Document:

Master Repurchase Agreement, dated as of February 13, 2006.

 EXECUTION VERSION 

 MASTER REPURCHASE AGREEMENT 
 Dated
as of February 13, 2006 
 among 
 CBRE REALTY FINANCE TRS WAREHOUSE FUNDING II, LLC 
 as Seller 
 BANK OF AMERICA, N.A., 
 as a Buyer

 and 
 BANC OF
AMERICA SECURITIES LLC, 
 as a Buyer 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	DEFINITIONS	  	1
	2.	  	INITIATION; CONFIRMATION; TERMINATION; FEES	  	17
	3.	  	MARGIN MAINTENANCE	  	23
	4.	  	INCOME PAYMENTS AND PRINCIPAL PAYMENTS	  	24
	5.	  	SECURITY INTEREST	  	26
	6.	  	PAYMENT, TRANSFER AND CUSTODY	  	28
	7.	  	SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED ASSETS	  	31
	8.	  	REPRESENTATIONS	  	32
	9.	  	NEGATIVE COVENANTS OF SELLER	  	36
	10.	  	AFFIRMATIVE COVENANTS OF SELLER	  	38
	11.	  	EVENTS OF DEFAULT; REMEDIES	  	42
	12.	  	RECORDING OF COMMUNICATIONS	  	49
	13.	  	SINGLE AGREEMENT	  	49
	14.	  	NOTICES AND OTHER COMMUNICATIONS	  	49
	15.	  	ENTIRE AGREEMENT; SEVERABILITY	  	50
	16.	  	NON-ASSIGNABILITY	  	50
	17.	  	CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  	51
	18.	  	GOVERNING LAW	  	52
	19.	  	NO WAIVERS, ETC	  	52
	20.	  	USE OF EMPLOYEE PLAN ASSETS	  	52
	21.	  	INTENT	  	53
	22.	  	DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS	  	53
	23.	  	NO RELIANCE	  	54
	24.	  	INDEMNITY	  	54
	25.	  	DUE DILIGENCE	  	55
	26.	  	SERVICING	  	56
	27.	  	MISCELLANEOUS	  	57

  

 -i- 

 EXHIBITS 
  

			
	EXHIBIT I	  	Form of Confirmation
	EXHIBIT II	  	 Authorized Representatives of Seller

	EXHIBIT III	  	Monthly Servicing Information
	EXHIBIT IV	  	Form of Custodial Delivery Certificate
	EXHIBIT V	  	Form of Power of Attorney
	EXHIBIT VI	  	Representations and Warranties Regarding Individual Purchased Loans
	EXHIBIT VII	  	Transaction Procedure
	EXHIBIT VIII	  	Form of Redirection Letter
	EXHIBIT IX	  	Form of Servicer Notice and Agreement
	EXHIBIT X	  	Form of Bailee Agreement
	EXHIBIT XI	  	Form of Guarantee
	EXHIBIT XII	  	Form of Omnibus Assignment
	EXHIBIT XIII	  	Underwriting Guidelines

 MASTER REPURCHASE AGREEMENT 
 MASTER REPURCHASE AGREEMENT, dated as of February 13, 2006 (as amended, restated, supplemented or otherwise modified and in effect from time to
time, this “Agreement”), among CBRE REALTY FINANCE TRS WAREHOUSE FUNDING II, LLC, as seller (“Seller”), and BANK OF AMERICA, N.A. (“BANA”) and BANC OF AMERICA SECURITIES LLC (“BAS”,
together with BANA, and their respective successors and assigns, collectively, the “Buyers”, each, a “Buyer”). 
 WHEREAS, subject to the terms and conditions hereof, from time to time a Buyer and Seller may enter into one or more Transactions (defined below), pursuant to which Seller agrees to sell to the Buyer, and the Buyer agrees to purchase from
Seller, on the Purchase Date (defined below) for such Transaction, certain Eligible Assets (defined below) against payment by the Buyer of an amount equal to the Purchase Price (defined below) for such Eligible Assets, with a simultaneous agreement
by the Buyer to sell to Seller, and by Seller to repurchase from the Buyer, such Eligible Assets on the related Repurchase Date (defined below) against payment by Seller of an amount equal to the Repurchase Price (defined below) for such Eligible
Assets. 
 NOW THEREFORE, the parties hereto hereby agree as follows: 
 1. DEFINITIONS 
 1.1
Defined Terms. As used herein, the following capitalized terms shall have the respective meanings set forth below (all terms defined in this Section 1.1 or in any other provision of this Agreement in the singular shall have the same
meanings when used in the plural and vice versa). 
 “1934 Act” shall have the meaning specified in Section 22(a) of
this Agreement. 
 “Acceptable Appraisal” shall mean, with respect to a Purchased Loan or a loan which Seller proposes to
become a Purchased Loan, a third-party appraisal acceptable to the Buyer and meeting the standards of Title XI FIRREA, performed by an MAI appraiser and dated within twelve (12) months of the Purchase Date for such Purchased Loan. 

“Accepted Servicing Practices” shall mean with respect to any Purchased Loan, those servicing practices of prudent mortgage loan
servicers which service mortgage, mezzanine or other commercial loans of the same type as such Purchased Loan in the jurisdiction where the related Underlying Mortgaged Property is located. 
 “Act of Insolvency” shall mean with respect to any party, (i) the commencement by such party as debtor of any case or proceeding
under any bankruptcy, insolvency, reorganization, liquidation, moratorium, dissolution, delinquency or similar law, or such party seeking the appointment or election of a receiver, conservator, trustee, custodian or similar official for such party
or any substantial part of its property, or the convening of any meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or election, (ii) the commencement of any such case or proceeding
against such party, or another seeking such an appointment or election, or the filing against a party of an 

 
application for a protective decree under the provisions of the Securities Investor Protection Act of 1970, which (A) is consented to or not timely
contested by such party, (B) results in the entry of an order for relief, such an appointment or election, the issuance of such a protective decree or the entry of an order having a similar effect, or (C) is not dismissed within fifteen
(15) days, (iii) the making by such party of a general assignment for the benefit of creditors, or (iv) the admission in writing by such party of such party’s inability to pay such party’s debts as they become due.

 “Affiliate” shall mean, when used with respect to any specified Person, any other Person directly or indirectly
controlling, controlled by, or under common control with, such Person. Control shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise and “controlling” and “controlled” shall have meanings correlative thereto; provided that, any Person which owns directly or indirectly 10% or more of the securities having
ordinary voting power for the election of directors or other governing body of a corporation or 10% or more of the partnership or other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to
control such corporation or other Person. 
 “Affiliated Hedge Counterparty” shall mean any Affiliate of BANA that is party
to a Hedging Agreement. 
 “Aggregate Purchase Price” shall mean, with respect to any Purchased Asset, the aggregate amount
of Purchase Price paid by the Buyers hereunder on the initial Purchase Date therefor and on any Subsequent Purchase Date. 
 “Agreement” shall have the meaning specified in the introductory paragraph of this Agreement. 
 “Allocated
Portion” shall have the meaning specified in Section 4.3(c) of this Agreement. 
 “Allocated Underlying Debt”
With respect to the Underlying Mortgaged Property related to any Purchased Asset, any senior or pari passu Indebtedness secured directly or indirectly by such Underlying Mortgaged Property, including, without limitation, any preferred equity
interest or mezzanine debt that is senior to, or pari passu with, such Purchased Asset in right of payment or priority. 
 “Alternative Rate” shall have the meaning specified in Section 2.8 of this Agreement. 
 “Alternative
Rate Transaction” shall mean, with respect to any Pricing Rate Period, any Transaction with respect to which the Pricing Rate for such Pricing Rate Period is determined with reference to the Alternative Rate. 
 “Applicable Spread” shall mean, with respect to a Transaction, 
  

 2 

 (i) so long as no Event of Default shall have occurred and be continuing, the incremental
per annum rate (expressed as a number of “basis points”, each basis point being equivalent to 1/100 of 1%) specified in the Pricing Letter as being the “Applicable Spread” for the applicable Eligible Asset Class and the Asset
Level LTV, and 
 (ii) after the occurrence and during the continuance of an Event of Default, the applicable incremental per
annum rate described in clause (i) of this definition, plus 300 basis points (3.0%). 
 “Asset Level LTV” shall mean
the Asset Level LTV specified in the Schedule I to the Pricing Letter. 
 “Assignment of Leases” shall mean with
respect to any Purchased Loan, any assignment of leases, rents and profits or equivalent instrument, whether contained in the related Mortgage or executed separately, assigning to the holder or holders of such Mortgage all of the related
Mortgagor’s interest in the leases, rents and profits derived from the ownership, operation, leasing or disposition of all or a portion of the related Mortgaged Property as security for repayment of such Purchased Loan. 
 “Assignment of Mortgage” shall mean, with respect to any Mortgage, an assignment of the mortgage, notice of transfer or equivalent
instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related property is located to reflect the assignment and pledge of the Mortgage. 
 “Bailee Agreement” shall mean a bailee agreement, substantially in the form attached as Exhibit X hereto, executed and delivered by a duly authorized officer of each of the parties thereto.

 “BofA Indebtedness” shall mean any indebtedness of Seller, Member or Guarantor under any arrangement (other than the
Transaction Documents) between Seller, Member or Guarantor, on the one hand, and any Buyer or any Affiliate of a Buyer, on the other hand. 
 “Breakage Costs” shall have the meaning set forth in Section 2.13 of this Agreement. 
 “Business
Day” shall mean a day other than (i) a Saturday or Sunday, or (ii) a day in which the New York Stock Exchange or banks in the State of New York and Chicago, Illinois are authorized or obligated by law or executive order to be
closed. When used with respect to a Reset Date, a “Business Day” shall mean a day other than a day on which banks in London, England are closed for interbank or foreign exchange transactions. 
 “Buyers” shall have the meaning set forth in the introductory paragraph of this Agreement. 
 “Capital Lease” shall mean, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person or
entity as lessee that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of that Person or entity. 
  

 3 

 “Capital Stock” shall mean any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent equity ownership interests in a Person which is not a corporation, including, without limitation, any and all member or other equivalent interests in any
limited liability company, and any and all warrants or options to purchase any of the foregoing. 
 “Cash Management
Account” shall mean a segregated interest bearing account, in the name of the Buyers’ designee, maintained at the Depository. 
 “Change of Control” shall mean (a) the Guarantor shall fail to directly own 100% of the issued and outstanding Capital Stock (including all warrants, options, conversion rights and other rights to purchase or convert
into such Capital Stock) of Seller, (b) any “person” or “group” (within the meaning of Section 13(d) or 14(d) of the 1934 Act) shall become, or obtain rights (whether by means of warrants, options or otherwise) to
become, the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the 1934 Act), directly or indirectly, of a percentage of 20% or more of the total voting power of all classes of Capital Stock of Guarantor entitled to vote
generally in the election of directors or (c) CBRE Realty Finance Management, LLC shall cease to be the manager of the Guarantor. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 
 “Collateral” has the meaning given to that term in Section 5.2 of this Agreement. 
 “Collection Period” shall mean, with respect to each Remittance Date, the period beginning on but excluding the Cut-off Date relating to
the immediately preceding Remittance Date and continuing to and including the Cut-off Date relating to such Remittance Date. 
 “Confirmation” shall have the meaning specified in Section 2.2 of this Agreement. 
 “Contingent
Purchase Price” shall mean, at any time, with respect to any Purchased Asset, an amount equal to the difference between (x) the product obtained by multiplying (i) the Market Value of such Purchased Asset at such time by
(ii) the applicable Purchase Percentage minus (y) the Aggregate Purchase Price paid by the Buyers hereunder in respect of such Purchased Asset prior to such date. 
 “Credit Approval Memo” shall mean a memorandum describing each applicable Eligible Asset (including a summary of the potential
transaction benefits and all material underwriting risks, all Underwriting Issues and all other characteristics of the proposed transaction that a reasonable buyer would consider material) and approved by Seller’s investment committee, granting
credit approval for Seller’s transaction with respect to each applicable Eligible Asset. 
 “Custodial Agreement” shall
mean a custodial agreement, in form and substance satisfactory to the Buyers and executed and delivered by a duly authorized officer of each of the parties thereto. 
  

 4 

 “Custodial Delivery Certificate” shall mean the certificate executed by Seller in order
to deliver the Purchased Asset Schedule and the Purchased Asset File to the Buyer or its designee (including the Custodian) pursuant to Section 6, a form of which is attached hereto as Exhibit IV. 
 “Custodian” shall have the meaning specified in the Custodial Agreement. 
 “Cut-off Date” shall mean the second (2nd) Business Day preceding each Remittance Date. 
 “Default” shall mean
any event which, with the giving of notice, the passage of time, or both, would constitute an Event of Default. 
 “Defaulted
Asset” shall mean any Purchased Asset as to which any “default” or “event of default,” howsoever defined, under the related Purchased Asset Documents has occurred at any time after the related Purchase Date. 

“Delinquent Asset” shall mean any Purchased Asset as to which any related obligor has, at any time after the related Purchase Date,
failed to pay in full when due any payment required to be made in favor of the holder of such Purchased Asset. 
 “Depository” shall mean the bank at which the Cash Management Account is maintained. 
 “Diligence
Materials” shall mean the Preliminary Due Diligence Package together with the Supplemental Due Diligence List. 
 “Early
Repurchase Date” shall have the meaning specified in Section 2.4 of this Agreement. 
 “Effective Date” shall
mean the day on which a Confirmation for the first Transaction to be entered into hereunder has been fully executed by the Buyer and the Seller and all Transaction Condition Precedents for such Transaction have been satisfied (or waived by the
Buyer). 
 “Eligible Asset Class” shall mean any Eligible Asset Class listed on Schedule I to the Pricing Letter.

 “Eligible Assets” shall mean, collectively, the Eligible Loans; provided, that in no event shall Eligible Assets
include any Eligible Loan that (a) has an Underlying Mortgage Property that is (i) operated as an operating business, including, but not limited to, a restaurant, convenience store, gas station, golf course or healthcare facility,
(ii) a single non-credit tenant retail property or office property, (iii) a condo conversion property or (iv) any property then requiring rehabilitation or repositioning as reflected in Seller’s underwriting analysis, (b) is
subject to any Lien that is not in favor of the Buyer or its designee, (c) is owned by the Buyer 180 days or more after the initial Purchase Date for such Eligible Loan, (d) is recourse to the related borrower (other than in respect of
fraud, environmental matters and other customary carveouts from non-recourse positions), (e) does not comply with the Underwriting Guidelines, 

  

 5 

 
(f) the Purchased Asset Documents for which do not conform to CMBS standards or (g) does not satisfy all applicable Rating Agency criteria for inclusion
in commercial mortgage-backed securities transactions. 
 “Eligible Loans” shall mean any Eligible Originated First Mortgage
Loans or Eligible Seasoned First Mortgage Loans, which the Buyer has approved in its sole discretion and which are secured directly or indirectly by, including payments which are derived from, an Underlying Mortgaged Property that may include, but
not be limited to, multifamily, retail, office, industrial or warehouse properties located in the United States of America and with respect to which the LTV (taking into account any pari passu Indebtedness secured directly or indirectly by the same
Underlying Mortgaged Property) is not greater than 90% (with respect to Eligible Seasoned First Mortgage Loans) or is consistent the Underwriting Guidelines (with respect to Eligible Originated First Mortgage Loans). 
 “Eligible Originated First Mortgage Loans” shall mean performing loans or senior participations secured by first liens in multifamily or
commercial properties which (a) were originated for CMBS securitizations by the Guarantor or any Affiliate thereof on a date not more than six (6) months prior to the related initial Purchase Date, (b) conform in all material respects
to the applicable representations and warranties set forth in Exhibit VI attached hereto, and (c) are acceptable to the Buyer in its sole discretion. 
 “Eligible Seasoned First Mortgage Loans” shall mean performing loans secured by first liens in multifamily or commercial properties which (a) were originated (i) by the Guarantor or any
Affiliate thereof on a date more than six (6) months prior to the related initial Purchase Date or (ii) by a third-party lender (not an Affiliate of the Guarantor), (b) conform in all material respects to the applicable
representations and warranties set forth in Exhibit VI attached hereto, and (c) are acceptable to the Buyer in its sole discretion. 
 “Environmental Report” shall have the meaning specified in paragraph 12 of Exhibit VI attached hereto. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder. Section references to ERISA are to ERISA, as in effect as of the date of this
Agreement and, as of the relevant date, any subsequent provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor. 
 “ERISA Affiliate” means any corporation or trade or business that is a member of any group of organizations (i) described in Section 414(b) or (c) of the Code of which Seller is a member and (ii) solely
for purposes of potential liability under Section 302(c)(11) of ERISA and Section 412(c)(11) of the Code and the lien created under Section 302(f) of ERISA and Section 412(n) of the Code, described in Section 414(m) or
(o) of the Code of which Seller is a member. 
 “Event of Default” shall have the meaning specified in Section 11
of this Agreement. 
 “Exit Fee” shall have the meaning specified in the Pricing Letter. 
  

 6 

 “Federal Funds Opening Rate” shall mean, for any day, the opening quotation for Federal
Funds that appears on the display designated as the BTMM page of Bloomberg, or in the event that Bloomberg is not available on such day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve
System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for the day
of such transactions received by the Buyers from three federal funds brokers of recognized standing selected by it. 
 “Filings” shall have the meaning specified in Section 5.3 of this Agreement. 
 “FIRREA”
shall mean the Federal Institutions, Reform, Recovery and Enforcement Act of 1989 and the regulations promulgated thereunder (as the foregoing are amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to
time). 
 “GAAP” shall mean with respect to the financial statements or other financial information of any Person, generally
accepted accounting principles in the United States which are in effect from time to time. 
 “Governmental Authority” shall
mean any national or federal government, any state, regional, local or other political subdivision thereof with jurisdiction and any Person with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government. 
 “Guarantee” shall mean that certain Guarantee, of even date herewith, made by Guarantor in
favor of the Buyer (as the same may be amended, restated or otherwise modified and in effect from time to time). 
 “Guarantor” CBRE Realty Finance, Inc. 
 “Hedging Agreements” shall mean, with respect to any
Purchased Asset, any futures options contract or any interest rate swap, cap or collar agreement or similar derivative instruments 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 with respect to such Purchased Asset with a counterparty acceptable to the Buyer. Seller shall provide the Buyers (or an Affiliate designated by the Buyers) with an opportunity
to bid on any Hedging Agreement to be entered into by Seller, but Seller shall have no obligation to enter into any Hedging Agreement with any Buyer or any such Affiliate. 
 “Income” shall mean with respect to any Purchased Asset at any time, any Principal Payments made in respect thereof and all interest,
dividends or other distributions thereon. 
 “Indebtedness” shall mean, for any Person: (a) obligations created, issued
or incurred by such Person for borrowed money; (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 

  

 7 

 
business so long as such trade accounts payable are payable within 90 days of 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; (d) obligations of such Person in respect of letters of credit or
similar instruments issued or accepted by banks and other financial institutions for account of such Person; (e) Capital Leases of such Person; and (f) indebtedness of others guaranteed by such Person. 
 “Indemnified Amounts” and “Indemnified Parties” shall each have the meaning specified in Section 24 of this
Agreement. 
 “Initial Termination Date” shall mean the 364th day following the Effective Date or, if such day is not a Business Day, the immediately preceding Business Day, but in any event no later than May 31,
2007. 
 “LIBOR” shall mean the rate per annum calculated as set forth below: 
 (i) On each Reset Date, LIBOR for the next Pricing Rate Period, unless otherwise requested in accordance with paragraph (ii) below,
will be with respect to each day during such Pricing Rate Period the rate per annum for deposits in United States dollars for a one-month period which appears on Telerate Page 3750 (or any successor page) as of 11:00 a.m., London time, on such date;

 (ii) Upon written request to the Buyer not less than two (2) Business Days prior to a Reset Date, Seller may request
that Buyer determine LIBOR based upon the rate for deposits in United States Dollars for the requested Pricing Rate Period (which shall be one month, two months or three months) which appears on Telerate Page 3750 as of 11:00 a.m., London time, on
such date, provided, however, that not more than five (5) Transactions shall be subject to different LIBOR rates at any time and that each fixed tranche shall not have a notional amount of less than $5,000,000; or 
 (iii) On any Reset Date on which no such rate appears on Telerate Page 3750 as described above, LIBOR for the next Pricing Rate Period
will be determined on the basis of the rate per annum at which deposits in United States Dollars are offered by London Branch of Bank of America, N.A. at approximately 11:00 a.m., London time, on such date to prime banks in the London interbank
market for a one-month, two-month or three-month period, as applicable. 
 All percentages resulting from any calculations or determinations referred to in
this definition will be rounded upwards, if necessary, to the nearest multiple of l/100th of 1% and all U.S. dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent or more being rounding
upwards). 
 “LIBO Rate” shall mean, with respect to any Pricing Rate Period pertaining to a Transaction, a rate per annum
determined for such Pricing Rate Period in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  

 8 

					
		 	 LIBOR
	 	
		 	1 – Reserve Requirement	 	

 “LIBOR Transaction” shall mean, with respect to any Pricing Rate Period, any
Transaction with respect to which the Pricing Rate for such Pricing Rate Period is determined with reference to the LIBO Rate. 
 “Lien” shall mean any mortgage, lien, encumbrance, charge or other security interest, whether arising under contract, by operation of law, judicial process or otherwise. 
 “Loan-to-Value Ratio” or “LTV” shall mean, with respect to any Purchased Asset, at the time of determination, the ratio
of (a) the outstanding principal amount of such Purchased Asset at such time plus the amount of any Allocated Underlying Debt for such Purchased Asset at such time to (b) the lesser of (i) the appraised value of the related Underlying
Mortgaged Property, as determined by reference to an Acceptable Appraisal of such Underlying Mortgaged Property, with such appraised value being subject to adjustment by the Buyer in its sole discretion, (ii) the purchase price of such
Underlying Mortgaged Property and (iii) the current Market Value of such Purchased Asset. 
 “Margin Deficit” shall
mean, at any time, with respect to any Purchased Loan, the excess, if any, of (A) an amount equal to the Repurchase Price (less any unpaid Price Differential and Exit Fee) of such Purchased Loan minus (B) the sum of (1) an
amount equal to the product of the Market Value of such Purchased Loan at such time times the Purchase Percentage applicable thereto and (2) the net value of any related Hedging Agreements pledged to the Buyer, as determined by the Buyer on the
basis of the economic terms thereof as set forth in the related hedge documentation provided to the Buyer by Seller. 
 “Market
Value” shall mean, with respect to any Purchased Assets as of any date, the market value for such Purchased Assets on such date, as determined by the Buyer in its sole discretion; provided, that the Market Value shall be $0 for each
Purchased Asset that is (a) a Delinquent Asset or a Defaulted Asset, (b) after its Purchase Date, determined not to be an Eligible Loan or (c) (i) rejected by more than one B-piece buyer in a securitization (it being expressly
understood that, for purposes of this clause (c)(i), any voluntary withdrawal of a Purchased Asset from consideration for inclusion in a securitization by Seller shall be deemed to be a rejection by the B-piece buyer) and (ii) unable to be
included in a collateralized debt obligation securitization sponsored by the Guarantor. The Market Value of all Purchased Assets shall be determined by the Buyer in its sole discretion on each Business Day during the term of the Agreement.

 “Material Adverse Change” shall mean a material adverse change in the business, operations, property, financial condition
or prospects of Seller or the Guarantor. 
 “Maximum Facility Amount” shall mean $250,000,000, as such amount may be reduced
pursuant to Section 2.7 of this Agreement. 
 “Member” shall mean CBRE Realty Finance TRS, Inc., a Delaware
corporation. 
  

 9 

 “Mezzanine Note” shall mean a note or other evidence of indebtedness of the owner or
owners of all equity or ownership interests in an underlying real property owner secured by a pledge of such ownership interests. 
 “Monthly Servicing Information” shall mean the information contained on Exhibit III attached hereto. 
 “Moody’s” shall mean Moody’s Investor Service, Inc. 
 “Mortgage” shall mean a mortgage,
deed of trust, deed to secure debt or other instrument, creating a valid and enforceable lien on or an ownership interest in an estate in fee simple or leasehold estate in real property and the improvements thereon, securing a mortgage note or
similar evidence of indebtedness. 
 “Mortgage Note” shall mean a note or other evidence of indebtedness of a Mortgagor
secured by a Mortgage. 
 “Mortgaged Property” shall mean the real property securing repayment of the debt evidenced by a
Mortgage Note. 
 “Mortgagor” shall mean the obligor on a Mortgage Note and the grantor of the related Mortgage. 

“Multiemployer Plan” shall mean a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been,
or were required to have been, made by Seller or any ERISA Affiliate and which is covered by Title IV of ERISA. 
 “New
Asset” shall mean an Eligible Loan that Seller proposes to be included as a Purchased Asset. 
 “Omnibus
Assignment” shall mean an omnibus assignment in the form of Exhibit XII attached hereto. 
 “Permitted Purchased Loan
Modification” shall mean any modification of a Purchased Loan, other than a modification which (1) amends or modifies the interest rate, principal amount, maturity date or any other financial or economic term (including, but not
limited to, the amortization schedule) of a Purchased Loan, (2) extends any payment date for the payment of such principal or interest, (3) amends, modifies or waives any cash management or reserve account requirements of a Purchased Loan,
(4) releases or subordinates any portion of the collateral securing such Purchased Loan, (5) waives any foreclosure rights with respect to any portion of the collateral securing such Purchased Loan, (6) releases or modifies any
guarantee or (7) modifies the terms of any provisions applicable to casualty or condemnation proceeds. 
 “Person”
shall mean an individual, corporation, limited liability company, business trust, partnership, joint tenant or tenant-in-common, trust, unincorporated organization, or other entity, or a federal, state or local government or any agency or political
subdivision thereof. 
  

 10 

 “Plan” means an employee benefit or other plan established or maintained by Seller or
any ERISA Affiliate during the five year period ended prior to the date of this Agreement or to which Seller or any ERISA Affiliate makes, is obligated to make or has, within the five year period ended prior to the date of this Agreement been
required to make contributions and that is covered by Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code, other than a Multiemployer Plan. 
 “Preliminary Due Diligence Package” shall mean with respect to any New Asset, the Underwriting Package, together with, to the extent available to Seller after using commercially reasonable efforts,
the following due diligence information relating to the New Asset to be provided by Seller to the Buyer pursuant to this Agreement: 
 (i) an Acceptable Appraisal; 
 (ii) a “Phase 1” (and, if necessary, “Phase 2”) environmental
report, an asbestos survey, if applicable, and an engineering report, each in form satisfactory to the Buyer, by an engineer or environmental consultant approved by the Buyer; 
 (iii) the Purchased Asset Information; 
 (iv) current rent roll; 
 (v) financial statements of the related property-owning
entity, certified by such entity, for the past two (2) years, and separate financial or other reporting statements with respect to each property owned by such entity and relating to such Eligible Loan; 
 (vi) trailing 12-month unaudited income statement of the related property-owning entity, and income statements with respect to each
property owned by such entity and relating to such Eligible Loan; 
 (vii) cash flow pro-forma, plus historical information;

 (viii) current operating budget of the related property-owning entity, and a separate operating budget with respect to each
property owned by such entity and relating to such Eligible Loan; 
 (ix) description of the Mortgaged Property and the
ownership structure of the borrower (including, without limitation, the board of directors, if applicable) and financial statements of the borrower; 
 (x) indicative debt service coverage ratios; 
 (xi) indicative loan-to-value ratio;

 (xii) term sheet outlining the transaction generally; 
 (xiii) Seller's relationship with the Mortgagor, if any; 
  

 11 

 (xiv) a list that specifically and expressly identifies any Purchased Asset Documents
that relate to such New Assets but are not in Seller’s possession; 
 (xv) any exceptions to the representations and
warranties set forth in Exhibit VI attached thereto; 
 (xvi) confirmation that such Eligible Loan has been approved by
Seller’s credit committee; 
 (xvii) if such Purchased Loan is serviced by a sub-servicer engaged by Seller, the identity
of such sub-servicer; 
 (xviii) a summary of material intercreditor provisions contained in any intercreditor agreement or
participation agreement (provided that each Buyer acknowledges and agrees that each such summary shall be used solely for such Buyer’s ease of reference in such Buyer's own independent review of the underlying loan documentation); and

 (xix) such other information as may be requested in writing by the Buyer in respect of a particular Eligible Loan.

 “Price Differential” shall mean, with respect to any Transaction as of any date, the aggregate amount obtained by daily
application of the Pricing Rate for such Transaction to the Repurchase Price for such Transaction on a 360-day-per-year basis 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 date of determination (reduced by any amount of such Price Differential previously paid by Seller to the Buyer with respect to such Transaction). 
 “Pricing Letter” shall mean that certain Pricing Letter, of even date herewith, between the Buyer and Seller (as the same may be
amended, restated or otherwise modified and in effect from time to time). 
 “Pricing Rate” shall mean, for any Pricing Rate
Period, an annual rate equal to the LIBO Rate for such Pricing Rate Period plus the relevant Applicable Spread, subject to adjustment and/or conversion as provided in Sections 2.8 and 2.9 of this Agreement. 
 “Pricing Rate Period” shall mean, (a) in the case of the first Pricing Rate Period with respect to any Transaction, the period
commencing on and including the Purchase Date for such Transaction and ending on and excluding the following Reset Date, and (b) in the case of any subsequent Pricing Rate Period, the period commencing on and including the last date of the
preceding Pricing Rate Period for such Transaction and ending on and excluding the Reset Date that is one month, two months, three months thereafter, in each case specified by Seller in accordance with clause (ii) of the definition of
“LIBOR”; provided, however, that in no event shall any Pricing Rate Period end after the Repurchase Date. 
 “Principal Payment” shall mean, with respect to any Purchased Asset, any payment or prepayment of principal received by the Depository in respect thereof. 
  

 12 

 “Purchase Date” shall mean the date on which any Purchased Asset is sold by Seller to
the Buyer hereunder and, as the context may require, any Subsequent Purchase Date applicable to such Purchased Asset. 
 “Purchase
Percentage” shall mean, with respect to any Transaction as of any day, the “Purchase Percentage” specified in Schedule I to the Pricing Letter for the applicable Eligible Asset Class and the Asset Level LTV. 
 “Purchase Price” shall mean, with respect to any Purchased Asset, (a) as of the initial Purchase Date therefor, an amount equal to
(i) the product obtained by multiplying (x) the Market Value of such Purchased Asset by (y) the applicable Purchase Percentage or (ii) such lesser amount as Seller may request, in either case, as specified in the related
Confirmation, and (b) as of any Subsequent Purchase Date therefor, increased by all or any portion of the amount of the Contingent Purchase Price for such Purchased Asset paid by the Buyers on such Subsequent Purchase Date. 
 “Purchased Asset Documents” shall mean, with respect to a Purchased Asset, the documents comprising the Purchased Asset File for such
Purchased Asset. 
 “Purchased Asset File” shall mean the documents specified as the “Purchased Asset File” in
Section 6.5 together with any additional documents and information required to be delivered to the Buyer or its designee (including the Custodian) pursuant to this Agreement. 
 “Purchased Asset Information” shall mean, with respect to each Purchased Asset, a data tape containing information consistent with the
Rating Agencies' informational requirements for a securitization and such other information as the Buyer shall request. 
 “Purchased
Assets” shall mean, collectively, the Purchased Loans. 
 “Purchased Asset Schedule” shall mean a schedule of
Purchased Assets attached to each Trust Receipt and Custodial Delivery Certificate. 
 “Purchased Loans” shall mean
(i) with respect to any Transaction, the Eligible Loans sold by Seller to the Buyer in such Transaction until such Eligible Loans are repurchased pursuant to this Agreement and (ii) with respect to the Transactions in general, all Eligible
Loans sold by Seller to the Buyers until such Eligible Loans are repurchased pursuant to this Agreement. 
 “Rating Agency”
shall mean any of Fitch Inc., Moody’s and Standard & Poor’s. 
 “REIT” shall mean a Person satisfying the
conditions and limitations set forth in Section 856(b) and 856(c) of the Code which are necessary to qualify such Person as a “real estate investment trust”, as defined in Section 856(a) of the Code. 
 “REMIC” shall mean a real estate mortgage investment conduit, within the meaning of Section 860D(a) of the Code. 
  

 13 

 “Remittance Date” shall mean the fifth (5th) calendar day of each month, or the next succeeding Business Day, if such calendar day shall not be a Business Day. 
 “Repurchase Date” shall mean, with respect to each Purchased Asset, the earlier of (a) the Termination Date and (b) 180 days
after the initial Purchase Date for such Purchased Asset. 
 “Repurchase Price” shall mean, with respect to any Purchased
Asset as of any date, the price at which such Purchased Asset is to be transferred from the Buyer to Seller upon termination of the related Transaction in whole or in part; such price will be determined in each case as the sum of the Purchase Price
of such Purchased Asset and the Price Differential with respect to such Purchased Asset as of the date of such determination and the Exit Fee, minus all Income and cash actually received by the Buyer in respect of such Transaction and allocated by
the Buyer to such Transaction pursuant to Sections 3, 4.2 and 4.3 of this Agreement. 
 “Requirement of Law” shall mean any
law, treaty, rule, regulation, code, directive, policy, order or requirement or determination of an arbitrator or a court or other Governmental Authority whether now or hereafter enacted or in effect. 
 “Reserve Requirement” shall mean, with respect to any Pricing Rate Period, the aggregate (without duplication) of the rates (expressed
as a decimal fraction) of reserve requirements in effect during such Pricing Rate Period (including, without limitation, basic, supplemental, marginal and emergency reserves under any regulations of the Board of Governors of the Federal Reserve
System or other governmental authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of such Board of
Governors) maintained by the Buyers. 
 “Reset Date” shall mean the fifth (5th) calendar day of each month, or the next succeeding Business Day, if such calendar day shall not be a Business Day. 
 “Responsible Officer” shall mean, as to any Person, the president or any executive vice president or, with respect to financial matters,
the chief financial officer of such Person. 
 “Seller” shall mean CBRE Realty Finance TRS Warehouse Funding II, LLC, a
limited liability company organized under the laws of the State of Delaware. 
 “Servicer” shall mean each of GEMSA Loan
Services, L.P., Midland Loan Services, Inc., or any other servicer engaged by Seller in respect of the Purchased Loans, which other servicer shall have been approved by the Buyers in their sole discretion. 
 “Servicer Notice and Agreement” shall have the meaning specified in Section 26.5 of this Agreement. 
 “Servicing Agreement” has the meaning specified in Section 26.2 of this Agreement. 
 “Servicing Records” has the meaning specified in Section 26.2 of this Agreement. 
  

 14 

 “Settlement Agent” shall mean, with respect to any Transaction involving Table Funded
Purchased Loans, an entity satisfactory to the Buyer in its sole discretion (which may be a title company, escrow company or attorney in accordance with local law and practice in the jurisdiction where the related Table Funded Purchased Loan is
being originated), to which the Purchase Price is to be wired by the Buyer at the request of Seller. 
 “Standard &
Poor’s” shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 
 “Subsequent Purchase Date” shall mean, as to any Purchased Asset, the date on which all or any portion of the Contingent Purchase Price is paid by a Buyer to Seller in respect of such Purchased Asset. 
 “Subsidiary” shall mean, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of
stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of a contingency) to elect a majority of the board of directors or other managers of such
corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. 
 “Supplemental Due Diligence List” shall mean, with respect to any New Assets, information or deliveries concerning the New Assets that
the Buyer shall request in addition to the Preliminary Due Diligence Package. 
 “Survey” shall mean a certified ALTA/ACSM
(or applicable state standards for the state in which the Mortgaged Property is located) survey of a Mortgaged Property prepared by a registered independent surveyor and in form and content satisfactory to the Buyer and the company issuing the Title
Policy for such Mortgaged Property. 
 “Table Funded Purchased Loan” shall mean a Purchased Loan which is sold to the Buyer
simultaneously with the origination or acquisition thereof, which origination or acquisition is financed with the Purchase Price, pursuant to Seller's request, paid directly to the Settlement Agent for disbursement in connection with such
origination or acquisition. A Purchased Loan shall cease to be a Table Funded Purchased Loan after the Custodian has delivered a Trust Receipt to the Buyer certifying its receipt of the Purchased Asset File therefor. 
 “Telerate Page 3750” shall mean the display page currently so designated on the Dow Jones Service (or such other page as may replace
that page on that service for the purpose of displaying comparable rates or prices). 
 “Termination Date” shall mean the
Initial Termination Date or such later date as may be in effect pursuant to Section 2.15, or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law. 
 “Title Policy” shall have the meaning specified in paragraph 6 of Exhibit VI attached hereto. 
  

 15 

 “Transaction” shall mean any transaction the Buyer and Seller may enter into from time
to time pursuant to which Seller agrees to transfer to the Buyer Purchased Assets against the transfer of funds by the Buyer, with a simultaneous agreement by the Buyer to transfer to Seller such Purchased Assets at a date certain or on demand
against the transfer of funds by Seller. 
 “Transaction Conditions Precedent” shall have the meaning specified in
Section 2.2 of this Agreement. 
 “Transaction Documents” shall mean, collectively, this Agreement, any applicable
Schedules or Exhibits to the Agreement, the Custodial Agreement, the Pricing Letter, the Guarantee and all Confirmations executed pursuant to this Agreement in connection with specific Transactions. 
 “Trust Receipt” shall mean a trust receipt issued by Custodian to the Buyer confirming the Custodian’s possession of certain
Purchased Asset Files which are the property of and held by Custodian for the benefit of the Buyer (or any other holder of such trust receipt). 
 “UCC” shall have the meaning specified in Section 5.3 of this Agreement. 
 “Underlying Mortgaged
Property” shall mean, with respect to any Eligible Loan, the income-producing commercial real estate which directly or indirectly secures such Eligible Loan or Eligible Security or to which such Eligible Loan or Eligible Security is
otherwise related. 
 “Underwriting Guidelines” shall mean the underwriting guidelines of Seller as in effect on the date of
this Agreement, which Underwriting Guidelines are set forth in Exhibit XIII attached hereto. 
 “Underwriting Issues”
shall mean, with respect to any New Asset, all material information that would be considered a materially “negative” factor (either separately or in the aggregate with other information) including but not limited to, any material adverse
change in the market conditions relevant to such New Asset, whether any such New Asset was rejected for inclusion in, or repurchased from, any securitization transaction, warehouse loan facility or a repurchase transaction due to the breach of a
representation and warranty, or a material defect in loan documentation or closing deliveries (such as any absence of any material Purchased Asset Document(s)), to a reasonable institutional buyer in determining whether to originate or acquire the
New Asset in question. 
 “Underwriting Package” shall mean (i) the Credit Approval Memo and any other internal
document setting forth all material information relating to a New Asset prepared by Seller for its evaluation of such New Asset, (ii) any source documentation or supporting information referenced in the Credit Approval Memo and (iii) such
further documents or information as the Buyer may request in its sole discretion. 
  

