:

	 	 	 
	Column Financial, Inc.

	11 Madison Avenue

	New York, New York 10010

	Attention: Teresa Zien

	Phone Number:212-325-7944

	Email:

	 	teresa.zien@credit-suisse.com

	 	 	 	with a copy to:

	 	 	 
	Column Financial, Inc.

	1 Madison Avenue

	 	

	New York, New York 10010

	Attention: Casey McCutcheon, Esq.

	Phone Number:

	 	212-538-9712

Email: casey.mccutcheon@credit-suisse.com

	 	 	 	with a copy to:

Alston & Bird LLP

90 Park Avenue

New York, New York 10016

Attention: Karen Gelernt, Esq.

Phone Number: 212-210-9535

Email: karen.gelernt@alston.com

21. Entire Agreement; Severability

This Agreement shall supersede any existing agreements between the parties containing general
terms and conditions for repurchase transactions. Each provision and agreement herein shall be
treated as separate and independent from any other provision or agreement herein and shall be
enforceable notwithstanding the unenforceability of any such other provision or agreement.

22. Non assignability

The rights and obligations of the parties under this Agreement and under the Transaction shall
not be assigned by Seller without the prior written consent of Buyer. Subject to the foregoing,
this Agreement and the Transaction shall be binding upon and shall inure to the benefit of the
parties and their respective successors and assigns. Nothing in this Agreement express or implied,
shall give to any Person, other than the parties to this Agreement and their successors hereunder,
any benefit of any legal or equitable right, power, remedy or claim under this Agreement. Buyer
may from time to time, at its sole cost and expense, assign all or a portion of its rights and
obligations under this Agreement and the Program Agreements to any Person other than a Competitor;
provided that no such restriction shall apply if an Event of Default has occurred and is
continuing; and provided further that Buyer shall act as agent for all assignees and point of
contact for Seller pursuant to agency provisions to be agreed upon by Buyer, its intended assignees
and Seller. Seller shall maintain a register (the “Register”) on which it will record
Buyer’s rights hereunder, and each Assignment and Acceptance and participation. The Register shall
include the names and addresses of Buyer (including all assignees, successors and participants) and
the percentage or portion of such rights and obligations assigned. Failure to make any such
recordation, or any error in such recordation shall not affect Seller’s obligations in respect of
such rights. If Buyer sells a participation in its rights hereunder, it shall provide Seller, or
maintain as agent of Seller, the information described in this paragraph and permit Seller to
review such information as reasonably needed for Seller to comply with its obligations under this
Agreement or under any applicable Requirement of Law.

The Buyer may sell participations to one or more Persons in or to all or a portion of its
rights and obligations under this Agreement; provided, however, (i) Buyer’s obligations under this
Agreement shall remain unchanged, (ii) Buyer shall remain solely responsible to the other parties
hereto for the performance of such obligations; and (iii) the Seller shall continue to deal solely
and directly with the Buyer in connection with the Buyer’s rights and obligations under this
Agreement and the other Program Agreements except as provided in Section 11(e).

The Buyer may, in connection with any assignment or participation or proposed assignment or
participation pursuant to this Section 22, disclose to the assignee or participant or proposed
assignee or participant, as the case may be, any information relating to Seller or to any aspect of
the Transactions that has been furnished to Buyer by or on behalf of Seller; provided that such
assignee or participant agrees to hold such information subject to the confidentiality provisions
of this Agreement.

23. Set-off

In addition to any rights and remedies of Buyer provided by law, Buyer shall have the right,
without prior notice to Seller or Guarantor, any such notice being expressly waived by Seller or
Guarantor to the extent permitted by applicable law, upon any amount becoming due and payable by
Seller or Guarantor hereunder (whether at the stated maturity, by acceleration or otherwise) to
set-off and appropriate and apply against such amount from Seller, any Guarantor or any Affiliate
thereof to Buyer or any of its Affiliates any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at
any time held or owing by Buyer or any Affiliate thereof to or for the credit or the account of
Seller or the Guarantor or any Affiliate thereof. Buyer agrees promptly to notify Seller and the
Guarantor after any such set-off and application made by Buyer; provided, that the failure to give
such notice shall not affect the validity of such set-off and application.

24. Binding Effect; Governing Law; Jurisdiction

a. This Agreement shall be binding and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Seller acknowledges that the obligations of Buyer
hereunder or otherwise are not the subject of any guaranty by, or recourse to, any direct or
indirect parent or other Affiliate of Buyer. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

b. EACH OF SELLER AND GUARANTOR HEREBY WAIVES TRIAL BY JURY. EACH OF SELLER AND GUARANTOR
HEREBY IRREVOCABLY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF ANY COURT OF THE STATE OF NEW
YORK, OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, ARISING OUT OF
OR RELATING TO THE PROGRAM AGREEMENTS IN ANY ACTION OR PROCEEDING. EACH OF SELLER AND GUARANTOR
HEREBY SUBMITS TO, AND WAIVES ANY OBJECTION THEY MAY HAVE TO, EXCLUSIVE PERSONAL JURISDICTION AND
VENUE IN THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK, WITH RESPECT TO ANY DISPUTES ARISING OUT OF OR RELATING TO THE PROGRAM
AGREEMENTS.

25. No Waivers, Etc.

No express or implied waiver of any Event of Default by either party shall constitute a waiver
of any other Event of Default and no exercise of any remedy hereunder by any party shall constitute
a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any
provision of this Agreement and no consent by any party to a departure herefrom shall be effective
unless and until such shall be in writing and duly executed by both of the parties hereto. Without
limitation on any of the foregoing, the failure to give a notice pursuant to Section 6(a), 16(a) or
otherwise, will not constitute a waiver of any right to do so at a later date.

26. Intent

a. The parties recognize that each Transaction is a “repurchase agreement” as that
term is defined in Section 101 of Title 11 of the United States Code, as amended, a “securities
contract” as that term is defined in Section 741 of Title 11 of the United States Code, as
amended, and a “master netting agreement” as that term is defined in Section 101(38A)(A) of the
Bankruptcy Code, that all payments hereunder are deemed “margin payments” or
“settlement payments” as defined in Section 101 of Title 11 of the United States Code, and
that the pledge of the Repurchase Assets constitutes “a security agreement or other arrangement or
other credit enhancement” that is “related to” the Agreement and Transactions hereunder within the
meaning of Sections 101(38A)(A), 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code. Seller
and Buyer further recognize and intend that this Agreement is an agreement to provide financial
accommodations and is not subject to assumption pursuant to Bankruptcy Code Section 365(a).

b. Buyer’s right to liquidate the Purchased Assets delivered to it in connection with the
Transactions hereunder or to accelerate or terminate this Agreement or otherwise exercise any other
remedies pursuant to Section 16 hereof is a contractual right to liquidate, accelerate or terminate
such Transaction as described in Bankruptcy Code Sections 555, 559 and 561; any payments or
transfers of property made with respect to this Agreement or any Transaction to satisfy a Margin
Deficit shall be considered a “margin payment” as such term is defined in Bankruptcy Code Section
741(5).

c. The parties agree and acknowledge that if a party hereto is an “insured depository
institution,” as such term is defined in the Federal Deposit Insurance Act, as amended
(“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as
that term is defined in FDIA and any rules, orders or policy statements thereunder (except insofar
as the type of assets subject to such Transaction would render such definition inapplicable).

d. It is understood that this Agreement constitutes a “netting contract” as defined in
and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991, as
amended (“FDICIA”), and each payment entitlement and payment obligation under any
Transaction hereunder shall constitute a “covered contractual payment entitlement” or
“covered contractual payment obligation”, respectively, as defined in and subject to FDICIA
(except insofar as one or both of the parties is not a “financial institution” as that term
is defined in FDICIA).

e. This Agreement is intended to be a “repurchase agreement” and a “securities contract,”
within the meaning of Section 555 and Section 559 under the Bankruptcy Code.

f. Each party agrees that this Agreement is intended to create mutuality of obligations among
the parties, and as such, the Agreement constitutes a contract which (i) is between all of the
parties and (ii) places each party in the same right and capacity.

27. Disclosure Relating to Certain Federal Protections

The parties acknowledge that they have been advised that:

a. in the case of Transactions in which one of the parties is a broker or dealer registered
with the SEC under Section 15 of the 1934 Act, the Securities Investor Protection Corporation has
taken the position that the provisions of the SIPA do not protect the other party with respect to
any Transaction hereunder;

b. in the case of Transactions in which one of the parties is a government securities broker
or a government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA
will not provide protection to the other party with respect to any Transaction hereunder; and

c. in the case of Transactions in which one of the parties is a financial institution, funds
held by the financial institution pursuant to a Transaction hereunder are not a deposit and
therefore are not insured by the FDIC or the National Credit Union Share Insurance Fund, as
applicable.

28. Power of Attorney

Seller hereby authorizes Buyer to file such financing statement or statements relating to the
Repurchase Assets without Seller’s signature thereon as Buyer, at its option, may deem appropriate.
Seller hereby appoints Buyer as Seller’s agent and attorney-in-fact to (i) execute any such
financing statement or statements in Seller’s name and to perform all other acts which Buyer deems
appropriate to perfect and continue its ownership interest in and/or the security interest granted
hereby, if applicable, and to protect, preserve and realize upon the Repurchase Assets, including,
but not limited to, the right to endorse notes, complete blanks in documents, transfer servicing,
and sign assignments on behalf of Seller as its agent and attorney-in-fact and (ii) to pay or
discharge Taxes and Liens levied or placed on or threatened against the Repurchase Assets. This
agency and power of attorney is coupled with an interest and is irrevocable without Buyer’s
consent. Notwithstanding the foregoing, the power of attorney hereby granted may be exercised only
during the occurrence and continuance of any Event of Default hereunder. Seller shall pay the
filing costs for any financing statement or statements prepared pursuant to this Section 28. In
addition the foregoing, the Seller agrees to execute a Power of Attorney, in the form of
Exhibit C-1 hereto, to be delivered on the date hereof, which Power of Attorney shall only
be exercised during the occurrence and continuance of any Event of Default hereunder.

29. Buyer May Act Through Affiliates

Buyer may, from time to time, designate one or more affiliates for the purpose of performing
any action hereunder.

30. Indemnification; Obligations; Recourse

Each of Seller and Guarantor agrees to hold Buyer and each of its respective Affiliates and their
officers, directors, employees, agents and advisors (each, an “Indemnified Party”) harmless from
and indemnify each Indemnified Party (and will reimburse each Indemnified Party as the same is
incurred) against all liabilities, losses, damages, judgments, costs and expenses (including,
without limitation, reasonable fees and expenses of counsel) of any kind which may be imposed on,
incurred by, or asserted against any Indemnified Party relating to or arising out of this
Agreement, any Transaction Request and Confirmation, any Program Agreement or any transaction
contemplated hereby or thereby resulting from anything other than the Indemnified Party’s gross
negligence or willful misconduct. Seller and Guarantor also agree to reimburse each Indemnified
Party for all reasonable out-of-pocket expenses in connection with the enforcement of this
Agreement and the exercise of any right or remedy provided for herein, any Transaction Request and
Confirmation and any Program Agreement, including, without limitation, the reasonable fees and
disbursements of counsel. Seller’s and Guarantor’s agreements in this Section 30 shall survive the
payment in full of the Repurchase Price and the expiration or termination of this Agreement. Each
of Seller and Guarantor hereby acknowledges that its obligations hereunder are recourse obligations
of Seller and Guarantor and are not limited to recoveries each Indemnified Party may have with
respect to the Purchased Assets. Seller and Guarantor also agrees not to assert any claim against
Buyer or any of its Affiliates, or any of their respective officers, directors, employees,
attorneys and agents, on any theory of liability, for special, indirect, consequential or punitive
damages arising out of or otherwise relating to the facility established hereunder, the actual or
proposed use of the proceeds of the Transactions, this Agreement or any of the transactions
contemplated thereby. Without limiting the generality of the foregoing, the Seller and the
Guarantor agrees to hold any Indemnified Party harmless from and indemnify such Indemnified Party
against all costs with respect to all Purchased Assets relating to or arising out of any taxes
incurred or assessed in connection with the ownership of the Purchased Assets, that, in each case,
results from anything other than the Indemnified Party’s gross negligence or willful misconduct.
THE FOREGOING INDEMNITY AND AGREEMENT NOT TO ASSERT CLAIMS EXPRESSLY APPLIES, WITHOUT LIMITATION,
TO THE NEGLIGENCE (BUT NOT GROSS NEGLIGENCE OR WILLFUL MISCONDUCT) OF THE INDEMNIFIED PARTIES.

a. Without limitation to the provisions of Section 4, if any payment of the Repurchase Price
of any Transaction is made by Seller other than on the then scheduled Repurchase Date thereto as a
result of an acceleration of the Repurchase Date pursuant to Section 16 or for any other reason,
Seller shall, upon demand by Buyer, pay to Buyer an amount sufficient to compensate Buyer for any
out-of-pocket expenses that it may reasonably incur as of a result of such payment.

b. Without limiting the provisions of Section 30(a) hereof, if Seller fails to pay when due
any costs, expenses or other amounts payable by it under this Agreement, including, without
limitation, fees and expenses of counsel and indemnities, such amount may be paid on behalf of
Seller by Buyer, in its sole good faith discretion.

c. The obligations of the Seller from time to time to pay the Repurchase Price, the Price
Differential, and all other amounts due and Obligations owing under this Repurchase Agreement shall
be full recourse obligations of the Seller.

31. Counterparts

This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original, and all such counterparts shall together constitute one and the same instrument.
Delivery by electronic mail of an executed counterpart of a signature page of this Agreement in
Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually
executed original counterpart of this Agreement.

32. Confidentiality

This Agreement and its terms, provisions, supplements and amendments, and notices hereunder,
are proprietary to Buyer and shall be held by Seller and Guarantor in strict confidence and shall
not be disclosed to any third party without the written consent of Buyer except for (i) disclosure
to Seller’s or Guarantor’s direct and indirect Affiliates and Subsidiaries, directors, officers,
employees, agents, advisors, attorneys or accountants, but only to the extent such disclosure is
necessary and such parties agree to hold all information in strict confidence, (ii) disclosure
required by law, rule, regulation or order of a court or other regulatory body, any litigation
involving the parties, or (iii) any actual or prospective Interest Rate Protection Agreement
Counterparty, but subject to confidentiality provisions substantially similar to those contained in
this Agreement, or (iv) the Securities Exchange Commission or state securities laws or GAAP require
the terms to be filed or disclosed, provided that any pricing terms not otherwise required to be
disclosed shall be disclosed consistently with how Seller discloses such terms for its other
warehouse facilities. Notwithstanding the foregoing or anything to the contrary contained herein
or in any other Program Agreement, the parties hereto may disclose to any and all Persons, without
limitation of any kind, the federal, state and local tax treatment of the Transactions, any fact
relevant to understanding the federal, state and local tax treatment of the Transactions, and all
materials of any kind (including opinions or other tax analyses) relating to such federal, state
and local tax treatment and that may be relevant to understanding such tax treatment; provided that
Seller may not disclose the name of or identifying information with respect to Buyer or any pricing
terms (including, without limitation, the Pricing Rate, Exit Fee, Facility Fee, Extension Fee,
Purchase Price Percentage and Purchase Price) or other nonpublic business or financial information
(including any sublimits and financial covenants) that is unrelated to the federal, state and local
tax treatment of the Transactions and is not relevant to understanding the federal, state and local
tax treatment of the Transactions, without the prior written consent of the Buyer.

33. Recording of Communications

Buyer, Seller and Guarantor shall have the right (but not the obligation) from time to time to
make or cause to be made tape recordings of communications between its employees and those of the
other party with respect to Transactions. Buyer, Seller and Guarantor consent to the admissibility
of such tape recordings in any court, arbitration, or other proceedings. The parties agree that a
duly authenticated transcript of such a tape recording shall be deemed to be a writing conclusively
evidencing the parties’ agreement.