 16 

 1.2 Other Definitional Provisions. 
 (a) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement, and, unless otherwise specified herein or required by the context, all section, schedule and exhibit references are to this Agreement. 
 (b) Unless otherwise required by the context, all references herein, or in any other Transaction Document, to “the Buyer” shall refer to the
applicable Buyer of a Purchased Asset in connection with a Transaction hereunder. 
 (c) All references herein to “Dollars” or
“$” or amounts of money shall be deemed to refer to lawful money of the United States of America. 
 2.
INITIATION; CONFIRMATION; TERMINATION; FEES 
 2.1 Subject to the terms and conditions set forth in this Agreement (including, without
limitation, the “Transaction Conditions Precedent” specified in Section 2.2 of this Agreement) the Buyers shall from time to time separately enter into Transactions with Seller on any Business Day from and including the Effective Date
to but excluding the Termination Date and pursuant to any such Transaction, Seller shall be entitled to sell, repurchase and re-sell any assets in accordance with this Agreement; provided, however, that the aggregate Repurchase Price (excluding Exit
Fees and the Price Differential with respect to the Purchased Assets as of the date of determination) for all Transactions shall not exceed the Maximum Facility Amount. An agreement to enter into a Transaction shall be made in writing at the
initiation of Seller as provided below. Seller shall give the Buyer written notice of each proposed Transaction and the Buyer shall inform Seller of their determination with respect to any assets proposed to be sold to the Buyer by Seller solely in
accordance with Exhibit VII attached hereto. The Buyer shall have the right to review all Eligible Loans proposed to be sold to the Buyer in any Transaction and to conduct its own due diligence investigation of such Eligible Loans as the
Buyer determines. The Buyer shall be entitled to make a determination, in its sole discretion, that they shall not purchase any or all of the New Assets proposed to be sold to the Buyer by Seller. On the Purchase Date for the Transaction, which
shall be no later than fifteen (15) days after Seller has received the notice of approval of the request for transaction in accordance with Exhibit VII attached hereto and at least two (2) Business Days from the date upon which the
Confirmation is fully executed by Seller and the Buyer, provided each of the Transaction Conditions Precedent shall have been satisfied (or waived by the Buyer), the Purchased Assets shall be transferred to the Buyer or its agent against the
transfer of the Purchase Price to an account of Seller. On each Subsequent Purchase Date, which shall be no less than two (2) Business Days following the date upon which the Confirmation is fully executed by the Buyer and Seller in accordance
with Exhibit VII attached hereto, provided each of the Transaction Conditions Precedent shall have been satisfied (or waived by the Buyer), the Buyer shall transfer to the account of Seller all or the portion of the Contingent Purchase Price
requested in such Confirmation. Upon the execution and delivery of any such Confirmation in connection with a Subsequent Purchase Date, such Confirmation shall supercede any previous confirmation executed and delivered in respect of the relevant
Purchased Asset. 
 2.2 Upon agreeing to enter into a Transaction hereunder, provided each of the Transaction Conditions Precedent shall have
been satisfied (or waived by the Buyer), Seller shall 

  

 17 

 
prepare and Seller and the Buyer shall execute a written confirmation in the form of Exhibit I attached hereto of each Transaction (a
“Confirmation”) and follow all other Transaction procedures described in Exhibit VII attached hereto. In the absence of execution and delivery by the Buyer of a separate Confirmation with respect to each Purchased Asset which
is the subject of a proposed Transaction, Buyer shall under no circumstances be deemed to have agreed to enter into such Transaction or purchase such Purchased Asset. With respect to any Transaction, the Pricing Rate shall be determined initially on
the Purchase Date applicable to such Transaction, and shall be reset on each Reset Date for the related Pricing Rate Period. The Buyer or its agent shall determine in accordance with the terms of this Agreement the Pricing Rate on each Reset Date
for the related Pricing Rate Period and notify Seller and Custodian of such rate for such period on the Reset Date. 
 For purposes of this
Agreement, the “Transaction Conditions Precedent” shall be deemed to have been satisfied with respect to any proposed Transaction if: 
 (a) no Default or Event of Default under this Agreement shall have occurred and be continuing as of the Purchase Date for such proposed Transaction; 
 (b) the representations and warranties made by Seller in each of the Transaction Documents shall be true and correct in all material respects as of the Purchase Date for such Transaction; 
 (c) no Margin Deficit shall exist, either immediately prior to or after giving effect to the requested Transaction; 
 (d) none of the following shall have occurred and be continuing: 
 (i) an event or events shall have occurred in the determination of Buyer resulting in the effective absence of a “repo market”
or related “lending market” for purchasing (subject to repurchase) or financing debt obligations secured by commercial mortgage loans or securities 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 commercially reasonable prior to the occurrence of such event or events; or 
 (ii) an event or events shall have occurred resulting in the effective absence of a “securities market” for securities backed by
Purchased Assets or an event or events shall have occurred resulting in the Buyer not being able to sell securities backed by Purchased Assets at prices which would have been commercially reasonable prior to such event or events; or 
 (iii) there shall have occurred a material adverse change in the “repo market” or comparable “lending market” which
affects (or can reasonably be expected to affect) materially and adversely the ability of Seller to fund its obligations under this Agreement; 
  

 18 

 (e) the Buyer shall have received, reviewed and approved the applicable Diligence Materials, the
Purchased Asset Documents and any source documentation or supporting information referenced therein, including without limitation third party reports; 
 (f) the Buyer’s counsel shall have completed in full any legal review requested by the Buyer; 
 (g) the
Buyer shall have (A) determined, in accordance with the applicable provisions of Section 2.1 of this Agreement, that the assets proposed to be sold to the Buyer by Seller in such Transaction are Eligible Assets, (B) determined that
the Purchase Price of no single asset proposed to be sold to the Buyer by Seller in such Transaction exceeds 20% of the Maximum Facility Amount (unless the relevant Eligible Loan is investment grade), (C) completed all legal due diligence in
respect of such Eligible Loans and (D) obtained internal credit approval for the inclusion of such Eligible Loans as Purchased Assets in a Transaction; 
 (h) the (i) Purchase Price of any Purchased Asset sold to the Buyer under the Agreement on any Purchase Date shall not be less than $1,000,000 and (ii) the portion of the Contingent Purchase Price related to
any Purchased Asset paid by the Buyer to Seller on any Purchase Date shall not be less than $1,000,000; 
 (i) Reserved; 
 (j) the Buyer shall have received the Custodial Agreement, executed and delivered by an authorized officer of each of the parties thereto; 
 (k) the Buyer shall have received the Guarantee, executed and delivered by an authorized officer of Guarantor, and the Guarantee shall be in the form
attached hereto as Exhibit XI; 
 (l) the Buyer shall have received an opinion of counsel to Seller with respect to due authorization,
execution and delivery and enforceability and the perfection of the Buyer’s security interests in the New Assets, and such opinion shall be satisfactory to the Buyer in form and substance; and 
 (m) with respect to each Purchased Loan that is not a Table Funded Purchased Loan, the Buyer shall have received a Trust Receipt from the Custodian, and
with respect to each Table Funded Purchased Loan, the Buyer shall have received an executed Bailee Agreement and a Trust Receipt (as defined in such Bailee Agreement) from the Settlement Agent; and 
 (n) with respect to any Purchased Asset that is acquired by Seller from an Affiliate of Seller, the Buyers shall have received the written agreement of
such Affiliate (i) consenting to Seller’s pledge of such Purchased Asset and any Collateral related thereto to each Buyer under this Agreement and (ii) agreeing that, if the transfer by such Affiliate to Seller is deemed to be a loan
by Seller to such Affiliate, such Affiliate’s rights in respect of such Purchased Asset and any Collateral related thereto shall be subject and subordinate to the rights of the Buyers under this Agreement. 
  

 19 

 2.3 Upon execution by the Buyer, each Confirmation, together with this Agreement, shall be conclusive
evidence of the terms of the Transaction(s) covered thereby. 
 2.4 No Transaction shall be terminable on demand by the Buyer, other than
(1) upon the occurrence and during the continuance of an Event of Default by Seller and/or (2) to the extent of such Eligible Assets, with respect to any Eligible Assets that become delinquent, defaulted or similarly affected, as
determined in the Buyer's sole discretion. Seller shall be entitled to (and shall, in the event demand is given by the Buyer pursuant to the immediately preceding sentence, in accordance with the Buyer's demand) terminate a Transaction in whole or
in part on demand and repurchase all or a portion of the Purchased Assets subject to a Transaction on any Business Day prior to the Repurchase Date (an “Early Repurchase Date”); provided, however, that: 
 (a) Seller repurchases on such Early Repurchase Date, all or the portion of the Purchased Assets subject to such Transaction which Seller has elected to
repurchase; 
 (b) Seller notifies the Buyer in writing of its intent to terminate such Transaction and repurchase such Purchased Assets no
less than two (2) Business Days prior to such Early Repurchase Date; 
 (c) on such Early Repurchase Date, Seller pays to the Buyer an
amount equal to the sum of the Repurchase Price for such Transaction (or, in the case of a termination of a Transaction in part an amount acceptable to the Buyer in its sole discretion, but not more than such Repurchase Price), and any other amounts
payable under this Agreement (including, without limitation, Section 2.11 of this Agreement) with respect to such Transaction against transfer to Seller or its agent of such Purchased Assets; and 
 (d) Reserved. 
 Such notice shall set forth
the Early Repurchase Date and shall identify with particularity the Purchased Assets to be repurchased on such Early Repurchase Date. 
 2.5
On the Repurchase Date for a Transaction, termination of such Transaction shall be effected by transfer to Seller or its agent of the applicable Purchased Assets and any Income in respect thereof received by the Buyer (and not previously credited or
transferred to, or applied to the obligations of, Seller pursuant to Section 4 of this Agreement) against the simultaneous transfer of the applicable Repurchase Price to an account of the Buyer. As part of the Repurchase Price payable under
this Section 2.5 or otherwise pursuant to this Agreement, Seller shall pay to the Buyer the Exit Fee. 
 2.6 Seller shall reimburse the
Buyer for all fees, costs, disbursements and expenses of legal counsel associated with the preparation, negotiation and consummation of this Agreement and related documentation. To the extent not previously covered in this Section 2.6, Seller
shall reimburse the Buyer for all costs and expenses incurred by the Buyer for establishing and maintaining the facility created by this Agreement, including all expenses for due diligence, travel and fees and disbursements of its counsel.

  

 20 

 2.7 No more than once in each calendar quarter, Seller may by notice to the Buyer reduce the Maximum
Facility Amount to an amount not less than the aggregate amount of all then-open Transactions. If on any day the weighted average daily outstanding of the aggregate Repurchase Prices (less any unpaid Price Differential and Exit Fees) of all
Purchased Assets over the immediately preceding four-month period is less than seventy-five percent (75%) of the then current Maximum Facility Amount, the Buyers may, by written notice to Seller, reduce the Maximum Facility Amount to an amount
equal to such weighted average daily outstanding divided by 0.75. Once reduced, the Maximum Facility Amount may not be increased. 
 2.8 If
prior to the first day of any Pricing Rate Period with respect to any Transaction, (i) the Buyer shall have determined (which determination shall be conclusive and binding upon Seller) that, by reason of circumstances affecting the relevant
market, adequate means do not exist for ascertaining the LIBO Rate for such Pricing Rate Period, or (ii) the LIBO Rate determined or to be determined for such Pricing Rate Period will not adequately and fairly reflect the cost to the Buyer (as
determined and certified by the Buyer) of making or maintaining Transactions during such Pricing Rate Period, the Buyer shall give facsimile or telephonic notice thereof to Seller as soon as practicable thereafter. If such notice is given, the
Pricing Rate with respect to such Transaction for such Pricing Rate Period, and for any subsequent Pricing Rate Periods until such notice has been withdrawn by the Buyer, shall be a per annum rate (the “Alternative Rate”) equal to a
rate determined based on an index approximating the behavior of LIBOR as determined by the Buyer (which may be the Federal Funds Opening Rate). 
 2.9 Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Buyer to effect Transactions as contemplated by the
Transaction Documents, (a) (i) the commitment of such Buyer hereunder to enter into new Transactions shall be forthwith cancelled and (ii) the commitment of such Buyer to continue Transactions shall be cancelled on the 90th day following the date upon which notice of such adoption or change is delivered by such Buyer to Seller, and (b) the
Transactions then outstanding shall be converted automatically to Alternative Rate Transactions on the last day of the then current Pricing Rate Period or within such earlier period as may be required by law. If any such conversion of a Transaction
occurs on a day which is not the last day of the then current Pricing Rate Period with respect to such Transaction, Seller shall pay to the Buyer such amounts, if any, as may be required pursuant to Section 2.11 of this Agreement. 

2.10 Upon demand by the Buyer, Seller shall indemnify the Buyer and hold the Buyer harmless from any net loss or expense (not to include any lost
profit or opportunity cost) (including, without limitation, out-of-pocket attorneys' fees and disbursements of external counsel) which the Buyer may sustain or incur as a consequence of (i) default by Seller in selling Eligible Loans after
Seller has notified the Buyer of a proposed Transaction and the Buyer have agreed to purchase such Eligible Loans in accordance with the provisions of this Agreement (including, but not limited to, a default by Seller in selling Eligible Loans on
the Purchase Date as set forth in an irrevocable notice in accordance with Section 2.1 hereto), (ii) any payment of the Repurchase Price on any day other than a Remittance Date or (iii) default by Seller in terminating any Transaction
after Seller has given a notice in accordance with Section 2.4 of a termination of a Transaction (in each case of (i)-(iii) above, including, without limitation, any 

  

 21 

 
such loss or expense in the nature of a breakage cost attributable thereto arising from the reemployment of funds obtained by the Buyer to maintain
Transactions hereunder or from fees payable to terminate the deposits from which such funds were obtained). As a condition to Seller’s liability under this paragraph, the Buyer shall promptly deliver to Seller a certificate as to such costs,
losses, damages and expenses, setting forth the calculations therefor and including any available supporting documentation, which certificate shall be conclusive and binding on Seller in the absence of manifest error. 
 2.11 If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof by any Governmental Authority or
compliance by any Buyer with any directive from any central bank or other Governmental Authority having jurisdiction over such Buyer made subsequent to the date hereof: 
 (a) shall subject such Buyer to any tax of any kind whatsoever with respect to the Transaction Documents, any Purchased Asset or any Transaction, or change the basis of taxation of payments to such Buyer in respect
thereof (except for changes in the rate of tax on such Buyer's overall net income); 
 (b) shall impose, modify or hold applicable any
reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of
such Buyer which is not otherwise included in the determination of the LIBO Rate hereunder; or 
 (c) shall impose on such Buyer any other
condition; 
 and the result of any of the foregoing is to increase the cost to the Buyer, by an amount which the Buyer deems to be material, of entering
into, continuing or maintaining Transactions or to reduce any amount receivable under the Transaction Documents in respect thereof; then, in any such case, Seller shall promptly pay the Buyer, upon their demand, any additional amounts necessary to
compensate the Buyer for such increased cost or reduced amount receivable. If the Buyer becomes entitled to claim any additional amounts pursuant to this Section 2.11, they shall promptly notify Seller of the event by reason of which they have
become so entitled. As a condition to Seller's liability under this paragraph, the Buyer shall promptly deliver to Seller a certificate as to the calculation of any additional amounts payable pursuant to this subsection and including any available
supporting documentation, which certificate shall be conclusive and binding upon Seller in the absence of manifest error. This covenant shall survive the termination of this Agreement and the repurchase by Seller of any or all of the Purchased
Assets. 
 2.12 If any Buyer shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or
in the interpretation or application thereof or compliance by such Buyer or any corporation controlling such Buyer with any request or directive regarding capital adequacy from any Governmental Authority made subsequent to the date hereof does or
shall have the effect of reducing the rate of return on such Buyer's or such corporation's capital as a consequence of its obligations hereunder to a level below that which such Buyer or such corporation could have achieved but for such adoption,
change or compliance by an amount which is deemed by such Buyer to be material, then from time to time, 

  

 22 

 
after submission by such Buyer to Seller of a written request therefore, Seller shall pay to such Buyer such additional amount or amounts as will compensate
such Buyer for such reduction. As a condition to Seller's liability under this paragraph, such Buyer shall promptly deliver to Seller a certificate as to the calculation of any additional amounts payable pursuant to this subsection and including any
available supporting documentation, which certificate shall be conclusive and binding upon Seller in the absence of manifest error. This covenant shall survive the termination of this Agreement and the repurchase by Seller of any or all of the
Purchased Assets. 
 2.13 If Seller repurchases Purchased Assets on a day other than the last day of the Pricing Rate Period applicable to
the related Transaction, or if Seller repurchases Purchased Assets on any day which is not a Repurchase Date for such Purchased Assets, Seller shall indemnify the Buyer and hold the Buyer harmless from any losses, costs and/or expenses which Buyer
may sustain or incur 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 (“Breakage Costs”), in each case for the remainder of the
applicable Pricing Rate Period. The Buyer shall deliver to 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 Seller, absent manifest error. This covenant shall survive termination of this Agreement and repurchase by Seller of any or all of the Purchased
Assets. 
 2.14 Without prejudice to any other rights which Seller may have under this Agreement, upon any tender by Seller of payment of the
aggregate Repurchase Price for all Purchased Assets and all other amounts due and payable to the Buyers under this Agreement, all of each Buyer's right, title and interest in such Purchased Assets shall be deemed transferred to Seller, and the Buyer
shall deliver, or cause the delivery of, such Purchased Assets to Seller. 
 2.15 Notwithstanding the Initial Termination Date, (x) the
Termination Date may be extended until 364 days after the originally scheduled Termination Date, provided that each Buyer shall have agreed to such extension in its sole discretion and (y) if the initial Termination Date shall have been
extended pursuant to clause (x) above, such extended Termination Date may be extended further until 364 days after such extended Termination Date, provided that each Buyer shall have agreed to such further extension in its sole discretion;
provided, that no such extension shall occur unless, both immediately before and after giving effect to such extension, no Default or Event of Default shall have occurred and be continuing. If Seller desires an extension of the Termination
Date as contemplated by clause (x) or (y) above, Seller shall notify each Buyer in writing at least 90 days, but not more than 120 days, prior to the then-scheduled Termination Date and each Buyer shall, within 30 days of receipt of any
such notice, notify Seller in writing of whether it has agreed to grant the applicable extension. If a Buyer shall not have notified Seller within such 30 days that it has agreed to the applicable extension, then such Buyer shall be deemed to have
denied such extension. 
 3. MARGIN MAINTENANCE 
 3.1 If at any time any Margin Deficit shall exist, then the Buyer may, by written notice to Seller, require Seller to either (i) immediately
repurchase such Purchased Asset by payment to the Buyer of the Repurchase Price therefor or (ii) pay to the Buyer a portion of the 

  

 23 

 
Repurchase Price of such Purchased Asset in an aggregate amount equal to the amount of the Margin Deficit. Seller's failure to cure any Margin Deficit in
accordance with this Section 3.1 within the time period specified in Section 3.2 shall constitute an Event of Default under the Transaction Documents and shall entitle the Buyers to exercise their remedies under Section 11 of the
Agreement (including, without limitation, the liquidation remedy provided for in Section 11.2(e) of this Agreement). 
 3.2 Seller shall
repurchase the applicable Purchased Asset or pay a portion of the Repurchase Price pursuant to Section 3.1 not later than 4:00 p.m., New York City time, on (i) if the Buyer shall have delivered to Seller the notice contemplated in
Section 3.1 not later than 11:00 a.m., New York City time, on any Business Day, the first (1st) Business
Day after the date such notice is delivered and (ii) if the Buyer shall have delivered to Seller the notice contemplated in Section 3.1 after 11:00 a.m., New York City time, on any Business Day, the second (2nd) Business Day after the date such notice is delivered. Such notice may be given by means of facsimile transmission and
shall be delivered in accordance with the terms of this Agreement. The failure of the Buyer on any one or more occasions, to exercise its rights under this Section 3 shall not change or alter the terms and conditions to which this Agreement is
subject or limit the right of the Buyer to do so at a later date. Seller agrees that any failure or delay by the Buyer to exercise its rights under this Section 3 shall not limit the Buyer's rights under this Agreement or otherwise existing by
law or in any way create additional rights for Seller. 
 3.3 Any cash that is transferred to the Buyer pursuant to Section 3.1(i) of
this Agreement on account of a Margin Deficit with respect to any Purchased Asset shall be applied to reduce the Repurchase Price for such Purchased Asset under the relevant Transaction and in such a manner as to produce the lowest possible Breakage
Costs. 
 4. INCOME PAYMENTS AND PRINCIPAL PAYMENTS 
 4.1 The Cash Management Account shall be established at the Depository concurrently with the execution and delivery of this Agreement by Seller and the
Buyers. The Cash Management Account shall be in the name of the Buyers' designee and the Buyers, through their designee, shall have sole dominion and control over the Cash Management Account. Seller shall cause all Income in respect of the Purchased
Assets and any payments in respect of associated Hedging Agreements to be deposited directly into the Cash Management Account. Such Income shall be remitted by the Depository in accordance with the applicable provisions of Sections 4.2 and 4.3 of
this Agreement. 
 4.2 With respect to each Purchased Asset, Seller shall deliver to each Mortgagor, issuer of a participation, borrower
under a Purchased Loan, servicer, trustee or other applicable party making payments on such Purchased Asset (each, as applicable, a “Payor”) an irrevocable redirection letter in the form attached as Exhibit VIII to this
Agreement instructing such Payor to pay all Income under such Purchased Asset to the Cash Management Account and shall provide to the Buyer proof of such delivery. If a Payor forwards any Income with respect to a Purchased Asset to Seller rather
than directly to the Cash Management Account, Seller shall (i) deliver an additional irrevocable direction letter to such Payor and use its best efforts to cause such Payor to forward such amounts directly to the Cash Management Account and
(ii) within one Business Day deposit in the Cash Management Account any such amounts and pending such delivery, hold such amounts in trust for the Buyer. 
  

 24 

 4.3 (a) For so long as no Event of Default shall have occurred and be continuing, all Income (other
than amounts consisting of unscheduled Principal Payments deposited into the Cash Management Account in respect of the Purchased Assets (expressly excluding any amounts which may from time to time be received by the Depository for the benefit of the
holder of any asset which is not a Purchased Asset, including, without limitation, any participation or subparticipation interest that is related to a Purchased Asset but not included in the Purchased Asset acquired by the Buyer hereunder) and the
payments under the associated Hedging Agreements during each Collection Period shall be paid by the Depository on the related Remittance Date as follows: 
 (i) first, to remit payments then due to any Affiliated Hedge Counterparty under the Hedging Agreements, if any; 
 (ii) second, to remit escrow payments that are senior to debt service in the Purchased Asset Documents and are not otherwise deducted from such Income prior to deposit in the Cash Management Account to
Servicer, if any; 
 (iii) third, to the Buyers the Allocated Portion of scheduled Principal Payments, if any (for
purposes of this Section 4.3(a)(iii), “Allocated Portion” shall mean, with respect to a Principal Payment, the product of (x) the amount of such Principal Payment and (y) the Purchase Percentage; provided, that
(A) the Allocated Portion shall not exceed the amount of unpaid Repurchase Price payable by Seller to the Buyer for the applicable Purchased Asset and (B) following the payment of such Allocated Portion, no Margin Deficit exists);

 (iv) fourth, to remit to the Buyers an amount equal to the Price Differential which has accrued and is outstanding
as of such Remittance Date; 
 (v) fifth, to remit to the Buyers any other amounts due and payable to the Buyers under
this Agreement; 
 (vi) sixth, to remit payments then due to any counterparty (other than an Affiliated Hedge
Counterparty) under the Hedging Agreements, if any; and 
 (vii) seventh, to Seller any amounts remaining. 

(b) For so long as no Event of Default shall have occurred and be continuing, the Allocated Portion (subject to the proviso in the definition thereof)
of any unscheduled Principal Payment made in respect of any Purchased Asset shall be paid by the Depository to the Buyer within one (1) Business Day of receipt thereof to be applied against the Repurchase Price for the applicable Purchased
Asset, and the remainder of such unscheduled Principal Payment shall be paid to Seller within two (2) Business Days of receipt thereof. 
 (c) If an Event of Default shall have occurred and be continuing, all Income received by the Depository in respect of the Purchased Assets (expressly excluding any amounts 

  

 25 

 
which may from time to time be received by the Depository for the benefit of the holder of any asset which is not a Purchased Asset, including, without
limitation, any participation or subparticipation interest that is related to a Purchased Asset but not included in the Purchased Asset acquired by the Buyer hereunder) and the associated Hedging Agreements shall be applied by the Depository on the
Business Day next following the Business Day on which such funds are deposited in the Cash Management Account as follows, each such payment to be allocated in the Buyers' sole discretion among the Purchased Assets: 
 (i) first, to make a payment to the Buyers on account of any and all costs and expenses, including, but not limited to, attorneys
fees and expenses and enforcement costs and any other amounts (other than Repurchase Price) due and payable to the Buyers under the Agreement; 
 (ii) second, to remit to the Buyers an amount equal to the Price Differential which has accrued and is outstanding in respect of all of the Purchased Assets as of such Business Day; 
 (iii) third, to make a payment to the Buyers on account of the Repurchase Price of all Purchased Assets until the Repurchase Price
for all of the Purchased Assets has been reduced to zero; and 
 (iv) fourth, to remit payments then due to any
Affiliated Hedge Counterparty under the Hedging Agreements, if any; 
 (v) fifth, to remit payments then due to any
counterparty (other than an Affiliated Hedge Counterparty) under the Hedging Agreements, if any; and 
 (vi) sixth, to
remit to Seller the remainder. 
 5. SECURITY INTEREST 
 5.1 The Buyers and Seller intend that all Transactions hereunder be sales to the Buyer of the Purchased Assets and not loans from the Buyer to Seller
secured by the Purchased Assets. However, in the event any such Transaction is deemed to be a loan, Seller hereby pledges to each Buyer all of Seller's right, title, and interest in, to and under and grants to each Buyer a separate first priority
lien on, and security interest in, all of the following property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located: 
 (i) all Purchased Loans purchased pursuant to this Agreement and all Servicing Agreements, Servicing Records and insurance relating to
such Purchased Loans and all “deposit accounts” (as defined in the UCC, including without limitation, the collection and escrow accounts) relating to such Purchased Loans; 
 (ii) the assets listed on a Confirmation, and all certificates, instruments or promissory notes, if any, evidencing any such assets;

  

 26 

 (iii) all “general intangibles” (including “payment intangibles”),
“accounts”, “chattel paper”, “documents” and “instruments” as defined in the UCC relating to or constituting any or all of the foregoing; 
 (iv) all “supporting obligations” and “letter of credit rights” as defined in the UCC relating to or constituting any
or all of the foregoing; and 
 (v) all replacements, substitutions or distributions on or proceeds, payments, Income and
profits of, and records (but excluding any financial models or other proprietary information) and files relating to any or all of any of the foregoing. 
 Each security interest granted to a Buyer hereunder secures the payment and performance of all amounts or obligations owing to such Buyer pursuant to this Agreement and the related documents described herein.

 5.2 In addition, irrespective of whether any Transaction is deemed to be a loan, Seller hereby pledges all of its right, title, and
interest in, to and under and grants a separate first priority lien on, and security interest in, all of the following property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located (collectively, together
with any and all collateral granted to each Buyer pursuant to Section 5.1 above, the “Collateral”) to the Buyers: 
 (i) all monies from time to time on deposit in such Cash Management Account; 
 (ii) the
Hedging Agreements; 
 (iii) all amounts at any time owing to Seller under any Transaction Document (including, without
limitation, any surplus that exists following liquidation of any Purchased Asset); 
 (iv) all “general intangibles”
(including “payment intangibles”), “accounts”, “chattel paper”, “documents” and “instruments” as defined in the UCC relating to or constituting any or all of the foregoing; 
 (v) all “supporting obligations” and “letter of credit rights” as defined in the UCC relating to or constituting any
or all of the foregoing; and 
 (vi) all replacements, substitutions or distributions on or proceeds, payments, Income and
profits of, and records (but excluding any financial models or other proprietary information) and files relating to any and all of any of the foregoing. 
 Each security interest granted to a Buyer hereunder secures the payment and performance of all amounts or obligations owing to such Buyer pursuant to this Agreement and the related documents described herein.

 5.3 The Buyer's security interest in the Collateral shall terminate only upon termination of Seller's obligations under this Agreement and
the documents delivered in 

  

 27 

 
connection herewith and therewith. For purposes of the grant of the security interest pursuant to this Section 5, this Agreement shall be deemed to
constitute a security agreement under the New York Uniform Commercial Code (the “UCC”). The Buyer shall have all of the rights and may exercise all of the remedies of a secured creditor under the UCC and the other laws of the State
of New York and Seller shall have all of the rights and may exercise all of the remedies of a debtor under the UCC and the other laws of the State of New York. In furtherance of the foregoing, (a) Seller, at its sole cost and expense, shall
cause to be filed in such locations as may be necessary to perfect and maintain perfection and priority of the security interest granted hereby, two separate UCC financing statements and continuation statements each naming Seller as debtor and each
Buyer as secured party (collectively, the “Filings”), and shall forward copies of such Filings to each Buyer, as applicable, upon completion thereof, (b) Seller shall from time to time take such further actions as may be
requested by the Buyer to maintain and continue the perfection and priority of the security interest granted hereby (including marking its records and files to evidence the interests granted to each Buyer hereunder) and (c) Seller hereby
authorizes each Buyer, at its option, to file any such Filings, including, without limitation, a UCC financing statement describing the Collateral. 
 6. PAYMENT, TRANSFER AND CUSTODY 
 6.1 On the Purchase Date for each Transaction, provided each of the
Transaction Conditions Precedent shall have been satisfied (or waived by the Buyer), ownership of the Purchased Assets shall be transferred to the Buyer or its designee (including the Custodian) against the simultaneous transfer of the Purchase
Price to an account of Seller specified in the Confirmation relating to such Transaction. 
 6.2 Reserved. 
 6.3 Reserved. 
 6.4 Reserved. 
 6.5 With respect to each Purchased Loan that is not a Table Funded Purchased Loan, no later than 10:00 a.m. New York City time one (1) Business Day
prior to the related Purchase Date, Seller shall deliver or cause to be delivered to the Custodian a Custodial Delivery Certificate substantially in the form attached hereto as Exhibit IV. With respect to each Table Funded Purchased Loan, on
or before the related Purchase Date, Seller shall cause the Settlement Agent to deliver to the Custodian by facsimile the Bailee Agreement. No later than 10:00 a.m. New York City time one (1) Business Day prior to the related Purchase Date for
each Purchased Loan that is not a Table Funded Purchased Loan, and not later than 10:00 a.m. (New York City time) on the third (3rd) Business Day following the Purchase Date for each Table Funded Purchased Loan, Seller shall deliver or cause to be delivered and released to the Custodian the following documents (collectively, the “Purchased Asset
File”), pertaining to each of the Purchased Loans identified in the Custodial Delivery Certificate delivered therewith: 
 (a) The
original Mortgage Note bearing all intervening endorsements and allonges, together with an allonge endorsed “Pay to the order of
                     without recourse” and signed in the name of the last endorsee (the “Last Endorsee”) by an
authorized Person (in the 
  

 28 

 
event that the Mortgage Loan was acquired by the Last Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by
merger to [name of predecessor]”; in the event that the Purchased Loan was acquired or originated by the Last Endorsee while doing business under another name, the signature must be in the following form: “[Last Endorsee], formerly known
as [previous name]”). 
 (b) The original of any loan agreement, guarantee, indemnity or cash management agreement executed in
connection with the Mortgage Note (if any). 
 (c) The original Mortgage with evidence of recording thereon, or a copy thereof together with
an officer's certificate of Seller certifying that such represents a true and correct copy of the original and that such original has been submitted for recordation in the appropriate governmental recording office of the jurisdiction where the
Mortgaged Property is located. 
 (d) Certified copies of all assumption, modification, consolidation or extension agreements with evidence
of recording thereon, or copies thereof together with an officer's certificate of Seller certifying that such represent true and correct copies of the originals and that such originals have each been submitted for recordation in the appropriate
governmental recording office of the jurisdiction where the Mortgaged Property is located, if any. 
 (e) The original Assignment of Mortgage
in blank for each Purchased Loan, in form and substance acceptable for recording and signed in the name of the Last Endorsee (in the event that the Purchased Loan was acquired by the Last Endorsee in a merger, the signature must be in the following
form: “[Last Endorsee], successor by merger to [name of predecessor]”; in the event that the Purchased Loan was acquired or originated while doing business under another name, the signature must be in the following form: “[Last
Endorsee], formerly known as [previous name]”). 
 (f) Certified copies of all intervening assignments of mortgage with evidence of
recording thereon, or copies thereof together with an officer's certificate of Seller certifying that such represent true and correct copies of the originals and that such originals have each been submitted for recordation in the appropriate
governmental recording office of the jurisdiction where the Mortgaged Property is located. 
 (g) Certified copies of the attorney's opinion
of title and abstract of title or the original mortgagee title insurance policy, or if the original mortgagee title insurance policy has not been issued, the irrevocable marked commitment or pro forma to issue the same. 
 (h) Certified copies of any security agreement, chattel mortgage or equivalent document executed in connection with the Purchased Loan. 
 (i) The original assignment of leases and rents, if any, with evidence of recording thereon, or a copy thereof together with an officer's certificate of
Seller, certifying that such copy represents a true and correct copy of the original that has been submitted for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located. 
  

 29 

 (j) Certified copies of all intervening assignments of assignment of leases and rents, if any, or copies
thereof, with evidence of recording thereon. 
 (k) Satisfactory reports of UCC, tax lien, judgment and litigation searches and title updates
conducted by search firms and/or title companies acceptable to the Buyer with respect to the Eligible Loan, Mortgaged Property, Seller and Mortgagor, such searches to be conducted in each location the Buyer shall designate (provided that the
documents set forth in this clause (k) will be held, but not reviewed (other than to determine the actual delivery thereof) by the Custodian). 
 (l) A copy of the UCC-1 financing statements, certified as true and correct by Seller, and all necessary UCC-3 continuation statements with evidence of filing thereon or copies thereof certified by Seller to have been sent for filing, and
UCC-3 assignments executed by Seller in blank, which UCC-3 assignments shall be in form and substance acceptable for filing. 
 (m) Certified
copies of the environmental indemnity agreement (if any). 
 (n) An original Omnibus Assignment executed by Seller in blank. 

(o) A certified copy of the disbursement letter from the Mortgagor to the original mortgagee (if any). 
 (p) A certified copy of the Mortgagor's certificate or title affidavit (if any). 
 (q) A survey of the Mortgaged Property (if any) as accepted by the title company for issuance of the Title Policy. 
 (r) Copies of all legal opinions in Seller's possession with respect to the Eligible Loan which shall be in form and substance satisfactory to the Buyer.

 (s) A certified copy of the assignment of permits, contracts and agreements (if any). 
 (t) All original letters of credit and originals or certified copies of any interest rate cap or swap agreements relating to such Purchased Loan.

 (u) In respect of any Purchased Loan as to which the Mortgaged Property or underlying real property, as applicable, consists of a
leasehold interest, certified copies of the ground lease and memorandum of ground lease and originals of the ground lessor consent and/or estoppel, as applicable. 
 (v) The original of any participation agreement, intercreditor agreement and/or servicing agreement executed in connection with the Purchased Loan. 
 (w) Certified copies of all other documents and instruments evidencing, guaranteeing, insuring or otherwise constituting or modifying such Purchased
Loan, or otherwise executed or delivered in connection with such Purchased Loan, including all documents establishing or implementing any lockbox pursuant to which Seller is entitled to receive any payments from cash flow of the underlying real
property. 
  

 30 

 (x) Such other documents, agreements or instruments as shall be requested by the Buyers. 
 From time to time, Seller shall forward to the Custodian additional original documents or additional documents evidencing any assumption, modification,
consolidation or extension of a Purchased Loan approved in accordance with the terms of this Agreement, and upon receipt of any such other documents, the Custodian shall hold such other documents as the Buyer shall request from time to time. With
respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned to Seller in time to permit their delivery hereunder at the time required, in lieu of delivering such original
documents, Seller shall deliver to the Buyer a true copy thereof with an officer's certificate certifying that such copy is a true, correct and complete copy of the original, which has been transmitted for recordation. Seller shall deliver such
original documents to the Custodian promptly when they are received. With respect to all of the Purchased Loans delivered by Seller to the Buyer or its designee (including the Custodian), Seller shall execute an omnibus power of attorney
substantially in the form of Exhibit V attached hereto irrevocably appointing the Buyer its attorney-in-fact with full power to (i) complete and record the Assignment of Mortgage, (ii) complete the endorsement of the allonge to the
Mortgage Note or Mezzanine Note and (iii) take such other steps as may be necessary or desirable to enforce the Buyer's rights against such Purchased Loans and the related Purchased Asset Files and the Servicing Records. The Buyer shall deposit
the Purchased Asset Files representing the Purchased Loans, or direct that the Purchased Asset Files be deposited directly, with the Custodian. The Purchased Asset Files shall be maintained in accordance with the Custodial Agreement. Any Purchased
Asset Files not delivered to the Buyer or their designee (including the Custodian) are and shall be held in trust by Seller or its designee for the benefit of the Buyer as the owner thereof. Seller or its designee shall maintain a copy of the
Purchased Asset File and the originals of the Purchased Asset File not delivered to the Buyer or its designee. The possession of the Purchased Asset File by Seller or its designee is at the will of the Buyer for the sole purpose of servicing the
related Purchased Loan, and such retention and possession by Seller or its designee is in a custodial capacity only. The books and records (including, without limitation, any computer records or tapes) of Seller or its designee shall be marked
appropriately to reflect clearly the sale of the related Purchased Loan to the Buyer. Seller or its designee (including the Custodian) shall release its custody of the Purchased Asset File only in accordance with written instructions from the Buyer,
unless such release is required as incidental to the servicing of the Purchased Loans or is in connection with a repurchase of any Purchased Loan by Seller. 
 7. SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED ASSETS 
 7.1 Title to all Purchased Assets shall pass to the Buyer on the applicable Purchase Date, and the Buyer shall have free and unrestricted use of all
Purchased Assets. Nothing in this Agreement or any other Transaction Document shall preclude the Buyer from engaging in repurchase transactions with the Purchased Assets or otherwise selling, transferring, pledging, repledging, hypothecating, or
rehypothecating the Purchased Assets, but no such 

  

 31 

 
transaction shall relieve the Buyer of Buyer's obligations to transfer the Purchased Assets to Seller pursuant to Sections 2 or 11 of this Agreement or of
the Buyer's obligation to credit or pay Income to, or apply Income to the obligations of, Seller pursuant to Section 4 hereof. 
 7.2
Nothing contained in this Agreement or any other Transaction Document shall obligate the Buyer to segregate any Purchased Asset delivered to the Buyer by Seller. Notwithstanding anything to the contrary in this Agreement or any other Transaction
Document, no Purchased Asset shall remain in the custody of Seller or an Affiliate of Seller. 
 8. REPRESENTATIONS

 8.1 Seller represents and warrants to each Buyer that (i) Seller is duly authorized to execute and deliver this Agreement, to enter
into Transactions contemplated hereunder and to perform its obligations hereunder and has taken all necessary action to authorize such execution, delivery and performance, (ii) Seller will engage in such Transactions as principal (or, if agreed
in writing, in the form of an annex hereto or otherwise, in advance of any Transaction by the other party hereto, as agent for a disclosed principal), (iii) the person signing this Agreement on Seller's behalf is duly authorized to do so on its
behalf (or on behalf of any such disclosed principal), (iv) Seller has obtained all authorizations of any governmental body required in connection with this Agreement and the Transactions hereunder and such authorizations are in full force and
effect, and (v) the execution, delivery and performance of this Agreement and the Transactions hereunder will not violate any law, ordinance, charter, by-law or rule applicable to Seller or any agreement by which it is bound or by which any of
its assets are affected. On the Purchase Date for any Transaction Seller shall be deemed to repeat all the foregoing representations. 
 8.2
In addition to the representations and warranties appearing in Section 8.1 of this Agreement, Seller represents and warrants to the Buyer that as of the Purchase Date for the purchase of any Purchased Assets by the Buyer from Seller and any
Transaction hereunder and as of the date of this Agreement and at all times while this Agreement and any Transaction hereunder is in full force and effect: 
 (a) Organization. Seller is duly organized, validly existing and in good standing under the laws and regulations of the state of Seller's organization and is duly licensed, qualified, and in good standing in
every state where such licensing or qualification is necessary for the transaction of Seller's business. Seller has the power to own and hold the assets it purports to own and hold, and to carry on its business as now being conducted and proposed to
be conducted, and has the power to execute, deliver, and perform its obligations under this Agreement and the other Transaction Documents. 
 (b) Due Execution; Enforceability. Each of the Transaction Documents has been duly executed and delivered by Seller, for good and valuable consideration. Each of the Transaction Documents constitute the legal, valid and binding
obligations of Seller, enforceable against Seller in accordance with their respective terms subject to bankruptcy, insolvency, and other limitations on creditors' rights generally and to equitable principles. 
  

 32 

 (c) Non-Contravention. Neither the execution and delivery of the Transaction Documents, nor
consummation by Seller of the transactions contemplated by the Transaction Documents (or any of them), nor compliance by Seller with the terms, conditions and provisions of the Transaction Documents (or any of them) will conflict with or result in a
breach of any of the terms, conditions or provisions of (i) the charter or bylaws of Seller, (ii) any contractual obligation to which Seller is now a party or the rights under which have been assigned to Seller or the obligations under
which have been assumed by Seller or to which the assets of Seller are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of the assets of Seller, other than pursuant to the
Transaction Documents, (iii) any judgment or order, writ, injunction, decree or demand of any court applicable to Seller, or (iv) any applicable Requirement of Law. Seller has all necessary licenses, permits and other consents from
Governmental Authorities necessary to acquire, own and sell the Purchased Assets and for the performance of its obligations under the Transaction Documents. 
 (d) Litigation; Requirements of Law. There is no action, suit, proceeding, investigation, or arbitration pending or, to the best knowledge of Seller, threatened against Seller or any of its assets, which may
result in any material adverse change in the business, operations, financial condition, properties, or assets of Seller, or which may have an adverse effect on the validity of the Transaction Documents or the Purchased Assets or any material action
taken or to be taken in connection with the obligations of Seller under any of the Transaction Documents. Seller is in compliance in all material respects with all Requirements of Law. Seller is not in default in any material respect with respect to
any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or Governmental Authority. 
 (e) No Broker.
Seller has not dealt with any broker, investment banker, agent, or other Person (other than the Buyer or an Affiliate of a Buyer) who may be entitled to any commission or compensation in connection with the sale of Purchased Assets pursuant to any
of the Transaction Documents. 
 (f) Good Title to Purchased Assets. Immediately prior to the purchase of any Purchased Assets by the
Buyer from Seller, such Purchased Assets are free and clear of any lien, encumbrance or impediment to transfer (including any “adverse claim” as defined in Section 8-102(a)(l) of the UCC), and Seller is the record and beneficial owner
of and has good and marketable title to and the right to sell and transfer such Purchased Assets to the Buyer and, upon transfer of such Purchased Assets to the Buyer, the Buyer shall be the owner of such Purchased Assets free of any adverse claim.
In the event the related Transaction is recharacterized as a secured financing of the Purchased Assets, the provisions of this Agreement are effective to create in favor of the Buyer a valid security interest in all rights, title and interest of
Seller in, to and under the Purchased Assets and the Buyer shall have a valid, perfected first priority security interest in the Purchased Assets. 
 (g) No Default. No Default or Event of Default exists. 
 (h) Reserved. 
 (i) Representations and Warranties Regarding Purchased Assets: Delivery of Purchased Asset File. Seller represents and warrants to the Buyer that
each Purchased Asset sold 

  

 33 

 
hereunder and each pool of Purchased Assets sold in a Transaction hereunder, as of each Purchase Date for a Transaction conform to the applicable
representations and warranties set forth in Exhibit VI attached hereto, except as disclosed to the Buyer in writing. It is understood and agreed that the representations and warranties set forth in Exhibit VI attached hereto, if any,
shall survive delivery of the respective Purchased Asset File to the Buyer or its designee (including the Custodian) to the extent permitted by applicable law. With respect to each Purchased Loan, the Mortgage Note or Mezzanine Note, the Mortgage
(if any), the Assignment of Mortgage (if any) and any other documents required to be delivered under this Agreement and the Custodial Agreement for such Purchased Loan have been delivered to the Buyer or the Custodian on its behalf. Except as
otherwise disclosed to the Buyer, Seller or its designee is in possession of a complete, true and accurate Purchased Asset File with respect to each Purchased Loan, except for such documents the originals of which have been delivered to the
Custodian. 
 (j) Adequate Capitalization; No Fraudulent Transfer. Seller has, as of such Purchase Date, adequate capital for the
normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations. Seller is generally able to pay, and as of the date hereof is paying, its debts as they come due. Seller has not
become, or is presently, financially insolvent nor will Seller be made insolvent by virtue of Seller's execution of or performance under any of the Transaction Documents within the meaning of the bankruptcy laws or the insolvency laws of any
jurisdiction. Seller has not entered into any Transaction Document or any Transaction pursuant thereto in contemplation of insolvency or with intent to hinder, delay or defraud any creditor. 
 (k) Consents. No consent, approval or other action of, or filing by Seller with, any Governmental Authority or any other Person is required to
authorize, or is otherwise required in connection with, the execution, delivery and performance of any of the Transaction Documents by Seller (other than consents, approvals and filings that have been obtained or made, as applicable). 
 (l) Organizational Documents; Members. Seller has delivered to the Buyers certified copies of its certificate of formation and limited liability
company agreement, together with all amendments thereto. Seller does not have any equity members other than Member. 
 (m) No
Encumbrances. Except as a result of entering into this Agreement (or any other agreement with a Buyer), there are (i) no outstanding rights, options, warrants or agreements on the part of Seller for a purchase, sale or issuance, in
connection with the Purchased Assets, (ii) no agreements on the part of Seller to issue, sell or distribute the Purchased Assets, and (iii) no obligations on the part of Seller (contingent or otherwise) to purchase, redeem or otherwise
acquire any Purchased Assets or any interest therein or to pay any dividend. 
 (n) Federal Regulations. Seller is not (A) an
“investment company,” or a company “controlled by an investment company,” within the meaning of the Investment Company Act of 1940, as amended, or (B) a “holding company,” or a “subsidiary company of a holding
company,” or an “affiliate” of either a “holding company” or a “subsidiary company of a holding company,” as such terms are defined in the Public Utility Holding Company Act of 1935, as amended. 
  

 34 

 (o) Taxes. Seller has filed or caused to be filed all tax returns which to the knowledge of Seller
would be delinquent if they had not been filed on or before the date hereof and has paid all taxes shown to be due and payable on or before the date hereof on such returns or on any assessments made against it or any of its property and all other
taxes, fees or other charges imposed on it and any of its assets by any Governmental Authority, except for 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 in accordance with GAAP; no tax liens have been filed against any of Seller's assets and, to Seller's knowledge, no claims are being asserted with respect to any such taxes, fees or other charges. 
 (p) True and Complete Disclosure. The information, reports, financial statements, exhibits and schedules furnished in writing by or on behalf of
Seller to Buyer in connection with the negotiation, preparation or delivery of this Agreement and the other Transaction Documents or included herein or therein or delivered pursuant hereto or thereto, when taken as a whole, do not contain any untrue
statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under which they were made, not misleading. All written information furnished after the date hereof by or
on behalf of Seller to Buyer in connection with this Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby will be true, complete and accurate in all material respects, or (in the case of projections)
based on reasonable estimates, on the date as of which such information is stated or certified. There is no fact known to a Responsible Officer of Seller, after due inquiry, that would be expected to have a material adverse effect that has not been
disclosed herein, in the other Transaction Documents or in a report, financial statement, exhibit, schedule, disclosure letter or other writing furnished to Buyer for use in connection with the transactions contemplated hereby or thereby.

 (q) ERISA. Seller does not have any Plans or any ERISA Affiliates and makes no contributions to any Plans or any Multiemployer
Plans. 
 (r) Judgments/Bankruptcy. Except as disclosed in writing to the Buyers, there are no judgments against Seller unsatisfied of
record or docketed in any court located in the United States of America, and no Act of Insolvency has ever occurred with respect to Seller. 
 (s) Location of Seller. On the date of this Agreement, Seller’s principal place of business is located at 185 Asylum Street, City Place 1, 37th Floor, Hartford, Connecticut 06103. Seller’s jurisdiction of organization is the State of Delaware. The location where Seller keeps its books and records, including all computer tapes and records
relating to the Purchased Assets is its principal place of business. 
 (t) Qualified Transferee. With respect to each Purchased
Asset, Seller is a “Qualified Transferee”, “Qualified Institutional Lender” or “Qualified Lender” (however such term is denominated in the related Purchased Asset documents with respect to the qualification of parties
able to hold and/or be a transferee of such Purchased Asset). 
 (u) Compliance with Anti-Money Laundering Laws: Office of Foreign Assets
Control. Seller has complied with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 (collectively, the "Anti-Money 

  

 35 

 
Laundering Laws”); Seller has established an adequate anti-money laundering compliance program as required by the Anti-Money Laundering Laws, has
conducted the requisite due diligence in connection with the origination of each Purchased Asset for purposes of the Anti-Money Laundering Laws, including with respect to the legitimacy of the applicable Mortgagor and the origin of the assets used
by the said Mortgagor to purchase the property in question, and maintains, and will maintain, sufficient information to identify the applicable Mortgagor for purposes of the Anti-Money Laundering Laws. None of Seller, any Affiliate of Seller, any
Person having a beneficial interest in Seller or any Person for whom Seller is acting as agent or nominee is a country, territory, individual or entity named on any list published by the United States Treasury Department's Office of Foreign Assets
Control (“OFAC”), or a Person or entity prohibited under any of the programs administered by OFAC. The aforementioned representation shall remain true and correct throughout the term of this Agreement. If Seller becomes aware of its
inability to make such representation, it shall promptly notify the Buyers in writing. 
 (v) Separateness. Seller is in compliance
with the separateness covenants set forth in Sections 9.14 and 10.22 of this Agreement. 
 (w) Exchange Act Compliance; Regulations T, U
and X. None of the Transactions contemplated herein (including, without limitation, the use of the proceeds from the sale of the Purchased Assets) will violate or result in a violation of Section 7 of the 1934 Act, or any regulations issued
pursuant thereto, including, without limitation, Regulations T, U and X. Neither Seller nor the Guarantor owns or intends to carry or purchase, and no proceeds from the Transactions will be used to carry or purchase, any "margin stock" within the
meaning of Regulation U or to extend “purpose credit” within the meaning of Regulation U. 
 (x) Bulk Sales. The execution,
delivery and performance of this Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby do not require compliance with any "bulk sales" act or similar law by Seller or the Guarantor. 
 8.3 On the Purchase Date for any Transaction, Seller shall be deemed to have made all of the representations set forth in Sections 8.1 and 8.2 of this
Agreement as of such Purchase Date. 
 9. NEGATIVE COVENANTS OF SELLER 
 On and as of the date hereof and each Purchase Date and until this Agreement is no longer in force with respect to any Transaction, Seller shall not
without the prior written consent of the Buyers: 
 9.1 take any action which would directly or indirectly impair or adversely affect the
Buyers' title to the Purchased Assets; or 
 9.2 transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of,
or pledge or hypothecate, directly or indirectly, any interest in the Purchased Assets (or any of them) to any Person other than the Buyer, or engage in repurchase transactions or similar transactions with respect to the Purchased Assets (or any of
them) with any Person other than the Buyers so long as such Purchased Assets are subject to this Agreement; or 
  

 36 

 9.3 create, incur or permit to exist any lien, encumbrance or security interest in or on any of the
Purchased Assets subject to the security interest granted by Seller pursuant to Section 5 of this Agreement, except as described in Section 5 of this Agreement; or 
 9.4 modify or terminate any of the organizational documents of Seller; or 
 9.5 change its corporate or limited liability company structure, 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), sell all or substantially all of its assets or acquire or form any Subsidiaries; or 
 9.6 change its fiscal year or method
of accounting, unless Seller shall give the Buyers at least fifteen (15) days prior written notice of any such requested change, which notice shall include a detailed explanation of the changes intended to be made and pro forma financial
statements demonstrating the impact thereof; or 
 9.7 consent or assent to any amendment or supplement to, or termination of, any
Securitization Document, any note, loan agreement, mortgage or guaranty relating to the Purchased Loans or other material agreement or instrument relating to the Purchased Assets other than a Permitted Purchased Loan Modification; or 
 9.8 admit any additional members in Seller, or permit the Member in Seller to assign or transfer all or any portion of its member interest in Seller; or

 9.9 Reserved; or 
 9.10 so
long as any Default, Event of Default or Margin Deficit shall be continuing, make any distribution, payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other
acquisition of any equity or ownership interest of Seller, 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; provided,
that so long as no Default or Event of Default or Margin Deficit shall have occurred and be continuing, Seller may make such payments solely to the extent necessary to maintain its status as a REIT; or 
 9.11 enter into any transaction with an Affiliate; unless Seller has received the prior written consent of the Buyer to enter into such transaction and
such transaction is 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; or 
 9.12 declare or make any payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance,
retirement or other acquisition of any equity or partnership interest of Seller, 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 
 9.13 acquire or maintain, nor allow any Affiliate to acquire or maintain, any right or interest not disclosed in writing to
Buyer in any Purchased Asset or Underlying Mortgaged Property that is senior to or pari passu with the rights and interests of Buyer therein under this Agreement and the other Repurchase Documents; or 
  

 37 

 9.14 (i) own any property or any other assets other than the Purchased Assets, cash and its interest
under any associated Hedging Agreements; (ii) engage in any business other than the acquisition, ownership, financing and disposition of Purchased Assets in accordance with its operating agreement and the applicable provisions of the
Transaction Documents; (iii) enter into any transaction, contract or agreement with any of its Affiliates, except upon terms and conditions commercially reasonable and substantially similar to those that would be available on an arm's-length
basis with a Person other than such Affiliate; (iv) incur any indebtedness or obligation, secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation), other than to the extent permitted under the
Transaction Documents; (v) make any loans or advances to any other Person, and shall not acquire obligations or securities of the Member or any Affiliate of any member (other than in connection with the acquisition of Purchased Assets) or any
other Person; (vi) commingle its funds or other assets with those of any of its Affiliates or any other Person; (vii) hold itself out to be responsible for the debts or obligations of any other Person; (viii) seek or take, and will
not encourage or otherwise permit the Member to seek or take, any of the following actions with respect to Seller: (a) dissolve, liquidate or wind up, in whole or in part; (b) consolidate or merge with or into any other entity or convey or
transfer all or substantially all of its properties and assets to any entity; (c) institute any proceeding to be adjudicated as bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against it, or file a
petition or answer or consent seeking reorganization or relief under the United States Bankruptcy Code or consent to the filing of any such petition or to the appointment of a receiver, rehabilitator, conservator, liquidator, assignee, trustee or
sequestrator (or other similar official) of such member or Seller or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, or make an assignment for the benefit of creditors, or admit in writing its
inability to pay its debts generally as they become due, or take any action in furtherance of any of the foregoing; (d) amend the certificate of formation or limited liability company agreement of Seller; (e) enter into any transaction with an
Affiliate not in the ordinary course of Seller's business; or (f) permit or cause the Member to withdraw as the sole member of Seller; (ix) have any liabilities, contingent or otherwise, other than those normal and incidental to the
acquisition, ownership, financing and disposition of Purchased Assets; (x) pledge its assets to secure the obligations of any other Person, other than a Buyer; (xi) guarantee or become obligated for the debts of any other Person;
(xii) form, acquire or hold any subsidiary, or own any equity interest in any other entity except interests that are part of the Purchased Assets (or assets which are proposed to become Purchased Assets) or that are acquired in any foreclosure
on, or other realization of collateral from, any of the Purchased Assets; or (xiii) identify itself or any of its Affiliates as a division or part of the other. 
 10. AFFIRMATIVE COVENANTS OF SELLER 
 10.1 Seller shall promptly notify the Buyers of any material adverse change in its business, operations, property, financial condition or prospects. 
 10.2 Seller shall provide the Buyers with copies of such documents as the Buyers may request evidencing the truthfulness of the representations set forth
in Section 8. 
  

 38 

 10.3 Seller (i) shall defend the right, title and interest of the Buyer in and to the Purchased
Assets against, and take such other action as is necessary to remove, any Liens, security interests, claims and demands of all Persons (other than security interests by or through the Buyers) and (ii) shall, at the Buyer's request, take all
action necessary to ensure that the Buyer will have a first priority security interest in the Purchased Assets subject to any of the Transactions in the event such Transactions are recharacterized as secured financings. 
 10.4 Seller shall notify the Buyer and the Depository of the occurrence of any Default or Event of Default as soon as possible but in no event later than
the Business Day after obtaining actual knowledge of such event. 
 10.5 If an Act of Insolvency occurs with respect to Seller, Seller shall
permit the Buyers to transfer servicing and/or special servicing with respect to all mortgage loans to an entity satisfactory to the Buyers, to the extent Seller controls or is entitled to control the selection of the servicer and/or special
servicer, as the case may be. 
 10.6 Seller shall promptly (and in any event not later than two (2) Business Days following receipt)
deliver to the Buyers (i) any notice of the occurrence of an event of default under, notice of condemnation, casualty or environmental contamination with respect to or report received by or required to be delivered by Seller pursuant to the
Purchased Asset Documents or Securitization Documents, (ii) any notice of transfer of servicing under the Purchased Asset Documents or Securitization Documents, (iii) any notice of termination or other unwind of any Hedging Agreement,
(iv) any notice of any material litigation in respect of any Purchased Asset, any Underlying Mortgaged Property or any underlying loan (with respect to any Purchased Asset that is an Eligible Mezzanine Loan or Eligible B Note) and (v) any
other information with respect to the Purchased Assets as may be requested by the Buyers from time to time. 
 10.7 Seller will permit the
Buyers or their designated representative to inspect Seller's records with respect to the Purchased Assets and the conduct and operation of its business related thereto upon prior written notice from the Buyers or their designated representative, at
such times and with such frequency as determined by Buyers, and to make copies of extracts of any and all thereof. 
 10.8 Reserved.

 10.9 At any time from time to time upon prior written request of any Buyer, at the sole expense of Seller, Seller will promptly and duly
execute and deliver such further instruments and documents and take such further actions as such Buyer may request for the purposes of obtaining or preserving the full benefits of this Agreement including the first priority security interest granted
hereunder and of the rights and powers herein granted (including, among other things, filing such UCC financing statements as such Buyer may request). If any amount payable under or in connection with any of the Purchased Assets shall be or become
evidenced by any promissory note, other instrument or chattel paper, such note, instrument or chattel paper shall be promptly delivered to the Buyer, duly endorsed in a manner satisfactory to the Buyer, to be held as a Purchased Asset under the
related Transaction pursuant to this Agreement, and the documents delivered in connection herewith. 
  

 39 

 10.10 Seller shall provide the Buyers with the following financial and reporting information as soon as
possible and in any event: 
 (a) within 45 days after the last day of each calendar quarter in any fiscal year, the quarterly unaudited
financial statements of Guarantor for such quarter together with an officer’s certificate from Guarantor addressed to the Buyers certifying that (x) all information contained in such financial statement is true and correct, (y) as of
such calendar quarter, Guarantor are in compliance with all of the terms, conditions and requirements of this Agreement (and demonstrating compliance with the provisions of Section 12(b) of the Guarantee), and (z) no Event of Default exists;

 (b) within 30 days after each month end, a report containing the Monthly Servicing Information set forth on Exhibit III attached
hereto; 
 (c) within 30 days after each month end, a report containing the Purchased Asset Information Report set forth on Exhibit
VII attached hereto; 
 (d) to the extent required by the underlying loan documents and available to Seller, within 45 days after each
month end, the unaudited monthly financial statements and rent rolls for each underlying Payor; 
 (e) to the extent required by the
underlying loan documents and available to Seller, within 30 days after the last day of each fiscal quarter of each Payor and 90 days after the last day of each fiscal year of each Payor, unaudited certified quarterly financial statements and
audited annual financial statements, respectively, of such Payor; 
 (f) within 90 days after the last day of each calendar year, the audited
annual financial statements of Guarantor; 
 (g) if reasonably requested by the Buyer, within 30 days after filing, the annual Federal Income
Tax returns of the Guarantor; and 
 (h) within 30 days after each month end, a written summary of all outstanding Hedging Agreements.

 10.11 Seller shall at all times comply in all material respects with all laws, ordinances, rules and regulations of any federal, state,
municipal or other public authority having jurisdiction over Seller or any of its assets (including, without limitation, environmental laws, and all federal securities laws) and Seller shall do or cause to be done all things necessary to preserve
and maintain in full force and effect its legal existence, and all licenses material to its business. 
 10.12 Seller shall keep all property
useful and necessary in its business in good working order and condition; maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks as are usually insured
against in the same general area by companies engaged in the same or a similar business, and furnish to Buyer, upon written request, full information as to the insurance carried. 
  

 40 

 10.13 Seller shall at all times keep proper books of records and accounts in which full, true and correct
entries shall be made of its transactions in accordance with GAAP and set aside on its books from its earnings for each fiscal year all such proper reserves in accordance with GAAP. 
 10.14 Seller shall pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its obligations of
whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of Seller or its
Subsidiaries, as the case may be. 
 10.15 Seller shall observe, perform and satisfy all the material terms, provisions, covenants and
conditions required to be observed, performed or satisfied by it, and shall pay when due all costs, fees and expenses required to be paid by it, under the Transaction Documents. Seller shall pay and discharge all taxes, levies, liens and other
charges on its assets and on the Purchased Assets that, in each case, in any manner would create any lien or charge upon the Purchased Assets, 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 in accordance with GAAP. 
 10.16 Seller shall advise the
Buyers of any change in Seller’s name or jurisdiction of organization in accordance with the requirements of Section 9.4 and Seller shall advise the Buyers in writing of any change in the places where the books and records pertaining to
the Purchased Assets are held not less than fifteen (15) Business Days prior to making any such change. 
 10.17 Seller will maintain
records with respect to the Purchased Assets and the conduct and operation of its business with no less a degree of prudence than if the Purchased Assets were held by Seller for its own account and will furnish the Buyer, upon request by the Buyer
or its designated representative, with information with respect to the Purchased Assets and the conduct and operation of its business. 
 10.18 Seller shall provide the Buyer with operating statements, the occupancy status and other property level information within Seller’s possession, with respect to the Mortgaged Properties, and similar reports within Seller’s
possession, in each case, as requested by the Buyer. 
 10.19 Seller shall give each Buyer prior notice of all intended changes, amendments
or modifications to the Underwriting Guidelines and shall not make any such change, amendment or modification without the consent of the Buyers in their sole discretion. Subject to the immediately preceding sentence, in the event that Seller makes
any amendment or modification to the Underwriting Guidelines, Seller shall promptly deliver to each Buyer a complete copy of the amended or modified Underwriting Guidelines. Seller shall originate or acquire all Purchased Assets in a manner which is
consistent with sound underwriting and appraisal practices, and in compliance with applicable federal and state consumer protection laws, including, without limitation, all laws with respect to unfair or deceptive practices and all laws relating to
predatory lending practices. 
  

 41 

 10.20 Seller shall enter into appropriate Hedging Agreements with respect to each fixed rate Purchased
Asset and each such Hedging Agreement shall be in form and substance acceptable to the Buyer and, as of each Remittance Date, Seller shall provide the Buyer with a summary report which lists all such Hedging Agreements and describes the principal
economic and other material terms of each. 
 10.21 Seller shall make available for sale to the Buyers New Assets in an equivalent dollar
amount and credit quality as Seller’s Affiliates provide to their lenders or repurchase agreement buyers. 
 10.22 Seller shall at all
times: (i) be and intend to remain solvent and pay its debts and liabilities (including employment and overhead expenses) from its own assets as the same shall become due; (ii) comply with the provisions of its certificate of formation and
its limited liability company agreement; (iii) do or cause to be done all things necessary to observe limited liability company formalities and to preserve its existence; (iv) maintain all of its books, records, financial statements and
bank accounts separate from those of its Affiliates, the Member and any other Person, and it will file its own tax returns; (v) hold itself out to the public as a legal entity separate and distinct from any other Person, shall maintain and
utilize separate stationery, invoices and checks bearing its own name, correct any known misunderstanding regarding its status as a separate entity, conduct business in its own name and pay to any Affiliate that incurs costs for office space and
administrative services that it uses the amount of such costs allocable to its use of such office space and administrative services; (vi) have a board of directors separate from that of the Member and any other Person; (vii) 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; (viii) 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 of its Affiliates or any other Person; (ix) observe all Delaware limited liability company formalities; and (x) maintain a sufficient number of employees in light
of its contemplated business operations and shall pay the salaries of its own employees. 
 10.23 Seller shall offer to the Buyer on a first
priority basis the right to include any Purchased Asset in the Buyer’s CMBS securitizations. 
 11. EVENTS OF
DEFAULT; REMEDIES 
 11.1 Each of the following shall constitute an “Event of Default” hereunder: 
 (a) The failure of any Buyer to receive (i) on any Remittance Date the accreted value of the Price Differential (less any amount of such Price
Differential previously paid by Seller to the Buyer) (including, without limitation, in the event the Income paid or distributed on or in respect of the Purchased Assets is insufficient to make such payment and Seller does not make such payment or
cause such payment to be made) or (ii) any other payment owing by Seller or the Guarantor to the Buyer which has become due, whether by acceleration or otherwise, under the terms of this Agreement or any other Transaction Document. 

(b) Assignment or attempted assignment by Seller of this Agreement or any rights hereunder without first obtaining the specific written consent of the
Buyers. 
  

 42 

 (c) Any representation or warranty made or deemed made by Seller or Guarantor herein or in any other
Transaction Document or which is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Transaction Document shall prove to have been incorrect
in any material respect on or as of the date made or deemed made (other than the representations and warranties set forth in Exhibit VI attached hereto, which shall he considered solely for the purpose of determining whether a Purchased Asset
is an Eligible Asset, unless Seller shall have made any such representation and warranty with knowledge that it was materially incorrect or untrue at the time made). 
 (d) Seller shall default in the observance or performance of any agreement or obligation pursuant to Sections 3, 4 or 8 of this Agreement or the Guarantor shall default in the observance or performance of any
agreement or obligation pursuant to Section 12 of the Guarantee. 
 (e) Seller or the Guarantor shall default in the observance or
performance of any other agreement contained in this Agreement or any other Transaction Document (other than as provided in paragraphs (a) through (d) of this Section), and such default shall continue unremedied (provided that such default
is capable of being remedied and that Seller is diligently pursuing such remedy) for a period of ten (10) Business Days after the earlier of (i) receipt of written notice from any Buyer or (ii) actual knowledge of Seller of such
default. 
 (f) Seller fails to transfer the Purchased Assets to the Buyer on the applicable Purchase Date (provided that the Buyer shall
have tendered the related Purchase Price). 
 (g) Any “Event of Default” (however denominated) shall have occurred under the
Servicing Agreement and a replacement servicer acceptable to the Buyers under such Servicing Agreement shall not have been appointed within thirty (30) days of the occurrence of such “Event of Default”. 
 (h) A final judgment by any competent court, administrative tribunal, or other body having jurisdiction in the United States of America for the payment
of money shall have been rendered against Seller in an amount in excess of $5,000,000, or against the Guarantor in an amount in excess of $10,000,000, that remains undischarged or unpaid for a period of thirty (30) days, during which period
execution of such judgment is not effectively stayed by bonding over or other means acceptable to the Buyers. 
 (i) 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 or the Guarantor, or shall have taken any action to displace the management of Seller or the Guarantor or to curtail their respective authority in any material respect in the conduct of their respective business, or shall have taken any
action in the nature of enforcement to remove, limit or restrict the approval of Seller as a seller (or to the extent Seller is the Servicer, as servicer) of Purchased Assets, and such action provided for in this paragraph shall not have been
discontinued or stayed within thirty (30) days. 
  

 43 

 (j) Either (i) the Transaction Documents shall for any reason not cause, or shall cease to cause,
the Buyers to be the owner, free of any adverse claim, of any of the Purchased Assets, or (ii) if a Transaction is recharacterized as a secured financing, the Transaction Documents with respect to any Transaction shall for any reason cease to
create a valid first priority security interest in favor of the Buyer in any of the Purchased Assets. 
 (k) Seller’s or the
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 the Guarantor as a “going concern” or a
reference of similar import. 
 (l) An Act of Insolvency shall have occurred with respect to Seller or the Guarantor. 
 (m) An officer of Seller or the Guarantor shall admit Seller’s or the Guarantor’s inability to, or its intention not to, perform any of
Seller’s or the Guarantor’s material obligations hereunder or under any other Transaction Documents. 
 (n) Seller or the Guarantor
shall have defaulted, failed to perform or stated its intention not to perform under any note, indenture, loan agreement, guaranty, swap agreement or any other contract, agreement or transaction to which it is a party, which default, failure or
statement of non-performance (i) involves the failure to pay a matured obligation in excess of $5,000,000, with respect to Seller, or $10,000,000, with respect to the Guarantor, or (ii) permits the acceleration of the maturity of
obligations by any other party to or beneficiary of such note, indenture, loan agreement, guaranty, swap agreement or other contract agreement or transaction. 
 (o) The Buyers shall have determined in their sole discretion that there shall have occurred a Material Adverse Change. 
 (p) Unless consented to by the Buyers, Seller shall not be qualified as a REIT entitled to a dividend paid deduction under Section 857 of the Code. 
 (q) A Change of Control shall occur. 
 (r)
Seller, Member or Guarantor shall be in default under any BofA Indebtedness. 
 (s) An “Event of Default” shall occur under the
Master Repurchase Agreement, dated as of January 27, 2005, among CBRE Realty Finance Holdings III, LLC and the Buyers. 
 11.2 If an
Event of Default shall occur and be continuing, the following rights and remedies shall be available to the Buyers: 
 (a) The 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 the Guarantor), accelerate the Repurchase Date for each Transaction hereunder, if such Repurchase Date has not
already occurred (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). 
  

 44 

 (b) If the Buyer exercises or is deemed to have exercised the option referred to in subparagraph
(a) above, (i) Seller’s obligations in such Transactions to repurchase all Purchased Assets, at the Repurchase Price therefor shall thereupon become immediately due and payable, (ii) all Income paid after such exercise or deemed
exercise shall be retained by the Buyer and applied in accordance with Section 4.3(c), and (iii) Seller shall immediately deliver to the Buyer any Purchased Asset Documents, if any, that relate to any Purchased Assets then in Seller’s
possession or control. 
 (c) The Buyer also shall have the right to obtain physical possession, and to continue any action to obtain
physical possession, of any and all records and files of Seller relating to the Purchased Assets and all documents relating to the Purchased Assets (including, without limitation, any credit or servicing files relating to the Purchased Assets) which
are then or may thereafter come into the possession of Seller or any third party acting for Seller. The Buyer shall be entitled to specific performance of all agreements of Seller contained in this Agreement. 
 (d) The Buyer shall have the right to direct all servicers then servicing any Purchased Assets to remit all collections thereon to Buyers, and if any
payments are received by Seller, Seller shall not commingle the amounts received with other funds of Seller and shall promptly pay them over to the Buyer. The Buyer shall also have the right to terminate any one or all of the servicers then
servicing any Purchased Assets with or without cause and the Buyer shall have the right to appoint any Person to act as servicer for the Purchased Assets. 
 (e) The Buyer shall have the right to sell immediately and/or liquidate all or any portion of the Purchased Assets and/or all other Collateral. Such disposition of Purchased Assets and/or all other Collateral may be,
at the Buyers’ option, on either a servicing released or a servicing retained basis. The Buyer shall not be required to give any warranties as to the Purchased Assets and/or other Collateral with respect to any such disposition thereof. The
Buyer may specifically disclaim or modify any warranties of title or the like relating to the Purchased Assets and/or other Collateral. The foregoing procedure for disposition of the Purchased Assets and liquidation of the Collateral shall not be
considered to adversely affect the commercial reasonableness of any sale thereof. Seller agrees that it would not be commercially unreasonable for the Buyer to dispose of the Purchased Assets or other Collateral or any portion thereof by using
Internet sites that provide for the auction of assets similar to the Purchased Assets and/or other Collateral, or that have the reasonable capability of doing so, or that match buyers and Seller of assets. The Buyer shall be entitled to place the
Purchased Assets in one or more pools for issuance of securities at the then prevailing price for such securities and to sell such securities for such prevailing price in the open market. The Buyer shall also be entitled to sell any or all of such
Purchased Assets individually for the prevailing price. Seller and the Guarantor shall have the right to bid in connection with any sale of Purchased Assets or otherwise purchase such Purchased Assets or securities in any sale contemplated by the
foregoing in accordance with any procedures established therefor by the Buyer. The Buyer agrees to recognize, to the extent Seller’s bid or offer complies in all respects with the procedures and requirements imposed by the Buyer in the conduct
of such sale, Seller’s bid or offer provided that the same is in excess of the bid or offer of any third party. 
  

 45 

 (f) The Buyer shall apply any proceeds from the liquidation of the Purchased Assets and other Collateral
to the Repurchase Prices hereunder and all other Obligations in the manner the Buyer deems appropriate in its sole discretion. 
 (g) The
parties recognize that it may not be possible to sell all of the Purchased Assets on a particular Business Day, or in a transaction with the same purchaser, or in the same manner, because the market for such Purchased Assets may not be liquid. In
view of the nature of the Purchased Assets, the parties agree that liquidation of the Purchased Assets does not require a public purchase or sale and that a private purchase or sale shall be deemed to have been made in a commercially reasonable
manner. 
 (h) Seller shall be liable to the Buyer for (i) the amount of all legal or other expenses, including, without limitation, all
costs and expenses of the 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 fees and expenses of counsel 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 Hedging Agreements 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. 
 (i) To the extent permitted by applicable law, Seller
shall be liable to the 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 the Buyer’s rights hereunder. Interest on any sum payable by Seller under this section shall accrue at a rate equal to the Pricing Rate that would apply to a Transaction during the occurrence of an Event of Default. 
 (j) Following the occurrence and during the continuance of an Event of Default, Seller hereby irrevocably constitutes and appoints the Buyer and any
officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact (coupled with an interest) 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 the Buyer’s discretion, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to
accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, Seller hereby gives the Buyer the power and right, on behalf of Seller, without assent by, but with written notice to, Seller, to do the following:

 (i) (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 under any mortgage insurance or with respect to any other Purchased Assets; and (B) in its own name or, to the extent it cannot proceed 

  

 46 

 
in its own name, in the name of Seller or otherwise, to file any claim or to take any other action or proceeding in any court of law or equity or otherwise
deemed appropriate by the Buyer for the purpose of collecting any and all such moneys due under any such mortgage insurance or with respect to any other Purchased Assets whenever payable; 
 (ii) to pay or discharge taxes and Liens levied or placed on or threatened against the Purchased Assets; 
 (iii) (A) to direct any party liable for any payment under any Purchased Assets to make payment of any and all moneys due or to
become due thereunder directly to the Buyer or as the Buyer shall direct; (B) 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 Purchased Assets; (C) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any Purchased Assets; (D) to commence and prosecute any suits, actions or proceedings at
law or in equity in any court of competent jurisdiction to collect the Purchased Assets or any proceeds thereof and to enforce any other right in respect of any Purchased Assets; (E) to defend any suit, action or proceeding brought against
Seller with respect to any Purchased Assets; (F) to settle, compromise or adjust without Seller’s consent any suit, action or proceeding described in clause (i) above and, in connection therewith, to give such discharges or releases
as Buyer may deem appropriate; and (G) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Purchased Assets as fully and completely as though the Buyer were the absolute owner thereof for all
purposes, and to do, at the Buyer’s option and Seller’s expense, at any time, and from time to time, all acts and things which the Buyer deems necessary to protect, preserve or realize upon the Purchased Assets and the Buyer’s Liens
thereon and to effect the intent of this Agreement, all as fully and effectively as Seller might do; 
 (iv) to direct the
actions of the Custodian with respect to the Purchased Assets under the Custodial Agreement; and 
 (v) to execute, from time
to time, in connection with any sale provided for in this section, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Purchased Assets. 
 Seller hereby ratifies all that said attorneys shall lawfully do or cause to be done by the express terms hereof. This power of attorney is a power
coupled with an interest and shall be irrevocable. 
 The powers conferred on each Buyer hereunder are solely to protect such Buyer’s
interests in the Purchased Assets and shall not impose any duty upon it to exercise any such powers. The Buyer shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its
officers, directors, employees or agents shall be responsible to Seller for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct. 
  

 47 

 (k) Each such Buyer shall have, in addition to its rights and remedies under the Transaction Documents,
all of the rights and remedies provided by applicable federal, state, foreign, and local laws (including, without limitation, if the Transactions are recharacterized as secured financings, the rights and remedies of a secured party under the UCC of
the State of New York, to the extent that the UCC is applicable, and the right to offset any mutual debt and claim), in equity, and under any other agreement between buyers and Seller. Without limiting the generality of the foregoing, each Buyer
shall be entitled to set off the proceeds of the liquidation of the Purchased Assets against all of Seller’s obligations to such Buyer, only if such obligations are then due, without prejudice to such Buyer’s right to recover any
deficiency. Notwithstanding anything in this Agreement or any other Transaction Document to the contrary, in the event that any deficiency exists with respect to any obligations owing to any Buyer by Seller under this Agreement or any other
Transaction Document following liquidation of all of such Buyer’s Purchased Assets (any such Buyer, an “Unpaid Buyer”), to the extent that any surplus or other Purchased Assets remain after all obligations owing to the other
Buyer by Seller under this Agreement and the other Transaction Documents are satisfied and paid in full, the Unpaid Buyer, at its option in its sole discretion, shall be entitled to the full amount of any such surplus and to liquidate and realize
upon any such other Purchased Assets until all obligations owing to such Unpaid Buyer by Seller under this Agreement and the other Transaction Documents shall be satisfied and paid in full. 
 (l) Subject to the grace periods set forth herein, each party to this Agreement may exercise any or all of the remedies available to such party
immediately upon the occurrence of an Event of Default and at any time during the continuance thereof without prior notice to the other parties hereto. Except as expressly provided herein, all rights and remedies arising under the Transaction
Documents, as amended from time to time, are cumulative and not exclusive of any other rights or remedies which each party to this Agreement may have. No modification, amendment, extension, discharge, termination or waiver of any provision of this
Agreement or of any other Transaction Document, nor consent to any departure by any party to this Agreement therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and
then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on any party to this Agreement, shall entitle such party to
any other or future notice or demand in the same, similar or other circumstances. Neither any failure nor any delay on the part of any party to this Agreement in insisting upon strict performance of any term, condition, covenant or agreement, or
exercising any right, power, remedy or privilege hereunder, or under any other Transaction Document shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise
of any other right, power, remedy or privilege. In particular, and not by way of limitation, by purchasing any Purchased Asset under this Agreement on any Purchase Date, the Buyer shall not be deemed to have waived any right to assert any Default,
Event of Default or breach by Seller of any term, condition, covenant, representation or warranty under this Agreement or any Transaction Document, notwithstanding that such Default, Event of Default or breach may have arisen prior to such Purchase
Date. 
 (m) Each 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 any Buyer to enforce its rights by judicial process. Seller also waives 

  

 48 

 
any defense Seller might otherwise have arising from the use of nonjudicial process, disposition of any or all of the Purchased 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. 
 (n) Upon the occurrence of an Event of Default, each Buyer shall without regard to the adequacy of the security for the obligations, be entitled to the
appointment of a receiver by any court having jurisdiction, without notice, to take possession of and protect, collect, manage, liquidate, and sell the Purchased Assets and any other Collateral or any portion thereof, collect the payments due with
respect to the Purchased Assets and any other Collateral or any portion thereof, and do anything that the Buyer is authorized hereunder to do. Seller shall pay all costs and expenses incurred by any Buyer in connection with the appointment and
activities of such receiver. 
 12. RECORDING OF COMMUNICATIONS 
 EACH OF THE BUYERS AND SELLER 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. EACH OF THE BUYERS AND SELLER HEREBY CONSENTS TO THE ADMISSIBILITY OF SUCH TAPE RECORDINGS IN ANY COURT, ARBITRATION, OR OTHER PROCEEDINGS, AND AGREES
THAT A DULY AUTHENTICATED TRANSCRIPT OF SUCH A TAPE RECORDING SHALL BE DEEMED TO BE A WRITING CONCLUSIVELY EVIDENCING THE PARTIES’ AGREEMENT. 
 13. SINGLE AGREEMENT 
 The Buyers and Seller acknowledge that, and have entered hereinto 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
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. 
 14. NOTICES AND OTHER
COMMUNICATIONS 
 All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be
effective for all purposes if hand delivered or sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail, 

  

 49 

 
postage prepaid, (c) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or
(d) by facsimile (with transmission confirmation) provided that such faxed notice must also be delivered by one of the means set forth in (a), (b) or (c) above, to applicable address specified below or at such other address and person
as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section. All notices, consents, approvals and requests directed to Seller (other
than Confirmations) shall be delivered to the following: CBRE Realty Finance TRS Warehouse Funding II, LLC, 185 Asylum Street, City Place 1, 37th Floor, Hartford, Connecticut 06103, Attn: Tom Podgorski, Facsimile Number: (860) 275-6225, with a copy to: Dechert LLP, Cira Centre, 2929 Arch Street, Philadelphia, Pennsylvania 19104, Attn:
Richard D. Jones, Esq., Facsimile Number: (215) 994-2222; all notices, consents, approvals and requests directed to any Buyer shall be delivered to the following: Bank of America, 214 North Tryon Street, 22nd Floor, Charlotte, North Carolina 28555, NCI-027-22-04, Attn: Angie Dugick, Facsimile Number: (704) 386-1094, with a copy to Bank of America,
Mail Code: NCI-007-20-01, 100 North Tryon Street, Charlotte, North Carolina 28555, Attn: Paul Kurzeja, Facsimile Number: (704) 409-0267 and Mayer, Brown, Rowe & Maw LLP, 214 North Tryon Street, Suite 3800, Charlotte, North Carolina
28202, Attn: Christopher J. Brady, Facsimile Number (704) 377-2033, notice shall be deemed to have been given: (a) in the case of hand delivery, at the time of delivery, (b) in the case of registered or certified mail, when delivered
or the first attempted delivery on a Business Day, (c) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day, or (d) in the case facsimile, upon receipt of transmission confirmation, provided that
such faxed notice was also delivered as required in this Section. A party receiving a notice which does not comply with the technical requirements for notice under this Section may elect to waive any deficiencies and treat the notice as having been
properly given. 
 15. 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. 
 16. NON-ASSIGNABILITY 
 16.1 The rights and obligations of Seller under the Transaction Documents and under any Transaction shall not be assigned by Seller without the prior written consent of the Buyer. Any Buyer shall be permitted to assign its rights and
obligations under the Transaction Documents and under any Transaction without the consent of Seller provided that the assignee is (a) an Affiliate of the Buyer, (b) a commercial bank rated at least “BBB+” by S&P (or
the equivalent by Moody’s or Fitch, Inc.) and having total assets in excess of $1,000,000,000 or (c) an insurance company or a financial institution that, if rated, is rated at least “BBB+” by S&P (or the equivalent by
Moody’s or Fitch, Inc.), any mutual fund, any fund or any other “accredited investor” (as defined in Regulation D of the Securities Act) (other than an individual and the Seller and its Affiliates), in each case, having a net worth,
as determined in accordance with GAAP, of not less than $100,000,000. In the event of any such assignment by any Buyer, such 

  

 50 

 
Buyer shall so notify Seller, which notification may occur after the assignment is effected. Seller shall not be obligated to deal directly with any party
other than the Buyer in connection with any Transactions, or to pay or reimburse the Buyer or any other Person for any fees, costs, expenses or other amounts that would not have been incurred had no such assignment been effected. 
 16.2 Each Buyer shall be entitled to issue one or more participation interests with respect to any or all of its Transactions; provided, that
(i) the Buyer shall act as exclusive agent for all participants in any dealings with Seller in connection with all Transactions, (ii) Seller shall not be obligated to deal directly with any party other than the Buyer in connection with any
Transactions, or to pay or reimburse the Buyer or any other Person for any fees, costs, expenses or other amounts that would not have been incurred had no participation interests in the related Transactions been issued and (iii) the Buyer shall
maintain control over all discretionary determinations to be made by it hereunder. In the event of any such issuance of a participation interest, such Buyer shall so notify Seller, which notification may occur after such issuance. 
 16.3 Each Buyer may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Article 16, disclose to
the assignee or participant or proposed assignee or participant, as the case may be, any information relating to Seller, Guarantor or any of their respective Affiliates or to any aspect of the Purchased Assets that has been furnished to a Buyer by
or on behalf of Seller or any Affiliate. 
 16.4 Subject to the foregoing, the Transaction Documents and any Transactions shall be binding
upon and shall inure to the benefit of the parties and their respective successors and assigns. Nothing in the Transaction Documents, express or implied, shall give to any Person, other than the parties to the Transaction Documents and their
respective successors, any benefit or any legal or equitable right, power, remedy or claim under the Transaction Documents. 
 17. CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 
 17.1 Each party irrevocably and unconditionally (i) submits to the
non-exclusive jurisdiction of any United States Federal or New York State court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or proceeding brought to enforce its obligations under this
Agreement or relating in any way to this Agreement or any Transaction under this Agreement and (ii) waives, to the fullest extent it may effectively do so, any defense of an inconvenient forum to the maintenance of such action or proceeding in
any such court and any right of jurisdiction on account of its place of residence or domicile. 
 17.2 To the extent that either party has or
hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of
execution of judgment, execution of judgment or otherwise) with respect to itself or any of its property, such party hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought to enforce its obligations
under this Agreement or relating in any way to this Agreement or any Transaction under this Agreement. 
  

 51 

 17.3 The parties hereby irrevocably waive, to the fullest extent it may effectively do so, the defense of
an inconvenient forum to the maintenance of such action or proceeding and irrevocably consent to the service of any summons and complaint and any other process by the mailing of copies of such process to them at their respective address specified
herein. The parties hereby agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Section 17
shall affect the right of any Buyer to serve legal process in any other manner permitted by law or affect the right of any Buyer to bring any action or proceeding against Seller or its property in the courts of other jurisdictions. 
 17.4 EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO
THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER. 
 18.
GOVERNING LAW 
 This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New
York. 
 19. 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 waiver or other 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 of any of the foregoing, the failure of the Buyer to give a notice pursuant to Section 2.7 or Section 3.1 hereof will not constitute a waiver of any right to do so at a later date.

 20. USE OF EMPLOYEE PLAN ASSETS 
 (a) If the source of funds or other assets to be used by either party hereto in connection with a Transaction include or constitute “plan assets” for purposes of Department of Labor Regulation
Section 2510.3-101, 29 CFR §2510.3-101 (the “Plan Assets Regulation”), the party using such “plan assets” (hereinafter referred to as the “Plan Party”) shall so notify the other party prior to
the Transaction. The Plan Party shall represent and covenant in writing to the other party that, throughout the term of the Transaction, the Transaction does not and will not constitute a non-exempt prohibited transaction under Title I of ERISA or
Section 4975 of the Code and the other party may proceed in reliance thereon but shall not be required so to proceed. 
 (b) Subject to
the last sentence of subparagraph (a) of this Paragraph, any such Transaction shall proceed only if Seller furnishes or has furnished to the Buyers its most recent available audited statement of its financial condition and its most recent
subsequent unaudited statement of its financial condition. 
  