34. Periodic Due Diligence Review

Seller acknowledges that Buyer has the right to perform continuing due diligence reviews with
respect to the Seller and the Purchased Assets, for purposes of verifying compliance with the
representations, warranties and specifications and updating Market Value determinations, made
hereunder, or otherwise, and Seller agrees that upon reasonable (but no less than one (1) Business
Day’s) prior notice unless an Event of Default shall then exist, in which case no notice is
required, to Seller, Buyer or its authorized representatives will be permitted during normal
business hours to examine, inspect, and make copies and extracts of, the Asset Files and any and
all documents, data, records, agreements, instruments or information relating to such Purchased
Assets in the possession or under the control of Seller, Guarantor and/or the Custodian. Seller
also shall make available to Buyer a knowledgeable financial or accounting officer for the purpose
of answering questions respecting the Asset Files and the Purchased Assets. Without limiting the
generality of the foregoing, Seller acknowledges that Buyer may purchase Purchased Assets from
Seller based solely upon the information provided by Seller to Buyer in the Purchased Asset
Schedule and the representations, warranties and covenants contained herein, and that Buyer, at its
option, has the right at any time to conduct a partial or complete due diligence review on some or
all of the Purchased Assets purchased in a Transaction, including, without limitation, ordering
broker’s price opinions, new credit reports and new appraisals on the related Mortgaged Properties
and otherwise re-generating the information used to originate such Purchased Asset and reviewing
intercreditor agreements, property management agreements, formation documents of the property
owners and their direct and indirect owners, financial statements, environmental and engineering
reports, underlying title policies including owner’s and UCC-9 title insurance policies, legal
opinions and other documents as may be mutually agreed between Seller and Buyer. Buyer may
underwrite such Purchased Assets itself or engage a mutually agreed upon third party underwriter to
perform such underwriting. Seller agrees to cooperate with Buyer and any third party underwriter
in connection with such underwriting, including, but not limited to, providing Buyer and any third
party underwriter with access to any and all documents, records, agreements, instruments or
information relating to such Purchased Assets in the possession, or under the control, of Seller.
Subject to Section 11(a), Seller further agrees that Seller shall pay all third-party out-of-pocket
costs and expenses reasonably incurred by Buyer in connection with Buyer’s activities pursuant to
this Section 34.

35. [Reserved]

36. Authorizations

Any of the persons whose signatures and titles appear on Schedule 2 are authorized, acting
singly, to act for Seller or Buyer, as the case may be, under this Agreement.

37. Documents Mutually Drafted

The Seller, Guarantor and the Buyer agree that this Agreement each other Program Agreement
prepared in connection with the Transactions set forth herein have been mutually drafted and
negotiated by each party, and consequently such documents shall not be construed against either
party as the drafter thereof.

38. General Interpretive Principles

For purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires:

a. the terms defined in this Agreement have the meanings assigned to them in this Agreement
and include the plural as well as the singular, and the use of any gender herein shall be deemed to
include the other gender;

b. accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles;

c. references herein to “Articles”, “Sections”, “Subsections”, “Paragraphs”, and other
subdivisions without reference to a document are to designated Articles, Sections, Subsections,
Paragraphs and other subdivisions of this Agreement;

d. a reference to a Subsection without further reference to a Section is a reference to such
Subsection as contained in the same Section in which the reference appears, and this rule shall
also apply to Paragraphs and other subdivisions;

e. the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular provision;

f. the term “include” or “including” shall mean without limitation by reason of enumeration;

g. all times specified herein or in any other Program Agreement (unless expressly specified
otherwise) are local times in New York, New York unless otherwise stated; and

h. all references herein or in any Program Agreement to “good faith” means good faith as
defined in Section 1-201(19) of the UCC as in effect in the State of New York.

39. [Reserved]

40. Conflicts

In the event of any conflict between the terms of this Agreement and any other Program
Agreement, the documents shall control in the following order of priority: first, the
terms of the Pricing Side Letter shall prevail, then the terms of this Agreement shall prevail, and
then the terms of the other Program Agreements shall prevail.

[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed as
of the date first above written.

	 
	COLUMN FINANCIAL, INC., as Buyer

	By: /s/ Teresa Zien

	 

	Name: Teresa Zien

Title: Vice President

	RAIT CRE CONDUIT I, LLC,

a Delaware limited liability company, as Seller

By: RAIT Partnership, L.P., a Delaware limited

partnership, its sole member and manager

By: RAIT General, Inc., a Maryland corporation, its general partner

By: /s/ Kenneth R. Frappier

	 

	Name: Kenneth R. Frappier

Title: Executive Vice President

	RAIT FINANCIAL TRUST, as Guarantor

	By: /s/ Kenneth R. Frappier

	 

	Name: Kenneth R. Frappier

Title: Executive Vice President

SCHEDULE 1(a)

REPRESENTATIONS AND WARRANTIES

RE: PURCHASED ASSETS CONSISTING OF COMMERCIAL MORTGAGE LOANS

Seller represents and warrants to Buyer, with respect to each Purchased Asset which is a
Commercial Mortgage Loan, that as of the Purchase Date and as of each date while the Program
Agreements and the related Transaction hereunder is in full force and effect, except as set forth
on the Schedule of Exceptions, the following are true and correct in all material respects. With
respect to those representations and warranties which are made to the knowledge of Seller or to the
best of Seller’s knowledge or if there is any limitation as to the scope of any representation by a
knowledge qualifier, if it is discovered by Seller or Buyer that the substance of such
representation and warranty is inaccurate, notwithstanding the lack of knowledge with respect to
the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the
applicable representation and warranty.

(a) The Commercial Mortgage Loan is a performing mortgage loan, and is secured by a first
priority security interest in the Mortgaged Property.

(b) Such Commercial Mortgage Loan is secured by a Mortgaged Property that is a commercial
(including retail, office or industrial) and/or multifamily property that is an Income Producing
Property.

(c) Such Commercial Mortgage Loan complies in all material respects with, or is exempt from,
all requirements of federal, state or local law relating to such Commercial Mortgage Loan.

(d) Immediately prior to the sale, transfer and assignment to Buyer thereof, Seller had good
and marketable title to, and was the sole owner and holder of, such Commercial Mortgage Loan, and
Seller is transferring such Commercial Mortgage Loan free and clear of any and all liens, pledges,
encumbrances, charges, security interests or any other ownership interests of any nature
encumbering such Commercial Mortgage Loan, and no Mortgage Note or Mortgage is subject to any
assignment, participation, or pledge except as set forth in the Schedule of Exceptions. Upon
consummation of the transfers to the Buyer that are contemplated to occur in respect of such
Commercial Mortgage Loan on the Purchase Date therefor, Seller will have validly and effectively
conveyed to the Buyer all legal and beneficial interest in and to such Commercial Mortgage Loan
free and clear of any pledge, lien, encumbrance or security interest.

(e) To Seller’s knowledge, no fraudulent acts were committed by Seller in connection with the
Seller’s acquisition or origination of such Commercial Mortgage Loan nor, to Seller’s knowledge,
were any fraudulent acts committed by any other Person in connection with the origination of such
Commercial Mortgage Loan nor, to Seller’s knowledge, were any fraudulent acts committed by any
other Person after the date of origination with respect to any Commercial Mortgage Loan.

(f) To Seller’s knowledge, the information pertaining to each Commercial Mortgage Loan
contained in each of the Complete Submission and Schedule of Exceptions is true and correct in all
material respects as of the Purchase Date and contains all information required by this Agreement
to be contained therein.

(g) Except as expressly set forth in the Schedule of Exceptions, Seller is not a party to any
document, instrument or agreement, and, to Seller’s knowledge, there is no document that by its
terms modifies or affects the rights and obligations of any holder of such Commercial Mortgage Loan
and Seller has not consented to any material change or waiver to any term or provision of any such
document, instrument or agreement and, to Seller’s knowledge, no such change or waiver exists.

(h) Such Commercial Mortgage Loan is presently outstanding, the proceeds thereof have been
fully and properly disbursed and there is no requirement for any future advances thereunder (except
in those cases where the full amount of the Commercial Mortgage Loan has been disbursed but a
portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain
conditions relating to leasing, repairs or other matters with respect to the related Mortgaged
Property, the Mortgagor or other considerations determined by Seller or originator to merit such
holdback).

(i) Seller has full right, power and authority to sell and assign such Commercial Mortgage
Loan and such Commercial Mortgage Loan and any related Mortgage Note has not been cancelled,
satisfied or rescinded in whole or part nor has any instrument been executed that would effect a
cancellation, satisfaction or rescission thereof.

(j) Other than consents and approvals obtained as of the related Purchase Date or those
already granted in the related Mortgage and/or Mortgage Note, to Seller’s knowledge, no consent or
approval by any Person is required in connection with (i) Seller’s sale, and Buyer’s acquisition
of, such Commercial Mortgage Loan, (ii) Buyer’s exercise of any rights or remedies in respect of
such Commercial Mortgage Loan or (iii) Buyer’s sale, pledge or other disposition of such Commercial
Mortgage Loan. No third party holds any “right of first refusal”, “right of first negotiation”,
“right of first offer”, purchase option, or other similar rights of any kind with respect to the
Commercial Mortgage Loan, and no other impediment exists to any such transfer or exercise of rights
or remedies.

(k) To Seller’s knowledge, no consent, approval, authorization or order of, or registration or
filing with, or notice to, any court or governmental agency or body having jurisdiction or
regulatory authority (other than those that have been obtained or made) is required for any
transfer, pledge, or assignment by the holder of such Commercial Mortgage Loan.

(l) Seller does not have notice or knowledge of any outstanding liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
related to such Commercial Mortgage Loan, for which the holder of such Commercial Mortgage Loan is
or may become obligated, or with respect to which such Commercial Mortgage Loan is or may become
subject.

(m) To Seller’s knowledge, each related Mortgage Note, Mortgage, Assignment of Leases (if a
document separate from the Mortgage) and other agreement executed by the related Mortgagor in
connection with such Commercial Mortgage Loan is the legal, valid and binding obligation of the
related Mortgagor (subject to any non-recourse provisions therein and any applicable state
anti-deficiency, one action or market value limit deficiency legislation), enforceable in
accordance with its terms, except (i) that certain provisions contained in such Commercial Mortgage
Loan documents are or may be unenforceable in whole or in part under any applicable state or
federal laws, but neither the application of any such laws to any such provision nor the inclusion
of any such provisions renders any of the Commercial Mortgage Loan documents invalid as a whole and
such Commercial Mortgage Loan documents taken as a whole are enforceable to the extent necessary
and customary for the practical realization of the rights and benefits afforded thereby and (ii) as
such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization,
moratorium, redemption, liquidation or other laws relating to or affecting the enforcement of
creditors’ rights generally, or by general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law). The related Mortgage Note and
Mortgage contain no provision limiting the right or ability of Seller to assign, transfer and
convey the related Commercial Mortgage Loan to any other Person. With respect to any Mortgaged
Property that has tenants, there exists as either part of the Mortgage or as a separate document,
an assignment of leases.

(n) To Seller’s knowledge, there is no valid offset, defense, counterclaim, abatement or right
to rescission with respect to any related Mortgage Note, Mortgage or other agreements executed in
connection therewith.

(o) Seller has delivered to Buyer or its designee the original Mortgage Note(s) made in
respect of such Commercial Mortgage Loan, together with an original endorsement thereof executed by
Seller in blank and the related Asset File.

(p) Each related Assignment of Mortgage and assignment of Assignment of Leases from Seller in
blank constitutes the legal, valid and binding first priority assignment from Seller (assuming the
insertion of the Buyer’s name), except as such enforcement may be limited by bankruptcy,
insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws
relating to or affecting the enforcement of creditors’ rights generally, or by general principles
of equity (regardless of whether such enforcement is considered in a proceeding in equity or at
law). Each Mortgage and Assignment of Leases is freely assignable without the consent of the
related Mortgagor.

(q) Such Commercial Mortgage Loan is secured by one or more Mortgages and, to Seller’s
knowledge, each such Mortgage with respect to a Commercial Mortgage Loan is a valid and enforceable
first priority lien on the related Mortgaged Property subject only to the exceptions set forth in
paragraph (m) above and the following title exceptions (each such title exception, a “Title
Exception”, and collectively, the “Title Exceptions”): (i) the lien of current real
property taxes, water charges, sewer rents and assessments not yet due and payable, (ii) covenants,
conditions and restrictions, rights of way, easements and other matters of public record, none of
which, to Seller’s knowledge, individually or in the aggregate, materially and adversely interferes
with the current use of the Mortgaged Property or the security intended to be provided by such
Mortgage or with the Mortgagor’s ability to pay its obligations under the Commercial Mortgage Loan
when they become due or materially and adversely affects the value of the Mortgaged Property, (iii)
the exceptions (general and specific) and exclusions set forth in the applicable policy described
in paragraph (u) below or appearing of record, none of which, to Seller’s knowledge, individually
or in the aggregate, materially and adversely interferes with the current use of the Mortgaged
Property or the security intended to be provided by such Mortgage or with the Mortgagor’s ability
to pay its obligations under the Commercial Mortgage Loan when they become due or materially and
adversely affects the value of the Mortgaged Property, (iv) other matters to which like properties
are commonly subject, none of which, to Seller’s knowledge, individually or in the aggregate,
materially and adversely interferes with the current use of the Mortgaged Property or the security
intended to be provided by such Mortgage or with the Mortgagor’s ability to pay its obligations
under the Commercial Mortgage Loan when they become due or materially and adversely affects the
value of the Mortgaged Property, (v) the rights of tenants (as tenants only) under leases
(including subleases) pertaining to the related Mortgaged Property, and (vi) if such Commercial
Mortgage Loan is cross-collateralized with any other Commercial Mortgage Loan, the lien of the
Mortgage for such Commercial Mortgage Loan, none of which, to Seller’s knowledge, individually or
in the aggregate, materially and adversely interferes with the current use of the Mortgaged
Property or the security intended to be provided by such Mortgage or with the Mortgagor’s ability
to pay its obligations under the Commercial Mortgage Loan when they become due or materially and
adversely affects the value of the Mortgaged Property. Except with respect to cross-collateralized
and cross-defaulted Commercial Mortgage Loans that are sold to Buyer pursuant to this Agreement and
disclosed to Buyer in writing on the Schedule of Exceptions attached to the applicable Transaction
Request and Confirmation, and as provided below, there are no mortgage loans that are senior or
pari passu with respect to the related Mortgaged Property or such Commercial Mortgage Loan.

(r) Uniform Commercial Code financing statements have been filed and/or recorded (or, if not
filed and/or recorded, have been submitted in proper form for filing and recording), in all public
places to the extent necessary, to Seller’s knowledge, to perfect a valid first priority security
interest in all items of personal property located on the Mortgaged Property that are owned by the
Mortgagor and either (i) are reasonably necessary to operate the Mortgaged Property or (ii) are (as
indicated in the appraisal obtained in connection with the origination of the related Commercial
Mortgage Loan) material to the value of the Mortgaged Property (other than any personal property
subject to a purchase money security interest or a sale and leaseback financing arrangement
permitted under the terms of such Commercial Mortgage Loan or any other personal property leases
applicable to such personal property), to the extent perfection may be effected pursuant to
applicable law by recording or filing, and the Mortgages, security agreements, chattel mortgages or
equivalent documents related to and delivered in connection with the related Commercial Mortgage
Loan establish and create a valid and enforceable lien and priority security interest on such items
of personalty except as such enforcement may be limited by bankruptcy, insolvency, receivership,
reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the
enforcement of creditor’s rights generally, or by general principles of equity (regardless of
whether such enforcement is considered in a proceeding in equity or at law). Notwithstanding the
foregoing, no representation is made as to perfection of security interests in personal property to
the extent action, possession or control beyond the filing of the Uniform Commercial Code financing
statements is required in order to effect such perfection.

(s) All real estate taxes and governmental assessments, or installments thereof, which would
be a lien on the Mortgaged Property and that have become delinquent in respect of the Mortgaged
Property have been paid, or an escrow of funds in an amount sufficient to cover such payments and
reasonably estimated interest and penalties, if any, has been established in connection with the
Mortgage Loan. For purposes of this representation and warranty, real estate taxes and
governmental assessments and installments thereof shall not be considered delinquent until the
earlier of (i) the date on which interest and/or penalties would first be payable thereon and (ii)
the date on which enforcement action is entitled to be taken by the related taxing authority.

(t) (i) An engineering report or property condition assessment and (ii) an appraisal (each
such appraisal, a “Qualified Appraisal”) of the related Mortgaged Property signed by a
qualified appraiser who had no interest, direct or indirect, in the Mortgaged Property or in any
loan made on the security thereof; and whose compensation was and is not affected by the approval
or disapproval of the Commercial Mortgage Loan, and such appraisal and appraiser both satisfied
either (A) the requirements of the “Uniform Standards of Professional Appraisal Practice” as
adopted by the Appraisal Standards Board of the Appraisal Foundation, or (B) the guidelines in
Title XI of the Financial Institutions Reform, Recovery and Enforcement Act or 1989, in either case
as in effect on the date such Commercial Mortgage Loan was originated, were prepared in connection
with the origination of each Commercial Mortgage Loan no more than twelve months prior to the
origination date of such Commercial Mortgage Loan. To Seller’s knowledge, the related Mortgaged
Property is free and clear of any material damage (other than deferred maintenance for which
adequate escrows were established at origination) that would affect materially and adversely the
value of such Mortgaged Property as security for the Commercial Mortgage Loan and, to Seller’s
knowledge, there is no proceeding pending or 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.