 52 

 (c) By entering into a Transaction pursuant to this Paragraph, Seller shall be deemed (i) to
represent to the Buyer that since the date of Seller’s latest such financial statements, there has been no material adverse change in Seller’s business, operations, property, financial condition or prospects which Seller has not disclosed
to the Buyer, and (ii) to agree to provide the Buyer with future audited and unaudited statements of its financial condition as they are issued, so long as it is a Seller in any outstanding Transaction involving a Plan Party. 
 21. 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 (except insofar as the type of Purchased Assets subject to such Transaction
or the term of such Transaction would render such definition inapplicable), and a “securities contract” as that term is defined in Section 741 of Title 11 of the United States Code, as amended (except insofar as the type of assets
subject to such Transaction would render such definition inapplicable). 
 (b) It is understood that either party’s right to liquidate
Purchased Assets delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to Section 11 hereof is a contractual right to liquidate, terminate or accelerate such Transaction as described in Sections
555 and 559 of Title 11 of the United States Code, as amended, 
 (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 each of (i) Section 101 of Title 11 of the United States Code, as amended, and (ii) Title
IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment
entitlement” or “covered contractual payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA).

 22. 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 Securities and Exchange Commission (“SEC”) under Section 15 of the Securities Exchange Act of
1934 (“1934 Act”), the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 (“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 
  

 53 

 (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 Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable. 
 23. NO RELIANCE 
 Each Buyer and Seller hereby acknowledges, represents and warrants to the other that, in connection with the negotiation of, the entering into, and the performance under, the Transaction Documents and each Transaction thereunder:

 23.1 It is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether
written or oral) of the other party to the Transaction Documents, other than the representations expressly set forth in the Transaction Documents; 
 23.2 It has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent that it has deemed necessary, and it has made its own investment, hedging and trading decisions (including
decisions regarding the suitability of any Transaction) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the other party; 
 23.3 It is a sophisticated and informed Person that has a full understanding of all the terms, conditions and risks (economic and otherwise) of the
Transaction Documents and each Transaction thereunder and is capable of assuming and willing to assume (financially and otherwise) those risks; 
 23.4 It is entering into the Transaction Documents and each Transaction thereunder for the purposes of managing its borrowings or investments or hedging its underlying assets or liabilities and not for purposes of speculation; and

 23.5 It is not acting as a fiduciary or financial, investment or commodity trading advisor for the other party and has not given the other
party (directly or indirectly through any other Person) any assurance, guaranty or representation whatsoever as to the merits (either legal, regulatory, tax, business, investment, financial accounting or otherwise) of the Transaction Documents or
any Transaction thereunder. 
 24. INDEMNITY 
 Seller hereby agrees to indemnify each Buyer, together with their respective Affiliates and designees, and each of their officers, directors, employees,
advisors, representatives and agents (“Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, taxes (including stamp, excise, sales or other taxes which
may be payable or determined to be payable with respect to any of the Purchased Assets or in connection with any of the transactions contemplated by this Agreement 

  

 54 

 
and the documents delivered in connection herewith, other than income taxes of any Buyer), fees, costs, expenses (including attorneys fees and disbursements)
or disbursements (all of the foregoing, collectively “Indemnified Amounts”) which may at any time (including, without limitation, such time as this Agreement shall no longer be in effect and the Transactions shall have been repaid
in full) be imposed on or asserted against any Indemnified Party in any way whatsoever arising out of or in connection with, or relating to, this Agreement or any amendment, supplement or modification of, or any waiver or consent under or in respect
of, this Agreement, any other Transaction Document or any Transaction contemplated hereby or thereby, hereunder or any action taken or omitted to be taken by any Indemnified Party under or in connection with any of the foregoing; provided,
that Seller shall not be liable for Indemnified Amounts resulting from the gross negligence or willful misconduct of any Indemnified Party. Without limiting the generality of the foregoing, Seller agrees to hold each Buyer harmless from and
indemnify each Buyer against all Indemnified Amounts with respect to all Purchased Assets relating to or arising out of any violation or alleged violation of any environmental law, rule or regulation or any consumer credit laws, including without
limitation ERISA, the Truth in Lending Act and/or the Real Estate Settlement Procedures Act, that, in each case, results from anything other than such Buyer’s gross negligence or willful misconduct. In any suit, proceeding or action brought by
the Buyer in connection with any Purchased Asset for any sum owing thereunder, or to enforce any provisions of any Purchased Asset, Seller will save, indemnify and hold the Buyer harmless from and against all expense, loss or damage suffered by
reason of any defense, set-off, counterclaim, recoupment or reduction or liability whatsoever of the account debtor or obligor thereunder, arising out of a breach by Seller of any obligation thereunder or arising out of any other agreement,
indebtedness or liability at any time owing to or in favor of such account debtor or obligor or its successors from Seller. Seller also agrees to reimburse any Buyer as and when billed by such Buyer for all of such Buyer’s costs and expenses
incurred in connection with the Buyers due diligence reviews with respect to the Purchased Assets (including, without limitation, those incurred pursuant to Section 25) and the enforcement or the preservation of the Buyer’s rights under
this Agreement or any Transaction contemplated hereby, including without limitation the fees and disbursements of its external counsel. Seller hereby acknowledges that, the obligation of Seller hereunder is a recourse obligation of Seller.

 Without prejudice to the survival of any other agreement of Seller hereunder, the agreements and obligations of Seller contained in this
Section 24 shall survive the repayment of all amounts owing to the Buyer by Seller under the Transaction Documents and the termination of the commitment of the Buyer’s hereunder. 
 25. DUE DILIGENCE 
 Seller acknowledges that the Buyers have the right to perform continuing due diligence reviews with respect to the Purchased Assets, for purposes of verifying compliance with the representations, warranties and specifications made
hereunder, or otherwise, and Seller agrees that upon prior written notice to Seller, the Buyer or their authorized representatives will be permitted during normal business hours to examine, inspect, and make copies and extracts of, the Purchased
Asset Files, Servicing Records and any and all documents, records, agreements, instruments or information relating to such Purchased Assets in the possession or under the control of Seller, any other servicer or subservicer and/or the Custodian.
Seller also shall make available to the Buyer a knowledgeable financial or accounting officer for the purpose of 

  

 55 

 
answering questions respecting the Purchased Asset Files and the Purchased Assets. Without limiting the generality of the foregoing, Seller acknowledges that
the Buyer may enter into Transactions with Seller based solely upon the information provided by Seller to the Buyer and the representations, warranties and covenants contained herein, and that the 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. The Buyer may underwrite such Purchased Loans itself or engage a third party underwriter to perform such underwriting. Seller agrees to cooperate with the
Buyer and any third party underwriter in connection with such underwriting, including, but not limited to, providing the 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. Seller further agrees that Seller shall reimburse the Buyer for any and all reasonable costs and expenses incurred by the Buyer, not to exceed $10,000 with respect
to each Purchased Asset, in connection with the Buyer’s activities pursuant to this Section 25. 
 26.
SERVICING 
 26.1 Notwithstanding the purchase and sale of the Purchased Loans hereby, subject to Section 26.3, the Servicer shall
continue to service the Purchased Loans for the benefit of the Buyer and, if the Buyer shall exercise its rights to pledge or hypothecate the Purchased Loans prior to the Termination Date pursuant to Section 7, the Buyer’s assigns. Seller
shall service or cause the Servicer to service the Purchased Loans in accordance with Accepted Servicing Practices. 
 26.2 Seller agrees
that the Buyer owns all of the servicing records, including but not limited to any and all servicing agreements (the “Servicing Agreements”), files, documents, records, data bases, computer tapes, copies of computer tapes, proof of
insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the servicing of Purchased Loans (the “Servicing Records”) so long as the
Purchased Loans are subject to this Agreement. To the extent that Seller is the Servicer, Seller grants the Buyer a security interest in all servicing fees and rights relating to the Purchased Loans and all Servicing Records to secure the obligation
of Seller or its designee to service in conformity with this Section and any other obligation of Seller to the Buyer. Seller covenants to safeguard such Servicing Records and to deliver them promptly to the Buyer or its designee (including the
Custodian) at the Buyer’s request. 
 26.3 Upon the occurrence and continuance of an Event of Default, the Buyer may, in its sole
discretion, (i) sell its right to the Purchased Loans on a servicing-released basis, (ii) if Seller (or any Affiliate of Seller) is the Servicer, terminate the Servicer of the Purchased Loans, with or without cause, in each case without
payment of any termination fee and (iii) if the Purchased Loans are serviced by a third-party Servicer, terminate, or otherwise exercise such rights with respect to, the Servicer in accordance with the applicable Servicing Agreement.

 26.4 With respect to each Purchased Loan, Seller hereby irrevocably assigns to the Buyer all of Seller’s right, title and interest
in, to and under the applicable Servicing Agreement. 
  

 56 

 26.5 Seller shall cause each Servicer engaged by Seller to execute a servicer notice and agreement in the
form of Exhibit IX attached hereto (a “Servicer Notice and Agreement”), pursuant to which such Servicer (i) agrees to deposit all Income in respect of the Purchased Loans serviced by it directly into the Cash Management
Account and (ii) acknowledges the Buyer’s rights under Section 26.2, Section 26.3 and Section 26.4 of this Agreement. 
 27. MISCELLANEOUS 
 27.1 Time is of the essence under the Transaction Documents and all Transactions
thereunder and all references to a time shall mean New York time in effect on the date of the action unless otherwise expressly stated in the Transaction Documents. 
 27.2 All rights, remedies and powers of the Buyers and Seller hereunder and in connection herewith are irrevocable and cumulative, and not alternative or exclusive, and shall be in addition to all other rights,
remedies and powers of the Buyers or Seller, as applicable, whether under law, equity or agreement. In addition to the rights and remedies granted to it in this Agreement, the Buyers shall have all rights and remedies of a secured party under the
UCC and Seller shall have all rights and remedies of a debtor under the UCC. 
 27.3 The Transaction Documents may be executed in
counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 27.4 The headings in the Transaction Documents are for convenience of reference only and shall not affect the interpretation or construction of the Transaction Documents. 
 27.5 Without limiting the rights and remedies of the Buyers under the Transaction Documents, Seller shall pay the Buyers’ costs and expenses,
including fees and expenses of accountants, attorneys and advisors, incurred in connection with the preparation, negotiation, execution and consummation of, and any amendment, supplement or modification to, the Transaction Documents and the
Transactions thereunder. Seller agrees to pay the Buyers on demand all costs and expenses (including expenses for legal services of every kind) of any subsequent enforcement of any of the provisions hereof, or any actual or attempted sale, or any
exchange, enforcement, collection, compromise or settlement in respect of any of the Purchased Assets and for the custody, care or preservation of the Purchased Assets (including insurance costs) and defending or asserting rights and claims of the
Buyers in respect thereof, by litigation or otherwise. In addition, Seller agrees to pay the Buyers on demand all costs and expenses (including expenses of counsel) incurred in connection with the maintenance of the Cash Management Account. All such
expenses shall be recourse obligations of Seller to the Buyers under this Agreement. 
 27.6 Each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or be invalid under such law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  

 57 

 27.7 This Agreement contains a final and complete integration of all prior expressions by the parties
with respect to the subject matter hereof and thereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings. 
 27.8 The parties understand that this Agreement is a legally binding agreement that may affect such party’s rights. Each party represents to the
other that it has received legal advice from counsel of its choice regarding the meaning and legal significance of this Agreement and that it is satisfied with its legal counsel and the advice received from it. 
 27.9 Should any provision of this Agreement require judicial interpretation, it is agreed that a court interpreting or construing the same shall not
apply a presumption that the terms hereof shall be more strictly construed against any Person by reason of the rule of construction that a document is to be construed more strictly against the Person who itself or through its agent prepared the
same, it being agreed that all parties have participated in the preparation of this Agreement. 
 27.10 The Buyer’s duty with respect to
the custody, safekeeping and physical preservation of any Purchased Assets in its possession shall be to deal with such Purchased Assets in the same manner as the Buyer deals with similar property for its own account. None of the Buyer or any of the
Buyer’s affiliates, directors, officers or employees shall be liable for failure to demand, collect or realize upon all or any part of the Purchased Assets or for any delay in doing so, and except as otherwise expressly provided in this
Agreement, no such Person shall be under any obligation to sell or otherwise disposed of any Purchased Assets upon the request of Seller or otherwise. All authorizations and agencies contained herein with respect to the Purchased Assets are
irrevocable and are powers coupled with an interest. 
 27.11 In addition to any rights and remedies of any Buyer provided by this Agreement
and by applicable law, each Buyer shall have the right, without prior notice to Seller, any such notice being expressly waived by Seller to the extent permitted by applicable law, upon any amount becoming due and payable by Seller hereunder (whether
at the Termination Date, by acceleration or otherwise) to set-off and appropriate and apply against such amount 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 either Buyer or any Affiliate thereof to or for the credit or the account of Seller. If any such obligation
is unascertained, the Buyers shall account to Seller when the obligation is ascertained. Each Buyer agrees promptly to notify Seller after any such set-off and application made by such Buyer; provided, that the failure to give such notice
shall not affect the validity of such set-off and application. 
 [SIGNATURES FOLLOW] 
  

 58 

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

  

			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Angela E. Dugick

	Name:	 	Angela E. Dugick
	Title:	 	Senior Vice President
	
	BANK OF AMERICA SECURITIES LLC
		
	By:	 	 /s/ Angela E. Dugick

	Name:	 	Angela E. Dugick
	Title:	 	Principal
	
	 CBRE REALTY FINANCE TRS
 WAREHOUSE
FUNDING II, LLC,
 a Delaware limited liability company

	
	 By: CBRE Realty Finance TRS, Inc.,
 a
Delaware corporation, its sole member

		
	By:	 	  

	Name:	 	
	Title:	 	

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

  

			
	BANK OF AMERICA, N.A.
		
	By:	 	  

	Name:	 	Angela E. Dugick
	Title:	 	Senior Vice President
	
	BANK OF AMERICA SECURITIES LLC
		
	By:	 	  

	Name:	 	Angela E. Dugick
	Tide:	 	Principal
	
	 CBRE REALTY FINANCE TRS
 WAREHOUSE
FUNDING II, LLC,
 a Delaware limited liability company

	
	 By: CBRE Realty Finance TRS, Inc.,
 a
Delaware corporation, its sole member

		
	By:	 	 /s/ Keith A. Gollenberg

	Name:	 	Keith A. Gollenberg
	Title:	 	Chief Executive Officer

 EXHIBITS 
  

			
	EXHIBIT I	  	Form of Confirmation
		
	EXHIBIT II	  	Authorized Representatives of Seller
		
	EXHIBIT III	  	Monthly Servicing Information
		
	EXHIBIT IV	  	Form of Custodial Delivery Certificate
		
	EXHIBIT V	  	Form of Power of Attorney
		
	EXHIBIT VI	  	Representations and Warranties Regarding Individual Purchased Loans
		
	EXHIBIT VII	  	Transaction Procedure
		
	EXHIBIT VIII	  	Form of Redirection Letter
		
	EXHIBIT IX	  	Form of Servicer Notice and Agreement
		
	EXHIBIT X	  	Form of Bailee Agreement
		
	EXHIBIT XI	  	Form of Guarantee
		
	EXHIBIT XII	  	Form of Omnibus Assignment
		
	EXHIBIT XIII	  	Underwriting Guidelines

 Exhibit I 
 CONFIRMATION STATEMENT 
 CBRE Realty Finance TRS 
 Warehouse Funding II, LLC 
 This CONFIRMATION reflects the agreement between [BANK OF AMERICA, N.A. (“BANA”)1] and CBRE REALTY FINANCE TRS WAREHOUSE FUNDING II, LLC (“Seller”) to enter into the Transaction pursuant to which BANA2 shall purchase from the Seller the Purchased Assets identified below pursuant to the Master Repurchase Agreement among BANC OF AMERICA SECURITIES LLC and BANK
OF AMERICA, N.A. (the “Buyers”), and Seller, dated as of February 13, 2006 (the “Agreement”); capitalized terms used herein without definition have the meanings given in the Agreement), as follows below and on
the attached Schedules 1 and 2: 
  

			
	Purchase Date:	  	
		
	Initial purchase (Yes / No):	  	
		
	Purchased Loans:	  	
		
	Loans / Description:	  	As identified on attached Schedule 1
		
	Aggregate Principal Amount of Purchased Assets (as of the date hereof):	  	
		
	Market Value:	  	
		
	Purchase Percentage:	  	
		
	Applicable Spread	  	
		
	LIBOR Period: [30-day], [60-day], [90-day]	  	
		
	Market Value x Purchase Percentage (as of the date hereof):	  	
		
	[Initial] [Contingent] Purchase Price Requested Hereby:	  	
		
	Aggregate Purchase Price, given the effect of [Initial] [Contingent] Purchase Price requested hereby:	  	
		
	Governing Agreements/Trustee:	  	As identified on attached Schedule 2
		
	Additional Terms:	  	

  

					
	Name and address for communications:	    	Buyer:	 	Olga Kelly
		    		 	Banc of America, N.A.
		    		 	Mail Code: NCI -027-22-04
		    		 	Hearst Tower
		    		 	214 North Tryon Street
		    		 	Charlotte, NC 28555
		    		 	Telephone: 704.683.4685
		    		 	Facsimile: 704.386.1094

  

	1	Unless Banc of America Securities LLC is the party entering into the Transaction, in which
case “Banc of America Securities LLC (“BAS”)” should be used. 

	2	Unless Banc of America Securities LLC is the party entering into the Transaction, in which
case “BAS” should be used. 

  

 I-1 

					
		
		    	With a copy to:
			
		    		 	Bank of America
		    		 	Mail Code: NC1-007-20-01
		    		 	100 North Tryon Street
		    		 	Charlotte, North Carolina 28555
		    		 	Attn: Paul Kurzeja
		    		 	Facsimile Number: (704) 409-0267
			
		    	Seller:	 	CBRE Realty Finance TRS
		    		 	Warehouse Funding II, LLC
		    		 	185 Asylum Street
		    		 	City Place 1, 37th Floor
		    		 	Hartford, Connecticut 06103
		    		 	Attention: Tom Podgorski
		    		 	Telephone: (860) 275-6205
		    		 	Facsimile: (860) 275-6225

 Seller hereby grants to each of the Buyers a separate security interest in all of Seller's right, title and
interest in and to the assets listed on Schedule 1 attached to this Confirmation and all certificates, instruments or promissory notes, if any, evidencing any such asset. Each security interest granted to a Buyer hereunder secures the payment
and performance of all amounts or obligations owing to such Buyer pursuant to the Agreement and the related documents described therein. 
 Seller hereby
certifies that both immediately prior to the entering into of the Transaction herein requested, and also after giving effect thereto, that the representations and warranties made by Seller in Section 8 of the Agreement, and elsewhere in each of
the Transaction Documents, shall with respect to the Eligible Assets subject to the Transaction be true and complete on and as of the date of the entering into of such Transaction in all material respects with the same force and effect as if made on
and as of such 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). 
 [SIGNATURES FOLLOW] 
  

 I-2 

			
	[BANK OF AMERICA, N.A.]3 
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	AGREED AND ACKNOWLEDGED:
	
	 CBRE REALTY FINANCE TRS
 WAREHOUSE
FUNDING II, LLC,
 a Delaware limited liability company

	
	 By: CBRE Realty Finance TRS, Inc.,
 a
Delaware corporation, its sole member

		
	By:	 	  

	Name:	 	
	Title:	 	

  

	3	Unless Banc of America Securities is the party entering into the Transaction, in which case
“Banc of America Securities LLC” should be used. 

  

 I-3 

 Schedule 1 to Confirmation Statement 
 Description of Purchased Loans (if applicable): 
  

																			
	 	  	 Purchased
Loan
	  	 Type
 of
 Loan
	  	 LTV
	  	 Outstanding
Principal
Balance
	  	 Seller
 Owned
 Face
	  	 Buyer's
Market
 Value
	  	 Purchase
Percentage
	  	 Purchase
Price
Requested
Hereby
	  	 Applicable
Spread

										
	1	  		  		  		  		  		  		  		  		  	
										
	2	  		  		  		  		  		  		  		  		  	
										
	3	  		  		  		  		  		  		  		  		  	
										
	4	  		  		  		  		  		  		  		  		  	

  

 I-4 

 Schedule 2 to Confirmation Statement 
 Governing Agreements: 
  

 I-5 

 Exhibit II 
 AUTHORIZED REPRESENTATIVES OF SELLER 
  

					
	 Name
	 	 	 	 Specimen Signature

			
	 Keith Gollenberg
	 	 Chairman
	 	 /s/ Keith Gollenberg

			
	 David Dorros
	 	 Managing Director
	 	  

			
	 Jim Evans
	 	 Managing Director & Secretary
	 	  

			
	 Paul Martin
	 	 Managing Director
	 	 /s/ Paul Martin

			
	 Thomas Podgorski
	 	 Managing Director
	 	 /s/ Thomas Podgorski

			
	 Michael Angerthal
	 	 Managing Director & Treasurer
	 	 /s/ Michael Angerthal

  

 II-1 

 Exhibit III 
 MONTHLY SERVICING INFORMATION 
 Mortgage Loan Information: 
 Aggregate Outstanding Balance 
 Realized Losses per Asset for Underlying Trust for the Prior Month 
 Cumulative Realized
Losses per Asset 
 Dollar Amount and Percentage of Aggregate Pool Balance of: 
 Purchased Loans 30-59 days delinquent 
 Purchased Loans 60-89 days delinquent 
 Purchased Loans 90 or more days delinquent 
 Purchased Loans in Foreclosure 
 REO – Listing of Assets

 Number of loans at start and end of the month 
 Outstanding
principal balance at start and end of the month 
 Repayments – Listing of Assets 
 Foreclosures – Listing of Assets 
 Bankruptcies – Listing of Assets 
 Current weighted average maturity 
 Current weighted average coupon (Based on
Pay Rate) 
 Escrow balances held by primary servicer, if available 
  

 III-1 

 Exhibit IV 
 FORM OF CUSTODIAL DELIVERY CERTIFICATE 
 On this      of
                    , 20    , CBRE Realty Finance TRS Warehouse Funding II, LLC (“Seller”), as
Seller under that certain Master Repurchase Agreement, dated as of February 13, 2006 (the “Repurchase Agreement”) among Seller, BANC OF AMERICA SECURITIES LLC and BANK OF AMERICA, N.A. (together with Banc of America Securities
LLC the “Buyers”), does hereby deliver to LaSalle Bank National Association (“Custodian”), as custodian under that certain Custodial Agreement, dated as of February 13, 2006, among the Buyers, Seller and
Custodian, the Purchased Asset Files with respect to the Purchased Loans to be purchased by the Buyers pursuant to the Repurchase Agreement, which Purchased Loans are listed on the Purchased Asset Schedule attached hereto and which Purchased Loans
shall be subject to the terms of the Custodial Agreement on the date hereof. 
 With respect to the Purchased Asset Files delivered hereby,
for the purposes of issuing the Trust Receipt, the Custodian shall review the Purchased Asset Files to ascertain delivery of the documents listed in Section 3.7 of the Custodial Agreement. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Custodial Agreement. 
 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.

  

 IV-1 

 Exhibit V 
 FORM OF POWER OF ATTORNEY 
 “Know All Men by These Presents, that CBRE Realty Finance TRS
Warehouse Funding II, LLC (“Seller”), does hereby appoint [            ] (the “Buyer”), its attorney-in-fact to act in Seller’s name, place and
stead in any way which Seller could do with respect to (i) the completion of the endorsements of the Mortgage Notes and the Assignments of Mortgages and the Mezzanine Notes, (ii) the recordation of the Assignments of Mortgages and
(iii) the enforcement of Seller’s rights under the Purchased Loans purchased by the Buyers pursuant to the Master Repurchase Agreement dated as of February 13, 2006 between Seller and the Buyer and to take such other steps as may be
necessary or desirable to enforce the Buyer’s rights against such Purchased Loans, the related Purchased Asset Files and the Servicing Records to the extent that Seller is permitted by law to act through an agent. 
 TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OF 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 OR SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY, AND SELLER ON ITS OWN
BEHALF AND ON BEHALF OF SELLER’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 RELIED ON THE
PROVISIONS OF THIS INSTRUMENT. 
 IN WITNESS WHEREOF Seller has caused this Power of Attorney to be executed this
     day of                      20    . 
  

			
	 CBRE REALTY FINANCE TRS
 WAREHOUSE
FUNDING II, LLC,
 a Delaware limited liability company

	
	 By: CBRE Realty Finance TRS, Inc.,
 a
Delaware corporation, its sole member

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 V-1 

 Exhibit VI 
 REPRESENTATIONS AND WARRANTIES REGARDING INDIVIDUAL PURCHASED LOANS 
 With respect to each Purchased
Loan, Seller represents and warrants on each Purchase Date as follows, other than as set forth on the exception report provided to Buyers in accordance with the Agreement. 
 1. Purchased Asset Information. The information set forth in the Diligence Materials, the Purchased Asset Schedule and the
Purchased Asset Information is complete, true and correct in all material respects. 
 2. Ownership of Purchased Loans.
Immediately prior to the transfer to Buyers of the Purchased Loans, Seller had good title to, and was the sole owner of, each Purchased Loan. Seller has full right, power and authority to transfer and assign each of the Purchased Loans to or at the
direction of Buyers and has validly and effectively conveyed (or caused to be conveyed) to Buyers or their designee all of Seller’s legal and beneficial interest in and to the Purchased Loans free and clear of any and all pledges, liens,
charges, security interests and/or other encumbrances. The sale of the Purchased Loans to Buyers or their designee does not require Seller to obtain any governmental or regulatory approval or consent that has not been obtained. Except for purchase
options upon the occurrence of a default which are set forth in an intercreditor agreement included in this Purchased Asset File, no third party holds any “right of first refusal”, “right of first negotiation”, “right of
first offer”, purchase option, or other similar rights of any kind, and no other impediment exists to any such transfer or exercise of rights or remedies. 
 3. Payment Record. The Purchased Loan is performing and no scheduled payment of principal and interest under such loan was 30 days
or more past due as of the Purchase Date without giving effect to any applicable grace period, and no such loan was at any time 30 days or more delinquent in the twenty-four (24) month period preceding the Purchase Date. 
 4. Lien; Valid Assignment. The Mortgage related to each Purchased Loan constitutes a valid and enforceable lien upon the related
Mortgaged Property, prior to all other liens and encumbrances, except for 
 (a) the lien for current real estate taxes and
assessments not yet due and payable, 
 (b) covenants, conditions and restrictions, rights of way, easements and other matters
that are for Mortgagor’s benefit or are insured by the related lender’s title insurance policy, 
 (c) other matters
to which like properties are commonly subject, none of which matters referred to in clauses (b) or (c) interferes with the security 

  

 VI-D1 

 
intended to be provided by such Mortgage or the marketability or current use of the Mortgaged Property or the current ability of the Mortgaged Property to
generate operating income sufficient to service the Purchased Loan debt (the foregoing items (a) through (c) being herein referred to as the “Permitted Encumbrances”). The related assignment of such Mortgage executed and
delivered in favor of the holder thereof is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor’s right, title and interest in, to and under such
Mortgage. Such Mortgage establishes and creates a valid and enforceable security interest in favor of the holder thereof in all of the related Mortgagor’s personal property used in, and reasonably necessary to operate the related Mortgaged
Property. A Uniform Commercial Code financing statement has been filed and/or recorded in all places necessary to perfect a valid security interest in such personal property, and such security interest is a first or second priority security
interest, subject to any prior purchase money security interest in such personal property and any personal property leases applicable to such personal property. Notwithstanding the foregoing, no representation is made as to the perfection of any
security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code financing statements are required in order to effect such perfection.

 5. Assignment of Leases and Rents. The Assignment of Leases set forth in the Mortgage (or in a separate instrument)
and related to each Purchased Loan establishes and creates a valid, subsisting and enforceable perfected lien and security interest in the related Mortgagor’s interest in all leases, sub-leases, licenses or other agreements pursuant to which
any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, and each assignor thereunder has the full right to assign the same. The related assignment of any Assignment of Leases, not
included in a Mortgage, executed and delivered in favor of the holder thereof is in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor’s right, title and
interest in, to and under such Assignment of Leases. 
 6. Mortgage Status; Waivers and Modifications. No Mortgage or
Mortgage Note has been satisfied, canceled, rescinded or subordinated in whole or in part, and the related Mortgaged Property has not been released from the lien of such Mortgage, in whole or in material part, nor has any instrument been executed
that would effect any such satisfaction, cancellation, subordination, rescission or release. None of the terms of any Mortgage Note, Mortgage or Assignment of Leases have been impaired, waived, altered or modified in any material respect, except by
written instruments, all of which are included in the related Purchased Asset File. 
 7. Condition of Property;
Condemnation. Except as set forth in an engineering report prepared in connection with the origination or acquisition of the Purchased Loan and included in the related Purchased Asset File, each Mortgaged Property is, to the best of
Seller’s knowledge after commercially reasonable due diligence, free and clear of any damage that would materially and adversely affect its 

  

 VI-D2 

 
value as security for the related Purchased Loan (normal wear and tear excepted), except to the extent reserves have been established to cover the costs to
remediate such damages. Neither Seller nor mortgagee has received notice of any pending or threatened proceeding for the condemnation of all or any portion of any Mortgaged Property. As of the date of the origination or acquisition of the Purchased
Loan, to the best of Seller’s knowledge after commercially reasonable due diligence, all of the improvements on the related Mortgaged Property which were considered in determining the appraised value of the Mortgaged Property lay wholly within
the boundaries and building restriction lines of such property, except for encroachments that are insured against by the lender’s title insurance policy referred to herein or that do not materially and adversely affect the value or
marketability of such Mortgaged Property, and no improvements on adjoining properties encroach upon such Mortgaged Property, except those encroachments that are insured against by the Title Policy referred to herein. 
 8. Title Insurance. Each Mortgaged Property is covered by an American Land Title Association (or an equivalent form thereof as
adopted in the applicable jurisdiction) lender’s title insurance policy (or, if a title policy meeting the foregoing description has not yet been issued, is evidenced by a commitment for title insurance “marked up” at the closing of
the Purchased Loan and a binding enforceable commitment of the applicable title insurance company to issue the policy described in such commitment without any conditions to such issuance) (the “Title Policy”) in the original
principal amount of such loan after all advances of principal. Each Title Policy insures that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances. Each Title Policy (or, if it
has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, to the best of Seller’s knowledge after commercially reasonable due diligence, and no material claims have been made
thereunder. No holder of the related Mortgage has done, by act or omission, anything that would impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Purchased Loan to Buyers, such Title Policy
(or, if it has yet to be issued, the coverage to be provided thereby) will inure to the benefit of Buyers without the consent of or notice to the insurer. 
 9. No Holdbacks. Except as set forth on the Purchased Asset Schedule, the proceeds of the Purchased Loan have been fully disbursed and there is no obligation for future advances with respect thereto. With
respect to each such loan, any and all requirements as to completion of any on-site or off-site improvement and as to disbursements of any funds escrowed for such purpose that were to have been complied with on or before the Purchase Date have been
complied with, or any such funds so escrowed have not been released. 
 10. Mortgage Provisions. The Mortgage Note or
Mortgage related to the Purchased Loan contain customary and enforceable provisions such as would be expected to render the rights and remedies of the holder thereof adequate for the practical realization against the related Mortgaged Property of
the principal benefits of the security intended to be provided thereby. 
  

 VI-D3 

 11. Buyer under Deed of Trust. If any Mortgage is a deed of trust, a trustee, duly
qualified under applicable law to serve as such, is properly designated and serving under such Mortgage. 
 12.
Environmental Conditions. An environmental site assessment (or an update of a previous assessment) was performed with respect to each Mortgaged Property in connection with the origination or acquisition of the Purchased Loan, a report of each
such assessment (an “Environmental Report”) has been delivered to Buyers and a copy has been included as part of the related Purchased Asset File, and there is no adverse environmental condition or circumstance affecting any
Mortgaged Property that was not disclosed in such report. Each related Mortgagor is now in compliance, and each Mortgage requires the related Mortgagor to cause any tenants leasing space at the related Mortgaged Property to comply with all
applicable federal, state and local environmental laws and regulations. Where such Environmental Report disclosed the existence of a material and adverse environmental condition or circumstance affecting any Mortgaged Property, (i) a party not
related to the Mortgagor was identified as the responsible party for such condition or circumstance, (ii) the related Mortgagor was required either to provide additional security and/or to obtain an operations and maintenance plan or
(iii) the related Mortgagor provided evidence that applicable federal, state or local governmental authorities would not take any action, or require the taking of any action, in respect of such condition or circumstance. The related Purchased
Asset Documents contain provisions pursuant to which the related borrower or a principal of such borrower has agreed to indemnify the mortgagee for damages resulting from violations of any applicable Environmental Laws. 
 13. Loan Document Status. Each Mortgage Note, Mortgage and any other agreement that evidences or secures a Purchased Loan and that
was executed by or on behalf of the related Mortgagor is the legal, valid and binding obligation of the maker thereof (subject to any non-recourse provisions contained in any of the foregoing agreements), enforceable in accordance with its terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law). There are no valid defenses, counterclaims or rights of offset or rescission available to the related Mortgagor with respect to such Mortgage Note, Mortgage or other agreements. 
 14. Insurance. Each Mortgaged Property is required pursuant to the related Mortgage to be and is insured by (a) a fire and
extended perils insurance policy issued by an insurer meeting the requirements of such Purchased Loan providing coverage against loss or damage sustained by reason of fire, lightning, windstorm, hail, explosion, riot, riot attending a strike, civil
commotion, aircraft, vehicles and smoke, and, to the extent required as of the date of origination by the originator of such Purchased Loan consistent with its normal commercial mortgage lending practices, against other risks insured against by
persons operating like properties in the locality of the Mortgaged Property in an amount not less than the lesser of the principal balance of the Purchased Loan and the replacement cost (not allowing for depreciation) of the Mortgaged Property, and
not less than the amount necessary to avoid the operation of any co-insurance provisions with 

  

 VI-D4 

 
respect to the Mortgaged Property; (b) a business interruption or rental loss insurance policy in an amount at least equal to twelve months of
operations of the Mortgaged Property (or six months of operations of the Mortgaged Property where the original principal balance of the Purchased Loan is less than $5,000,000) (other than Manufactured Housing Communities); (c) a flood insurance
policy (if any portion of the Mortgaged Property is located in an area identified by the Federal Emergency Management Agency as having special flood hazards) in an amount not less than the lesser of the amount described in clause (a) above or
the maximum amount allowed under Federal Law and (d) a comprehensive general liability insurance policy in amounts as are generally required by commercial mortgage lenders, and in any event not less than $1 million per occurrence. Such
insurance policy contains a standard mortgagee clause that names the mortgagee as an additional insured and that requires at least thirty days’ (in the case of termination or cancellation other than for nonpayment of premiums) and at least ten
(10) days’ (in the case of termination or cancellation for nonpayment of premiums) prior notice to the holder of the Mortgage, and no such notice has been received, including any notice of nonpayment of premiums. Each Mortgage obligates
the related Mortgagor to maintain all such insurance and, upon such Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain such insurance at the Mortgagor’s cost and expense and to seek reimbursement therefor from
such Mortgagor. Other than as set forth in Paragraph 24(h) of this Exhibit VI, each Mortgage provides that casualty insurance proceeds will be applied either to the restoration or repair of the related Mortgaged Property or to the reduction
or defeasance of the principal amount of the Purchased Loan. 
 15. Taxes and Assessments. There are no delinquent or
unpaid taxes or assessments (including assessments payable in future installments), or other outstanding charges affecting any Mortgaged Property which are or may become a lien of priority higher than the lien of the related Mortgage. For purposes
of this representation and warranty, real property taxes and assessments shall not be considered unpaid until the date on which interest and/or penalties would be first payable thereon. 
 16. Compliance with Laws. As of the Purchase Date, the Purchased Loan complies in all material respects with, or is exempt from,
all requirements of federal, state or local law relating to such Purchased Loan. 
 17. No Obligation of Holder. Seller
has not received written notice of any outstanding liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind for which the holder of such Purchased Loan is or may become obligated.

 18. Origination and Servicing Practices. The origination (or acquisition, as the case may be), servicing and
collection practices with respect to the Purchased Loan have been in all respects legal and have met customary industry standards for servicing of commercial mortgage loans for commercial or multifamily loan programs, as applicable. 
 19. LTV Ratio. The gross proceeds of each Purchased Loan to the related Mortgagor at origination did not exceed the non-contingent
principal amount of the 

  

 VI-D5 

 
Purchased Loan and either: (a) such Purchased Loan is secured by an interest in real property having a fair market value (i) at the date the
Purchased Loan was originated at least equal to 80 percent of the original principal balance of the Purchased Loan or (ii) at the Purchase Date at least equal to 80 percent of the principal balance of the Purchased 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 Purchased Loan and (y) a proportionate amount of any lien
that is in parity with the Purchased Loan (unless such other lien secures a Purchased Loan that is cross-collateralized with such Purchased Loan, in which event the computation described in clauses (a)(i) and (a)(ii) of this Paragraph 19 shall be
made on a pro rata basis in accordance with the fair market values of the Mortgaged Properties securing such cross-collateralized Purchased Loans; or (b) substantially all the proceeds of such Purchased Loan were used to acquire, improve or
protect the real property which served as the only security for such Purchased Loan (other than a recourse feature or other third party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(l)(ii)). 
 20. Authorization to do Business. To the extent required under applicable law as of the date of origination, and necessary for the
enforceability or collectability of the Purchased Loan, the originator of such Purchased 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 such loan.

 21. Mortgagor Bankruptcy. No Mortgagor and to Seller’s knowledge, no tenant leasing space at the Related
Mortgaged Property which constitutes more than 15% of the gross leased space or which leases at least 10,000 square feet of such Mortgaged Property is a debtor in any state or federal bankruptcy or insolvency proceeding. 
 22. Adequate Utilities. The related Mortgaged Property is served by public utilities, water and sewer (or septic facilities) and
otherwise appropriate for the use in which the Mortgaged Property is currently being utilized. 
 23. Encumbrances.
With respect to any Purchased Loan, the related Mortgaged Property is not encumbered, and none of the Purchased Asset Documents permits the related Mortgage Property to be encumbered subsequent to the Purchase Date without the prior written consent
of the holder of such Purchased Loan, by any lien securing the payment of money junior to or of equal priority with, or superior to, the lien of the related Mortgage other than Permitted Encumbrances. 
 24. Leasehold Estate. Each Mortgaged Property consists of the related Mortgagor’s fee simple estate in real estate or, if the
related Purchased Loan is secured in whole or in part by the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged Property (a “Ground Lease”), by the related Mortgagor’s interest in the Ground Lease but not
by the related fee interest in such Mortgaged Property (the “Fee Interest”). With respect to any Purchased Loan secured by a Ground Lease but not by the related Fee Interest: 
  

 VI-D6 

 a. Such Ground Lease or a memorandum thereof has been duly recorded; such Ground Lease
(or the related estoppel letter or lender protection agreement between Seller and related lessor) permits the current use of the Mortgaged Property and permits the interest of the lessee thereunder to be encumbered by the related Mortgage and does
not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would adversely effect the security provided by the related Mortgage by limiting in any way its current use; and there has been no
change in the payment terms of such Ground Lease since the origination or acquisition of the loan related to such Purchased Loan, with the exception of changes reflected in written instruments that are a part of the related Mortgage File;

 b. The lessee’s interest in such Ground Lease is not subject to any liens or encumbrances other than Permitted
Encumbrances; 
 c. The Mortgagor‘s interest in such Ground Lease is assignable to Buyers and their successors and
assigns upon notice to, but without the consent of, the lessor thereunder (or, if such consent is required, it has been obtained prior to the Purchase Date) and, in the event that it is so assigned, is further assignable by Buyers and their
successors and assigns upon notice to, but without the need to obtain the consent of, such lessor; 
 d. Such Ground Lease is
in full force and effect, and no event of default has occurred, Seller has received no notice that an event of default has occurred thereunder, and there exists no condition that, but for the passage of time or the giving of notice, or both, would
result in an event of default under the terms of such Ground Lease; 
 e. Such Ground Lease, or an estoppel letter or other
agreement, (A) requires the lessor under such Ground Lease to give notice of any default by the lessee to the mortgagee, provided that the mortgagee has provided the lessor with notice of its lien in accordance with the provisions of such
Ground Lease to the extent such Ground Lease requires such notice, (B) further provides that no notice of termination given under such Ground Lease (including rejection of such Ground Lease in a bankruptcy proceeding) is effective against the
holder of the Mortgage unless a copy of such notice has been delivered to such holder and the lessor has offered to enter into a new lease with such holder on terms that do not materially vary from the economic terms of the Ground Lease; 

f. A mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of
the lessee under such Ground Lease) to cure any default under such Ground Lease, which is curable after the receipt of notice of any such default, before the lessor thereunder may terminate such Ground Lease; 
 g. Such Ground Lease has an original term (including any extension options set forth therein that can be exercised by the mortgagee if the
mortgagee 

  

 VI-D7 

 
acquires the lessee’s rights under the Ground Lease) which extends not less than twenty years beyond the stated maturity date of the loan related to the
Purchased Loan; 
 h. Under the terms of such Ground Lease and the related Mortgage, taken together, any related insurance
proceeds or condemnation award other than in respect of a total loss will be applied either to the repair or restoration of all or part of the related Mortgaged Property, with the mortgagee or a designee appointed by it having the right to hold and
disburse such proceeds as the repair or restoration progresses (except in such cases where a provision entitling another party to hold and disburse such proceeds would not be viewed as commercially unreasonable by a prudent commercial mortgage
lender for conduit programs), or to the payment or defeasance of the outstanding principal balance of the loan related to the Purchased Loan together with any accrued interest thereon; 
 i. Such Ground Lease does not impose any restrictions on subletting which would be viewed as commercially unreasonable by prudent
commercial mortgage lenders; 
 j. Such Ground Lease provides, or the lessor has otherwise agreed, that such Ground Lease may
not be amended or modified in any manner materially adverse to the interest of the mortgagee without the prior written consent of the mortgagee under such loan; and 
 k. The ground lessor is required to enter into a new lease with Seller upon termination of the Ground Lease for any reason including
rejection of the Ground Lease in bankruptcy. 
 25. Escrow Deposits. All escrow deposits relating to the Purchased Loan
that are, as of the Purchase Date, required to be deposited with Seller or its agent have been so deposited. 
 26.
Advancement of Funds by Seller. Seller has not and no other holder of a Purchased Loan has advanced funds or induced, solicited or received any advance of funds from a party other than the owner of the related Mortgaged Property, directly or
indirectly, for the payment of any amount required by such loan. 
 27. No Mechanics’ Liens. As of the date of the
Mortgage, and to the actual knowledge of Seller as of the Purchase Date, each Mortgaged Property is free and clear of any and all mechanics’ and materialmen’s liens, and no rights are outstanding that under law could give rise to any such
lien, except for those insured against by the Title Policy or otherwise bonded. 
 28. Compliance with Usury Laws. The
Purchased Loan complied with, or is exempt from, all applicable usury laws in effect at its date of origination. 
 29.
Releases of Mortgaged Property. No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property 

  

 VI-D8 

 
from the lien of the related Mortgage except upon payment in full of all amounts due under the Purchased Loan; provided, that the mortgagee may be
required to grant releases of portions of the related Mortgaged Properties if (a) release is conditioned upon the satisfaction of certain legal and underwriting requirements or the payment of a release price or (b) a total or partial
defeasance is effected in respect of such loan. No Purchased Loan permits the release or substitution of collateral if such release or substitution (a) would create a “significant modification” of such loan within the meaning of
Treas. Reg. §1.1001 3 or (b) would cause such loan not to be a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (without regard to clauses (A)(i) or (A)(ii) thereof). 
 30. No Equity Participation or Contingent Interest. No Purchased Loan contains any equity participation by the lender or provides
for negative amortization or for any contingent or additional interest in the form of participation in the cash flow of the related Mortgaged Property. 
 31. No Material Default. There exists no event of default, material default, breach or event of acceleration under the documents evidencing or securing the Purchased Loan; provided, however, that
this representation and warranty does not address or otherwise cover any default, breach or event of acceleration that specifically pertains to any matter otherwise covered by any other representation and warranty made by Seller in any of Paragraphs
1, 7, 12, 14, 15 and 24 of this Exhibit VI. Seller has not waived any event of default, material default or breach under the Purchased Asset Documents. 
 32. Local Law Compliance. The improvements located on or forming part of the related Mortgaged Property comply with applicable
zoning laws and ordinances, or constitute legal non-conforming uses or structures or, if any such improvement does not so comply, such non-compliance does not materially and adversely affect the value of the related Mortgaged Property. 