(u) The lien of each related Mortgage as a first priority lien in the original principal
amount of such Commercial Mortgage Loan after all advances of principal is insured by an ALTA
lender’s title insurance policy (or a binding, irrevocable and unconditional commitment therefor),
or with respect to any Commercial Mortgage Loan for which the related Mortgaged Property is located
in California a CLTA lender’s title insurance policy (or a binding, irrevocable and unconditional
commitment therefor), or its equivalent as adopted in the applicable jurisdiction (the “Title
Policy”) in the original principal amount of such Commercial Mortgage Loan (or with respect to
a Commercial 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 Title Exceptions; the mortgagee or its successors or assigns is the
sole named insured of such Title Policy; such Title Policy is assignable without consent of the
insurer and will inure to the benefit of the mortgagee of record; such Title Policy is in full
force and effect upon the consummation of the transactions contemplated by this Agreement; all
premiums thereon have been paid; no claims have been made under such Title Policy and, to Seller’s
knowledge, no circumstance exists which would impair or diminish the coverage of such Title Policy.
The insurer issuing such Title Policy is (x) a nationally recognized title insurance company and
(y) to Seller’s knowledge, qualified to do business in the jurisdiction in which the related
Mortgaged Property is located to the extent required; such Title Policy contains no material
exclusions for, or affirmatively insures (except for any Mortgaged Property located in a
jurisdiction where such insurance is not available) (i) access to a public road or (ii) against any
loss due to encroachments of any material portion of the improvements thereon. Neither Seller nor,
to Seller’s knowledge, any other holder of the Commercial Mortgage Loan, has done, by act or
omission, anything that would materially impair the coverage under such Title Policy.

(v) Each related Mortgaged Property is, and is required pursuant to the related Mortgage to
be, insured by a property insurance policy providing coverage for loss in accordance with coverage
found under a “special cause of loss form” or “all risk form” that includes replacement cost
valuation issued by an insurer meeting the requirements of the related Mortgage and meeting the
Insurance Rating Requirements, is in an amount (subject to a customary deductible) at least equal
to the lesser of (i) the replacement cost of improvements, furniture, fixtures, furnishings and
equipment owned by Mortgagor and located on such Mortgaged Property, or (ii) the outstanding
principal balance of the Commercial Mortgage Loan, and in any event, the amount necessary to
prevent operation of any co-insurance provisions; and is also covered by business interruption or
rental loss insurance, in an amount (subject to the customary deductible and except where an
applicable tenant lease does not permit the tenant to abate rent under any circumstances) at least
equal to 12 months of operations of the related Mortgaged Property, all of which was in full force
and effect with respect to the related Mortgaged Property; and, to Seller’s knowledge, all
insurance coverage required under the related Commercial Mortgage Loan documents, which insurance
covers such risks and is in such amounts as are customarily acceptable to prudent commercial and
multifamily mortgage lending institutions lending on the security of property comparable to the
related Mortgaged Property in the jurisdiction in which such Mortgaged Property is located, is in
full force and effect with respect to the related Mortgaged Property; to Seller’s knowledge, all
premiums due and payable are current and have been paid (or have been financed or are being paid
currently in installments); and no notice of termination or cancellation with respect to any such
insurance policy has been received by Seller; and except for certain amounts not greater than
amounts which would be considered prudent by an institutional commercial and/or multifamily
mortgage lender with respect to a similar Commercial Mortgage Loan and which are set forth in the
related Commercial Mortgage Loan documents, any insurance proceeds in respect of a casualty loss or
condemnation awards, will be applied either (i) to the repair or restoration of all or part of the
related Mortgaged Property, with respect to all property losses (and, with respect to all insurance
proceeds, all property losses in excess of 5% (or such other fixed percentage as shall be expressly
indicated in the Commercial Mortgage Loan documents for the related Mortgaged Property) of the then
outstanding principal amount of the related Commercial Mortgage Loan, the mortgagee (or a trustee
appointed by it) having the right to hold and disburse such proceeds as the repair or restoration
progresses, or (ii) the reduction of the outstanding principal balance of the Commercial Mortgage
Loan, subject in either case to requirements with respect to leases at the related Mortgaged
Property and to other exceptions customarily provided for by prudent institutional lenders for
similar loans. The Mortgaged Property is also covered by comprehensive general liability insurance
against claims for personal and bodily injury, death or property damage occurring on, in or about
the related Mortgaged Property, in an amount customarily required by prudent institutional lenders.
An architectural or engineering consultant has performed an analysis of the Mortgaged Properties
located in seismic zone 3 or 4 in order to evaluate the structural and seismic condition of such
property, for the sole purpose of assessing the probable maximum loss (“PML”) for the
Mortgaged Property in the event of an earthquake. In such instance, the PML was based on a 475
year lookback with a 10% probability of exceedance in a 50 year period. If the resulting report
concluded that the PML would exceed 20% of the amount of the replacement costs of the improvements,
earthquake insurance on such Mortgaged Property was obtained by an insurer meeting the Insurance
Rating Requirements. If the Mortgaged Property is located in Florida or within 25 miles of the
coast of Texas, Louisiana, Mississippi, Alabama, Georgia, North Carolina or South Carolina such
Mortgaged Property is insured by windstorm and/or windstorm related perils and/or “named storms”
insurance issued by an insurer meeting the Insurance Rating Requirements or endorsement covering
damage from windstorm and/or windstorm related perils and/or named storms in an amount at least
equal to the lesser of (i) the outstanding principal balance of such Commercial Mortgage Loan, (ii)
100% of the full insurable value, or 100% of the replacement cost, of the improvements located on
the related Mortgaged Property, or (iii) such other amounts (expressly indicated in the Commercial
Mortgage Loan documents) as shall not be less than limits which would be considered prudent by an
institutional commercial and/or multifamily mortgage lender with respect to a Commercial Mortgage
Loan in the amount of the Commercial Mortgage Loan and secured by property similar to the Mortgaged
Property.

The insurance policies contain a standard mortgagee clause naming the mortgagee of the
Commercial Mortgage Loan, its successors and assigns as loss payee, in the case of a property
insurance policy, and additional insured in the case of a liability insurance policy and provide
that they are not terminable without 30 days prior written notice to such mortgagee (or, with
respect to non-payment, 10 days prior written notice to such mortgagee) or such lesser period as
prescribed by applicable law. Each Mortgage requires that the Mortgagor maintain insurance as
described above or permits the mortgagee of the Commercial Mortgage Loan to require insurance as
substantially described above, and permits such mortgagee to purchase such insurance at the
Mortgagor’s expense if Mortgagor fails to do so.

(w) (i) Other than payments due but not yet 30 days or more delinquent, there is no material
default, breach, violation or event of acceleration existing under the related Mortgage or the
related Mortgage Note or the related Commercial Mortgage Loan documents, and, to Seller’s
knowledge, no event has occurred (other than payments due but not yet delinquent) which, with the
passage of time or with notice and the expiration of any grace or cure period, would constitute a
material default, breach, violation or event of acceleration, and (ii) Seller has not waived any
material default, breach, violation or event of acceleration under such Mortgage or Mortgage Note
or the related Commercial Mortgage Loan documents, which in the case of either (i) or (ii),
materially and adversely affects the value of the Commercial Mortgage Loan or the value, use or
operation of the related Mortgaged Property. Pursuant to the terms of the related Mortgage or the
related Mortgage Note and other documents in the related Commercial Mortgage Loan documents no
Person or party other than the holder or Servicer of such Mortgage Note may declare any event of
default or accelerate the related indebtedness under such Mortgage, Mortgage Note or Commercial
Mortgage Loan documents.

(x) The Commercial Mortgage Loan is not past due in respect of any scheduled payment or part
thereof and such Commercial Mortgage Loan has not, since origination, been 30 days or more past due
in respect of any scheduled payment or part thereof, and the Commercial Mortgage Loan documents do
not provide for any grace period in excess of 10 calendar days with respect to delinquent scheduled
payments.

(y) No related Mortgage provides for or permits, without the prior written consent of the
holder of the Mortgage Note, the related Mortgaged Property to secure any other promissory note or
obligation except as expressly described in such Mortgage.

(z) The Commercial Mortgage Loan is a “qualified mortgage” within the meaning of Section
860G(a)(3)(A) of the Code (but determined without regard to the rule in Treasury Regulations
Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and,
accordingly, either: (A) such Commercial Mortgage Loan is secured by an interest in real property
(within the meaning of Treasury Regulations Sections 1.856-3(c) and 1.856-3(d)) having a fair
market value (1) at the date the Commercial Mortgage Loan was originated at least equal to 80% of
the adjusted issue price of the Commercial Mortgage Loan on such date or (2) at the Purchase Date
at least equal to 80% of the adjusted issue price of the Commercial Mortgage Loan on such date,
provided that for purposes hereof, the fair market value of the real property interest must first
be reduced by (x) the amount of any lien on the real property interest that is senior to the
Commercial Mortgage Loan and (y) a proportionate amount of any lien on the real property interest
that is in parity with the Commercial Mortgage Loan; or (B) substantially all of the proceeds of
such Commercial Mortgage Loan were used to acquire, improve or protect the real property which
served as the only security for such Commercial Mortgage Loan (other than a recourse feature or
other third-party credit enhancement within the meaning of Treasury Regulations Section
1.860G-2(a)(1)(ii)). If the Commercial Mortgage Loan was “significantly modified” prior to the
Purchase Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x)
was so modified as a result of the default or reasonably foreseeable default of such Commercial
Mortgage Loan or (y) meets the requirements described in sub-clause (A)(1) above (substituting the
date of the last such modification for the date the Commercial Mortgage Loan was originated) or
sub-clause (A)(2) above. Any prepayment premium and yield maintenance charges applicable to the
Commercial Mortgage Loan constitute “customary prepayment penalties” within the meaning of Treasury
Regulations Section 1.860G-1(b)(2). All terms used in this paragraph shall have the same meanings
as set forth in the related Treasury Regulations.

(aa) Except as set forth on the Phase I Environmental Report with respect to the Mortgaged
Property delivered to Buyer, (i) to Seller’s knowledge, there is no material and adverse
environmental condition or circumstance affecting the Mortgaged Property; (ii) Seller has no
knowledge of any material violation of any applicable Environmental Law with respect to the
Mortgaged Property; (iii) neither Seller nor, to Seller’s knowledge, the Mortgagor has taken any
actions which would cause the Mortgaged Property not to be in compliance with all applicable
Environmental Laws; (iv) the Mortgage Loan documents require the Mortgagor to comply with all
Environmental Laws; and (v) each Mortgagor has agreed to indemnify the mortgagee for any losses
resulting from any material, adverse environmental condition or failure of the Mortgagor to abide
by such Environmental Laws or has provided environmental insurance. A Phase I environmental site
assessment (or update of a previous Phase I and/or Phase II site assessment) and, with respect to
certain Commercial Mortgage Loans, a Phase II environmental site assessment (collectively, an
“Environmental Site Assessment”) meeting the American Society for Testing and Materials
(“ASTM”) requirements conducted by a reputable environmental consultant in connection with
such Commercial Mortgage Loan within 12 months prior to its origination date (or an update of a
previous Environmental Site Assessment was prepared), and, to Seller’s knowledge, such
Environmental Site Assessment (i) did not identify the existence of recognized Environmental
Conditions at the related Mortgaged Property or the need for further investigation, or (ii) if the
existence of an Environmental Condition or need for further investigation was indicated in any such
Environmental Site Assessment, then at least one of the following statements is true: (A) 100% or
more of the funds reasonably estimated by a reputable environmental consultant to be sufficient to
cover the estimated cost to cure any material noncompliance with applicable Environmental Laws or
the Environmental Condition has been escrowed by the related Mortgagor and is held or controlled by
the related mortgagee; (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, the
only recommended action in the Environmental Site Assessment is the institution of an operations or
maintenance plan, and such a plan has been required to be instituted by the related Mortgagor that,
based on the Environmental Site Assessment, 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 Purchase Date, and, if and as appropriate, a no
further action or closure letter was obtained from the applicable governmental regulatory authority
(or the environmental issue 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) an environmental policy or a lender’s pollution legal liability
insurance policy meeting the requirements set forth below that covers liability for the identified
circumstance or condition was obtained from an insurer meeting the Insurance Rating Requirements;
(E) a party not related to the Mortgagor was identified as the responsible party for such condition
or circumstance and such responsible party has financial resources reasonably estimated to be
adequate to address the situation; or (F) a party related to the Mortgagor having financial
resources reasonably estimated to be adequate to address the situation is required to take action.
To Seller’s knowledge, except as set forth in the Environmental Site Assessment, there is no
Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related
Mortgaged Property.

(bb) To Seller’s knowledge, each related Mortgage and Assignment of Leases, together with
applicable state law, contains customary and enforceable provisions for comparable mortgage loan
documents encumbering comparable mortgaged properties similarly situated such as to render the
rights and remedies of the holder thereof adequate for the practical realization against the
Mortgaged Property of the benefits of the security, including realization by judicial or, if
applicable, non-judicial foreclosure, subject to the effects of bankruptcy, insolvency,
receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or
affecting the enforcement of creditors’ rights generally, or by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity or at law).

(cc) To Seller’s knowledge, neither the Mortgaged Property nor any portion thereof, is the
subject of, and no Mortgagor is a debtor in any state or federal bankruptcy or insolvency
proceeding.

(dd) Such Commercial Mortgage Loan is a whole loan and contains no equity participation by the
lender or shared appreciation feature and does not provide for any contingent or additional
interest in the form of participation in the cash flow of the related Mortgaged Property or provide
for negative amortization. Except as set forth in the Schedule of Exceptions, Seller does not hold
an equity interest in the direct or any indirect owner in such related Mortgagor.

(ee) Subject to certain exceptions, which are customarily acceptable to prudent commercial and
multifamily mortgage lending institutions lending on the security of property comparable to the
related Mortgaged Property, the related Commercial Mortgage Loan documents contain provisions for
the acceleration of the payment of the unpaid principal balance of such Commercial Mortgage Loan
if, without complying with the requirements of the Commercial Mortgage Loan documents, (i) the
related Mortgaged Property, or any controlling equity interest (as such term is defined in the
related Commercial Mortgage Loan documents) in the related Mortgagor, is directly or indirectly
transferred or sold (other than by reason of family and estate planning transfers, transfers by
devise, descent or operation of law upon the death of a member, general partner or shareholder of
the related borrower and transfers of less than a controlling equity interest (as such term is
defined in the related Commercial Mortgage Loan documents) in a Mortgagor, issuance of
non-controlling new equity interests, transfers to certain affiliates, a specific Person, or a
Person satisfying specific criteria, as expressly permitted in the related Commercial Mortgage Loan
documents, transfers in connection with any mezzanine debt that existed at origination of the
related Commercial Mortgage Loan or is permitted under the related Commercial Mortgage Loan
documents, transfers among existing members, partners or shareholders in the Mortgagor or
affiliates thereof, transfers among affiliated Mortgagors with respect to Commercial Mortgage Loans
which are cross-collateralized or cross-defaulted with other mortgage loans or multi-property
Commercial Mortgage Loans or transfers of a nature similar to the foregoing meeting the
requirements of the Commercial Mortgage Loan (such as pledges of ownership interests that do not
result in a change of control) or a substitution or release of collateral within the parameters of
paragraph (hh) below), or (ii) the related Mortgaged Property or controlling equity interest (as
such term is defined in the related Commercial Mortgage Loan documents) in the Mortgagor is
encumbered in connection with subordinate financing by a lien or security interest against the
related Mortgaged Property. The Commercial Mortgage Loan documents require the Mortgagor to pay
all reasonable out-of-pocket expenses incurred by the Mortgagor with respect to any transfer,
assumption or encumbrance requiring lender’s approval.

(ff) Except as set forth in the related Complete Submission and Schedule of Exceptions, the
terms of the related Commercial Mortgage Loan documents have not been waived, modified, altered,
satisfied, impaired, canceled, subordinated or rescinded in any manner which materially interferes
with the security intended to be provided by such Commercial Mortgage Loan documents, and no such
waiver, modification, alteration, satisfaction, impairment, cancellation, subordination or
rescission has occurred since the date upon which the Complete Submission and Schedule of
Exceptions for such Commercial Mortgage Loan were delivered to Buyer or its designee.

(gg) Each related Mortgaged Property was inspected (i) by or on behalf of the related
originator during the 12 month period prior to the related origination date or (ii) if Seller or an
Affiliate did not originate the Commercial Mortgage Loan, by or on behalf of Seller or an Affiliate
on or after the date that is 6 months prior to the date that Seller acquired the Commercial
Mortgage Loan.

(hh) The terms of the related Mortgage or related Commercial Mortgage Loan 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, or partial defeasance, 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 Commercial Mortgage Loan, (c) upon a
defeasance, (d) 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 Commercial Mortgage Loan and are not necessary for physical access to the
Mortgaged Property or compliance with zoning requirements, or (e) as required pursuant to an order
of condemnation or taking by a state or any political subdivision or authority thereof. With
respect to any partial release under the preceding clauses (a) or (d), either: (x) such release of
collateral (i) would not constitute a “significant modification” of the subject Commercial Mortgage
Loan within the meaning of Treasury Regulations Section 1.860G 2(b)(2) and (ii) would not cause the
subject Commercial Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Section
860G(a)(3)(A) of the Code; or (y) the mortgagee or servicer can, in accordance with the related
Commercial Mortgage Loan documents, condition such release of collateral on the related Mortgagor’s
delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause
(x). For purposes of the preceding clause (x), for all Commercial Mortgage Loans originated after
December 6, 2010, if the fair market value of the real property constituting such Mortgaged
Property after the release is not equal to at least 80% of the principal balance of the Commercial
Mortgage Loan outstanding after the release, the Mortgagor is required to make a payment of
principal in an amount not less than the amount required by the REMIC Provisions.

With respect to any partial release under the preceding clause (e), for all Commercial
Mortgage Loans originated after December 6, 2010, the Mortgagor can be required to pay down the
principal balance of the Commercial Mortgage Loan in an amount not less than the amount required by
the REMIC Provisions and, to such extent, may not be required to be applied to the restoration of
the Mortgaged Property or released to the Mortgagor, if, immediately after the release of such
portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the
planned restoration) the fair market value of the real property constituting the remaining
Mortgaged Property is not equal to at least 80% of the remaining principal balance of the
Commercial Mortgage Loan.

No Commercial Mortgage Loan that is secured by more than one Mortgaged Property or that is
cross collateralized with another Commercial Mortgage Loan permits the release of cross
collateralization of the related Mortgaged Properties, other than in compliance with the REMIC
Provisions.

(ii) To Seller’s knowledge, there are no material violations of any applicable zoning
ordinances, building codes or land laws applicable to the Mortgaged Property or the use and
occupancy thereof which (i) are not insured by an ALTA lender’s title insurance policy (or a
binding, irrevocable and unconditional commitment therefor), or its equivalent as adopted in the
applicable jurisdiction, or a law and ordinance insurance policy or (ii) as determined by Seller at
the time of origination and based upon reasonable underwriting guidelines utilized by Seller in the
ordinary course of business, would have a material adverse effect on the value, operation or net
operating income of the Mortgaged Property. The Commercial Mortgage Loan documents require the
Mortgaged Property to comply with all applicable laws and ordinances in all material respects.

(jj) To Seller’s knowledge, none of the material improvements which were included for the
purposes of determining the Appraised Value of the related Mortgaged Property at the time of the
origination of the Commercial Mortgage Loan lies outside of the boundaries and building restriction
lines of such property (except any encroachments to such boundaries and building restriction lines
which constitute legal non-conformities), to an extent which would have a material adverse effect
on the value of the Mortgaged Property or the related Mortgagor’s use and operation of such
Mortgaged Property (unless affirmatively covered by title insurance) and no improvements on
adjoining properties encroach upon such Mortgaged Property except for encroachments that do not
have any material adverse effect on the Mortgagor, the Commercial Mortgage Loan or the Mortgaged
Property, including, without limitation, to the value or current use of such Mortgaged Property
(unless affirmatively covered by title insurance) and no material improvements encroach upon any
easements except for encroachments that do not have any material adverse effect on the Mortgagor,
the Commercial Mortgage Loan or the Mortgaged Property, including, without limitation, to the value
or current use of such Mortgaged Property (unless affirmatively covered by title insurance).

(kk) The related Mortgagor has covenanted in its organizational documents and/or the
Commercial Mortgage Loan documents that it was formed or organized solely for the purpose of owning
and operating one or more of the Mortgaged Properties securing the Commercial Mortgage Loans and
prohibit it from engaging in any business unrelated to such Mortgaged Property or Properties, and
whose organizational documents further provide, or which entity represented in the related
Mortgage, 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), that it has its own books and records and accounts
separate and apart from those of any other person, and that it holds itself out as a legal entity,
separate and apart from any other person or entity.

(ll) No advance of funds has been made other than pursuant to the loan documents, directly or
indirectly, by the mortgagee, Seller, the Servicer or any prior servicer to the Mortgagor and to
Seller’s knowledge, no funds have been received from any Person other than the Mortgagor or its
property manager, for or on account of payments due on the Mortgage Note or the Mortgage (other
than amounts paid by the tenant into a lender-controlled lockbox as specifically required under a
related lease).

(mm) To Seller’s knowledge, there is no pending or filed action, suit or proceeding,
arbitration or governmental investigation of which mortgagee, Seller, the Servicer or, to Seller’s
knowledge, any prior Servicer, has received written notice or other written evidence, against the
Mortgagor, any guarantor or other party liable for all or a part of the obligations under the
Commercial Mortgage Loan, or the related Mortgaged Property the adverse outcome of which could
reasonably be expected to materially and adversely affect (i) such Mortgagor’s title to the related
Mortgaged Property, (ii) the validity or enforceability of the related Commercial Mortgage Loan
documents, (iii) such Mortgagor’s ability to perform under the related Commercial Mortgage Loan
documents, (iv) such guarantor’s ability to perform under the related guaranty, (v) such
Mortgagor’s ability to pay principal, interest or any other amounts due under such Commercial
Mortgage Loan documents, (vi) the security intended to be provided by the Commercial Mortgage Loan
documents, (vii) the current use of the related Mortgaged Property, (viii) such Mortgagor’s title
to the Mortgaged Property, or (ix) the validity or enforceability of the related Mortgage.

(nn) If the related Mortgage is a deed of trust, a trustee, duly qualified under applicable
law to serve as such, has either been properly designated and is currently serving under and is
named in such Mortgage or has been substituted in accordance with the Mortgage and applicable law
or may be substituted in accordance with the Mortgage and applicable law.

(oo) To Seller’s knowledge, the Commercial Mortgage Loan and the interest (exclusive of any
default interest, late charges, yield maintenance charges, or prepayment premiums) contracted for
complies with, or is exempt from, applicable state or federal laws, regulations and other
requirements pertaining to usury.

(pp) Each Commercial Mortgage Loan that is cross-collateralized is cross-collateralized only
with other Commercial Mortgage Loans that (i) have been disclosed in writing to Buyer on the
Schedule of Exceptions attached to the applicable Transaction Request and Confirmation, and (ii)
are subject to Transactions under this Agreement as of the Purchase Date and at all times.

(qq) The improvements located on the related Mortgaged Property are either not located in a
federally designated special flood hazard area or, if so located, the related Mortgagor is required
to maintain or the mortgagee maintains, flood insurance with respect to such improvements and such
policy is in full force and effect in an amount no less than the lesser of (i) the original
principal balance of the Commercial Mortgage Loan, (ii) the value of such improvements on the
related Mortgaged Property located in such flood hazard area or (iii) the maximum allowed under the
related federal flood insurance program.

(rr) All escrows required (if any) pursuant to the Commercial Mortgage Loan required to be
currently deposited with the Servicer or any prior Servicer, or by any Mortgagor or by any prior
Mortgagor, in accordance with the Commercial Mortgage Loan documents have been so deposited, are in
the possession, or under the control of Seller or Servicer or its agent, and to Seller’s knowledge
there are no deficiencies in connection therewith.

(ss) To Seller’s knowledge, the related Mortgagor, the related lessees, trustee, franchisor or
operators are in possession of all material licenses, permits and authorizations then required for
the use permitted by the Mortgage Loan documents of the related Mortgaged Property by the related
Mortgagor, related lessee, trustee, franchisor, and/or operator. The Commercial Mortgage Loan
documents require the Mortgagor to maintain or cause to be maintained all such licenses, permits,
certificates of occupancy, and authorizations. To Seller’s knowledge, all such material licenses,
permits, certificates of occupancy, and applicable governmental authorizations are in effect. The
Commercial Mortgage Loan documents require the related Mortgagor to be qualified to do business in
the jurisdiction in which the related Mortgaged Property is located.

(tt) The origination, servicing and collection practices used by Seller (and the related
originator if Seller was not the originator) with respect to each Commercial Mortgage Loan have
been, in all material respects, legal and as of the date of its origination and in accordance with
Accepted Servicing Practices, such Commercial 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 Commercial Mortgage Loan.

(uu) Except for Mortgagors under Commercial Mortgage Loans the Mortgaged Property with respect
to which includes a Ground Lease, the related Mortgagor (or its affiliate) has title in the fee
simple interest in each related Mortgaged Property.

(vv) The Commercial Mortgage Loan documents for each Commercial Mortgage Loan provide (or have
substantially similar language providing) that such Commercial Mortgage Loan (i) becomes full
recourse to the Mortgagor and a guarantor (which is a natural person or persons, or an entity or
entities, distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets
other than equity in the related Mortgaged Property that are not de minimis) in any of the
following events: (A) if any voluntary petition for bankruptcy, insolvency, dissolution or
liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed
by the Mortgagor; (B) Mortgagor or guarantor shall have colluded with (or, alternatively, solicited
or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect
to the Mortgagor; (C) voluntary transfers of either the Mortgaged Property or equity interests in
Mortgagor made in violation of the Commercial Mortgage Loan documents; (D) any transfer in
violation of transfer restrictions set forth in the related Commercial Mortgage Loan documents; or
(E) after an event of default under the underlying Mortgage Loan (after the expiration of any
applicable notice or cure periods, if any) that results in lender accelerating the indebtedness,
and after exercising remedies against the Mortgaged Property, Mortgagor or any guarantor
intentionally interferes for the sake of delay with lender’s exercise of remedies under the related
Mortgage, except for such interference solely related to compulsory counterclaims or colorable
defenses brought in good faith; and (ii) contains provisions providing for recourse against the
Mortgagor and a guarantor (which is a natural person or persons, or an entity or entities distinct
from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in
the related Mortgaged Property that are not de minimis), for losses and damages sustained by reason
of Mortgagor’s: (A) misappropriation of rents after the occurrence of an event of default under the
Commercial Mortgage Loan; (B) misappropriation of (x) insurance proceeds or condemnation awards or
(y) security deposits or, alternatively, the failure of any security deposits to be delivered to
mortgagee upon foreclosure or action in lieu thereof (except to the extent applied in accordance
with leases prior to a Commercial Mortgage Loan event of default); (C) fraud or intentional
material misrepresentation; (D) breaches of the environmental covenants in the Commercial Mortgage
Loan documents; or (E) commission of intentional material physical waste at the Mortgaged Property.

(ww) To Seller’s knowledge, subject to applicable law and the exceptions set forth in
paragraph (m) and upon possession of the Mortgaged Property as required under applicable state law,
any Assignment of Leases set forth in the Mortgage or separate from the related Mortgage and
related to and delivered in connection with such Commercial Mortgage Loan establishes and creates a
valid, subsisting and enforceable lien and security interest in the related Mortgagor’s interest in
all leases, subleases, licenses or other agreements with Mortgagor pursuant to which any Person is
entitled to occupy, use or possess all or any portion of the real property.

(xx) If such Commercial Mortgage Loan contains a provision for any defeasance of mortgage
collateral, such Commercial Mortgage Loan permits defeasance (1) no earlier than two years after
the date of origination of such Commercial Mortgage Loan and (2) only with substitute collateral
constituting “government securities” within the meaning of Treasury Regulations Section
1.860G-2(a)(8)(i) in an amount sufficient to make all scheduled payments under the Mortgage Note
through the related maturity date (or first day of the open period). Such Commercial Mortgage Loan
was not originated with the intent to collateralize a REMIC offering with obligations that are not
real estate mortgages. In addition, if such Mortgage contains such a defeasance provision, it
provides (or otherwise contains provisions pursuant to which the holder can require) that an
opinion be provided to the effect that such holder has a first priority security interest in the
defeasance collateral. The related Commercial Mortgage Loan documents permit the lender to charge
all of its expenses (subject in certain cases to a cap on such expenses) associated with a
defeasance to the Mortgagor (including rating agencies’ fees, accounting fees and attorneys’ fees),
and provide that the related Mortgagor must deliver (or otherwise, the Commercial Mortgage Loan
documents contain certain provisions pursuant to which the lender can require) (a) an accountant’s
certification as to the adequacy of the defeasance collateral to make payments under the related
Commercial Mortgage Loan through the related maturity date (or first day of the open period), (b)
an opinion of counsel that the defeasance complies with all applicable REMIC Provisions, and (c)
assurances from each applicable rating agency that the defeasance will not result in the
withdrawal, downgrade or qualification of the ratings assigned to any certificates backed by the
related Commercial Mortgage Loan. Notwithstanding the foregoing, some of the Commercial Mortgage
Loan documents may not affirmatively contain all such requirements, but such requirements are
effectively present in such documents due to the general obligation to comply with the REMIC
Provisions and/or deliver a REMIC opinion of counsel.

(yy) To Seller’s knowledge, the originator of such Commercial Mortgage Loan was authorized to
do business in the jurisdiction in which the related Mortgaged Property is located at all times
when it originated and held the Commercial Mortgage Loan, and as of the date that such entity held
the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or
hold (as applicable) the Mortgage Note 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 Commercial Mortgage Loan.

(zz) Neither Seller nor any affiliate thereof has any obligation to make any capital
contributions to the Mortgagor under the Commercial Mortgage Loan.

(aaa) The related Mortgaged Property is not encumbered, and none of the Commercial Mortgage
Loan documents permits the related Mortgaged Property to be encumbered, without the prior written
consent of the holder of such Commercial Mortgage Loan, by any lien other than the lien of such
Commercial Mortgage Loan, Title Exceptions and mechanics’ and materialmen’s liens which are bonded
over, escrowed for or insured against by the Title Policy referred to herein.

(bbb) Each related Mortgaged Property constitutes one or more complete separate tax lots which
do not include any property which is not part of the Mortgaged Property (or the related Mortgagor
has covenanted to obtain separate tax lots and a Person has indemnified the mortgagee for any loss
suffered in connection therewith or an escrow of funds in an amount sufficient to pay taxes
resulting from a breach thereof has been established), or is subject to an endorsement under the
related title insurance policy which insures against any loss resulting therefrom.

(ccc) The related Commercial Mortgage Loan documents require the Mortgagor to provide the
mortgagee with certain financial information at regular intervals specified under the related
Commercial Mortgage Loan documents, which in all cases shall include at least the following: (i)
annual operating statements; (ii) annual financial statements; and (iii) annual rent rolls.

(ddd) Each Mortgaged Property (i) 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, and (ii) is served by or has uninhibited
access rights to public or private water (or well) and sewer (or septic) and all required
utilities, all of which are appropriate for the current use of the Mortgaged Property.

(eee) Each Mortgaged Property is free and clear of any and all mechanics’ and materialmen’s
liens that are prior or equal to the lien of the related Mortgage, and no rights are outstanding
that under law could give rise to any such lien that would be prior or equal to the lien of the
related Mortgage except, in each case, for liens which are bonded over, escrowed for or insured
against by the Title Policy referred to herein.

(fff) The Mortgaged Property is a real property type that is an Office Building, a Retail
property, a Multi-Family property, or an Industrial Property.

(ggg) With respect to any Commercial Mortgage Loan where the Commercial 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, to Seller’s
knowledge:

(i) 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 (or, if
consent of the lessor thereunder is required, it has been obtained prior to the Purchase
Date) and does not restrict the use of the related Mortgaged Property by such lessee, its
successors or assigns in a manner that would materially and adversely affect the security
provided by the related Mortgage. No material change in the terms of the Ground Lease has
occurred since the origination of the Commercial Mortgage Loan, except as reflected in any
written instruments which are included in the related Asset File.

(ii) The lessor under such Ground Lease has agreed in a writing included in the related
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 holder of the Commercial Mortgage Loan, and any such action without such
consent is not binding on the holder of the Commercial Mortgage Loan, its successors or
assigns, except termination or cancellation if (i) an event of default occurs under the
Ground Lease, (ii) notice thereof is provided to the holder of the Commercial Mortgage Loan
and (iii) such default is curable by the holder of the Commercial Mortgage Loan as provided
in the Ground Lease but remains uncured beyond the applicable cure period.

(iii) Such Ground Lease is in full force and effect, there is no material default under
such Ground Lease, and there is no event which, with the passage of time or with notice and
the expiration of any grace or cure period, would constitute a material default under such
Ground Lease; provided, however, that this representation does not cover any default
expressly disclosed as such in the Schedule of Exceptions.

(iv) The Ground Lease or ancillary agreement between the lessor and the lessee requires
the lessor to give notice of any default by the lessee to the holder of the Commercial
Mortgage Loan. The Ground Lease or ancillary agreement further provides that no notice
given is effective against the holder of the Commercial Mortgage Loan unless a copy has been
given to the holder of the Commercial Mortgage Loan in a manner described in the Ground
Lease or ancillary agreement.