33. Other Obligations. Each related Mortgage does not provide for or permit, without the prior written consent of the lender,
the related Mortgage Property to secure any obligation other than as described in the Mortgage. 
 34. Due-On-Sale. The
Purchased Loan contains a “due on sale” clause that provides for the acceleration of the payment of the unpaid principal balance of the Purchased loan if, without the prior written consent of the holder of such loan, the related Mortgaged
Property is transferred or sold. 
 35. Actions Concerning Purchased Loans. To the actual knowledge of Seller, there
are no actions, suits or proceedings pending or threatened before any court, administrative agency or arbitrator concerning the Purchased Loan or related Mortgagor or Mortgaged Property that might materially and adversely affect the Mortgagor’s
ability to pay principal, interest or other amounts due under the Purchased Loan or value of the Mortgaged Property as security for the Purchased Loan. 
  

 VI-D9 

 36. Licenses and Permits. As of the date of origination of the Purchased Loan, the
related Mortgagor was in possession of all material licenses, permits and franchises required by applicable law for the ownership and operation of the related Mortgaged Property as it was then operated. The Purchased Asset Documents require the
Mortgagor to maintain all such licenses, permits and franchises. 
 37. Non-Recourse Exceptions. The Purchased Asset
Documents for the Purchased Loan provide that such loan constitutes the non-recourse obligations of the related obligor thereon except that either (i) such provision does not apply in the case of fraud, misappropriation of awards, rents,
proceeds, bankruptcy of Mortgagor and other carve-outs that are customary by the Mortgagor or (ii) such documents provide that the Mortgagor shall be liable to the holder of the such loan for losses incurred a result of fraud by the Mortgagor.

 38. Single Purpose Entity. The Mortgagor on the Purchased Loan with an outstanding principal balance in excess of
$10,000,000, was, as of the origination of such loan, a Single Purpose Entity. For this purpose, a “Single Purpose Entity” shall mean an entity, other than an individual, whose organizational documents provide substantially to the effect
that it was formed or organized solely for the purpose of owning and operating one or more Mortgaged Properties securing the Purchased 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 Purchased Asset Documents, substantially to the effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged
Property or Properties, or any indebtedness other than as permitted by the related Mortgage or the other related Purchased Asset Documents, that it has its own books and records and accounts separate and apart from any other person, and that it
holds itself out as a legal entity, separate and apart from any other person. 
 Each borrower of the Purchased Loan in excess of $10,000,000
is an entity which has represented in connection with the origination of such loan, or whose organizational documents as of the date of origination of such loan, provided that so long as such loan is outstanding it will have at least one independent
director, manager or executive committee member. 
 39. Separate Tax Parcels. Each Mortgaged Property constitutes one
or more complete separate tax lots or is subject to an endorsement under the related title insurance policy. 
 40.
Operating or Financial Statement. The related Purchased Asset Documents require the related borrower to furnish to the mortgagee at least annually an operating statement with respect to the related Mortgaged Property. 
 41. Purchased Loan Modifications. Any Purchased Loan that was “significantly modified” prior to the Purchase Date so as
to result in a taxable exchange under Section 1001 of the Code either (a) was modified as a result of the default or reasonably foreseeable default of such loan or (b) satisfies the provisions of either clause 

  

 VI-D10 

 
(a)(i) of Paragraph 19 of this Exhibit VI (substituting the date of the last such modification for the date such loan was originated) of this
Exhibit VI or clause (a)(ii) of Paragraph 19 of this Exhibit VI, including the proviso thereto. 
 42.
Inspections. Seller (or if Seller is not the originator, the originator of the Purchased Loan) has inspected or caused to be inspected each Mortgaged Property in connection with the origination of such loan. 
 43. Defeasance. Any Purchased Loan containing provisions for defeasance of mortgage collateral either (i) requires the prior
written consent of, and compliance with the conditions set by, the holder of the such loan, or (ii) requires that (A) defeasance may not occur prior to the time permitted by applicable “real estate mortgage investment conduit”
rules and regulations (if applicable), (B) the replacement collateral consist of U.S. governmental securities in an amount sufficient to make all scheduled payments under the Mortgage Note when due, (C) independent public accountants
certify that the collateral is sufficient to make such payments, (D) counsel provide an opinion that the mortgage has a perfected security interest in such collateral prior to any other claim or interest, and (E) all costs and expenses
arising from the defeasance of the mortgage collateral shall be borne by the borrower. 
 44. Fraud. No fraudulent acts
were committed by Seller in connection with its acquisition or origination of the Purchased Loan nor were any fraudulent acts committed by any Person in connection with the origination of such loan. 
 45. Other Agreements. Except as included in the related Purchased Asset File, Seller is not a party to any document, instrument or
agreement, and there is no document, that by its terms modifies or affects the rights and obligations of any holder of the Purchased Loan and Seller has not consented to any material change or waiver to any term or provision of any such document,
instrument or agreement and no such change or waiver exists. 
 46. Appraisal. An appraisal of the related Mortgaged
Property was conducted in connection with the origination of the Purchased Loan; and such appraisal satisfied either (A) the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal
Standards Board of the Appraisal Foundation, or (B) the guidelines in Title XI of the Financial Institutions Reform, Recovery and Enforcement Act or 1989, in either case as in effect on the date such loan was originated. 
 47. OFAC. The Mortgagor is not a country, territory, individual or entity named on any list published by OFAC, or a Person or
entity prohibited under any of the programs administered by OFAC. 
 48. Lockboxes. With respect to any Purchased Loan
in respect of which payments by the borrower or other obligor thereon are required to be paid directly to a lockbox, the servicer or such other Person responsible for administration of such lockbox has complied in all material respects with the
procedures established in the Purchased Asset Documents for administration of remittances in respect of such lockbox. 
 49.
Cross-Collateralization. Each Purchased Loan is cross-collateralized only with other Purchased Loans. 
  

 VI-D11 

 Exhibit VII 
 TRANSACTION PROCEDURE 
 Preliminary Approval of New Assets: 
 (a) Seller may, from time to time, submit to the Buyer a request for transaction, which request for transaction shall specify whether the applicable
transaction requested is an initial purchase or a subsequent purchase, together with a Preliminary Due Diligence Package and any drafts or copies of the Purchased Asset Documents, for the Buyer’s review and approval in order to enter into a
Transaction with respect to any New Asset that Seller proposes to be included as a Purchased Asset under the Agreement. 
 (b) Within five
(5) Business Days of the Buyer’s receipt of the materials described in clause (a) above, the Buyer shall have the right to request additional diligence materials and deliveries that the Buyer shall specify on a Supplemental Due
Diligence List. No later than ten (10) Business Days after the Buyer’s receipt of all of the Diligence Materials or the Buyer’s waiver thereof and the resolution of any outstanding issues with respect to the New Asset (as determined
by the Buyer in its sole discretion), the Buyer shall either (i) approve the request for transaction and notify Seller of the Purchase Price and the Market Value for the New Asset, which notice may specify any conditions precedent to the
Buyer’s approval of the such New Asset as a Purchased Asset (in addition to the Transactions Conditions Precedent to obtaining each advance) or (ii) deny, in the Buyer’s sole discretion, Seller’s request for transaction. The
Buyer’s failure to respond to Seller within such ten (10) Business Days shall be deemed to be a denial of Seller’s request for transaction, unless the Buyer and Seller have agreed otherwise in writing. 
 (c) If the Buyer has approved the request for transaction, then Seller and Buyer (if Seller and Buyer desire to enter into a Transaction with respect to
the New Transaction) shall, no later than fifteen (15) days after Seller has received the notice of approval of the request for transaction and, in any event, at least two (2) Business Days prior to the Purchase Date, execute and deliver a
Confirmation prepared by Seller and approved by the Buyer with respect to such Transaction. On the date that the Confirmation is executed and delivered by Seller and Buyer, Seller shall deliver to Buyer any updates to any Diligence Materials and
Purchased Asset Documents from the date upon which such Diligence Materials or Purchased Asset Documents, as applicable, were previously delivered to the Buyer, as well as copies of each Purchased Asset Documents, marked to show changes from
Seller’s standard securitization document. 
 Final Approval of Transactions Entered Into for the Payment of All or a Portion of
Contingent Purchase Price in Respect of Purchased Assets. 
 Seller and Buyer may from time to time, but in any event at least two
(2) Business Days prior to the Subsequent Purchase Date, execute a Confirmation for the payment of all or a portion of the Contingent Purchase Price in respect of a Purchased Asset, the amount of the Contingent Purchase Price requested by
Seller to be specified in such Confirmation. 
  

 VII-1 

 Exhibit VIII 
 FORM OF REDIRECTION LETTER 
 [Letterhead of Seller] 
                     
    , 20     
 [Borrower Name] 
 [Address] 
 Re:
[                    ] 
 To Whom It May Concern:

 CBRE Realty Finance TRS Warehouse Funding II, LLC has transferred all of its interest in the Loan to
[            ] (the “Bank”), and, accordingly, the Bank is now your lender with regard to the Loan. All notices, demands and requests to be given to the lender under
the documents evidencing, securing and/or governing the Loan shall be sent to the following address (until such address for notice is changed in accordance with the Loan documents): 
 Bank of America, N.A./Banc of America Securities LLC 
 Mail Code: NC1-027-22-04 
 Hearst Tower 
 214 North Tryon Street 
 Charlotte, NC 28555 
 Attention: Angie Dugick 
 with a copy to:

 Bank of America, N.A./Banc of America Securities LLC 
 Mail Code: NC1-007-20-01 
 100 North Tryon Street 
 Charlotte, NC 28255 
 Attention: Paul Kurzeja

 Mayer, Brown, Rowe & Maw LLP 
 214 North Tryon Street, Suite 3800 
 Charlotte, NC 28202 
 Attention: Christopher J. Brady 
  

 VIII-1 

 CBRE Realty Finance TRS Warehouse Funding II, LLC 
 185 Asylum Street 
 City Place 1,
37th Floor 
 Hartford, CT 06103 
 Attention: Tom Podgorski 
 All payments to be made to the Bank under the Loan shall be made by wire transfer in accordance with the following instructions: 
 [                        ] 
 ABA[                        ] 
 BNF: [                        ] 
 Account #:                      
 Account name: Bank of America/CBRE Realty Finance TRS Warehouse 
 Funding II, LLC 
 Facility Cash Management Acct 
 Attn:
[                        ] 
 Please feel free to call [                        ] at
(            )[            -             
       ] should you have any questions or concerns. Thank you. 
  

			
	 CBRE REALTY FINANCE TRS
 WAREHOUSE
FUNDING II, LLC,
 a Delaware limited liability company

	
	 By: CBRE Realty Finance TRS, Inc.,
 a
Delaware corporation, its sole member

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 VIII-2 

 Exhibit IX 
 FORM OF SERVICER NOTICE AND AGREEMENT 
                              , 2005 
 [SERVICER]., as Servicer 
 [Address] 

	Attention:	                     

  

	 	Re:	Master Repurchase Agreement, dated as of February 13, 2006 (the “Repurchase Agreement”), among CBRE Realty Finance TRS Warehouse Funding II, LLC, as seller
(“Seller”), BANK OF AMERICA, N.A., as a buyer, and BANC OF AMERICA SECURITIES LLC, as a buyer (collectively, the “Buyers”) 

 Ladies and Gentlemen: 
 [Name of Servicer] (“Servicer”) is servicing certain mortgage loans for Seller pursuant to that certain Servicing Agreement, dated as of
[                    ] (the “Servicing Agreement”), between Servicer and Seller. Pursuant to the Repurchase Agreement among
Buyers and Seller, Servicer is hereby notified of the following (defined terms not otherwise defined herein shall have their respective meaning set forth in the Repurchase Agreement or the Servicing Agreement): 
 Servicer shall segregate all Income collected on account of the Purchased Loans, hold such Income in trust for the sole and exclusive benefit of Buyers,
and remit such collections to the following account which has been established at LaSalle Bank National Association ABA#
[                    ], Account #
[                    ], the (“Cash Management Account”). Servicer acknowledges that the Cash Management Account is held for
the benefit of Buyers pursuant to the Custodial Agreement, dated as of February 13, 2006, by and between Seller, Buyers and LaSalle Bank National Association, as Custodian, Securities Intermediary and Bank. 
 Buyers are the owner of all servicing records, including but not limited to any and all servicing agreements, files, documents, records, data bases,
computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the servicing of Purchased Loans (the
“Servicing Records”) so long as the Purchased Loans are subject to the Repurchase Agreement. Pursuant to the Repurchase Agreement, Seller has granted Buyers a security interest in all servicing fees and rights relating to the
Purchased Loans and all Servicing Records to secure the obligation of Seller or its designee to service in conformity with the Repurchase Agreement and any other obligation of Seller to Buyers. Seller has covenanted to safeguard such Servicing
Records and to deliver them promptly to Buyers or their designee (including the Custodian) at Buyers’ request. 
  

 IX-1 

 Upon the occurrence and continuance of an Event of Default, Buyers may, in their sole discretion,
(i) sell their right to the Purchased Loans on a servicing released basis or (ii) terminate any Servicer of the Purchased Loans with or without cause, in each case without payment of any termination fee. Upon receipt of a notice of an
Event of Default from either Buyer, Servicer shall follow the instructions of such Buyer, without any further consent from Seller or any other Person, with respect to the Purchased Loans, and shall deliver to such Buyer any information with respect
to the Purchased Loans requested by such Buyer. 
 Pursuant to the Repurchase Agreement, Seller has irrevocably assigned all rights, title
and interest in the Servicing Agreements in the Purchased Loans to Buyers. 
 [Servicer hereby agrees that upon 10 days prior written notice
from Buyer, Buyer may terminate, as to any Purchased Loan, the Servicing Agreement which exists between Servicer and Seller, in accordance with the terms of such Servicing Agreement and transfer servicing of such Purchased Loan to Buyer’s
designee, at no cost or expense to Buyer or Servicer, it being agreed that Seller will pay any and all fees and expenses required to be paid in connection with any such termination of the Servicing Agreement and to effectuate such transfer of
servicing to the designee of Buyer.] 
 [On or before the related [Servicing Transfer Date], Seller shall deliver or cause to be delivered to
Servicer (i) a Servicing File with respect to each Purchased Loan; and (ii) the amounts, if any, received by Seller representing Escrow Payments previously made by the Borrowers. Servicer shall promptly acknowledge receipt of the Servicing
File and Escrow Payments for the Purchased Loan and shall promptly deposit such Escrow Payments in the Escrow Accounts established pursuant to the Servicing Agreement. In accordance with Accepted Servicing Practices, Servicer shall use reasonable
efforts to review the contents, identify any items which are missing and notify Buyer of such deficiencies. The contents of each Servicing File delivered to Servicer are and shall be held in trust by Servicer for the benefit of Buyer, as long as the
Purchased Loans are subject to the Repurchase Agreement, and otherwise for the benefit of Seller. Servicer’s possession of the contents of each Servicing File so delivered is for the sole purpose of servicing the related Purchased Loan; and
such possession by Servicer shall be in a custodial capacity only.] 
 [Servicer shall release its custody of the contents of any Servicing
File only in accordance with written instructions from Buyer, as long as the Purchased Loans are subject to the Repurchase Agreement, and otherwise to Seller. Subject to the preceding sentence, upon request of Buyer or Seller, as applicable,
Servicer shall deliver to Buyer or Seller, as applicable, the Servicing File or a copy of any document contained therein; provided, however, that if Servicer will be unable to perform its Purchased Loan servicing obligations with
respect to the related Purchased Loan after any such release or delivery of the Servicing File, then Servicer shall promptly notify Buyer or Seller, as applicable, of such inability prior to delivering the Servicing File; provided,
further, that in the event that Buyer or Seller, as applicable, subsequently requests such Servicing File, and Servicer subsequently delivers such Servicing File, Servicer’s responsibilities for Purchased Loan servicing with respect to
such Purchased Loan may be terminated immediately by Servicer upon written notice to Buyer and Seller.] 
  

 IX-2 

 Notwithstanding any contrary information or direction which may be delivered to Servicer by Seller,
Servicer may conclusively rely on any information, direction or notice of an Event of Default delivered by either Buyer, and Seller shall indemnify and hold Servicer harmless for any and all claims asserted against Servicer for any actions taken in
good faith by Servicer in connection with the delivery of such information or notice of an Event of Default. 
 No provision of this Servicer
Notice may be amended, countermanded or otherwise modified without the prior written consent of Buyers. Buyers are an intended third party beneficiary of this letter. 
 Please acknowledge receipt and your agreement to the terms of this instruction letter by signing in the signature block below and forwarding an executed copy to Buyers promptly upon receipt. Any notices to Buyers
should be delivered to the following, address: Bank of America, N.A., Mail Code: NC1-027-22-04, Hearst Tower, 214 North Tryon Street, Charlotte, NC 28555; Attention: Angie Dugick; Facsimile: (704) 386-1094 and any notice to Servicer should be
sent: 
 if to Servicer, by U.S. Mail at: 
 [Address] 
 or by delivery to: 
 [Address] 
  

			
	Very truly yours,
	
	 CBRE REALTY FINANCE TRS
 WAREHOUSE
FUNDING II, LLC,
 a Delaware limited liability company

	
	By: CBRE Realty Finance TRS, Inc., a Delaware corporation, its sole member
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	ACKNOWLEDGED AND AGREED TO:
	
	  

	                                      
                          as Servicer
		
	By	 	  

	Title:	 	
	Telephone:	 	
	Facsimile:	 	

  

 IX-3 

 Exhibit X 
 FORM OF BAILEE AGREEMENT 
 [Date] 
 VIA FAX 
 [Settlement Agent]

 [Address] 
 Attention: 
  

	 	Re:	Acquisition of [Describe Asset] (the “Asset”) by CBRE Realty Finance TRS Warehouse Funding II, LLC (the “Seller”) 

 Ladies and Gentlemen: 
 This letter shall
constitute the instructions to be followed by [        ] (the “Settlement Agent”) in connection with Seller’s acquisition of the Asset, which shall be financed pursuant to the
terms of that certain Master Repurchase Agreement, dated as of February 13, 2006 (as amended, restated, supplemented, or otherwise modified and in effect from time to time, the “Repurchase Agreement”) between Seller, Bank of
America, N.A., as a buyer, and Banc of America Securities LLC, as a buyer each a “Buyer” and, collectively, the “Buyers”. Capitalized terms used but not otherwise defined herein shall have the meanings assigned
thereto in the Repurchase Agreement. 
 1. By its execution of this agreement, the Settlement Agent agrees to act as exclusive agent and
bailee for the Buyer with respect to the transaction described herein. 
 2. Upon notification that the Settlement Agent has received the
Loan Documents (defined in Paragraph 3 below), the Buyer will wire or cause to be wired on [Purchase Date] (the “Purchase Date”) an amount equal to $[            ]
(the “Proceeds”), which Proceeds shall be disbursed by the Settlement Agent as set forth on the settlement statement attached as Exhibit A (the “Disbursement Instructions”), to the account of the Settlement
Agent (the “Escrow Account”) in accordance with the following instructions: 
 Bank: 
 ABA No.: 
 Account No.: 
 Reference: 
 3. Before the Proceeds may be
disbursed by the Settlement Agent: 
  

	 	(a)	the Settlement Agent shall be unconditionally obligated and prepared to comply with all requirements of this letter and shall have received each of the documents listed on
Exhibit B (collectively, the “Loan Documents”); and 

  

 X-1 

	 	(b)	the Settlement Agent shall issue and deliver to the Buyer and the Custodian by facsimile (a) in the name of the Buyer, an initial trust receipt and certification in the form of
Exhibit C (the “Trust Receipt”) which Trust Receipt shall state that the Settlement Agent has received the Loan Documents. 

 4. Upon receipt by the Settlement Agent of the Loan Documents and the Proceeds, the Settlement Agent shall do each of the following in the order specified: 
  

	 	(a)	Disburse the Proceeds in accordance with the Disbursement Instructions. 

  

	 	(b)	Deliver the Loan Documents via overnight mail to the Custodian at the following address: 

 [Custodian name, address] 
  

	 	(c)	Notify the Buyer that all of the foregoing actions have been completed. 

 5. All costs and expenses incurred in carrying out these instructions shall be borne by Seller, and the Settlement Agent shall not look to any other party for reimbursement of, or liability for, such costs and
expenses. 
 6. The Settlement Agent hereby agrees (i) that the Settlement Agent has obtained whatever assurances it deems necessary
from the appropriate parties to firmly bind itself to fully and completely carry out the instructions set forth herein and (ii) that the Buyer and the Buyers are entitled to rely on the terms and provisions of this agreement in wiring the
Proceeds and shall be intended third party beneficiaries hereof. 
 7. If for any reason the Proceeds are funded by the Buyer to the
Settlement Agent and the funds have not been disbursed by the Settlement Agent as specified herein on or before 5:00 P.M. (New York City time) on the Purchase Date, the Settlement Agent shall contact the Buyer immediately for further instructions.
In the event that the Settlement Agent is advised to return the Proceeds to the Buyer, the Settlement Agent agrees to do so on demand in accordance with the instructions provided by the Buyer, without regard to any contrary instructions from Seller.
If Seller’s acquisition of the Asset is delayed, the Settlement Agent will return the Loan Documents to Seller unless otherwise instructed by the Buyer. 
 8. If Seller’s acquisition of the Asset is delayed, it is understood by Seller that interest shall accrue on the principal amount wired to the Escrow Account, at the rate which would have applied under the
Repurchase Agreement if the acquisition had been completed, from the time such amount is received in the Escrow Account until it is returned to the Buyer, and Seller shall be liable for all such accrued interest. 
 [Signatures Begin On Next Page] 
  

 X-2 

			
	 CBRE REALTY FINANCE TRS
 WAREHOUSE
FUNDING II, LLC,
 a Delaware limited liability company

	
	By: CBRE Realty Finance TRS, Inc., a Delaware corporation, its sole member
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Notice Information
	Address	 	
	Attention:	 	
	Fax:	 	

  

			
	ACCEPTED AND AGREED TO:
	
	[BANK OF AMERICA. N.A.] 4 
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Notice Information
	Address	 	
	Attention:	 	
	Fax:	 	
	
	[SETTLEMENT AGENT]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Notice Information
	Address	 	
	Attention:	 	
	Fax:	 	

	4	Unless Banc of America Securities is the Buyer, in which case “BANC OF AMERICA
SECURITIES LLC” should be used. 

  

 X-3 

 Exhibit A  
 SETTLEMENT STATEMENT 
  

 X-4 

 Exhibit B  
 LOAN DOCUMENTS 
  

 X-5 

 Exhibit C 
 TRUST RECEIPT 
  

 X-6 

 Exhibit XI 
 FORM OF GUARANTEE 
  

 XI-1 

 Exhibit XII 
 FORM OF OMNIBUS ASSIGNMENT 
 THIS OMNIBUS ASSIGNMENT (this “Assignment”), made as of the
         day of                     , 20     by CBRE Realty Finance
TRS Warehouse Funding II, LLC, a Delaware limited liability company, having an office at 185 Asylum Street, City Place 1, 37th Floor, Hartford, CT 06103 (“Assignor”), to                         , a
                        , having an office at
                         (“Assignee”). 
 KNOW ALL MEN BY THESE PRESENTS, that in consideration of the sum of TEN DOLLARS ($10.00) lawful money of the United States and other good and valuable
consideration, to it in hand paid at or before the ensealing and delivery of these presents, the Assignor by these presents does grant, bargain, sell, convey, assign, transfer and set over unto Assignee without recourse and without covenant,
representation or warranty in any respect (except as expressly provided herein and in the Master Repurchase Agreement (as hereinafter defined)), the [include description of asset] as evidenced by the participation and related loan documents
referenced in the schedule attached hereto as Exhibit A (the “Asset Schedule”) and made a part hereof (the “Asset Documents”) and all of Assignor’s right, title and interest in, to and under the Asset
Documents, and all of Assignor’s right, title and interest, if any, in, to and under all other documents executed and/or delivered in connection with the [include description of asset] evidenced and/or secured by the Asset Documents (the
“Asset”), including, without limitation, all of Assignor’s right, title and interest in the Asset and any collateral, security, certificates of deposit, letters of credit, performance bonds, demands, causes of action, all
related certificates, bank accounts, operating accounts, reserve accounts, escrow accounts and other accounts, opinions, financial statements of the Borrower (as defined in the Asset Schedule) and any guarantors and any other collateral arising out
of and/or executed and/or delivered in or to or with respect to the Asset, all rights and benefits of Assignor related to the Asset Documents and such other documents, and all of Assignor’s rights, title and interest in, to and under all claims
and choses in action related to the Asset and/or the Asset Documents. 
 Assignor represents and warrants that the Asset Schedule represents
a true, correct and complete list of all material participation and loan documents delivered in connection with the Asset, that true counterpart originals of the Asset Documents have been delivered to Assignor in connection with the Asset, that true
counterpart originals of the Asset Documents have been delivered by Assignor to Assignee (or to a specified custodian to be held on behalf of Assignee), that Assignor currently owns the Asset Documents and the related rights described above and that
the Asset Documents and the related rights described above are not, and have not been, pledged, nor assigned, to another party and are not otherwise encumbered, that the Asset Documents have not been amended, modified, supplemented or restated,
except as set forth on the Asset Schedule, that, to Assignor’s knowledge, there currently exists no default under any of the Asset Documents, that Assignor is duly formed and is validly existing under the laws of the jurisdiction under which it
was formed with full power to execute and deliver this Assignment, and that all actions necessary to authorize the execution, delivery, and performance of this Assignment on behalf of Assignor have been duly taken, and all such actions continue in
full force and effect as of the date hereof. Assignor hereby indemnifies Assignee for any claim made by the underlying obligor for any additional interest paid in respect of the Asset prior to the date hereof. 
  

 XII-1 

 This Assignment is being delivered subject to the terms and provisions of that certain Master Repurchase
Agreement, dated as of February 13, 2006, as the same may be amended or restated from time to time, between Assignor and Assignee (together with all exhibits and schedules, the “Master Repurchase Agreement”). 
 TO HAVE AND TO HOLD unto Assignee, its successors, and assigns forever. 
 Assignee joins in this Assignment to evidence its acceptance thereof, provided that Assignee shall not be deemed to have assumed any obligations of
Assignor under the Asset Documents except to the extent necessary in order to satisfy any conditions set forth in the Asset Documents to the effectiveness of (i) the assignments and transfers contemplated hereby, and (ii) upon the
occurrence of an Event of Default (as defined in the Master Repurchase Agreement), the exercise by Assignee of its rights and remedies under the Transaction Documents (as defined in the Master Repurchase Agreement); provided, that no such assumption
or deemed assumption by Assignee under the foregoing provisions, or any other obligation or agreement on the part of Assignee by which Assignee may be bound by any of the terms or provisions of the Asset Documents, shall limit or otherwise affect
the indemnification obligations or any other obligations and liabilities of Assignor and the other parties to the Transaction Documents (as defined in the Master Repurchase Agreement), including without limitation the indemnification obligations of
the Assignor under the Master Repurchase Agreement, which obligations shall include, without limitation, indemnification of Assignee for any Indemnified Amounts (as defined in the Master Repurchase Agreement) arising as a result of this Assignment
and any assumption or deemed assumption by the Assignee of any obligations of Assignor under the Asset Documents or any other obligation or agreement on the part of the Assignee by the which the Assignee may be bound by any of the terms or
provisions of the Asset Documents. 
 This Assignment shall be governed by the laws of the State of New York without giving effect to the
conflict of laws principles thereof. 
 This Assignment may be executed by one or more parties to this Assignment in any number of
counterparts and all said counterparts taken together shall be deemed to constitute one and the same instrument. 
 [Signature page follows]

  

 XII-2 

 IN WITNESS WHEREOF, Assignor and Assignee caused these presents to be duly executed as of the day and
year first written above. 
  

			
	ASSIGNOR:
	
	 CBRE REALTY FINANCE TRS
 WAREHOUSE
FUNDING II, LLC,
 a Delaware limited liability company

	
	 By: CBRE Realty Finance TRS, Inc.,
 a
Delaware corporation, its sole member

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ASSIGNEE:
	
	  

	  

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 XII-3 

 Exhibit A 
 PURCHASED ASSET SCHEDULE 
  

 XII-4 

 Exhibit XIII 
 UNDERWRITING GUIDELINES 
 [see attached] 
  

 XII-1Share Purchase Agreement

 Exhibit 10.1 
 PARTIES NAMED IN SCHEDULE 1 
 - and - 
 STERICYCLE INTERNATIONAL, LLC 
 SHARE PURCHASE AGREEMENT 
 (The Sterile Technologies Group Limited) 
 WILLIAM FRY 
 Solicitors 
 Fitzwilton House 
 Wilton Place 
 Dublin 2 
 016899.0002.MG/DMK 

 TABLE OF CONTENTS 
  

					
	SECTION 1.0 - INTERPRETATION	  	5
			
	    1.1	  	DEFINITIONS	  	5
	    1.2	  	CONSTRUCTION	  	11
	    1.3	  	HEADINGS AND CAPTIONS	  	12
	    1.4	  	VENDORS’ REPRESENTATIVE	  	12
	    1.5	  	GOVERNING LAW AND JURISDICTION	  	13
		
	SECTION 2.0 - SHARE PURCHASE AND SALE	  	13
			
	    2.1	  	PURCHASE AND SALE	  	13
	    2.2	  	CONSIDERATION	  	13
	    2.3	  	DETERMINATION OF ACTUAL NET DEBT	  	14
	    2.4	  	ADJUSTMENT AND PAYMENT	  	14
	    2.5	  	NO DIVIDEND PAYMENT	  	15
		
	SECTION 3.0 - WARRANTIES AND UNDERTAKINGS	  	15
			
	    3.1	  	WARRANTIES AND UNDERTAKINGS	  	15
	    3.2	  	EFFECT OF COMPLETION	  	15
	    3.3	  	EXPIRY OF WARRANTIES AND TAX COVENANT	  	15
	    3.4	  	EXCLUSIONS	  	16
	    3.5	  	FRAUD	  	17
	    3.6	  	CONTINGENT CLAIMS	  	17
	    3.7	  	PURCHASER’S OBLIGATIONS	  	17
	    3.8	  	REIMBURSEMENT, ETC	  	18
	    3.9	  	THIRD PARTY CLAIMS	  	19
	    3.10	  	PURCHASER MUST GIVE PROMPT NOTICE OF CLAIMS	  	19
	    3.11	  	PURCHASER ACKNOWLEDGEMENT	  	19
	    3.12	  	PURCHASER WAIVER OF RIGHT OF SET-OFF	  	19
	    3.13	  	SPECIFIC CLAIMS	  	19
	    3.14	  	MITIGATION	  	20
	    3.15	  	NO EXISTING CLAIM	  	20
	    3.16	  	CONSEQUENCE OF CLAIMS	  	20
	    3.17	  	PURCHASER WARRANTIES	  	20
	    3.18	  	LITIGATION INDEMNITY	  	21
	    3.19	  	STI STATUTORY BOOKS INDEMNITY	  	21
		
	SECTION 4.0 - FURTHER COVENANTS	  	21
			
	    4.1	  	WAIVER OF PRE-EMPTION RIGHTS	  	21
	    4.2	  	NON-COMPETITION	  	21
	    4.3	  	WAIVER BY VENDORS	  	22
		
	SECTION 5.0 - COMPLETION	  	22
			
	    5.1	  	COMPLETION	  	22
	    5.2	  	DELIVERY	  	23
	    5.3	  	BOARD MEETING	  	23
	    5.4	  	PAYMENT	  	24
	    5.5	  	STAMPING	  	24
		
	SECTION 6.0 - GENERAL PROVISIONS	  	24
			
	    6.1	  	ANNOUNCEMENTS	  	24
	    6.2	  	ASSIGNMENT	  	24
	    6.3	  	BINDING OF SUCCESSORS	  	26
	    6.4	  	BUSINESS DAYS	  	26
	    6.5	  	CONFIDENTIALITY	  	26
	    6.6	  	COSTS AND EXPENSES	  	26
	    6.7	  	COUNTERPARTS	  	26
	    6.8	  	ENTIRE AGREEMENT	  	26
	    6.9	  	FURTHER ASSURANCE	  	27

  

 2 

					
	    6.10	  	MODIFICATION	  	27
	    6.11	  	NOTICES	  	27
	    6.12	  	OBLIGATIONS JOINT AND SEVERAL	  	28
	    6.13	  	PARTNERSHIP	  	28
	    6.14	  	SURVIVAL OF OBLIGATIONS	  	29
	    6.15	  	WAIVER	  	29
		
	SCHEDULE 1	  	30
		
	    THE VENDORS	  	30
		
	PART I	  	30
		
	PART II	  	31
		
	    PRO RATA PROPORTION	  	31
		
	SCHEDULE 2	  	32
		
	    WARRANTIES	  	32
		
	PART I	  	32
		
	    GENERAL WARRANTIES	  	34
		
	PART II	  	34
		
	    GENERAL/COMMERCIAL	  	33
		
	PART III	  	34
		
	    ACCOUNTS	  	34
		
	PART IV	  	35
		
	    FINANCE	  	35
		
	PART V	  	36
		
	    ASSETS	  	36
		
	PART VI	  	36
		
	    INTELLECTUAL PROPERTY AND IT SYSTEMS	  	36
		
	Part VII	  	37
		
	    CONTRACTS	  	37
		
	PART VIII	  	37
		
	    PROPERTIES	  	37
		
	PART IX	  	39
		
	    ENVIRONMENT	  	39
		
	PART X	  	39
		
	    LITIGATION, COMPLIANCE AND RELATED MATTERS	  	39
		
	PART XI	  	40
		
	    EMPLOYEES - GENERAL	  	40
		
	PART XII	  	41
		
	    EMPLOYEES – PENSIONS/BENEFITS	  	41
		
	PART XIII	  	42
		
	    TAX WARRANTIES	  	42
		
	PART XIV	  	45
		
	    ENVIRONMENTAL DUE DILIGENCE REPORT	  	45

  

 3 

			
	SCHEDULE 3	  	46
		
	     PROPERTIES OF THE GROUP
	  	46
		
	PART I	  	46
		
	     PROPERTY ADDRESSES
	  	46
		
	PART II	  	47
		
	     PARTICULARS OF TITLE AND OCCUPATION
OF PROPERTY
	  	47
		
	SCHEDULE 4	  	49
		
	     THE GROUP COMPANIES
	  	49
		
	PART I	  	49
		
	     THE COMPANY
	  	49
		
	PART II	  	50
		
	     THE SUBSIDIARIES
	  	50
		
	SCHEDULE 5	  	52
		
	PART I	  	52
		
	     CALCULATION OF ACTUAL NET
DEBT
	  	55
		
	PART II	  	55
		
	THE PROFORMA COMPLETION ACCOUNTS SCHEDULE	  	55
		
	SCHEDULE 6	  	56
		
	     ESCROW ACCOUNT
	  	56
		
	SCHEDULE 7	  	59
		
	     PURCHASER WARRANTIES
	  	59
		
	SCHEDULE 8	  	60
		
	     TAX COVENANT
	  	60
		
	SCHEDULE 9	  	68
		
	     MANAGEMENT BONUS AMOUNTS
	  	68

  

 4 

 THIS AGREEMENT is made on 27 February 2006 
 BETWEEN: 
  

					
		  	THE PARTIES NAMED IN	  	
		  	SCHEDULE 1	  	
		  	(hereinafter together referred to as the “Vendors”)	  	
			
		  	- and -	  	
		  	  
 STERICYCLE INTERNATIONAL, LLC
	  	
		  	having its registered / principal office	  	
		  	at 28161 North Keith Drive	  	
		  	Lakeforest, Illinois, 60045	  	
		  	(hereinafter referred to as the “Purchaser”)	  	

 RECITALS 
  

	A.	The Sterile Technologies Group Limited (hereinafter called the “Company”) is a private company limited by shares incorporated in Ireland on 26 November 1998 (company
registration number 297176) and now has an authorised share capital of €27,700,000 divided into 10,000,000 ordinary shares of €1.27 each (“Ordinary Shares”) 10,000,000 “A” Cumulative Redeemable Preference Shares of
€1 each (“A Preference Shares”) and 5,000,000 “B” 10% Cumulative Redeemable Preference Shares of €1 each (“B Preference Shares”), of which 217,392 Ordinary Shares, 7,099,318 A Preference Shares and 2,823,548 B
Preference Shares have been issued and are fully paid up. 

  

	B.	The Vendors are together the registered owners of the entire issued share capital of the Company in the proportions set out in Schedule 1 such share capital being registered in the
manner set forth therein. 

  

	C.	The Purchaser has agreed to purchase and the Vendors have agreed to sell the entire issued share capital of the Company upon and subject to the terms and conditions hereinafter
contained. 

  

	D.	The companies, details of which are set out in Part II of Schedule 4, are subsidiaries of the Company (the “Subsidiaries”). 

 IT IS AGREED that in consideration of the mutual covenants, conditions, agreements, warranties and payments set out or as provided for in this Agreement, the parties
respectively covenant with each other in the terms set out in this Agreement. 
 SECTION 1.0 - INTERPRETATION 
  

	1.1	Definitions 

 In this Agreement the following
expressions shall, unless the context otherwise requires, have the following meanings: 
  
  

	 	(a)	“Accounts”, the consolidated audited balance sheet and profit and loss account (or either of them) of the Group Companies as at the Accounts Date including the
directors’ and auditors’ reports thereon and any notes thereto together with all documents that are required by law to be attached thereto. 

  

 5 

	 	(b)	“Accounts Date”, 31 December 2004. 

	 	

	 	(c)	“Actual Net Debt”, the Net Indebtedness plus the Net Working Capital Adjustment, if any, determined in accordance with the procedures set out in Schedule 5.

	 	

	 	(d)	“Actual Net Working Capital” as at Completion the aggregate of stocks, debtors less the aggregate of the trade creditors, other creditors including tax and social welfare
and accruals and deferred income as derived from the consolidated balance sheet contained in the Completion Accounts in accordance with procedures set out in Schedule 5. For avoidance of doubt, any dividends accrued on the Preference Shares shall be
specifically excluded from the calculation of Actual Net Working Capital. 

	 	

	 	(e)	“A Preference Shares”, shall have the meaning given to such term in Recital A. 

	 	

	 	(f)	“Board”, the board of directors of the Company. 

	 	

	 	(g)	“Business Day”, a day on which clearing banks are open for business in Dublin, Ireland, but excluding each of Saturday and Sunday. 

	 	

	 	(h)	“B Preference Shares”, shall have the meaning given to such term in Recital A. 

	 	

	 	(i)	“Claim”, any claim or claims in respect of any breach of Warranty, under the Tax Covenant or otherwise pursuant to the terms of this Agreement. 

	 	

	 	(j)	“Companies Acts”, the Companies Acts 1963 to 2005 and all orders and regulations made thereunder. 

	 	

	 	(k)	“Company’s Auditors”, Grant Thornton 24-26 City Quay, Dublin 2, Ireland. 

	 	

	 	(l)	“Competing Business”, a business which competes with the business carried on by the Group at Completion being the collection, transportation, treatment and disposal of
healthcare waste. 

	 	

	 	(m)	“Completion”, completion of the purchase and sale provided for in this Agreement in accordance with the provisions of Section 5.0. 

	 	

	 	(n)	“Completion Date”, the date of Completion, determined in accordance with Clause 5.1. 