(v) The Ground Lease (i) is not subject to any liens or encumbrances superior to, or of
equal priority with, the Mortgage, subject, however, to only the ground lessor’s fee
interest and the Title Exceptions or (ii) is subject to a subordination, non-disturbance and
attornment agreement to which the mortgagee of the lessor’s fee interest in the Mortgaged
Property is subject.

(vi) The holder of the Commercial Mortgage Loan is permitted a reasonable opportunity
(including, where necessary, sufficient time to gain possession of the interest of the
lessee under the Ground Lease) to cure any curable default under such Ground Lease after the
holder of the Commercial Mortgage Loan’s receipt of notice of any default before the lessor
thereunder may terminate such Ground Lease.

(vii) Such Ground Lease has an original term (together with any extension options,
whether or not currently exercised, set forth therein all of which can be exercised by the
holder of the Commercial Mortgage Loan if the holder of the Commercial Mortgage Loan
acquires the lessee’s rights under the Ground Lease) that extends not less than forty (40)
years beyond the loan closing date of such Commercial Mortgage Loan.

(viii) Under the terms of such Ground Lease and/or in any writing included in the
related Asset File, including any estoppel or consent letter received by the holder of the
Commercial Mortgage Loan from the lessor, and the related Mortgage, taken together, any
related insurance proceeds or condemnation award allocable to ground lessee’s interest
(other than a de minimis amount for minor casualties in respect of a total or substantially
total loss or taking) will be applied either to the repair or restoration of all or part of
the related Mortgaged Property, with the holder of the Commercial Mortgage Loan or a trustee
appointed by it having the right to hold and disburse such proceeds as repair or restoration
progresses, or to the payment or defeasance of the outstanding principal balance of the
Commercial Mortgage Loan, together with any accrued interest (except in cases where a
different allocation would not be viewed as commercially unreasonable by any commercial
mortgage lender, taking into account the relative duration of the Ground Lease and the
related Mortgage and the ratio of the market value of the related Mortgaged Property to the
outstanding principal balance of such Commercial Mortgage Loan).

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

(x) The Ground Lease does not place commercially unreasonable restrictions on the
identity of the holder of the Commercial Mortgage Loan, and the Ground Lease is assignable
to the holder of the Commercial Mortgage Loan and its successors and assigns without the
consent of the lessor thereunder (provided that proper notice is delivered to the extent
required in accordance with such Ground Lease), and in the event it is so assigned, it is
further assignable by the holder of the Commercial Mortgage Loan and its successors and
assigns without the consent of (but with prior notice to) the lessor.

(xi) There are no commercially unreasonable restrictions on the subletting of such
Mortgaged Property in such Ground Lease.

(xii) In the case of a total or substantially total taking or loss, under the terms of
such Ground Lease and/or in any writing included in the related Asset File, including any
estoppel or consent letter received by the holder of the Commercial Mortgage Loan from the
lessor, and the related Mortgage, taken together, any related insurance proceeds or
condemnation award allocable to ground lessee’s interest (other than a de minimis amount for
minor casualties in respect of a total or substantially total loss or taking) in respect of
a total or substantially total taking or loss to the extent not applied to the repair or
restoration of all or part of the related Mortgaged Property, with the holder of the
Commercial Mortgage Loan or a trustee appointed by it having the right to hold and disburse
such proceeds as repair or restoration progresses, will be applied first to the payment or
defeasance of the outstanding principal balance of the Commercial Mortgage Loan, together
with any accrued interest (except in cases where a different allocation would not be viewed
as commercially unreasonable by any commercial mortgage lender, taking into account the
relative duration of the Ground Lease and the related Mortgage and the ratio of the market
value of the related Mortgaged Property to the outstanding principal balance of such
Commercial Mortgage Loan).

(hhh) The Mortgagor under such Commercial Mortgage Loan is not an Affiliate of Seller.

(iii) Except as disclosed in the Summary Diligence Materials delivered to the Buyer and
previous intercompany transfers, no Commercial Mortgage Loan has been acquired by an Affiliate of
Seller other than a direct parent of Seller.

(jjj) The Mortgagor is an entity organized under the laws of a state of the United States of
America, the District of Columbia or the Commonwealth of Puerto Rico. Except as disclosed in
writing to Buyer, no Commercial Mortgage Loan has a Mortgagor that is an affiliate of another
Mortgagor under another Commercial Mortgage Loan that is also a Purchased Asset.

(kkk) 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 Commercial Mortgage Loans.

(lll) There exists as part of the related Asset File an Assignment of Leases (either as a
separate instrument or incorporated into the related Mortgage). Subject to the Title Exceptions, to
Seller’s knowledge, each related Assignment of Leases creates a valid collateral assignment of, or
a valid lien or security interest in, rents and certain rights under the related lease or leases,
subject only to a license granted to the related Mortgagor to exercise certain rights and to
perform certain obligations of the lessor under such lease or leases, including the right to
operate the related leased property, except as the enforcement thereof may be limited by the
exceptions in paragraph (m). The related Mortgage or related Assignment of Leases, subject to
applicable law, provides that, upon an event of default under the Commercial 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.

(mmm) To Seller’s knowledge, 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 Commercial Mortgage Loan, the related Commercial
Mortgage Loan documents do not expressly waive or prohibit the mortgagee from requiring coverage
for Acts of Terrorism, as defined in TRIA, or damages related thereto; provided,
however, that if TRIA or a similar or subsequent statute is not in effect, then, provided
that terrorism insurance is commercially available, the Mortgagor under each Commercial Mortgage
Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be
required to spend on terrorism insurance coverage more than 200% of the amount of the insurance
premium that is payable at such time in respect of the property and business interruption/rental
loss insurance required under the related Asset File (without giving effect to the cost of
terrorism and earthquake components of such casualty and business interruption/rental loss
insurance), and if the cost of terrorism insurance exceeds such amount, the Mortgagor is required
to purchase the maximum amount of terrorism insurance available with funds equal to such amount.

(nnn) Pursuant to the terms of the Commercial Mortgage Loan documents, Seller satisfied any
transfer conditions or requirements (or such conditions or requirements were validly waived by any
requisite parties) in the Commercial Mortgage Loan documents with respect to the pledge of the
Commercial Mortgage Loan to the Buyer and the transfer of the Commercial Mortgage Loan to Buyer.

(ooo) Except as set forth on the Schedule of Exceptions, all post-closing obligations due
under the Commercial Mortgage Loan have been satisfied.

(ppp) If the related Commercial Mortgage Loan is floating rate, then Seller has obtained an
interest rate protection agreement in the form of a cap with respect to the related Commercial
Mortgage Loan, in form and substance acceptable to Buyer.

(qqq) [reserved]

(rrr) To Seller’s knowledge, at all times throughout the term of the Purchased Asset,
including after giving effect to any transfers permitted pursuant to the related Commercial
Mortgage Loan documents, (a) none of the funds or other assets of any Mortgagor, guarantor or other
indemnitor shall constitute property of, or shall be beneficially owned, directly or indirectly, by
any Person subject to trade restrictions under United States law, including, but not limited to,
the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the
Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated under any
such United States laws (each, an “Embargoed Person”), with the result that the Purchased
Asset made by the related originator is or would be in violation of law, (b) no Embargoed Person
shall have any interest of any nature whatsoever in any Mortgagor, guarantor or other indemnitor,
with the result that the Purchased Asset is or would be in violation of law, and (c) none of the
funds of any Mortgagor or guarantor or other indemnitor shall be derived from any unlawful activity
with the result that the Purchased Asset is or would be in violation of law. No Mortgagor,
guarantor or other indemnitor is (or will be) a Person with whom Seller is restricted from doing
business under regulations of the Office of Foreign Asset Control of the Department of the Treasury
of the United States of America (“OFAC”) (including those persons named on OFAC’s Specially
Designated and Blocked Persons list) or under any statute, executive order (including the
September 24, 2001 #13224 Executive Order Blocking Property and Prohibiting Transactions With
Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and no
such Mortgagor, guarantor or other indemnitor is or shall knowingly engage in any dealings or
transactions with such Persons.

(sss) The Asset File delivered by Seller with respect to such Commercial Mortgage Loan (i)
represents a true and correct copy of the documents contained therein and each Purchased Asset
Schedule, together with all other information contained therein prepared by Seller or its
respective Affiliates and delivered by Seller to Buyer immediately prior to the Purchase Date, (ii)
is true and correct, (iii) conforms in all material respects to the Summary Diligence Materials
previously provided to Buyer and pursuant to which Buyer has elected to enter into the Transaction,
and (iv) constitutes all material loan documents evidencing and/or securing the Commercial Mortgage
Loan and the Commercial Mortgage Loan documents have not been materially amended or modified except
as set forth in the Commercial Mortgage Loan documents contained in the Asset File delivered by
Seller.

SCHEDULE 1(b)

REPRESENTATIONS AND WARRANTIES

RE: PURCHASED ASSETS CONSISTING OF PARTICIPATION INTERESTS

Seller represents and warrants to Buyer, with respect to each Purchased Asset which is a
Participation Interest, that as of the Purchase Date and as of each date while the Program
Agreements and the related Transaction hereunder is in full force and effect, except as set forth
on the Schedule of Exceptions, the following are true and correct in all material respects. With
respect to those representations and warranties which are made to the knowledge of Seller or to the
best of Seller’s knowledge or if there is any limitation as to the scope any representation by a
knowledge qualifier, if it is discovered by either Seller or Buyer that the substance of such
representation and warranty is inaccurate, notwithstanding the lack of knowledge with respect to
the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the
applicable representation and warranty.

(a) The representations and warranties with respect to the related Commercial Mortgage Loan
set forth on Schedule 1(a) (other than those contained in subsections (d), (i), (j), (o),
(p) and (nnn) thereof) are true and correct in all material respects.

(b) The Participation Interest is a performing senior or pari passu participation interest in
a performing Commercial Mortgage Loan evidenced by a Participation Certificate.

(c) Seller has good and marketable title to, and is the sole owner and holder of, such
Participation Interest, Seller is transferring such Participation Interest free and clear of any
and all liens, pledges, encumbrances, charges, security interests or any other ownership interests
of any nature encumbering such Participation Interest, other than the first priority security
interest of Buyer granted pursuant to this Agreement, and no Participation Interest document is
subject to any assignment, participation, or pledge.

(d) To Seller’s knowledge, no default or event of default has occurred under any agreement
pertaining to any lien or other interest that ranks pari passu with or senior to the interests of
the holder of such Participation Interest in respect of the related Mortgaged Property and
Commercial Mortgage Loan (as applicable) and there is no provision in any such agreement which
would provide for any increase in the principal amount of any such lien or other interest.

(e) To Seller’s knowledge, no (i) monetary default, breach or violation exists with respect to
any agreement or other document governing or pertaining to such Participation Interest, the related
Commercial Mortgage Loan or any other obligation of the owner of the Mortgaged Property, (ii)
material non-monetary default, breach or violation exists with respect to such Participation
Interest, the related Commercial Mortgage Loan, or any other obligation of the owner of the
Mortgaged Property, or (iii) event which, with the passage of time or with notice and the
expiration of any grace or cure period, would constitute a default, breach, violation or event of
acceleration.

(f) None of the Participation Interests (i) is dealt in or traded on a securities exchange or
in a securities market, (ii) by its terms expressly provides that it is a Security governed by
Article 8 of the UCC, (iii) is Investment Property, (iv) is held in a Securities Account or (v)
constitutes a Security or a Financial Asset. None of the Mortgage Loan documents for the
Participation Interest consists of Instruments. For purposes of this paragraph (f), capitalized
terms undefined in this Agreement have the meaning given to such term in the Uniform Commercial
Code.

(g) No issuer of the Purchased Asset, no co-participant and no Mortgagor related to any
Mortgage Loan, is a debtor in any state or federal bankruptcy or insolvency proceeding.

(h) The Mortgagor under the related Mortgage Loan is not an Affiliate of Seller.

(i) To Seller’s knowledge, there is no material default, breach, or violation existing under
the related Participation Interest documents, and no event has occurred (other than payments due
but not yet delinquent) which, with the passage of time or with notice and the expiration of any
grace or cure period, would constitute a material default, breach, or violation, provided, however,
that this representation and warranty does not cover any default, breach, or violation that
specifically pertains to or arises out of an exception scheduled to any other representation and
warranty made by Seller in this Schedule 1(b). Pursuant to the terms of the related
Participation Interest documents no Person or party other than the holder of such Participation
Interest or an Affiliate of Seller may declare any event of default under such Participation
Interest documents.

(j) Seller has full right, power and authority to sell and assign such Participation Interest
and such Participation Interest, the related Commercial Mortgage Loan, and any related Mortgage
Note has not been cancelled, satisfied or rescinded in whole or part nor has any instrument been
executed that would effect a cancellation, satisfaction or rescission thereof.

(k) Other than consents and approvals obtained as of the related Purchase Date or those
already granted in the related Participation Agreement, to Seller’s knowledge, no consent or
approval by any Person is required in connection with (i) Seller’s sale, and Buyer’s acquisition
of, such Participation Interest, (ii) Buyer’s exercise of any rights or remedies in respect of such
Participation Interest or (iii) Buyer’s sale, pledge or other disposition of such Participation
Interest. No third party holds any “right of first refusal”, “right of first negotiation”, “right
of first offer”, purchase option, or other similar rights of any kind with respect to the
Participation Interest, and no other impediment exists to any such transfer or exercise of rights
or remedies.

(l) The Asset File delivered by Seller with respect to such Participation Interest (i)
represents a true and correct copy of the documents contained therein and each Asset Schedule,
together with all other information contained therein prepared by Seller or its respective
Affiliates and delivered by Seller to Buyer immediately prior to the Purchase Date, (ii) is true
and correct, (iii) conforms in all material respects to the Summary Diligence Materials previously
provided to Buyer and pursuant to which Buyer has elected to enter into the Transaction, and (iv)
constitutes all material documents evidencing and/or securing such Participation Interest and such
documents have not been materially amended or modified except as set forth in the documents
contained in the Asset File delivered by Seller.

SCHEDULE 2

AUTHORIZED REPRESENTATIVES

SELLER NOTICES

	 	 	 
	Name: RAIT CRE Conduit I, LLC
	 	Address: c/o RAIT Financial Trust

Cira Centre

2929 Arch Street, 17th Floor

Philadelphia, Pennsylvania 19104-2870

	Telephone: 215-243-9000
	 	

	Facsimile: 215-405-2945
	 	

SELLER AUTHORIZATIONS

Any of the persons whose signatures and titles appear below are authorized, acting singly, to act
for Seller under this Agreement:

	 	 	 	 	 
	Name

	 	Title
	 	Signature
	 

	 	 
	 	 

1

GUARANTOR NOTICES

	 	 	 
	Name: RAIT Financial Trust

	 	Address: Cira Centre

2929 Arch Street, 17th Floor

Philadelphia, Pennsylvania 19104-2870
	Telephone: 215-243-9000

	 	

	Facsimile: 215-405-2945

	 	

GUARANTOR AUTHORIZATIONS

Any of the persons whose signatures and titles appear below are authorized, acting singly, to act
for Guarantor under this Agreement:

	 	 	 	 	 
	Name

	 	Title
	 	Signature
	 

	 	 
	 	 

2

BUYER NOTICES

	 	 	 
	Name: Column Financial, Inc.

	 	Address: 11 Madison

Avenue

New York, New York 10010
	Telephone: 212-325-7944

	 	

	Email:

	 	

	teresa.zien@credit-suisse.com

	 	

BUYER AUTHORIZATIONS

Any of the persons whose signatures and titles appear below, including any other authorized
officers, are authorized, acting singly, to act for Buyer under this Agreement:

	 	 	 	 	 
	Name

	 	Title
	 	Signature
	 

	 	 
	 	 
	Teresa Zien

Michael Dryden

Faisal Ashraf

	 	Vice President

Vice President

Vice President
	 	

EXHIBIT A

FORM OF TRANSACTION REQUEST AND CONFIRMATION

______, 20[__]

	 	 	 
	Column Financial, Inc.
	11 Madison Avenue
	New York, New York 10010
	Attention: Teresa Zien
	Re:
	 	Master Repurchase Agreement dated as of December 14, 2012, as

amended, (the “Agreement”) by and among Column Financial, Inc.

(the “Buyer”), RAIT CRE Conduit I, LLC (the “Seller”) and RAIT

Financial Trust (the “Guarantor”).

Ladies and Gentlemen:

Pursuant to Section 3 of the Agreement, the Seller hereby requests that the Buyer
enter into a Transaction with the Buyer to purchase the Eligible Assets listed on the Purchased
Asset Schedule attached hereto as Annex 1 in accordance with the Agreement.

In connection with this Transaction Request and Confirmation, the undersigned hereby certifies
that: (i) each of the Transaction conditions precedent set forth in Section 10 of the Agreement has
been satisfied as of the date hereof, or will be satisfied at least one (1) Business Day prior to
the proposed Purchase Date; (ii) attached hereto as Annex 2 is the Purchase Closing
Statement for the Eligible Asset; and (iii) attached hereto is (x) the Summary Diligence Materials
relating to the Eligible Asset described on Annex 3 hereto, and (y) with respect to the
Eligible Asset, a Preliminary Date Tape containing the data fields set forth in Exhibit B
to the Agreement.