	 	

	 	(o)	“Completion Accounts”, the audited consolidated balance sheet as at the close of business on the Completion Date as prepared in accordance with Schedule 5.

  

 6 

	 	(p)	“Consideration”, the total consideration payable to the Vendors for the Shares pursuant to the provisions of Section 2.0. 

  

	 	(q)	“Data Room”, the documents provided on behalf of the Vendors for the purposes of allowing the Purchaser to undertake due diligence with respect to the Group, an index of
which is annexed to the Disclosure Letter. 

  

	 	(r)	“Disclosure Letter”, the letter referred to in Clause 3.1(b). 

  

	 	(s)	“Environment”, all or any of the following media, namely air (including the air within buildings or other natural or man-made structures above or below ground), water or
land. 

  

	 	(t)	“Environmental Consents”, any permit, licence, authorisation, approval or consent required under or in relation to Environmental Laws in respect of any activities or
operations carried by the Group Companies. 

  

	 	(u)	“Environmental Laws”, all European Union, national, regional or local laws (including common law, statute law, civil, criminal law), which are in force as at the date of
Completion relating to Environmental Matters. 

  

	 	(v)	“Environmental Matters”, all matters relating to pollution or protection of the Environment. 

  

	 	(w)	“Encumbrance”, any type of encumbrance or security interest of any nature and shall include the following: 

  

	 	(i)	any mortgage, charge, assignment, hypothecation, pledge, lien or security interest or arrangement of any nature whatsoever; 

  

	 	(ii)	any option or right of pre-emption or first refusal or right to acquire; and 

  

	 	(iii)	any rights pursuant to a hire purchase, lease or instalment purchase agreement. 

  

	 	(x)	“Escrow Account”, the account established for the purposes of Clause 2.2(b) and Schedule 6. 

  

	 	(y)	“Euro” or “€”, the single currency unit provided for in Council Regulation (EC) No 974/98 of 8 May 1998, being the lawful currency of Ireland.

  

	 	(z)	“Executives”, Neville Graver and Vivienne Gillen. 

  

	 	(aa)	“Executives Bonus Agreements”, the letter agreements in the agreed terms providing for the payments of the Executive Bonus Payments to the Executives.

  

	 	(bb)	“Executive Bonus Payments”, the amounts to be paid to each of the Executives as set out in Schedule 9 subject to the terms of the letter from the Company awarding the
Executive Bonus Agreement. 

  

	 	(cc)	“Group”, the Company and each of the Subsidiaries, collectively. 

  

 7 

	 	(dd)	“Group Company”, the Company and the Subsidiaries and “Group Company” means any of them. 

  

	 	(ee)	“Group Personal Pension Plan”, the Sterile Technologies Group Personal Pension Plan with Scottish Widows, policy number P000024887. 

  

	 	(ff)	“Holding Company” shall have the meaning given to that term by Section 155, Companies Act 1963 or by Section 736 of the Companies Act 1985 of England and Wales.

  

	 	(gg)	“Information Memorandum”, the information memorandum dated November 2005 relating to the Group, a copy of which has been provided to the Purchaser.

  

	 	(hh)	“Intellectual Property Rights”, all intellectual property rights including patents, (including utility models and inventions), trade marks (including service marks, trade
names and business names), design rights, copyright and related rights (including rights in respect of software), internet designations (including domain names), topography rights (including rights in respect of mask works and semiconductors), moral
rights and database rights, (whether or not any of these is registered and including any application for registration of any such rights), know-how, confidential information and trade secrets for the full term of such rights and including any
extension to or renewal of the terms of such rights and all rights or forms of protection of a similar nature or having similar effect to any of these which may exist anywhere in the world. 

  

	 	(ii)	“Internal IT Systems”, the information and communications technologies used by the Group including hardware, proprietary and third party software, networks, peripherals
and associated documentation. 

  

	 	(jj)	“Initial Consideration”, the Completion Payment (as defined in Clause 2.2(a)) less the Retained Amount. 

  

	 	(kk)	“Ireland”, the Republic of Ireland. 

  

	 	(ll)	“Irish GAAP”, generally accepted accounting principles in Ireland (including such accounting principles and standards as may be prescribed by the Companies Acts or any
other relevant statute or regulation, or as may be prescribed by a standard setting body whose accounting standards are recognised in Ireland as having application to the Group) and for the avoidance of doubt, does not mean International Financial
Reporting Standards (IFRS). 

  

	 	(mm)	“Irish Pension Scheme”, the Sterile Technologies (Ireland) Limited Group Retirement Pension Plan (with New Ireland Assurance). 

  

	 	(nn)	“Irish Planning Acts”, Local Government (Planning and Development) Acts, 1963-1999, the Planning and Development Act, 2000 or any of the regulations made thereunder.

  

 8 

	 	(oo)	“Management Accounts”, the unaudited consolidated profit and loss account of the Company for the financial year commencing 1 January 2005 and ended on the Management
Accounts Date, in the agreed terms. 

  

	 	(pp)	“Management Accounts Date”, 31 December 2005. 

  

	 	(qq)	“Net Indebtedness”, the sum of the aggregate net external indebtedness of the Group Companies, comprising term loans, finance and equivalent leases and overdrafts less the
aggregate of the cash in hand or at bank or cash equivalents held by Group Companies at Completion as set out in the Completion Accounts and determined in accordance with the procedures set out in Schedule 5. For the avoidance of doubt, any
dividends accrued on the Preference Shares shall be specifically excluded from the calculation of Net Indebtedness. 

  

	 	(rr)	“Non-Executive Directors”, Paul Coulson, Des Rogers, Declan Heavey and Sir Gerry Loughran. 

  

	 	(ss)	“Net Working Capital Adjustment”, the amount (if any) by which the Target Net Working Capital exceeds the Actual Net Working Capital. 

  

	 	(tt)	“Ordinary Pro-Rata Proportion”, in respect of each Vendor, the percentage amount set out in column 3 opposite its/his name in Part 1 of Schedule 1.

  

	 	(uu)	“Ordinary Shares”, shall have meaning given to such term in Recital A. 

  

	 	(vv)	“Ordinary Shareholders”, members registered as holding Ordinary Shares immediately prior to Completion. 

  

	 	(ww)	“Pensions Acts”, Pensions Acts 1990 – 2005. 

  

	 	(xx)	“Pensions Schemes”, collectively the Irish Pension Scheme and the Group Personal Pension Plan. 

  

	 	(yy)	“Permitted Assignee”, shall have the meaning given to such term in Clause 6.2(a)(ii). 

  

	 	(zz)	“Planning Acts”, the Irish Planning Acts and the UK Planning Acts collectively. 

  

	 	(aaa)	“Preference Shares”, the A Preference Shares and the B Preference Shares collectively. 

  

	 	(bbb)	“Properties”, the property or properties of or occupied by the Group, short particulars of which are set out in Schedule 3. 

  

	 	(ccc)	“Pro-Rata Proportion”, in respect of each Vendor (and for this purpose certain of the Vendors that are associated have been grouped together), the percentage calculated in
accordance with the formula set opposite its/his/their name(s) in Part II of Schedule 1. 

  

	 	(ddd)	“Purchaser’s Group”, the Purchaser, any subsidiary of the Purchaser, any Holding Company of the Purchaser and any subsidiary of such Holding Company.

  

 9 

	 	(eee)	“Purchaser’s Solicitors” such person or persons nominated as such by the Purchaser prior to Completion. 

  

	 	(fff)	“Retained Amount”, shall have the meaning given to such term in Clause 2.2(b). 

  

	 	(ggg)	“Restricted Period”, the period of two years from the date of Completion. 

  

	 	(hhh)	“Shares”, the entire issued share capital of the Company as at Completion being all of the A Preference Shares, the B Preference Shares and the Ordinary Shares in issue in
the capital of the Company at Completion, details of which are set out at Schedule 1 Part 1. 

  

	 	(iii)	“Sites” the Properties listed at paragraphs 4, 5, 6, 17 and 18 of Part II of Schedule 3. 

  

	 	(jjj)	“subsidiary”, shall have the meaning given to that term by Section 155, Companies Act 1963, or by Section 736 of the Companies Act 1985 of England and Wales.

  

	 	(kkk)	“Subsidiaries” the meaning given to such term in Recital D. 

  

	 	(lll)	“Target Net Debt”, €14,000,000. 

  

	 	(mmm)	“Target Net Working Capital”, €3,000,000. 

  

	 	(nnn)	“Tax”, any form or forms of taxation whether in Ireland, in the United Kingdom or elsewhere howsoever and wheresoever arising including, without limitation, income tax,
surtax, corporation tax, stamp duty, stamp duty land tax, capital duty, inheritance tax, value added tax, residential property tax, dividend withholding tax, deposit interest retention tax, capital gains tax, petroleum revenue tax, customs and
export duties, excise duty, pay-related social insurance and other similar contributions, PAYE, advance corporation tax, probate tax, vehicle registration tax, professional services withholding tax, estate duty, rates, gift tax, inheritance tax and
any other taxes, levies, charges, surcharges, imposts, withholdings, taxes on gross or net income profit or gains, receipts, sales, use, occupation or franchise, customs and other duties or other fiscal impositions of any kind whatsoever imposed by
any taxing, revenue or fiscal authority (including the Irish Revenue Commissioners) and any other statutory, governmental, state, provincial or local governmental authority, body, court, tribunal or official whatsoever (whether of Ireland or
elsewhere in the world), or imposts similar to, replaced by or replacing any of them, all charges and all surcharges in respect of tax, whether by way of penalty, fine, additional liability to tax, or interest. 

  

	 	(ooo)	“Tax Authority”, any taxing, revenue or fiscal authority (including without limitation, the Irish Revenue Commissioners or HM Revenue and Customs) and any statutory,
state, provincial or local governmental authority, body, court, tribunal or official whatsoever and wheresoever located (whether of Ireland or elsewhere in the world) competent to impose, administer or collect any Tax. 

  

	 	(ppp)	“Tax Claim”, a claim pursuant to the Warranties and/or the Tax Covenant in respect of Tax. 

  

 10 

	 	(qqq)	“Tax Covenant”, the covenant relating to Tax set out in Schedule 8. 

  

	 	(rrr)	“Tax Warranties”, the Warranties relating to matters concerning Tax contained in Part XIII of Schedule 2. 

  

	 	(sss)	“TCA”, the Taxes Consolidation Act 1997. 

  

	 	(ttt)	“Territory”, Ireland and the United Kingdom. 

  

	 	(uuu)	“UK Planning Acts”, the Town and Country Planning Act 1990 or any of the regulations made thereunder. 

  

	 	(vvv)	“Unknown Claims”, means the following claims in relation to which proceedings have been issued against a Group Company: 

  

	 	(i)	claim with record number 2004/2090P by Enda Dunne issued on 9 March 2004; 

  

	 	(ii)	claim with record number 2004/7627P by Peter Geraghty issued on 20 May 2004; and 

  

	 	(iii)	claim with record number 2002/5021P by David Molloy issued on 25 August 2000. 

  

	 	(www)	“Vendors’ Representative”, Declan Heavey, Yeoman International Group Limited, of South Bank Road, Ringsend, Dublin 4 or such other person as may hereinafter be
notified in writing to the Purchaser. 

  

	 	(xxx)	“Vendors’ Solicitors”, William Fry, Fitzwilton House, Wilton Place, Dublin 2. 

  

	 	(yyy)	“Warranties”, the warranties set forth in Schedule 2. 

  

	 	(zzz)	“Warranty Claim”, a claim or claims in respect of any breach of Warranty. 

  

	1.2	Construction 

  

	 	(a)	Any reference to a document being “in the agreed terms” shall be a reference to such document in form and content agreed between each of the parties hereto on or prior to
the date hereof, a copy of which has been signed by or on behalf of each of them for the purposes of identification on the execution of this Agreement. 

  

	 	(b)	Any reference to any provision of any legislation shall include any modification, re-enactment or extension thereof (provided that, as between the parties hereto, no such
modification or extension made after the date of this Agreement shall apply for the purposes of this Agreement to the extent that it would impose any new or extended obligation, liability or restriction on, or adversely affect the rights of, any
party) and shall also include any subordinate legislation made from time to time under such provisions. Any reference to any provision of any legislation shall, unless the context clearly indicates to the contrary and without prejudice to Clause
1.2(f), be a reference to legislation of Ireland. 

  

 11 

	 	(c)	In this Agreement words such as “hereunder”, “hereto”, “hereof”, and “herein” and other words commencing with “here” shall, unless
the context clearly indicates to the contrary, refer to the whole of this Agreement and not to any particular Section or Clause thereof. 

  

	 	(d)	Save as otherwise provided herein, any reference to a Recital, Section, Clause, paragraph, sub-paragraph or Schedule shall be a reference to the Recital, Section, Clause, paragraph,
sub-paragraph or Schedule (as the case may be) of this Agreement and any reference in a Clause or paragraph to a paragraph or sub-paragraph respectively shall be a reference to a paragraph or sub-paragraph of the Clause or paragraph in which the
reference is contained unless it appears from the context that a reference to some other provision is intended. 

  

	 	(e)	In this Agreement, the masculine gender shall be deemed to include the feminine and neuter and the singular number shall include the plural and vice-versa. References to persons
shall include natural persons, firms, bodies corporate, unincorporated associations and partnerships, organisations, governments, states, foundations and trusts (in each case, whether or not having separate legal personality).

  

	 	(f)	Any reference in this Agreement to an Irish legal term or provision for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal
concept or thing shall, in respect of any jurisdiction other than Ireland and/or any Group Company incorporated in a jurisdiction other than Ireland be deemed to include a reference to what most nearly approximates in that jurisdiction to the Irish
legal term or provision. 

  

	 	(g)	Any reference in this Agreement to a party shall mean any of the Vendors or the Purchaser and any such reference to parties shall (as the case may be) mean all or any two or
more/both of them. 

  

	 	(h)	Any phrase introduced by the terms “including”, “include”, “in particular” or any similar expression shall be construed as illustrative and shall not
limit the sense of the words preceding those terms. 

 For the avoidance of doubt, the Schedules to this Agreement shall form
part of this Agreement. 
  

	1.3	Headings and Captions 

 The headings and captions to
the Sections, Clauses and Schedules in this Agreement are inserted for convenience of reference only and shall not be considered a part of or affect the construction or interpretation of this Agreement. 
  

	1.4	Vendors’ Representative 

 The Purchaser shall
be entitled to rely on any communication, agreement or other notice or document evidenced in writing that has been given, made or sent by the Vendors’ Representative as being a communication, agreement or notification on behalf of each of the
Vendors and the Vendors’ Representative shall be entitled to bind each of 

  

 12 

 
the Vendors in respect of the matters referred to in this Agreement as being capable of being done or agreed by him or which it is contemplated be done by
him hereunder. Each of the Vendors hereby agrees that the Purchaser shall not be bound to enquire as to the authority or good faith of the Vendors’ Representative in respect of any matter referred to in this Agreement as being capable of being
done or agreed by the Vendors’ Representative and the Vendors hereby waive any rights that they may have against the Purchaser in respect of its dealings with the Vendors’ Representative. 
  

	1.5	Governing Law and Jurisdiction 

 This Agreement
shall in all respects (including the formation thereof and performance thereunder) be governed by and construed in accordance with the laws of Ireland. The parties to this Agreement agree to submit to the exclusive jurisdiction of the Courts of
Ireland in relation to any disputes or proceedings arising out of or in connection with this Agreement. 
 SECTION 2.0 - SHARE PURCHASE AND
SALE 
  

	2.1	Purchase and Sale 

  

	 	(a)	The Vendors shall sell and the Purchaser shall purchase the legal and beneficial title in the Shares with effect from Completion, free from any Encumbrance and together with all
accrued benefits and rights, for the consideration referred to in Clause 2.2(a) and 2.4 which shall be payable at the time or times and in the manner specified in this Section 2.0. 

  

	 	(b)	The parties shall not be obliged to complete the sale and purchase of any of the Shares unless the sale and purchase of all of the Shares is completed simultaneously.

  

	2.2	Consideration 

  

	 	(a)	The consideration payable in cash on Completion in respect of the Shares shall be the sum of €108,995,000 less the Target Net Debt (“Completion Payment”), which shall
be subject to adjustment in accordance with Clause 2.4. 

  

	 	(b)	On Completion, the Purchaser shall pay to the Vendors’ Solicitors the Completion Payment and the Vendors hereby authorise such payment of the Completion Payment (and any
adjustment thereto pursuant to Clause 2.4) to the Vendors’ Solicitors acting on their behalf. Each of the parties hereby irrevocably authorise the Vendors Solicitors to pay €2,000,000 of the Completion Payment (the “Retained
Amount”) into the Escrow Account and for the Retained Amount to be held and released in accordance with the provisions of Schedule 6. 

  

	 	(c)	The receipt of the Vendors’ Solicitors in respect of the Initial Consideration (including any adjustment thereto pursuant to Clause 2.4(a)) shall be sufficient evidence of
payment and shall be a good discharge to the Purchaser. The Purchaser shall not be concerned as to the distribution of such consideration to the Vendors. In regard to the distribution of any amounts of Consideration, the Vendors’ Solicitors are
entitled to rely on such instructions as may be given to them in writing by the Vendors’ Representative. 

  

 13 

	2.3	Determination of Actual Net Debt 

 The parties shall
use their respective reasonable endeavours to procure the determination of the Actual Net Debt in accordance with Schedule 5. 
  

	2.4	Adjustment and Payment 

 The Consideration shall be
adjusted following Completion as follows: 
  

	 	(a)	If the Actual Net Debt is less than the Target Net Debt, then the amount of the Consideration shall be increased by an amount equal to the amount by which Actual Net Debt is less
than Target Net Debt (the “Shortfall”) and: 

  

	 	(i)	the Purchaser shall pay to the Ordinary Shareholders (or to the Vendors’ Solicitors on their behalf) an amount equal to the Shortfall; and 

  

	 	(ii)	the parties shall procure, in accordance with Schedule 6, the payment of all of the Retained Amount from the Escrow Account to the Ordinary Shareholders subject to set-off in
respect of Claims (if any) in accordance with Schedule 6; 

 in each case such amounts to be paid to the Ordinary Shareholders
pro-rata according to their respective Ordinary Pro-Rata Proportions. 
  

	 	(b)	If the Actual Net Debt is greater than the Target Net Debt, then the amount of the Consideration shall be reduced by an amount equal to the amount by which Actual Net Debt exceeds
Target Net Debt (the “Excess”). 

  

	 	(i)	If the Excess is less than the Retained Amount, the parties shall procure, in accordance with the provisions of Schedule 6, the payment from the Escrow Account to the Purchaser of
an amount equal to the Excess and, subject to set-off in respect of Claims (if any) in accordance with Schedule 6, the payment of the amount equating to the difference between the Retained Amount less the Excess to the Ordinary Shareholders pro-rata
according to their respective Ordinary Pro-Rata Proportions. 

  

	 	(ii)	If the Excess is greater than the Retained Amount then, in addition to the payment of the Retained Amount from the Escrow Account to the Purchaser, each of the Vendors shall pay to
the Purchaser its/his Ordinary Pro-Rata Proportion of the difference between the Retained Amount and the Excess by way of refund of Consideration. 

  

	 	(c)	Any payment to be made pursuant to this Clause 2.4 shall be by way of adjustment to the Consideration and shall be made within 7 Business Days of the determination of the Actual Net
Debt. 

  

 14 

	2.5	No Dividend Payment 

 For the avoidance, payment of
all of the Consideration due in accordance with the foregoing provisions of this Section 2.0 shall constitute a full discharge by the Purchaser of all amounts due by it to the Vendors in respect of the Shares and it shall have no obligation to
pay to the Vendors (or any of them) and the Vendors hereby waive in favour of the Purchaser and the Company any amount in respect of dividends accrued (whether declared or not) in respect of any of the Shares. 
 SECTION 3.0 - WARRANTIES AND UNDERTAKINGS 
  

	3.1	Warranties and Undertakings 

 The Vendors hereby
severally (on the basis provided for in Clause 3.3(d)), and not jointly, warrant to the Purchaser in relation to the Company in accordance with the terms set out in Schedule 2 subject to: 
  

	 	(a)	the limitations, qualifications, exemptions and other matters provided for in this Section 3.0; 

  

	 	(b)	any exceptions fairly disclosed by the Vendors in a letter of disclosure in the agreed terms of even date herewith from the Vendors addressed to the Purchaser or deemed by the terms
of such letter of disclosure to be so disclosed; 

  

	 	(c)	all information fairly disclosed by the Vendors contained in the Data Room. 

  

	3.2	Effect of Completion 

 The Warranties shall not in
any respect be extinguished or affected by Completion. Subject to the provisions of Clause 6.2, the benefit of the Warranties and the Tax Covenant are personal to the Purchaser and may not be assigned in whole or in part by the Purchaser.

  

	3.3	Expiry of Warranties and Tax Covenant 

  

	 	(a)	The liability of the Vendors pursuant to the Warranties (save the Tax Warranties) shall expire on the second anniversary of Completion, save as regards any alleged breach of any of
the Warranties in respect of which notice in writing (containing such reasonable details of the event or circumstance giving rise to such claim as are available to the Purchaser and an estimate (if capable of preparation by the Purchaser) of the
amount of the Vendors’ liability therefor) shall have been served on the Vendors’ Representative prior to that date. 

  

	 	(b)	The liability of the Vendors pursuant to the Tax Warranties and pursuant to the Tax Covenant shall expire on the sixth anniversary of Completion save as regards any claim made by
the Purchaser thereunder in respect of which notice in writing (containing such details of the event or circumstance giving rise to such claim as are available to the Purchaser and an estimate (if capable of preparation by the Purchaser or the
Company) of the amount of the Vendors’ liability therefor) shall have been served on the Vendors’ Representative prior to such date. 

  

 15 

	 	(c)	The aggregate liability of each of the Vendors pursuant to all Claims shall not in any event exceed the Consideration actually received by him/it pursuant to this Agreement.

  

	 	(d)	The liability of the Vendors in respect of Claims shall be several (and not joint) and accordingly each of the Vendors shall, subject to the limit provided for in Clause 3.3 (c), in
respect of each Claim, be liable only for such percentage of the amount payable upon the same as is equal to its Pro-Rata Proportion except that in respect of any Warranty Claim(s) pursuant to paragraphs 1(a) and (b)(iv) of Schedule 2 Part II (the
“Title Warranty”). Liability for such Claim(s) for Title Warranty shall, subject to the limit provided for in Clause 3.3 (c), rest solely with each Vendor in respect of, and to the extent that, the Shares registered in its/his name breach
the Title Warranty. 

  

	3.4	Exclusions 

 The Vendors shall not be liable for any
Warranty Claim: 
  

	 	(a)	where the liability of the Vendors for any particular Warranty Claim (or what would be such liability apart from this paragraph (a)) is less than €25,000 (such claims being
“de minimis claims”) provided that any Claims arising out of the same matter, facts or circumstances may be aggregated for the purpose of this paragraph (a); 

  

	 	(b)	where the aggregate liability of the Vendors for all Warranty Claims (excluding all de minimis claims) (or what would be such liability but for paragraph (a) and/or this
paragraph (b)) does not exceed €900,000 (provided that when this amount is exceeded the Vendors shall be liable for the entire amount of all Warranty Claims (other than de minimis claims) and not just the excess); 

  

	 	(c)	to the extent that allowance, provision, or reserve is made for such matter in the Completion Accounts or was taken into account in the preparation of the Completion Accounts
(including, without limitation, the calculation of the Actual Net Debt, and any payment to the Purchaser in respect thereof pursuant to Clause 2.4); 

  

	 	(d)	to the extent that (after deduction of costs associated with such recovery) the Purchaser or the Group (or any Group Company) have actually recovered/are entitled to recover the
loss or damage suffered by them arising out of such Warranty Claim under the terms of any insurance policy for the time being in force or would have been entitled to recover any loss or damage suffered by them arising out of any such Claim but for
any under insurance of insurable assets or reduction by the Purchaser, the Group or any Group Company of the level of insurance in place on the Completion Date; 

  

	 	(e)	to the extent that such Warranty Claim arose or is increased as a direct or indirect result of a change after the date of this Agreement: 

  

	 	(i)	in law or published revenue or administrative practice; 

  

	 	(ii)	any increase in the rates of Tax or any imposition of Tax; or 

  

 16 

	 	(iii)	in Irish GAAP; 

 in each above case having retrospective
effect; 
  

	 	(iv)	in the accounting date, accounting practice or tax reporting practice effected by any Group Company except to comply with Irish GAAP; 

  

	 	(f)	which would not have arisen but for a voluntary act, omission or transaction of the Purchaser or any Group Company after Completion, except that this exclusion shall not apply where
any such act, omission or transaction is carried out or effected pursuant to a legally binding commitment entered into by a Group Company prior to Completion; or 

  

	 	(g)	which would not have arisen but for a cessation, or any change in the nature or conduct of any trade carried on by the Company at Completion, being a cessation or change occurring
on or after Completion. 

 Provided that the exclusions in paragraphs (a) and (b) of this Clause 3.4 shall not apply in respect of
any Claim(s) pursuant to the warranties contained in paragraphs 19 and 50 of Part IX of Schedule 2 (Environment) and paragraph 50 of Part XIV of Schedule 2 (Environmental Report) to the extent that they relate to the Sites. 
  

	3.5	Fraud 

 The limitations set out in this
Section 3.0 shall not apply in respect of any Claim made against any Vendor to the extent that such Claim arises from any fraudulent act or fraudulent omission of that Vendor. 
  

	3.6	Contingent Claims 

 If any claim relates to a
liability which, at the time that such Claim is notified to the Vendors’ Representative is contingent only, the Vendors shall not be under any obligation to make any payment to the Purchaser in respect thereof unless and until such time as the
contingent liability ceases to be contingent and becomes actual. 
  

	3.7	Purchaser’s Obligations 

  

	 	(a)	The Purchaser shall, upon it or any of the Group Companies becoming aware of any third party claim, potential claim, matter, event or circumstance or any combination thereof
(“third party claim”) which might be reasonably expected to give rise to a Claim (other than a Tax Claim) promptly give notice in writing to the Vendors’ Representative together with such details of same as are reasonably available to
it. 

  

	 	(b)	 The Purchaser shall, and shall procure that each Group Company shall, take such actions as the Vendors’ Representative may reasonably request to avoid,
dispute, resist, appeal, delay, compromise, settle, defend or mitigate any third party claim (other than a Tax Claim), including without limitation allowing (but not obligating) the Vendors’ Representative to assume the conduct of the dispute,
compromise, defence or appeal of any such third party claim, on the basis that they shall be 

  

 17 

	 	 
indemnified by the Vendors as to such reasonable costs and expenses which it may incur by reason of such action provided that the Purchaser shall not be
obliged to take any action or to procure the taking of any action which it reasonably considers following consultation with the Vendor’s Representative is prejudicial to the Purchaser or the Company or to any member of the Purchaser’s
Group. 

  

	 	(c)	The Purchaser shall not make, and shall procure that no Group Company shall make any admission of liability, agreement or compromise with any person, body or authority in relation
to any matter in respect of which a Claim may arise without prior consultation with and the prior agreement of the Vendors’ Representative provided that the Purchaser does not require such prior agreement insofar as this is contrary to the
proviso in Clause 3.8(b). 

  

	 	(d)	The Purchaser shall, and shall procure that each Group Company shall give the Vendors’ Representative and his professional advisers reasonable access to the premises and
personnel of the Purchaser and/or the Group (as the case may be) and to any relevant chattels, documents and records within the power, possession or control of the Purchaser and/or the Group to enable the Vendors’ Representative and his
professional advisers to examine such chattels, accounts, documents and records and take copies or photographs thereof. Such access shall be required only at reasonable times and on reasonable notice. The Purchaser shall, and shall co-operate to
procure that each Group Company shall use its best endeavours to procure that the auditors (both past and then current) of the Group make available to the Vendors’ Representatives and his professional advisers their audit working papers in
respect of the audit of any Group Company’s accounts for any relevant accounting period in connection with the Claim. 

  

	 	(e)	To the extent that the Vendors’ Representative elects to assume conduct of any Claim pursuant to Clause 3.8(b), it shall keep the Purchaser updated of the progress of such
claim and provide the Purchaser with copies of such relevant documents and such information in his possession as may reasonably be required by the Purchaser. 

  

	3.8	Reimbursement, etc 

  

	 	(a)	The Purchaser shall not be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity more than once for the same loss, damage, deficiency or breach and
the Purchaser shall not be entitled to recover damage or otherwise receive payments (as aforesaid) in respect of a Claim under the Tax Covenant to the extent that damages or other payments (as aforesaid) in respect of the same loss have already been
received by it pursuant to a Claim related to the same circumstances under the Warranties and vice versa. 

  

	 	(b)	The Purchaser shall reimburse the Vendors an amount equal to any sum paid by the Vendors under any of the Warranties or the Tax Covenant together with any costs paid by the Vendors
to the extent that (after deduction of the costs of such recovery) it or any of the Group Companies subsequently recovers those amounts from any third party. 

  

 18 

	3.9	Third party claims 

 Other than any Claim by the
Purchaser’s Solicitors or the Vendors’ Solicitors pursuant to Schedule 6, no Claim shall be actionable by any person other than the Purchaser (or its Permitted Assignee) and no other party shall be entitled to make any Claim or take any
action whatsoever against the Vendor under or arising out of or in connection with this Agreement or the Tax Covenant. 
  

	3.10	Purchaser must give prompt notice of claims 

 A
breach of the Warranties which is capable of remedy shall not entitle the Purchaser to compensation unless the Vendors’ Representative is given written notice of such breach within thirty days after the Purchaser or any Group Company becomes
aware of it and such breach is not remedied within thirty days after the date on which such notice is served on the Vendors. 
  

	3.11	Purchaser Acknowledgement 

  

	 	(a)	The Purchaser acknowledges and agrees that the Warranties are the only warranties given by the Vendors in relation to the transactions contemplated by this Agreement. The Purchaser
acknowledges that it has not relied in relation to the purchase of the Shares on information contained in the Information Memorandum. 

  

	 	(b)	The Purchaser further acknowledges and agrees that the only remedy available to it in respect of a breach of any provision of the Warranties shall be for damages for breach of
contract based on the depletion or diminution in the value of the Shares (if any) arising from such breach. The Purchaser shall have no right to rescind this Agreement. 

  

	3.12	Purchaser Waiver of right of set-off 

 The Purchaser
hereby waives and relinquishes any right of set-off or counterclaim, deduction or retention, which the Purchaser might otherwise have in respect of any Claim, out of any payments which the Purchaser or any Group Company may be obliged to make (or
procure to be made) to the Vendors pursuant to this Agreement or otherwise save for any rights of set-off provided for in Schedule 6. 
  

	3.13	Specific Claims 

 The only Warranties which shall
apply in relation to: 
  

	 	(a)	property matters shall be those set out in Part VIII of Schedule 2; 

  

	 	(b)	Environmental Matters shall be those set out in Part IX of Schedule 2; 

  

	 	(c)	intellectual property matters and Intellectual Property Rights shall be those set out in paragraph 9 of Part VI of Schedule 2; 

  

	 	(d)	information technology systems matters shall be those set out in paragraph 11 of Part VI of Schedule 2; 

  

 19 

	 	(e)	employment matters shall be those in Part XI of Schedule 2; 

  

	 	(f)	pensions matters shall be those set out in Part XII of Schedule 2; and 

  

	 	(g)	Tax shall be the Tax Warranties set out in Part XIII of Schedule 2. 

  

	3.14	Mitigation 

  

	 	(a)	For the avoidance of doubt it is hereby specifically agreed that nothing in the Agreement shall in any way restrict or limit the general obligation of the Purchaser and the Group to
mitigate any loss or damage which it may suffer in consequence of any matter giving rise to a Claim (or capable of doing so) against the Vendors. 

  

	 	(b)	In assessing any damages or other amounts recoverable under the Warranties and/or the Tax Covenant, there shall be taken into account any benefit accruing to the Purchaser or the
Company in consequence of the matter or circumstance giving rise to the claim pursuant to which the damages arose. 

  

	3.15	No Existing Claim 

 The Purchaser hereby represents
to the Vendors, for itself and each other member of the Purchaser’s Group, (upon which representation the Vendors are relying in entering into this Agreement) that neither the Purchaser nor any member of the Purchaser’s Group have
knowledge of any matter or thing as at the date of this Agreement which is known to be inconsistent with any of the Warranties or entitles the Purchaser to make a claim under the Tax Covenant and neither the Purchaser nor any member of the
Purchaser’s Group nor any Group Companies nor any of their representatives or advisers are presently engaged in the preparation of any Claim. 
  

	3.16	Consequence of Claims 

 In the event of any Claim
succeeding and any payment being made by the Vendors pursuant thereto: 
  

	 	(a)	the Consideration paid by the Purchaser hereunder shall be deemed to have been reduced by an amount equal to the amount paid by the Vendors as aforesaid, and such reduction shall be
applied to the Shares sold by the Vendors (if any) in accordance with the amounts of such liability discharged by them; 

  

	 	(b)	the Purchaser shall, or shall procure that any Group Company (as the case may be), shall assign or procure the assignment to or to the order of the Vendors, of all rights of
reimbursement, actions and indemnities that it may have against third parties in respect of the subject-matter of such Claim. 

  

	3.17	Purchaser Warranties 

 The Purchaser hereby warrants
to each of the Vendors in accordance with the terms set out in Schedule 7. 
  

 20 

	3.18	Litigation Indemnity 

 The Vendors shall severally
(on the basis provided for in Clause 3.3(d)) indemnify the Purchaser in full for and against any claims, costs, damages, expenses, losses or liabilities whatsoever and howsoever arising incurred or suffered by any member of the Purchaser’s
Group or any Group Company including reasonable costs properly incurred by any member of the Purchaser’s Group or any Group Company, in connection with any Unknown Claims provided that the provisions of Clauses 3.3.(c) and 3.4(d) shall apply
mutatis mutandis to the provisions of this Clause 3.18 as if the references therein to “Warranty Claim”, “Claim” or “Claims” refer to a claim pursuant to this Clause 3.18. 
  

	3.19	STI Statutory Books Indemnity 

 Sterile Technologies
Group Limited is the sole legal and beneficial owner of the entire issued share capital of Sterile Technologies (Ireland) Limited free from Encumbrances and all such shares have been duly authorised and validly issued. In the event of any claim
howsoever arising in relation to the issued share capital of Sterile Technologies (Ireland) Limited the Vendors shall severally (on the basis provided for in Clause 3.3(d)) indemnify the Purchaser in full for and against any claims, costs, damages,
expenses, losses or liabilities whatsoever and howsoever arising, incurred or suffered by any member of the Purchaser’s Group or any Group Company (including reasonable legal costs) provided that the provisions of Clause 3.3.(c) shall apply
mutatis mutandis to the provisions of this Clause 3.19 as if the references therein to “Warranty Claim” or “Claim” refer to a claim pursuant to this Clause 3.19. 
 SECTION 4.0 - FURTHER COVENANTS 
  

	4.1	Waiver of Pre-emption Rights 

 The Vendors hereby
waive all pre-emption rights to which they may be entitled by virtue of the Articles of Association of the Company or otherwise and hereby authorise and require the Board to register in the name of the Purchaser or its designee, every transfer of
Shares to the Purchaser or its designee pursuant to this Agreement. 
  

	4.2	Non-Competition 

  

	 	(a)	As a further consideration for the Purchaser entering into this Agreement each of the Vendors hereby covenants with the Purchaser as follows: 

  

	 	(i)	that he/it will not, for the Restricted Period carry on or assist in carrying on within the Territory any Competing Business; 

  

	 	(ii)	that he/it will not for the Restricted Period directly or indirectly solicit or entice away the services of any person employed by any Group Company as at the date hereof or as at
Completion; 

  

	 	(iii)	that he/it will not for the Restricted Period contract or seek to contract with any supplier of goods or services to such Group Company so as to have the effect of adversely
affecting the supply or terms of supply to such Group Company; 

  

 21 

	 	(iv)	that he/it will not, otherwise than in the course of his employment or office with any Group Company, during the Restricted Period make use of, reveal, publish or disclose to any
third party any information which he now possesses or may possess prior to Completion of a secret or confidential nature relating exclusively to the business or affairs of any Group Company except to the extent such information has entered the
public domain otherwise than by reason of his/its breach of this covenant or where disclosure is necessary to protect or pursue his or its legal rights. 

  

	 	(b)	The restrictions contained in Clause 4.2(a) shall not affect or prohibit, after Completion, any of the Vendors from: 

  

	 	(i)	owning for investment purposes, securities in any company not exceeding 5 per cent in nominal value of the securities of that class in such company; or

  

	 	(ii)	performing his obligations under any agreement that he may have with any Group Company or with any member of the Purchaser’s Group. 

  

	 	(c)	The benefit of each of the covenants set out from sub-paragraphs 4.2(a)(i) to 4.2(a)(iv) (inclusive) shall be deemed to be separate and severable and enforceable by the Purchaser
accordingly. In the event of any covenant contained in this Clause being held to be unreasonable by reason of the area, duration, type or scope of restriction contained therein, the said covenant shall be given effect to in its reduced form as may
be decided by any court of competent jurisdiction. 

  

	4.3	Waiver by Vendors 

 Each of the Vendors hereby
irrevocably waives all claims against any Group Company its agents, advisers, directors, members and employees (other than for salary properly accrued in the Completion Accounts, any bonuses due to the Executives and expenses properly incurred by
them on behalf of such Group Company) which they (or any of them) may have outstanding prior to the date of this Agreement and without prejudice to the generality of the foregoing none of the information supplied by any Group Company or its
professional advisers prior to the date of this Agreement to any of the Vendors or their agents, representatives or advisers in connection with the Warranties or the Tax Covenant or the contents of the Disclosure Letter or otherwise in relation to
the business or affairs of such Group Company shall be deemed a representation, warranty or guarantee of its accuracy by such Group Company to the Vendors and the Vendors waive any claim against such Group Company which they might otherwise have in
respect of it. 
 SECTION 5.0 - COMPLETION 
  

	5.1	Completion 

 Completion shall take place immediately
after signature of this Agreement at the offices of the Vendors’ Solicitor at Fitzwilton House, Wilton Place, Dublin 2, or at such other time, place and date as the parties hereto may agree in writing. Upon Completion the matters referred to in
the following Clauses of this Section shall take place. 
  

 22 

	5.2	Delivery 

 At Completion, the Vendors shall deliver
to the Purchaser: 
  

	 	(a)	in respect of the Shares, share transfer forms duly executed and made in favour of the Purchaser or its designee together with the relevant share certificates (or in the case of any
lost share certificate, an indemnity in lieu thereof in terms satisfactory to the Purchaser); 

  

	 	(b)	the minute book, share register, register of allotments and directors register, seal, share certificate book, certificate of incorporation; 

  

	 	(c)	a copy of the Memorandum and Articles of Association of the Company certified by the secretary or any Director of the Company to be a true and complete copy as at the date of
Completion; 

  

	 	(d)	copies of all existing bank mandates of the Company together with bank statements/certificates in respect of all accounts and facilities of the Company showing the cash position of
the Company as at close of business no more than three Business Days prior to Completion; 

  

	 	(e)	all credit cards in the name of or for the account of the Company in the possession of any officer or employee of the Company resigning as at Completion; and

  

	 	(f)	documents of title to any real or other property of the Company which are in the possession or under the control of the Company and are not stored at one of the Properties which the
Company will continue to occupy after Completion. 

  

	5.3	Board Meeting 

  

	 	(a)	The Vendors shall procure that a meeting of the board of directors of each Group Company is held at which: 

  

	 	(i)	the Non-Executive Directors (to the extent any of them hold office as a director of such company) retire with effect from termination of the meeting without any claim for
compensation for loss of office or other claim against such company and furnish a letter under seal tendering such resignation and acknowledging that they have no such claim; 

  

	 	(ii)	such persons as the Purchaser may nominate are duly appointed as directors, secretary and auditors of such company, as shall be designated by the Purchaser;

  

	 	(iii)	the banking mandates of such Company are changed in such manner as the Purchaser shall require. 

  

	 	(b)	The meeting of the Board shall in addition deal with the approval of the Purchaser and/or its designees for registration as members of the Company in respect of the Shares subject
only to presentation to the secretary of the transfers thereof duly stamped. 

  

 23 

	5.4	Payment 

 Subject to due compliance with the
provisions of the foregoing Clauses of this Section:- 
  

	 	(a)	the Purchaser shall make payment of the Completion Payment in accordance with the provisions of Section 2.0; 

  

	 	(b)	the Purchaser shall put the Company in funds to and procure that the Company shall pay the Executive Bonus Payments to each of the Executives in accordance with the Executive Bonus
Agreements. 

  

	5.5	Stamping 

  

	 	(a)	The Purchaser shall, following Completion, promptly deliver to the Revenue Commissioners the share transfer forms referred to in Clause 5.2(a) for assessment of stamp duty and shall
promptly pay the duty thus assessed. 

  

	 	(b)	The Vendors shall (subject to being fully indemnified and secured by the Purchaser) after Completion, but prior to registration of the duly stamped share transfer forms relating to
the Shares in the register of members of the Company, co-operate in any manner reasonably required by the Purchaser for the convening, holding at short notice and conduct of general meetings of the Company, shall execute promptly all proxy forms,
appointments of a representative, documents of consent to short notice and resolutions and ancillary documents that the Purchaser may reasonably require and generally shall act in all respects as the nominee and at the direction of the Purchaser in
respect of the Shares and all rights and interests attaching thereto provided that the Vendors shall not be required to take any actions pursuant to this Clause 5.5(b) in relation to Section 60, Companies Act, 1963. 

 SECTION 6.0 - GENERAL PROVISIONS 
  

	6.1	Announcements 

 The Vendors’ Representative and
the Purchaser shall consult together as to the terms of, timetable for and manner of publication of, any announcement to shareholders, employees, customers, suppliers or to a stock exchange or other authorities or to the media or otherwise which
either may desire or be obliged to make regarding the subject matter of this Agreement. Save as may be agreed in writing between the parties or as may be required by law or by the requirements of any stock exchange or other regulatory body in
relation the transactions contemplated in this Agreement, neither the Vendors nor the Purchaser nor their respective representatives shall make or authorise any announcement concerning the subject matter of this Agreement. 
  

	6.2	Assignment 

  

	 	(a)	Prohibition 

  

	 	(i)	Save as set out in the other provisions of this Clause, the rights of the parties shall be deemed to be personal rights and shall not be assignable. No attempted assignment shall
relieve the assignor of any of his/its obligations without the written consent of the other parties hereto. 

  

 24 

	 	(ii)	The Purchaser shall be entitled to assign its rights under this Agreement to any company that is as of the date hereof a member of the Purchaser’s Group (each a “Permitted
Assignee”) provided that the Purchaser shall procure that any such company to whom it assigns any of its rights under this Agreement shall assign such rights back to the Purchaser immediately prior to its ceasing to be a member of the
Purchaser’s Group. Any assignment made pursuant to this Clause 6.2(a)(ii) shall be subject to the following terms: 

  

	 	A.	no such assignment shall relieve the Purchaser of any of its obligations under this Agreement; and 

  

	 	B.	any such assignment is made on terms that the Permitted Assignee acknowledges that the Vendors/the Vendors’ Representative may continue to deal exclusively with the Purchaser
in respect of all matters relating to this Agreement at all times unless and until the Permitted Assignee notifies the Vendors’ Representative in writing that it is exercising its rights as a Permitted Assignee. 

  

	 	(iii)	The Vendors agree that the benefit of any provision of this Agreement, and the Tax Covenant may be enforced by any bank or financial institution who has taken any security for the
purposes of financing the acquisition by the Purchaser of the Shares pursuant to this Agreement provided that: 

  

	 	I.	the identity of such bank or financial institution has previously been notified to and is reasonably acceptable to the Vendors’ Representative; 

  

	 	II.	the liability of the Vendors to such bank or financial institution shall in any event be no greater than the liability of the Vendors to the Purchaser under the terms of this
Agreement had such security not been granted; 

  

	 	III.	any such security shall not affect or diminish the rights of the Vendors or the obligations of the Purchaser under this Agreement; and 

  

	 	IV.	nothing herein shall entitle any liquidator or receiver or examiner (or other person appointed to enforce such security) to enter into any other assignment or transfer of any of the
rights assigned hereunder to the aforesaid bank or financial institution. 

  

	 	(b)	Third Party 

 Other than as expressly set out herein, no
provision of this Agreement is intended for the benefit of any third party. 
  

 25 

	6.3	Binding of Successors 

 The provisions of this
Agreement shall enure to the benefit of and be binding upon the respective successors and personal representations of the parties. 
  

	6.4	Business Days 

 If any action or duty to be taken or
performed under any of the provisions hereof would, apart from the provisions of this Clause, fall to be taken or performed on a day which is not a Business Day such action or duty shall be taken or performed on the Business Day next following such
date. 
  

	6.5	Confidentiality 

  

	 	(a)	Each party will take all proper steps to keep confidential all confidential information of or relating to the other which is disclosed to or obtained by it pursuant to or as a
result of this Agreement, and will not divulge the same to any third party (save where necessary to protect/pursue his/its own legal rights) except to the extent that any such information becomes public through no fault of that party.
Notwithstanding the termination or expiry of this Agreement for whatever reason, the obligations and restrictions in this Clause shall be valid for a period of two years from the date of Completion. 

  

	 	(b)	For the purposes of this Clause 6.5, the term “confidential information” shall mean all information disclosed by one party to another in material form (including without
limitation in a written document or in electronic format) provided that each such item of information would appear to a reasonable person to be confidential or either contains or bears thereon (in either case in a prominent position), or is
accompanied by, a written statement that the same is confidential or proprietary. 

  

	6.6	Costs and Expenses 

 All expenses incurred by or on
behalf of each of the parties hereto, including all fees of agents, representatives, lawyers, accountants, environmental consultants and actuaries employed by any of them in connection with the negotiation, preparation or execution of this
Agreement, shall be borne solely by the party who incurred the liability and the Group shall have no liability in respect of any such costs. 
  

	6.7	Counterparts 

 This Agreement may be executed in any
number of counterparts and by the different parties on separate counterparts each of which when executed and delivered shall constitute an original, all such counterparts together constituting one and the same instrument. The expression
“counterpart” shall include any executed copy of this Agreement transmitted by facsimile. 
  

	6.8	Entire Agreement 

 This Agreement contains the
entire agreement between the parties hereto relating to the transactions provided for in this Agreement and supersedes all previous representations, arrangements, undertakings and agreements (if any) between such parties in respect of 

  

 26 

 
such matters. Each of the parties to this Agreement acknowledges that in agreeing to enter into this Agreement it has not relied on any representation,
warranty, undertaking, covenant or understanding other than the Warranties. 
  

	6.9	Further Assurance 

 At the request and expense of
the Purchaser, the Vendors shall execute and do all such documents, acts and things as may reasonably be required subsequent to Completion by the Purchaser for assuring to or vesting in the Purchaser (including its nominee or nominees) the legal and
beneficial ownership of the Shares. 
  

	6.10	Modification 

 No modification of any provision of
this Agreement shall be binding unless the same shall be evidenced in writing duly executed by or on behalf of each of the parties hereto. 
  

	6.11	Notices 

 By Hand, Post or Fax 
  

	 	(a)	Any notice or other communication required or permitted to be given or made under this Agreement shall be in writing and addressed or sent as follows: 

  

	 	(i)	if to the Purchaser, if by letter, to its address set out on page 5 of this Agreement marked STRICTLY PERSONAL, PRIVATE & CONFIDENTIAL, FOR THE ATTENTION OF the Chief
Executive Officer or if by fax to fax number 001 847 367 9462 copied to DLA Piper Rudnick Gray Cary UK LLP of Princes Exchange, Princes Square, Leeds, LS1 4BY, England marked for the attention of Tom Heylen and Wendy Harrison;

  

	 	(ii)	if to any of the Vendors, if by letter, to his/its address set out in Schedule 1 Part I marked STRICTLY PERSONAL, PRIVATE AND CONFIDENTIAL - FOR THE ATTENTION OF the relevant Vendor
ONLY or, if by fax to fax number (if any) specified in Schedule 1, Part I with copy to the Vendors’ Representative or if by fax to fax number +353-1-6395333 copied to William Fry Solicitors, Fitzwilton House, Fitzwilton Place, Dublin 2, Ireland
marked for the attention of Myra Garrett; and 

  

	 	(iii)	if to the Vendors’ Representative, if by letter, to the Vendors’ Representative’s address as set out in Clause 1.1(ttt) marked STRICTLY PERSONAL, PRIVATE AND
CONFIDENTIAL – for his attention only or if by fax to fax number +353-1-668 3578 or if by fax to fax number +353-1-6395333 copied to William Fry Solicitors, Fitzwilton House, Fitzwilton Place, Dublin 2, Ireland marked for the attention of Myra
Garrett; 

 or to such other postal address or fax number as any such party hereto may from time to time notify to the other
parties hereto in writing in accordance with the provisions hereof. 
  

 27 

	 	(b)	Any notice or other communication required or permitted to be given or made under this Agreement shall be validly given or made if delivered personally or, if despatched by pre-paid
registered, first-class or airmail letter post addressed as aforesaid, or if sent by fax to such fax number (if any) as may be specified as aforesaid and shall be deemed to be given or made: 

  

	 	(i)	if delivered by hand - at the time of delivery; 

  

	 	(ii)	if sent by post – twenty four hours (or one hundred and sixty eight hours if posted in a different postal jurisdiction to that of the addressee) after the same shall have been
posted; and; 

  

	 	(iii)	if sent by fax - at the time of termination of the fax transmission (subject to notification of a fax transmission report showing time of transmission and the destination number).

 For the avoidance of doubt no notice on other communication required or permitted to be given or made under this Agreement
shall be given or made by e-mail. Any notice or other communication sent by post shall be sent by prepaid registered post (if posted in Ireland), prepaid first class recorded delivery (if within the United Kingdom) or by prepaid airmail (if
elsewhere). 
  

	 	(c)	In proving service of a notice, it shall be sufficient to prove that the envelope containing such communication was properly addressed, stamped and posted by either prepaid
registered post (if posted in Ireland), prepaid first class recorded delivery (if posted in the UK) or prepaid airmail (if posted elsewhere) or that the fax was property addressed and transmitted, as the case may be. 

  

	 	(d)	Notices given by fax shall be confirmed by hand or post as provided above within 48 hours of despatch. 

  

	 	(e)	If there is a generally prevailing labour dispute or other situation which will delay or impede the giving of notice by any such means, in either the country of origin or of
destination, the notice shall be given by such method, whether or not previously specified in this clause, which will be most reliable and expeditious and least affected by such dispute or situation. 

  

	 	(f)	A notice given by more than one party may be in one or more copies each signed by one or more of them. 

 6.12 Obligations Joint and Several 
 Each of the obligations of the Vendors hereunder shall be a
several, and not a joint, obligation and to the extent that any such obligation involves the incurrence of a liability or expense, none of the Vendors shall be liable for more than its Pro-Rata Proportion of such liability or expense. 
 6.13 Partnership 
 This Agreement shall not operate so
as to create a partnership or joint venture of any kind between the parties hereto or constitute (either) party as the agent to the other. 
  

 28 

 6.14 Survival of Obligations 
 The expiration or determination of this Agreement howsoever arising shall not affect such of the provisions hereof as are expressed to operate or have effect thereafter and shall be without prejudice to any right of
action already accrued to either party in respect of any breach of this Agreement by the other party. 
 6.15 Waiver 
 A waiver by any party or parties of any breach of any of the terms, provisions or covenants of this Agreement or the acquiescence of any party or parties
in any act (whether of commission or omission) which but for such acquiescence would be a breach as aforesaid, shall not constitute a general waiver of such term, provision or covenant or of any subsequent act contrary thereto. Any liability to any
party hereto under the provisions of this Agreement may be released, compounded or compromised by such party in its absolute discretion as regards any party or parties under such liability without in any way prejudicing its rights against any other
party or parties under the same or a like liability, whether joint and several or otherwise. 
 IN WITNESS whereof this Agreement has been entered into the
day and year first herein written. 
  

 29 

 SCHEDULE 1 
 The Vendors 
 PART I 
  

									
	Column 1	  	2	  	3	  	4	  	5
	 Shareholder Name/Address & Fax No.
	  	 No. of Ordinary
 Shares of €1.27
	  	 % of Ord
 Shares
	  	 No. of A Pref
 Shares of €1
	  	 No. of B Pref
 Shares of €1

	 Yeoman International Holdings S.A.
 6 Rue Adolph Fischer
 Luxembourg
 Fax: +352 402 50566
	  	90,000	  	41.4	  	0	  	0
					
	 Yeoman Investments S.A.
 6 Rue Adolph Fischer
 Luxembourg
 Fax: +352 402 50566
	  	0	  	0	  	3,549,659	  	2,823,548
					
	 The Rogers Group Waste Limited
 10/12 Hanover Quay
 Dublin 2
 Ireland
	  	89,500	  	41.17	  	2,800,000	  	0
					
	 Desmond Rogers
 Eastham House
 Eastham Road
 Bettystown
 Co. Meath
 Ireland
	  	500	  	0.23	  	749,659	  	0
					
	 Niall Wall
 50 Lambourne Wood
 Brennanstown
 Dublin 18
 Ireland
 Fax: + 353 1 4565295
	  	20,000	  	9.2	  	0	  	0
					
	 William Blyde
 367 Singlewell Road
 Gravesend
 Kent, DA11 7RZ
 England
 Fax: +44 1474 3600001
	  	17,392	  	8	  	0	  	0
					
	 Total
	  	217,392	  	100	  	7,099,318	  	2,823,548

  

 30 

 PART II 
 Pro Rata Proportion 
  

					
	 	 	 Name
	 	 Pro-Rata Proportion

	1.	 	 Yeoman International
 Holdings SA and Yeoman

Investments SA
	 	 the percentage that is calculated in accordance
 with the
following formula:

		 		 	  
 

			
	2.	 	 The Rogers Group Waste
 Limited and Desmond
Rogers
	 	 the percentage that is calculated in accordance
 with
the following formula:

			
		 		 	

			
	3.	 	Niall Wall	 	 the percentage that is calculated in accordance
 with
the following formula:

			
		 		 	            

			
	4.	 	William Blyde	 	 the percentage that is calculated in accordance
 with
the following formula:

			
		 		 	              

 In each of the above formulae “C” = an amount equal to the Consideration as finally adjusted and
determined pursuant to Clauses 2.3 and 2.4 of this Agreement. 
  

 31 

 SCHEDULE 2 
 Warranties 
 PART I 
 General Warranties 
  

	1.	Construction 

 Each of the Clauses contained in this
Schedule shall be construed independently of the other Clauses in this Schedule and shall not be limited in any respect by the inclusion of other Clauses dealing with the same or similar subject matter or dealing more specifically with the subject
matter of such Clause. 
  

	2.	Knowledge of Vendor 

 Any Warranty set out in this Schedule
which refers to the knowledge, information, belief or awareness of the Vendors or any of them (or any of such terms or any combination thereof) shall be deemed to refer to matters within the actual knowledge of the Vendors after making reasonable
enquiries of Neville Graver being a Group executive with regard to the subject matter of such warranties and the Vendors shall be deemed to have given the relevant warranty on that basis. 
 PART II 
 General/Commercial 
  

	1.	The Group and the Shares 

  

	 	(a)	Authorisations, filings and consents 

  

	 	(i)	Each of the Vendors has obtained all corporate authorisations and all other applicable governmental, statutory, regulatory or other consents, authorisations or waivers
(“Approvals”) required to empower it to enter into and perform its obligations under this Agreement or Tax Covenant where failure to obtain such Approval would materially and adversely affect its ability to enter into or perform its
obligations thereunder in accordance with their terms. 

  

	 	(ii)	Entry into and performance by each of the Vendors of this Agreement and/or Tax Covenant will not breach the provisions of its constitutional documents in its jurisdiction of
incorporation where such breach would materially and adversely affect its ability to enter into or perform its obligations thereunder in accordance with their terms. 

  

	 	(iii)	Neither entry into this Agreement nor entry into, and implementation of, the sale of the shares pursuant to this Agreement will: 

  

	 	A.	result in a breach of any applicable laws or regulations in its relevant jurisdiction of incorporation; or 

  

 32 

	 	B.	amount to a breach of any order, decree or judgment of any court or any governmental or regulatory authority in its jurisdiction of incorporation 

 by any of the Vendors where, in each case, such breach would materially and adversely affect its ability to enter into or perform its obligations under
this Agreement and/or any the Tax Covenant. 
  

	 	(b)	The Shares and the Group Companies 

  

	 	(i)	Each of the Group Companies is validly incorporated, in existence and duly registered under the laws of its jurisdiction of incorporation. Each of the Group Companies has full power
under its memorandum or articles of association, certificate of incorporation or equivalent constitutional documents in its jurisdiction of incorporation to conduct its business as conducted at the date of this Agreement. 

 

	 	(ii)	All the Shares are fully paid and constitute the whole of the issued and allotted share capital of the Company. 

  

	 	(iii)	No Group Company has entered into any agreement or arrangement pursuant to which any person has the right (exercisable now or in the future and whether contingent or not) to call
for the issue of any share or loan capital in any Group Company. 

  

	 	(iv)	Each of the Vendors is entitled to transfer or procure the transfer free from Encumbrance of the entire legal and beneficial ownership of Shares set against its/his name in Part 1
of Schedule 1 on the terms set out in this Agreement. 

  

	 	(v)	The information in respect of the Company set out in Part 1 of Schedule 4 is accurate in all material respects. 

  

	 	(c)	Subsidiaries 

  

	 	(i)	No shares in any Subsidiary are held by a person other than a Group Company. There are no Encumbrances affecting the shares of any Subsidiary. 

  

	 	(ii)	All such shares in the Subsidiaries are fully paid or properly credited as fully paid under the applicable legislation in the jurisdiction of incorporation of the relevant
Subsidiary. 

  

	 	(iii)	The Company has no subsidiaries other than the Subsidiaries. 

  

	 	(d)	Other interests 

 No Group Company owns or has any interest
of any nature whatsoever in any shares, debentures or other securities issued by any undertaking (other than another Group Company) or any partnership. 
  

 33 

 PART III 
 Accounts 
  

	2.	Accounts 

  

	 	(a)	The Accounts have been prepared in accordance with Irish GAAP. 

  

	 	(b)	The Accounts give a true and fair view of the assets, liabilities and the state of affairs of the Group as at the Accounts Date. The Accounts show a true and fair view of the
profits and losses of the Group for the financial year ended on the Accounts Date. 

  

	 	(c)	The Accounts either make such provisions for or disclose bad and doubtful debts and all liabilities (whether actual, contingent or otherwise) and all material financial commitments
in existence at the Accounts Date as are required by Irish GAAP and the Company’s accounting policies. So far as the Vendors are aware, none of the debts owing to the Company at the date immediately prior to the date of this Agreement and which
are not fully written off or provided for in the Accounts or in the Management Accounts will prove to be irrecoverable in whole or in part. 

  

	 	(d)	The results shown in the Accounts have not (save as disclosed in those Accounts or the Management Accounts) been materially affected by extraordinary or exceptional items.

  

	 	(e)	The rates of depreciation and amortisation adopted in the Accounts were sufficient to ensure (on the basis of proper maintenance of the assets during their useful life) that each of
the fixed assets of the Company would be written down to nil by the end of its useful life. 

  

	 	(f)	All accounting books and records of the Company are in its possession or under its control, are in all material respects accurately completed in accordance with all applicable
requirements and are up-to-date. 

  

	 	(g)	The Management Accounts have been carefully and diligently prepared and having regard to the purpose for which the Management Accounts were prepared, are not misleading in any
material respect. 

          (h) 

	 	(i)	The Management Accounts give a true and fair view of the assets, liabilities and the state of affairs of the Group as at the Management Accounts Date; and 

 

	 	(ii)	The Management Accounts show a true and fair view of the profits and losses of the Group for the twelve month period ended on the Management Accounts Date. 

 

	3.	Business Since the Accounts Date 

 Since the Accounts Date:

  

	 	(a)	the business of the Group has been carried on in the ordinary course; 

  

 34 

	 	(b)	no material adverse change in the financial position of the Group (taken as a whole) has occurred; 

  

	 	(c)	except in the ordinary course of business and in accordance with arrangements which have been disclosed to the Purchaser in the Data Room, the Company has not borrowed or raised any
money; 

  

	 	(d)	the Group has not disposed of any assets otherwise than in the ordinary course of carrying on its business; 

  

	 	(e)	the Business has not been materially adversely affected by the loss of any material customer; 

  

	 	(f)	no Group Company has made any borrowings or repaid or become liable to repay any loan or indebtedness in advance of its stated maturity; 

  

	 	(g)	no share or loan capital has been issued or redeemed or agreed to be issued or redeemed by any Group Company; and 

  

	 	(h)	there has been no diminution in the value of its net assets as disclosed in the Accounts. 

 PART IV 
 Finance 
  

	4.	Bank and Other Borrowings 

  

	 	(a)	Details of Group’s bank overdraft and loan facilities were disclosed to the Purchaser in the Data Room. 

  

	 	(b)	The amounts borrowed by each Group Company (as determined in accordance with the provisions of the relevant instrument) do not exceed any limitation on borrowings contained in it
Articles of Association or in any debenture or other deed or document. 

  

	5.	Borrowed Monies 

 So far as the Vendors are aware, no Group
Company has received any written notice in the six months prior to the date of this Agreement to repay under any agreement relating to any debt which is repayable on demand or that it is in material default under the terms of any borrowing made by
it. 
  

	6.	Grants, etc 

 No Group Company has received, or entered
into any agreement for the payment to it of, any grant, subsidy, or similar contribution or payment from any governmental, quasi-governmental, regional, municipal or similar development authority or body. 
  

 35 

	6A.	PwC Financial Due Diligence Report 

 The PwC financial due
diligence report of even date herewith and addressed to the Purchaser contains, insofar as the Vendors are aware, no material inaccuracies. 
 PART V 
 Assets 
  

	7.	Ownership of Assets, etc 

 Each Group Company owns or is
entitled to use and enjoy all the rights and assets necessary for the conduct of its business substantially as carried on immediately prior to this Agreement. 
  

	8.	Insurance 

 There has been disclosed to the Purchaser in
the Data Room details of the insurances maintained by or on behalf of each Group Company. There is no material claim outstanding under such policies of insurance. 
 PART VI 
 Intellectual Property and IT Systems 
  

	9.	Intellectual Property Rights 

  

	 	(a)	There has been disclosed to the Purchaser in the Data Room details of the Intellectual Property Rights of which a Group Company is the registered owner (“Owned IP”).

  

	 	(b)	None of the Group Companies has, in the twelve months prior to the date of this Agreement, received a written notice from a third party alleging that the operations of the Group
infringe the Intellectual Property Rights of a third party or which otherwise disputes the right of a Group Company to use any Intellectual Property Rights that are necessary to enable it to carry on the business carried on by it as of the date
hereof where, if the allegation was to succeed, would have a material and adverse effect on the business of the Group. 

  

	 	(c)	None of the Group Companies has, in the twelve months prior to the date of this Agreement, issued a written notice to a third party alleging that a third party is infringing Owned
IP or which otherwise disputes the right of a third party to use the Intellectual Property Rights owned or used by the third party and which is likely to have a material and adverse effect on the business of the Group. 

  

	10.	Data Protection 

  

	 	(a)	None of the Group Companies has, in the twelve months prior to the date of this Agreement, received a written notice from a competent authority alleging that the Group has not
complied with applicable Data Protection Laws. 

  

 36 

	 	(b)	None of the Group Companies has, in the twelve months prior to the date of this Agreement, received a written notice from any individual claiming compensation from the Group for
breaches of applicable Data Protections Laws. 

  

	11.	Information Technology Systems 

 The Internal IT Systems
are either owned by, or licensed or leased to, the Group Companies. None of the Group Companies has, in the twelve months prior to the date of this Agreement, received a written notice from a third party alleging that a Group Company is in default
under licences or leases relating to the Internal IT Systems. 
 PART VII 
 Contracts 
  

	12.	Contracts 

  

	 	(a)	No Group Company has received written notice in the twelve months prior to the date of this Agreement that it is in material breach of or default under any agreement to which it is
a party; for this purpose only, “material” means a breach in default which will have a cost to the Group of €100,000 or more. 

  

	 	(b)	Except as set out in the Disclosure Letter, there is not outstanding in connection with the business of any Group Company: 

  

	 	(i)	any agreement or arrangement between any Group Company and any Top Customer under which the Top Customer will acquire a right of termination or the right to renegotiate the contract
price payable by such Top Customer under such agreement or arrangement as a result of the performance of this Agreement. “Top Customer” means the 14 customers set out in the Disclosure Letter, in the list in the agreed terms, other than
members of the Group but including trusts that have formed consortia of hospitals, who have paid the greatest amounts in aggregate to the Group during 2005 pursuant to their customer contracts with the Group and which represent at least 50% of Group
turnover generated in 2005; 

  

	 	(ii)	any agreement or arrangement entered into by any Group Company otherwise than by way of bargain at arm’s length; 

  

	 	(iii)	any sale or purchase option or similar agreement, arrangement or obligation providing for the disposal of the assets (having a value of at least €100,000) of any Group Company;

  

	 	(iv)	any agreement or contract containing any unusually onerous terms to be observed or performed by any Group Company and which the Company cannot comply with on time or without undue
or unusual expenditure of money or effort. 

  

	 	(c)	 So far as the Vendors are aware and save as disclosed in the Disclosure Letter, no Group Company has received any communication from a Top Customer stating 

  

 37 

 
that such customer will refuse to continue to deal or will only deal on materially different terms to the existing terms with such Group Company as a result
of the change of control of the Company consequential upon Completion. 
 PART VIII 
 Properties 
  

	13.	Details of Properties 

  

	 	(a)	The Properties set out in Part I of Schedule 3 comprise all the land and buildings owned and/or occupied or otherwise used by any Group Company. 

  

	 	(b)	The particulars of title and occupation of the Properties set out in Part II of Schedule 3 are true and correct. 

  

	14.	Title 

 A Group Company is the legal and beneficial owner
to each of the Properties and is in sole and undisputed occupation thereof and all original deeds and documents necessary to prove such title are in possession or under the control of a Group Company. 
  

	15.	Encumbrances 

 Each of the Properties is free from any
mortgage, debenture, charge, rent charge or other encumbrance securing the repayment of monies. 
  

	16.	Leasehold Properties 

  

	 	(a)	All leases (which expression includes underleases and tenancy agreements) under which any Group Company holds any of the Properties are valid and in full force and effect. Complete
and accurate copies of such leases (other than the lease of the property at Picton Board Premises, Aneurin Bevan Avenue, Brymenyn Industrial Estate, Bridgend in respect of which a memorandum of the main terms is contained in the Data Room) are set
out in the Data Room. 

  

	 	(b)	No Group Company has given or received a written notice of default under any leases of the Properties and an outstanding unobserved or unperformed obligation comply with any notice
or other requirement given by any landlord under any lease of the Properties. 

  

	17.	Other Properties 

 No Group Company has entered into any
agreement to acquire or dispose of any of the Properties. 
  

	18.	Planning 

 No Group Company has received any notice,
certificate or order under any of the Planning Acts in respect of any of the Properties since it acquired them which materially adversely restricts its use of such property. 
  

 38 

 PART IX 
 Environment 
  

	19.	Environmental Obligations and Pollution Control 

  

	 	(a)	There are no material claims or proceedings pending against any Group Company with respect to any breach of Environmental Laws. 

  

	 	(b)	No Group Company has received any written notice or communication in the twelve months prior to the date of this Agreement alleging or specifying any material breach of any
Environmental Laws. 

  

	 	(c)	All material Environmental Consents have been obtained by the relevant Group Company and, so far as the Vendors are aware, such Environmental Consents are being complied with by the
relevant Group Company in all material respects. 

 For the purposes of this part, “material” shall mean
material in the context of the Group taken as a whole. 
 PART X 
 Litigation, Compliance and Related Matters 
  

	20.	No Litigation – Compliance 

  

	 	(a)	No Group Company is engaged in nor, so far as the Vendors are aware, threatened in writing with any action, litigation, proceedings, arbitration or prosecution affecting or which
could have a material affect on any Group Company. 

  

	 	(b)	So far as the Vendors are aware no Group Company has done or omitted to do any act or thing which is in material breach of any law, statute, regulation which is applicable to it.

  

	 	(c)	Each Group Company has all material permits, licenses and authorities required for carrying on of its business in the manner carried on at the date of this Agreement and is not in
breach of any condition of any such permit, licence or authority where such breach would be likely to have a material adverse effect on its business. 

  

	 	(d)	The warranty at paragraph 20(a) above shall not apply to any proceedings for collection by any Group Company of debts arising in the ordinary course of business.

  

	21.	Investigations 

 No Group Company has received written
notice in the twelve months prior to the date of this Agreement of any investigation (pending or in progress) by, or on behalf of the office of the Director of Corporate Enforcement in Ireland or any other equivalent governmental body in another
jurisdiction in respect of the affairs of any Group Company. 
  

 39 

	22.	Insolvency 

  

	 	(a)	No Group Company has received any written notice that an order has been made, petition presented, resolution passed or meeting announced for the winding up of any Group Company or
for the appointment of any provisional liquidator thereto (or equivalent in any other jurisdiction). 

  

	 	(b)	No distress, execution or other process has been levied on any of the assets of any Group Company, nor has any Group Company made a voluntary arrangement with any of its creditors.

  

	 	(c)	No Group Company has received any written notice concerning, or has taken any action to commence the appointment of a receiver, administrative receiver or examiner or any analogous
appointment in other relevant jurisdiction has been exercised or has arisen in respect of the business or any of the assets of any Group Company. 

 PART XI 
 Employees - General 
  

	23.	Particulars 

 Materially complete particulars of all of the
Group’s employees as at 31 December 2005, their dates of commencement of employment and their terms and conditions of employment (including their remuneration and other benefits, privileges and concessions provided or which any
Group Company is bound or has committed to provide) have been disclosed to the Purchaser in the Data Room. 
  

	24.	Service Agreements 

 There are not in existence any service
agreements or other contracts of engagement with directors or employees of any Group Company which cannot be terminated by six months notice or less or without giving rise to any claim for damages or compensation (other than for the statutory
redundancy payment or compensation for unfair or wrongful dismissal). 
  

	25.	Breach of Contract, etc 

 No liability has been incurred by
any Group Company for breach of any contract of service or for statutory redundancy payment and no gratuitous payment has been made or promised by any Group Company in connection with the termination or proposed termination of the employment of any
present or former director or employee in receipt of a salary at a basic rate in excess of €50,000 per annum (“Senior Employee”). 
  

 40 

	26.	Trade Unions and Trade Disputes 

 Other than as disclosed
in the Data Room: 
  

	 	(a)	There are no recognition or other agreements or other arrangements (whether or not legally binding) between any Group Company and any trade union or other body representing
employees, nor has any Group Company done anything which might be construed as recognising any such union or body. 

  

	 	(b)	In the twelve months prior to the date of this Agreement there have been no material disputes between any Group Company and any trade union or other body representing employees of
the Group or any industrial action materially affecting any Group Company. 

  

	 	(c)	No Group Company is involved in any industrial or trade dispute or any dispute with any trade union or organisation or body of employees or any industrial action of employees of the
Group materially affecting any Group Company. 

  

	27.	Employee Incentive Schemes 

 No Group Company has in
existence nor is any Group Company proposing to introduce any share incentive, share option or profit sharing scheme or arrangement for all or any part of its directors or employees. 
  

	28.	No Terminations 

 At the date of this Agreement, no Senior
Employee has given or has been given notice in writing terminating his employment with any Group Company. 
  

	29.	No Contractual Obligations 

 Save as disclosed in the Data
Room there is no term of employment for any Senior Employee which provides that the sale of a Group Company entitles the Senior Employee to treat the sale of the Group Company as a breach of contract or entitles him to any payment or benefit on such
sale. 
 PART XII 
 Employees – Pensions/Benefits 
  

	30.	Pensions 

  

	 	(a)	There is contained in the Data Room: 

  

	 	(i)	a copy of the trust deed and rules governing the Irish Pension Scheme; 

  

	 	(ii)	copies of all benefit announcements and correspondence (if any) under which members of the Pension Schemes are granted special benefits not documented in the trust deed and rules or
other documents governing the Pension Schemes; and 

  

 41 

	 	(iii)	a list as at 31 December 2005 of current Group employees who are active members of the Pension Schemes. 

  

	 	(b)	The Irish Pension Scheme is a defined contribution scheme as defined in the Pensions Acts and the Group Personal Pension Plan operate on a money purchase/defined contribution basis.

  

	 	(c)	Except for the Pension Schemes and relevant state pension schemes, there is not in operation, and no proposal has been announced to enter into or establish, any agreement,
arrangement, undertaking, custom or practice (whether legally enforceable or not) for the payment of, or payment of a contribution towards, any pensions, allowances, gratuitous payments, lump sums or other similar benefits on retirement, death or
disablement for the benefit of any employee of any Group Company or for the benefit of any spouse, child or dependant of any such employee. 

  

	 	(d)	The Irish Pension Scheme has been registered pursuant to the provisions of the Pensions Acts. 

  

	 	(e)	The Irish Pension Scheme is an exempt approved scheme within the meaning of and for the purposes of Section 774 of the TCA and the Group Personal Pension Plan are exempt
approved schemes within the meaning of Chapter IV of Part XIV of the UK Income and Corporation Taxes Act 1988 as amended by Schedule 13 to the Finance Act 2000. 

  

	 	(f)	Contributions to the Pension Schemes are not paid in arrears and all contributions to the Pension Schemes and other amounts which have fallen due for payment have been paid.

  

	 	(g)	No Group Company participating as an employer in the Pension Schemes nor the trustees or administrators of the Pension Schemes are involved or engaged in any litigation or
arbitration proceedings or other claims (other than routine claims for benefits), complaints or disputes of which the Vendors are aware in respect of any act, event, omission or other matter arising out of or in connection with the Pension Schemes
or the provision of pension, death or disability benefits. 

 PART XIII 
 Tax Warranties 
  

	31.	Returns 

 Each Group Company has filed on a timely basis
with the appropriate Taxing Authorities all tax returns, statements, forms and reports for Tax, if any, (including, all elections, declarations, returns, disclosures, schedules, estimates and informational returns) that are required to be filed by,
or with respect to, such Group Company on or before Completion. All such filings were prepared in the manner required by law, are true correct and complete in all material respects, and accurately reflect the facts regarding the income, business,
assets, operations, activities, status and other matters of such Group Company. No such filings are currently being disputed by any Tax Authority. 
  

 42 

	32.	Tax 

 Each Group Company has paid all Tax, if any, that has
become due and payable in respect of all taxation years or other taxable periods (or portions thereof) that end before Completion except such Tax as is being contested in good faith and in respect of which adequate reserves have been provided in the
Accounts. 
  

	33.	Withholding 

 All Tax which any Group Company is (or was)
required by law to withhold or collect in connection with amounts paid or owing to any employee, contractor, creditor, member, shareholder or other third party has been duly withheld or collected, and has been timely paid over to the proper
authorities to the extent due and payable. 
  

	34.	Audit 

 No Group Company has been the subject of an audit
or examination in relation to Tax by any Tax Authority since the Accounts Date. 
  

	35.	Disputes 

 No Group Company is presently appealing or
contesting any Tax liability before any Tax Authority. 
  

	36.	Registration 

 Each Group Company is registered for Tax
purposes in each jurisdiction where it is required by law to be so registered. No written claim has ever been made by any Tax Authority in a jurisdiction where the Group Company does not file tax returns that the Company is or may be subject to
taxation in that jurisdiction. 
  

	37.	Liens 

 So far as the Vendors are aware, there are no liens
with respect to Tax upon any of the properties or assets, real or personal, tangible or intangible of any Group Company (other than liens for Tax not yet due), or upon any of the Shares. 
  

	38.	Residence 

 So far as the Vendors are aware, each Group
Company is and has at all times in the last six years been resident in its country of incorporation for tax purposes and is not and has not at any time in that period been treated as resident in any other jurisdiction for any tax purpose (including
any double taxation arrangement). 
  

	39.	No chargeable profit or gain would arise in respect of any asset of each Group Company is treated as such in the Accounts if that asset were to be disposed of for consideration
equal to the value attributed thereto in the Accounts, or acquired after the Accounts Date if that asset were to be disposed for consideration equal to the consideration given for its acquisition, or in each case disregarding any statutory right to
claim any allowance or relief other than amounts deductible under section 38 of the Taxation of Chargeable Gains Act 1992. 

  

 43 

	40.	If all the assets in respect of which allowances have been claimed under parts 2 of the Capital allowance Act 2001 or Part II of the Capital Allowance Act 1990 (Plant and Machinery
Allowances) and part 3 of the Capital Allowance Act 2001 or Part I of the Capital Allowance Act 1990 (Industrial Buildings Allowances) and owned by each Group Company at the Accounts Date were to be sold by the Group Company for an amount equal to
the value attributed to such assets in the Accounts then (ignoring any reliefs or allowances available to such Group Company) no balancing charge would be made on such Group Company. 

  

	41.	Neither the assets nor the shares of the Company are or may be subject to any charge by virtue of section 237 of the Inheritance Tax Act 1984 and no person has or may have the power
under section 212 of the Inheritance Tax Act 1984 to raise any capital transfer tax or inheritance tax by sale or mortgage of, or a terminable charge on, any of the Company’s assets or shares. 

  

	42.	No interest or other amount treated as a debit by the Company (including imputed interest under section 770A of and Schedule 28AA to the Income and Corporation Income and
Corporation Taxes Act 1988) in relation to any loan relationship remains unpaid and each such debit can be deducted in computing the taxable profits of the Company. 

  

	43.	Each Group Company had fully complied with its obligations to pay stamp duty in the United Kingdom or elsewhere and all documents the Stamp Duty on which any Group Company is liable
have been properly stamped or marked, as appropriate, and no such document which is outside the United Kingdom would attract stamp duty if it were to be brought into the United Kingdom. 

  

	44.	Each Group Company has never had a share incentive scheme in place and none of the employees transferring with the Group Company have been granted share options.

  

	45.	Each Group Company has not entered into any transaction for which was or will be otherwise than on an arm’s length basis, nor has it agreed to do so in circumstances that the
relevant Taxation Authority could adjust that Group Company’s income or capital gains for tax purposes and each Group Company has kept full and accurate documentation recording the methodology used to determine such consideration.

  

	46.	Each Group Company is a close company as defined in section 414 of the Income and Corporation Taxes Act 1988 but has never been a close investment holding company as defined in
section 13A of the Income and Corporation Taxes Act 1988 or had any interest in possession in settled property. 

  

	47.	No loan or advance has been made or waived or debt incurred or assigned whether by or to any Group Company or any other person as a result of which section 419 of the Income and
Corporation Taxes Act 1988 has applied, applies or may apply to the Company and there is no agreement or arrangement for such loan advance or debt to be made, waived, incurred or assigned and no such loan advance or debt will be outstanding at
Completion. 

  

 44 

	48.	Each Group Company has never made a distribution or transfer of value or disposition to which sections 418 of the Income and Corporation Taxes Act 1988 and 94 of the Inheritance Tax
Act 1984 applied, applies or may apply and there has been no alteration of the share or loan capital of such Group Company as a result of which section 98 of the Inheritance Tax Act applied, applies or may apply. 

  

	49.	The Company, Sterile Technologies (Ireland) Limited and Sterile Technologies Inc. (N.I.) Limited are Irish Tax resident and have been Irish Tax resident since incorporation or
acquisition. 

 PART XIV 
 Environmental Due Diligence Report 
  

	50.	Treatment Machinery 

 As far as the Vendors are aware, all
healthcare waste treatment machinery which is currently operating on the Sites is operating in the ordinary and normal manner of such machinery having regard to the age of such machinery and usual wear and tear in the ordinary course. 
  

	51.	The Environmental Due Diligence Report 

 The Environmental
Due Diligence Report as prepared by MJ Carter Associates Limited dated 21 December 2005 and addressed to the Purchaser contains, insofar as the Vendors are aware, no material inaccuracies. 
  

 45 

 SCHEDULE 3 
 Properties of the Group 
 PART I 
 Property Addresses 
 Irish Properties 
  

	1.	Unit 430 Western Industrial Estate, Naas Road, Dublin 12. 

  

	2.	Unit 420 Western Industrial Estate, Naas Road, Dublin 12. 

  

	3.	Unit 1A Renmore Business Complex, Kilcoole Industrial Estate, Kilcoole, County Wicklow. 

 Northern Ireland Properties 
  

	4.	Antrim Area Hospital Services Yard, 45 Bush Road, Antrim. 

 Scottish
Properties 
  

	5.	4 South Wardpark Court, Cumbernauld, Dumbarton. 

  

	6.	5 Elliott Industrial Estate, Arbroath. 

  

	7.	Waste Transfer Station, Aberdeen Royal Infirmary, Aberdeen. 

 UK
Properties 
  

	8.	Suites 1,2 and 3 Lindfield House, Stuart Road, Gravesend, Kent DA11 0BZ 

  

	9.	Units 9A and 9B Longport Enterprise Centre, Scott Ligett Road, Longport, Stoke on Trent, Staffordshire. 

  

	10.	Part Ground Floor, Waterside House, Smiths Road, Bolton. 

  

	11.	Incinerator at Hope Hospital, Park Place, Salford 

  

	12.	1.13 acres of land at the junction of St Andrew’s Road and Holesmouth Gate, Avonmouth 

  

	13.	Land at Hillingdon Hospital, Middlesex 

  

	14.	Incinerator at Alexander Hospital, Redditch 

  

	15.	Land and buildings at Station Road, Four Ashes 

  

	16.	Marlborough Road, Wrexham Industrial Estate, Wrexham 

  

	17.	Picton Boat Premises, Aneurin Bevan Avenue, Brymenyn Industrial Estate, Bridgend 

  

	18.	Unit BT 96/2 Fisher Industrial Estate, Walker, Tyne and Wear 

  

 46 

 PART II 
 Particulars of Title and Occupation of Property 
 Irish Properties 
  

	1.	Unit 430, Western Industrial Estate, Naas Road, Dublin 12 is held under an Indenture of Lease dated 25 May 1999 between (1) NEPA Distributors Limited and (2) Waste to
Energy Limited HELD for a term of 35 years from 1 January 1998. 

  

	2.	Unit 420, Western Industrial Estate, Naas Road, Dublin 12 is held under an Indenture of Lease dated 23 May 1980 made between (1) Cotswold and (2) Deutz Engines
Ireland Limited HELD for a term of 35 years from 1 February 1980. 

  

	3.	Unit 1A, Renmore Business Complex, Kilcoole Industrial Estate, Kilcoole, County Wicklow is held under a Short Term Lease Agreement dated 1 October 2003 for a term of 3 years
and 6 months from 1 October 2003. 

 UK Properties 
 Northern Ireland Properties 
  

	4.	The Chem-Clav Clinical Waste Treatment Plant, Antrim Hospital Services Yard, Antrim Hospital, 45 Bush Road, Antrim is held under the terms of a Counterpart Agreement dated
15 September 1999 between (1) United Hospitals Health and Social Services Trust and (2) Sterile Technologies Inc. (N.I.) Limited for a term of 10 years from 15 September 1999. 

 Scottish Properties 
  

	5.	4 South Wardpark Court, Cumbernauld, Dumbarton is a Heritable title registered in the Land Register of Scotland under title number DMB54445. 

  

	6.	5 Elliott Industrial Estate, Arbroath, is held under a Lease dated 21 and 29 May 1998 and registered in the books of Council and Session on 31 July 1998 between
(1) Lindrick Business Services Limited and (2) Eurocare Environmental Services Limited for a term of 20 years from 12 November 1997. 

  

	7.	The Waste Transfer Station, Aberdeen Royal Infirmary, Aberdeen, is held under a Lease dated 4 July, 11 September and 26 September and registered in the Books of
Council and Session on 12 April 2000 between (1) Grampian University Hospitals National Health Service Trust, (2) University Court of the University of Aberdeen and (3) Eurocare Environmental Services Limited for a term of 10
years from 1 February 1999. 