With respect to the representations and warranties of the Seller made pursuant to
Section 13 of the Agreement and Schedule 1 thereto, the Seller hereby informs the
Buyer of the exceptions to such representations and warranties, if any, set forth on
Annex 4 hereto.

Seller hereby acknowledges that this Transaction Request and Confirmation shall not be binding
upon Buyer unless and until Buyer has countersigned this Transaction Request and Confirmation and
delivered it to Seller.

All capitalized terms used herein but not otherwise defined shall have the meanings specified
in the Agreement. The Agreement is incorporated by reference into this Transaction Request and
Confirmation, and is made a part hereof as if it were fully set forth herein and as evidenced
hereby until all amounts due in connection with this Transaction are paid in full.

	 	 	 	RAIT
CRE CONDUIT I, LLC,

	 	 	 	a
Delaware limited liability company, as
Seller

	 	 	 	By:
RAIT Partnership, L.P., a Delaware limited

	 	 	 	partnership, its sole member and manager

	 	 	 	By:
RAIT General, Inc., a Maryland
corporation,

its general partner

By:       

Name:       

Title:       

Buyer hereby agrees to purchase the Eligible Assets set forth in this Transaction Request and

Confirmation pursuant to the provisions of the Agreement and the terms hereof.

With respect to the representations and warranties of the Seller made pursuant to Section 13
of the Agreement and Schedule 1 thereto, the Buyer hereby acknowledges and consents to the
exceptions to such representations and warranties, if any, set forth on Annex 4 hereto.

	 
	Agreed and Accepted:

	COLUMN FINANCIAL, INC.

	By:      

Name:      

Title:      

Annex 1 to Exhibit A

PURCHASED ASSET SCHEDULE1

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Property Name
	 	Name of Borrower
	 	Proposed Purchase

Date
	 	Asset

Class2
	 	Asset Type
	 	Original Unpaid

Principal Amount of

Eligible Asset

	 	Current Unpaid

Principal Amount of

Eligible Asset
	 	

Current Market Value
	 	

Maximum Purchase

Price Percentage
	 	

Asset Value
	 	

Future Funding

Obligation, if any
	 	

Effective Purchase

Price Percentage
	 	

Purchase Price
	 	

Pricing Rate
	 	

Repurchase Date, if

any
	 	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	TOTAL
	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 
	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

Annex 2 to Exhibit A

PURCHASE CLOSING STATEMENT

Column Financial, Inc.

Date [_____]

SOURCES OF CASH:

	 	 	 	 	 
	[ELIGIBLE ASSETS]

	 	 	 	$[      ]
	Net proceeds to:

	 	TOTAL:
	 	$[      ]

	 	 	 
	Account Name:

	 	[      ]
	Bank Name:

	 	[      ]
	Bank City/State:

	 	[      ]
	ABA #:

	 	[      ]
	Beneficiary Acct #:

	 	[      ]
	Reference:

	 	[      ]
	Contact Name/Number:

	 	[      ]

Annex 3 to Exhibit A

SUMMARY DILIGENCE MATERIALS

For Commercial Mortgage Loans:

	1.	 	Underwriting

	2.	 	Appraisal

	3.	 	Engineering

	4.	 	Environmental

	5.	 	Current Financial Statements

	6.	 	Current Rent Roll

	7.	 	Closing Binder

For Participation Interests:

1. Underwriting

2. Appraisal

3. Engineering

4. Environmental

5. Current Financial Statements

6. Current Rent Roll

7. Closing Binder

8. Documents Evidencing Participation Agreement

9. Participation Certificate (if any)

Annex 4 to Exhibit A

EXCEPTIONS TO SCHEDULE 1 REPRESENTATIONS AND WARRANTIES

EXHIBIT B

FORM OF CLOSING DATA TAPE

	 	1.	 	Loan Number

	 	2.	 	Project—Name

	 	3.	 	Loan—Number

	 	4.	 	Seller

	 	5.	 	Property—Address

	 	6.	 	City

	 	7.	 	State

	 	8.	 	Zip—Code

	 	9.	 	Property—Type

	 	10.	 	Year—Built

	 	11.	 	#of Properties

	 	12.	 	Year Renovated

	 	13.	 	Occupancy

	 	14.	 	Date—Occupancy

	 	15.	 	Units/Pads/Rooms

	 	16.	 	NRSF

	 	17.	 	Appraisal Value

	 	18.	 	Appraisal Date

	 	19.	 	Cross Collateralized

	 	20.	 	Cross—Defaulted

	 	21.	 	Original—Balance

	 	22.	 	Current—Balance (at cut-off)

	 	23.	 	Current—Participated—Balance (at cut-off)

	 	24.	 	Position in Capital Structure

	 	25.	 	First Mortgage Balance Collateral

	 	26.	 	Subordinate Balance Collateral

	 	27.	 	Closed

	 	28.	 	Funding—Date

	 	29.	 	First—Pay—Date

	 	30.	 	Rate

	 	31.	 	Spread Index

	 	32.	 	Monthly Debt Service

	 	33.	 	Loan—Type

	 	34.	 	Interest—Rate—Cap

	 	35.	 	Future additional debt

	 	36.	 	Remaining I/O Terms (months)

	 	37.	 	Note Rate At Cut-off

	 	38.	 	Interest Accrual Method Code

	 	39.	 	Prepayment Terms Description

	 	40.	 	First Rate Adjustment Date

	 	41.	 	First Payment Adjustment Date

	 	42.	 	Lifetime Rate Floor

	 	43.	 	Periodic Rate Increase Limit

	 	44.	 	Periodic Rate Decrease Limit

	 	45.	 	Payment Frequency

	 	46.	 	Maturity Date At Cut-off

	 	47.	 	Last Extended Maturity Date

	 	48.	 	Exit Fee

	 	49.	 	Ownership—Interest

	 	50.	 	Ground Lease (Y/S/N)

	 	51.	 	Cross-Collateralized Loan Grouping

	 	52.	 	Lien—Position

	 	53.	 	Fixed or Floating

	 	54.	 	Subordinate Debt

	 	55.	 	Loan—Purpose SPE

	 	56.	 	Lockbox

	 	57.	 	Escrows

	 	58.	 	Actual—NOI

	 	59.	 	Actual NOT Period (eg t-12 3/31/2013 etc)

	 	60.	 	UW—NOI

	 	61.	 	UW date based on

	 	62.	 	UW—Resv

	 	63.	 	UW—NCF

	 	64.	 	UW—NDSC

	 	65.	 	UW DY

	 	66.	 	Lockout Expiration Date

	 	67.	 	OriginalTerm

	 	68.	 	AmortTerm

	 	69.	 	Rem—Term

	 	70.	 	Rem—AmTerm

	 	71.	 	CLTV (Combined LTV all debt)

	 	72.	 	BLTV (Senior debt LTV)

	 	73.	 	Recourse Loan

	 	74.	 	Recourse to:

	 	75.	 	Recourse Provider Net Worth

	 	76.	 	Sponsor (Current)

	 	77.	 	Sponsor Net Worth

	 	78.	 	Loan Revised//Amended YorN

	 	79.	 	Property or loan transferred YorN

80. Transfer Date(if applicable)EXHIBIT C-1

FORM OF POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that RAIT CRE Conduit I, LLC (“Seller”) hereby
irrevocably constitutes and appoints Column Financial, Inc. (“Buyer”) and any officer or
agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full
irrevocable power and authority in the place and stead of Seller and in the name of Seller or in
its own name, from time to time in Buyer’s discretion:

(a) in the name of Seller, or in its own name, or otherwise, to take possession of
and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment
of moneys due with respect to any assets purchased by Buyer under the Master Repurchase Agreement
(as amended, restated or modified) dated December 14, 2012 and currently held by Buyer (the
“Assets”) and to file any claim or to take any other action or proceeding in any court of
law or equity or otherwise deemed appropriate by Buyer for the purpose of collecting any and all
such moneys due with respect to any other assets whenever payable;

(b) to pay or discharge taxes and liens levied or placed on or threatened against the Assets;

(c) to direct any party liable for any payment under any Assets to make payment of any and all
moneys due or to become due thereunder directly to Buyer or as Buyer shall direct; (ii) to ask or
demand for, collect, receive payment of and receipt for, any and all moneys, claims and other
amounts due or to become due at any time in respect of or arising out of any Assets; (iii) to sign
and endorse any invoices, assignments, verifications, notices and other documents in connection
with any Assets; (iv) to commence and prosecute any suits, actions or proceedings at law or in
equity in any court of competent jurisdiction to collect the Assets or any proceeds thereof and to
enforce any other right in respect of any Assets; (v) to defend any suit, action or proceeding
brought against Seller with respect to any Assets; (vi) to settle, compromise or adjust any suit,
action or proceeding described in clause (vii) above and, in connection therewith, to give such
discharges or releases as Buyer may deem appropriate; and (viii) generally, to sell, transfer,
pledge and make any agreement with respect to or otherwise deal with any Assets as fully and
completely as though Buyer were the absolute owner thereof for all purposes, and to do, at Buyer’s
option and Seller’s expense, at any time, and from time to time, all acts and things which Buyer
deems necessary to protect, preserve or realize upon the Assets and Buyer’s Liens thereon and to
effect the intent of this Agreement, all as fully and effectively as Seller might do;

(d) for the purpose of carrying out the transfer of servicing with respect to the Assets from
Seller to a successor servicer appointed by Buyer in its sole good faith discretion and to take any
and all appropriate action and to execute any and all documents and instruments which may be
necessary or desirable to accomplish such transfer of servicing, and, without limiting the
generality of the foregoing, Seller hereby gives Buyer the power and right, on behalf of Seller,
without assent by Seller, to, in the name of Seller or its own name, or otherwise, prepare and send
or cause to be sent “good-bye” letters to all mortgagors under the Assets, transferring the
servicing of the Assets to a successor servicer appointed by Buyer in its sole good faith
discretion;

(e) for the purpose of delivering any notices of sale to mortgagors or other third parties,
including without limitation, those required by law.

Seller hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue
hereof. This power of attorney is a power coupled with an interest and shall be irrevocable.

Seller also authorizes Buyer, from time to time, to execute, in connection with any sale, any
endorsements, assignments or other instruments of conveyance or transfer with respect to the
Assets.

TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY THIRD PARTY
RECEIVING A DULY EXECUTED COPY OR FACSIMILE OF THIS INSTRUMENT MAY ACT HEREUNDER, AND THAT
REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL
ACTUAL NOTICE OR KNOWLEDGE OF SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD
PARTY, AND BUYER ON ITS OWN BEHALF AND ON BEHALF OF BUYER’S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND
HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH
THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING REASONABLY RELIED ON THE PROVISIONS OF THIS
INSTRUMENT.

[REMAINDER OF PAGE INTENTIONALLY BLANK. SIGNATURES FOLLOW.]

IN WITNESS WHEREOF Seller has caused this Power of Attorney to be executed and Seller’s
seal to be affixed this        day of December, 2012.

	 	 	 	RAIT
CRE CONDUIT I, LLC,

	 	 	 	a
Delaware limited liability company, as
Seller

	 	 	 	By:
RAIT Partnership, L.P., a Delaware limited

	 	 	 	partnership, its sole member and manager

	 	 	 	By:
RAIT General, Inc., a Maryland
corporation, its general partner

By:       

Name:

Title:

	 	 	 	 	 	 	 
	STATE OF )

	 	

	 	

	
 
	 	 	)	 	 	ss.:
	COUNTY OF

	 	 	)	 	 	

On the        day of December, 2012 before me, a Notary Public in and for said State,
personally appeared       , known to me to be
     of RAIT General, Inc., the general partner of RAIT
Partnership, L.P., the sole member and manager of RAIT CRE Conduit I, LLC, the institution that
executed the within instrument and also known to me to be the person who executed it on behalf of
said corporation, and acknowledged to me that such corporation executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand affixed my office seal the day and year in
this certificate first above written.

     

Notary Public

My Commission expires ________________________________

EXHIBIT C-2

FORM OF POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that RAIT Partnership, L.P. (“Servicer”) hereby
irrevocably constitutes and appoints Column Financial, Inc. (“Buyer”) and any officer or
agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full
irrevocable power and authority in the place and stead of Servicer and in the name of Servicer or
in its own name, from time to time in Buyer’s discretion:

(a) in the name of Servicer, or in its own name, or otherwise, to take possession of
and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment
of moneys due with respect to any assets purchased by Buyer under the Master Repurchase Agreement
(as amended, restated or modified) dated December 14, 2012 and currently held by Buyer (the
“Assets”) and to file any claim or to take any other action or proceeding in any court of
law or equity or otherwise deemed appropriate by Buyer for the purpose of collecting any and all
such moneys due with respect to any other assets whenever payable;

(b) to pay or discharge taxes and liens levied or placed on or threatened against the Assets;

(c) to direct any party liable for any payment under any Assets to make payment of any and all
moneys due or to become due thereunder directly to Buyer or as Buyer shall direct; (ii) to ask or
demand for, collect, receive payment of and receipt for, any and all moneys, claims and other
amounts due or to become due at any time in respect of or arising out of any Assets; (iii) to sign
and endorse any invoices, assignments, verifications, notices and other documents in connection
with any Assets; (iv) to commence and prosecute any suits, actions or proceedings at law or in
equity in any court of competent jurisdiction to collect the Assets or any proceeds thereof and to
enforce any other right in respect of any Assets; (v) to defend any suit, action or proceeding
brought against Servicer with respect to any Assets; (vi) to settle, compromise or adjust any suit,
action or proceeding described in clause (vii) above and, in connection therewith, to give such
discharges or releases as Buyer may deem appropriate; and (viii) generally, to sell, transfer,
pledge and make any agreement with respect to or otherwise deal with any Assets as fully and
completely as though Buyer were the absolute owner thereof for all purposes, and to do, at Buyer’s
option and Servicer’s expense, at any time, and from time to time, all acts and things which Buyer
deems necessary to protect, preserve or realize upon the Assets and Buyer’s Liens thereon and to
effect the intent of this Agreement, all as fully and effectively as Servicer might do;

(d) for the purpose of carrying out the transfer of servicing with respect to the Assets from
Servicer to a successor servicer appointed by Buyer in its sole good faith discretion and to take
any and all appropriate action and to execute any and all documents and instruments which may be
necessary or desirable to accomplish such transfer of servicing, and, without limiting the
generality of the foregoing, Servicer hereby gives Buyer the power and right, on behalf of
Servicer, without assent by Servicer, to, in the name of Servicer or its own name, or otherwise,
prepare and send or cause to be sent “good-bye” letters to all mortgagors under the Assets,
transferring the servicing of the Assets to a successor servicer appointed by Buyer in its sole
good faith discretion;

(e) for the purpose of delivering any notices of sale to mortgagors or other third parties,
including without limitation, those required by law.

Servicer hereby ratifies all that said attorneys shall lawfully do or cause to be done by
virtue hereof. This power of attorney is a power coupled with an interest and shall be
irrevocable.

Servicer also authorizes Buyer, from time to time, to execute, in connection with any sale,
any endorsements, assignments or other instruments of conveyance or transfer with respect to the
Assets.

TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SERVICER HEREBY AGREES THAT ANY THIRD PARTY
RECEIVING A DULY EXECUTED COPY OR FACSIMILE OF THIS INSTRUMENT MAY ACT HEREUNDER, AND THAT
REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL
ACTUAL NOTICE OR KNOWLEDGE OF SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD
PARTY, AND BUYER ON ITS OWN BEHALF AND ON BEHALF OF BUYER’S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND
HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH
THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING REASONABLY RELIED ON THE PROVISIONS OF THIS
INSTRUMENT.

[REMAINDER OF PAGE INTENTIONALLY BLANK. SIGNATURES FOLLOW.]

IN WITNESS WHEREOF Servicer has caused this Power of Attorney to be executed and
Servicer’s seal to be affixed this        day of December, 2012.

	 	 	 	RAIT PARTNERSHIP, L.P.

	 	 	 	By:
RAIT General, Inc., its general partner

By:

Name:

Title:

	 	 	 	 	 	 	 
	STATE OF )

	 	

	 	

	
 
	 	 	)	 	 	ss.:
	COUNTY OF

	 	 	)	 	 	

On the        day of December, 2012 before me, a Notary Public in and for said State,
personally appeared       , known to me to be
     of RAIT GENERAL, INC., the general partner of RAIT
PARTNERSHIP, L.P., the institution that executed the within instrument and also known to me to be
the person who executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand affixed my office seal the day and year in
this certificate first above written.