  

 47 

 UK Properties 
  

	8.	Suite 1 and Suite 2, Lindfield House, Stuart Road, Gravesend, Kent, DA 11 0BZ, are held under the terms of a Tenancy Agreement dated 1 February 2003 between (1) David
Lindfield and (2) BFH Group Limited for a term of 4 years from 1 February 2003 and Suite 3, Lindfield House, Stuart Road, Gravesend, Kent, DA 11 0BZ, is held under the terms of a Tenancy Agreement dated 9 February 2004 between
(1) David Lindfield and (2) BFH Group Limited for a term of 4 years from 9 February 2004. 

  

	9.	Units 9A and 9B, Longport Enterprise Centre, Scott Ligett Road, Longport, Stoke on Trent, Staffordshire is held under a Lease dated 1 March 2004 between (1) Quillmount
Limited and (2) BFH Group Limited for a term of 6 years from 1 March 2004. 

  

	10.	Part Ground Floor, Waterside House, Smiths Road, Bolton is held under a Lease dated 10 June 2004 between (1) Foden Investments Limited and (2) BFH Group Limited for a
term of 10 years from 10 June 2004. 

  

	11.	The land comprising the Incinerator at Hope Hospital, Park Place, Salford is held under a Lease dated 21 March 1994 made between (1) The Secretary of State for Health
(2) North West Energy Limited and (3) Basic Energy (Holdings) Limited for a term of 20 years from 1 July 1993. 

  

	12.	1.13 acres of land at the junction of St Andrew’s Road and Holesmouth Gate, Avonmouth is held under a Lease dated 8 November 1994 made between (1) First Corporate
Shipping Limited and (2) Motherwell Bridge Envirotec Limited for a term of 150 years less three days from 7 August 1991. 

  

	13.	Land at Hillingdon Hospital, Hillingdon, Middlesex is held under a Lease dated 31 January 1997 made between (1) Hillingdon Hospital NHS Trust (2) Clinical Energy
Limited (3) Environmental Incineration Company Limited and (4) Blue Circle Incineration Limited for a term of 20 years from 1 January 1993. 

  

	14.	Incinerator at Alexander Hospital, Redditch is held under a Lease dated 11 December 1996 made between (1) Alexandra Healthcare NHS Trust (2) Medical Energy
(Worcestershire) Limited and (3) Blue Circle Incineration Limited for a term of 25 years from 11 December 1996. 

  

	15.	Land and buildings at Station Road, Four Ashes is held under a Lease dated 14 December 2004 made between (1) Leigh Interests Plc and (2) Sterile Technologies
(Newcastle) Limited for a term of 15 years from 14 December 2004. 

  

	16.	Marlborough Road, Wrexham Industrial Estate, Wrexham is Freehold title registered at HM Land Registry under title number CYM140581. 

  

	17.	Picton Boat Premises, Aneurin Bevan Avenue, Brymenyn Industrial Estate, Bridgend is held under a Lease dated 4 December 2000 made between (1) Picton Boat Limited and
(2) Eurocare Environmental Services Limited for a term of 10 years from 1 December 2000. 

  

	18.	Unit BT 96/2 Fisher Industrial Estate, Walker, Tyne and Wear is held under Lease dated 13 August 1998 made between (1) Urban Regional Agency and (2) Eurocare
Environmental Services Limited for a term of 12 years from 13 August 1998. 

  

 48 

 SCHEDULE 4 
 The Group Companies 
 PART I 
 The Company 
  

											
	 Company Name
	  	Incorporated	  	Registered
Number	  	 Registered Address
	  	 Directors
	  	Company
Secretary
						
	The Sterile Technologies Group Limited	  	26 November 1998	  	297176	  	 430 Beech Road
 Western Industrial Estate
 Naas Road
 Dublin 12
	  	 Des Rogers (Eugene Gibney being his
 alternate)
 Vivienne Gillen
 Declan Heavey
 Niall Wall
 Paul Coulson
 Sir Gerry Loughran
	  	William
Blyde

  

 49 

 PART II 
 The Subsidiaries 
  

											
	 Company Name
	  	Incorporated	  	Registered
Number	  	 Registered Address
	  	 Directors
	  	Company
Secretary
	Sterile Technologies (Ireland) Limited	  	16 December 1996	  	258299	  	 430 Beech Road
 Western Industrial Estate
 Naas Road
 Dublin 12
	  	 Des Rogers
 Vivienne Gillen
 Niall Wall
 Paul Coulson
	  	William
Blyde
						
	Sterile Technologies Inc. (N.I.) Limited	  	13 June 1997	  	NI032514	  	 Antrim Area Hospital
 Services Yard
 45 Bush Road
 Antrim
 BT 412RL
	  	 Des Rogers
 Niall Wall
 Paul Coulson
	  	William
Blyde
						
	 Sterile Technologies (UK)
 Limited
	  	23 October 2003	  	04941321	  	 1st Floor
Linfield House
 Stuart Road
 Gravesend
 Kent
 DA11 0B2
	  	 William Blyde
 Paul Coulson
 Des Rogers
 Niall Wall
	  	William
Blyde
						
	BFH Group Limited	  	31 December 1997	  	03487700	  	 1st Floor
Linfield House
 Stuart Road
 Gravesend
 Kent
 DA11 0B2
	  	 William Blyde
 Des Rogers
 Niall Wall
	  	William
Blyde
						
	 Sterile Technologies (Newcastle)
 Limited
	  	19 January 2004	  	05018899	  	 1st Floor
Linfield House
 Stuart Road
 Gravesend
 Kent
 DA11 0B2
	  	 William Blyde
 Niall Wall
	  	William
Blyde

  

 50 

											
	 Company Name
	  	Incorporated	  	Registered
Number	  	 Registered Address
	  	 Directors
	  	Company
Secretary
	BFH Incineration Limited	  	2 February 1990	  	02466459	  	 1st Floor
Linfield House
 Stuart Road
 Gravesend
 Kent
 DA11 0B2
	  	 William Blyde
 Des Rogers
 Niall Wall
	  	William
Blyde
						
	BFH Incineration Trustee Limited	  	22 August 2000	  	04057647	  	 1st Floor
Linfield House
 Stuart Road
 Gravesend
 Kent
 DA11 0B2
	  	 William Blyde
 Des Rogers
 Niall Wall
	  	William
Blyde
						
	South West Energy Limited	  	18 July 1996	  	03226910	  	 1st Floor
Linfield House
 Stuart Road
 Gravesend
 Kent
 DA11 0B2
	  	 William Blyde
 Des Rogers
 Niall Wall
	  	William
Blyde
						
	Clinical Energy Limited	  	6 September 1989	  	02420459	  	 1st Floor
Linfield House
 Stuart Road
 Gravesend
 Kent
 DA11 0B2
	  	 William Blyde
 Des Rogers
 Niall Wall
	  	William
Blyde
						
	North West Energy Limited	  	5 March 1990	  	02477171	  	 1st Floor
Linfield House
 Stuart Road
 Gravesend
 Kent
 DA11 0B2
	  	 William Blyde
 Des Rogers
 Niall Wall
 Paul Simpson
	  	William
Blyde
						
	Medical Energy (Worcestershire) Limited	  	6 April 1993	  	02808934	  	 1st Floor
Linfield House
 Stuart Road
 Gravesend
 Kent
 DA11 0B2
	  	 William Blyde
 Des Rogers
 Niall Wall
	  	William
Blyde

											
						
	Clini-Clear Limited	  	24 November 2000	  	04113996	  	 1st Floor
Linfield House
 Stuart Road
 Gravesend
 Kent
 DA11 0B2
	  	 William Blyde
 Niall Wall
	  	William
Blyde
						
	 Sterile Technologies
 (Avonmouth) Limited
	  	9 December 2004	  	05309327	  	 1st Floor
Linfield House
 Stuart Road
 Gravesend
 Kent
 DA11 0B2
	  	 William Blyde
 Niall Wall
	  	William
Blyde
						
	Transafe Limited	  	24 February 1998	  	280760	  	 430 Beech Road
 Western Industrial Estate
 Naas Road
 Dublin 12
	  	 Michael Weir
 Neville Graver
 Niall Wall
 Vivienne Gillen
 Valerie Brennan
	  	Neville
Graver

  

 51 

 SCHEDULE 5 
 PART I 
 Calculation of Actual Net Debt 
  

	1.	Preparation of Completion Accounts 

  

	 	(a)	Following Completion, the Purchaser shall procure that draft Completion Accounts (the “Draft Completion Accounts”) are prepared as soon as practicable and in any event
within 40 Business Days after Completion. The Purchaser shall then procure that the Draft Completion Accounts shall be audited by the Company’s Auditors in accordance with the provisions of this Schedule 5 and shall request that the
Company’s Auditors audit the Draft Completion Accounts within 20 Business Days of their receipt of the same. 

  

	 	(b)	The Draft Completion Accounts are to include notes equivalent, to the extent appropriate, to those contained in the Accounts and the Company’s Auditors shall use the Draft
Completion Accounts to prepare a statement setting out the Actual Net Debt and its components, the Net Indebtedness, the Actual Net Working Capital and Net Working Capital Adjustment (if necessary) (the “Draft Adjustment Statement”) as at
the close of business on the Completion Date. 

  

	 	(c)	The Draft Completion Accounts shall be prepared in accordance with Irish GAAP in a manner consistent with the preparation of the Accounts and in compliance with the succeeding
provisions of this Schedule 5 and shall include sufficient back up documentation to fully explain the figures contained therein. The Draft Completion Accounts shall be in the format set out in the proforma Completion Account Schedule set out in Part
II of this Schedule 5. 

  

	 	(d)	The Draft Completion Accounts and Draft Adjustment Statement shall be delivered to the Vendors’ Representative and the Purchaser (each a party for the purpose of this schedule
5) as soon reasonably practicable and in any event no later than 90 Business Days after Completion. 

  

	2.	Dispute 

 Either party may dispute the Draft Completion
Accounts and/or Draft Adjustment Statement by giving notice (in this Schedule 5 the “Notice”) in writing to the other party within 10 Business Days of receiving the Draft Completion Accounts and Draft Adjustment Statement. The Notice shall
specify: 
  

	 	(a)	the items which are disputed, 

  

	 	(b)	the reasons for the dispute, and 

  

	 	(c)	the effect that the party issuing the Notice believes that the items in dispute would have on the calculation of Actual Net Debt. 

  

 52 

 For the purposes of reviewing the Draft Completion Accounts and/or Draft Adjustment Statement each of the
parties (and their accountants as appropriate) shall be afforded reasonable access to the books and records of the Company as are appropriate for such review and the relevant working papers of the Company’s Auditors used in auditing the Draft
Completion Accounts and the Draft Adjustment Statement. 
  

	3.	Finalisation 

  

	 	(a)	If no party serves a Notice pursuant to paragraph 2 of this Schedule 5, the Draft Completion Accounts and/or Draft Adjustment Statement (if any) shall constitute the Completion
Accounts and the statement therein of actual net debt shall be the Actual Net Debt for the purposes of this Agreement. 

  

	 	(b)	If either party serves a Notice in accordance with paragraph 2 of this Schedule 5 then: 

  

	 	(i)	if the Purchaser and the Vendors’ Representative reach agreement on the items in dispute within 10 Business Days of the Notice being served (or such longer period as they may
agree in writing), the Draft Completion Accounts and/or Draft Adjustment Statement (if any) shall be amended by agreement between them to reflect such agreement and the Draft Completion Accounts and Draft Adjustment Statement (as so amended if
applicable) shall constitute the Completion Accounts for the purposes of this Agreement and the statement therein of actual net debt shall be the Actual Net Debt for the purposes of this Agreement. 

  

	 	(ii)	if the Purchaser and the Vendors’ Representative do not reach agreement in accordance with paragraph (i) above, the Purchaser or the Vendors’ Representative may refer
the matter for determination to an independent accountant appointed by agreement between them or, in the absence of such agreement within 5 Business Days, appointed, on the application of either such party, for the purpose by the President for the
time being of the Institute of Chartered Accountants of Ireland (in this Schedule 6 the “Expert”) on the basis that the Expert is to make a decision on the dispute and notify the parties of his decision within 30 Business Days of receiving
the reference or as soon as reasonably practicable thereafter as the Expert may determine. 

  

	4.	The Expert 

 In any reference to the Expert in accordance
with paragraph 3 of this Schedule 5: 
  

	 	(a)	the Expert shall act as an expert and not as an arbitrator and the provisions of the Arbitration Acts 1954 and 1980 shall not apply to him or to his determination;

  

	 	(b)	the decision of the Expert shall, in the absence of fraud, be final and binding on the Purchaser and the Vendors and the Draft Accounts and/or Draft Adjustment Statement as amended
according to the decision of the Expert (if applicable) shall be the Completion Accounts and Actual Net Debt shall be such amount as is determined by the Expert; 

  

 53 

	 	(c)	the costs of the Expert shall be paid by such party or parties as is determined to be appropriate by the Expert having regard to the merits of their respective positions in such
dispute; and 

  

	 	(d)	the Vendors and the Purchaser shall respectively provide or to the extent that it is within their power to do so shall procure the provision to the Expert of all such information as
the Expert may reasonably require. 

  

	5.	Accounting Principles 

 The following accounting principles
shall apply to the preparation of the Completion Accounts and to the determination of the Actual Net Debt: 
  

	 	(a)	Basis of Consolidation 

 The Completion Accounts comprise
the consolidated financial statement of the Company and its Subsidiaries. 
  

	 	(b)	Taxation 

 The tax charged against profits for the period
from the Accounts Date to the Completion Date comprise the tax payable on profits for the period and deferred tax in respect of all timing differences that have originated but not reversed by the Completion Date, as adjusted for any tax losses
forward which can be utilised. 
  

 54 

 PART II 
 The Proforma Completion Accounts Schedule 
 [omitted] 
  

 55 

 SCHEDULE 6 
 Escrow Account 
  

	1.	Establishment of Escrow Account 

 The parties will
co-operate in good faith to procure the establishment of the Escrow Account upon or as soon as reasonably practicable after Completion so that the Retained Amount can be transferred to it. For these purposes the Escrow Account shall be a deposit
account with AIB Bank, 40 – 41 Westmoreland Street, Dublin 2 opened in the name of the Vendors’ Solicitors and the Purchaser’s Solicitors. The signatures to the Escrow Account shall be any one partner (duly authorised in accordance
with the bank’s mandates) from time to time from each of the Vendors’ Solicitors and the Purchaser’s Solicitors respectively. 
  

	2.	Interest 

 The Escrow Account shall be an interest bearing
account and all interest accruing on amounts standing to the balance of the Escrow Account shall be credited to the Escrow Account (net of any bank charges or other costs of such account). All fees charged by the bank in relation to opening and
operating the Escrow Account shall be deducted against interest earned from time to time and thereafter agreement any other monies standing to the credit of the Escrow Account. The bank may also deduct from interest earned any tax required by law to
be deducted. 
  

	3.	

  

	 	(a)	The Retained Amount shall (save as otherwise provided herein) be retained in the Escrow Account until the date (the “Escrow Payment Date”) on which the Actual Net Debt is
determined in accordance with the provisions of Clause 2.3 and Schedule 5. Subject to paragraph (b) below, upon determination of the Actual Net Debt, the Purchaser and/or the Vendors (as the case may be) shall be entitled on the Escrow Payment
Date to that part of the Retained Amount and the balance of interest (if any) that is equal to: 

  

	 	(i)	the amounts (if any) that it and/or they are entitled to pursuant to the provisions of Clause 2.4; and 

  

	 	(ii)	that part of the interest credited to the Escrow Account which is attributable to such part of the Retained Amount being the same proportion of such interest which the amount in
sub-paragraph (i) of this paragraph 3 above bears to the entire Retained Amount. 

  

	 	(b)	 Prior to the Escrow Payment Date the Purchaser shall be entitled to assert against the Vendors any Claim. In the event of such Claim the Purchaser shall serve
notice on the Vendors (“Notice of Claim”) setting out the Purchaser’s genuine pre-estimate of the Vendors’ liability in respect of the Claim (“Estimated Claim Amount”). Notwithstanding the provision of paragraph 3(a)
and subject to the provisions of paragraph 3(c), once a Notice of Claim has been served an amount equal to the Estimated Claim Amount shall be deducted from the Retained Amount and retained in the Escrow Account until such time as all Claims 

  

 56 

	 	 
asserted prior to the Escrow Payment Date have been determined by a court of competent jurisdiction or settled by agreement of the parties. Following such
determination or settlement of all such Claims, the following payments shall be made from the Escrow Account: 

  

	 	(i)	to the Purchaser a sum equal to the aggregate sum due to the Purchaser in respect of all Claims which have been settled together with that part of the interest credited to the
Escrow Account which is attributable to the amount paid to the Purchaser under this paragraph; and 

  

	 	(ii)	to the Ordinary Shareholders on the Escrow Payment Date the balance of the Retention Amount (if any) including interest attributable thereto as adjusted in accordance with paragraph
3(a) above. 

  

	 	(c)	Where in relation to any Claim(s) to which a Notice of Claim relates, proceedings in respect thereof are not instituted (that is to say issued and served) within 12 months of the
Escrow Payment Date (unless previously satisfied, settled or withdrawn) the Vendors will cease to be liable for any such Claim(s) and all funds then remaining in the Escrow Account shall be released forthwith to the Ordinary Shareholders.

  

	 	(d)	The Vendors and the Purchaser hereby irrevocably agree to instruct the Vendors’ Solicitors and the Purchaser’s Solicitors respectively to do such things as are reasonably
required to pay the parties entitled thereto the amounts referred to in paragraph 3(a) and 3(b) above. All amounts received by any of the parties pursuant to this paragraph 3 shall be received in or towards discharge of the amount(s) (if any) due to
them pursuant to Clause 2.4. 

  

	4.	Escrow Agents 

 The Vendors’ Solicitors and the
Purchaser’s Solicitors (collectively the “Escrow Agents”) shall perform only the duties expressly set forth herein. The Escrow Agents shall not have any other right, duty or obligation to manage, make any payment in respect of, vary
or otherwise deal in any matters contemplated by this Agreement or to otherwise take or refrain from taking any action under or in connection with any document contemplated hereby and no implied rights, duties, covenants or obligations shall be
implied into, or construed from, this Agreement. 
  

	 	(a)	Subject to Clause 6.11 of this Agreement, the Escrow Agents may rely upon, and shall be protected in acting or refraining from acting upon, any written notice, instruction or
request furnished to it hereunder and believed to be genuine and to have been signed or presented by the proper party or parties. 

  

	 	(b)	Without limiting paragraph 4(d) below, the Vendors and the Purchaser shall jointly and severally indemnify the Escrow Agents in such proportions as the Escrow Agents shall in their
absolute discretion determine to be equitable against any loss, liability, cost, claim, action, demand or expense which they (or either of them) may incur or which may be made against them as a result of or in connection with the exercise of its
powers and performance of their duties hereunder, except such as may result from any fraud or dishonesty on the part of the Escrow Agents. 

  

 57 

	 	(c)	The Escrow Agents shall be entitled from time to time to obtain the advice of solicitors, counsel, accountants or other professional advisers with respect to any matter pertaining
to this Agreement and its responsibilities hereunder and shall be entitled to rely on all such advices and to act for the purposes of this Agreement in accordance therewith and shall have full and complete authorisation and protection with respect
to any such action taken in good faith. The Escrow Agents shall be entitled to be indemnified out of the monies standing to the credit of the Escrow Account against any loss, liability, cost, claim, action, demand or expense which it may incur
without fraud or dishonesty on its part arising out of or in connection with this Agreement, including the costs and expenses incurred in defending against any such claim or liability. 

  

	 	(d)	Except as may be agreed in writing by the Vendors’ Representative and the Purchaser, the Escrow Agents will not charge any fee for acting as Escrow Agents.

  

	 	(e)	The Escrow Agents shall not incur any liability for not performing any act or fulfilling any duty, obligation, or responsibility hereunder by reason of any occurrence beyond the
control of the Escrow Agents provided however that the Escrow Agents shall give prompt written notice to the Escrow Parties of any such occurrence beyond its control which prevents it from performing any act or fulfilling any duty, obligation, or
responsibility hereunder. 

  

	 	(f)	The Escrow Agents shall not be required to defend any legal proceedings which may be instituted against it in respect of the subject matter of this Agreement unless requested to do
so by any party and unless indemnified and given security for their costs to their satisfaction against the cost and expense of such defence. 

  

	 	(g)	The Escrow Agents shall not be required to institute legal proceedings of any kind. 

  

	 	(h)	In the event of any disagreement between any of the parties to this Agreement, or between any of them and any other person resulting in adverse claims or demands being made against
the Escrow Agents, or in the event that the Escrow Agents in good faith are in doubt as to what action they should take hereunder, the Escrow Agents may refuse to release sums from escrow or to comply with any claims or demands on them until:-

  

	 	(i)	the Escrow Agents shall have received an order of a court of competent jurisdiction from which there is no right of appeal directing such release or payment; or

  

	 	(ii)	all differences and doubts shall have been resolved by written agreement executed by the parties to such disagreement. 

  

	 	(i)	The Vendors’ Representative and the Purchaser by joint written notice to the Escrow Agents shall have the right at their discretion to remove and replace either or both Escrow
Agents (including any subsequent Escrow Agents) with effect from the date appearing in the said notice, and in such event the removed Escrow Agents shall co-operate as necessary in order to transfer in an orderly manner its duties hereunder to the
subsequent Escrow Agents so appointed. 

  

	 	(j)	Notwithstanding anything herein to the contrary, the Escrow Agents may act upon any written instructions jointly given by the Vendors’ Representative and the Purchaser. The
Vendors’ Representative and the Purchaser shall as and when necessary give instructions to the Escrow Agents in order to procure compliance with this Agreement. 

  

 58 

 SCHEDULE 7 
 Purchaser Warranties 
  

	1.	The Purchaser is a company duly incorporated and organised and validly existing under the laws of Delaware, USA. 

  

	2.	The Purchaser has the power and authority required to enter into this Agreement and perform fully its obligations under it in accordance with their terms. 

 

	3.	Neither the entry into this Agreement nor the implementation of the transactions contemplated by it will result in: 

  

	 	(a)	a violation or breach of any provision of the constitutional documents of the Purchaser of any contract or other instrument to which the Purchaser is bound; or

  

	 	(b)	a violation or breach of any applicable laws or regulations or of any order, decree or judgment of any court, governmental agency or regulatory authority applicable to the Purchaser
or any of its assets; or 

  

	 	(c)	a requirement for the Purchaser to obtain any consent or approval of, or give any notice to or make any registration with, any governmental, regulatory or other authority which has
not been obtained or made at the date of this Agreement on a basis which is both unconditional and cannot be revoked. 

  

	4.	No order has been made, petition presented or meeting convened for the purpose of considering a resolution for the winding up of the Purchaser or for the appointment of any
provisional liquidator. No receiver (including any administrative receiver) or examiner has been appointed in respect of the whole or any part of any of the property, assets and/or undertaking of the Purchaser. No events or circumstances analogous
to any of those referred to in this paragraph 4 have occurred in any jurisdiction outside Ireland. 

  

	5.	No member of the Purchaser’s Group is: 

  

	 	(a)	subject to any order, decree or judgment of any court, governmental agency or regulatory authority which is still in force; nor 

  

	 	(b)	a party to any litigation, arbitration or administrative current or pending proceedings; 

  

	 	(c)	the subject of any governmental, regulatory or official investigation or enquiry which is in progress or threatened or pending; 

 and which in each case has or could have a material adverse effect on the Purchaser’s ability to execute, deliver and perform its obligations under
this Agreement. 
  

 59 

 SCHEDULE 8 
 Tax Covenant 
  

	1.	Interpretation 

  

	 	(a)	Definitions 

 Words and expressions defined in this
Schedule shall, unless the context otherwise requires, have the following meanings: 
  

	 	(i)	“Accounts Relief”, includes any Relief which has been treated as an asset in the Completion Accounts; or any Relief which has been taken into account in computing a
provision for deferred tax which appears in the Completion Accounts or has resulted in no provision for deferred tax being made in the Completion Accounts; 

  

	 	(ii)	“Relief”, includes any relief, exemption, allowance, credit, deduction, charge or set-off available to any Group Company for the purposes of reducing any income, profit,
or gain that is subject to Tax, or for the purposes of relieving, reducing or mitigating any Tax; 

  

	 	(iii)	“Tax Notice”, any notice, assessment, letter, demand or other document issued by or on behalf of any Tax Authority, or any action taken by or on behalf of any Tax
Authority, under which such Tax Authority imposes, purports to impose or indicates that it may impose Tax on any Group Company; 

  

	 	(iv)	“Tax Liability”: 

  

	 	A.	any liability of any Group Company to make any payment of Tax; 

  

	 	B.	the setting off of any Relief which was not available to any Group Company on or before Completion, but which arises in respect of an event occurring after Completion (“Post
Completion Relief”), against income, profits or gains that were earned, accrued or received on or before Completion, or against any liability to Tax relating to the period before Completion, in circumstances where, but for such setting off, any
Group Company would have had a liability to Tax and the Purchaser would have been able to make a claim against the Vendors under this Schedule in respect of such liability, 

  

	 	C.	the loss, disallowance or unavailability in whole or in part of any Accounts Relief but only to the extent that such loss, disallowance or non-availability would have given rise to
a reduction in the Consideration pursuant to Clause 2.4(b) of this Agreement, 

 in each case whether or not chargeable against
or attributable to or recoverable from any other person, and for the purposes of this definition, the amount of any Tax Liability shall be deemed to be equal to: 
  

	 	I.	in the case of items A above, the amount of the payment to be made; 

  

 60 

	 	II.	in the case of items B above, the amount of Tax which would have been saved by setting off the Relief; 

  

	 	III.	in the case of items C above the amount by which the Consideration would have been reduced pursuant to Clause 2.4(b) of this Agreement by reason of the loss, disallowance or
unavailability in whole or in part of the Accounts Relief. 

  

	 	(v)	“Transaction”, includes, without limitation, any act, omission, event or occurrence of whatever nature occurring, effected or deemed to occur or be effected on, before or
after Completion. Without limiting the generality of the forgoing, the term “Transaction” shall include Completion and/or the severing of any group relationship on Completion. 

  

	 	(b)	Construction 

  

	 	(i)	In this Schedule, references to: 

  

	 	A.	income, profits or gains earned, accrued or received on or before a particular date or in respect of a particular period shall include income, profits or gains which are deemed for
Tax purposes to have been earned, accrued or received on or before such date or during such period; and 

  

	 	B.	any Transaction occurring on or before a particular date or during a particular period shall include any Transaction that is deemed for Tax purposes to have occurred on or before
such date or during such period. 

  

	 	(c)	Headings and Captions 

 The headings or captions to the
paragraphs in this Schedule are inserted for convenience of reference only and shall not be considered a part of or affect the interpretation or construction thereof. 
  

	2.	Covenant 

  

	 	(a)	Covenant to Pay 

 The Vendors hereby severally covenant to
pay to the Purchaser, as a repayment of the Consideration paid for the Shares under this Agreement, an amount equal to the aggregate of: 
  

	 	(i)	each and every Tax Liability arising in respect of, by reference to or in consequence of: 

  

	 	A.	any Transaction which occurred or was effected on or before Completion; 

  

 61 

	 	B.	any profits or gains earned, accrued or received on or before Completion; 

  

	 	C.	the non payment of Tax by the Vendors or any person (other than a Group Company) which was in the same group or connected (within the meaning of Section 839 of the
Income & Corporation Taxes Act 1985) with the Vendors prior to Completion and which results in a Group Company being liable to discharge such Tax Liability; 

  

	 	D.	such amount as the Company is liable to pay or repay (other than to another Group Company) in respect of any surrender of group relief or arrangement under Section 36 of the
Finance Act 1998 entered into prior to Completion; 

  

	 	(ii)	all reasonable costs and expenses incurred by the Purchaser and/or any Group Company in connection with or in consequence of any successful claim under this Schedule (including,
without limitation, any reasonable costs or expenses incurred in appealing or defending any Tax Liability in accordance with paragraph 4(a) of this Schedule, and/or in successfully taking or defending any action against the Vendors in relation to
this Schedule). 

 The Vendors further hereby covenant to pay to the Purchaser an amount equivalent to any liability to Taxation
on or in respect of any sums paid pursuant to this paragraph 2(a) of this Schedule or otherwise hereunder so that the amount so payable shall be grossed up by such amount as will ensure that after payment of any Taxation on or in respect of any
amount, there shall be left the sum equal to the amount that would otherwise be payable pursuant to this paragraph 2(a) hereof or otherwise hereunder were the payment not subject to Taxation as aforesaid. 
  

	 	(b)	Purchaser’s Covenant to Pay 

  

	 	(i)	The Purchaser hereby covenants with the Vendors to pay to the Vendors’ Representative or any other person falling within the meaning of Section 629(4) TCA (or its
equivalent in any other jurisdiction) an amount equal to any Tax for which any Group Company is primarily liable to pay, but which the Vendors (or any of them), or any other person falling within the meaning of Section 629(4) TCA (or its
equivalent in any other jurisdiction) become liable to pay as a result of a failure on the part of a Group Company to pay such Tax. The provisions of paragraph 4 of this Schedule shall apply, mutatis mutandis, to any claim made by the Vendors
against the Purchaser under this paragraph 2(b) save that this paragraph shall not apply in respect of any Tax for which the Vendors are liable to make (but have not yet made) payment to the Purchaser under this Agreement; 

 

	 	(ii)	 The Purchaser covenants with the Vendors that it will pay to the Vendors such an amount as (after deducting any Tax for which they are liable 

  

 62 

	 	 
thereon) on an amount equal to any liability which any of them may suffer or incur under 767A, 767AA or 767B ICTA 1988 or any equivalent enactment in any
jurisdiction outside the United Kingdom (or which any of them would have suffered or incurred but for some Relief being available to the Vendors) by reason of or by reference to any action or omission by any Group Company occurring or deemed to
occur at any time after Completion save that this paragraph shall not apply in respect of any Tax for which the Vendors are liable to make (but have not yet made) payment to the Purchaser under this Agreement. 

  

	3.	Liability of Vendors 

  

	 	(a)	Limitations on Liability of the Vendors 

 The Vendors shall
not be liable in respect of any claim (a “Tax Claim”) made by the Purchaser pursuant to paragraph 2(a) of this Schedule to the extent that: 
  

	 	(i)	the liability of the Vendors under this Schedule has been limited pursuant to Clauses 3.3(b), 3.3(c), 3.3(d), 3.5, 3.6, 3.8(c), 3.8(d), 3.9, 3.10, 3.13, 3.15, 3.16 and 3.17 of this
Agreement; 

  

	 	(ii)	allowance, provision or reserve in respect thereof was made or taken into account in the preparation of the Completion Accounts (including, without limitation, the calculation of
the Actual Net Debt); 

  

	 	(iii)	the Tax Claim arises or the amount thereof is increased as a result of any change of accounting date, accounting practice, or tax reporting practice by any Group Company effected
after Completion save as to comply with generally accepted accounting principles in force at Completion; 

  

	 	(iv)	either the Purchaser or any Group Company has been compensated in respect of the liability that is the subject matter of the Tax Claim as the result of a successful Tax Claim made
under the Warranties; 

  

	 	(v)	the Tax Claim arises or the amount thereof is increased as a result of a failure on the part of any Group Company or the Purchaser to file, after Completion and within the time
prescribed for doing so, such returns, elections and notices as are reasonable; 

  

	 	(vi)	written notice of the Tax Claim was not given to the Vendors’ Representative, as contemplated in paragraph 4(a) of this Schedule, on or before the date that is 6 years
following the date of Completion; 

  

	 	(vii)	to the extent that (after deduction of costs associated with such recovery) the Purchaser or the Group (or any Group Company) have actually recovered/are entitled to recover the
loss or damage suffered by them arising out of such Tax Claim under the terms of any insurance policy for the time being in force or would have been entitled to recover any loss or damage suffered by them arising out of any such Tax Claim but for
any under insurance of insurable assets or reduction by the Purchaser, the Group or any Group Company of the level of insurance in place on the Completion Date; 

  

 63 

	 	(viii)	to the extent that such Tax Claim arose or is increased as a direct or indirect result of a change after the date of this Agreement: 

  

	 	A.	in law or published revenue or administrative practice; 

  

	 	B.	any increase in the rates of Tax or any imposition of Tax; or 

  

	 	C.	in Irish GAAP; 

 in each case having retrospective
effect; 
  

	 	(ix)	which would not have arisen but for voluntary act, omission or transaction of the Purchaser or any Group Company after Completion otherwise than in the ordinary course of business
of the Company carried on at Completion, except that this exclusion shall not apply where any such act, omission or transaction is carried out or effected pursuant to a legally binding commitment entered into by a Group Company prior to Completion;

  

	 	(x)	which would not have arisen but for a cessation, or any change in the nature or conduct of any trade carried on by the Company at Completion, being a cessation or change occurring
on or after Completion. 

  

	 	(b)	Recovery from Third Parties 

 Where the Purchaser or any
Group Company is entitled to recover from a person other than the Vendors any sum in respect of which a Tax Claim is made under paragraph 2(a) of this Schedule (including any sum recoverable from any Tax Authority), and the Vendors have paid to the
Purchaser an amount equal to the Tax Claim and the Group Company shall use its reasonable endeavours to recover such amount (keeping the Vendors’ Representative fully informed of the progress of any action taken) and shall pay to the
Vendors’ Representative any amount provided the Vendors’ indemnify, the Purchaser against any costs (including additional tax) incurred in respect of any attempted recovery under this paragraph 3 (b) so recovered (including any
interest paid by such other person on or in respect thereof) less all costs incurred by the Group Company and/or the Purchaser in making such recovery. 
  

	 	(c)	Reduction in Tax Paid 

 Where: 
  

	 	(i)	any loss, damage, cost, expense or liability of any Group Company which is the subject matter of a claim under this Schedule results, by way of deduction or otherwise, in a
reduction of Tax payable by any Group Company or the Purchaser; and 

  

	 	(ii)	 the Vendors have made a payment to the Purchaser in respect of such loss, damage, cost, expense or liability under this Schedule, 

  

 64 

 
then, an amount equal to the amount of such Tax saving shall first be set off against any payment then due from the Vendors to the Purchaser under this
Schedule with the amount of any excess after set-off to be forthwith paid by the Purchaser to the Vendors as a refund of the payment previously made by them. 
  

	 	(d)	Over-Provision or Refunds 

 If any provision or reserve for
Tax (excluding deferred tax) in the Completion Accounts is found to be excessive (the amount of such excess being referred to as an “over-provision”), or any Group Company becomes entitled after Completion to any refund in relation to Tax
paid before Completion, the entitlement to which refund is not reflected in the Accounts provided that no account shall be taken of any over provision or understatement to the extent that they arise as a consequence of any utilisation of any Post
Completion Relief or action taken by any Group Company after Completion or change in law after Completion, then the amount of the over-provision or refund shall be set off against any payment then or subsequently due from the Vendors to the
Purchaser under this Schedule with any overpayment or refund in excess of such set-off to be paid forthwith by the Purchaser to the Vendors as a refund of any previous payments made by the Vendors to the Purchaser under the Tax Covenant and to the
extent after such refund there remains an excess this shall be used by the Purchaser to be set off against any future payment under the Tax Covenant. 
  

	 	(e)	Payment 

  

	 	(i)	The Vendors shall make payment in cleared funds to the Purchaser at least two Business Days before the date on which the Group Company discharges, or is deemed to discharge, a
claim. Any sum not paid by the Vendors by such date shall accrue interest at a rate of 2% over the base rate of Barclays Bank plc. 

  

	 	(ii)	For the purposes of sub-paragraph (i) of this paragraph (e) of this Clause, the Group Company shall be deemed to discharge a claim: 

  

	 	A.	on the date on which the Group Company is due to pay any amount of Tax; or 

  

	 	B.	on the date on which the Group Company would have been liable to pay an amount of Tax but for any Relief, or other rights or claims of a similar nature available to the Company;

  

	 	C.	in all other cases, thirty Business Days after the date of notification of the claim by the Purchaser to the Vendors; 

 as the case may be. 
  

 65 

	4.	Tax Claims and Payments 

  

	 	(a)	Conduct of Tax Claims 

  

	 	(i)	If the Purchaser or any Group Company become aware of any Tax Claim, the Purchaser shall give notice to the Vendors’ Representative of that Tax Claim (including reasonably
sufficient details of such Tax Claim, the due date for any payment and the time limits for any appeal, and so far as practicable the amount of the claim under this Schedule or under the Tax Warranties in respect thereof) as soon as possible (and in
any event not more than 15 days after the Purchaser or the Group Company concerned becomes aware of such claim, provided always that in a case involving a time limit for response or appeal such notice shall be given to the Vendors’
Representative not less than 10 Business Days before the expiry of that time limit). The Purchaser shall take (or procure that the Group Company concerned shall take) such action as the Vendors’ Representative may reasonably request to avoid,
dispute, resist, appeal, compromise or defend any Tax Claim and any adjudication in respect thereof on the basis that the Company or relevant Group Company shall be indemnified by the Vendors’ Representative as to such reasonable costs and
expenses any additional taxes which it may incur by reason of such action. The Vendors’ Representative shall have the right (if they wish) to control and assume conduct of any proceedings taken in connection with such action, and shall in any
event be kept fully informed of any actual or proposed developments (including any meetings) and shall be provided with copies of all correspondence and documentation relating to such Tax Claim or action, and such other information, assistance and
access to records and personnel as it reasonably requires. 

  

	 	(ii)	Subject to paragraph (iii), the Purchaser shall and shall procure that no Tax Claim, action or issue in respect of which the Vendors could be required to make a payment under
this Schedule or for breach of any Tax Warranty is settled or otherwise compromised without the Vendors’ Representative’s prior written consent, such consent not to be unreasonably withheld or delayed, and the Purchaser shall, and shall
procure that the Group Companies and any of their respective advisers shall, not submit any correspondence or return or send any other document to any Tax Authority where the Purchaser or any such person is aware or could reasonably be expected to
be aware that the effect of submitting such correspondence or return or sending such document would or could be to put such Tax Authority on notice of any matter which could give rise to, or could increase, a claim under this Schedule or for breach
of any Tax Warranty, without first affording the Vendors’ Representative a reasonable opportunity to comment thereon and without taking account of such comments so far as it is reasonable to do so. 

  

 66 

	 	(iii)	The Vendors’ Representative shall have the right to have any action mentioned in paragraph 4 (a)(i) of this Schedule 8 conducted by their nominated professional advisers
provided that: 

  

	 	A.	the appointment of such professional advisers shall be subject to the approval of the Purchaser (such approval not to be unreasonably withheld or delayed) and shall be deemed to be
given in the event that the Purchaser does not give a fully reasoned written response to a request for approval by the Vendors; 

  

	 	B.	the Vendors shall procure that the Purchaser is kept fully informed of the progress of the relevant action and provided with copies of all relevant correspondence and documents sent
by and to the Vendors and their professional advisers; 

  

	 	C.	the Vendors shall procure that any reasonable comments made by the Purchaser in relation to the relevant action are taken into account by the Vendors and their professional
advisers; and 

  

	 	D.	the Vendors shall not be entitled to or to procure that their professional advisers take any action referred to in paragraph (a)(i) of this Schedule 8 or take any action to make any
representation which is not lawful or not true and accurate in all respects. 

  

	 	(iv)	The Purchaser shall not be obliged to contest any claim for Tax pursuant to paragraph 4 (a) (i) of this Schedule 8 before the High Court or other senior appellant body
(excluding the General Commissioners of HM Revenue and Customs, the Special Commissioners of HM Revenue and Customs or the Value Added Tax Tribunal in the UK and any equivalent of any such body outside the UK) unless at the sole expense of the
Vendors, the Vendors’ Representative obtains the written opinion of the leading Tax counsel after disclosure of all relevant information and documents and having regard to all the circumstances that on the balance of probabilities the action
should succeed. 

  

	 	(v)	If the Vendors’ Representative does not request the Purchaser to take any action within 40 days of notice to the Vendors’ Representative, the Purchaser shall be free to
satisfy or settle the relevant Group Company tax liability on such terms as it may reasonably think fit. 

  

 67 

 SCHEDULE 9 
 Management Bonus Amounts 
 [omitted] 
  

 68 

			
	SIGNED by	    	 /s/ Declan Heavey

	for and behalf of	    	
	YEOMAN INTERNATIONAL HOLDINGS S.A
	in the presence of:	    	
		
	 /s/ Ita O’Sullivan
	    	
	Wilton Place, D2	    	
	Solicitor	    	
		
	SIGNED by	    	 /s/ Declan Heavey

	for and behalf of	    	
	YEOMAN INVESTMENTS S.A.
	in the presence of:	    	
		
	 /s/ Ita O’Sullivan
	    	
	Wilton Place, D2	    	
	Solicitor	    	
		
	SIGNED by	    	 /s/ Desmond Rogers

	for and behalf of	    	
	THE ROGERS GROUP WASTE LIMITED
	in the presence of:	    	
		
	 /s/ Ita O’Sullivan
	    	
	Wilton Place, D2	    	
	Solicitor	    	
	
	SIGNED SEALED AND DELIVERED
	by the said DESMOND ROGERS	    	 /s/ Desmond Rogers

	in the presence of:	    	
		
	 /s/ Ita O’Sullivan
	    	
	Wilton Place, D2	    	
	Solicitor	    	
	
	SIGNED SEALED AND DELIVERED
	by the said NIALL WALL	    	 /s/ Niall Wall

	in the presence of:	    	
		
	 /s/ Ita O’Sullivan
	    	
	Wilton Place, D2	    	
	Solicitor	    	
	
	SIGNED SEALED AND DELIVERED
	by the said WILLIAM BLYDE	    	 /s/ Niall Wall as duly authorised power of attorney

	in the presence of:	    	
		
	 /s/ Ita O’Sullivan
	    	
	Wilton Place, D2	    	
	Solicitor	    	
		
	SIGNED by	    	 /s/ Shan S. Sacranie

	for and behalf of	    	
	STERICYCLE INTERNATIONAL, LLC
	in the presence of:	    	
		
	 /s/ V. Egan
	    	
	Victoria Egan	    	
	DLA Piper	    	
	Solicitor	    	

  

 69

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}]]