     

Notary Public

My Commission expires ________________________________

EXHIBIT D

FORM OF CUSTODIAL DELIVERY LETTER

On this [      ] day of [      ], 2012, RAIT CRE Conduit I, LLC (“Seller”), as the Seller
under that certain Master Repurchase Agreement, dated as of December 14, 2012 (as amended from time
to time the “Repurchase Agreement”) among the Seller, RAIT Financial Trust (“Guarantor”)
and Column Financial, Inc. (“Buyer”), does hereby deliver to Wells Fargo Bank, N.A.
(“Custodian”), as custodian under that certain Custodial Agreement, dated as of December
14, 2012, as amended from time to time, among Buyer, Seller and Custodian, the Asset Files with
respect to the Purchased Assets to be pledged to Buyer pursuant to the Repurchase Agreement, which
Purchased Assets are listed on the Asset Schedule attached hereto and which Purchased Assets shall
be subject to the terms of the Custodial Agreement on the date hereof.

With respect to the Asset Files delivered hereby, for the purposes of issuing the Trust
Receipt, the Custodian shall review the Asset Files to ascertain delivery of the documents pursuant
to the Custodial Agreement.

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in
the Custodial Agreement.

	1	 	Any Purchased Asset Schedule attached
electronically to any Transaction Request and Confirmation shall be attached as
a “pdf” file.

2 [Commercial Mortgage Loan] [Participation
Interest]

3

IN WITNESS WHEREOF, Seller has caused its name to be signed hereto by its officer thereunto
duly authorized as of the day and year first above written.

	 	 	 	RAIT
CRE CONDUIT I, LLC,

	 	 	 	a
Delaware limited liability company, as
Seller

	 	 	 	By:
RAIT Partnership, L.P., a Delaware limited

	 	 	 	partnership, its sole member and manager

	 	 	 	By:
RAIT General, Inc., a Maryland
corporation,

its general partner

By:      

Name:       

Title: _____________________________EXHIBIT E

RESERVED

EXHIBIT F

RESERVED

EXHIBIT G

FORM OF SERVICER NOTICE, PLEDGE AND REDIRECTION LETTER

[Date]

[      ], as Servicer

[      ]

[      ]

[      ]

Attention: [      ]

	 	 	 	Re: Master Repurchase Agreement, dated as of December 14, 2012 (the “Repurchase
Agreement”), by and among RAIT CRE Conduit I, LLC (the “Seller”), RAIT
Financial Trust (the “Guarantor”), and Column Financial, Inc. (the
“Buyer”).

Ladies and Gentlemen:

[      ] (the “Servicer”) is servicing certain mortgage loans for Seller
pursuant to that certain Servicing Agreement between the Servicer and Seller. Pursuant to the
Repurchase Agreement, the Servicer is hereby notified that Seller has pledged to Buyer certain
assets which are serviced by Servicer which are subject to a security interest in favor of Buyer.

Section 1. Servicing Rights and Grant of Security Interest. (a) Servicer hereby agrees
that in order to further secure the Obligations under the Repurchase Agreement, Servicer hereby
grants, assigns and pledges to Buyer a fully perfected first priority security interest in all of
its Servicing Rights related to the Purchased Assets and all proceeds related thereto and in all
instances, whether now owned or hereafter acquired, now existing or hereafter created.

(b) The foregoing provision is intended to constitute a security agreement or other
arrangement or other credit enhancement related to the Repurchase Agreement and Transactions
thereunder as defined under Sections 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code.

(c) Buyer shall have all rights and remedies hereunder with respect to Servicing Rights
relating to the Purchased Assets as are set forth in the Repurchase Agreement.

(d) In addition, subject to the Servicing Agreement, Servicer hereby acknowledges that the
Buyer has purchased the Purchased Assets on a servicing released basis and Buyer shall have the
same rights and remedies with respect to the Servicing Rights as it has with respect to the
Repurchase Assets under the Repurchase Agreement.

(e) Servicer agrees to execute, deliver and/or file such documents and perform such acts as
may be reasonably necessary to fully perfect Buyer’s security interest created hereby.
Furthermore, the Servicer hereby authorizes Buyer to file financing statements relating to the
security interest set forth herein, as Buyer, at its option, may deem appropriate.

(f) Servicer waives any and all notice of the creation, renewal, extension or accrual of any
of the Obligations under the Repurchase Agreement or security interest hereunder and notice or
proof of reliance by Buyer upon this Servicer Notice, Pledge and Redirection Letter. Servicer
hereby waives diligence, presentment, protest, demand for payment and notice of default or
nonpayment to or upon Seller or Servicer with respect the Obligations.

Section 2. Act as Servicer. Seller hereby notifies and instructs the Servicer that upon
receipt of a Notice of Servicer Termination Event (as defined below) the Servicer is hereby
authorized and instructed to remit any and all amounts which would be otherwise payable to Seller
with respect to the purchased asset subject to the Repurchase Agreement as identified by Buyer in
connection with the Notice of Servicer Termination Event on the schedule attached hereto (the
“Purchased Asset”) to Buyer in accordance with the following applicable wire instructions:

Column Financial

Bank of New York

New York, NY

Account No. 890-1140-821

ABA No. 021000018

Account Name: Column Financial, Inc.

Attention: Credit Suisse CMBS Operations

Upon receipt of a notice of (i) the occurrence and during the continuation of any Event of
Default under the Repurchase Agreement, (ii) the occurrence and during the continuation of an event
of default under the Servicing Agreement (beyond any and all applicable periods of notice and
cure), or (iii) a downgrade of Servicer by Morningstar, Inc. to a rating below “CS3” or by Standard
& Poor’s Ratings Services to a rating below “Average” (any of clauses (i), (ii), or (iii) a
“Servicer Termination Event”, and such notice, a “Notice of Servicer Termination
Event”) from Buyer in which Buyer shall identify the Purchased Assets, the Servicer shall
segregate all amounts collected on account of such Purchased Assets, hold them in trust for the
sole and exclusive benefit of Buyer, and remit such collections in accordance with Buyer’s written
instructions. Following such Notice of Servicer Termination Event, Servicer shall follow the
instructions of Buyer exclusively notwithstanding any requirements for Seller instructions or
Seller consent set forth in the Servicing Agreement, and shall deliver to Buyer any information
with respect to the Purchased Assets reasonably requested by Buyer.

Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the
Servicer may conclusively rely on any information or Notice of Servicer Termination Event delivered
by Buyer, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted
against it for any actions taken in good faith by the Servicer in connection with the delivery of
such information or Notice of Servicer Termination Event.

Upon the occurrence and during the continuation of any Servicer Termination Event, Buyer shall
have the right to immediately terminate the Servicer’s right to service the Purchased Assets
without payment of any penalty or termination fee. Seller shall cooperate and shall use its best
efforts to cause Servicer to cooperate in transferring the servicing of the Purchased Assets to a
successor Servicer appointed by Buyer in its sole good faith discretion.

Upon the occurrence of a downgrade of the Servicer by (a) Morningstar, Inc. to (i) a forecast
of “unfavorable” or “evolving”, (ii) an alert of “unfavorable” or “evolving” or (iii) a rating
below “CS3”, or (b) Standard & Poor’s Ratings Services to (i) a creditwatch of “negative” or
“developing”, (ii) a ratings outlook of “negative” or “developing” or (iii) a rating below
“Average”, Buyer shall have the right, but not the obligation, in its sole good faith discretion to
appoint a Backup Servicer. Servicer shall cooperate in (i) immediately providing Backup Servicer
with copies of all Asset Files and Records in the possession of Servicer, and (ii) complying with
all document and information requests of Buyer and Backup Servicer.

This Servicer Notice, Pledge and Redirection Letter shall not be modified, waived, revoked or
terminated without the prior written consent of Buyer.

Section 3. Counterparts. This Servicer Notice, Pledge and Redirection Letter may be
executed in one or more counterparts, each of which shall be deemed to be an original, and all such
counterparts shall together constitute one and the same instrument. Delivery of an executed
counterpart of a signature page of this Servicer Notice, Pledge and Redirection Letter in Portable
Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed
original counterpart of this Servicer Notice, Pledge and Redirection Letter.

Section 4. Entire Agreement; Severability. This Servicer Notice, Pledge and Redirection
Letter shall supersede any existing agreements between the parties containing general terms and
conditions for repurchase transactions. Each provision and agreement herein shall be treated as
separate and independent from any other provision or agreement herein and shall be enforceable
notwithstanding the unenforceability of any such other provision or agreement.

Section 5. Governing Law; Jurisdiction; Waiver of Trial by Jury. (a) THIS SERVICER NOTICE,
PLEDGE AND REDIRECTION LETTER SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF
THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

(b) SELLER AND SERVICER EACH HEREBY IRREVOCABLY CONSENT TO THE EXCLUSIVE JURISDICTION OF ANY
COURT OF THE STATE OF NEW YORK, OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF
NEW YORK, ARISING OUT OF OR RELATING TO THE PROGRAM AGREEMENTS IN ANY ACTION OR PROCEEDING.
SERVICER HEREBY SUBMITS TO, AND WAIVES ANY OBJECTION THEY MAY HAVE TO, EXCLUSIVE PERSONAL
JURISDICTION AND VENUE IN THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK, WITH RESPECT TO ANY DISPUTES ARISING OUT OF OR RELATING TO
THE PROGRAM AGREEMENTS.

(c) SELLER AND SERVICER HEREBY WAIVES TRIAL BY JURY.

Please acknowledge receipt of this instruction letter by signing in the signature block below
and forwarding an executed copy to Buyer promptly upon receipt. Any notices to Buyer should be
delivered to the following addresses: Eleven Madison Avenue, New York, New York 10010; Attention:
Legal Department; Facsimile: (917) 326-8433.

Very truly yours,

RAIT CRE CONDUIT I, LLC,

a Delaware limited liability company, as Seller

	 	 	 	By:
RAIT Partnership, L.P., a Delaware
limited partnership, its sole member
and manager

	 	 	 	By:
RAIT General, Inc., a Maryland
corporation, its general partner

By:      

Name:      

Title:      

	 	 	 	 	 
	COLUMN FINANCIAL, INC.,

as Buyer

By:

	Title:

	Telephone:

	Facsimile:

	ACKNOWLEDGED AND AGREED:

	 

	[      ],

as Servicer

	By:

	Title:

	Telephone:

	Facsimile:

EXHIBIT H

RESERVED

EXHIBIT I

RESERVEDEXHIBIT J

FORM OF DISTRIBUTION WORKSHEET

	1.	 	Trading Account

	2.	 	Security Number

	3.	 	Loan #

	4.	 	Asset Name

	5.	 	Asset Type

	6.	 	Start Date

	7.	 	End Date

	8.	 	Days of Interest Applied

	9.	 	Pricing Rate

	10.	 	All-in Rate

	11.	 	Current Advanced Amount

	12.	 	Total Interest Due

	13.	 	Total Interest Received w/ Loan Payment

EXHIBIT K

FORM OF SERVICING REPORT

	1.	 	Loan Number

	2.	 	Position

	3.	 	Borrower Name

	4.	 	UPB

	5.	 	Late Charge Balance

	6.	 	Next Payment Date

	7.	 	Current DSCR March 31, 20[      ]

	8.	 	Identified Problems with Servicer’s Inspections

	9.	 	Tenant Occupying > 25% has vacated or has not given notice of extension during extension
period

	10.	 	Borrower, or affiliate, subject to Bankruptcy

	11.	 	If Yes to Bankruptcy, provide details

	12.	 	Maturity Date

	13.	 	Asset subject to Litigation

	14.	 	Reserve! Type

	15.	 	Reserve1 Balance

	16.	 	Reserve1 Qualify for Release

	17.	 	Reserve2 Type

	18.	 	Reserve2 Balance

	19.	 	Reserve2 Qualify for Release

	20.	 	Reserve3 Type

	21.	 	Reserve3 Balance

	22.	 	Reserve3 Qualify for Release

	23.	 	Subject to Significant Covenant Violation

	24.	 	Material Defaults

	25.	 	Material Damage to Property

	26.	 	Borrower is 30 days or more Delinquent on Payment

	27.	 	Minimum Escrow Pmts/Balances have not been remitted or maintained

	28.	 	Criteria Requiring creation of springing Lockbox has occurred

	29.	 	Trigger of reserves, provide details

	30.	 	Trigger of recourse, provide details

	31.	 	Comments

EXHIBIT L

COMPETITORS

	 	1.	 	Starwood Capital Group

	 	2.	 	Colony Capital, LLC

	 	3.	 	Crexus Investment Corp.

	 	4.	 	Northstar Capital, LLC

	 	5.	 	Ares Capital Corporation

	 	6.	 	Apollo Commercial Real Estate Finance, Inc.

	 	7.	 	Basis Real Estate Capital

	 	8.	 	Five Mile Capital Partners

	 	9.	 	Ladder Capital

	 	10.	 	Resource America, Inc.

	 	11.	 	Lubert-Adler

	 	12.	 	LNR Partners, LLC or LNR Property LLC

	 	13.	 	CW Capital

	 	14.	 	Archetype Mortgage Capital

EXHIBIT M

FORM OF SECTION 11(E) CERTIFICATE

Reference is hereby made to the Master Repurchase Agreement dated as of December 14, 2012 (as
amended, restated, supplemented or otherwise modified from time to time, the “Agreement”),
among RAIT CRE Conduit I, LLC (the “Seller”), RAIT Financial Trust (the
“Guarantor”), and Column Financial, Inc. (the “Buyer”). Pursuant to the provisions
of Section 11(e) of the Agreement, the undersigned hereby certifies that:

	 	1.	 	It is        a natural individual person,        treated as a corporation for U.S.
federal income tax purposes,        disregarded for federal income tax purposes (in which
case a copy of this Section 11(E) Certificate is attached in respect of its sole
beneficial owner), or        treated as a partnership for U.S. federal income tax
purposes (one must be checked).

	 	2.	 	It is the beneficial owner of amounts received pursuant to the Agreement.

	 	3.	 	It is not a bank, as such term is used in section 881(c)(3)(A) of the Internal
Revenue Code of 1986, as amended (the “Code”), or the Agreement is not, with
respect to the undersigned, a loan agreement entered into in the ordinary course of its
trade or business, within the meaning of such section.

	 	4.	 	It is not a 10-percent shareholder of the Seller within the meaning of
section 871(h)(3) or 881(c)(3)(B) of the Code.

	 	5.	 	It is not a controlled foreign corporation that is related to the Seller within
the meaning of section 881(c)(3)(C) of the Code.

	 	6.	 	Amounts paid to it under the Agreement and any other Program Agreements (as
defined in the Agreement) are not effectively connected with its conduct of a trade or
business in the United States.

	 
	[NAME OF UNDERSIGNED]

	By:

	Title:

	Date:

EXHIBIT N

FORM OF NOTICE TO MORTGAGOR

[__________]

	 	 	 	 	 
	[Name of Borrower]

	[Address]
	 	 
	[      ]
	 	 
	Fax:

	 	

	 	

	Phone:

	 	

	 	

	[Name of Borrower]

	[Address]
	 	 
	[      ]
	 	 
	Fax:

	 	

	 	

	Phone:

	 	

	 	

	
 
	 	Re:
	 	Transfer of Loan
	
 
	 	 	 	 

Ladies and Gentlemen:

We hereby notify you that your loan has been transferred to Column Financial, Inc. and
       will be the servicer of your loan. As such all future
payments shall be made to the following account:

	 	 	 
	Wire Instructions:
	 	

	 	 	Account #:

	 	 	Account Name:

	 	 	Attention:

	 	 	Reference:

Please send all questions and correspondence to the following address:

	 
	[      ]

Very truly yours,

RAIT CRE CONDUIT I, LLC,

a Delaware limited liability company, as Seller

By: RAIT Partnership, L.P., a Delaware limited

	 	 	 	partnership, its sole member and manager

	 	 	 	By:
RAIT General, Inc., a Maryland
	 
	 	 	 	corporation, its general partner

By:      

Name:       

Title: ___________________________EXHIBIT O

REQUEST FOR REPURCHASE AND CONFIRMATION

	 	 	 
	[DATE]

	To:

	 	Column Financial, Inc.

	 	 	 
	11 Madison Avenue

	New York, New York 10010

	Attention: Teresa Zien

	Fax Number:

	 	(212) 325-8717

	 	 	 	Re: Master Repurchase Agreement dated as of December 14, 2012, as amended, (the
“Agreement”) by and among Column Financial, Inc. (the “Buyer”), RAIT
CRE Conduit I, LLC (the “Seller”), and RAIT Financial Trust (the
“Guarantor”). Capitalized terms used herein but not defined shall have the
meanings assigned to them in the Agreement.

In connection with the Purchased Assets currently subject to a Transaction under the
Agreement, we request the repurchase of those certain Purchased Asset(s) described on
Schedule A attached hereto and release of any and all liens placed by Buyer thereon.

Reason for Requesting Repurchase (check one):

	 	 	 
	     1.
	 	The underlying borrower with respect to the Purchased Asset has repaid/is repaying in full.

	     2.
	 	The Seller will reconstitute/restructure the Purchased Asset. Explain:

	     3.
	 	The Purchased Asset is in foreclosure or UCC sale proceedings.

	     4.
	 	The Seller is amending the underlying asset documents of the Purchased Asset.

	     5.
	 	Other. Explain:

Seller acknowledges that this Request for Repurchase and Confirmation is not binding upon
Buyer unless and until Buyer has countersigned this Request for Repurchase and Confirmation and
delivered it to Seller.

	 	 	 	RAIT
CRE CONDUIT I, LLC,

	 	 	 	a
Delaware limited liability company, as
Seller

	 	 	 	By:
RAIT Partnership, L.P., a Delaware limited

	 	 	 	partnership, its sole member and manager

	 	 	 	By:
RAIT General, Inc., a Maryland
corporation,

its general partner

By:       

Name:       

Title:       

Buyer hereby releases all right, interest, lien or claim of any kind with respect to the
Purchased Asset(s) listed on the attached Schedule A, such release to be effective [upon
     ] [and upon receipt by Buyer of immediately available funds in an amount
equal to $[      ] (the “Proceeds”), in accordance with the following wire instructions:

Column Financial

Bank of New York

New York, NY

Account No. 890-1140-821

ABA No. 021000018

Account Name: Column Financial, Inc.

Attention: Credit Suisse CMBS Operations]

	 
	Accepted and Approved:

	COLUMN FINANCIAL, INC.,

Buyer

	By:      

	 

	Name:      

Title:      

4

SCHEDULE A

Seller requests to Repurchase the following Purchased Asset(s):

	 	1.	 	[      ]

5EX-10.2

GUARANTY

GUARANTY, dated as of December 14, 2012 (as amended, supplemented, or otherwise modified from
time to time, this “Guaranty”), made by RAIT FINANCIAL TRUST, a Maryland real estate
investment trust (the “Guarantor”), in favor of COLUMN FINANCIAL, INC. (the
“Buyer”).

RECITALS

Pursuant to the Master Repurchase Agreement, dated as of December 14, 2012 (as amended,
supplemented or otherwise modified from time to time, the “Repurchase Agreement”), among
RAIT CRE Conduit I, LLC (the “Seller”), the Guarantor and the Buyer, the Buyer has agreed
from time to time to enter into transactions in which the Seller agrees to transfer to Buyer
Eligible Assets against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to
transfer to Seller such Purchased Assets at a date certain or on demand, against the transfer of
funds by Seller. Each such transaction shall be referred to herein as a “Transaction”. It
is a condition precedent to the obligation of the Buyer to enter into Transactions under the
Repurchase Agreement that the Guarantor shall have executed and delivered this Guaranty to the
Buyer.

NOW, THEREFORE, in consideration of the foregoing premises, to induce the Buyer to
enter into the Repurchase Agreement and to enter into Transactions thereunder, the Guarantor hereby
agrees with the Buyer, as follows:

1. Defined Terms. (a) Unless otherwise defined herein, terms defined in the
Repurchase Agreement and used herein shall have the meaning given to them in the Repurchase
Agreement.

(b) For purposes of this Guaranty, “Obligations” shall mean all obligations and liabilities of
the Seller to the Buyer, whether direct or indirect, absolute or contingent, due or to become due,
or now existing or hereafter incurred, which may arise under, or out of or in connection with the
Repurchase Agreement and any other Program Agreements and any other document made, delivered or
given in connection therewith or herewith, whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and
disbursements of counsel to the Buyer that are required to be paid by Seller pursuant to the terms
of the Program Agreements and costs of enforcement of this Guaranty) or otherwise.

2. Guaranty.

(a) The Guarantor hereby unconditionally and irrevocably guarantees to the Buyer the
prompt and complete payment and performance by the Seller when due (whether at the stated maturity,
by acceleration or otherwise) of the Obligations.

(b) The Guarantor further agrees to pay any and all documented expenses (including, without
limitation, all reasonable fees and disbursements of counsel) which may be paid or incurred by the
Buyer in enforcing, or obtaining advice of counsel in respect of, any rights with respect to, or
collecting, any or all of the Obligations and/or enforcing any rights with respect to, or
collecting against, the Guarantor under this Guaranty. This Guaranty shall remain in full force
and effect until the later of (i) the termination of the Repurchase Agreement or (ii) the
Obligations are paid in full, notwithstanding that from time to time prior thereto the Seller may
be free from any Obligations.

(c) No payment or payments made by the Seller or any other Person or received or collected by
the Buyer from the Seller or any other Person by virtue of any action or proceeding or any set-off
or appropriation or application, at any time or from time to time, in reduction of or in payment of
the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of the
Guarantor hereunder which shall, notwithstanding any such payment or payments, remain liable for
the amount of the unpaid Obligations until the Obligations are paid in full.

(d) The Guarantor agrees that whenever, at any time, or from time to time, Guarantor shall
make any payment to the Buyer on account of Guarantor’s liability hereunder, the Guarantor will
notify the Buyer in writing that such payment is made under this Guaranty for such purpose.

3. Right of Set-off. The Buyer is hereby irrevocably authorized at any time and from
time to time without notice to the Guarantor, any such notice being hereby waived by the Guarantor,
to set off and appropriate and apply any and all monies and other property of the Guarantor,
deposits (general or special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute
or contingent, matured or unmatured, at any time held or owing by the Buyer or any affiliate
thereof to or for the credit or the account of Guarantor, or any part thereof in such amounts as
the Buyer may elect, on account of the Obligations and liabilities of the Guarantor hereunder and
claims of every nature and description of the Buyer against the Guarantor, in any currency, whether
arising hereunder, under the Repurchase Agreement or otherwise, as the Buyer may elect, whether or
not the Buyer has made any demand for payment. The Buyer shall notify the Guarantor promptly of
any such set-off and the application made by the Buyer, provided that the failure to give such
notice shall not affect the validity of such set-off and application. The rights of the Buyer
under this paragraph are in addition to other rights and remedies (including, without limitation,
other rights of set-off) which the Buyer may have.

4. Subrogation. Notwithstanding any payment or payments made by the Guarantor
hereunder or any set-off or application of funds of the Guarantor by the Buyer, the Guarantor shall
not be entitled to be subrogated to any of the rights of the Buyer against the Seller or any other
guarantor or any collateral security or guarantee or right of offset held by the Buyer for the
payment of the Obligations, nor shall the Guarantor seek or be entitled to seek any contribution or
reimbursement from the Seller or any other guarantor in respect of payments made by the Guarantor
hereunder, until all amounts owing to the Buyer by the Seller on account of the Obligations are
paid in full and the Repurchase Agreement is terminated. If any amount shall be paid to the
Guarantor on account of such subrogation rights at any time when all of the Obligations shall not
have been paid in full, such amounts shall be held by the Guarantor in trust for the Buyer,
segregated from other funds of the Guarantor, and shall, forthwith upon receipt by the Guarantor,
be turned over to the Buyer in the exact form received by the Guarantor (duly indorsed by the
Guarantor to the Buyer, if required), to be applied against the Obligations, in such order as the
Buyer may determine.

5. Amendments, etc. with Respect to the Obligations. Guarantor shall remain obligated
hereunder notwithstanding that, without any reservation of rights against the Guarantor, and
without notice to or further assent by the Guarantor, any demand for payment of any of the
Obligations made by the Buyer may be rescinded by the Buyer, and any of the Obligations continued,
and the Obligations, or the liability of any other party upon or for any part thereof, or any
collateral security or guarantee therefor or right of offset with respect thereto, may, from time
to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised,
waived, surrendered or released by the Buyer, and the Repurchase Agreement, and the other Program
Agreements and any other document in connection therewith may be amended, modified, supplemented or
terminated, in whole or in part, as the Buyer and the Seller may deem advisable from time to time,
and any collateral security, guarantee or right of offset at any time held by the Buyer for the
payment of the Obligations may be sold, exchanged, waived, surrendered or released. The Buyer
shall have no obligation to protect, secure, perfect or insure any Lien at any time held by it as
security for the Obligations or for this Guaranty or any property subject thereto. When making any
demand hereunder against Guarantor, the Buyer may, but shall be under no obligation to, make a
similar demand on the Seller and any failure by the Buyer to make any such demand or to collect any
payments from the Seller or any release of the Seller shall not relieve Guarantor of its
obligations or liabilities hereunder, and shall not impair or affect the rights and remedies,
express or implied, or as a matter of law, of the Buyer against Guarantor. For the purposes hereof
“demand” shall include the commencement and continuance of any legal proceedings.

6. Guaranty Absolute and Unconditional. (a) Guarantor waives any and all
notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or
proof of reliance by the Buyer upon this Guaranty or acceptance of this Guaranty; the Obligations,
and any of them, shall conclusively be deemed to have been created, contracted or incurred, or
renewed, extended, amended or waived in reliance upon this Guaranty; and all dealings between the
Seller or the Guarantor, on the one hand, and the Buyer, on the other, shall likewise be
conclusively presumed to have been had or consummated in reliance upon this Guaranty. Guarantor
waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to
or upon the Seller or the Guarantor with respect to the Obligations. This Guaranty shall be
construed as a continuing, absolute and unconditional guarantee of payment without regard to (i)
the validity or enforceability of the Repurchase Agreement, the other Program Agreements, any of
the Obligations or any collateral security therefor or guarantee or right of offset with respect
thereto at any time or from time to time held by the Buyer, (ii) any defense, set-off or
counterclaim (other than a defense of payment or performance) which may at any time be available to
or be asserted by the Seller against the Buyer, or (iii) any other circumstance whatsoever (with or
without notice to or knowledge of the Seller or the Guarantor) which constitutes, or might be
construed to constitute, an equitable or legal discharge of the Seller for the Obligations, or of
Guarantor under this Guaranty, in bankruptcy or in any other instance. When pursuing its rights
and remedies hereunder against the Guarantor, the Buyer may, but shall be under no obligation, to
pursue such rights and remedies that they may have against the Seller or any other Person or
against any collateral security or guarantee for the Obligations or any right of offset with
respect thereto, and any failure by the Buyer to pursue such other rights or remedies or to collect
any payments from the Seller or any such other Person or to realize upon any such collateral
security or guarantee or to exercise any such right of offset, or any release of the Seller or any
such other Person or any such collateral security, guarantee or right of offset, shall not relieve
Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies,
whether express, implied or available as a matter of law, of the Buyer against the Guarantor. This
Guaranty shall remain in full force and effect and be binding in accordance with and to the extent
of its terms upon the Guarantor and their successors and assigns thereof, and shall inure to the
benefit of the Buyer, and successors, indorsees, transferees and assigns, until all the Obligations
and the obligations of the Guarantor under this Guaranty shall have been satisfied by payment in
full, notwithstanding that from time to time during the term of the Repurchase Agreement the Seller
may be free from any Obligations.

(b) Without limiting the generality of the foregoing, Guarantor hereby agrees, acknowledges,
and represents and warrants to the Buyer as follows:

(i) Guarantor hereby waives any defense arising by reason of, and any and all right to
assert against the Buyer any claim or defense based upon, an election of remedies by the
Buyer which in any manner impairs, affects, reduces, releases, destroys and/or extinguishes
Guarantor’s subrogation rights, rights to proceed against the Seller or any other guarantor
for reimbursement or contribution, and/or any other rights of the Guarantor to proceed
against the Seller, against any other guarantor, or against any other person or security.

(ii) Guarantor is presently informed of the financial condition of the Seller and of
all other circumstances which diligent inquiry would reveal and which bear upon the risk of
nonpayment of the Obligations. The Guarantor hereby covenants that it will make its own
investigation and will continue to keep itself informed of the Seller’s financial condition,
the status of other guarantors, if any, of all other circumstances which bear upon the risk
of nonpayment and that it will continue to rely upon sources other than the Buyer for such
information and will not rely upon the Buyer for any such information. Absent a written
request for such information by the Guarantor to the Buyer, Guarantor hereby waives its
right, if any, to require the Buyer to disclose to Guarantor any information which the Buyer
may now or hereafter acquire concerning such condition or circumstances including, but not
limited to, the release of or revocation by any other guarantor.

(iii) Guarantor has independently reviewed the Repurchase Agreement and related
agreements and has made an independent determination as to the validity and enforceability
thereof, and in executing and delivering this Guaranty to the Buyer, Guarantor is not in any
manner relying upon Buyer’s and Seller’s representations concerning the validity, and/or
enforceability, and/or attachment, and/or perfection of any Liens or security interests of
any kind or nature granted by the Seller or any other guarantor to the Buyer, now or at any
time and from time to time in the future.

7. Reinstatement. This Guaranty shall continue to be effective, or be reinstated, as
the case may be, if at any time payment, or any part thereof, of any of the Obligations is
rescinded or must otherwise be restored or returned by the Buyer upon the insolvency, bankruptcy,
dissolution, liquidation or reorganization of the Seller or upon or as a result of the appointment
of a receiver, intervenor or conservator of, or trustee or similar officer for, the Seller or any
substantial part of its property, or otherwise, all as though such payments had not been made.

8. Payments. Guarantor hereby agrees that the Obligations will be paid to the Buyer
without set-off or counterclaim in U.S. Dollars.

9. Event of Default. If an Event of Default under the Repurchase Agreement shall have
occurred and be continuing, Guarantor agrees that, as between Guarantor and Buyer, the Obligations
may be declared to be due for purposes of this Guaranty notwithstanding any stay, injunction or
other prohibition which may prevent, delay or vitiate any such declaration as against a Seller and
that, in the event of any such declaration (or attempted declaration), such Obligations shall
forthwith become due by Guarantor for purposes of this Guaranty.

10. Severability. Any provision of this Guaranty which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

11. Headings. The paragraph headings used in this Guaranty are for convenience of
reference only and are not to affect the construction hereof or be taken into consideration in the
interpretation hereof.

12. No Waiver; Cumulative Remedies. The Buyer shall not by any act (except by a
written instrument pursuant to paragraph 13 hereof), delay, indulgence, omission or otherwise be
deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event
of Default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor
any delay in exercising, on the part of the Buyer, any right, power or privilege hereunder shall
operate as a waiver thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by the Buyer of any right or remedy hereunder on any one occasion
shall not be construed as a bar to any right or remedy which the Buyer would otherwise have on any
future occasion. The rights and remedies herein provided are cumulative, may be exercised singly
or concurrently and are not exclusive of any rights or remedies provided by law.

13. Waivers and Amendments; Successors and Assigns; Governing Law. None of the terms
or provisions of this Guaranty may be waived, amended, supplemented or otherwise modified except by
a written instrument executed by the Guarantor and the Buyer, provided that any provision of this
Guaranty may be waived by the Buyer in a letter or agreement executed by the Buyer or by facsimile
or electronic transmission from the Buyer. This Guaranty shall be binding upon the heirs, personal
representatives, successors and assigns of the Guarantor and shall inure to the benefit of the
Buyer and its respective successors and assigns.

14. Notices. Notices by the Buyer to Guarantor shall be given pursuant to Section 20
of the Repurchase Agreement.

15. Jurisdiction; Waiver of Trial by Jury.

(a) THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF
(OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

(b) GUARANTOR HEREBY WAIVES TRIAL BY JURY. GUARANTOR HEREBY IRREVOCABLY CONSENTS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK, OR IN THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, ARISING OUT OF OR RELATING TO THE PROGRAM AGREEMENTS
IN ANY ACTION OR PROCEEDING. GUARANTOR HEREBY SUBMITS TO, AND WAIVES ANY OBJECTION IT MAY HAVE TO,
EXCLUSIVE PERSONAL JURISDICTION AND VENUE IN THE COURTS OF THE STATE OF NEW YORK AND THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, WITH RESPECT TO ANY DISPUTES ARISING
OUT OF OR RELATING TO THE PROGRAM AGREEMENTS.

16. Integration. This Guaranty represents the agreement of the Guarantor with respect
to the subject matter hereof and there are no promises or representations by the Buyer relative to
the subject matter hereof not reflected herein.

17. Acknowledgments. Guarantor hereby acknowledges that:

(a) Guarantor has been advised by counsel in the negotiation, execution and delivery of this
Guaranty and the other Program Agreements;

(b) the Buyer does not have any fiduciary relationship to Guarantor, and the relationship
between the Buyer and Guarantor is solely that of surety and creditor; and

(c) no joint venture exists between the Buyer and Guarantor or among the Buyer, the Seller and
Guarantor.

[ Signature pages follow ]

IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed and delivered
as of the date first above written.

RAIT FINANCIAL TRUST, as Guarantor

By: /s/ Kenneth R. Frappier

Name: Kenneth R. Frappier

Title: Executive Vice President

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